Hawthorn Bank boosts profits by 21%

Hawthorn Bancshares Inc. (Nasdaq: HWBK) improved second-quarter profits to $3.5 million, a 21% increase compared with $2.9 million in the same three-month period of 2018.

The Jefferson City-based operator of Hawthorn Bank — including its only Springfield branch at 321 W. Battlefield Road — increased diluted share earnings by 10 cents to 56 cents, according to a news release.

Second-quarter financial notes:
• Total interest income was $16.2 million, up 13% from second-quarter 2018.
• Noninterest expense of $9.7 million was down $200,000, mostly due to lower salaries and employee benefits resulting from the reduction of 43 staff members since the end of second-quarter 2018.
• Provision for loan losses dropped 44% to $250,000.

As of June 30, Hawthorn had $1.5 billion in assets and $1.2 billion in deposits. The company operates 22 branches in Missouri, according to its website.

HWBK shares were trading at $24.15 as of 9:56 a.m., compared with a 52-week range of $20.05 to $28.62.