Hawthorn Bancshares (HWBK)


Market Price (11/6/2026): $38.88 | Market Cap: $284.4 MilSector: Financials | Industry: Regional Banks

Hawthorn Bancshares (HWBK)


Market Price (11/6/2026): $38.88
Market Cap: $284.4 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.4%, FCF Yield is 10%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%

Low stock price volatility
Vol 12M is 32%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more.

Trading close to highs
Dist 52W High is -3.0%, Dist 3Y High is -3.0%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.8

Key risks
HWBK key risks include [1] susceptibility to real estate market downturns due to a substantial concentration of commercial real estate loans in its portfolio.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.4%, FCF Yield is 10%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%
3 Low stock price volatility
Vol 12M is 32%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more.
5 Trading close to highs
Dist 52W High is -3.0%, Dist 3Y High is -3.0%
6 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.8
7 Key risks
HWBK key risks include [1] susceptibility to real estate market downturns due to a substantial concentration of commercial real estate loans in its portfolio.

HWBK in ETFs

Weight = HWBK's share of each fund

VTI0.00%
IWM0.01%
IWN0.02%
VTWO0.01%
AVUV0.00%
DFAS0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

Hawthorn Bancshares (HWBK) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Mixed Fiscal Q3 2026 Earnings with Sequential Declines: Hawthorn Bancshares reported a mixed performance for its fiscal Q3 2026 (ended September 30, 2026). While net income rose 15.2% year-over-year to $7.1 million and diluted EPS increased 15% to $1.01, both metrics saw a sequential decline from fiscal Q2 2026. Net income decreased 3.6% from the prior quarter, and diluted EPS fell from $1.06 in fiscal Q2 2026. This sequential slowdown, partly attributed to a $1.7 million decrease in non-interest income due to a non-recurring gain in the prior quarter, likely contributed to the stock's flat movement as investors digested both the positive annual growth and the quarterly dip.

2. Integration of FSC Bancshares Acquisition: The completion of the FSC Bancshares, Inc. acquisition on September 3, 2026, significantly expanded Hawthorn Bancshares' balance sheet, increasing loans by $273.8 million (19.3%) and deposits by $302.8 million (20.3%) quarter-over-quarter. However, the acquisition also brought $2.0 million in related expenses, which weighed on reported fiscal Q3 2026 results and led to a higher efficiency ratio of 65.00% compared to 62.30% a year prior. The market's reaction suggests a wait-and-see approach, awaiting further details on the successful integration and long-term financial benefits before significantly adjusting the stock price.

Show more
Updated on 11/1/2026

Hawthorn Bancshares (HWBK) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Mixed Fiscal Q3 2026 Earnings with Sequential Declines: Hawthorn Bancshares reported a mixed performance for its fiscal Q3 2026 (ended September 30, 2026). While net income rose 15.2% year-over-year to $7.1 million and diluted EPS increased 15% to $1.01, both metrics saw a sequential decline from fiscal Q2 2026. Net income decreased 3.6% from the prior quarter, and diluted EPS fell from $1.06 in fiscal Q2 2026. This sequential slowdown, partly attributed to a $1.7 million decrease in non-interest income due to a non-recurring gain in the prior quarter, likely contributed to the stock's flat movement as investors digested both the positive annual growth and the quarterly dip.

2. Integration of FSC Bancshares Acquisition: The completion of the FSC Bancshares, Inc. acquisition on September 3, 2026, significantly expanded Hawthorn Bancshares' balance sheet, increasing loans by $273.8 million (19.3%) and deposits by $302.8 million (20.3%) quarter-over-quarter. However, the acquisition also brought $2.0 million in related expenses, which weighed on reported fiscal Q3 2026 results and led to a higher efficiency ratio of 65.00% compared to 62.30% a year prior. The market's reaction suggests a wait-and-see approach, awaiting further details on the successful integration and long-term financial benefits before significantly adjusting the stock price.

