Financial Performance - Net income for Q1 2025 was $5.4 million, an increase of 20.8% from Q1 2024, with EPS of $0.77, up 22% year-over-year[2][4][6] - Total non-interest income was $3.5 million, a 14.7% increase from the prior year quarter, primarily due to higher earnings on bank-owned life insurance[12][13] - The efficiency ratio improved to 66.64% from 70.78% in the prior year quarter, driven by higher net interest margin and lower non-interest expenses[4][15] - The net interest margin (FTE) increased to 3.67% from 3.39% in the prior year quarter, reflecting improved interest income dynamics[4][8][28] - Total assets reached $1.88 billion, with total stockholders' equity at $153.4 million, representing a book value per share of $21.97, up 13% year-over-year[11][23] Loan and Deposit Activity - Loans increased by $4.2 million, or 1.2% annualized, while deposits rose by $10.7 million, or 2.8% annualized, compared to the prior quarter[4][16][22] - The allowance for credit losses was $21.8 million, or 1.48% of outstanding loans, indicating a strong reserve against potential loan losses[21][28] - Non-performing assets to total loans improved to 0.21%, down from 0.69% in the prior year quarter, indicating strong credit quality[4][18] Shareholder Returns - The company repurchased 15,856 shares at an average cost of $27.51 per share during Q1 2025, with $3.5 million remaining for future repurchases[24] - A quarterly cash dividend of $0.20 per share was approved, reflecting a 5.3% increase from the prior year quarter's dividend[25] Regulatory and Forward-Looking Statements - The financial results presented are preliminary and unaudited, pending the filing of the Quarterly Report on Form 10-Q[31] - Actual results may differ materially from forward-looking statements made by the company, as noted in the press release[31] - The company disclaims any obligation to update forward-looking statements unless required by law[31]
Hawthorn Bancshares(HWBK) - 2025 Q1 - Quarterly Results