Q2 2026 profit rises at Hawthorn Bancshares (NASDAQ: HWBK) with higher EPS
Rhea-AI Filing Summary
Hawthorn Bancshares, Inc. reported strong second quarter 2026 results, with net income of $7.3 million and diluted EPS of $1.06. Net income rose 27.6% from the prior quarter and 20.1% from a year earlier, as net interest income increased to $17.3 million and net interest margin (FTE) expanded to 4.16% from 4.07% in the prior quarter and 3.89% a year ago. Non-interest income jumped to $5.3 million, helped by a gain on the sale of a former administrative office, while the efficiency ratio improved to 60.66% from 64.29%.
Loans held for investment declined 2.6% from March 31, 2026 to $1.42 billion, and total deposits fell 2.0% to $1.49 billion, while investment securities grew 12.0% to $236.2 million. Asset quality metrics softened but remained relatively low, with non-performing assets of $7.5 million, or 0.53% of loans, and an allowance for credit losses of $20.7 million, equal to 1.46% of loans and 311.50% of non-performing loans. Regulatory capital stayed well above minimums, including a total risk-based capital ratio of 16.40%. The board increased the share repurchase authorization to $10 million, with $8.0 million remaining, and approved a quarterly dividend of $0.21 per share, payable October 1, 2026.
Positive
- Q2 2026 net income was $7.3 million, up 27.6% from the prior quarter and 20.1% year over year, with diluted EPS rising to $1.06.
- Net interest margin improved to 4.16% and the efficiency ratio to 60.66%, supported by higher earning-asset yields and stronger non-interest income.
- Capital remained strong, with a total risk-based capital ratio of 16.40%, alongside a $0.21 quarterly dividend and a $10 million share repurchase authorization.
Negative
- Non-performing assets increased to $7.5 million, or 0.53% of loans, versus 0.35% a year earlier, while allowance coverage of non-performing loans declined.
- Loans and deposits contracted quarter over quarter, with loans down $37.8 million (2.6%) and deposits down $30.1 million (2.0%).
Filing Explained
Results remain preliminary pending the Form 10-Q, while 12,000 shares have already been repurchased for $0.4 million.
The July 29 Form 8-K furnishes Hawthorn Bancshares’ preliminary second-quarter results and reports the board-approved
The company states that the results are unaudited and are not final until its Quarterly Report on Form 10-Q is filed.
During the first six months of 2026, the company repurchased 12,000 common shares at an average cost of
The subsequent Form 10-Q is the named filing that will resolve the current preliminary status; the supplied Form 10-Q definition describes it as the unaudited quarterly report containing interim financial statements and liquidity updates.
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 net income: $7.3 million
Q2 2026 diluted EPS: $1.06
Net interest margin (FTE): 4.16%
+5 more
8 metrics
Q2 2026 net income
$7.3 million
Net income for the three months ended June 30, 2026
Q2 2026 diluted EPS
$1.06
Diluted earnings per share for the quarter ended June 30, 2026
Net interest margin (FTE)
4.16%
Net interest margin on a fully taxable equivalent basis in Q2 2026
Efficiency ratio
60.66%
Efficiency ratio for the second quarter of 2026
Total assets
$1,773,040 thousand
Balance sheet total assets as of June 30, 2026
Loans held for investment
$1,416,360 thousand
Loans held for investment balance as of June 30, 2026
Total deposits
$1,488,189 thousand
Total deposits as of June 30, 2026
Quarterly dividend per share
$0.21
Cash dividend approved, payable October 1, 2026
Key Terms
net interest margin (FTE), efficiency ratio, non-performing assets, allowance for credit losses, +1 more
5 terms
net interest margin (FTE) financial
"Net interest margin, on an FTE basis, was 4.16% for the current quarter"
Net interest margin (FTE) measures the difference between interest earned on a lender’s assets (like loans and investments) and interest paid on liabilities (like deposits), expressed as a percentage of earning assets, with income from tax-exempt sources converted to a taxable-equivalent basis. Think of it as a loan business’s profit margin on money it lends, adjusted so tax-free income is reported on the same footing as taxable income; investors use it to compare how effectively a firm is generating interest income.