3. Modest Deterioration in Credit Quality: Despite an overall stable credit quality, Hawthorn Bancshares experienced a slight increase in non-performing assets to total loans, which rose to 0.59% at September 30, 2026, from 0.53% in the prior quarter (fiscal Q2 2026) and 0.48% a year earlier. This incremental increase in non-performing assets could have created a degree of caution among investors, offsetting some of the positive financial metrics and contributing to the stock's largely unchanged level.

4. Shareholder Returns Providing Price Support: The company's consistent return of capital to shareholders likely provided underlying support for the stock price, preventing significant declines. On October 28, 2026, the Board approved a quarterly cash dividend of $0.21 per common share. Additionally, a share repurchase plan authorized up to $10.0 million was in place, with the full amount remaining available as of September 30, 2026, demonstrating a commitment to enhancing shareholder value.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 0.3% change in HWBK stock from 7/31/2026 to 11/5/2026 was primarily driven by a 3.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)731202611052026Change
Stock Price ($)38.7838.890.3%
Change Contribution By: 
Total Revenues ($ Mil)82853.9%
Net Income Margin (%)29.6%29.9%1.1%
P/E Multiple11.110.6-4.6%
Shares Outstanding (Mil)770.0%
Cumulative Contribution0.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
HWBK0.3% 
Market (SPY)-1.9%32.8%
Sector (XLF)1.0%51.4%

Fundamental Drivers

The 16.9% change in HWBK stock from 4/30/2026 to 11/5/2026 was primarily driven by a 9.5% change in the company's P/E Multiple.
(LTM values as of)430202611052026Change
Stock Price ($)33.2538.8916.9%
Change Contribution By: 
Total Revenues ($ Mil)80855.8%
Net Income Margin (%)29.6%29.9%0.8%
P/E Multiple9.610.69.5%
Shares Outstanding (Mil)770.1%
Cumulative Contribution16.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
HWBK16.9% 
Market (SPY)2.3%4.6%
Sector (XLF)10.7%23.8%

Fundamental Drivers

The 31.8% change in HWBK stock from 10/31/2025 to 11/5/2026 was primarily driven by a 12.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511052026Change
Stock Price ($)29.5138.8931.8%
Change Contribution By: 
Total Revenues ($ Mil)758512.7%
Net Income Margin (%)27.4%29.9%9.1%
P/E Multiple9.910.66.6%
Shares Outstanding (Mil)770.6%
Cumulative Contribution31.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
HWBK31.8% 
Market (SPY)8.4%7.5%
Sector (XLF)11.1%19.7%

Fundamental Drivers

The 142.7% change in HWBK stock from 10/31/2023 to 11/5/2026 was primarily driven by a 44.9% change in the company's P/E Multiple.
(LTM values as of)1031202311052026Change
Stock Price ($)16.0238.89142.7%
Change Contribution By: 
Total Revenues ($ Mil)708522.1%
Net Income Margin (%)22.2%29.9%34.4%
P/E Multiple7.310.644.9%
Shares Outstanding (Mil)772.1%
Cumulative Contribution142.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
HWBK142.7% 
Market (SPY)81.3%17.3%
Sector (XLF)85.5%22.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HWBK Return26%-10%26%15%26%13%135%
Peers Return37%-2%-2%23%1%17%92%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
HWBK Win Rate75%58%50%58%50%45% 
Peers Win Rate68%43%48%60%52%64% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
HWBK Max Drawdown-17%-19%-35%-28%-27%-10% 
Peers Max Drawdown-16%-19%-35%-15%-24%-14% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CBSH, UMBF, GSBC, EQBK, EFSC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

