number of members displayed in members block

First off I am sorry if this has been asked before, I just couldnt find anything.  Right now the members block on the homepage displays the most recent 8 members that have joined the site....my question is, is there a way to modify it so that only 1 member is shown instead of 8.  I am using 7.3.3 and wasnt sure where to make this modification.  Thank you all in advance.

Admin Panel > Settings > Advanced Settings > Profiles

Number Of Featured Members Per Page

Thank you AlexT, I was thinking I would have to modify PHP.  Im glad that this was a simple fix and not a pain in the you know what one.