Business
Hawthorn Bancshares Reports First Quarter 2020 Financial Results
JEFFERSON CITY, Mo., April 30, 2020 (GLOBE NEWSWIRE) -- Hawthorn Bancshares Inc. (NASDAQ: HWBK), today reported consolidated financial results for the Company
About this update from Hawthorn Bancshares, Inc.
[{"type":"text","content":"JEFFERSON CITY, Mo., April 30, 2020 (GLOBE NEWSWIRE) -- Hawthorn Bancshares Inc. (NASDAQ: HWBK), today reported consolidated financial results for the Company for the three months ended March 31, 2020.\n Net income for the current quarter was $0.9 million, or $0.14 per diluted common share, compared to $4.1 million, or $0.65 per diluted common share, for the quarter ended December 31, 2019 (“linked quarter”) and $4.7 million, or $0.74 per diluted common share for the quarter ended March 31, 2019. Included in the prior year quarter net income is a pretax gain on the sale of our Branson branch of $2.1 million ($1.6 million after tax), or $0.26 per diluted common share. Chairman David T. Turner commented, “The COVID-19 pandemic has presented us with many unforeseen challenges. In order to meet these challenges, we have dramatically changed the way we provide banking services to our clients, with many of our staff working remotely or in different locations to maintain appropriate physical separation. For the safety of our staff and clients, we closed our branch lobbies, while keeping our drive-through lanes open and encouraging our customers to utilize our online and mobile banking applications. I am very proud of the way our Hawthorn team has risen to the challenge. On April 3rd, Hawthorn was ready to meet the needs of our customers with the SBA’s Paycheck Protection Program (“PPP”) loan facility. We have processed 770 applications totaling almost $80 million in PPP loans and, as of April 24th, all of these loans have been funded. In addition to assisting our clients with these PPP loans, we have also provided modified loan payment relief to certain borrowers, including temporary interest-only payment arrangements and payment forbearance accommodations.” (See the table below for more details.) Turner continued, “Despite the challenges of the COVID-19 pandemic and the substantial decrease in short-term interest rates, we had strong operating results for the first quarter. Non-GAAP net income excluding the additional loan loss provision attributed to COVID-19 for the current quarter was $210,000, or 6.9% ahead of the prior year quarter excluding the Branson branch sale gain. Net interest income remained stable with the prior linked quarter and prior year quarter. Loans, net of allowance for loan losses, increased $8.5 million from De...