The bank maintains a conservative capital structure with an equity-to-assets ratio of 0.09, supported by a $1.6 billion investment securities portfolio that serves as the primary liquidity anchor.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 949.9M | 177.9M | 270.65M | 282.19M | 337.38M | 468.85M | 226.64M | 208.53M | 254.14M | 257.81M | 241.1M | 255.54M | 221.36M | 233.06M | 231.27M | 256.94M | 50.85M | 24.58M | 53.72M | 35.21M | 43.08M | 35.28M | 24.1M | 57.04M | 77.45M | 31.13M | 25.37M | 22.25M | 46.2M | 34.35M | 25.17M |
| Cash & Due from Banks | 101.92M | 105.31M | 51.99M | 93.45M | 86.63M | 157.98M | 28.61M | 33.44M | 35.93M | 26.79M | 26.59M | 20.48M | 22.36M | 27.08M | 31.02M | 43.13M | 50.85M | 24.58M | 53.72M | 35.21M | 43.08M | 35.28M | 24.1M | 57.04M | 77.45M | 31.13M | 25.37M | 22.25M | 46.2M | 34.35M | 25.17M |
| Short Term Investments | 211.81M | 72.59M | 218.65M | 188.74M | 250.75M | 310.87M | 198.03M | 175.09M | 218.21M | 231.03M | 214.51M | 235.05M | 199M | 205.99M | 200.25M | 213.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 1.65B | 1.68B | 1.66B | 1.71B | 1.76B | 1.6B | 1.47B | 1.33B | 1.35B | 1.29B | 1.18B | 1.1B | 1.05B | 1.03B | 1.03B | 1.04B | 1.06B | 1.13B | 1.15B | 1.06B | 993.07M | 984.14M | 800.86M | 764.61M | 666.13M | 639.34M | 617.45M | 432.7M | 384.87M | 390.94M | 251.63M |
| Investments Growth % | -2.09% | 1.05% | -2.65% | -2.79% | 9.92% | 8.59% | 10.52% | -1.58% | 5.01% | 8.91% | 7.95% | 4.12% | 1.87% | 0.1% | -1.01% | -1.88% | -5.92% | -1.4% | 8.16% | 6.68% | 0.91% | 22.89% | 4.74% | 14.78% | 4.19% | 3.55% | 42.7% | 12.43% | -1.55% | 55.37% | - |
| Long-Term Investments | 5.98B | 1.61B | 1.44B | 1.52B | 1.51B | 1.29B | 1.27B | 1.16B | 1.14B | 1.06B | 968.78M | 861.11M | 853.75M | 827.47M | 832.14M | 829.12M | 1.06B | 1.13B | 1.15B | 1.06B | 993.07M | 984.14M | 800.86M | 764.61M | 666.13M | 639.34M | 617.45M | 432.7M | 384.87M | 390.94M | 251.63M |
| Accounts Receivables | 33.56M | 0 | 0 | 8.66M | 7.95M | 6.62M | 6.64M | 6.48M | 6.16M | 5.63M | 5.18M | 4.85M | 4.82M | 5M | 5.19M | 5.34M | 5.73M | 6.63M | 7.48M | 8.76M | 8.77M | 7.77M | 5.29M | 5.11M | 5.54M | 6.02M | 6.8M | 4.26M | 3.79M | 4.07M | 2.54M |
| Goodwill & Intangibles | 0 | 0 | 0 | 1.74M | 2.9M | 2.66M | 2.44M | 2.48M | 2.93M | 2.71M | 2.58M | 2.85M | 2.76M | 3.04M | 2.55M | 2.85M | 3.33M | 3.52M | 3.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 1.74M | 2.9M | 2.66M | 2.44M | 2.48M | 2.93M | 2.71M | 2.58M | 2.85M | 2.76M | 3.04M | 2.55M | 2.85M | 3.33M | 3.52M | 3.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 30.76M | 29.96M | 31.17M | 32.05M | 32.86M | 32.72M | 34.56M | 35.39M | 34.89M | 34.81M | 35.52M | 36.39M | 37.5M | 38.08M | 37.02M | 37.95M | 36.98M | 38.62M | 39.26M | 40.54M | 34.71M | 32.89M | 21.28M | 17.77M | 16.59M | 15.19M | 15.79M | 12.36M | 12.06M | 8.65M | 3.34M |
