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Hmn Finan, Inc. (HMNF) provides comprehensive financial services as a community-focused FDIC-insured institution serving Minnesota and neighboring regions. This news hub offers investors and stakeholders centralized access to official updates and strategic developments.
Track all essential announcements including quarterly earnings reports, leadership changes, regulatory filings, and community banking initiatives. Our curated collection ensures timely access to press releases about mortgage rate adjustments, business loan programs, and investment service expansions.
Bookmark this page for verified updates on HMNF's financial performance, branch network developments, and compliance with banking regulations. Check regularly for insights into how this regional institution balances traditional community values with modern financial solutions.
Alerus Financial (Nasdaq: ALRS) has completed its acquisition of HMN Financial, Inc. (Nasdaq: HMNF) in an all-stock transaction valued at approximately $128.8 million. This acquisition, Alerus' largest bank acquisition to date, expands its footprint into Rochester, Minnesota. Home Federal, founded in 1934, brings 12 branches in Minnesota and one each in Iowa and Wisconsin.
As of June 30, 2024, HMNF had $1.1 billion in total assets, including $876.6 million in loans and $983.2 million in deposits. With this addition, Alerus now has approximately $5.5 billion in total assets, $3.8 billion in loans, $4.3 billion in deposits, and $43.6 billion in assets under administration and management across 29 locations.
The integration of Home Federal client accounts into Alerus systems is expected in Q4 2024. Jeffrey Bolton, former HMN Financial board member and ex-Mayo Clinic CAO, has joined Alerus' board of directors.
Alerus Financial (Nasdaq: ALRS) and HMN Financial, Inc. (Nasdaq: HMNF) have received all necessary regulatory approvals and stockholder approval to proceed with their merger. The acquisition is expected to close in early Q4 2024, subject to customary conditions. Key points:
- All-stock transaction unanimously approved by both companies' boards
- Stockholders approved the merger on September 12, 2024
- Post-merger, Alerus will have ~$5.5B in total assets, $3.7B in loans, $4.3B in deposits, and $43.1B in assets under administration/management
- Alerus will expand its footprint with 14 new branches across Minnesota, Iowa, and Wisconsin
- Total branch count will increase to 29 locations throughout the Midwest and Arizona
HMN Financial, Inc. (Nasdaq: HMNF) has announced a quarterly dividend of $0.10 per share of common stock. The dividend will be payable on September 9, 2024 to stockholders of record as of August 16, 2024. HMN Financial and its subsidiary, Home Federal Savings Bank, are headquartered in Rochester, Minnesota. The Bank operates twelve full service offices in Minnesota, one in Marshalltown, Iowa, and one in Pewaukee, Wisconsin. Additionally, it has a loan origination office in La Crosse, Wisconsin. The company's Board of Directors retains sole discretion over future cash dividends, considering factors such as financial condition, capital requirements, and business strategy.
HMN Financial reported net income of $1.0 million for Q2 2024, a decline from $1.4 million in Q2 2023. Diluted EPS dropped to $0.22 from $0.32. Net interest income fell to $7.5 million from $7.7 million, while net interest margin decreased by 20 basis points to 2.70%. However, gain on sales of loans rose to $0.6 million from $0.3 million. The company recorded a goodwill impairment of $0.8 million and merger-related expenses of $0.5 million.
Year-to-date, HMN Financial's net income is down to $2.3 million from $3.1 million, with diluted EPS at $0.52, down from $0.70. Net interest income also decreased to $14.7 million from $15.8 million, while net interest margin fell by 33 basis points to 2.67%. The company saw higher interest income but also increased interest expenses. The pending merger with Alerus Financial, announced in May 2024, is expected to close in Q4 2024.
Alerus Financial (Nasdaq: ALRS) and HMN Financial (Nasdaq: HMNF) announced a definitive merger agreement. Alerus will acquire HMNF in an all-stock deal valued at approximately $116.4 million.
The merger will combine assets, loans, and deposits, resulting in a company with approximately $5.5 billion in total assets, $3.7 billion in total loans, and $4.3 billion in total deposits.
The merger will expand Alerus' presence into new markets, including Rochester, Minnesota, and add Home Federal's 14 branches.
HMNF stockholders will receive 1.25 shares of Alerus for each HMNF share. The merger is expected to close in Q4 2024, pending regulatory and shareholder approvals.
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