Hawthorn Bank's profits jump 58% in 2021

Jefferson City-based Hawthorn Bancshares Inc. (Nasdaq: HWBK) reported a nearly 58% increase in 2021 net income.

The company, which operates its only Hawthorn Bank branch in Springfield at 321 W. Battlefield Road, posted full-year profits of $22.5 million, or $3.40 per diluted share, compared with $14.3 million, or $2.12 per diluted share, a year earlier, according to a news release.

"We celebrate 2021 as the year in which we delivered record-setting financial performance for the shareholders of Hawthorn Bancshares," said David Turner, the company's board chair, in the release. "While much has been learned over the past almost two years since the pandemic became a reality, this next year will also present some new headwinds, challenges and opportunities for our bank and the overall financial services industry."

Full-year financial highlights for Hawthorn Bank:
• Total interest income rose 2.3% to $64.5 million.
• Provision for loan losses was a negative $1.7 million, compared with a positive $5.8 million in 2020.
• Adding to the 2021 results was fourth-quarter net income of roughly $6 million, a nearly 16% increase from a year earlier.

As of Dec. 31, Hawthorn Bank's assets were $1.8 billion and deposits were $1.5 billion, according to the release.

HWBK shares were trading at $25.68 as of 11:22 a.m., slightly under its 52-week high of $26.26 per share. The 52-week low is $18.89.