8-K Announcements
6Material company update
Apr 29, 2026·SEC
Material company update
Apr 29, 2026·SEC
Material company update
Apr 29, 2026·SEC
Hawthorn Bancshares, Inc.(HWBK)Earnings, Financials & Key Ratios
HWBK•NASDAQ•Banking & Credit
11.0× P/E·Price updated Jun 13, 2026
SectorFinancial ServicesIndustryRegional BanksSub-IndustryCommercial and middle-market focused banks
AboutHawthorn Bancshares, Inc. operates as the bank holding company for Hawthorn Bank that provides commercial and personal banking services. It accepts checking, savings, money market, individual retirement, and other time deposit accounts; and certificates of deposit. The company also offers commercial and industrial, single payment personal, installment, commercial and residential real estate, and consumer loans, as well as equipment, operating, and small business administration loans; and debit and credit cards. In addition, it provides trust services that include estate planning, investment, and asset management services; and cash management, safety deposit box, brokerage, and Internet banking services. The company operates through 23 banking offices in Missouri communities, Jefferson City, Columbia, Clinton, Warsaw, Springfield, St. Louis, and the greater Kansas City metropolitan area. Hawthorn Bancshares, Inc. was founded in 1865 and is headquartered in Jefferson City, Missouri.Show more
- Net Interest Income$66M+13.5%
- Total Revenue$112M+2.2%
- Net Income$24M+30.4%
- Return on Equity14.7%+15.0%
- Net Interest Margin3.48%+9.4%
- Efficiency Ratio45.37%+0.5%
- ROA1.28%+29.7%
- Equity / Assets9.19%+12.2%
- Book Value per Share24.90+16.5%
- Tangible BV/Share24.90+16.5%
- Debt/Equity0.89+0.6%
HWBK Key Insights
Hawthorn Bancshares, Inc. (HWBK) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Efficient operations: 45.4% efficiency ratio
- ✓14 consecutive years of dividend growth
- ✓Healthy dividend yield of 2.1%
- ✓Trading near 52-week high
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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HWBK Price & Volume
Hawthorn Bancshares, Inc. (HWBK) stock price & volume — 10-year historical chart
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HWBK Growth Metrics
Hawthorn Bancshares, Inc. (HWBK) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years7.39%
5 Years7.51%
3 Years10.43%
TTM-
Profit CAGR
10 Years10.72%
5 Years10.74%
3 Years4.68%
TTM30.37%
EPS CAGR
10 Years11.55%
5 Years11.84%
3 Years5.27%
TTM31.54%
Return on Capital
10 Years6.25%
5 Years7.01%
3 Years5.62%
Last Year9.2%
HWBK Recent Earnings
Hawthorn Bancshares, Inc. (HWBK) EPS & revenue vs analyst estimates — last 4 quarters
Q2 2026Latest
Apr 29, 2026EPS
$0.98
Revenue
$29M
Q2 2026
Mar 5, 2026EPS
$0.88
Revenue
$29M
Q1 2026
Jan 28, 2026EPS
$0.90
Revenue
$29M
Q4 2025
Oct 29, 2025EPS
$0.88
Revenue
$29M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 29, 2026 | $0.98 | $29M |
| Q2 2026 | Mar 5, 2026 | $0.88 | $29M |
| Q1 2026 | Jan 28, 2026 | $0.90 | $29M |
| Q4 2025 | Oct 29, 2025 | $0.88 | $29M |
Based on last 12 quarters of dataView full earnings history →
HWBK Peer Comparison
