Hawthorn Bancshares Inc. (HWBK) has reported a 5.11 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $2.10 million, or $0.37 a share in the quarter, compared with $2 million, or $0.35 a share for the same period last year.
Revenue during the quarter grew 4.13 percent to $12.54 million from $12.05 million in the previous year period. Net interest income for the quarter rose 6.49 percent over the prior year period to $10.49 million. Non-interest income for the quarter fell 1.67 percent over the last year period to $2.41 million.
Hawthorn Bancshares Inc. has made provision of $0.35 million for loan losses during the quarter, up 40 percent from $0.25 million in the same period last year.
Commenting on earnings performance, chairman David T. Turner said, "Hawthorn continued to report solid earnings for the current quarter with earnings per diluted common share of $0.37 compared to $0.35 per diluted common share for both the prior linked quarter and prior year quarter. Loans have continued to grow increasing $36.1 million, or 3.7%, from the prior linked quarter and increasing $134.9 million, or 15.4%, from the prior year quarter. Our current quarter net interest margin of 3.48% decreased modestly from the prior year quarter of 3.51% and net interest income increased $0.7 million over the prior year quarter. Non-interest income of $2.4 million for the current quarter was consistent with both the prior linked quarter and prior year quarter. Non-interest expense of $9.4 million was $0.1 million higher than the prior linked quarter and $0.2 million higher than the prior year quarter."
Loans outpace deposit growth
Net loans stood at $999.92 million as on Mar. 31, 2017, up 15.37 percent compared with $866.68 million on Mar. 31, 2016. Deposits stood at $1,043 million as on Mar. 31, 2017, up 5.08 percent compared with $992.56 million on Mar. 31, 2016.
Investments stood at $226.03 million as on Mar. 31, 2017, down 10.96 percent or $27.82 million from year-ago. Shareholders equity stood at $93.08 million as on Mar. 31, 2017, up 3.59 percent or $3.22 million from year-ago.
Return on average assets moved down 1 basis points to 0.65 percent in the quarter from 0.66 percent in the last year period. At the same time, return on average equity increased 21 basis points to 9.23 percent in the quarter from 9.02 percent in the last year period.
Book value per share was $16.58 for the quarter, up 4.34 percent or $0.69 compared to $15.89 for the same period last year.
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