Hawthorne Bancshares

What Hawthorne Bancshares does

Hawthorne Bancshares, Inc. (NASDAQ: HWBK) is a financial holding company headquartered in Jefferson City, Missouri, that operates through its wholly-owned subsidiary Hawthorn Bank. Founded in 1865, the company delivers a full suite of community banking products — consumer banking, mortgage loans, commercial loans, trust and wealth management services, and treasury management services — to individuals, families, and small-to-mid-size businesses across Missouri and Kansas.

The company generates revenue primarily through net interest income (the spread between interest earned on loans and investment securities versus interest paid on deposits), supplemented by non-interest income from wealth management fees, service charges, and other banking fees. In Q1 2026, net interest income reached $17.1 million at a 4.07% net interest margin, and non-interest income was $4.4 million (up 25.3% year-over-year). Total assets stood at $1.855 billion, with $1.454 billion in loans held for investment and $1.518 billion in deposits as of March 31, 2026.

Hawthorne pursues a relationship-driven, community-focused go-to-market model via physical branches rather than digital-only channels. Distribution is anchored by the Hawthorn Bank branch network across Missouri and Kansas, with a pending acquisition of FSC Bancshares (announced April 29, 2026, for approximately $28.3 million) expected to add nine branches and approximately $384 million in assets, expanding the combined franchise to approximately $2.2 billion in total assets. Operational performance has been strengthening, with Q1 2026 efficiency ratio improving to 60.46% (from 66.64%), EPS of $0.98 (up 25.9%), and book value per share of $25.58 (up 16.4% year-over-year).

Name

Hawthorne Bancshares

Legal name

Hawthorn Bancshares, Inc.

Website

https://hawthornbancshares.com

Company type

Public

Founded year

1865

Operating status

Operating

Headcount range

251–500 employees

Short description

Hawthorne Bancshares (NASDAQ: HWBK) is a Missouri-based bank holding company operating Hawthorn Bank across Missouri and Kansas, offering consumer banking, mortgage, commercial lending, trust and wealth management, and treasury management services to individuals and small-to-mid-size businesses.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Offices of Bank Holding Companies (551111), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Retail Wealth & Bancassurance Distribution (Investment & Insurance via Bank) (FSABAAAJ)

Keywords

• Community banking services
• Commercial lending
• Consumer banking
• Wealth management
• Treasury management

Headquarters

HQ city

Jefferson City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Net Interest Income: The primary revenue stream comes from net interest income - the spread between interest earned on loans and investments versus interest paid on deposits and borrowings. Q1 2026 net interest income was $17.1 million. The bank earns interest on loans held for investment (yield 6.11% FTE in Q1 2026) and investment securities, while paying interest on deposits (average cost 2.15% in Q1 2026).
2. Non-interest Income: Secondary revenue from non-interest income sources including wealth management fees, service charges, and other banking fees. Q1 2026 non-interest income was $4.4 million, a 25.3% increase from prior year quarter.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Hawthorn Bancshares, Inc. is a financial holding company for Hawthorn Bank that provides consumer banking, mortgage loans, commercial loans, trust and wealth management services, and treasury management services. The bank operates a network of branches throughout Missouri and Kansas, serving individuals, families, and small to mid-size businesses with relationship-driven, community-focused banking products and deposit accounts.

Product overview

Hawthorne Bancshares is a single-platform community banking organization offering a unified suite of financial services through its subsidiary Hawthorn Bank. The portfolio consists of five core banking products: Consumer Banking, Mortgage Loans, Commercial Loans, Trust and Wealth Management Services, and Treasury Management Services. These products are designed to work together as an integrated financial solutions offering for individuals and businesses, delivered through a network of branches across Missouri and Kansas with a relationship-driven, community-focused approach.

