Hawthorn Bancshares Inc. (HWBK, Financial) filed Quarterly Report for the period ended 2011-09-30.
Hawthorn Bancshares Inc. has a market cap of $28.29 million; its shares were traded at around $6.0801 with and P/S ratio of 0.41. The dividend yield of Hawthorn Bancshares Inc. stocks is 3.29%.
Our Companys consolidated net income of $3,878,000 for the nine months ended September 30, 2011 increased $1,179,000 compared to net income of $2,699,000 for the nine months ended September 30, 2010. Our Company recorded preferred stock dividends and accretion on preferred stock of $1,488,000 for the nine months ended September 30, 2011, resulting in $2,390,000 of net income available for common shareholders compared to net income of $1,211,000 for the nine months ended September 30, 2010. Diluted earnings per share increased from $0.26 per common share to $0.51 per common share. Our Companys earnings positively reflected a $1,331,000 decrease in other real estate expenses and impairment loses incurred on foreclosed properties from $2,895,000 for the nine months ended September 30, 2010 compared to $1,564,000 for the nine months ended September 30, 2011. Although the provision for loan losses decreased $1,462,000, or 20.6%, from September 30, 2010 to September 30, 2011, net income continued to be negatively impacted by the higher provisions experienced by our Company during this current economy. Our Companys net interest income, on a tax equivalent basis, decreased $263,000, or 0.80%, to $32,528,000 for the nine months ended September 30, 2011 compared to $32,791,000 for the nine months ended September 30, 2010 primarily due to a $55,668,000 decrease in average earning assets. The annualized return on average assets was 0.43%, the annualized return on average common stockholders equity was 4.28%, and the efficiency ratio was 70.7% for the nine months ended September 30, 2011. Net interest margin increased from 3.77% to 3.92%.
Financial results for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010 included a decrease in net interest income, on a tax equivalent basis, of $66,000, or 0.60%, and $263,000, or 0.80%, respectively. Average interest-earning assets decreased $54,582,000, or 4.7% to $1,092,373,000 for the three months ended September 30, 2011 compared to $1,146,955,000 for the three months ended September 30, 2010 and average interest bearing liabilities decreased $59,937,000, or 6.1%, to $918,056,000 for the three months ended September 30, 2011 compared to $977,993,000 for the three months ended September 30, 2010. Average interest-earning assets decreased $55,668,000, or 4.8% to $1,108,422,000 for the nine months ended September 30, 2011 compared to $1,164,090,000 for the nine months ended September 30, 2010 and average interest bearing liabilities decreased $57,262,000, or 5.7%, to $943,247,000 for the nine months ended September 30, 2011 compared to $1,000,509,000 for the nine months ended September 30, 2010.
Noninterest expense decreased $441,000, or 4.7%, to $8,925,000 for the three months ended September 30, 2011 compared to $9,336,000 for the three months ended September 30, 2010. The decrease primarily resulted from a $358,000, or 40.6%, decrease in other real estate expenses, and an $189,000, or 42.7%, decrease in FDIC insurance assessment, partially offset by an $184,000, or 20.7%, increase in employee benefit expenses for the three months ended September 30, 2011. Our Company recorded $360,000 in impairment losses on foreclosed property included in other real estate expenses during the three months ended September 30, 2010. In December of 2010, our company established an allowance for other real estate owned for estimated impaired losses on foreclosed properties. A $220,000 provision for other real estate owned, included in other real estate expense, was recorded for these estimated impaired losses during the three months ended September 30, 2011. Our Company recognized $40,000 in gains on the sales of foreclosed properties during the three months ended September 30, 2011 in comparison to $283,000 in losses during the three months ended September 30, 2010. Other expenses on foreclosed properties also increased from $177,000 during the three months ended September 30, 2010 compared to $316,000 during the three months ended September 30, 2011. The decrease in FDIC assessments was due to amendments made by the FDIC to implement revisions to the Federal Deposit Insurance Act made by the Dodd Frank Wall Street Reform and Consumer Protection Act. The three months ended September 30, 2011 reflect a new assessment base (using assets and tier one capital in the assessment calculation) effective on our Companys June assessment paid in September. The increase in employee benefits was primarily due to a $28,000 increase in medical insurance expenses and a $134,000 increase in the estimated profit-sharing contribution.
