Hawthorn Bancshares Inc. (HWBK, Financial) filed Quarterly Report for the period ended 2010-09-30.
Hawthorn Bancshares Inc. has a market cap of $42.5 million; its shares were traded at around $9.4999 with a P/E ratio of 21.4 and P/S ratio of 0.6. The dividend yield of Hawthorn Bancshares Inc. stocks is 2.1%. Hawthorn Bancshares Inc. had an annual average earning growth of 2.5% over the past 10 years.HWBK is in the portfolios of Chuck Royce of Royce& Associates.
Our Companys consolidated net income of $1,422,000 for the three months ended September 30, 2010 decreased $484,000, or 25.4%, compared to the three months ended September 30 2009. Our Company recorded preferred stock dividends and accretion on preferred stock of $497,000 in the three months ended September 30, 2010, resulting in $925,000 of net income available to common shareholders, compared to $1,409,000 for the three months ended September 30, 2009. Diluted earnings per share decreased from $0.32 per common share to $0.21 per common share. Results for the three months ended September 30, 2010 were negatively impacted by the $2,450,000 provision for loan losses compared to $1,250,000 for the same period in 2009. Our Company experienced an increase in real estate refinancing activity during the third quarter of 2010 that partially offset the increase in the provision through increasing gains on sale of mortgage loans. For the three months ended September 30, 2010, the annualized return on average assets was 0.46%, the annualized return on average common shareholders equity was 4.52%, and the efficiency ratio was 68.0%. Net interest margin increased from 3.57% to 3.81%. Net interest income, on a tax equivalent basis, increased $394,000 or 3.71% from 2009 to 2010.
Our Companys consolidated net income of $2,698,000 for the nine months ended September 30, 2010 decreased $1,470,000, or 35.3%, compared to the nine months ended September 30, 2009. Our Company recorded preferred stock dividends and accretion on preferred stock of $1,487,000 in the first nine months of 2010, resulting in $1,211,000 of net income available to common shareholders, compared to $2,676,000 for the first nine months of 2009. Diluted earnings per share decreased from $0.60 per common share to $0.27 per common share. Results for the nine months ended September 30, 2010 were negatively impacted by the $7,105,000 provision for loan losses compared to $4,404,000 for the same period in 2009. Although real estate refinancing activity substantially increased during the third quarter of 2010, the overall decrease in noninterest income was primarily due to lower gain on sales of mortgage loans during the first nine months of 2010 in comparison to the same time period during 2009. For the nine months September 30, 2010, the annualized return on average assets was 0.29%, the annualized return on average common shareholders equity was 2.01%, and the efficiency ratio was 72.7%. Net interest margin increased from 3.44% to 3.77%. Net interest income, on a tax equivalent basis, increased $2,242,000 or 7.3% from 2009 to 2010.
Total assets at September 30, 2010 were $1,215,066,000, compared to $1,236,470,000 at December 31, 2009, a decrease of $21,404,000, or 1.7%.
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Hawthorn Bancshares Inc. has a market cap of $42.5 million; its shares were traded at around $9.4999 with a P/E ratio of 21.4 and P/S ratio of 0.6. The dividend yield of Hawthorn Bancshares Inc. stocks is 2.1%. Hawthorn Bancshares Inc. had an annual average earning growth of 2.5% over the past 10 years.HWBK is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Income taxes are accounted for under the asset / liability method by recognizing the amount of taxes payable or refundable for the current period and deferred tax assets and liabilities for future tax consequences of events that have been recognized in an entitys financial statements or tax returns. Judgment is required in addressing our Companys future tax consequences of events that have been recognized in the consolidated financial statements or tax returns such as realization of the effects of temporary differences, net operating loss carry forward, and changes in tax laws or interpretations thereof. A valuation allowance is established when in the judgment of management, it is more likely than not that such deferred tax assets will not become realizable. In this case, our Company would adjust the recorded value of our deferred tax asset, which would result in a direct charge to income tax expense in the period that the determination was made. Likewise, our Company would reverse the valuation allowance when the realization of the deferred tax asset is expected. In addition, our Company is subject to the continuous examination of our tax returns by the Internal Revenue Service and other taxing authorities. Our Company accrues for interest related to income taxes in income tax expense. A total interest benefit recognized for the nine months ended September 30, 2010 and 2009 was $35,000 and $23,000, respectively. As of September 30, 2010 and December 31, 2009, total accrued interest was $113,000 and $94,000, respectivelyOur Companys consolidated net income of $1,422,000 for the three months ended September 30, 2010 decreased $484,000, or 25.4%, compared to the three months ended September 30 2009. Our Company recorded preferred stock dividends and accretion on preferred stock of $497,000 in the three months ended September 30, 2010, resulting in $925,000 of net income available to common shareholders, compared to $1,409,000 for the three months ended September 30, 2009. Diluted earnings per share decreased from $0.32 per common share to $0.21 per common share. Results for the three months ended September 30, 2010 were negatively impacted by the $2,450,000 provision for loan losses compared to $1,250,000 for the same period in 2009. Our Company experienced an increase in real estate refinancing activity during the third quarter of 2010 that partially offset the increase in the provision through increasing gains on sale of mortgage loans. For the three months ended September 30, 2010, the annualized return on average assets was 0.46%, the annualized return on average common shareholders equity was 4.52%, and the efficiency ratio was 68.0%. Net interest margin increased from 3.57% to 3.81%. Net interest income, on a tax equivalent basis, increased $394,000 or 3.71% from 2009 to 2010.
Our Companys consolidated net income of $2,698,000 for the nine months ended September 30, 2010 decreased $1,470,000, or 35.3%, compared to the nine months ended September 30, 2009. Our Company recorded preferred stock dividends and accretion on preferred stock of $1,487,000 in the first nine months of 2010, resulting in $1,211,000 of net income available to common shareholders, compared to $2,676,000 for the first nine months of 2009. Diluted earnings per share decreased from $0.60 per common share to $0.27 per common share. Results for the nine months ended September 30, 2010 were negatively impacted by the $7,105,000 provision for loan losses compared to $4,404,000 for the same period in 2009. Although real estate refinancing activity substantially increased during the third quarter of 2010, the overall decrease in noninterest income was primarily due to lower gain on sales of mortgage loans during the first nine months of 2010 in comparison to the same time period during 2009. For the nine months September 30, 2010, the annualized return on average assets was 0.29%, the annualized return on average common shareholders equity was 2.01%, and the efficiency ratio was 72.7%. Net interest margin increased from 3.44% to 3.77%. Net interest income, on a tax equivalent basis, increased $2,242,000 or 7.3% from 2009 to 2010.
Total assets at September 30, 2010 were $1,215,066,000, compared to $1,236,470,000 at December 31, 2009, a decrease of $21,404,000, or 1.7%.
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