Hawthorn Bancshares Inc. (NASDAQ: HWBK), today reported consolidated financial results for the Company for the third quarter ended September 30, 2013.
Net income for the quarter was $1.6 million, compared to a net loss of $1.6 million for the third quarter of 2012. The Company earned $0.31 per diluted common share for the three months ended September 30, 2013, versus a per share net loss of $0.37 for the third quarter of 2012. As a result of the Company’s May 2013 full repayment of its preferred stock, there was no deduction from net income for accrued dividends and discount accretion for the current quarter. Preferred dividends and discount accretion for the three months ended September 30, 2012 totaled $0.3 million.
For the quarter, the return on average common equity was 8.68% and the return on average assets was 0.54% compared to a negative 9.95% and a negative 0.54%, respectively, for the same period in 2012.
On a year to date basis, the Company generated net income of $3.2 million for 2013, compared to $0.6 million for 2012. After deducting accrued dividends and accretion on preferred stock issued to the U.S. Treasury, income available to common shareholders was $2.6 million for 2013 compared to a net loss of $0.9 million for 2012. On a diluted earnings per common share basis, the Company generated $0.52 for the nine months ended September 30, 2013 compared to a net loss of $0.17 per common share for the same period in 2012.Operating Results Net Interest Income Net interest income for the quarter ended September 30, 2013 decreased 2.5% to $9.9 million from $10.1 million for the same period in 2012. The decrease is largely attributed to a 3.74% net interest margin for the current quarter compared to 3.80% for the same three month period in 2012. With lower average loan balances and lower average rates, loan interest income was reduced which resulted in a lower net interest margin for the quarter ending September 30, 2013.
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