Hawthorn Bancshares Reports Results for the Fourth Quarter and the Year Ended December 31, 2024
Hawthorn Bancshares (NASDAQ: HWBK) reported Q4 2024 net income of $4.6 million ($0.66 per diluted share) and full-year 2024 net income of $18.3 million ($2.61 per diluted share). The company showed improved performance with net interest margin increasing to 3.55% in Q4 from 3.36% in Q3 2024.
Key financial metrics include: investments increased by $14.8 million (7.1%) quarter-over-quarter and $28.8 million (14.7%) year-over-year; deposits increased by $29.7 million (2.0%) from Q3 but decreased $37.7 million (2.4%) year-over-year; loans decreased $73.0 million (4.7%) compared to 2023. Credit quality remained strong with non-performing loans to total loans improving to 0.19% from 0.42% in 2023.
The company maintained strong capital position with total risk-based capital of 14.79% and announced a quarterly cash dividend of $0.19 per share payable April 1, 2025.
Hawthorn Bancshares (NASDAQ: HWBK) ha riportato un reddito netto per il quarto trimestre 2024 di $4,6 milioni ($0,66 per azione diluita) e un reddito netto per l'intero anno 2024 di $18,3 milioni ($2,61 per azione diluita). L'azienda ha mostrato un miglioramento delle performance con il margine di interesse netto aumentato al 3,55% nel quarto trimestre rispetto al 3,36% del terzo trimestre 2024.
I principali indicatori finanziari includono: investimenti aumentati di $14,8 milioni (7,1%) rispetto al trimestre precedente e di $28,8 milioni (14,7%) su base annua; i depositi sono aumentati di $29,7 milioni (2,0%) rispetto al terzo trimestre ma sono diminuiti di $37,7 milioni (2,4%) rispetto all'anno precedente; i prestiti sono diminuiti di $73,0 milioni (4,7%) rispetto al 2023. La qualità del credito è rimasta forte con i prestiti in sofferenza sui prestiti totali che migliorano allo 0,19% rispetto allo 0,42% del 2023.
L'azienda ha mantenuto una solida posizione di capitale con un capitale totale rischiato del 14,79% e ha annunciato un dividendo in contanti trimestrale di $0,19 per azione, pagabile il 1 aprile 2025.
Hawthorn Bancshares (NASDAQ: HWBK) reportó un ingreso neto de $4.6 millones ($0.66 por acción diluida) para el cuarto trimestre de 2024 y un ingreso neto de $18.3 millones ($2.61 por acción diluida) para todo el año 2024. La compañía mostró un desempeño mejorado con un margen de interés neto que aumentó al 3.55% en el cuarto trimestre desde el 3.36% en el tercer trimestre de 2024.
Los indicadores financieros clave incluyen: las inversiones aumentaron en $14.8 millones (7.1%) en comparación con el trimestre anterior y en $28.8 millones (14.7%) en comparación anual; los depósitos aumentaron en $29.7 millones (2.0%) desde el tercer trimestre, pero disminuyeron en $37.7 millones (2.4%) en comparación anual; los préstamos disminuyeron en $73.0 millones (4.7%) en comparación con 2023. La calidad del crédito se mantuvo fuerte, con préstamos no rentables a préstamos totales mejorando al 0.19% desde el 0.42% en 2023.
La empresa mantuvo una sólida posición de capital con un capital total basado en riesgos del 14.79% y anunció un dividendo en efectivo trimestral de $0.19 por acción, pagadero el 1 de abril de 2025.
호손 뱅크셰어스 (NASDAQ: HWBK)는 2024년 4분기 순이익이 460만 달러(희석 주당 0.66달러), 2024년 전체 순이익이 1830만 달러(희석 주당 2.61달러)라고 보고했습니다. 회사는 2024년 3분기의 3.36%에서 4분기에 3.55%로 순이자마진이 증가하여 성과가 개선되었음을 보여주었습니다.
주요 재무 지표는 다음과 같습니다: 분기 대비 투자액은 1480만 달러(7.1%) 증가했으며, 연간으로는 2880만 달러(14.7%) 증가했습니다; 예금은 3분기 대비 2970만 달러(2.0%) 증가했지만, 연간으로는 3770만 달러(2.4%) 감소했습니다; 대출은 2023년과 비교하여 7300만 달러(4.7%) 감소했습니다. 신용 품질은 여전히 강력하여 고정자산 대비 불량채권 비율이 2023년 0.42%에서 0.19%로 개선되었습니다.
