Hawthorn Bancshares Reports First Quarter 2025 Results
Hawthorn Bancshares reported strong Q1 2025 financial results with net income of $5.4 million, or $0.77 per diluted share, marking a 20.8% increase from Q1 2024. The bank's performance showed notable improvements with:
- Net interest margin (FTE) improved to 3.67% from 3.55% in Q4 2024
- Efficiency ratio enhanced to 66.64% from 70.78% year-over-year
- Loans increased by $4.2 million (1.2% annualized)
- Deposits grew by $10.7 million (2.8% annualized)
Credit quality remained robust with non-performing assets to total loans at 0.21%, improving from 0.69% year-over-year. The bank maintained strong capital positions with total risk-based capital of 14.94%. Book value per share increased by $2.54 to $21.97, representing a 13% improvement from the previous year. The Board approved a quarterly cash dividend of $0.20 per share, a 5.3% increase from the prior year.
Hawthorn Bancshares ha riportato solidi risultati finanziari nel primo trimestre del 2025, con un utile netto di 5,4 milioni di dollari, pari a 0,77 dollari per azione diluita, segnando un aumento del 20,8% rispetto al primo trimestre del 2024. Le performance della banca hanno evidenziato miglioramenti significativi, tra cui:
- Il margine di interesse netto (FTE) è salito al 3,67% dal 3,55% del quarto trimestre 2024
- Il rapporto di efficienza è migliorato al 66,64% rispetto al 70,78% dell’anno precedente
- I prestiti sono aumentati di 4,2 milioni di dollari (1,2% su base annualizzata)
- I depositi sono cresciuti di 10,7 milioni di dollari (2,8% su base annualizzata)
La qualità del credito è rimasta solida, con gli attivi non performanti sul totale prestiti al 0,21%, in miglioramento rispetto allo 0,69% dell’anno precedente. La banca ha mantenuto una posizione patrimoniale solida con un capitale totale basato sul rischio pari al 14,94%. Il valore contabile per azione è aumentato di 2,54 dollari, raggiungendo 21,97 dollari, con un miglioramento del 13% rispetto all’anno precedente. Il Consiglio di Amministrazione ha approvato un dividendo trimestrale in contanti di 0,20 dollari per azione, con un incremento del 5,3% rispetto all’anno precedente.
Hawthorn Bancshares reportó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso neto de 5,4 millones de dólares, o 0,77 dólares por acción diluida, lo que representa un aumento del 20,8% respecto al primer trimestre de 2024. El desempeño del banco mostró mejoras destacadas, incluyendo:
- El margen neto de interés (FTE) mejoró a 3,67% desde 3,55% en el cuarto trimestre de 2024
- La relación de eficiencia mejoró a 66,64% desde 70,78% interanual
- Los préstamos aumentaron en 4,2 millones de dólares (1,2% anualizado)
- Los depósitos crecieron en 10,7 millones de dólares (2,8% anualizado)
La calidad crediticia se mantuvo sólida, con activos no productivos sobre préstamos totales en 0,21%, mejorando desde 0,69% año tras año. El banco mantuvo fuertes posiciones de capital con un capital total basado en riesgo del 14,94%. El valor contable por acción aumentó 2,54 dólares hasta 21,97 dólares, representando una mejora del 13% respecto al año anterior. La Junta aprobó un dividendo trimestral en efectivo de 0,20 dólares por acción, un aumento del 5,3% respecto al año previo.
호손 뱅크셰어스(Hawthorn Bancshares)는 2025년 1분기에 순이익 540만 달러, 희석 주당순이익 0.77달러를 기록하며 2024년 1분기 대비 20.8% 증가한 강력한 실적을 보고했습니다. 은행의 성과는 다음과 같은 주목할 만한 개선을 보였습니다:
- 순이자마진(FTE)이 2024년 4분기 3.55%에서 3.67%로 개선
- 효율성 비율이 전년 동기 대비 70.78%에서 66.64%로 향상
- 대출금이 420만 달러(연 환산 1.2%) 증가
- 예금이 1,070만 달러(연 환산 2.8%) 증가
신용 품질은 견고하게 유지되어 부실자산 비율이 총 대출 대비 0.21%로 전년 0.69%에서 개선되었습니다. 은행은 총 위험기반 자본 비율 14.94%로 강한 자본 상태를 유지했습니다. 주당 장부 가치는 2.54달러 상승한 21.97달러로 전년 대비 13% 향상되었습니다. 이사회는 전년 대비 5.3% 증가한 주당 0.20달러의 분기별 현금 배당을 승인했습니다.