efficiency ratio financial
"The second quarter 2026 efficiency ratio was 60.66% compared to 64.29%"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
non-performing assets financial
"Non-performing assets totaled $7.5 million at June 30, 2026"
Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.
allowance for credit losses financial
"The allowance for credit losses at June 30, 2026 was $20.7 million"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Tier 1 leverage ratio financial
"Tier 1 leverage ratio 12.91%"
Tier 1 leverage ratio measures a bank’s core capital — the money that can absorb losses — as a share of its total assets, showing how much of its balance sheet is funded by real loss-absorbing capital rather than borrowed money. Investors use it like a safety gauge: a higher ratio means a bigger cushion against shocks and lower risk of insolvency, similar to how a thicker spare tire reduces the chance of being stranded.
Offering Details
earnings_snapshot
Offering
Offering Type
earnings_snapshot
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 29, 2026
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) (Zip Code) | ||
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On July 29, 2026 , Hawthorn Bancshares, Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2026. A copy of the press release is attached to this report as Exhibit 99.1.
The information set forth in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of Hawthorn Bancshares, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Item 8.01 Other Events.
On July 29, 2026 , Hawthorn Bancshares, Inc. announced that its Board of Directors approved a quarterly cash dividend of $0.21 per common share. The dividend is payable on October 1, 2026 to shareholders of record at the close of business on September 15, 2026. A copy of the press release relating to such announcement is attached to this report as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No | Description | ||||
| 99.1 | Press release, dated July 29, 2026, issued by Hawthorn Bancshares, Inc. announcing its financial results for the three and six months ended June 30, 2026 | ||||
| 99.2 | Press release, dated July 29, 2026, issued by Hawthorn Bancshares, Inc. announcing cash dividends. | ||||
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document | ||||
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: | Hawthorn Bancshares, Inc. By: /s/ Brent M. Giles Name: Brent M. Giles Title: Chief Executive Officer | ||||||||||
3
Exhibit 99.1
Hawthorn Bancshares Reports Second Quarter 2026 Results
Jefferson City, MO — July 29, 2026 — Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company”), the bank holding company for Hawthorn Bank, reported second quarter 2026 net income of $7.3 million, or earnings per diluted share (“EPS”) of $1.06.
Second Quarter 2026 Results
•Net income improved $1.2 million, or 20.1%, to $7.3 million from the second quarter 2025 (the "prior year quarter") and the efficiency ratio improved to 60.66% compared to 62.32% for the prior year quarter
•EPS of $1.06, an improvement of $0.18 per share, or 20%, from the prior year quarter
•Net interest margin, fully taxable equivalent ("FTE") improved in the second quarter 2026 to 4.16% compared to 4.07% for the first quarter 2026 (the "prior quarter”) and 3.89% for the prior year quarter
•Provision for credit losses was $0.2 million higher than the prior quarter
•Return on average assets and equity of 1.63% and 16.39%, respectively
•Loans decreased $37.8 million, or 2.6%, and deposits decreased $30.1 million, or 2.0%, compared to the prior quarter
•Investments increased $25.4 million, or 12.0%, compared to the prior quarter
•Credit quality remained stable with non-performing assets to total loans of 0.53% compared to 0.35% in the prior year quarter
•Remained "well capitalized" with total risk-based capital of 16.40%
•Book value per share was $26.50, an increase of $1.07, or 4.2%, compared to the prior quarter and $3.97, or 17.6%, compared to the prior year quarter
(unaudited)
1
$000, except per share data
| June 30, | March 31, | June 30, | |||||||||||||||
| 2026 | 2026 | 2025 | |||||||||||||||
| Balance sheet information | |||||||||||||||||
| Total assets | $ | 1,773,040 | $ | 1,855,860 | $ | 1,877,417 | |||||||||||
| Loans held for investment | 1,416,360 | 1,454,171 | 1,462,898 | ||||||||||||||
| Investment securities | 236,171 | 210,808 | 229,392 | ||||||||||||||
| Deposits | 1,488,189 | 1,518,316 | 1,517,986 | ||||||||||||||
| Total stockholders’ equity | 182,794 | 175,386 | 156,823 | ||||||||||||||
| Market and per share data | |||||||||||||||||
| Book value per share | $ | 26.50 | $ | 25.43 | $ | 22.53 | |||||||||||
| Market price per share | 39.30 | 33.69 | 29.14 | ||||||||||||||
Diluted earnings per share (QTR) | 1.06 | 0.83 | 0.88 | ||||||||||||||
Financial Results for the Second Quarter 2026
Earnings
Net income for the second quarter 2026 was $7.3 million, an increase of $1.58 million, or 27.6%, from the prior quarter, and an increase of $1.2 million, or 20.1%, from the prior year quarter. EPS improved to $1.06 for the second quarter 2026 compared to $0.83 for the prior quarter and $0.88 for the prior year quarter.