How Low Can It Go

EventHWBKS&P 500
2025 US Tariff Shock
  % Loss-23.8%-18.8%
  % Gain to Breakeven31.2%23.1%
  Time to Breakeven259 days79 days
2023 SVB Regional Banking Crisis
  % Loss-27.2%-6.7%
  % Gain to Breakeven37.4%7.1%
  Time to Breakeven202 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-10.8%-24.5%
  % Gain to Breakeven12.1%32.4%
  Time to Breakeven127 days427 days
2020 COVID-19 Crash
  % Loss-41.7%-33.7%
  % Gain to Breakeven71.4%50.9%
  Time to Breakeven238 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-14.6%-19.2%
  % Gain to Breakeven17.1%23.8%
  Time to Breakeven39 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-29.7%-17.9%
  % Gain to Breakeven42.3%21.8%
  Time to Breakeven113 days123 days

Compare to CBSH, UMBF, GSBC, EQBK, EFSC

In The Past

Hawthorn Bancshares's stock fell -23.8% during the 2025 US Tariff Shock. Such a loss loss requires a 31.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventHWBKS&P 500
2025 US Tariff Shock
  % Loss-23.8%-18.8%
  % Gain to Breakeven31.2%23.1%
  Time to Breakeven259 days79 days
2023 SVB Regional Banking Crisis
  % Loss-27.2%-6.7%
  % Gain to Breakeven37.4%7.1%
  Time to Breakeven202 days31 days
2020 COVID-19 Crash
  % Loss-41.7%-33.7%
  % Gain to Breakeven71.4%50.9%
  Time to Breakeven238 days140 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-29.7%-17.9%
  % Gain to Breakeven42.3%21.8%
  Time to Breakeven113 days123 days
2008-2009 Global Financial Crisis
  % Loss-59.7%-53.4%
  % Gain to Breakeven148.4%114.4%
  Time to Breakeven2853 days1085 days

Compare to CBSH, UMBF, GSBC, EQBK, EFSC

In The Past

Hawthorn Bancshares's stock fell -23.8% during the 2025 US Tariff Shock. Such a loss loss requires a 31.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Hawthorn Bancshares (HWBK)

Hawthorn Bancshares, Inc. (HWBK) operates as a bank holding company, primarily through its subsidiary, Hawthorn Bank. The company specializes in providing a full spectrum of commercial and personal banking services to individuals and businesses within its geographic footprint.

Its core offerings include various deposit accounts such as checking, savings, money market, and certificates of deposit. On the lending side, Hawthorn Bank extends commercial and industrial loans, residential and commercial real estate loans, consumer loans, and small business administration (SBA) loans. Beyond traditional banking, it also offers trust services, encompassing estate planning, investment, and asset management, alongside cash management solutions, debit and credit cards, and internet banking services.

Hawthorn Bancshares primarily serves customers across key Missouri communities, operating through 23 banking offices. Its market presence includes major areas like Jefferson City, Columbia, Springfield, St. Louis, and the greater Kansas City metropolitan area, positioning it as a long-standing regional bank, originally founded in 1865.

AI Analysis | Feedback

It's like Bank of America, but specifically for Missouri.

Think of it as U.S. Bank, but with all its operations focused on communities across Missouri.

A regional bank for Missouri, offering full services, much like a scaled-down version of JPMorgan Chase for that state.

AI Analysis | Feedback

  • Deposit Services: Provides a range of deposit accounts including checking, savings, money market, IRAs, and certificates of deposit for personal and commercial customers.
  • Lending Services: Offers various loan products such as commercial, industrial, real estate (commercial and residential), personal, consumer, equipment, operating, and Small Business Administration (SBA) loans.
  • Card Services: Issues debit and credit cards to facilitate transactions for its customers.
  • Trust and Wealth Management Services: Delivers estate planning, investment, and asset management services to individuals and businesses.
  • Ancillary Banking Services: Supplies additional banking functionalities like cash management, safety deposit boxes, brokerage, and internet banking.

AI Analysis | Feedback

```html

Hawthorn Bancshares (HWBK) operates as a bank holding company, providing a wide range of financial services rather than selling to a few major customers in the traditional sense. Its customer base is diversified across individuals and businesses within the communities it serves. Therefore, it primarily serves the following categories of customers:

  • Individual Consumers and Households: This category includes individuals who utilize the bank's personal banking services such as checking, savings, money market, and individual retirement accounts. They also access consumer loans (single payment personal, installment), debit and credit cards, and trust services including estate planning, investment, and asset management.
  • Businesses and Commercial Entities: This category encompasses a variety of commercial clients, including small to medium-sized businesses and commercial real estate developers. They utilize services such as commercial and industrial loans, commercial and residential real estate loans, equipment, operating, and Small Business Administration (SBA) loans, as well as cash management services.
```

AI Analysis | Feedback

null

AI Analysis | Feedback

Brent M. Giles Chief Executive Officer

Mr. Giles has served as CEO of Hawthorn Bank and Director of Hawthorn Bancshares, Inc. since May 2023. Prior to joining Hawthorn, he spent three years as the CEO of Wisconsin Bank and Trust and Bank of Blue Valley. From 2003 until its sale in 2019, Mr. Giles was the Chairman and Chief Executive Officer of Liberty Bancorp, Inc. and BankLiberty, where he took the company public and oversaw multiple acquisitions and organic growth, establishing it as a top-performing community bank. BankLiberty received numerous accolades, including "best bank" and "best place to work." His extensive experience includes early roles in commercial banking and nine years as an FDIC examiner.

Christopher Eugene Hafner Chief Financial Officer

Mr. Hafner has served as Chief Financial Officer of Hawthorn Bancshares and Hawthorn Bank since October 2023, bringing over 30 years of experience in financial institutions. From 2016 to 2022, he was the Chief Accounting Officer of Crossfirst Bank, where he guided his team through its initial public offering in 2019. Earlier in his career, he served as Chief Financial Officer and Chief Risk Officer of MoBank from 2011 until its acquisition in 2015, and as Chief Financial Officer of First National Bank of Kansas from 2005 until its merger in 2011.

Gregg A. Bexten President

Mr. Bexten has served as a director and President of both Hawthorn Bancshares and Hawthorn Bank since May 2023. Previously, he was the Regional President of the Central Region from 2014 to May 2023. From 2000 to 2014, he worked as a commercial lender in the Central Region, holding titles such as Senior Vice President and Vice President. Before joining Hawthorn Bank, Mr. Bexten was a Commercial Lender with Midwest Independent Bank and a Commissioned Bank Examiner for the Federal Reserve Bank of St. Louis.

Kathleen L. Bruegenhemke Executive Vice President, Chief Risk Officer, Secretary, Chief Operations Officer

Ms. Bruegenhemke has been a director of Hawthorn Bancshares and Hawthorn Bank since March 2017 and has served as Executive Vice President since May 2024. She has held the position of Senior Vice President and Secretary of the Company since 1997 and Chief Risk Officer since June 2006. With a brief exception, she has served as Chief Operations Officer of Hawthorn Bank since January 2017. Her prior roles include Columbia Market President from October 2014 to December 2016 and Internal Auditor for Hawthorn Bank (or its predecessors) from January 1992 to November 1997.

Martin J. Weishaar Executive Vice President and General Counsel

Mr. Weishaar serves as Executive Vice President and General Counsel for Hawthorn Bancshares.

AI Analysis | Feedback

The key risks for Hawthorn Bancshares (HWBK) are primarily related to its core banking operations and its geographic concentration.

  1. Credit Risk: As a commercial and personal banking service provider, Hawthorn Bancshares faces inherent credit risk. This risk stems from the potential for borrowers to default on their loans, which include commercial and industrial, single payment personal, installment, commercial and residential real estate, and consumer loans. Changes in the quality of the company's loans and other assets, as well as fluctuations in loan delinquencies and write-offs, directly impact the bank's financial performance and the adequacy of its allowance for credit losses.
  2. Interest Rate Risk: Hawthorn Bancshares is exposed to significant interest rate risk, which is common for financial institutions. Changes in the interest rate environment can adversely affect the company's net interest income, the value of its investment securities, and its overall profitability. The bank's exposure to market risk, particularly from future interest rate changes, is regularly reviewed by its asset/liability committee and board of directors.
  3. Economic Downturn and Geographic Concentration Risk: Hawthorn Bancshares operates through 23 banking offices exclusively within Missouri, serving communities such as Jefferson City, Columbia, Clinton, Warsaw, Springfield, St. Louis, and the greater Kansas City metropolitan area. This geographic concentration means that the company's profitability and financial health are highly dependent on the economic conditions of central and west-central Missouri and the Kansas City Metropolitan Statistical Area (MSA). A significant economic downturn, adverse changes in regional economies, or natural disasters within this specific service area could severely impact loan demand, deposit levels, and asset quality, thereby exacerbating credit risk and affecting the bank's overall business.

AI Analysis | Feedback

The clear emerging threat for Hawthorn Bancshares (HWBK) is the rise of digital-first financial institutions, including neobanks, challenger banks, and specialized online lenders. These entities leverage technology to offer banking services with lower overhead, often providing more competitive rates, reduced fees, and superior mobile-first user experiences, directly challenging traditional brick-and-mortar regional banks like HWBK for deposits, loans, and other financial services.

AI Analysis | Feedback

The addressable markets for Hawthorn Bancshares' main products and services are primarily within the state of Missouri, where the company operates its 23 banking offices. Based on available data, the market sizes for key banking services in Missouri are as follows:

  • Deposits: The total deposits in all banks in Missouri were approximately $216.75 billion as of September 30, 2024. For state-chartered banks in Missouri, deposits totaled $182.1 billion as of December 31, 2025.
  • Loans: The total loan volume for state-chartered banks in Missouri was $146.9 billion as of December 31, 2025. The Commercial Banking industry in Missouri, which includes consumer, commercial, and industrial loans, had a market size of $29.4 billion in 2026.
  • Trust Services: Nondeposit trust companies in Missouri held a combined total of $21.5 billion in trust assets as of December 31, 2022. The broader "Custody, Asset & Securities Services" industry in Missouri, which encompasses trust and fiduciary services, experienced an average annual growth rate of 3.4% from 2020 to 2025.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Hawthorn Bancshares (HWBK) over the next 2-3 years:

  1. Growth in the Wealth Management Segment: Hawthorn Bancshares has strategically identified its Wealth Management business as a separate reportable segment starting in 2025 and has invested in additional management resources to build out its products and processes. This focus is expected to drive increased fee income and asset under management growth.
  2. Expansion of the Loan Portfolio: The company anticipates continued core growth by expanding existing customer relationships and attracting new customers, leading to an increase in its loan portfolio. This strategy directly contributes to higher interest income.
  3. Geographic Market Expansion: Hawthorn Bancshares is actively expanding its physical footprint. A notable example is the approval and planned opening of a new banking center in Overland Park, Kansas, in February 2025, which is expected to extend its reach into new markets and attract new customers and deposits.
  4. Strategic Reinvestment in Higher-Earning Assets: The company has repositioned its balance sheet by selling lower-yielding investment securities to reinvest the proceeds into higher-earning assets. This strategic move aims to enhance overall interest income and improve profitability.
  5. Improvement in Net Interest Margin (NIM): Hawthorn Bancshares has demonstrated a focus on improving its net interest margin, primarily through optimizing yields on earning assets and managing the cost of deposits. A sustained increase in NIM directly translates to higher net interest income from its banking operations.

AI Analysis | Feedback

Share Repurchases

  • Hawthorn Bancshares' Board of Directors approved a new common stock repurchase program in June 2025, authorizing the repurchase of up to $10.0 million in market value of its common stock. This program replaced a prior one.
  • During the first nine months of 2025, the company repurchased 90,466 common shares at an average cost of $27.72 per share, totaling approximately $2.5 million.
  • As of September 30, 2025, approximately $8.7 million remained available for repurchases under the $10.0 million program.

Share Issuance

  • The number of shares outstanding for Hawthorn Bancshares decreased by 1.08% in 2025 and 1.74% in 2024, indicating net repurchases rather than significant new issuances.
  • The company's CEO, Brent M. Giles, purchased 700 shares for approximately $18,088 in March 2025.
  • Director Jonathan Holtaway increased his stake in the company by purchasing 11,000 shares for a total of $208,725 in April 2024.

Capital Expenditures

  • In the last 12 months, Hawthorn Bancshares had capital expenditures of approximately $4.08 million.

Peer Outperformance in Regional Banks

HWBK has outperformed 83% of its 262 Regional Banks peers over 5Y. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that HWBK has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
46%
of 281 industry peers · 28.4% return
3Y
75%
of 273 industry peers · 114.2% return
5Y
83%
of 262 industry peers · 99.2% return
No Regional Banks peer with a comparable growth profile has beaten HWBK by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is HWBK's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
Regional Banks ← 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
Asset Management & Custody Banks 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

HWBKCBSHUMBFGSBCEQBKEFSCMedian
NameHawthorn.Commerce.UMB Fina.Great So.Equity B.Enterpri. 
Mkt Price38.8855.20134.7080.7448.8962.3358.77
Mkt Cap0.38.010.20.91.02.21.6
Rev LTM851,9002,790226252626439
Op Inc LTM-------
FCF LTM281,2131,1424439235140
FCF 3Y Avg237347705060231145
CFO LTM341,2621,1875556243149
CFO 3Y Avg277868065872240156

Growth & Margins

HWBKCBSHUMBFGSBCEQBKEFSCMedian
NameHawthorn.Commerce.UMB Fina.Great So.Equity B.Enterpri. 
Rev Chg LTM12.7%10.8%29.2%-0.1%10.1%5.6%10.5%
Rev Chg 3Y Avg8.7%6.4%29.5%-1.7%13.8%4.8%7.6%
Rev Chg Q16.4%14.7%15.3%-3.9%40.0%-9.7%15.0%
QoQ Delta Rev Chg LTM3.9%3.6%3.5%-1.0%10.0%-2.7%3.6%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM39.5%66.4%42.5%24.1%22.0%38.8%39.1%
CFO/Rev 3Y Avg37.1%44.1%36.3%26.0%36.1%41.6%36.7%
FCF/Rev LTM32.8%63.9%40.9%19.5%15.5%37.6%35.2%
FCF/Rev 3Y Avg32.3%41.1%34.7%22.3%29.9%40.0%33.5%

Valuation

HWBKCBSHUMBFGSBCEQBKEFSCMedian
NameHawthorn.Commerce.UMB Fina.Great So.Equity B.Enterpri. 
Mkt Cap0.38.010.20.91.02.21.6
P/S3.24.23.73.94.03.63.8
P/Op Inc-------
P/EBIT-------
P/E10.613.69.913.128.112.012.5
P/CFO8.06.38.616.118.19.38.9
Total Yield11.6%9.3%11.7%9.8%4.9%10.5%10.2%
Dividend Yield2.1%2.0%1.6%2.1%1.3%2.2%2.0%
FCF Yield 3Y Avg12.0%9.1%9.2%7.0%8.3%11.3%9.1%
D/E0.30.00.00.50.50.20.2
Net D/E-0.1-0.7-0.50.3-1.2-1.0-0.6

Returns

HWBKCBSHUMBFGSBCEQBKEFSCMedian
NameHawthorn.Commerce.UMB Fina.Great So.Equity B.Enterpri. 
1M Rtn0.9%0.8%3.6%1.9%2.9%4.6%2.4%
3M Rtn-2.8%-6.2%-6.9%-0.3%-4.1%-5.6%-4.8%
6M Rtn6.2%6.2%3.4%17.0%7.7%5.8%6.2%
12M Rtn28.4%10.1%27.5%43.7%20.0%18.5%23.8%
3Y Rtn114.1%39.6%106.6%68.5%95.1%80.6%87.9%
1M Excs Rtn3.4%3.9%6.5%5.2%5.5%7.6%5.4%
3M Excs Rtn-2.1%-5.2%-6.3%1.5%-2.7%-4.0%-3.4%
6M Excs Rtn1.4%1.5%-1.4%12.2%2.9%1.0%1.5%
12M Excs Rtn17.5%-3.0%15.0%34.4%8.2%6.4%11.6%
3Y Excs Rtn59.3%-36.4%41.8%-7.4%28.1%8.4%18.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20232022202120202019
Single Segment5568716454
Total5568716454


Net Income by Segment
$ Mil2025202420232022
Hawthorn Bank2522523
Wealth Management1   
Non-Banks-3-4-4-2
Total2418121


Assets by Segment
$ Mil20252024202320222007
Hawthorn Bank1,8821,8121,8681,914692
Non-Banks1313810 
Wealth Management0    
The Exchange Natl Bank    506
Total1,8951,8251,8751,9241,198


Price Behavior

Price Behavior
Market Price$38.89 
Market Cap ($ Bil)0.3 
First Trading Date07/20/1999 
Distance from 52W High-3.0% 
   50 Days200 Days
DMA Price$38.76$36.44
DMA Trendindeterminateup
Distance from DMA0.3%6.7%
 3M1YR
Volatility17.1%31.6%
Downside Capture24.271.46
Upside Capture25.1236.71
Correlation (S&P 500)12.0%5.0%
HWBK Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.080.080.15-0.100.100.37
Up Beta-1.36-0.450.20-0.060.460.51
Down Beta0.050.200.08-0.89-0.520.38
Up Capture15%14%16%30%25%15%
Bmk +ve Days12182862130427
Stock +ve Days11193163131389
Down Capture-24%9%17%-7%4%26%
Bmk -ve Days10253664121325
Stock -ve Days10233262118343

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HWBK
HWBK31.3%31.6%0.87-
Sector ETF (XLF)11.1%15.2%0.4720.1%
Equity (SPY)9.5%13.6%0.417.0%
Gold (GLD)3.6%28.7%0.11-9.3%
Commodities (DBC)37.7%21.2%1.40-26.3%
Real Estate (VNQ)12.0%14.2%0.5524.1%
Bitcoin (BTCUSD)-20.8%43.3%-0.42-1.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HWBK
HWBK14.4%31.1%0.47-
Sector ETF (XLF)9.1%18.4%0.3620.8%
Equity (SPY)11.3%17.3%0.4816.0%
Gold (GLD)17.5%19.1%0.740.7%
Commodities (DBC)8.0%19.6%0.290.2%
Real Estate (VNQ)1.2%18.9%-0.0517.8%
Bitcoin (BTCUSD)5.9%51.5%0.298.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HWBK
HWBK15.4%39.8%0.48-
Sector ETF (XLF)13.3%22.1%0.5436.9%
Equity (SPY)14.9%18.0%0.7031.3%
Gold (GLD)12.0%16.5%0.591.0%
Commodities (DBC)7.6%18.1%0.3310.5%
Real Estate (VNQ)5.7%20.7%0.2331.7%
Bitcoin (BTCUSD)61.3%66.2%1.0111.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.2 Mil
Short Interest: % Change Since 93020267.8%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest10.8 days
Basic Shares Quantity6.9 Mil
Short % of Basic Shares2.6%