Hawthorn Bancshares a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice net de 5,4 millions de dollars, soit 0,77 dollar par action diluée, marquant une hausse de 20,8 % par rapport au premier trimestre 2024. Les performances de la banque ont montré des améliorations notables, notamment :
- La marge nette d’intérêt (FTE) est passée de 3,55 % au quatrième trimestre 2024 à 3,67 %
- Le ratio d’efficacité s’est amélioré à 66,64 % contre 70,78 % en glissement annuel
- Les prêts ont augmenté de 4,2 millions de dollars (1,2 % annualisé)
- Les dépôts ont cru de 10,7 millions de dollars (2,8 % annualisé)
La qualité du crédit est restée solide avec un ratio d’actifs non performants sur prêts totaux de 0,21 %, en amélioration par rapport à 0,69 % en glissement annuel. La banque a maintenu une position de capital solide avec un capital total basé sur le risque de 14,94 %. La valeur comptable par action a augmenté de 2,54 dollars pour atteindre 21,97 dollars, soit une amélioration de 13 % par rapport à l’année précédente. Le conseil d’administration a approuvé un dividende trimestriel en espèces de 0,20 dollar par action, soit une hausse de 5,3 % par rapport à l’année précédente.
Hawthorn Bancshares meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 5,4 Millionen US-Dollar bzw. 0,77 US-Dollar je verwässerter Aktie, was einer Steigerung von 20,8 % gegenüber dem ersten Quartal 2024 entspricht. Die Bank verzeichnete bemerkenswerte Verbesserungen, darunter:
- Die Nettozinsmarge (FTE) verbesserte sich von 3,55 % im vierten Quartal 2024 auf 3,67 %
- Die Effizienzquote verbesserte sich von 70,78 % im Jahresvergleich auf 66,64 %
- Die Kredite stiegen um 4,2 Millionen US-Dollar (1,2 % annualisiert)
- Die Einlagen wuchsen um 10,7 Millionen US-Dollar (2,8 % annualisiert)
Die Kreditqualität blieb robust, mit notleidenden Vermögenswerten im Verhältnis zu den Gesamtkrediten von 0,21 %, eine Verbesserung gegenüber 0,69 % im Jahresvergleich. Die Bank hielt starke Kapitalpositionen mit einer risikobasierten Gesamtkapitalquote von 14,94 %. Der Buchwert je Aktie stieg um 2,54 US-Dollar auf 21,97 US-Dollar, was einer Verbesserung von 13 % gegenüber dem Vorjahr entspricht. Der Vorstand genehmigte eine vierteljährliche Bardividende von 0,20 US-Dollar je Aktie, eine Steigerung von 5,3 % gegenüber dem Vorjahr.
- Net income increased 20.8% YoY to $5.4 million in Q1 2025
- EPS improved 22% YoY to $0.77 per share
- Net interest margin improved to 3.67% from 3.55% QoQ
- Efficiency ratio improved to 66.64% from 70.78% YoY
- Non-performing assets significantly improved to 0.21% from 0.69% YoY
- Book value per share increased 13% YoY to $21.97
- Strong capital position with 14.94% total risk-based capital ratio
- Quarterly dividend increased 5.3% YoY to $0.20 per share
- Loans decreased $48.5 million or 12.9% YoY
- Net interest income decreased $0.1 million QoQ
- Non-interest income decreased $0.1 million (1.7%) QoQ
- Stock price declined slightly QoQ from $28.35 to $28.23
Insights
Hawthorn delivers impressive Q1 with 20.8% net income growth, improved efficiency, and strengthened asset quality, demonstrating solid fundamentals.
