Business
Hawthorn Bancshares Reports Fourth Quarter and Full Year 2020 Results
2020 Highlights Net income of $14.3 million, or $2.20 per diluted shareRecord pre-tax and pre-provision income of $23.3 million increased $2.2 million, or 10%
About this update from Hawthorn Bancshares, Inc.
[{"type":"text","content":"2020 Highlights Net income of $14.3 million, or $2.20 per diluted shareRecord pre-tax and pre-provision income of $23.3 million increased $2.2 million, or 10% from the prior yearNet interest margin, fully taxable equivalent (“FTE”) of 3.48%Return on average assets and equity of 0.88% and 11.71%, respectively Fourth Quarter Highlights Net income of $5.2 million, or $0.80 per diluted shareNet interest margin, fully taxable equivalent (“FTE”) of 3.40%Return on average assets and equity of 1.21% and 16.15%, respectivelyDeposits increased $56.9 million, or 4.3%, compared to prior linked quarter JEFFERSON CITY, Mo., Jan. 27, 2021 (GLOBE NEWSWIRE) -- Hawthorn Bancshares Inc. (NASDAQ: HWBK), (the “Company” or “HWBK”) reported net income of $14.3 million, or $2.20 per diluted share, for the year ended December 31, 2020, compared to $16.1 million, or $2.47 per diluted share, for the prior year. The Company reported net income of $5.2 million for the fourth quarter 2020, an increase of $0.2 million compared to the linked third quarter 2020 (“linked quarter”) and an increase of $1.1 million from the prior year quarter. Earnings per diluted share (“EPS”) was $0.80 for the fourth quarter 2020 compared to $0.77 and $0.62 for the linked quarter and prior year quarter, respectively. Net income and EPS for the current quarter increased from the linked quarter due to lower provision expense in the current quarter, offset by decreases in non-interest income and net interest income compared to the linked quarter, described in more detail below. Cash dividends paid in 2020 of $0.48 per share increased $0.04 per share, or 9%, compared to $0.44 per share in 2019. The Company’s Board of Directors approved the Company’s quarterly dividend of $0.13 per common share for the first quarter of 2021, payable April 1, 2021 to shareholders as of record March 15, 2021. Chairman David T. Turner commented, “We’re very excited to be moving forward into 2021 but before doing so completely we need to reflect on some of the more significant positive things we accomplished in what have been unprecedented times. The COVID-19 pandemic continued to challenge our customers and small business owners in the communities we served throughout 2020. Our bankers have responded very well through these troubling times, and we appreciate the trust and confidence our customers place i...