Exhibit 23 Consent of KPMG Peat Marwick LLP dated March 25, 1997 KPMG Peat Marwick LLP 4200 Norwest Center 90 South Seventh Street Minneapolis, MN 55402 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS The Board of Directors HMN Financial, Inc.: We consent to incorporation by reference of our report dated January 31, 1997, relating to the consolidated balance sheets of HMN Financial, Inc. as of December 31, 1996 and 1995, and the related consolidated statements of income, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 1996, which report appears in the December 31, 1996 Form 10-K of HMN Financial, Inc. in the following Registration Statements of HMN Financial, Inc.: Nos. 33-88228, 33-94388, and 33-94386 on Form S-8. /s/ KPMG Peat Marwick LLP KPMG PEAT MARWICK LLP Minneapolis, Minnesota March 25, 1997 54