Hawthorn Bancshares, Inc. (HWBK) competitors in Commercial and middle-market focused banks — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 CZWI | 206.63M | 21.46 | 14.70 | -9.41% | 16.01% | 7.81% | 0.28 | |
 BFST | 955.92M | 29.24 | 10.52 | 11.84% | 17.16% | 10.19% | 0.61 | |
 MOFG | 1.02B | 49.31 | -13.93 | -23.13% | 16.66% | 10.02% | 0.21 | |
 QCRH | 1.61B | 96.33 | 12.81 | 1.53% | 21.31% | 11.91% | 0.56 | |
 SBCF | 3.13B | 32.08 | 20.30 | 7.49% | 16.13% | 5.83% | 0.44 | |
 FBIZ | 505.74M | 60.62 | 10.00 | 6.43% | 18.74% | 14.12% | 0.70 | |
 GABC | 1.73B | 45.91 | 15.00 | 54.54% | 23.11% | 10.25% | 0.16 | |
 MVBF | 365.05M | 28.42 | 13.80 | 18.96% | 13.74% | 8.46% | 0.23 |
Compare HWBK vs Peers
Hawthorn Bancshares, Inc. (HWBK) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
HWBK Income Statement
Hawthorn Bancshares, Inc. (HWBK) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Net Interest Income | 42.77M | 44.38M | 48.47M | 52.92M | 58.24M | 58.49M | 58.7M | 58.03M | 65.88M |
NII Growth % | 6.25% | 3.75% | 9.22% | 9.19% | 10.06% | 0.43% | 0.36% | -1.14% | 13.53% |
Net Interest Margin % | 2.99% | 2.99% | 3.25% | 3.05% | 3.18% | 3.04% | 3.13% | 3.18% | 3.48% |
Interest Income | 50.78M | 57.56M | 63.7M | 62.64M | 64.15M | 68.99M | 91.53M | 94.79M | 97.66M |
Interest Expense | 8.01M | 13.19M | 15.23M | 9.72M | 5.91M | 10.49M | 32.83M | 36.76M | 31.78M |
Loan Loss Provision | 1.76M | 1.48M | 1.15M | 5.8M | -1.7M | -900K | 2.34M | 1.03M | 360K |
Non-Interest Income | 9.11M | 9.81M | 9.24M | 15.38M | 17.24M | 14.23M | -3.57M | 14.88M | 14.43M |
Non-Interest Income % | 15.22% | 14.57% | 12.67% | 19.71% | 21.18% | 17.1% | -4.06% | 13.57% | 12.87% |
Total Revenue | 59.89M▲ 0% | 67.38M▲ 12.5% | 72.94M▲ 8.3% | 78.02M▲ 7.0% | 81.39M▲ 4.3% | 83.22M▲ 2.2% | 87.96M▲ 5.7% | 109.67M▲ 24.7% | 112.08M▲ 2.2% |
Revenue Growth % | 9.04% | 12.5% | 8.26% | 6.96% | 4.32% | 2.25% | 5.69% | 24.68% | 2.2% |
Non-Interest Expense | 38.8M | 40.33M | 36.62M | 45.02M | 48.97M | 48.54M | 52.36M | 49.52M | 50.85M |
Efficiency Ratio | 64.79% | 59.86% | 50.21% | 57.71% | 60.16% | 58.32% | 59.53% | 45.16% | 45.37% |
Operating Income | 11.32M▲ 0% | 12.38M▲ 9.4% | 19.94M▲ 61.0% | 17.48M▼ 12.3% | 28.21M▲ 61.4% | 25.09M▼ 11.1% | 432K▼ 98.3% | 22.36M▲ 5075.5% | 29.1M▲ 30.2% |
Operating Margin % | 18.89% | 18.38% | 27.33% | 22.4% | 34.67% | 30.15% | 0.49% | 20.39% | 25.96% |
Operating Income Growth % | 2.57% | 9.42% | 61.02% | -12.34% | 61.44% | -11.08% | -98.28% | 5075.46% | 30.15% |
Pretax Income | 11.32M▲ 0% | 12.38M▲ 9.4% | 19.94M▲ 61.0% | 17.48M▼ 12.3% | 28.21M▲ 61.4% | 25.09M▼ 11.1% | 432K▼ 98.3% | 22.36M▲ 5075.5% | 29.1M▲ 30.2% |
Pretax Margin % | 18.89% | 18.38% | 27.33% | 22.4% | 34.67% | 30.15% | 0.49% | 20.39% | 25.96% |
Income Tax | 7.9M | 1.67M | 3.82M | 3.18M | 5.7M | 4.34M | -524K | 4.1M | 5.3M |
Effective Tax Rate % | 69.83% | 13.47% | 19.18% | 18.21% | 20.19% | 17.29% | -121.3% | 18.35% | 18.21% |
Net Income | 3.41M▲ 0% | 10.71M▲ 213.8% | 16.11M▲ 50.4% | 14.29M▼ 11.3% | 22.52M▲ 57.5% | 20.75M▼ 7.8% | 956K▼ 95.4% | 18.26M▲ 1809.6% | 23.8M▲ 30.4% |
