Hawthorn Bancshares(HWBK) - 2024 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2024 was $4.6 million, an increase of$2.0 million or 77% compared to Q3 2023, with EPS of $0.66, up 83$4,574,000, compared to $4,628,000 in Q2 2024 and significantly higher than$2,579,000 in Q3 2023[25] - Non-interest income for Q3 2024 was $3.8 million, a decrease of$0.2 million, or 5.3%, from the prior quarter, but an increase of $3.2 million, or 524.3$10,798,000, up from $5,384,000 in the same period of 2023[25] - Basic earnings per share for the nine months ended September 30, 2024, was$1.95, compared to $1.19 in the same period of 2023[25] Asset and Deposit Trends - Total assets decreased to$1.81 billion as of September 30, 2024, down from $1.85 billion at June 30, 2024, and$1.88 billion at September 30, 2023[3] - Total deposits were $1.50 billion, a decrease of$46.7 million, or 3.0%, from the prior quarter, and down $76.9 million, or 4.9$31.8 million, or 2.1%, to $1.47 billion compared to the prior quarter, and decreased by$90.2 million, or 5.8%, from the prior year[15] Credit Quality and Capital Ratios - The allowance for credit losses was $21.9 million, or 1.50$22.0 million, or 1.47%, at June 30, 2024[20] - Provision for credit losses on loans and unfunded commitments increased to $500,000 in Q3 2024 from$457,000 in Q2 2024 and $110,000 in Q3 2023[25] - Non-performing loans to total loans ratio was 0.28$23,819,000, a slight increase from $23,556,000 in Q2 2024 but a decrease from$23,888,000 in Q3 2023[25] Dividends - A quarterly cash dividend of $0.19 per common share was approved, payable on January 1, 2025, to shareholders of record on December 15, 2024[24]