Hawthorn Bancshares (
The bank's net interest margin expanded to
Asset quality metrics showed remarkable improvement, with non-performing assets to total loans ratio declining to
Book value per share increased
JEFFERSON CITY, Mo., April 30, 2025 (GLOBE NEWSWIRE) -- Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company”), the bank holding company for Hawthorn Bank, reported first quarter 2025 net income of
First Quarter 2025 Results
- Net income improved
$0.9 million , or20.8% , to$5.4 million from the first quarter 2024 (the "prior year quarter") and the efficiency ratio improved to66.64% compared to70.78% for the prior year quarter - EPS of
$0.77 , an improvement of$0.14 per share, or22% , from the prior year quarter - Net interest margin, fully taxable equivalent ("FTE") improved in the first quarter 2025 to
3.67% compared to3.55% for fourth quarter 2024 (the "prior quarter”) - Provision for credit losses were
$0.6 million lower than the prior quarter and$0.1 million lower than the prior year quarter - Return on average assets and equity of
1.20% and14.29% , respectively - Loans increased
$4.2 million , or1.2% annualized, and deposits increased$10.7 million , or2.8% annualized, compared to the prior quarter - Investments increased
$2.8 million , or5.0% annualized, compared to the prior quarter - Credit quality remained strong with non-performing assets to total loans of
0.21% improving from0.69% in the prior year quarter - Remained well capitalized with total risk-based capital of
14.94% - Book Value per share increased
$2.54 to$21.97 , or13% , compared to the prior year quarter
Brent Giles, Chief Executive Officer of Hawthorn Bancshares, Inc. commented, “Our strong first quarter aligns with our focus on growing core relationships and improving financial results. We continue to enhance our products, operations and resources to serve the customers in our communities and collectively achieve success."
(unaudited)
| March 31, | December 31, | March 31, | ||||||
| 2025 | 2024 | 2024 | ||||||
| Balance sheet information | ||||||||
| Total assets | $ | 1,883,423 | $ | 1,825,185 | $ | 1,833,760 | ||
| Loans held for investment | 1,470,323 | 1,466,160 | 1,518,853 | |||||
| Investment securities | 226,581 | 223,801 | 189,741 | |||||
| Deposits | 1,543,888 | 1,533,182 | 1,527,874 | |||||
| Total stockholders’ equity | $ | 153,411 | $ | 149,547 | $ | 136,620 | ||
| Market and per share data | ||||||||
| Book value per share | $ | 21.97 | $ | 21.36 | $ | 19.43 | ||
| Market price per share | $ | 28.23 | $ | 28.35 | $ | 20.43 | ||
| Diluted earnings per share (QTR) | $ | 0.77 | $ | 0.66 | $ | 0.63 | ||
Financial Results for the First Quarter
Earnings
Net income for the first quarter 2025 was
Net Interest Income and Net Interest Margin
Net interest income for the first quarter 2025 was
Interest income decreased
The yield earned on average loans held for investment increased to
The average cost of deposits was
Non-interest Income
Total non-interest income for the first quarter 2025 was
Compared to the prior quarter, the decrease in non-interest income was primarily due to lower gains on other real estate owned.
The increase in the current quarter compared to the prior year quarter was primarily due to an increase in earnings on bank owned life insurance partially offset by a decrease in the gains on sale of mortgage loans.
