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HMN Financial, Inc. (HMNF), a leading financial inst itution, has released its unaudited financial statements for the first quarter of 2023. The company reported a net income of $1.63 million and recorded revenue of $9.91 million during the three months ended March 31, 2023.
HMN Financial, Inc. and Subsidiaries Consolidated Balance Sheets
The consolidated balance sheet for March 31, 2023, shows that HMN Financial, Inc.'s total assets amounted to $1.07 billion, while on December 31, 2022, the total assets were reported as $1.10 billion. The decrease in assets is attributed to a reduction in cash and cash equivalents from $36.26 million to $10.12 million. Securities available for sale also declined from $246.02 million to $239.69 million. However, loans receivable, net increased from $777.08 million to $785.98 million.
Liabilities and Stockholders’ Equity
The company's total liabilities decreased from $998.87 million on December 31, 2022, to $971.36 million on March 31, 2023. The decline in liabilities is mainly due to a decrease in deposits from $981.93 million to $958.32 million. Additionally, the company had Federal Home Loan Bank advances and Federal Reserve borrowings of $0 on December 31, 2022, which increased to $2.30 million on March 31, 2023.
HMN Financial, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income (Loss)
The company reported net interest income of $8.06 million for the three months ended March 31, 2023, compared to $7.28 million in the same period last year. The provision for credit losses was $8,000 for the current quarter, whereas it was $296,000 in the first quarter of 2022. Non-interest income was reported at $1.93 million, slightly lower than the $2.38 million recorded in the first quarter of the previous year. Non-interest expenses increased to $7.69 million from $7.25 million.
During the first quarter of 2023, HMN Financial, Inc. recorded a net income of $1.63 million. The comprehensive income available to common stockholders was $3.88 million, which includes $2.25 million of other comprehensive income (loss), net of tax.
The company reported cash flows used in operating activities of $1.01 million in the first quarter of 2023. Cash flows used in investing activities amounted to $1.84 million, primarily due to purchases of securities available for sale and premises and equipment. Cash flows used in financing activities totaled $23.29 million, mainly due to a decrease in deposits and repayment of borrowings.
Despite certain challenges and fluctuations in various financial indicators, HMN Financial, Inc. remains well-positioned to navigate the current economic landscape. The company's net income and revenue figures in the first quarter of 2023 showcase its commitment to steady growth and financial stability. As the financial year progresses, investors and stakeholders eagerly anticipate further developments in HMN Financial's performance.