Jefferson City-based Hawthorn Bancshares Inc. (Nasdaq: HWBK) this week reported net income of $7.7 million for 2014, a 75.6 percent jump over earnings of $4.4 million in 2013.
The company, which operates a Springfield branch at 321 W. Battlefield Road, recorded diluted share earnings of $1.46 for the year ended Dec. 31, a 63-cent uptick, according to a news release.
Hawthorn Chairman David Turner said net income last year reached its highest level since 2007.
“Our earnings improvement for 2014 was primarily due to a $4.1 million reduction in foreclosed property expenses and a $2 million decrease in the provision for loan losses,” Turner said in the release. “Foreclosed property expenses fell largely because we sold a significant portion of foreclosed properties in 2013. The decrease in the provision for loan losses resulted from the determination, following continuing extensive evaluation of loan portfolio risk, that no provision was required for 2014.”
2014 financial notes:
- Hawthorn’s average loan balances were $19.1 million, or 2.3 percent ahead of the previous year.
- Net interest income moved to $3.95 million from $39.3 million.
- Noninterest income dropped to $8.7 million from $10.8 million, while noninterest expense moved down to $36.5 million from $40.8 million.
As of Dec. 31, Hawthorn held assets of $1.2 billion and depots of $969.5 million, according to the release.
HWBK shares were trading at $13.73 as of 10:30 a.m., compared to a 52-week range of $11.90 to $16.83.[[In-content Ad]]