Net Margin % | 5.7% | 15.9% | 22.09% | 18.32% | 27.67% | 24.94% | 1.09% | 16.65% | 21.23% |
Net Income Growth % | -53.12% | 213.83% | 50.4% | -11.3% | 57.54% | -7.84% | -95.39% | 1809.62% | 30.37% |
Net Income (Continuing) | 3.41M | 10.71M | 16.11M | 14.29M | 22.52M | 20.75M | 956K | 18.26M | 23.8M |
EPS (Diluted) | 0.46▲ 0% | 1.46▲ 217.4% | 2.19▲ 50.0% | 1.96▼ 10.5% | 3.15▲ 60.7% | 2.94▼ 6.7% | 0.14▼ 95.2% | 2.61▲ 1764.3% | 3.43▲ 31.4% |
EPS Growth % | -53.06% | 217.39% | 50% | -10.5% | 60.71% | -6.67% | -95.24% | 1764.29% | 31.42% |
EPS (Basic) | 0.46 | 1.46 | 2.19 | 1.96 | 3.15 | 2.94 | 0.14 | 2.61 | 3.44 |
Diluted Shares Outstanding | 7.38M | 7.34M | 7.34M | 7.29M | 7.16M | 7.06M | 7.04M | 7M | 7M |
HWBK Balance Sheet
Hawthorn Bancshares, Inc. (HWBK) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash & Short Term Investments | 257.81M | 254.14M | 208.53M | 226.64M | 468.85M | 337.38M | 282.19M | 270.65M | 177.9M |
Cash & Due from Banks | 26.79M | 35.93M | 33.44M | 28.61M | 157.98M | 86.63M | 93.45M | 51.99M | 105.31M |
Short Term Investments | 231.03M | 218.21M | 175.09M | 198.03M | 310.87M | 250.75M | 188.74M | 218.65M | 72.59M |
Total Investments | 1.29B | 1.35B | 1.33B | 1.47B | 1.6B | 1.76B | 1.71B | 1.66B | 1.68B |
Investments Growth % | 8.91% | 5.01% | -1.58% | 10.52% | 8.59% | 9.92% | -2.79% | -2.65% | 1.05% |
Long-Term Investments | 1.06B | 1.14B | 1.16B | 1.27B | 1.29B | 1.51B | 1.52B | 1.44B | 1.61B |
Accounts Receivables | 5.63M | 6.16M | 6.48M | 6.64M | 6.62M | 7.95M | 8.66M | 0 | 0 |
Goodwill & Intangibles | 2.71M | 2.93M | 2.48M | 2.44M | 2.66M | 2.9M | 1.74M | 0 | 0 |
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Intangible Assets | 2.71M | 2.93M | 2.48M | 2.44M | 2.66M | 2.9M | 1.74M | 0 | 0 |
PP&E (Net) | 34.81M | 34.89M | 35.39M | 34.56M | 32.72M | 32.86M | 32.05M | 31.17M | 29.96M |
Other Assets | 70.51M | 48.42M | 83.17M | 189.31M | 33.01M | 36M | 31.2M | 79.03M | 79.17M |
Total Current Assets | 263.44M | 260.3M | 215.01M | 233.28M | 475.47M | 345.33M | 290.85M | 270.65M | 177.9M |
Total Non-Current Assets | 1.17B | 1.22B | 1.28B | 1.5B | 1.36B | 1.58B | 1.58B | 1.55B | 1.72B |
Total Assets | 1.43B▲ 0% | 1.48B▲ 3.7% | 1.49B▲ 0.8% | 1.73B▲ 16.1% | 1.83B▲ 5.6% | 1.92B▲ 5.0% | 1.88B▼ 2.5% | 1.83B▼ 2.7% | 1.89B▲ 3.8% |
Asset Growth % | 11.05% | 3.67% | 0.76% | 16.13% | 5.64% | 5.02% | -2.51% | -2.67% | 3.82% |
Return on Assets (ROA) | 0.25% | 0.74% | 1.08% | 0.89% | 1.26% | 1.11% | 0.05% | 0.99% | 1.28% |
Accounts Payable | 554K | 1.03M | 1.14M | 837K | 282K | 902K | 1.77M | 0 | 0 |
Total Debt | 198.43M | 169.29M | 175.9M | 203.45M | 152.57M | 154.21M | 157.7M | 132.69M | 155.46M |
Net Debt | 171.64M | 133.35M | 142.46M | 174.84M | -5.41M | 67.58M | 64.25M | 80.69M | 50.15M |
Long-Term Debt | 170.87M | 144.64M | 146.41M | 156.16M | 126.9M | 147.49M | 156.49M | 131.01M | 151.57M |
Short-Term Debt | 27.56M | 24.65M | 27.27M | 45.15M | 23.83M | 5.19M | 0 | 0 | 0 |
Other Liabilities | 13.05M | 13.48M | 14.37M | 15.25M | 12.92M | 8.94M | 8.95M | 9.77M | 11.01M |
Total Current Liabilities | 1.15B | 1.22B | 1.21B | 1.43B | 1.54B | 1.64B | 1.57B | 1.53B | 1.55B |
