Hawthorn Bancshares Inc. (NASDAQ: HWBK), today reported consolidated financial results for the Company for the second quarter ended June 30, 2011.
Net income for the quarter was $1.4 million, compared to $0.8 million for the second quarter of 2010. Hawthorn earned $0.19 per diluted common share for the three months ended June 30, 2011, versus $0.06 for the second quarter of 2010 after deducting accrued dividends and accretion of $0.5 million on preferred stock issued to the U.S. Treasury under the Capital Purchase Program.
On a year to date basis, Hawthorn Bancshares generated net income of $2.4 million, up from $1.3 million for 2010. After deducting accrued dividends and accretion on preferred stock issued to the U.S. Treasury, income available to common shareholders was $1.4 million compared to $0.3 million for 2010. From a diluted earnings per common share basis, Hawthorn generated $0.29 for the six months ended June 30, 2011 compared to $0.06 per common share for the same period in 2010.
Operating ResultsNet Interest Income Net interest income for the quarter ended June 30, 2011 decreased 3.0% to $10.8 million from $11.1 million for the same period in 2010. The decrease is attributed to a lower volume of earning assets despite further strengthening of the Company’s net interest margin which increased from 3.88% for the second quarter of 2010 to 3.95% for the second quarter of 2011. Non-Interest Income and Expense Non-interest income for the three months ended June 30, 2011 was $2.2 million compared to $2.5 million for the same period in 2010. The decline is primarily due to a $0.2 million non-recurring non-interest income adjustment made in 2010 and a slight decrease in residential real estate refinancing activity impacting both the volume of loans sold and gains recognized. Non-interest expense for the three months ended June 30, 2011 was $9.0 million compared to $10.3 million for second quarter 2010. The decrease is largely attributed to a $1.0 million decline in other real estate expense including losses on foreclosed properties.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV