Wed, Aug 14, 9:23 PM (153 days ago)
Hawthorn Bancshares, Inc. reported strong financial results for the second quarter of 2024, with net income of $4.6 million, an 81.6% increase year-over-year, and earnings per share of $0.66. For the six months ending June 30, 2024, net income rose to $9.1 million, up 56.1% from the previous year. The net interest margin improved to 3.33%, driven by increased yields on loans, despite a decrease in average loans and deposits. Non-interest income surged to $4.0 million, primarily due to earnings from bank-owned life insurance and gains from real estate sales. Total assets decreased to $1.85 billion, with loans held for investment declining to $1.50 billion. The allowance for credit losses was $22.0 million, representing 1.47% of total loans. The company maintained robust capital ratios, exceeding regulatory requirements, with a total risk-based capital ratio of 14.30%. The efficiency ratio improved significantly to 66.2%, reflecting better cost management. Overall, the results indicate a solid financial position and effective strategies in managing assets and liabilities amid economic uncertainties.