Non-interest Expense
Total non-interest expense for the first quarter 2025 was
The first quarter 2025 efficiency ratio was
Loans
Loans held for investment increased
Investments
Investments increased
Asset Quality
Non-performing assets to total loans was
In the first quarter 2025, the Company had net loan charge-offs of
The Company released provision for credit losses of
The allowance for credit losses at March 31, 2025 was
Deposits
Total deposits at March 31, 2025 were
Capital
The Company maintains its “well capitalized” regulatory capital position. At March 31, 2025, capital ratios were as follows: total risk-based capital to risk-weighted assets
Pursuant to the Company's 2019 Repurchase Plan, management is given discretion to determine the number and pricing of the shares to be purchased under the plan, as well as the timing of any such purchases. The Company repurchased 15,856 common shares under the repurchase plan during the first quarter of 2025 at an average cost of
On April 30, 2025, the Company's Board of Directors approved a quarterly cash dividend of
[Tables follow]
FINANCIAL SUMMARY
(unaudited)
| Three Months Ended | ||||||||||
| March 31, | December 31, | March 31, | ||||||||
| Statement of income information: | 2025 | 2024 | 2024 | |||||||
| Total interest income | $ | 23,458 | $ | 23,924 | $ | 24,052 | ||||
| Total interest expense | 8,164 | 8,578 | 9,304 | |||||||
| Net interest income | 15,294 | 15,346 | 14,748 | |||||||
| (Release of) provision for credit losses | (340 | ) | 300 | (230 | ) | |||||
| Non-interest income | 3,463 | 3,522 | 3,019 | |||||||
| Investment securities (losses) gains, net | (2 | ) | 3 | — | ||||||
| Non-interest expense | 12,499 | 12,921 | 12,575 | |||||||
| Pre-tax income | 6,596 | 5,650 | 5,422 | |||||||
| Income taxes | 1,213 | 1,053 | 966 | |||||||
| Net income | $ | 5,383 | $ | 4,597 | $ | 4,456 | ||||
| Earnings per share: | ||||||||||
| Basic: | $ | 0.77 | $ | 0.66 | $ | 0.63 | ||||
| Diluted: | $ | 0.77 | $ | 0.66 | $ | 0.63 | ||||
FINANCIAL SUMMARY (continued)
(unaudited)
| As of or for the three months ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2025 | 2024 | 2024 | |||||||||
| Performance Ratios | |||||||||||
| Return on average assets | 1.20 | % | 1.00 | % | 0.97 | % | |||||
| Return on average common equity | 14.29 | % | 12.49 | % | 13.12 | % | |||||
| Net interest margin (FTE) | 3.67 | % | 3.55 | % | 3.39 | % | |||||
| Efficiency ratio | 66.64 | % | 68.48 | % | 70.78 | % | |||||
| Asset Quality Ratios | |||||||||||
| Non-performing loans (a) | $ | 2,461 | $ | 2,747 | $ | 8,549 | |||||
| Non-performing assets | $ | 3,129 | $ | 4,193 | $ | 10,486 | |||||
| Net charge-offs | $ | 18 | $ | 43 | $ | 69 | |||||
| Net Charge-offs to Average Loans (b) | 0.00 | % | 0.01 | % | 0.02 | % | |||||
| Allowance for credit losses to total loans | 1.48 | % | 1.50 | % | 1.56 | % | |||||
| Non-performing loans to total loans | 0.17 | % | 0.19 | % | 0.56 | % | |||||
| Non-performing assets to loans | 0.21 | % | 0.29 | % | 0.69 | % | |||||
| Non-performing assets to total assets | 0.17 | % | 0.23 | % | 0.57 | % | |||||
| Allowance for credit losses on loans to | |||||||||||
| non-performing loans | 885.01 | % | 802.48 | % | 276.93 | % | |||||
| Capital Ratios | |||||||||||
| Average stockholders' equity to average total assets | 8.42 | % | 8.03 | % | 7.41 | % | |||||
| Period-end stockholders' equity to period-end assets | 8.15 | % | 8.19 | % | 7.45 | % | |||||
| Total risk-based capital ratio | 14.94 | % | 14.79 | % | 13.92 | % | |||||
| Tier 1 risk-based capital ratio | 13.69 | % | 13.54 | % | 12.51 | % | |||||
| Common equity Tier 1 capital | 10.64 | % | 10.49 | % | 9.68 | % | |||||
| Tier 1 leverage ratio | 11.64 | % | 11.46 | % | 10.71 | % | |||||
(a) Non-performing loans include loans 90-days past due and accruing and non-accrual loans.
(b) Annualized
About Hawthorn Bancshares
Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 150 years. Hawthorn Bank has multiple locations, including in the greater Kansas City metropolitan area, Jefferson City, Columbia, Springfield, and Clinton.
Contact:
Hawthorn Bancshares, Inc.
Brent M. Giles
Chief Executive Officer
TEL: 573.761.6100
www.HawthornBancshares.com
The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company's Quarterly Report on Form 10-Q is filed. Statements made in this press release that suggest the Company's or management's intentions, hopes, beliefs, expectations, or predictions of the future include "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements is contained from time to time in the Company's quarterly and annual reports filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company disclaims any obligation to update any forward-looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law.
FAQ
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