Hawthorn Bancshares Inc. (HWBK, Financial) filed Quarterly Report for the period ended 2011-03-31.
Hawthorn Bancshares Inc. has a market cap of $36.46 million; its shares were traded at around $8.15 with and P/S ratio of 0.53. The dividend yield of Hawthorn Bancshares Inc. stocks is 2.45%.
Our Companys consolidated net income of $954,000 for the three months ended March 31, 2011 increased $460,000 compared to net income of $494,000 for the three months ended March 31, 2010. Our Company recorded preferred stock dividends and accretion on preferred stock of $489,000 for the three months ended March 31, 2011, resulting in $465,000 of net income available for common shareholders compared to net income of $5,000 for the three months ended March 31, 2010. Diluted earnings per share increased from $0.00 per common share to $0.10 per common share. Although the provision for loan losses decreased $755,000, or 30.1%, from March 31, 2010 to March 31, 2011, net income continued to be negatively impacted by the higher provisions our Company has been experiencing during this current economy. Our Companys net interest income increased to $10,481,000 for the three months ended March 31, 2011 compared to $10,311,000 for the three months ended March 31, 2010. The annualized return on average assets was 0.32%, the annualized return on average common stockholders equity was 2.56%, and the efficiency ratio was 74.8% for the three months ended March 31, 2011. Net interest margin increased from 3.61% to 3.84%. Net interest income, on a tax equivalent basis, increased $144,000, or 1.4%, for the three months ended March 31, 2010 compared to the three months ended March 31, 2011.
Total assets at March 31, 2011 were $1,204,547,000 compared to $1,200,172,000 at December 31, 2010, an increase of $4,375,000, or 0.4%. On July 1, 2010, our Company distributed a four percent stock dividend for the second consecutive year to common shareholders of record at the close of business May 19, 2010. For all periods presented, share information, including basic and diluted earnings per share, have been adjusted retroactively to reflect the change.
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Hawthorn Bancshares Inc. has a market cap of $36.46 million; its shares were traded at around $8.15 with and P/S ratio of 0.53. The dividend yield of Hawthorn Bancshares Inc. stocks is 2.45%.
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 been 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 our 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. Given the sensitivity of our Companys financial performance to changes in net interest margins and increasing reserves associated with loan losses and other real estate owned, sustained negative financial performance could provide sufficient negative evidence to necessitate a deferred tax asset valuation allowance. 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. Total interest expense recognized was $4,000 and $9,000 as of March 31, 2011 and 2010, respectively. As of March 31, 2011 and December 31, 2010, total accrued interest was $37,000 and $31,000, respectively.Our Companys consolidated net income of $954,000 for the three months ended March 31, 2011 increased $460,000 compared to net income of $494,000 for the three months ended March 31, 2010. Our Company recorded preferred stock dividends and accretion on preferred stock of $489,000 for the three months ended March 31, 2011, resulting in $465,000 of net income available for common shareholders compared to net income of $5,000 for the three months ended March 31, 2010. Diluted earnings per share increased from $0.00 per common share to $0.10 per common share. Although the provision for loan losses decreased $755,000, or 30.1%, from March 31, 2010 to March 31, 2011, net income continued to be negatively impacted by the higher provisions our Company has been experiencing during this current economy. Our Companys net interest income increased to $10,481,000 for the three months ended March 31, 2011 compared to $10,311,000 for the three months ended March 31, 2010. The annualized return on average assets was 0.32%, the annualized return on average common stockholders equity was 2.56%, and the efficiency ratio was 74.8% for the three months ended March 31, 2011. Net interest margin increased from 3.61% to 3.84%. Net interest income, on a tax equivalent basis, increased $144,000, or 1.4%, for the three months ended March 31, 2010 compared to the three months ended March 31, 2011.
Total assets at March 31, 2011 were $1,204,547,000 compared to $1,200,172,000 at December 31, 2010, an increase of $4,375,000, or 0.4%. On July 1, 2010, our Company distributed a four percent stock dividend for the second consecutive year to common shareholders of record at the close of business May 19, 2010. For all periods presented, share information, including basic and diluted earnings per share, have been adjusted retroactively to reflect the change.
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