Hawthorn Bancshares, Inc. (NASDAQ: HWBK)

Hawthorn Bancshares, Inc. is a bank holding company that provides banking and wealth management services through its subsidiary Hawthorn Bank and its wealth management division. The company operates primarily in Missouri communities including Jefferson City, Columbia, Clinton, Warsaw, Springfield and the greater Kansas City metropolitan area. Its core activities include commercial banking for small and mid sized businesses, retail mortgage lending, retail banking, trust services, estate planning, investment and asset management, and cash management. Hawthorn Bancshares, Inc. delivers these services through a network of branches and digital channels to meet the financial needs of local residents and enterprises. As of September 30, 2025, the company reported total assets of $1.93 billion.

The company generates revenue mainly from net interest income earned on its loan and deposit portfolio. This interest income arises from lending activities such as commercial loans, real estate mortgages, installment loans and credit card accounts, as well as from taking deposits. In addition to interest income, the company earns non interest income from service charges, bank card fees, earnings on bank owned life insurance, wealth management revenue and gains on the sale of mortgage loans. The wealth management division also contributes fees from trust administration, estate planning, investment advisory and cash management services.

The company operates through the following segments.

• Bank: This segment provides checking and savings accounts, debit cards, certificates of deposit, safety deposit boxes, commercial and industrial loans, real estate loans, installment loans, credit card accounts, trust services and brokerage services.

• Wealth Management: This segment offers trust services, estate planning, investment and asset management, and a comprehensive suite of cash management services.

Hawthorn Bancshares, Inc. holds a competitive position in the regional banking market by emphasizing strong community relationships and a broad range of financial products. It faces competition from other local banks, credit unions and national financial institutions that serve the same geographic area. The company’s advantages include its deep knowledge of the local economy, its ability to tailor solutions for small and mid sized businesses, and its commitment to personalized customer service.

The customer base consists of individuals, small and mid sized businesses, and local municipalities located within the company’s footprint in Missouri. While specific customer names are not disclosed in the filing, the bank serves a diverse mix of retail clients and commercial enterprises across the communities it serves.