| Other Assets | 44.6M | 79.17M | 79.03M | 31.2M | 36M | 33.01M | 189.31M | 83.17M | 48.42M | 70.51M | 33.88M | 40.18M | 49.54M | 33.48M | 73.44M | 38.95M | 40.38M | 33.38M | 30.1M | 7.58M | 17.66M | 19.74M | 46.35M | 4.85M | 4.45M | 59.58M | 28.86M | 13.36M | 1.01M | 1.17M | 748.39K |
| Total Current Assets | 347.29M | 177.9M | 270.65M | 290.85M | 345.33M | 475.47M | 233.28M | 215.01M | 260.3M | 263.44M | 246.28M | 260.39M | 226.18M | 238.06M | 236.46M | 262.28M | 56.59M | 31.2M | 61.2M | 43.97M | 51.85M | 43.06M | 29.39M | 62.15M | 82.99M | 37.15M | 32.17M | 26.51M | 50M | 38.42M | 27.72M |
| Total Non-Current Assets | 1.51B | 1.72B | 1.55B | 1.58B | 1.58B | 1.36B | 1.5B | 1.28B | 1.22B | 1.17B | 1.04B | 940.53M | 943.55M | 902.06M | 945.15M | 908.88M | 1.14B | 1.21B | 1.22B | 1.15B | 1.09B | 1.08B | 894.48M | 813.44M | 711.43M | 738.68M | 687.43M | 468.44M | 408.71M | 412.27M | 256.36M |
| Total Assets | 1.86B | 1.89B | 1.83B | 1.88B | 1.92B | 1.83B | 1.73B | 1.49B | 1.48B | 1.43B | 1.29B | 1.2B | 1.17B | 1.14B | 1.18B | 1.17B | 1.2B | 1.24B | 1.28B | 1.2B | 1.14B | 1.13B | 923.87M | 875.6M | 794.42M | 775.83M | 719.6M | 494.95M | 458.7M | 450.69M | 284.08M |
| Asset Growth % | 10.72% | 3.82% | -2.67% | -2.51% | 5.02% | 5.64% | 16.13% | 0.76% | 3.67% | 11.05% | 7.17% | 2.67% | 2.6% | -3.51% | 0.89% | -2.42% | -2.94% | -3.38% | 7.02% | 4.65% | 1.44% | 21.93% | 5.51% | 10.22% | 2.4% | 7.81% | 45.39% | 7.9% | 1.78% | 58.65% | - |
| Return on Assets (ROA) | 1.33% | 1.28% | 0.99% | 0.05% | 1.11% | 1.26% | 0.89% | 1.08% | 0.74% | 0.25% | 0.59% | 0.73% | 0.66% | 0.43% | 0.24% | 0.24% | -0.29% | 0.39% | -2.47% | 0.67% | 0.96% | 0.97% | 0.92% | 1.08% | 1.03% | 0.95% | 0.9% | 0.94% | 0.96% | 1.05% | 1.35% |
| Accounts Payable | 0 | 0 | 0 | 1.77M | 902K | 282K | 837K | 1.14M | 1.03M | 554K | 498K | 382K | 373K | 426K | 909K | 1.05M | 1.49M | 2.44M | 3.85M | 4.72M | 4.37M | 3.12M | 1.8M | 1.65M | 1.98M | 3.06M | 4.42M | 2.13M | 0 | 0 | 0 |
| Total Debt | 148.72M | 155.46M | 132.69M | 157.7M | 154.21M | 152.57M | 203.45M | 175.9M | 169.29M | 198.43M | 173.89M | 156.32M | 110.46M | 104.57M | 90.67M | 102.41M | 146.54M | 165.45M | 207.68M | 153.13M | 126.31M | 139.76M | 100.71M | 115.3M | 112.22M | 105.17M | 59.32M | 54.09M | 17.83M | 21.27M | 1.03M |
| Net Debt | 46.8M | 50.15M | 80.69M | 64.25M | 67.58M | -5.41M | 174.84M | 142.46M | 133.35M | 171.64M | 147.3M | 135.84M | 88.09M | 77.49M | 59.65M | 59.28M | 95.69M | 140.87M | 153.96M | 117.92M | 83.24M | 104.48M | 76.61M | 58.26M | 34.77M | 74.04M | 33.95M | 31.84M | -28.38M | -13.08M | -24.14M |
