Hawthorn Bancshares(US:HWBK) Newsfilterยท2024-07-30 19:00Earnings - 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% from the second quarter of 2023 [13][25] - Earnings per diluted share (EPS) for the second quarter 2024 was $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% from the prior quarter, and an increase of $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% of outstanding loans, and 495.38% of non-performing loans [6][36] - Non-performing loans totaled $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]