Hawthorn Bancshares preliminary Q3 net income rises on FSC Bancshares acquisition
HWBK•Hawthorn Bancshares’ preliminary third-quarter net income rose 15% year over year to $7.10 million, while adjusted EPS increased 38% to $1.23, driven by its acquisition of FSC Bancshares.
1. Quarterly results
Hawthorn Bancshares reported preliminary third-quarter EPS of $1.01 and adjusted EPS of $1.23. Net interest income was $19.30 million, net interest margin was 4.41%, and the company declared a $0.21 dividend.
2. Acquisition effects
Loans, deposits and investments increased mainly because the acquisition of FSC Bancshares was completed in September. Net interest income rose from both the prior quarter and prior-year quarter, driven by higher rates on earning assets and lower deposit costs.
3. Other income
Non-interest income fell from the prior quarter because there was no gain on the sale of a bank administrative office. The company did not provide specific financial guidance for upcoming quarters or the full year.