Total Non-Current Liabilities | 183.92M | 158.12M | 163M | 173.54M | 141.66M | 157.96M | 166.65M | 142.46M | 166.47M |
Total Liabilities | 1.34B | 1.38B | 1.38B | 1.6B | 1.68B | 1.8B | 1.74B | 1.68B | 1.72B |
Total Equity | 91.37M▲ 0% | 99.41M▲ 8.8% | 115.04M▲ 15.7% | 130.59M▲ 13.5% | 148.96M▲ 14.1% | 127.41M▼ 14.5% | 136.09M▲ 6.8% | 149.55M▲ 9.9% | 174.23M▲ 16.5% |
Equity Growth % | 0.39% | 8.8% | 15.72% | 13.52% | 14.06% | -14.46% | 6.81% | 9.89% | 16.5% |
Equity / Assets (Capital Ratio) | 6.39% | 6.71% | 7.71% | 7.53% | 8.13% | 6.62% | 7.26% | 8.19% | 9.19% |
Return on Equity (ROE) | 3.74% | 11.23% | 15.03% | 11.64% | 16.11% | 15.02% | 0.73% | 12.78% | 14.7% |
Book Value per Share | 12.39 | 13.55 | 15.67 | 17.93 | 20.81 | 18.04 | 19.33 | 21.36 | 24.90 |
Tangible BV per Share | 12.02 | 13.15 | 15.33 | 17.59 | 20.44 | 17.63 | 19.09 | 21.36 | 24.90 |
Common Stock | 6.05M | 6.28M | 6.52M | 6.77M | 7.02M | 7.28M | 7.55M | 7.55M | 7.55M |
Additional Paid-in Capital | 45.44M | 50.17M | 55.73M | 59.31M | 64.44M | 71.04M | 76.82M | 76.86M | 76.83M |
Retained Earnings | 50.59M | 54.1M | 61.59M | 68.94M | 82.3M | 91.79M | 76.46M | 89.54M | 107.86M |
Accumulated OCI | -5.66M | -6.1M | -3.75M | 1.53M | 3.29M | -31.71M | -13.76M | -12.44M | -3.61M |
Treasury Stock | -5.05M | -5.04M | -5.04M | -5.95M | -8.1M | -10.99M | -10.99M | -11.96M | -14.4M |
Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
HWBK Cash Flow Statement
Hawthorn Bancshares, Inc. (HWBK) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 12.48M | 16.3M | 19.38M | 21.02M | 30.21M | 20.28M | 17.61M | 25.59M | 26.92M |
Operating CF Growth % | -7.77% | 30.64% | 18.89% | 8.44% | 43.75% | -32.88% | -13.17% | 45.34% | 5.18% |
Net Income | 3.41M | 10.71M | 16.11M | 14.29M | 22.52M | 20.75M | 956K | 18.26M | 23.8M |
Depreciation & Amortization | 1.74M | 1.8M | 2.06M | 2.27M | 2.28M | 2.14M | 2.11M | 1.65M | 0 |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | 3.57M | 2.38M | 1.26M | 3.14M | 3.55M | 1.4M | 17.06M | 6.77M | 1.2M |
Working Capital Changes | 3.76M | 1.41M | -57K | 1.32M | 1.86M | -4.01M | -2.56M | -1.26M | 1.92M |
Cash from Investing | -112.92M | -78.57M | 16.27M | -139.56M | -127.53M | -206.53M | 54.19M | 1.25M | -6.86M |
Purchase of Investments | -64.61M | -103.08M | -31.11M | -100.21M | -178.58M | -21.28M | -29.51M | -57.25M | 0 |
Sale/Maturity of Investments | 50.88M | 113.44M | 77.14M | 80.09M | 60.32M | 33.19M | 98.9M | 22.81M | 0 |
Net Investment Activity | -13.73M | 10.36M | 46.03M | -20.11M | -118.25M | 11.91M | 69.39M | -34.44M | 0 |
Acquisitions | 0 | 0 | -6.7M | 0 | 0 | 0 | 0 | 0 | 0 |
Other Investing | -97.93M | -86.61M | -20.89M | -117.62M | -8.69M | -215.88M | -13.1M | 38.7M | -6.86M |
Cash from Financing | 137.33M | 41.48M | 389K | 220.79M | 76.87M | 110.07M | -62.07M | -69.3M | 33.26M |
Dividends Paid | -1.47M | -1.99M | -2.68M | -3.03M | -3.62M | -4.24M | -4.65M | -5.05M | -5.43M |
Share Repurchases | -878K | -179K | 0 | -906K | -2.15M | -2.89M | 0 | -1.12M | -2.86M |
Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Stock Activity | -878K | -179K | 0 | -906K | -2.15M | -2.89M | 0 | -1.12M | -2.86M |
