Hawthorn Bancshares(HWBK) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 net income was $4.6 million, or$0.66 per diluted share, consistent with the prior quarter and up 161.8% from the fourth quarter 2023[7] - For the year ended December 31, 2024, net income was $18.3 million, or$2.61 per diluted share, an increase of $17.3 million from the prior year[6] - Non-interest income for 2024 was$14.3 million, a 90.0% increase from $7.5 million in 2023[12] - Non-interest expenses decreased by$2.8 million, or 5.4%, to $49.5 million for 2024 compared to the prior year[14] Asset Quality - The allowance for credit losses was$22.0 million, or 1.50% of outstanding loans, as of December 31, 2024[22] - Non-performing loans decreased to $2,747,000 in Q4 2024 from$4,066,000 in Q3 2024, and down from $6,413,000 in Q4 2023[29] - Non-performing assets reduced to$4,193,000 in Q4 2024 from $8,451,000 in Q3 2024, and down from$8,157,000 in Q4 2023[29] - Net charge-offs for Q4 2024 were $43,000, significantly lower than$636,000 in Q3 2024 and $268,000 in Q4 2023[29] - Allowance for credit losses on non-performing loans is at 802.48$29.7 million, or 2.0%, from the prior quarter, but decreased by $37.7 million, or 2.4$14.8 million, or 7.1%, from the prior quarter and increased by $28.8 million, or 14.7%, from the prior year[18] - The company received approval to open a new banking center in Overland Park, Kansas, in February 2025[4] Interest Margin - Net interest margin improved to 3.55% in the fourth quarter 2024, compared to 3.36% in the prior quarter[4] - Net interest margin (FTE) increased to 3.55% in Q4 2024 from 3.36% in Q3 2024, and up from 3.48% in Q4 2023[29]