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Hawthorn Bancshares Announces Second Quarter Earnings

Hawthorn Bancshares Inc. (NASDAQ:HWBK), today reported consolidated financial results for the Company for the second quarter ended June 30, 2012.

Net income for the quarter was $0.7 million, compared to $1.4 million for the second quarter of 2011. The Company earned $0.01 per diluted common share for the three months ended June 30, 2012, versus $0.19 for the second quarter of 2011 after deducting accrued dividends and normal and accelerated accretion of the discount totaling $0.7 million for the three months ended June 30, 2012, and $0.5 million for the three months ended June 30, 2011, respectively, on preferred stock issued to the U.S. Treasury under the Capital Purchase Program. The accelerated accretion is related to the Company’s May 9, 2012 redemption of 12,000 shares of its Fixed Rate Cumulative Perpetual Preferred Stock issued to the U.S. Treasury Department under the TARP Capital Purchase Program at a redemption price of $12 million.

On a year to date basis, the Company generated net income of $2.2 million, compared to $2.4 million for 2011. After deducting accrued dividends and accretion on preferred stock issued to the U.S. Treasury, income available to common shareholders was $1.0 million for 2012 compared to $1.4 million for 2011. On a diluted earnings per common share basis, the Company generated $0.21 for the six months ended June 30, 2012 compared to $0.28 per common share for the same period in 2011.

For the quarter, the annualized return on average common equity was 0.26% and the annualized return on average assets was 0.25% compared with 4.93% and 0.47%, respectively, for the same period in 2011. Such was negatively impacted by the accelerated accretion of the discount associated with the TARP redemption.

Net Interest Income

Net interest income for the quarter ended June 30, 2012 decreased 5.7% to $10.2 million from $10.8 million for the same period in 2011. The decrease is largely attributed to a 3.77% net interest margin compared to 3.95% for the same three month period in 2011. With lower average loan balances and lower average rates, loan interest income was reduced; thereby, resulting in a lower net interest margin for the quarter ending June 30, 2012.

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