Net Interest Income and Net Interest Margin
Net interest income for the second quarter 2026 was $17.3 million, an increase of $0.2 million from the prior quarter, and an increase of $1.1 million from the prior year quarter.
Interest income increased $0.4 million compared to the prior year quarter, driven primarily by higher rates on earning assets in the current quarter, while interest expense decreased $0.7 million compared to the prior year quarter due to lower costs on deposits. Net interest margin, on an FTE basis, was 4.16% for the current quarter, compared to 4.07% for the prior quarter, and 3.89% for the prior year quarter.
The yield earned on average loans held for investment increased to 6.18%, on an FTE basis, for the second quarter 2026, compared to 6.11% for the prior quarter and 5.98% for the prior year quarter.
The average cost of deposits was 2.13% for the second quarter 2026, compared to 2.15% for the prior quarter and 2.35% for the prior year quarter. Non-interest bearing demand deposits as a percent of total deposits was 28.0% as of June 30, 2026, compared to 28.0% and 27.7% at March 31, 2026 and June 30, 2025, respectively.
2
Non-interest Income
Total non-interest income for the second quarter 2026 was $5.3 million, an increase of $2.2 million, or 72.1%, from the prior quarter, and an increase of $1.8 million, or 50.6%, from the prior year quarter. The increase during the quarter was primarily due the recognition of a gain the sale of a bank administrative office that was no longer being used.
Non-interest Expense
Total non-interest expense for the second quarter 2026 was $13.7 million, an increase of $0.7 million, or 5.4%, from the prior quarter, and an increase of $1.4 million, or 11.7%, from the prior year quarter.
The second quarter 2026 efficiency ratio was 60.66% compared to 64.29% and 62.32% for the prior quarter and prior year quarter, respectively. The improvement in the current quarter compared to the prior year quarter was primarily due to higher net interest margin and an increase in non-interest income.
Loans
Loans held for investment decreased $37.8 million, or 2.6%, to $1.42 billion as of June 30, 2026 compared to March 31, 2026, and decreased $46.5 million, or 3.2% from June 30, 2025.
Investments
Investments increased $25.4 million, or 12.0%, to $236.2 million as of June 30, 2026 compared to March 31, 2026, and increased $6.8 million, or 3.0%, from June 30, 2025.
Asset Quality
Non-performing assets to total loans was 0.53% at June 30, 2026, 0.47% at December 31, 2025, and 0.35% at June 30, 2025. Non-performing assets totaled $7.5 million at June 30, 2026, compared to $6.9 million and $5.2 million at March 31, 2026 and June 30, 2025, respectively. The increase in the current year quarter compared to the prior year quarter was due to an increase in other real estate owned.
In the second quarter 2026, the Company had net loan charge-offs of $0.14 million, or 0.04% annualized, of average loans, compared to net loan charge-offs of $0.06 million, or 0.02% of average loans, and $0.05 million, or 0.01% annualized, of average loans, in the prior quarter and prior year quarter, respectively.