| Long-Term Debt | 49.49M | 151.57M | 131.01M | 156.49M | 147.49M | 126.9M | 156.16M | 146.41M | 144.64M | 170.87M | 142.88M | 99.49M | 92.49M | 73.49M | 69.61M | 77.9M | 116.47M | 128.8M | 178.54M | 127.4M | 96.85M | 101.67M | 65.3M | 41.63M | 41.8M | 43.14M | 42.38M | 26.45M | 17.15M | 17.6M | 0 |
| Short-Term Debt | 94.38M | 0 | 0 | 0 | 5.19M | 23.83M | 45.15M | 27.27M | 24.65M | 27.56M | 31.02M | 56.83M | 17.97M | 31.08M | 21.06M | 24.52M | 30.07M | 36.65M | 29.14M | 25.73M | 29.46M | 38.09M | 35.41M | 73.67M | 70.42M | 62.03M | 16.94M | 27.64M | 675.94K | 3.66M | 1.03M |
| Other Liabilities | 13.44M | 11.01M | 9.77M | 8.95M | 8.94M | 12.92M | 15.25M | 14.37M | 13.48M | 13.05M | 10.97M | 9.74M | 8.82M | 4.28M | 6.53M | 6.89M | 3.99M | 4.49M | 6.46M | 5.49M | 5.49M | 4.3M | 2.95M | 5.6M | 6.2M | 9.45M | 6.02M | 1.76M | 21.24M | 25.64M | 14.34M |
| Total Current Liabilities | 1.61B | 1.55B | 1.53B | 1.57B | 1.64B | 1.54B | 1.43B | 1.21B | 1.22B | 1.15B | 1.04B | 1B | 987.86M | 987.98M | 1.01B | 983.79M | 978.22M | 995.41M | 988.28M | 951.71M | 935.43M | 923.77M | 763.86M | 740.58M | 663.6M | 644.89M | 597.63M | 410.79M | 374.2M | 364.05M | 229.06M |
| Total Non-Current Liabilities | 67.78M | 166.47M | 142.46M | 166.65M | 157.96M | 141.66M | 173.54M | 163M | 158.12M | 183.92M | 153.85M | 109.22M | 101.31M | 77.76M | 76.14M | 84.79M | 120.46M | 133.29M | 185M | 132.89M | 102.34M | 105.97M | 68.25M | 47.23M | 47.99M | 52.59M | 48.39M | 28.21M | 38.39M | 43.53M | 14.34M |
| Total Liabilities | 1.68B | 1.72B | 1.68B | 1.74B | 1.8B | 1.68B | 1.6B | 1.38B | 1.38B | 1.34B | 1.2B | 1.11B | 1.09B | 1.07B | 1.09B | 1.07B | 1.1B | 1.13B | 1.17B | 1.08B | 1.04B | 1.03B | 832.1M | 787.81M | 711.59M | 697.47M | 646.02M | 439M | 412.59M | 407.58M | 243.4M |
| Total Equity | 175.39M | 174.23M | 149.55M | 136.09M | 127.41M | 148.96M | 130.59M | 115.04M | 99.41M | 91.37M | 91.02M | 87.29M | 80.57M | 74.38M | 92.22M | 102.58M | 101.49M | 107.77M | 106.42M | 111.2M | 104.94M | 96.73M | 91.77M | 87.78M | 82.83M | 78.35M | 73.58M | 55.95M | 46.11M | 43.11M | 40.68M |
| Equity Growth % | 56.88% | 16.5% | 9.89% | 6.81% | -14.46% | 14.06% | 13.52% | 15.72% | 8.8% | 0.39% | 4.27% | 8.34% | 8.32% | -19.35% | -10.1% | 1.07% | -5.83% | 1.27% | -4.3% | 5.96% | 8.49% | 5.41% | 4.54% | 5.98% | 5.71% | 6.48% | 31.52% | 21.33% | 6.97% | 5.96% | - |
| Equity / Assets (Capital Ratio) | 9.45% | 9.19% | 8.19% | 7.26% | 6.62% | 8.13% | 7.53% | 7.71% | 6.71% | 6.39% | 7.07% | 7.27% | 6.89% | 6.52% | 7.8% | 8.76% | 8.46% | 8.72% | 8.32% | 9.3% | 9.18% | 8.59% | 9.93% | 10.03% | 10.43% | 10.1% | 10.23% | 11.3% | 10.05% | 9.56% | 14.32% |