회사는 위험 기반 총 자본이 14.79%로 강한 자본 위치를 유지하며, 2025년 4월 1일에 지급될 주당 0.19달러의 분기 현금 배당금을 발표했습니다.
Hawthorn Bancshares (NASDAQ: HWBK) a annoncé un bénéfice net de 4,6 millions de dollars (0,66 $ par action diluée) pour le quatrième trimestre 2024 et un bénéfice net de 18,3 millions de dollars (2,61 $ par action diluée) pour l'année entière 2024. L'entreprise a montré une performance améliorée avec une marge d'intérêt net passant de 3,36 % au troisième trimestre 2024 à 3,55 % au quatrième trimestre.
Les indicateurs financiers clés comprennent : les investissements ont augmenté de 14,8 millions de dollars (7,1 %) par rapport au trimestre précédent et de 28,8 millions de dollars (14,7 %) d'une année sur l'autre ; les dépôts ont augmenté de 29,7 millions de dollars (2,0 %) par rapport au T3 mais ont diminué de 37,7 millions de dollars (2,4 %) par rapport à l'année précédente ; les prêts ont diminué de 73,0 millions de dollars (4,7 %) par rapport à 2023. La qualité du crédit est restée solide avec le ratio des prêts non performants sur les prêts totaux s’améliorant à 0,19 % contre 0,42 % en 2023.
L'entreprise a maintenu une position de capital solide avec un capital total basé sur les risques de 14,79 % et a annoncé un dividende en espèces trimestriel de 0,19 $ par action, payable le 1er avril 2025.
Hawthorn Bancshares (NASDAQ: HWBK) meldete für das 4. Quartal 2024 einen Nettogewinn von 4,6 Millionen Dollar (0,66 Dollar pro verwässerter Aktie) und für das Gesamtjahr 2024 einen Nettogewinn von 18,3 Millionen Dollar (2,61 Dollar pro verwässerter Aktie). Das Unternehmen zeigte eine verbesserte Leistung, wobei die Nettozinsmarge im 4. Quartal auf 3,55% von 3,36% im 3. Quartal 2024 anstieg.
Wichtige Finanzkennzahlen sind: Die Investitionen stiegen im Quartalsvergleich um 14,8 Millionen Dollar (7,1%) und im Jahresvergleich um 28,8 Millionen Dollar (14,7%); die Einlagen stiegen um 29,7 Millionen Dollar (2,0%) gegenüber dem 3. Quartal, sanken jedoch um 37,7 Millionen Dollar (2,4%) im Jahresvergleich; die Kredite verringerten sich um 73,0 Millionen Dollar (4,7%) im Vergleich zu 2023. Die Kreditqualität blieb stark, wobei der Anteil der notleidenden Kredite an den Gesamtkrediten von 0,42% im Jahr 2023 auf 0,19% verbessert wurde.
Das Unternehmen wies eine starke Kapitalposition mit einem Gesamtwert des risikobasierten Kapitals von 14,79% auf und kündigte eine vierteljährliche Barausschüttung von 0,19 Dollar pro Aktie an, die am 1. April 2025 zu zahlen ist.
- Net income increased significantly to $18.3 million in 2024 from $1.0 million in 2023
- Net interest margin improved to 3.55% in Q4 from 3.36% in Q3 2024
- Credit quality strengthened with non-performing loans ratio improving to 0.19% from 0.42% YoY
- Non-interest expenses decreased 5.4% compared to prior year
- Book value per share increased $2.03 (11%) to $21.36 YoY
- Loans decreased by $73.0 million (4.7%) compared to prior year
- Deposits decreased by $37.7 million (2.4%) year-over-year
- Non-interest bearing deposits declined to 25.1% of total deposits from 25.6% YoY
- Net loan charge-offs increased to $2.7 million (0.18% of average loans) from $0.3 million (0.02%) in 2023
Insights
Hawthorn Bancshares delivered robust financial results for Q4 2024, maintaining steady quarterly earnings of
The bank's operational efficiency shows marked improvement, with non-interest expenses decreasing by
Credit quality metrics are particularly impressive, with non-performing loans to total loans ratio improving to
The net interest margin expansion to
The planned expansion into Overland Park, Kansas represents a strategic growth initiative, though investors should monitor the associated costs and potential impact on operational efficiency. The
JEFFERSON CITY, Mo., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company”), the holding company for Hawthorn Bank, reported fourth quarter 2024 net income of
Fourth Quarter 2024 Results
- Net income of
$4.6 million , or$0.66 per diluted share - Net interest margin, fully taxable equivalent ("FTE"), improved in the fourth quarter of 2024 to
