Business
Hawthorn Bancshares Reports Second Quarter 2024 Results
JEFFERSON CITY, Mo., July 30, 2024 (GLOBE NEWSWIRE) -- Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company”), the bank holding company for Hawthorn Bank,
About this update from Hawthorn Bancshares, Inc.
[{"type":"text","content":"JEFFERSON CITY, Mo., July 30, 2024 (GLOBE NEWSWIRE) -- Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company”), the bank holding company for Hawthorn Bank, reported second quarter 2024 net income of $4.6 million and earnings per diluted share (“EPS”) of $0.66. Second Quarter 2024 Results Net income improved $0.2 million and EPS improved $0.03 per share from the first quarter 2024 (the \"prior quarter”)Net interest margin, fully taxable equivalent (\"FTE\") of 3.33%Return on average assets and equity of 1.02% and 13.75%, respectivelyLoans decreased $20.3 million, or 1.3%, compared to the prior quarterInvestments increased $1.4 million, or 0.7%, compared to the prior quarterDeposits increased $22.4 million, or 1.5%, compared to the prior quarter, while other borrowings decreased $9.9 million, or 6.2%, compared to the prior quarterCredit quality remained strong with non-performing loans to total loans of 0.30%Book Value increased to $19.76, an increase of 1.8%, compared to the end of the prior quarter Brent Giles, Chief Executive Officer of Hawthorn Bancshares, Inc. commented, “In the second quarter, we continued to see a positive impact from focusing on the core business of the Bank. The sale of our mortgage servicing rights portfolio closed during the quarter, and we remain committed to expanding our products and services to our core customer base, while managing our operating expenses.” Financial Summary (unaudited)$000, except per share data June 30, March 31, June 30, 2024 2024 2023 Balance sheet information: Total assets $1,847,810 $1,833,760 $1,900,709 Loans held for investment 1,498,504 1,518,853 1,563,206 Investment securities 191,159 189,741 260,714 Deposits 1,550,250 1,527,874 1,543,270 Total stockholders’ equity $138,241 $136,620 $126,473 Key ratios and per share data: Book value per share (QTR) $19.76 $19.43 $17.97 Market price per share (QTR) $19.80 $20.43 $17.95 Diluted earnings (loss) per share (QTR) $0.66 $0.63 $0.36 Net interest margin (FTE) (QTR) 3.33% 3.39% 3.19%Efficiency ratio (QTR) 66.24% 70.78% 80.55% Financial Results for the Quarter and Six Months Ended June 30, 2024 Earnings Net income for the second quarter 2024 was $4.6 million, an increase of $0.2 million, or 3.9%, from the prior quarter, and an increase of $2.1 million, or 81.6%, from the second quarter 2023 (the \"prior year quarter\"). EPS was $0....