HMN Financial Q4 Profit Plunges Amid Higher Income Tax Expense

(RTTNews) - HMN Financial, Inc. (HMNF) late Tuesday said net income available to common stockholders for the fourth quarter was $1.4 million, compared to net income of $17.6 million for the fourth quarter of 2013. Earnings per common share was $0.30 while it totaled $3.93 last year.

The company recorded a $15.8 million increase in income tax expense in the just concluded quarter as a result of eliminating the valuation reserve against its deferred tax asset in the fourth quarter of 2013.

Net interest income was $4.8 million for both quarters. Non-interest income was $1.7 million, up from $1.6 million for the same period in 2013.