Hawthorn Bancshares Reports Second Quarter 2024 Results

Financial Performance - 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 same quarter in the previous year [8][22] - Earnings per diluted share (EPS) for the second quarter 2024 was $0.66, compared to $0.63 in the prior quarter and $0.36 in the prior year quarter [8][22] - Net interest income for the second quarter 2024 was $14.2 million, a decrease of $0.6 million from the prior quarter, and a decrease of $0.03 million from the prior year quarter [16][17] 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 [2][42] - 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 [34] Deposits and Loans - Total deposits at June 30, 2024 were $1.6 billion, an increase of $22.4 million or 1.5% from March 31, 2024, and an increase of $7.0 million or 0.5% from June 30, 2023 [11] - Loans held for investment decreased by $20.3 million or 1.3% to $1.5 billion as of June 30, 2024 compared to March 31, 2024, and decreased by $64.7 million or 4.1% from June 30, 2023 [26] Non-Interest Income and Expenses - Total 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 [10] - 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, and a decrease of $0.7 million or 5.4% from the prior year quarter [19] Capital and Efficiency Ratios - The efficiency ratio for the second quarter was 66.2%, compared to 70.8% in the prior quarter and 80.5% in the prior year quarter [25] - The company maintains a "well capitalized" regulatory capital position, with total risk-based capital to risk-weighted assets at 14.30% as of June 30, 2024 [37][41]