Noninterest expense decreased $1,505,000, or 5.2%, to $27,311,000 for the nine months ended September 30, 2011 compared to $28,816,000 for the nine months ended September 30, 2010. The decrease primarily resulted from a $1,331,000, or 46.0%, decrease in other real estate expenses, a $158,000, or 12.3%, decrease in FDIC insurance assessment and an $180,000, or 1.7%, decrease in salary expense. This decrease was partially offset by a $232,000, or 7.7%, increase in employee benefits expenses and a $151,000, or 16.2% increase in legal, examination, and professional expenses. Our Company recorded $1,595,000 in impairment losses on foreclosed property during the nine months ended September 30, 2010 in comparison to a $661,000 provision for other real estate owned, included in other real estate expense, for estimated impaired losses on foreclosed properties during the nine months ended September 30, 2011. Our Company recognized $29,000 in losses on the sales of foreclosed properties during the nine months ended September 30, 2011 in comparison to $347,000 in losses during the nine months ended September 30, 2010. Other expenses on foreclosed properties also decreased from $888,000 during the nine months ended September 30, 2010 compared to $773,000 during the nine months ended September 30, 2011. A decrease in the number of employees during the nine months ended September 30, 2011 resulted in a decrease in overall salary expense compared to the nine months ended September 30, 2010. Stock option compensation expense, included in salary expense, also decreased $22,000 to $46,000 during the nine months ended September 30, 2011 compared to $68,000 during the nine months ended September 30, 2010. As mentioned above, the decrease in FDIC assessments was due to amendments made by the FDIC to implement revisions to the Federal Deposit Insurance Act made by the Dodd Frank Wall Street Reform and Consumer Protection Act. The nine months ended September 30, 2011 reflect a new assessment base (using assets and tier one capital in the assessment calculation) effective on our Companys June assessment paid in September. The increase in employee benefits was primarily due to a $107,000 increase in medical insurance expenses and a $100,000 increase in the estimated profit-sharing contribution. The increase in legal, examination, and professional fees was primarily due to a $221,000 increase in consulting fees due to a human resource best practices and profitability consulting project.
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Hawthorn Bancshares Inc. has a market cap of $28.29 million; its shares were traded at around $6.0801 with and P/S ratio of 0.41. The dividend yield of Hawthorn Bancshares Inc. stocks is 3.29%.
Highlight of Business Operations:
Our Companys consolidated net income of $1,515,000 for the three months ended September 30, 2011 increased $93,000 compared to net income of $1,422,000 for the three months ended September 30, 2010. Our Company recorded preferred stock dividends and accretion on preferred stock of $497,000 for the three months ended September 30, 2011, resulting in $1,018,000 of net income available for common shareholders compared to net income of $925,000 for the three months ended September 30, 2010. Diluted earnings per share increased from $0.20 per common share to $0.22 per common share. The provision for loan losses decreased $440,000, or 18.0%, from September 30, 2010 to September 30, 2011 and noninterest expense decreased $441,000, or 4.7%. Other real estate expenses and impairment losses incurred on foreclosed properties decreased from $882,000 for the three months ended September 30, 2010 to $524,000 for the three months ended September 30, 2011. Our Companys net interest income, on a tax equivalent basis, decreased $66,000, or 0.60%, to $10,953,000 for the three months ended September 30, 2011 compared to $11,019,000 for the three months ended September 30, 2010 primarily due to a $54,582,000 decrease in average earning assets. The annualized return on average assets was 0.51%, the annualized return on average common stockholders equity was 5.29%, and the efficiency ratio was 67.8% for the three months ended September 30, 2011. Net interest margin increased from 3.81% to 3.98%.Our Companys consolidated net income of $3,878,000 for the nine months ended September 30, 2011 increased $1,179,000 compared to net income of $2,699,000 for the nine months ended September 30, 2010. Our Company recorded preferred stock dividends and accretion on preferred stock of $1,488,000 for the nine months ended September 30, 2011, resulting in $2,390,000 of net income available for common shareholders compared to net income of $1,211,000 for the nine months ended September 30, 2010. Diluted earnings per share increased from $0.26 per common share to $0.51 per common share. Our Companys earnings positively reflected a $1,331,000 decrease in other real estate expenses and impairment loses incurred on foreclosed properties from $2,895,000 for the nine months ended September 30, 2010 compared to $1,564,000 for the nine months ended September 30, 2011. Although the provision for loan losses decreased $1,462,000, or 20.6%, from September 30, 2010 to September 30, 2011, net income continued to be negatively impacted by the higher provisions experienced by our Company during this current economy. Our Companys net interest income, on a tax equivalent basis, decreased $263,000, or 0.80%, to $32,528,000 for the nine months ended September 30, 2011 compared to $32,791,000 for the nine months ended September 30, 2010 primarily due to a $55,668,000 decrease in average earning assets. The annualized return on average assets was 0.43%, the annualized return on average common stockholders equity was 4.28%, and the efficiency ratio was 70.7% for the nine months ended September 30, 2011. Net interest margin increased from 3.77% to 3.92%.