3.55% compared to3.36% for the third quarter 2024 (the "prior quarter") - Return on average assets and equity of
1.00% and12.49% , respectively - Investments increased
$14.8 million , or7.1% , compared to the prior quarter - Deposits increased
$29.7 million , or2.0% , compared to the prior quarter
2024 Results
- Net income of
$18.3 million , or$2.61 per diluted share, for 2024 improved$17.3 million , or$2.47 per diluted share, from the prior year 2023 (the "prior year") - Net interest margin (FTE) of
3.41% - Return on average assets and equity of
1.00% and13.04% , respectively - Investments increased
$28.8 million , or14.7% , compared to the prior year - Loans decreased
$73.0 million , or4.7% , compared to the prior year - Deposits decreased
$37.7 million , or2.4% , compared to the prior year - Remained well capitalized with total risk-based capital of
14.79% - Credit quality remained strong with non-performing loans to total loans of
0.19% improving from0.42% in the prior year - Book Value per share increased
$2.03 to 21.36, or11% , compared to the prior year - Non-interest expenses decreased
5.4% compared to the prior year
Brent Giles, Chief Executive Officer of Hawthorn Bancshares, Inc. commented, “We are pleased with our fourth quarter and full-year results as they reflect our commitment to improving core operational efficiency and income. Additionally, we received approval to open a banking center location in Overland Park, Kansas in February 2025. Internally, we have been focused on creating synergies in our operations and building a foundation upon which we can grow. We believe that we made significant strides in addressing these strategic needs in 2024."
| FINANCIAL SUMMARY (unaudited) | |||||||||
| December 31, | September 30, | December 31 | |||||||
| Balance sheet information: | 2024 | 2024 | 2023 | ||||||
| Total assets | $ | 1,825,185 | $ | 1,809,769 | $ | 1,875,350 | |||
| Loans held for investment | 1,466,160 | 1,466,751 | 1,539,147 | ||||||
| Investment securities | 223,801 | 209,019 | 195,042 | ||||||
| Deposits | 1,533,182 | 1,503,504 | 1,570,844 | ||||||
| Total stockholders’ equity | $ | 149,547 | $ | 146,474 | $ | 136,085 | |||
| Market and per share data: | |||||||||
| Book value per share | $ | 21.36 | $ | 20.91 | $ | 19.33 | |||
| Market price per share | $ | 28.35 | $ | 25.03 | $ | 25.37 | |||
| Diluted earnings per share (YTD) | $ | 2.61 | $ | 1.95 | $ | 0.14 | |||
| Diluted earnings (loss) per share (QTR) | $ | 0.66 | $ | 0.66 | $ | (1.05 | ) | ||
Financial Results for the Quarter and the Year Ended December 31, 2024
Earnings
Net income for 2024 was
Net income was consistent at
Net interest income
Net interest income for 2024 was
Net interest income of
The yield earned on average loans held for investment was
The average cost of deposits was
Non-interest Income
Total non-interest income for 2024 was
Total non-interest income for the fourth quarter of 2024 was
Non-interest Expense
Non-interest expense for 2024 was
Non-interest expense for the fourth quarter of 2024 was
The fourth quarter efficiency ratio was
Loans
Loans held for investment decreased by
Investments
Investments increased by
Asset Quality
Non-performing assets to total loans was
For 2024, the Company had net loan charge-offs of
In the fourth quarter of 2024, the Company had net loan charge-offs of
For 2024, the Company recognized a provision for credit losses on loans and unfunded commitments of
The Company recognized a
The allowance for credit losses at December 31, 2024 was
Deposits
Total deposits at December 31, 2024 were
Capital
The Company maintains its “well capitalized” regulatory capital position. At December 31, 2024, 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 56,692 common shares under the repurchase plan during 2024. As of December 31, 2024,
On January 22, 2025, the Company's Board of Directors approved a quarterly cash dividend of
[Tables follow]
| FINANCIAL SUMMARY (unaudited) | |||||||||
| Three Months Ended | |||||||||
| December 31, | September 30, | December 31, | |||||||
| Statement of income information: | 2024 | 2024 | 2023 | ||||||