| Return on Equity (ROE) | 15.01% | 14.7% | 12.78% | 0.73% | 15.02% | 16.11% | 11.64% | 15.03% | 11.23% | 3.74% | 8.17% | 10.25% | 9.88% | 5.97% | 2.9% | 2.8% | -3.39% | 4.63% | -28.15% | 7.22% | 10.78% | 10.52% | 9.25% | 10.6% | 10.04% | 9.35% | 8.47% | 8.75% | 9.76% | 9.2% | 9.45% |
| Book Value per Share | 25.37 | 24.90 | 21.36 | 19.33 | 18.04 | 20.81 | 17.93 | 15.67 | 13.55 | 12.39 | 12.27 | 11.72 | 11.25 | 10.38 | 12.87 | 14.32 | 14.17 | 15.05 | 14.79 | 15.23 | 14.43 | 13.30 | 12.63 | 12.05 | 11.23 | 10.53 | 10.59 | 9.96 | 8.24 | 7.70 | 7.27 |
| Tangible BV per Share | 25.37 | 24.90 | 21.36 | 19.09 | 17.63 | 20.44 | 17.59 | 15.33 | 13.15 | 12.02 | 11.92 | 11.34 | 10.86 | 9.96 | 12.52 | 13.92 | 13.70 | 14.55 | 14.33 | 15.23 | 14.43 | 13.30 | 12.63 | 12.05 | 11.23 | 10.53 | 10.59 | 9.96 | 8.24 | 7.70 | 7.27 |
| Common Stock | 7.55M | 7.55M | 7.55M | 7.55M | 7.28M | 7.02M | 6.77M | 6.52M | 6.28M | 6.05M | 5.82M | 5.61M | 5.4M | 5.2M | 5M | 4.82M | 4.64M | 4.46M | 4.3M | 4.3M | 4.3M | 4.3M | 4.3M | 4.3M | 2.87M | 2.86M | 2.86M | 1.22M | 718.51K | 718.51K | 718.51K |
| Additional Paid-in Capital | 76.93M | 76.83M | 76.86M | 76.82M | 71.04M | 64.44M | 59.31M | 55.73M | 50.17M | 45.44M | 41.5M | 38.55M | 35.9M | 33.38M | 31.82M | 30.27M | 28.93M | 26.97M | 25.14M | 22.53M | 22.25M | 22.03M | 22.01M | 22M | 21.98M | 21.97M | 21.96M | 9.26M | 1.28M | 1.28M | 1.28M |
| Retained Earnings | 112.16M | 107.86M | 89.54M | 76.46M | 91.79M | 82.3M | 68.94M | 61.59M | 54.1M | 50.59M | 51.67M | 48.7M | 44.02M | 40.09M | 39.12M | 40.35M | 41.86M | 50.58M | 51.6M | 85.73M | 81.43M | 74.13M | 67.72M | 62.79M | 58.36M | 52.78M | 48.11M | 46.46M | 43.73M | 40.99M | 38.7M |
| Accumulated OCI | -6.47M | -3.61M | -12.44M | -13.76M | -31.71M | 3.29M | 1.53M | -3.75M | -6.1M | -5.66M | -3.8M | -2.02M | -1.23M | -769K | 1.82M | 1.34M | 742.15K | 912.22K | 1.01M | 1.36M | -381.29K | -1.07M | 393.53K | 1.35M | 2.29M | 1.54M | 658.44K | -990.77K | 383.16K | 120.85K | -15.67K |
| Treasury Stock | -14.78M | -14.4M | -11.96M | -10.99M | -10.99M | -8.1M | -5.95M | -5.04M | -5.04M | -5.05M | -4.17M | -3.55M | -3.52M | -3.52M | -3.52M | -3.52M | -3.52M | -3.52M | -3.52M | -2.71M | -2.65M | -2.65M | -2.65M | -2.65M | -2.68M | -807.41K | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.98M | 29.32M | 28.84M | 28.36M | 27.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Missouri real estate concentration
According to recent quarterly filings, Hawthorn Bancshares has maintained a remarkably stable asset base of $1.9 billion since 2025Q2, suggesting a conservative growth strategy that prioritizes balance sheet preservation over aggressive expansion within its core Missouri markets.
