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Note 3 - Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2024
Notes Tables |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
|  | As recorded by |  |  | Preliminary Fair Value |  |  | As recorded by |
(dollars in thousands) |  | Metro Phoenix Bank |  |  | Adjustments |  |  | the Company |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 101,819 |  |  | $ | (123 | ) |  | $ | 101,696 |
Fed funds sold |  |  | 18,936 |  |  |  | — |  |  |  | 18,936 |
Core deposit intangible |  |  | — |  |  |  | 7,592 |  |  |  | 7,592 |
Loans |  |  | 273,843 |  |  |  | (3,440 | ) |  |  | 270,403 |
Accrued interest receivable |  |  | 1,091 |  |  |  | — |  |  |  | 1,091 |
Other assets |  |  | 3,342 |  |  |  | 188 |  |  |  | 3,530 |
Total assets |  |  | 399,031 |  |  |  | 4,217 |  |  |  | 403,248 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 354,529 |  |  |  | (844 | ) |  |  | 353,685 |
Other liabilities |  |  | 673 |  |  |  | — |  |  |  | 673 |
Total liabilities |  |  | 355,202 |  |  |  | (844 | ) |  |  | 354,358 |
Excess assets over liabilities |  | $ | 43,829 |  |  | $ | 5,061 |  |  |  | 48,890 |
Stock issued for MPB |  |  |  |  |  |  |  |  |  |  | 64,019 |
Total goodwill recorded |  |  |  |  |  |  |  |  |  | $ | 15,129 |
|  | As recorded by |  |  | Fair Value |  |  | As recorded by |
(dollars in thousands) |  | HMN Financial, Inc. |  |  | Adjustments |  |  | the Company |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 8,610 |  |  | $ | — |  |  | $ | 8,610 |
Investment securities available-for-sale |  |  | 189,145 |  |  |  | 22 |  |  |  | 189,167 |
Loans held for sale |  |  | 1,057 |  |  |  | — |  |  |  | 1,057 |
Net loans |  |  | 856,164 |  |  |  | (70,725 | ) |  |  | 785,439 |
Land premises and equipment, net |  |  | 15,932 |  |  |  | 2,096 |  |  |  | 18,028 |
Operating lease right-of-use assets |  |  | 1,070 |  |  |  | 186 |  |  |  | 1,256 |
Accrued interest receivable |  |  | 3,030 |  |  |  | — |  |  |  | 3,030 |
Core deposit intangible |  |  | — |  |  |  | 33,500 |  |  |  | 33,500 |
Servicing rights |  |  | 2,662 |  |  |  | 2,783 |  |  |  | 5,445 |
Deferred income taxes, net |  |  | 7,234 |  |  |  | 7,170 |  |  |  | 14,404 |
Other assets |  |  | 4,623 |  |  |  | (687 | ) |  |  | 3,936 |
Total assets |  |  | 1,089,527 |  |  |  | (25,655 | ) |  |  | 1,063,872 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 957,627 |  |  |  | 222 |  |  |  | 957,849 |
Short-term borrowings |  |  | 1,600 |  |  |  | — |  |  |  | 1,600 |
Operating lease liabilities |  |  | 1,104 |  |  |  | 352 |  |  |  | 1,456 |
Accrued expenses and other liabilities |  |  | 22,646 |  |  |  | (4,434 | ) |  |  | 18,212 |
Total liabilities |  |  | 982,977 |  |  |  | (3,860 | ) |  |  | 979,117 |
Excess assets over liabilities |  | $ | 106,550 |  |  | $ | (21,795 | ) |  |  | 84,755 |
Stock issued for HMNF |  |  |  |  |  |  |  |  |  |  | 123,602 |
Cash paid for HMNF |  |  |  |  |  |  |  |  |  |  | 4 |
Total goodwill recorded |  |  |  |  |  |  |  |  |  | $ | 38,851 |
Schedule of Carrying Amounts of Acquired Loans That Displayed Evidence of Deterioration of Credit Quality [Table Text Block] |
|  | December 31, |
(dollars in thousands) |  | 2022 |
Real estate construction |  | $ | 175 |
Outstanding balance |  |  | 175 |
Carrying amount |  |  | 151 |
Allowance for credit losses on loans |  |  | — |
Carrying amount, net of allowance for loan losses |  | $ | 151 |
Schedule of Accretable Yield or Income Expected to be Collected [Table Text Block] |
|  | For the year ended |
|  | December 31, |
(dollars in thousands) |  | 2022 |
Beginning balance |  | $ | 177 |
New loans purchased |  |  | — |
Accretion of income |  |  | — |
Ending balance |  | $ | 177 |
Business Acquisition, Pro Forma Information [Table Text Block] |
|  | Pro Formas (unaudited) |
|  | for the years ended December 31, |
(dollars in thousands) |  | 2022 |  |  | 2021 |
Net interest income after provision for credit losses |  | $ | 107,172 |  |  | $ | 104,087 |
Noninterest income |  |  | 112,755 |  |  |  | 151,499 |
Noninterest expense |  |  | 166,476 |  |  |  | 178,337 |
Net income (after tax) |  |  | 40,784 |  |  |  | 58,585 |
|  | Pro Formas (unaudited) |
|  | for the years ended December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |
Net interest income after provision for credit losses |  | $ | 118,367 |  |  | $ | 134,492 |
Noninterest income |  |  | 121,765 |  |  |  | 88,510 |
Noninterest expense |  |  | 203,542 |  |  |  | 186,020 |
Net income (after tax) |  |  | 28,159 |  |  |  | 26,981 |
Schedule of Financing Receivables, Purchased with Credit Deterioration [Table Text Block] |
(dollars in thousands) |  | PCD Loans |
Par value of PCD loans at acquisition |  | $ | 173,922 |
Allowance for credit losses at acquisition |  |  | 10,151 |
Discount at acquisition |  |  | (31,313 | )
Fair value of PCD loans at acquisition |  | $ | 152,760 |

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