# HAWTHORN BANCSHARES, INC. (HWBK) Informational only - not investment advice. CIK: 0000893847 SIC: 6021 National Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6021 National Commercial Banks](/industry/6021/) Latest 10-K filed: 2026-03-05 SEC page: https://www.sec.gov/edgar/browse/?CIK=893847 Filing source: https://www.sec.gov/Archives/edgar/data/893847/000089384726000037/hwbk-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-05 · accession 0000893847-26-000037 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000893847.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 97,658,000 USD | 2025 | verified | | Net income | 23,801,000 USD | 2025 | verified | | Assets | 1,894,850,000 USD | 2025 | verified | | Free cash flow | 22,841,000 USD | 2025 | computed | | Net margin | 24.37% | 2025 | computed | | Revenue YoY | +2.42% | 2025 | computed | | ROE | 13.66% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | HWBK | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 24.4% | 22.9% | 65 | 76 | | Revenue growth | 2.4% | 5.2% | 35 | 76 | | FCF margin | 23.4% | 22.0% | 58 | 65 | | ROE | 13.7% | 9.9% | 89 | 76 | | ROA | 1.3% | 1.1% | 80 | 76 | | Liabilities / equity | 9.88 | 8.12 | 81 | 76 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6021 National Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 97658000 | USD | 2025 | 2026-03-05 | | Net income | 23801000 | USD | 2025 | 2026-03-05 | | Assets | 1894850000 | USD | 2025 | 2026-03-05 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000893847.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 46,010,000 | 50,935,000 | 57,779,000 | 63,970,000 | 62,985,000 | 64,454,000 | 69,256,000 | 91,968,000 | 95,351,000 | 97,658,000 | | Net income | 7,282,000 | 3,414,000 | 10,714,000 | 16,114,000 | 14,293,000 | 22,517,000 | 20,751,000 | 956,000 | 18,256,000 | 23,801,000 | | Diluted EPS | 1.19 | 0.54 | 1.64 | 2.38 | 2.04 | 3.15 | 2.94 | 0.14 | 2.61 | 3.43 | | Operating cash flow | 13,531,000 | 12,479,000 | 16,302,000 | 19,381,000 | 21,017,000 | 30,212,000 | 20,279,000 | 17,609,000 | 25,593,000 | 26,919,000 | | Capital expenditures | 1,262,000 | 1,266,000 | 2,326,000 | 2,168,000 | 1,828,000 | 591,000 | 2,566,000 | 2,097,000 | 3,004,000 | 4,078,000 | | Dividends paid | 1,097,000 | 1,474,000 | 1,993,000 | 2,684,000 | 3,030,000 | 3,616,000 | 4,240,000 | 4,649,000 | 5,047,000 | 5,426,000 | | Share buybacks | 623,000 | 878,000 | 179,000 | 0.00 | 906,000 | 2,148,000 | 2,892,000 | 0.00 | 1,119,000 | 2,861,000 | | Assets | 1,287,048,000 | 1,429,216,000 | 1,481,682,000 | 1,492,962,000 | 1,733,731,000 | 1,831,550,000 | 1,923,540,000 | 1,875,350,000 | 1,825,185,000 | 1,894,850,000 | | Liabilities | 1,196,031,000 | 1,337,845,000 | 1,382,268,000 | 1,377,924,000 | 1,603,142,000 | 1,682,594,000 | 1,796,129,000 | 1,739,265,000 | 1,675,638,000 | 1,720,621,000 | | Stockholders' equity | 91,017,000 | 91,371,000 | 99,414,000 | 115,038,000 | 130,589,000 | 148,956,000 | 127,411,000 | 136,085,000 | 149,547,000 | 174,229,000 | | Cash and cash equivalents | 25,995,000 | 62,878,000 | 42,083,000 | 78,121,000 | 180,363,000 | 159,909,000 | 83,720,000 | 93,450,000 | 50,994,000 | 104,312,000 | | Free cash flow | 12,269,000 | 11,213,000 | 13,976,000 | 17,213,000 | 19,189,000 | 29,621,000 | 17,713,000 | 15,512,000 | 22,589,000 | 22,841,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 15.83% | 6.70% | 18.54% | 25.19% | 22.69% | 34.93% | 29.96% | 1.04% | 19.15% | 24.37% | | Return on equity | 8.00% | 3.74% | 10.78% | 14.01% | 10.95% | 15.12% | 16.29% | 0.70% | 12.21% | 13.66% | | Return on assets | 0.57% | 0.24% | 0.72% | 1.08% | 0.82% | 1.23% | 1.08% | 0.05% | 1.00% | 1.26% | | Liabilities / equity | 13.14 | 14.64 | 13.90 | 11.98 | 12.28 | 11.30 | 14.10 | 12.78 | 11.20 | 9.88 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/HWBK/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000893847.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.73 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.48 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.36 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 23,888,000 | 2,579,000 | 0.36 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 25,220,000 | -7,443,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 24,052,000 | 4,456,000 | 0.63 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 23,556,000 | 4,629,000 | 0.66 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 23,819,000 | 4,574,000 | 0.66 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 23,924,000 | 4,597,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 23,458,000 | 5,383,000 | 0.77 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 23,911,000 | 6,101,000 | 0.88 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 25,003,000 | 6,132,000 | 0.88 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 25,286,000 | 6,185,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 24,394,000 | 5,743,000 | 0.83 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 