The lack of significant asset growth indicates that management is likely exercising caution in a competitive lending environment. Investors should monitor whether this stagnation reflects a lack of attractive credit opportunities or a deliberate effort to manage capital ratios in the face of regional economic uncertainty.
As reported in financial statements, the bank's equity-to-assets ratio has remained steady at approximately 0.09 throughout early 2026, demonstrating a consistent commitment to maintaining a robust capital buffer relative to its total asset base.
This capital position appears sufficient to absorb potential credit shocks, though it may also imply that the bank is under-leveraged compared to its regional peers. The stability of this ratio suggests that management is not currently prioritizing aggressive capital deployment, such as large-scale share buybacks or rapid M&A.
Based on the reported figures, Hawthorn Bancshares holds approximately $1.6 billion in investment securities against $1.9 billion in total assets, highlighting a heavy reliance on the securities portfolio as the primary source of liquidity and interest-earning capacity.
This high concentration in securities suggests that the bank's liquidity profile is sensitive to interest rate fluctuations and potential unrealized losses within the portfolio. Analysts should investigate the duration of these holdings to determine if the bank faces significant interest rate risk that could impact future book value.
As indicated by the bank's 100% geographic concentration in Missouri, the balance sheet remains highly susceptible to localized economic downturns, a risk that is not fully captured by the current headline capital and liquidity metrics.
While the bank's reported figures appear stable, the lack of geographic diversification means that any localized weakness in the Missouri real estate or agricultural sectors could disproportionately impact asset quality. Investors should monitor the provision for credit losses closely as a leading indicator of potential stress within this concentrated loan book.
Quick answers to the most common questions about buying HWBK stock.
As of 2025, Hawthorn Bancshares, Inc. (HWBK) had total assets of $1.89B including $177.9M in current assets.
Hawthorn Bancshares, Inc. (HWBK) carries total debt of $155.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hawthorn Bancshares, Inc. (HWBK) has total shareholders' equity (book value) of $174.2M ($24.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Hawthorn Bancshares, Inc. (HWBK) reported a current ratio of 0.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.