Item 8.01 Other Events.

As previously announced, on November 27, 2018, the Board of Directors (the "Board") of HMN Financial, Inc. (the "Company") authorized a share repurchase program (the "Share Repurchase Program"), pursuant to which the Company could, from time to time, purchase shares of its common stock for an aggregate purchase price not to exceed $6 million. On July 27, 2021 the Board approved a replenishment of the Share Repurchase Program to authorize future repurchases totaling up to $6 million. Since that time the Company has repurchased shares with an aggregate purchase price of $3,986,550. On February 28, 2023 the Board approved a replenishment of the Share Repurchase Program to authorize future repurchases totaling up to $6 million. Share repurchases may be executed through various means, including through open market transactions, privately negotiated transactions or otherwise as permitted under applicable rules and regulations. The Share Repurchase Program does not obligate the Company to purchase any shares, has no set expiration date, and may be suspended or terminated at any time without notice.


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