Hawthorn Bancshares prelim Q2 net income rises 20%

Overview

• US regional bank's preliminary Q2 net income rose 20% yr/yr, EPS up 20%

• Net interest margin for Q2 improved to 4.16% from 3.89% a year ago

• Company raised share repurchase authorization to $10 mln, $8 mln remains available

Outlook

• Company did not provide specific guidance or outlook for future periods

Result Drivers

• HIGHER NET INTEREST MARGIN - Co said improvement was driven by higher rates on earning assets and lower deposit costs

• NON-INTEREST INCOME GAIN - Q2 non-interest income rose due to a gain on sale of a bank administrative office

• EFFICIENCY RATIO IMPROVEMENT - Improved efficiency ratio mainly due to higher net interest margin and increased non-interest income

Company press release: ID:nGNXbSLLpF

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)