JEFFERSON CITY, Mo., Oct. 30, 2019 (GLOBE NEWSWIRE) — Hawthorn Bancshares Inc. (NASDAQ: HWBK), today reported consolidated financial results for the Company for the quarter ended September 30, 2019.
Net income for the current quarter was $3.9 million, or $0.62 per diluted common share, compared to $3.5 million, or $0.56 per diluted common share, for the linked quarter ended June 30, 2019, and net income of $3.1 million, or $0.49 per diluted common share, for the quarter ended September 30, 2018. Included in the current quarter net income is an additional pretax gain on the sale of our Branson branch of $0.1 million ($0.1 million after tax), or $0.01 per diluted common share. Excluding this gain, non-GAAP net income for the current quarter was $3.8 million, or $0.61 per diluted common share.The year-to-date annualized return on average common equity for the current year was 15.03% (12.88% excluding the Branson branch sale gain) compared to 11.69% for the prior year and the annualized return on average assets was 1.09% (0.93% excluding the Branson branch sale gain) compared to 0.75% for the prior year.Commenting on earnings performance, Chairman David T. Turner said, “Hawthorn continued to report increased earnings for the third quarter 2019 with increases of $0.05 and $0.12 in non-GAAP earnings per diluted common share compared to the prior linked quarter and prior year quarter, respectively. Year-to-date non-GAAP earnings have improved by $0.36 per diluted share, or 28%, primarily due to the $56.4 million, or 5.2%, increase in net loans from the prior year quarter-end coupled with the higher year-to-date net interest margin of 3.47% for the current year compared to 3.29% for the prior year. In addition, we have continued to maintain high loan quality as nonperforming loans to total loans was 0.41% at September 30, 2019, compared to 0.49% at December 31, 2018, and 0.56% at September 30, 2018.
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