Financial results for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010 included a decrease in net interest income, on a tax equivalent basis, of $66,000, or 0.60%, and $263,000, or 0.80%, respectively. Average interest-earning assets decreased $54,582,000, or 4.7% to $1,092,373,000 for the three months ended September 30, 2011 compared to $1,146,955,000 for the three months ended September 30, 2010 and average interest bearing liabilities decreased $59,937,000, or 6.1%, to $918,056,000 for the three months ended September 30, 2011 compared to $977,993,000 for the three months ended September 30, 2010. Average interest-earning assets decreased $55,668,000, or 4.8% to $1,108,422,000 for the nine months ended September 30, 2011 compared to $1,164,090,000 for the nine months ended September 30, 2010 and average interest bearing liabilities decreased $57,262,000, or 5.7%, to $943,247,000 for the nine months ended September 30, 2011 compared to $1,000,509,000 for the nine months ended September 30, 2010.
Noninterest expense decreased $441,000, or 4.7%, to $8,925,000 for the three months ended September 30, 2011 compared to $9,336,000 for the three months ended September 30, 2010. The decrease primarily resulted from a $358,000, or 40.6%, decrease in other real estate expenses, and an $189,000, or 42.7%, decrease in FDIC insurance assessment, partially offset by an $184,000, or 20.7%, increase in employee benefit expenses for the three months ended September 30, 2011. Our Company recorded $360,000 in impairment losses on foreclosed property included in other real estate expenses during the three months ended September 30, 2010. In December of 2010, our company established an allowance for other real estate owned for estimated impaired losses on foreclosed properties. A $220,000 provision for other real estate owned, included in other real estate expense, was recorded for these estimated impaired losses during the three months ended September 30, 2011. Our Company recognized $40,000 in gains on the sales of foreclosed properties during the three months ended September 30, 2011 in comparison to $283,000 in losses during the three months ended September 30, 2010. Other expenses on foreclosed properties also increased from $177,000 during the three months ended September 30, 2010 compared to $316,000 during the three months ended September 30, 2011. The decrease in FDIC assessments was due to amendments made by the FDIC to implement revisions to the Federal Deposit Insurance Act made by the Dodd Frank Wall Street Reform and Consumer Protection Act. The three months ended September 30, 2011 reflect a new assessment base (using assets and tier one capital in the assessment calculation) effective on our Companys June assessment paid in September. The increase in employee benefits was primarily due to a $28,000 increase in medical insurance expenses and a $134,000 increase in the estimated profit-sharing contribution.
Noninterest expense decreased $1,505,000, or 5.2%, to $27,311,000 for the nine months ended September 30, 2011 compared to $28,816,000 for the nine months ended September 30, 2010. The decrease primarily resulted from a $1,331,000, or 46.0%, decrease in other real estate expenses, a $158,000, or 12.3%, decrease in FDIC insurance assessment and an $180,000, or 1.7%, decrease in salary expense. This decrease was partially offset by a $232,000, or 7.7%, increase in employee benefits expenses and a $151,000, or 16.2% increase in legal, examination, and professional expenses. Our Company recorded $1,595,000 in impairment losses on foreclosed property during the nine months ended September 30, 2010 in comparison to a $661,000 provision for other real estate owned, included in other real estate expense, for estimated impaired losses on foreclosed properties during the nine months ended September 30, 2011. Our Company recognized $29,000 in losses on the sales of foreclosed properties during the nine months ended September 30, 2011 in comparison to $347,000 in losses during the nine months ended September 30, 2010. Other expenses on foreclosed properties also decreased from $888,000 during the nine months ended September 30, 2010 compared to $773,000 during the nine months ended September 30, 2011. A decrease in the number of employees during the nine months ended September 30, 2011 resulted in a decrease in overall salary expense compared to the nine months ended September 30, 2010. Stock option compensation expense, included in salary expense, also decreased $22,000 to $46,000 during the nine months ended September 30, 2011 compared to $68,000 during the nine months ended September 30, 2010. As mentioned above, the decrease in FDIC assessments was due to amendments made by the FDIC to implement revisions to the Federal Deposit Insurance Act made by the Dodd Frank Wall Street Reform and Consumer Protection Act. The nine months ended September 30, 2011 reflect a new assessment base (using assets and tier one capital in the assessment calculation) effective on our Companys June assessment paid in September. The increase in employee benefits was primarily due to a $107,000 increase in medical insurance expenses and a $100,000 increase in the estimated profit-sharing contribution. The increase in legal, examination, and professional fees was primarily due to a $221,000 increase in consulting fees due to a human resource best practices and profitability consulting project.
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