HMN Financial, Inc. Price & Performance (HMNF)

Alerus Financial has completed its acquisition of HMN Financial in an all-stock transaction valued at approximately $128.8 million. The deal, Alerus' largest bank acquisition to date, expands its footprint into Rochester, Minnesota, adding 14 branches across three states. The combined entity now boasts $5.5 billion in total assets and $43.6 billion in assets under administration and management.123

HMN Financial posted net income of $1.0 million for the second quarter of 2024, down from $1.4 million in the same period last year. Diluted earnings per share fell to $0.22 from $0.32. The company recorded an $0.8 million goodwill impairment and $0.5 million in merger-related expenses. Despite challenges, gains on loan sales increased to $0.6 million from $0.3 million year-over-year.435

Moody's has affirmed Horace Mann Educators' ratings while shifting the outlook to stable. The company reported net income of $102.8 million in 2024, up substantially from $45.0 million in 2023. Its P&C operations posted a combined ratio of 97.9% in 2024, significantly improved from 113.3% in 2023, driven by better underwriting results in personal auto and lower catastrophe losses.678