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Hawthorn Bancshares
(NASDAQ:HWBK)
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Rating:76Outperform
Price Target:
$45.00
▲(15.15% Upside)
Action:Reiterated
Date:09/06/26
HWBK scores well primarily due to a strong financial recovery (material margin and cash flow improvement, better leverage) and an attractive valuation (low P/E with a dividend). Technicals are supportive with price above major moving averages and positive momentum, while the main constraints are financial volatility/uncertainty around the TTM zero-debt shift and execution risk from the completed merger integration.
Positive Factors
Strong profitability recovery
The sharp and sustained margin recovery indicates materially stronger earnings power after the weak 2023 period. If maintained, improved profitability can support capital generation, strengthen resilience through the banking cycle, and provide greater flexibility for growth and shareholder returns over the next several quarters.
Negative Factors
Earnings volatility
The contrast between the 2023 earnings collapse and subsequent recovery shows that profitability has not been consistently stable across operating environments. Such sensitivity can make future results more difficult to forecast and may pressure capital generation if rates, credit conditions, or unusual items again move unfavorably.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability recovery
The sharp and sustained margin recovery indicates materially stronger earnings power after the weak 2023 period. If maintained, improved profitability can support capital generation, strengthen resilience through the banking cycle, and provide greater flexibility for growth and shareholder returns over the next several quarters.
Read all positive factors
Hawthorn Bancshares (HWBK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$276.65M
Dividend Yield2.05%
Average Volume (3M)14.83K
Price to Earnings (P/E)10.5
Beta (1Y)0.41
Revenue Growth4.90%
EPS Growth24.16%
CountryUS
Employees269
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.82
Shares Outstanding6,900,678
10 Day Avg. Volume14,566
30 Day Avg. Volume14,830
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)1.40
Price to Sales (P/S)2.17
P/FCF Ratio10.67
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Hawthorn Bancshares Business Overview & Revenue Model
Company Description
Hawthorn Bancshares, Inc. functions as the parent holding company for Hawthorn Bank, which delivers a full spectrum of financial services to both commercial clients and individual consumers. The institution offers various deposit accounts, such as...
How the Company Makes Money
Hawthorn Bancshares primarily makes money through its banking subsidiary by earning (1) net interest income and (2) noninterest income. Net interest income is generated from interest and fees collected on loans (such as commercial real estate, com...
Hawthorn Bancshares Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 116.42M | 112.08M | 109.67M | 87.96M | 83.22M | 81.39M |
| Gross Profit | 85.12M | 79.95M | 71.88M | 52.79M | 73.63M | 77.18M |
| EBITDA | 33.48M | 31.34M | 24.01M | 2.54M | 27.23M | 30.50M |
| Net Income | 26.42M | 23.80M | 18.26M | 956.00K | 20.75M | 22.52M |
Balance Sheet | ||||||
| Total Assets | 1.77B | 1.89B | 1.83B | 1.88B | 1.92B | 1.83B |
| Cash, Cash Equivalents and Short-Term Investments | 256.38M | 177.90M | 270.65M | 282.19M | 337.38M | 468.85M |
| Total Debt | 83.54M | 155.46M | 132.69M | 157.70M | 154.21M | 152.57M |
| Total Liabilities | 1.59B | 1.72B | 1.68B | 1.74B | 1.80B | 1.68B |
| Stockholders Equity | 182.79M | 174.23M | 149.55M | 136.09M | 127.41M | 148.96M |
Cash Flow | ||||||
| Free Cash Flow | 27.91M | 22.84M | 22.59M | 15.51M | 17.71M | 29.62M |
| Operating Cash Flow | 33.58M | 26.92M | 25.59M | 17.61M | 20.28M | 30.21M |
| Investing Cash Flow | 44.19M | -6.86M | 1.25M | 54.19M | -206.53M | -127.53M |
| Financing Cash Flow | -145.33M | 33.26M | -69.30M | -62.07M | 110.07M | 76.87M |
Hawthorn Bancshares Technical Analysis
Positive
39.08
Price Trends
39.08
Positive
37.41
Positive
35.36
Positive
Market Momentum
0.09
Negative
61.49
Neutral
75.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HWBK, the sentiment is Positive. The current price of 39.08 is below the 20-day moving average (MA) of 39.45, above the 50-day MA of 39.08, and above the 200-day MA of 35.36, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 61.49 is Neutral, neither overbought nor oversold. The STOCH value of 75.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HWBK.
Hawthorn Bancshares Risk Analysis
Hawthorn Bancshares disclosed 38 risk factors in its most recent earnings report. Hawthorn Bancshares reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Hawthorn Bancshares Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $312.38M | 11.72 | 15.42% | ― | 14.46% | 23.69% | |
76 Outperform | $276.65M | 10.49 | 15.15% | 2.05% | 4.90% | 24.16% | |
75 Outperform | $278.40M | 11.29 | 8.92% | 4.51% | -2.20% | 15.53% | |
75 Outperform | $296.58M | 11.43 | 9.48% | 3.22% | -2.70% | 296.51% | |
74 Outperform | $308.55M | 10.58 | 10.99% | 1.98% | 8.95% | 18.66% | |
73 Outperform | $324.85M | 12.71 | 11.89% | 1.88% | 15.68% | 20.07% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
HWBK
Hawthorn Bancshares
40.09
9.03
29.08%
CFFI
C&F Financial
94.89
25.72
37.19%
FCCO
First Community
34.56
7.48
27.63%
LCNB
LCNB
19.53
4.33
28.51%
BPRN
Bank of Princeton
43.53
11.72
36.85%
CBNA
Chain Bridge Bancorp, Inc. Class A
47.57
16.46
52.91%
Hawthorn Bancshares Corporate Events
Business Operations and StrategyM&A Transactions
Hawthorn Bancshares completes merger, expands Missouri footprint
Positive
Sep 4, 2026
On September 3, 2026, Hawthorn Bancshares completed its merger with FSC Bancshares, along with the consolidation of Farmers State Bank into Hawthorn Bank, creating a combined institution with approximately $2.2 billion in total assets. The deal ex...
DividendsFinancial Disclosures
Hawthorn Bancshares Posts Strong Q2 Earnings Growth
Positive
Jul 29, 2026
On July 29, 2026, Hawthorn Bancshares reported second quarter 2026 net income of $7.3 million, up 20.1% from a year earlier, with diluted EPS rising to $1.06 and net interest margin improving to 4.16%. Despite modest declines in loans and deposits...
Business Operations and StrategyM&A Transactions
Hawthorn Bancshares Advances FSC Bancshares Acquisition Plans
Positive
Jul 15, 2026
On April 29, 2026, Hawthorn Bancshares, Inc. agreed to acquire FSC Bancshares, Inc. through a reorganization involving its wholly owned subsidiary Hawthorn Holdco, Inc., marking a strategic expansion of its Missouri banking footprint. As of July 1...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Hawthorn Bancshares Shareholders Back Directors and Governance Proposals
Positive
Jun 8, 2026
Hawthorn Bancshares, Inc. held its 2026 Annual Meeting of Shareholders on June 2, 2026, where investors elected four Class I directors to three-year terms and ratified Forvis Mazars, LLP as the independent auditor for the 2026 fiscal year. Shareho...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.