# Hawthorn Bancshares, Inc. (HWBK)

> Source: Nexqual · https://nexqual.com/HWBK · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Hawthorn Bancshares, Inc. (HWBK), nexqual.com/HWBK" · informational, not investment advice.

**Price:** USD 39.29 (-1.26% on the day) · last close of Oct 23, 2026; US market after hours, not a live price. Prev close 39.79 · day 38.86–39.55 · 52w 29.75–40.6 · market cap $287M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $84.6M, net income $25.4M (30.0% margin) (SEC filings).
- Valuation: P/E 11.3x (avg 69.3x at the last 3 fiscal year-ends).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $50K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y +33.2% vs S&P 500 +13.4%; 5Y +105.0% vs S&P 500 +76.9%.
- Next earnings: 2026-10-28, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $75.3M | $72.7M | $66.7M | $72.9M | $80.2M | $84.6M |
| Net income | $22.5M | $20.8M | $956K | $18.3M | $23.8M | $25.4M |
| EPS (diluted) | $3.15 | $2.94 | $0.14 | $2.61 | $3.43 | — |
| Free cash flow | $29.6M | $17.7M | $15.5M | $22.6M | $22.8M | $27.9M |
| Net margin | 29.9% | 28.5% | 1.4% | 25.0% | 29.7% | 30.0% |
| Revenue growth | +10.4% | -3.4% | -8.3% | +9.4% | +10.0% | — |
| Cash + short-term investments | $160M | $83.7M | $93.5M | $51.0M | $104M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.3x · P/S 3.4x · P/FCF 10.3x · P/B 1.6x · FCF yield 9.71% · Earnings yield 8.83% · Dividend yield (paid, TTM) 1.95% · Buyback yield (TTM) 0.36%
P/E at fiscal year-ends: Dec 2025 10.2x, Dec 2024 10.9x, Dec 2023 186.8x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $50K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-26…2026-08-27 | Hettinger Shawna M. | Director | 1,300 | $50K | 38.47 | Too little history (no open-market trades in 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +33.2% | +105.0% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +33.3% | +15.4% |
| Volatility (annualized) | 31.5% | 29.6% |
| Max drawdown | -13.7% (Dec 2025→Jan 2026) | -35.4% (Jul 2022→Oct 2023) |

## Peers (Banks - Regional)
BBD (Banco Bradesco Sa) USD 4.07 +3.04% · FITB (Fifth Third Bancorp) USD 52.98 -0.47% · DB (Deutsche Bank AG) USD 31.2 -0.89% · TFC (Truist Financial Corporation) USD 48.44 +0.04% · NWG (NatWest Group plc) USD 16.8 -1.12% · NU (Nu Holdings Ltd.) USD 15.16 +2.92%

## More
Full page: https://nexqual.com/HWBK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Bank card income and fees | $1.0M | — | +1.5% |
| Service charges and other fees | $815,000 | — | -13.3% |
| Wealth management revenue | $654,000 | — | +20.7% |
| Total revenue | — | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Statements made in this press release that suggest the Company's or management's intentions, hopes, beliefs, expectations, or predictions of the future include "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter (ends 2012-06-30) | — | — | — | $0 | — |
| Current fiscal year (ends 2012-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |