Business
Hawthorn Bancshares Reports Results for the Fourth Quarter and the Year Ended December 31, 2022
2022 Highlights Net income of $20.8 million, or $3.06 per diluted share Net interest margin, fully taxable equivalent ("FTE") of 3.53% Return on average
About this update from Hawthorn Bancshares, Inc.
[{"type":"text","content":"2022 Highlights Net income of $20.8 million, or $3.06 per diluted share Net interest margin, fully taxable equivalent (\"FTE\") of 3.53% Return on average assets and equity of 1.16% and 15.94%, respectively Loans increased $219.1 million, or 16.8%, compared to 2021 (\"prior year\") Deposits increased $115.3 million, or 7.6%, compared to the prior year Fourth Quarter 2022 Highlights Net income of $4.7 million, or $0.70 per diluted share Net interest margin, fully taxable equivalent (\"FTE\") of 3.43% Return on average assets and equity of 1.01% and 15.72%, respectively Loans increased $29.3 million, or 2.0%, compared to the linked third quarter 2022 (“linked quarter”) Deposits increased $39.3 million, or 2.5%, compared to the linked quarter JEFFERSON CITY, Mo., Jan. 30, 2023 (GLOBE NEWSWIRE) -- Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company” or “HWBK”) reported net income of $20.8 million, or $3.06 per diluted share, for the year ended December 31, 2022, compared to $22.5 million, or $3.27 per diluted share, for the prior year. The Company reported net income of $4.7 million for the fourth quarter 2022, a decrease of $0.2 million compared to the linked quarter 2022 and a decrease of $1.3 million from the fourth quarter 2021 (the \"prior year quarter\"). Earnings per diluted share (“EPS”) was $0.70 for the fourth quarter 2022 compared to $0.73 and $0.87 for the linked quarter and prior year quarter, respectively. Net income and EPS for the fourth quarter 2022 decreased from the linked quarter primarily due to higher non-interest expense and lower non-interest income, partially offset by lower provision expense. Chairman David T. Turner commented, “Despite a very challenging economic environment in 2022, which included record-setting inflation, rapidly rising interest rates and a dramatic slowdown in mortgage applications for both new homes sales and refinancing, we were able to achieve and deliver strong financial returns to our shareholders. For the full year 2022, we reported $20.8 million in net income, down $1.8 million, or 7.8%, compared to 2021. But while earnings were down, we had several very positive accomplishments which we believe will drive strong financial performance going forward. Specifically, we achieved loan growth of $219 million, or 16.8%, in 2022 as compared to the previous year; our non-performing lo...