| Total interest income | $ | 23,924 | $ | 23,819 | $ | 25,220 | |||
| Total interest expense | 8,578 | 9,492 | 9,376 | ||||||
| Net interest income | 15,346 | 14,327 | 15,844 | ||||||
| Provision for credit losses | 300 | 500 | 1,550 | ||||||
| Non-interest income | 3,522 | 3,783 | 2,152 | ||||||
| Investment securities gains (losses), net | 3 | 8 | (11,565 | ) | |||||
| Non-interest expense | 12,921 | 11,994 | 14,587 | ||||||
| Pre-tax income (loss) | 5,650 | 5,624 | (9,706 | ) | |||||
| Income taxes (benefit) | 1,053 | 1,050 | (2,263 | ) | |||||
| Net income (loss) | $ | 4,597 | $ | 4,574 | $ | (7,443 | ) | ||
| Earnings (loss) per share: | |||||||||
| Basic: | $ | 0.66 | $ | 0.66 | $ | (1.05 | ) | ||
| Diluted: | $ | 0.66 | $ | 0.66 | $ | (1.05 | ) | ||
| For the Years Ended | |||||||
| December 31, | |||||||
| Statement of income information: | 2024 | 2023 | |||||
| Total interest income | $ | 95,351 | $ | 91,968 | |||
| Total interest expense | 36,758 | 32,826 | |||||
| Net interest income | 58,593 | 59,142 | |||||
| Provision for credit losses | 1,027 | 2,340 | |||||
| Non-interest income | 14,320 | 7,536 | |||||
| Investment securities losses, net | (4 | ) | (11,547 | ) | |||
| Non-interest expense | 49,524 | 52,359 | |||||
| Pre-tax income | 22,358 | 432 | |||||
| Income taxes (benefit) | 4,102 | (524 | ) | ||||
| Net income | $ | 18,256 | $ | 956 | |||
| Earnings per share: | |||||||
| Basic: | $ | 2.61 | $ | 0.14 | |||
| Diluted: | $ | 2.61 | $ | 0.14 | |||
| FINANCIAL SUMMARY (continued) (unaudited) | |||||||||||||||||||
| As of or for the three months ended | As of or for the year ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Performance Ratios | |||||||||||||||||||
| Return on average assets | 1.00 | % | 1.00 | % | (1.57) % | 1.00 | % | 0.05 | % | ||||||||||
| Return on average common equity | 12.49 | % | 12.87 | % | (24.54) % | 13.04 | % | 0.76 | % | ||||||||||
| Net interest margin (FTE) | 3.55 | % | 3.36 | % | 3.48 | % | 3.41 | % | 3.29 | % | |||||||||
| Efficiency ratio | 68.48 | % | 66.23 | % | 81.06 | % | 67.92 | % | 78.53 | % | |||||||||
| Asset Quality Ratios | |||||||||||||||||||
| Non-performing loans (a) | $ | 2,747 | $ | 4,066 | $ | 6,413 | |||||||||||||
| Non-performing assets | $ | 4,193 | $ | 8,451 | $ | 8,157 | |||||||||||||
| Net charge-offs | $ | 43 | $ | 636 | $ | 268 | $ | 2,725 | $ | 302 | |||||||||
| Net charge-offs to average loans | — | % | 0.04 | % | 0.02 | % | 0.18 | % | 0.02 | % | |||||||||
| Allowance for credit losses to total loans | 1.50 | % | 1.50 | % | 1.54 | % | |||||||||||||
| Non-performing loans to total loans | 0.19 | % | 0.28 | % | 0.42 | % | |||||||||||||
| Non-performing assets to loans | 0.29 | % | 0.58 | % | 0.53 | % | |||||||||||||
| Non-performing assets to total assets | 0.23 | % | 0.47 | % | 0.43 | % | |||||||||||||
| Allowance for credit losses on loans to non-performing loans | 802.48 | % | 539.52 | % | 370.25 | % | |||||||||||||
| Capital Ratios | |||||||||||||||||||
| Average stockholders' equity to total assets | 8.03 | % | 7.80 | % | 6.38 | % | 7.66 | % | 6.68 | % | |||||||||
| Period-end stockholders' equity to period-end assets | 8.19 | % | 8.09 | % | 7.26 | % | |||||||||||||
| Total risk-based capital ratio | 14.79 | % | 14.91 | % | 13.99 | % | |||||||||||||
| Tier 1 risk-based capital ratio | 13.54 | % | 13.66 | % | 12.59 | % | |||||||||||||
| Common equity Tier 1 capital | 10.49 | % | 10.53 | % | 9.73 | % | |||||||||||||
| Tier 1 leverage ratio | 11.46 | % | 11.33 | % | 10.29 | % | |||||||||||||
(a) Non-performing loans include loans 90 days past due and accruing and non-accrual loans.
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.
The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company's Annual Report on Form 10-K is filed. 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, including those relating to the Company's balance sheet repositioning strategy and the anticipated effects thereof. 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.
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