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% from the prior year quarter[1][4] - Net income for Q3 2024 was $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%, from the prior year quarter[10] - Non-interest income for the nine months ended September 30, 2024, was $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%, from the prior year[21] - Loans held for investment decreased by $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% of outstanding loans, as of September 30, 2024, compared to $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% in Q3 2024, slightly up from 0.25% in Q3 2023[27] - The Company maintained a total risk-based capital ratio of 14.91% as of September 30, 2024, indicating a "well capitalized" status[22] - Total risk-based capital ratio as of September 30, 2024, was 14.91%, up from 14.20% in the previous year[27] Efficiency and Profitability Metrics - The efficiency ratio for Q3 2024 was 66.23%, a slight improvement from 66.24% in the prior quarter and significantly better than 79.79% in the prior year quarter[14] - The efficiency ratio for Q3 2024 improved to 66.23% from 79.79% in Q3 2023[27] - Return on average assets for Q3 2024 was 1.00%, up from 0.54% in Q3 2023[27] - Return on average common equity for Q3 2024 was 12.87%, compared to 8.05% in Q3 2023[27] Interest Income - Total interest income for Q3 2024 was $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]