Hawthorn Bancshares Prelim Q2 Net Income Jumps 20%, Buyback Boosted to $10M
HWBK sits 38% above its 52-week low of $28.1.
Summary
Preliminary Q2 net income rose 20% year-over-year to $7.3 million, with EPS of $1.06. Net interest margin expanded to 4.16% from 3.89% a year ago, driven by higher asset yields and lower deposit costs. A gain on the sale of a bank office lifted non-interest income. The board raised the share repurchase authorization to $10 million, with $8 million remaining. This follows the pending acquisition of FSC Bancshares, which received all regulatory approvals and is expected to close in Q3. The strong margin and buyback increase signal improving profitability and capital return ahead of the merger.
At the time of this announcement, HWBK was trading at $38.70 on NASDAQ in the Finance sector, with a market capitalization of approximately $267.1M. The 52-week trading range was $28.10 to $40.36. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.