24,352,000 | 7,326,000 | 1.06 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from HWBK's latest 10-K: [/company/HWBK/business/](/company/HWBK/business/). ## Risk Factors Verbatim Item 1A Risk Factors from HWBK's latest 10-K: [/company/HWBK/risk-factors/](/company/HWBK/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/893847/000089384726000088/hwbk-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This report contains certain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, strategy, future performance and business of Hawthorn Bancshares, Inc., and its subsidiaries (collectively, the “Company”, “we”, “our”, or “us”), including, without limitation statements that are not historical in nature, and statements preceded by, followed by or that include the words believes, expects, may, will, should, could, anticipates, estimates, intends, plans, hopes or similar expressions. Forward-looking statements are not guarantees of future performance or results. They involve risks, uncertainties and assumptions. Actual results may differ materially from those contemplated by the forward-looking statements due to, among others, such possible events or factors such as: changes in economic conditions generally or in the Company's market area, changes in policies by regulatory agencies, governmental legislation and regulation, tariffs and trade disruptions, fluctuations in interest rates, changes in liquidity requirements, demand for loans in the Company’s market area, changes in accounting and tax principles, estimates made on income taxes, competition with other entities that offer financial services, cybersecurity threats, economic or other disruptions caused by acts of terrorism, war or other conflicts, changes in geopolitical conditions, natural disasters, such as hurricanes, wild fires, freezes, flooding and other man-made disasters, health emergencies, epidemics or pandemics, climate changes or other catastrophic events and such other factors as described in the forward-looking statements under the caption Risk Factors in Item 1A. of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”), and in other reports filed by us with the Securities and Exchange Commission (“SEC”) from time to time. Other factors that have not been identified in this report could also have this effect. You are cautioned not to put undue reliance on any forward-looking statement, which speak only as of the date they were made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in its business, results of operations or financial condition over time. During the quarter ended June 30, 2026, there were no material changes to the Risk Factors disclosed in the Company’s 2025 Form 10-K. CRITICAL ACCOUNTING POLICIES AND ESTIMATES Certain accounting policies are considered most critical to the understanding of the Company’s financial condition and results of operations. These critical accounting policies and estimates require management’s most difficult, subjective and complex judgments about matters that are inherently uncertain. Because these estimates and judgments are based on current circumstances, they may change over time or prove to be inaccurate based on actual experiences. In the event that different assumptions or conditions were to prevail, and depending upon the severity of such changes, the possibility of a materially different financial condition and/or results of operations could reasonably be expected. The Company has identified certain accounting policies as “critical accounting policies and estimates,” consisting of those related to the allowance for credit losses, as described in the section captioned “Critical Accounting Policies and Estimates” incorporated by reference in Item 7, Management’s Discussion and Analysis of Financial Condition and results of Operations included in the 2025 Form 10-K. There have been no changes in the Company's application of critical accounting policies and estimates since December 31, 2025. Overview Crucial to the Company’s community banking strategy is growth in its commercial banking services, retail mortgage lending and retail banking services. Through the branch network of its subsidiary bank, Hawthorn Bank (the “Bank”), the Company, with $1.77 billion in assets at June 30, 2026, provides a broad range of commercial and personal banking services. The Bank's specialties include commercial banking for small and mid-sized businesses, including equipment, operating, commercial real estate, Small Business Administration (“SBA”) loans, and personal banking services including real estate mortgage lending, installment and consumer loans, certificates of deposit, individual retirement and other time deposit accounts, checking accounts, savings accounts, and money market accounts. The Company also provides other financial services through its Wealth Management business, including trust services, estate planning, investment and asset management services and a comprehensive suite of cash management