Note 16 - Business Segments

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(16) Business Segments

The Bank has been identified as a reportable operating segment in accordance with the provisions of ASC 280. HMN, the holding company, did not meet the quantitative thresholds for a reportable segment and therefore is included in the “Other” category.

The Company evaluates performance and allocates resources based on the segment’s net income, return on average assets and return on average equity. Each corporation is managed separately with its own officers and board of directors. The following table sets forth certain information about the reconciliations of reported profit and assets for each of the Company’s reportable segments.

(Dollars in thousands)	Home Federal Savings Bank			Other			Eliminations			Consolidated Total
At or for the quarter ended March 31, 2024:
Interest income - external customers	$	11,999			0			0			11,999
Non-interest income - external customers		1,907			0			0			1,907
Intersegment interest income		0			88			(88	)		0
Intersegment non-interest income		71			1,432			(1,503	)		0
Interest expense		4,831			0			(88	)		4,743
Provision for credit losses		(209	)		0			0			(209	)
Non-interest expense		7,389			233			(71	)		7,551
Income tax expense (benefit)		534			(31	)		0			503
Net income		1,432			1,318			(1,432	)		1,318
Total assets		1,151,160			108,945			(108,890	)		1,151,215
At or for the quarter ended March 31, 2023:
Interest income - external customers	$	9,913			0			0			9,913
Non-interest income - external customers		1,928			0			0			1,928
Intersegment interest income		0			64			(64	)		0
Intersegment non-interest income		58			1,748			(1,806	)		0
Interest expense		1,914			0			(64	)		1,850
Provision for credit losses		(8	)		0			0			(8	)
Non-interest expense		7,542			209			(58	)		7,693
Income tax expense (benefit)		703			(31	)		0			672
Net income		1,748			1,634			(1,748	)		1,634
Total assets		1,071,577			100,231			(100,226	)		1,071,582