The Company provided a provision for credit losses of $0.2 million for the second quarter 2026 compared to providing a $0.1 million provision in the prior quarter, and releasing a $0.1 million provision for the prior year quarter.
The allowance for credit losses at June 30, 2026 was $20.7 million, or 1.46% of outstanding loans, and 311.50% of non-performing loans. At March 31, 2026, the allowance for credit losses was $20.9 million, or 1.44% of outstanding loans, and 308.25% of non-performing loans. At June 30, 2025, the allowance for credit losses was $21.6 million, or 1.47% of outstanding loans, and 781.24% of non-performing loans. The allowance for credit losses represents management’s best estimate of expected losses inherent in the loan portfolio and is commensurate with risks in the loan portfolio as of June 30, 2026 as determined by management.
3
Deposits
Total deposits at June 30, 2026 were $1.49 billion, a decrease of $30.1 million, or 2.0%, from March 31, 2026, and a decrease of $29.8 million, or 2.0% annualized, from June 30, 2025. The decrease in deposits at June 30, 2026 as compared to June 30, 2025 was a result of decreases in savings, interest checking, money market accounts and time deposits.
Capital
The Company maintains its “well capitalized” regulatory capital position. At June 30, 2026, capital ratios were as follows: total risk-based capital to risk-weighted assets 16.40%; tier 1 capital to risk-weighted assets 15.15%; common equity tier 1 12.07%; tier 1 leverage 12.91%; and common equity to assets 10.31%.
Pursuant to the Company's 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 Board of Directors amended the plan on July 29, 2026 to increase the authorized repurchase limit to $10 million. The Company repurchased 12,000 common shares under the repurchase plan during the first six months of 2026 at an average cost of $32.68 per share totaling $0.4 million. As of June 30, 2026, $8.0 million remains available for share repurchases pursuant to the plan.
On July 29, 2026, the Company's Board of Directors approved a quarterly cash dividend of $0.21 per common share, payable October 1, 2026 to shareholders of record at the close of business on September 15, 2026.
[Tables follow]
4
FINANCIAL SUMMARY
(unaudited)
$000, except per share data
| Three Months Ended | |||||||||||||||||
| June 30, | March 31, | June 30, | |||||||||||||||
| Statement of income information: | 2026 | 2026 | 2025 | ||||||||||||||
| Total interest income | $ | 24,352 | $ | 24,394 | $ | 23,911 | |||||||||||
| Total interest expense | 7,094 | 7,292 | 7,769 | ||||||||||||||
| Net interest income | 17,258 | 17,102 | 16,142 | ||||||||||||||
| Provision for (release of) credit losses | 238 | 73 | (51) | ||||||||||||||
| Non-interest income | 5,337 | 3,101 | 3,545 | ||||||||||||||
| Investment securities gains (losses), net | 280 | 5 | (1) | ||||||||||||||
| Non-interest expense | 13,707 | 13,003 | 12,269 | ||||||||||||||
| Pre-tax income | 8,930 | 7,132 | 7,468 | ||||||||||||||
| Income taxes | 1,604 | 1,389 | 1,367 | ||||||||||||||
| Net income | $ | 7,326 | $ | 5,743 | $ | 6,101 | |||||||||||
| Earnings per share: | |||||||||||||||||
| Basic: | $ | 1.06 | $ | 0.83 | $ | 0.88 | |||||||||||
| Diluted: | $ | 1.06 | $ | 0.83 | $ | 0.88 | |||||||||||
| Six Months Ended | |||||||||||||||||
| June 30, | |||||||||||||||||
| Statement of income information: | 2026 | 2025 | |||||||||||||||
| Total interest income | $ | 48,746 | $ | 47,369 | |||||||||||||
