Hawthorn Bank earnings drop 8% in 2Q

Earnings for Jefferson City-based Hawthorn Bancshares Inc. (Nasdaq: HWBK) dropped to $1.9 million in the second quarter, an 8.2 percent decrease compared to $2.1 million in profits the same quarter last year.

The operator of a Springfield branch at 321 W. Battlefield Road reported diluted share earnings of 35 cents for the three-month period ending June 30, a 4-cent dip, according to a news release.

Loans came out ahead, according to the company’s chairman.

“Average loans increased $4.5 million during the current quarter and average loan balances for the current year were $13.9 million, or 1.6 percent, ahead of last year,” David Turner said in the release.

Second-quarter financial notes:
    •    Net interest income improved to $10 million from $9.8 million last year.
    •    Provision for loan losses was $250,000; the company did not report a figure in the same quarter of 2014.
    •    Noninterest income moved up to $2.5 million from $2.2 million, while noninterest expense rose to $9.3 million from $8.8 million.

As of June 30, Hawthorn Bank’s assets were $1.2 billion and deposits were $988.9 million. It operates Missouri branches in Lee's Summit, Liberty, Branson, Independence, Columbia, Clinton, Windsor, Collins, Osceola, Warsaw, Belton, Drexel, Harrisonville, California and St. Robert, according to the release.

HWBK shares were trading at $13.75 as of 9:17 a.m., compared to a 52-week range of $12.02 to $17.58.