Hawthorn Bank's profits jump by 77% in third quarter

Jefferson City-based Hawthorn Bancshares Inc. (Nasdaq: HWBK) reported a roughly 77% increase in third-quarter profits.

The company, which operates its sole Hawthorn Bank branch in Springfield at 321 W. Battlefield Road, recorded $4.6 million in net income, a jump from $2.6 million a year earlier, according to a news release. Diluted share earnings moved up to 66 cents from 36 cents per share year over year.

“We are pleased with the progress we've made on our strategic objectives, and the corresponding financial results," Hawthorn Bancshares CEO Brent Giles said in the release. "Our focus on core lines of business has resulted in reduced overhead expenses and expansion of our fee income."

As of Sept. 30, Hawthorn Bank's assets were $1.8 billion and deposits were $1.5 billion, according to the release.

HWBK shares were trading at $27.98 as of 11:08 a.m., compared with a 52-week range of $17.86 to $29.66 per share.