HWBK

MKT CAP:$237M

Hawthorn Bancshares, Inc.

Market Cap

$237M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$33.42-$0.43 (-1.27%)

Apr 22, 2026

Company Details

Hawthorn 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...

CEO

Brent Giles

IPO Date

Jul 20, 1999

Website

www.hawthornbancshares.com

Key Metrics TTM

Revenue

$112M

+2.2% YoY

Net Income

$24M

EPS (Diluted)

$3.42

Free Cash Flow

$23M

Revenue / Share

$16.02

Gross Margin

71.3%

Operating Margin

26.0%

Net Margin

21.2%

FCF Margin

20.4%

P/S

2.1x

P/E

9.9x

Earnings Reports

FY 2025

Mar 5, 2026

$112M+2.2%EPS $3.43

Q4 2025

Mar 5, 2026

$29M+5.2%EPS $0.90

Q3 2025

Nov 7, 2025

$29M+4.4%EPS $0.88

Q2 2025

Aug 11, 2025

$27M-0.3%EPS $0.87

Q1 2025

May 12, 2025

$27M-0.6%EPS $0.77

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$19M	$20M	$8M
Q2 22	$20M	$17M	$5M
Q3 22	$21M	$18M	$6M
Q4 22	$23M	$18M	$5M
Q1 23	$24M	$16M	$4M
Q2 23	$24M	$16M	$3M
Q3 23	$24M	$16M	$3M
Q4 23	$16M	$5M	-$10M
Q1 24	$27M	$18M	$5M
Q2 24	$28M	$18M	$6M
Q3 24	$28M	$18M	$6M
Q4 24	$27M	$19M	$6M
Q1 25	$27M	$19M	$7M
Q2 25	$27M	$20M	$7M
Q3 25	$29M	$20M	$7M
Q4 25	$29M	$21M	$8M

Valuation

Quarter	P/S	P/E
Q1 22	2.1x	7.2x
Q2 22	2.1x	7.2x
Q3 22	2.0x	7.3x
Q4 22	1.8x	7.4x
Q1 23	1.8x	9.1x
Q2 23	1.4x	8.2x
Q3 23	1.2x	9.0x
Q4 23	2.0x	185.6x
Q1 24	1.6x	68.5x
Q2 24	1.5x	33.2x
Q3 24	1.8x	28.0x
Q4 24	1.8x	10.8x
Q1 25	1.8x	10.3x
Q2 25	1.9x	9.9x
Q3 25	1.9x	9.7x
Q4 25	2.0x	9.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$4M	$3M
Q2 22	$2M	$2M
Q3 22	$8M	$7M
Q4 22	$6M	$6M
Q1 23	$3M	$3M
Q2 23	$4M	$4M
Q3 23	$5M	$4M
Q4 23	$5M	$5M
Q1 24	$6M	$5M
Q2 24	$9M	$8M
Q3 24	$9M	$8M
Q4 24	$2M	$1M
Q1 25	$6M	$5M
Q2 25	$6M	$5M
Q3 25	$288.0K	-$734.0K
Q4 25	$15M	$13M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$236.0K
Q3 22	$780.0K
Q4 22	$133.0K
Q1 23	$226.0K
Q2 23	$679.0K
Q3 23	$479.0K
Q4 23	$713.0K
Q1 24	$544.0K
Q2 24	$538.0K
Q3 24	$990.0K
Q4 24	$932.0K
Q1 25	$272.0K
Q2 25	$652.0K
Q3 25	$1M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-7.4%	-18.3%
Q2 22	-0.4%	+4.0%
Q3 22	+3.3%	+13.5%
Q4 22	+14.2%	+41.5%
Q1 23	+25.9%	+82.8%
Q2 23	+19.1%	+43.1%
Q3 23	+14.6%	+39.8%
Q4 23	-31.0%	+46.0%
Q1 24	+12.2%	+7.5%
Q2 24	+17.0%	+7.0%
Q3 24	+12.7%	+2.6%
Q4 24	+73.7%	-14.6%
Q1 25	-0.6%	-6.1%
Q2 25	-0.3%	-8.6%
Q3 25	+4.4%	-3.0%
Q4 25	+5.2%	-2.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$29.0K	0.1%
Q2 24	$42.0K	0.2%
Q3 24	$48.0K	0.2%
Q4 24	$65.0K	0.2%
Q1 25	$81.0K	0.3%
Q2 25	$96.0K	0.3%
Q3 25	$104.0K	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$7M	$293.0K
Q2 22	$7M	$304.0K
Q3 22	$7M	$430.0K
Q4 22	$7M	$467.0K
Q1 23	$7M	$357.0K
Q2 23	$7M	$353.0K
Q3 23	$7M	$375.0K
Q4 23	$8M	$403.0K
Q1 24	$7M	$263.0K
Q2 24	$7M	$261.0K
Q3 24	$7M	$198.0K
Q4 24	$7M	$265.0K
Q1 25	$7M	$160.0K
Q2 25	$428.0K	$212.0K
Q3 25	$7M	$252.0K
Q4 25	$8M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$55M	$287M	$342M
Q2 22	$32M	$267M	$300M
Q3 22	$46M	$245M	$291M
Q4 22	$87M	$251M	$337M
Q1 23	$36M	$260M	$296M
Q2 23	$26M	$252M	$277M
Q3 23	$29M	$234M	$262M
Q4 23	$93M	$189M	$282M
Q1 24	$43M	$183M	$227M
Q2 24	$77M	$185M	$262M
Q3 24	$55M	$203M	$259M
Q4 24	$52M	$219M	$271M
Q1 25	$103M	$131M	$234M
Q2 25	$101M	$132M	$233M
Q3 25	$101M	$124M	$225M
Q4 25	$17M	$73M	$89M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	7M	-0.8%	-4.0%
Q2 22	7M	-1.5%	-5.4%
Q3 22	7M	0.0%	-5.4%
Q4 22	7M	+4.0%	+1.7%
Q1 23	7M	0.0%	+2.5%
Q2 23	7M	+0.6%	+4.6%
Q3 23	7M	-0.6%	+4.0%
Q4 23	7M	0.0%	-0.0%
Q1 24	7M	+0.5%	+0.5%
Q2 24	7M	-1.1%	-1.2%
Q3 24	7M	-0.1%	-0.7%
Q4 24	7M	-0.3%	-1.1%
Q1 25	7M	+0.5%	-1.1%
Q2 25	7M	0.0%	+0.0%
Q3 25	7M	0.0%	+0.2%
Q4 25	7M	0.0%	+0.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$65.6K	292
Q2 22	$67.6K	292
Q3 22	$73.2K	292
Q4 22	$76.6K	299
Q1 23	$80.7K	299
Q2 23	$78.7K	299
Q3 23	$81.9K	299
Q4 23	$58.5K	270
Q1 24	$100.3K	270
Q2 24	$102.0K	270
Q3 24	$102.3K	270
Q4 24	$107.6K	255
Q1 25	$105.6K	255
Q2 25	$107.7K	255
Q3 25	$113.0K	255
Q4 25	$113.3K	255

Revenue / Employee