Differentiator

Problem solved

Functional benefit

Products and services

• Consumer Banking
• Mortgage Loans
• Commercial Loans
• Trust and Wealth Management Services
• Treasury Management Services

Quantifiable outcome

• Q1 2026 EPS of $0.98, up 25.9% from prior year quarter
• +4 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• FSC Bancshares, Inc.coreStrategic or Co-development Partner · 29 April 2026Hawthorn Bancshares signed an agreement to acquire FSC Bancshares, Inc. (the holding company for Farmers State Bank) in a cash and stock transaction valued at approximately $28.3 million. The transaction will expand Hawthorn's presence in northern Missouri with approximately $384 million in assets and nine branch locations. Expected to close Q3 2026, subject to FSC shareholder approval and regulatory clearances. Expected to be accretive to EPS by approximately 20% on fully phased-in basis.
• Hunton Andrews Kurth LLPminorImplementation/ SI/ Consulting PartnerHunton Andrews Kurth LLP served as legal counsel to Hawthorn Bancshares, Inc. in connection with the FSC Bancshares acquisition.
• Stinson LLPminorImplementation/ SI/ Consulting PartnerStinson LLP served as legal counsel to FSC Bancshares, Inc. in connection with the acquisition transaction.
• Forvis Mazars, LLPminorImplementation/ SI/ Consulting PartnerForvis Mazars, LLP was ratified as the company's independent registered public accounting firm for fiscal year 2026 at the 2026 Annual Meeting of Shareholders.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• QCR Holdings: Moline, IL-based multi-bank holding company (NASDAQ: QCRH) operating community banks across the Midwest. Comparable as a publicly traded community bank consolidator pursuing both organic and acquired growth in similar-sized markets.
• German American Bancorp: Jasper, IN-based community bank holding company (NASDAQ: GABC) operating across Indiana, Kentucky, and adjacent Midwest markets. Comparable as a publicly traded Midwestern community bank with similar product set and rural/small-metro customer base.
• Equity Bancshares: Wichita, KS-based community bank holding company (NYSE: EQBK) operating in the Kansas/Missouri corridor with a comparable mix of commercial, consumer, and wealth management services. Direct peer by both geography and community-bank operating model.
• Bridgewater Bancshares: St. Louis Park, MN-based community bank holding company (NASDAQ: BWB) operating commercial and consumer banking in the Minneapolis metro. Comparable as a smaller publicly traded Upper-Midwest community bank with a similar relationship-banking focus.
• West Bancorporation: West Des Moines, IA-based community bank holding company (NASDAQ: WTBA) of comparable size and conservative operating profile. Directly comparable as a publicly traded, dividend-paying Midwest community bank focused on commercial lending and deposits.
• MidWestOne Financial Group: Iowa City, IA-based community bank holding company (NASDAQ: MOFG) operating across Iowa, Minnesota, Wisconsin, and Florida. Comparable as a Midwestern publicly traded community bank of similar asset size with a community banking, lending, and wealth management product set.
• Guaranty Federal Bancshares: Springfield, MO-based community bank holding company (NASDAQ: GFED) of similar asset size and Missouri community-bank profile. Closely comparable in scale, product mix, and Midwestern community-banking strategy.
• First Mid Bancshares: Mattoon, IL-based community bank holding company (NASDAQ: FMBH) with operations spanning Illinois and Missouri. Highly comparable by community-bank operating model, mix of consumer and commercial lending, and active M&A-driven growth strategy.
• Southern Missouri Bancorp: Poplar Bluff, MO-based community bank holding company (NASDAQ: SMBC) of comparable size and rural Missouri footprint. Directly comparable by geography, product mix (consumer/commercial lending, deposits), and target customer base of consumers and small businesses.

Broad incumbents

• Commerce Bancshares: Kansas City, MO-based regional bank holding company (NASDAQ: CBSH) and the dominant Missouri-headquartered banking franchise. Operates consumer and commercial banking, wealth, and treasury management across the same Missouri/Kansas geography but at materially larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/HawthornBankMO
• Facebookfacebook.com/HawthornBankMO

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hawthorne Bancshares