Hawthorn Bancshares Inc. (NASDAQ: HWBK), today reported consolidated financial results for the Company for the second quarter ended June 30, 2013.
Net income for the quarter was $1.8 million, compared to $0.7 million for the second quarter of 2012. The Company earned $0.30 per diluted common share for the three months ended June 30, 2013, versus $0.01 for the second quarter of 2012 after deducting accrued dividends and normal and accelerated discount accretion totaling $0.3 million for the three months ended June 30, 2013, and $0.7 million for the three months ended June 30, 2012, respectively, on preferred stock issued to the U.S. Treasury under the Capital Purchase Program.
For the quarter, the annualized return on average common equity was 8.13% and the annualized return on average assets was 0.62% compared with 0.26% and 0.25%, respectively, for the same period in 2012.
On a year to date basis, the Company generated net income of $1.7 million, compared to $2.2 million for 2012. After deducting accrued dividends and accretion on preferred stock issued to the U.S. Treasury, income available to common shareholders was $1.1 million for 2013 compared to $1.0 million for 2012. On a diluted earnings per common share basis, the Company generated $0.21 for the six months ended June 30, 2013 compared to $0.20 per common share for the same period in 2012.Net Interest Income Net interest income for the quarter ended June 30, 2013 decreased 3.5% to $9.8 million from $10.2 million for the same period in 2012. The decrease is largely attributed to a 3.66% net interest margin compared to 3.77% for the same three month period in 2012. With lower average loan balances and lower average rates, loan interest income decreased which resulted in a lower net interest margin for the quarter ending June 30, 2013.
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