Hawthorn Bancshares Reports Third Quarter 2024 Results

Core Viewpoint - Hawthorn Bancshares, Inc. reported a significant increase in net income and earnings per share for the third quarter of 2024, reflecting strong financial performance and strategic focus on core business lines [1][2][4]. Financial Performance - Net income for Q3 2024 was $4.6 million, an increase of$2.0 million or 77% from Q3 2023, with earnings per diluted share (EPS) of $0.66, up$0.30 or 83% from the prior year [2][4]. - Net interest margin improved to 3.36% in Q3 2024 from 3.33% in Q2 2024 [2][6]. - Return on average assets and equity were 1.00% and 12.87%, respectively [2][26]. Balance Sheet Highlights - Total assets decreased to $1.81 billion as of September 30, 2024, down from$1.88 billion a year earlier [3]. - Loans held for investment decreased by $31.8 million or 2.1$1.47 billion [3][14]. - Total deposits were $1.50 billion, a decrease of$46.7 million or 3.0% from the prior quarter [3][20]. Non-Interest Income and Expenses - Total 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$12.0 million, a slight decrease of $0.04 million or 0.3$0.6 million or 4.6% from the prior year [12][24]. Asset Quality - Non-performing loans to total loans stood at 0.28%, indicating strong credit quality [2][19]. - The allowance for credit losses was $21.9 million, or 1.50$20.91, up 24% from the prior year [2][3]. Strategic Initiatives - The CEO highlighted progress on strategic objectives, including reduced overhead expenses and expanded fee income [2].