Earnings Returns History

Updated 11/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/30/20261.0%  
7/29/2026-0.1%2.7%1.0%
4/29/2026-0.2%7.6%8.9%
1/28/20264.4%11.1%1.3%
10/29/20250.9%2.2%11.2%
7/30/2025-0.8%-0.5%16.0%
4/30/20250.8%-1.5%-2.4%
1/22/20251.8%3.7%4.3%
...
SUMMARY STATS   
# Positive131214
# Negative11119
Median Positive1.2%2.5%6.9%
Median Negative-0.8%-1.5%-3.4%
Max Positive4.4%11.1%35.7%
Max Negative-2.5%-6.9%-18.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/30/20261.0%  
7/29/2026-0.1%2.7%1.0%
4/29/2026-0.2%7.6%8.9%
1/28/20264.4%11.1%1.3%
10/29/20250.9%2.2%11.2%
7/30/2025-0.8%-0.5%16.0%
4/30/20250.8%-1.5%-2.4%
1/22/20251.8%3.7%4.3%
10/30/20241.2%-0.4%15.3%
7/30/20242.7%-3.1%7.8%
4/24/2024-0.4%0.2%-1.0%
1/30/2024-0.8%-5.1%-14.8%
10/25/20232.8%9.1%35.7%
7/26/20231.3%-0.1%-3.4%
4/26/2023-0.8%-4.2%-18.0%
1/30/20230.0%1.0%3.9%
10/26/2022-2.5%-6.9%-6.2%
7/27/2022-0.6%-1.5%-4.2%
4/29/20220.5%1.1%1.3%
1/28/2022-1.4%-0.6%-0.3%
10/27/20211.2%1.8%1.4%
7/29/2021-0.3%-0.3%-0.3%
4/28/20211.8%5.9%16.0%
1/27/2021-1.9%1.2%6.0%
SUMMARY STATS   
# Positive131214
# Negative11119
Median Positive1.2%2.5%6.9%
Median Negative-0.8%-1.5%-3.4%
Max Positive4.4%11.1%35.7%
Max Negative-2.5%-6.9%-18.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/08/202610-Q
12/31/202503/05/202610-K
09/30/202511/07/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/17/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/09/202410-Q
12/31/202303/18/202410-K
09/30/202311/09/202310-Q
06/30/202308/10/202310-Q
03/31/202305/15/202310-Q
12/31/202203/29/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/08/202610-Q
12/31/202503/05/202610-K
09/30/202511/07/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/17/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/09/202410-Q
12/31/202303/18/202410-K
09/30/202311/09/202310-Q
06/30/202308/10/202310-Q
03/31/202305/15/202310-Q
12/31/202203/29/202310-K
09/30/202211/10/202210-Q
06/30/202208/11/202210-Q
03/31/202205/10/202210-Q
12/31/202103/17/202210-K
09/30/202111/04/202110-Q
06/30/202108/06/202110-Q
03/31/202105/10/202110-Q
12/31/202003/12/202110-K
09/30/202011/05/202010-Q
06/30/202008/06/202010-Q
03/31/202005/07/202010-Q
12/31/201903/16/202010-K
09/30/201911/07/201910-Q

Recent Forward Guidance

Updated 11/2/2026

Latest: Q3 2026 Earnings Reported 10/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 DividendsReported 0.21 0.0% Same NewGuidance: 0.21 for Q3 2026


Prior: Q2 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 DividendsReported 0.21 0 Same NewActual: 0.21 for Q2 2026

Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 DividendsReported 0.21   Same NewActual: 0.21 for Q1 2026
2026 Share RepurchasesReported 8.00 Mil    

Q4 2025 Earnings Reported 1/28/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 DividendsReported 0.21 5.0% RaisedActual: 0.2 for Q4 2025

Insider Activity

Updated 8/28/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hettinger, Shawna M DirectBuy828202638.2065425,000207,182Form
2Hettinger, Shawna M DirectBuy828202638.7564525,000184,805Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hettinger, Shawna M DirectBuy828202638.2065425,000207,182Form
2Hettinger, Shawna M DirectBuy828202638.7564525,000184,805Form
Core Cache Last Updated: 11/5/2026