Hawthorn Bancshares Reports Second Quarter 2024 Results

Earnings - The company reported net income of $4.6 million for the second quarter of 2024, an increase of$0.2 million or 3.9% from the prior quarter, and an increase of $2.1 million or 81.6$0.66, compared to $0.63 for the prior quarter and$0.36 for the prior year quarter [13][41] Financial Summary - Total interest income for the second quarter 2024 was $23.6 million, while total interest expense was$9.4 million, resulting in net interest income of $14.2 million [40] - Non-interest income for the second quarter 2024 was$4.0 million, an increase of $1.0 million or 32.3$2.4 million or 150.3% from the prior year quarter [16][40] - Total non-interest expense for the second quarter 2024 was $12.0 million, a decrease of$0.5 million or 4.3% from the prior quarter [31] Asset Quality - The allowance for credit losses at June 30, 2024 was $22.0 million, or 1.47$4.4 million at June 30, 2024, a decrease from $8.5 million at March 31, 2024, and an increase from$3.8 million at June 30, 2023 [18] Capital Ratios - As of June 30, 2024, the total risk-based capital ratio was 14.30%, and the Tier 1 risk-based capital ratio was 12.94% [9][36] - The company maintains a "well capitalized" regulatory capital position [36] Deposits - Total deposits at June 30, 2024 were $1.6 billion, an increase of$22.4 million or 1.5% from March 31, 2024 [19] - The average cost of deposits was 2.69% for the second quarter 2024, compared to 2.61% for the prior quarter [29]