Hawthorn Bancshares, Inc. reported a solid financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $45.2 million, a 10% increase from the previous year. The company’s net income for the year was $8.5 million, reflecting a 15% rise compared to the prior fiscal period. This growth in profitability was attributed to an increase in net interest income, which benefited from a favorable interest rate environment and a strategic focus on expanding the loan portfolio.
Significant operational changes were noted in the filing, including the dissolution of Union State Bancshares, a wholly-owned subsidiary, aimed at streamlining the company's structure. Additionally, the company appointed Chris E. Hafner as Chief Financial Officer in October 2023, bringing extensive experience from previous roles in the banking sector. These strategic decisions are expected to enhance operational efficiency and improve financial oversight.
Hawthorn Bank, the primary subsidiary of Hawthorn Bancshares, operates 18 banking offices across central and west-central Missouri and eastern Kansas. As of December 31, 2024, the bank reported approximately 255 full-time and 13 part-time employees, with no union representation. The bank's customer base has shown growth, with a notable increase in deposit accounts, which are insured by the Federal Deposit Insurance Corporation (FDIC). The bank's market share remains competitive, being the second largest in Cole County and the largest in Henry County based on deposit figures.
The company’s capital ratios as of December 31, 2024, indicate compliance with regulatory requirements, with a Common Equity Tier 1 (CET1) risk-based capital ratio of 10.49%, exceeding the minimum requirement. The bank's well-capitalized status positions it favorably for future growth and potential acquisitions. Looking ahead, Hawthorn Bancshares anticipates continued growth driven by strategic initiatives and a focus on enhancing customer service, although it remains vigilant regarding potential economic challenges that could impact its operations.
About HAWTHORN BANCSHARES, INC.
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