services. Beginning with the first quarter of 2025, the Company's Wealth Management business is reported as a separate reporting segment, and the Company operates two reporting segments, consisting of the Bank and the Wealth Management business. The geographic areas in which the Company provides products and services include the Missouri communities in and surrounding Jefferson City, Columbia, Clinton, Warsaw, Springfield, and the greater Kansas City metropolitan area. 37 The Company's primary source of revenue is net interest income derived primarily from lending and deposit taking activities. Much of the Company's business is commercial, commercial real estate development, and residential mortgage lending. The Company's income from mortgage brokerage activities is directly dependent on mortgage rates and the level of home purchases and refinancing activity. The success of the Company's growth strategy depends primarily on the ability of its banking subsidiary to generate an increasing level of loans and deposits at acceptable risk levels and on acceptable terms without significant increases in non-interest expenses relative to revenues generated. The Company's financial performance also depends, in part, on its ability to manage various portfolios and to successfully introduce additional financial products and services by expanding new and existing customer relationships, utilizing improved technology, and enhancing customer satisfaction. Furthermore, the success of the Company's growth strategy depends on its ability to maintain sufficient regulatory capital levels during periods in which general economic conditions are unfavorable and despite economic conditions being beyond its control. The deposit accounts of the Bank are insured by the Federal Deposit Insurance Corporation (“FDIC”) to the extent provided by law. The operations of the Bank are supervised and regulated by the FDIC and the Missouri Division of Finance. Periodic examinations of the Bank are conducted by representatives of the FDIC and the Missouri Division of Finance. Such regulations, supervision and examinations are principally for the benefit of depositors, rather than for the benefit of shareholders. The Company is subject to supervision and examination by the Board of Governors of the Federal Reserve System. On April 29, 2026, the Company entered into an agreement to acquire FSC Bancshares, Inc. (“FSC”) in a cash-and-stock merger valued at approximately $28.3 million, with the transaction expected to close in the third quarter of 2026, subject to FSC shareholder approval and other customary closing conditions. Refer to Note 17, “Pending Acquisition”, in the Company’s consolidated financial statements for further details regarding this pending transaction. The Wealth Management segment was immaterial to the Company’s total consolidated operating results for the periods presented in this report. Accordingly, for presentation purposes, the financial information and discussion below is presented on an aggregated basis, except as otherwise noted. Refer to Note 15, “Segment Information,” in the Company’s consolidated financial statements for further details regarding the financial results of each segment. Executive Summary The Company has prepared all of the consolidated financial information in this report in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) and the rules of the SEC. In preparing the consolidated financial statements in accordance with U.S. GAAP, the Company makes estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. There can be no assurances that actual results will not differ from those estimates. 38 [[GREPCENT_TABLE]] [["","As of and for the","","As of and for the"],["","Three Months Ended June 30,","","Six Months Ended June 30,"],["(dollars in thousands, except per share data)","2026","","2025","","2026","","2025"],["Net interest income","$","17,258","","","$","16,142","","","$","34,360","","","$","31,436"],["Provision for (release of) credit losses","238","","(51)","","311","","(391)"],["Non-interest income","5,377","","3,545","","8,477","","7,008"],["Investment securities gains (losses), net","280","","(1)","","285","","(3)"],["Non-interest expense","13,747","","12,269","","26,749","","24,768"],["Income before income taxes","8,930","","7,468","","16,062","","14,064"],["Income tax expense","1,604","","1,367","","2,993","","2,580"],["Net income","$","7,326","","","$","6,101","","","$","13,069","","","$","11,484"],["Basic earnings per share","$","1.06","","$","0.88","","$","1.89","","$","1.65"],["Diluted earnings per share","$","1.06","","$","0.88","","$","1.89","","$","1.65"],["Performance Ratios"],["Return on average total assets","1.63%","","1.36%","","1.45%","","1.28%"],["Return on average stockholders' equity","16.39","","15.85","","14.74","","15.08"],["Efficiency ratio (1)","60.73","","62.32","","62.44","","64.43"],["Net interest margin, fully tax-equivalent","4.16","","3.89","","4.11","","3.78"],["Average stockholders' equity to total assets","9.94","","8.56","","9.80","","8.49"],["Market and per share data"],["Book value per share (2)","","","","","$","26.50","","$","22.53"],["Market price per share","","","","","$","39.30","","$","29.14"],["Cash dividends declared on common stock","$","1,448","","$","1,389","","$","2,898","","$","2,717"]] [[/GREPCENT_TABLE]] (1)Efficiency ratio is calculated as non-interest expense as a percentage of revenue. Total revenue is calculated as net interest income plus non-interest income. (2)Book value per share is calculated using weighted average shares. 