Hawthorn Bancshares Announces Increased Share Repurchase Authorization
Hawthorn Bancshares Inc. (NASDAQ: HWBK) announced a new share repurchase authorization on April 28, 2021, increasing the total buyback amount to $5.0 million. This decision allows the company to repurchase shares at management's discretion, subject to market conditions and legal requirements. The repurchased shares will be held in treasury for general corporate purposes, including employee stock plans. As of the authorization date, there were 6,362,476 shares outstanding. The company plans to fund the purchases through cash generated from operations.
- Authorization of $5.0 million share buyback enhances shareholder value.
- Repurchases may positively impact earnings per share (EPS).
- Flexibility in timing and amounts of repurchases allows strategic market positioning.
- None.
JEFFERSON CITY, Mo., April 30, 2021 (GLOBE NEWSWIRE) -- Hawthorn Bancshares Inc. (NASDAQ: HWBK), today announced that on April 28, 2021 the Board of Directors authorized the purchase of an additional
Under this share repurchase authorization, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements and other considerations. It is anticipated that any purchase of shares under this authorization would be made through broker dealers selected in compliance with applicable securities laws at prices for the common stock prevailing from time to time in NASDAQ’s National Market. The Company is not obligated to repurchase any specific number of shares and the share repurchase authorization may be suspended, modified or terminated at any time without prior notice.
Any shares repurchased pursuant to this authorization will be held in treasury and may be used by the Company for general corporate purposes, including stock-based employee benefit plans and stock dividends. It is expected that any stock repurchases will be funded by cash generated through cash on hand, operations and other sources. At April 28, 2021, the Company had 6,362,476 common shares outstanding.
About Hawthorn Bancshares, Inc.
Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank of Jefferson City, Missouri with additional locations in the Missouri communities of Lee's Summit, Liberty, St. Louis, Springfield, Independence, Columbia, Clinton, Osceola, Warsaw, Belton, Drexel, Harrisonville, California and St. Robert, Missouri.
Statements made in this press release that suggest Hawthorn Bancshares' 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 and 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.
FAQ
What is the total amount authorized for share buyback by Hawthorn Bancshares (HWBK)?
When was the share repurchase authorization announced by HWBK?
How will Hawthorn Bancshares (HWBK) fund its share repurchases?
What will Hawthorn Bancshares (HWBK) do with the repurchased shares?
