In This Story
Hawthorn Bancshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $4.6 million, or $0.66 per diluted share, an increase from $2.6 million, or $0.36 per diluted share, in the same quarter the previous year.
Net interest income for the quarter was $14.3 million, compared to $15.1 million in the previous year. The net interest margin increased slightly to 3.36% from 3.35% in the previous year.
Non-interest income increased to $3.8 million from $0.6 million in the previous year, primarily due to earnings on bank-owned life insurance and gains on sales of other real estate.
Non-interest expense decreased to $12.0 million from $12.6 million, attributed to reductions in salaries and advertising expenses.
The provision for credit losses was $0.5 million, compared to $0.1 million in the previous year. Net charge-offs were $0.6 million for the quarter.
Total assets as of September 30, 2024, were $1.81 billion, with loans held for investment totaling $1.47 billion, a decrease from $1.54 billion at the end of 2023.
Deposits decreased to $1.50 billion from $1.57 billion at the end of 2023, primarily due to a decrease in public funds.
Non-performing assets were $8.5 million, or 0.58% of total loans, compared to $8.2 million, or 0.53%, at the end of 2023.
The allowance for credit losses was $21.9 million, or 1.50% of loans outstanding, compared to $23.7 million, or 1.54%, at the end of 2023.
The company maintains a 'well-capitalized' regulatory capital position with a total risk-based capital ratio of 14.91% as of September 30, 2024.
Cash and cash equivalents were $54.2 million, a decrease from $93.4 million at the end of 2023, with the decrease attributed to investment in securities and bank-owned life insurance.
The company repurchased 5,000 shares of common stock during the quarter at an average cost of $19.93 per share, with $3.9 million remaining available for repurchase under the current plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hawthorn Bancshares Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.