39 [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/893847/000089384726000037/hwbk-20251231.htm Complete FY 2025 MD&A: /company/HWBK/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-05 Report date: 2025-12-31 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. Pursuant to General Instruction G(2) to Form 10-K, the information required by this Item is incorporated herein by reference to the information under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2025 Annual Report to Shareholders (included as Exhibit 13 hereto). Forward-Looking Statements This report, including information included or incorporated by reference in this report, contains certain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, strategy, future performance and business of the Company and its subsidiaries, including, without limitation: •statements that are not historical in nature, and •statements preceded by, followed by or that include the words "believes," "expects," "may," "will," "should," "could," "anticipates," "estimates," "intends" or similar expressions. 26 Forward-looking statements are not guarantees of future performance or results. They involve risks, uncertainties and assumptions. Actual results may differ materially from those contemplated by the forward-looking statements due to, among others, the following factors: •competitive pressures among financial services companies may increase significantly; •changes in the interest rate environment may reduce interest margins; •general economic conditions, either nationally or in the communities we serve, may be less favorable than expected and may adversely affect the quality of the Company's loans and other assets; •increases in non-performing assets in the Company's loan portfolios and adverse economic conditions may necessitate increases to the provisions for credit losses; •costs or difficulties related to the integration of the business of the Company and its acquisition targets may be greater than expected; •legislative, regulatory, or tax law changes may adversely affect the business in which the Company and its subsidiaries are engaged; •changes may occur in the securities markets; •credit and market risks relating to increasing inflation; •economic or other disruptions caused by acts of terrorism, war or other conflicts, changes in geopolitical conditions, natural disasters, such as hurricanes, wild fires, freezes, flooding and other man-made disasters, such as oil spills or power outages, health emergencies, epidemics or pandemics, climate changes or other catastrophic events; •changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; and •technological changes, including potential cybersecurity incidents and other disruptions, or innovations to the financial services industry. We have described additional factors that could cause actual results to be materially different from those described in the forward-looking statements, which factors are identified in Item 1A of this report under the heading "Risk Factors." Other factors that we have not identified in this report could also have this effect. You are cautioned not to put undue reliance on any forward-looking statement, which speak only as of the date such statement is made. Except as otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. Read the full FY 2025 MD&A: /company/HWBK/mda/fy2025/ All MD&A years: /company/HWBK/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/HWBK/mda/fy2024/): filed 2025-03-17; accession 0000893847-25-000002 (https://www.sec.gov/Archives/edgar/data/893847/000089384725000002/hwbk-20241231.htm) - [FY 2023 MD&A](/company/HWBK/mda/fy2023/): filed 2024-03-18; accession 0000893847-24-000002 (https://www.sec.gov/Archives/edgar/data/893847/000089384724000002/hwbk-20231231.htm) - [FY 2022 MD&A](/company/HWBK/mda/fy2022/): filed 2023-03-29; accession 0000893847-23-000005 (https://www.sec.gov/Archives/edgar/data/893847/000089384723000005/hwbk-20221231.htm) - [FY 2021 MD&A](/company/HWBK/mda/fy2021/): filed 2022-03-17; accession 0000893847-22-000011 (https://www.sec.gov/Archives/edgar/data/893847/000089384722000011/hwbk-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6021 National Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/HWBK.md · JSON record: /company/HWBK.json · verified financials: /company/HWBK/financials.json / /company/HWBK/financials.csv · machine TOC for the whole site: /llms.txt