JEFFERSON CITY, Mo., April 24, 2024 (GLOBE NEWSWIRE) -- Hawthorn Bancshares, Inc. (NASDAQ:HWBK), (the "Company"), the bank holding company for Hawthorn Bank, reported first quarter 2024 net income of $4.5 million and earnings per diluted share ("EPS") of $0.63. First Quarter 2024 Results Net income of $4.5 million, or $0.63 per diluted share, an increase of 34.0% per diluted share from the first quarter 2023 (the "prior year quarter") Net interest margin, fully taxable equivalent ("FTE") of 3.39% Return on average assets and equity of 0.97% and 13.12%, respectively Loans decreased $20.3 million, or 1.3%, compared to fourth quarter 2023 ("linked quarter") Investments decreased $5.3 million, or 2.7%, compared to the linked quarter Deposits decreased $43.0 million, or 2.7%, compared to the linked quarter, while other borrowings increased $2.0 million, or 1.3%, compared to the linked quarter Credit quality remained strong with non-performing loans to total loans of 0.56% Brent Giles, Chief Executive Officer of Hawthorn Bancshares, Inc. commented, "We are pleased with our first quarter results as we posted improvement in net income, efficiency and margin over the same quarter last year. These results reflect our focus on improving profitability from our core businesses while also managing expenses." Financial Summary (unaudited)$000, except per share data   March 31,   December 31,   March 31,     2024       2023       2023   Balance sheet information:           Total assets $ 1,833,760     $ 1,875,350     $ 1,895,821   Loans held for investment   1,518,853       1,539,147       1,542,074   Investment securities   189,741       195,042       265,893   Deposits   1,527,874       1,570,844       1,608,012   Total stockholders' equity $ 136,620     $ 136,085     $ 128,352               Key ratios and per share data:           Book value per share $ 19.43     $ 19.33     $ 18.23   Market price per share $ 20.43     $ 25.37     $ 22.27   Diluted earnings (loss) per share (QTR) $ 0.63     $ (1.05 )   $ 0.47   Net interest margin (FTE) (QTR)   3.39 %     3.48 %     3.16 % Efficiency ratio (QTR)   70.78 %     81.06 %     72.84 %                         Financial Results for the First Quarter 2024 Earnings Net income for the first quarter 2024 was $4.5 million, an increase of $11.9 million, or 159.9%, from the linked quarter, and an increase of $1.2 million, or 36.2%, from the prior year quarter. EPS was $0.63 for the first quarter 2024 compared to $(1.05) for the linked quarter, and $0.47 for the prior year quarter. Net Interest Income and Net Interest Margin Net interest income for the first quarter 2024 was $14.7 million, a decrease of $1.1 million from ...