Debt Issuance (Net) | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K |
Other Financing | 111.2M | 69.88M | 1.31M | 214.97M | 111.89M | 96.62M | -66.42M | -37.66M | 20.97M |
Net Change in Cash | 36.88M▲ 0% | -20.8M▼ 156.4% | 36.04M▲ 273.3% | 102.24M▲ 183.7% | -20.45M▼ 120.0% | -76.19M▼ 272.5% | 9.73M▲ 112.8% | -42.46M▼ 536.3% | 53.32M▲ 225.6% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 26M | 62.88M | 42.08M | 78.12M | 180.36M | 159.91M | 83.72M | 93.45M | 50.99M |
Cash at End | 62.88M | 42.08M | 78.12M | 180.36M | 159.91M | 83.72M | 93.45M | 50.99M | 104.31M |
Interest Paid | 7.95M | 12.72M | 15.15M | 10.02M | 6.46M | 9.92M | 32.06M | 36.89M | 31.91M |
Income Taxes Paid | 3.98M | 241K | 3.62M | 2.31M | 4.73M | 4.31M | 1.93M | 2.6M | 3.21M |
Free Cash Flow | 11.21M▲ 0% | 13.98M▲ 24.6% | 17.21M▲ 23.2% | 19.19M▲ 11.5% | 29.62M▲ 54.4% | 17.71M▼ 40.2% | 15.51M▼ 12.4% | 22.59M▲ 45.6% | 22.84M▲ 1.1% |
FCF Growth % | -8.61% | 24.64% | 23.16% | 11.48% | 54.36% | -40.2% | -12.43% | 45.62% | 1.12% |
HWBK Banking Ratios
Hawthorn Bancshares, Inc. (HWBK) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 8.17% | 3.74% | 11.23% | 15.03% | 11.64% | 16.11% | 15.02% | 0.73% | 12.78% | 14.7% |
| Return on Assets (ROA) | 0.59% | 0.25% | 0.74% | 1.08% | 0.89% | 1.26% | 1.11% | 0.05% | 0.99% | 1.28% |
| Net Interest Margin | 3.13% | 2.99% | 2.99% | 3.25% | 3.05% | 3.18% | 3.04% | 3.13% | 3.18% | 3.48% |
| Efficiency Ratio | 67.01% | 64.79% | 59.86% | 50.21% | 57.71% | 60.16% | 58.32% | 59.53% | 45.16% | 45.37% |
| Equity / Assets | 7.07% | 6.39% | 6.71% | 7.71% | 7.53% | 8.13% | 6.62% | 7.26% | 8.19% | 9.19% |
| Book Value / Share | 12.27 | 12.39 | 13.55 | 15.67 | 17.93 | 20.81 | 18.04 | 19.33 | 21.36 | 24.9 |
| NII Growth | -0.71% | 6.25% | 3.75% | 9.22% | 9.19% | 10.06% | 0.43% | 0.36% | -1.14% | 13.53% |
| Dividend Payout | 15.06% | 43.18% | 18.6% | 16.66% | 21.2% | 16.06% | 20.43% | 486.3% | 27.65% | 22.8% |
Related:HWBK Dividend History·HWBK Revenue History·HWBK Price History·HWBK P/E History·HWBK Financial Ratios·HWBK Institutional Holders
HWBK SEC Filings & Documents
Hawthorn Bancshares, Inc. (HWBK) SEC filings — annual & quarterly reports (10-K, 10-Q)
HWBK Frequently Asked Questions
Hawthorn Bancshares, Inc. (HWBK) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Hawthorn Bancshares, Inc. (HWBK) grew revenue by 2.2% over the past year. Growth has been modest.
Yes, Hawthorn Bancshares, Inc. (HWBK) is profitable, generating $23.8M in net income for fiscal year 2025 (21.2% net margin).
Dividend & Returns
Yes, Hawthorn Bancshares, Inc. (HWBK) pays a dividend with a yield of 2.06%. This makes it attractive for income-focused investors.
Hawthorn Bancshares, Inc. (HWBK) has a return on equity (ROE) of 14.7%. This is reasonable for most industries.
Industry Metrics
Hawthorn Bancshares, Inc. (HWBK) has a net interest margin (NIM) of 3.5%. This indicates healthy earnings from lending activities.
Hawthorn Bancshares, Inc. (HWBK) has an efficiency ratio of 45.4%. This is excellent, indicating strong cost control.