| Total interest expense | 14,386 | 15,933 | |||||||||||||||
| Net interest income | 34,360 | 31,436 | |||||||||||||||
| Provision for (release of) credit losses | 311 | (391) | |||||||||||||||
| Non-interest income | 8,477 | 7,008 | |||||||||||||||
| Investment securities gains (losses), net | 285 | (3) | |||||||||||||||
| Non-interest expense | 26,749 | 24,768 | |||||||||||||||
| Pre-tax income | 16,062 | 14,064 | |||||||||||||||
| Income taxes | 2,993 | 2,580 | |||||||||||||||
| Net income | $ | 13,069 | $ | 11,484 | |||||||||||||
| Earnings per share: | |||||||||||||||||
| Basic: | $ | 1.89 | $ | 1.65 | |||||||||||||
| Diluted: | $ | 1.89 | $ | 1.65 | |||||||||||||
5
FINANCIAL SUMMARY (continued)
(unaudited)
$000
| As of or for the three months ended | |||||||||||||||||
| June 30, | March 31, | June 30, | |||||||||||||||
| 2026 | 2026 | 2025 | |||||||||||||||
| Performance Ratios | |||||||||||||||||
| Return on average assets | 1.63 | % | 1.26 | % | 1.36 | % | |||||||||||
| Return on average common equity | 16.39 | 13.07 | 15.85 | ||||||||||||||
| Net interest margin (FTE) | 4.16 | 4.07 | 3.89 | ||||||||||||||
| Efficiency ratio | 60.66 | 64.29 | 62.32 | ||||||||||||||
| Asset Quality Ratios | |||||||||||||||||
| Non-performing loans (a) | $ | 6,655 | $ | 6,791 | $ | 2,761 | |||||||||||
| Non-performing assets | 7,500 | 6,855 | 5,186 | ||||||||||||||
| Net charge-offs | 138 | 58 | 51 | ||||||||||||||
| Net charge-offs to average loans (b) | 0.04 | % | 0.02 | % | 0.01 | % | |||||||||||
| Allowance for credit losses to total loans | 1.46 | 1.44 | 1.47 | ||||||||||||||
| Non-performing loans to total loans | 0.47 | 0.47 | 0.19 | ||||||||||||||
| Non-performing assets to loans | 0.53 | 0.47 | 0.35 | ||||||||||||||
| Non-performing assets to total assets | 0.42 | 0.37 | 0.28 | ||||||||||||||
| Allowance for credit losses on loans to non-performing loans | 311.50 | 308.25 | 781.24 | ||||||||||||||
| Capital Ratios | |||||||||||||||||
| Average stockholders' equity to average total assets | 9.94 | % | 9.67 | % | 8.56 | % | |||||||||||
| Period-end stockholders' equity to period-end assets | 10.31 | 9.45 | 8.35 | ||||||||||||||
| Total risk-based capital ratio | 16.40 | 15.84 | 15.12 | ||||||||||||||
| Tier 1 risk-based capital ratio | 15.15 | 14.59 | 13.87 | ||||||||||||||
| Common equity Tier 1 capital | 12.07 | 11.54 | 10.82 | ||||||||||||||
| Tier 1 leverage ratio | 12.91 | 12.34 | 11.87 | ||||||||||||||
(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 bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 160 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
Brent M. Giles
Chief Executive Officer
TEL: 573.761.6100
www.HawthornBancshares.com
www.HawthornBancshares.com
6
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.
7
Exhibit 99.2
Hawthorn Bancshares Announces Cash Dividend
Jefferson City, MO. — July 29, 2026 — Hawthorn Bancshares, Inc. (NASDAQ: HWBK) announced today that its Board of Directors approved a quarterly cash dividend of $0.21 per common share. The dividend is payable on October 1, 2026 to shareholders of record at the close of business on September 15, 2026.
About Hawthorn Bancshares, Inc.
Hawthorn Bancshares, Inc., a bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 160 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
Brent M. Giles
Chief Executive Officer
TEL: 573.761.6100
www.HawthornBancshares.com
www.HawthornBancshares.com
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.