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<SEC-DOCUMENT>0001299933-08-002395.txt : 20080507
<SEC-HEADER>0001299933-08-002395.hdr.sgml : 20080507
<ACCEPTANCE-DATETIME>20080507153109
ACCESSION NUMBER:		0001299933-08-002395
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080506
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20080507
DATE AS OF CHANGE:		20080507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HAWTHORN BANCSHARES, INC.
		CENTRAL INDEX KEY:			0000893847
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				431626350
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23636
		FILM NUMBER:		08809778

	BUSINESS ADDRESS:	
		STREET 1:		300 SOUTHWEST LONGVIEW BLVD.
		CITY:			LEE'S SUMMIT
		STATE:			MO
		ZIP:			64081
		BUSINESS PHONE:		(573)761-6100

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 688
		CITY:			JEFFERSON CITY
		STATE:			MO
		ZIP:			65102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXCHANGE NATIONAL BANCSHARES INC
		DATE OF NAME CHANGE:	19940323
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_27078.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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<TITLE> Hawthorn Bancshares, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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<BR>
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	May 6, 2008
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	Hawthorn Bancshares, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Missouri
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	0-23636
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	431626350
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	300 Southwest Longview Blvd., Lee's Summit, Missouri
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	&nbsp;
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	64081
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	&nbsp;
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	573.761.6179
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 2.02 Results of Operations and Financial Condition.
</B>
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On May 6, 2008, Hawthorn Bancshares, Inc. issued a press release announcing the financial results for the fiscal quarter ending March 31, 2008.  A copy of the press release is attached as Exhibit 99.1.<br><br>The information contained in Item 2.02 of this Current Report and in Exhibit 99.1 of this Current Report is being furnished and shall not be deemed "filed" with the SEC for purposes of Section 18 of the Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
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<B>
	SIGNATURES
</B>
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Hawthorn Bancshares, Inc.
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	&nbsp;&nbsp;
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<I>
	May 6, 2008
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	&nbsp;
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<I>
	By:
</I>
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	&nbsp;
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<I>
	James E. Smith
</I>
<BR>
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	&nbsp;
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<I>
	Name: James E. Smith
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<I>
	Title: Chairman & CEO
</I>
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	99.1
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	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
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Press release dated May 6, 2008 reporting financial results for the fiscal quarter ending March 31, 2008.
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<TYPE>EX-99.1
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<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.1
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<TITLE> EX-99.1 </TITLE>
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 8pt">Exhibit&nbsp;99.1</FONT>



<P align="left" style="font-size: 8pt"><FONT style="font-size: 10pt"><B>Hawthorn Bancshares Announces 1st Quarter Earnings of $0.26 Per Diluted Share</B>
<BR>
Lee&#146;s Summit, MO
<BR>
May&nbsp;6, 2008
</FONT>

<P align="left" style="font-size: 10pt">Hawthorn Bancshares of Lee&#146;s Summit, MO (NASDAQ: HWBK), a financial services company, announced
today first quarter earnings of $0.26 per diluted share, up 8% from diluted earnings per share of
$0.24 for the fourth quarter of 2007 and down 53% from diluted earnings per share of $0.55 for the
first quarter 2007.


<P align="left" style="font-size: 10pt">Net income for the 3&nbsp;months ended March&nbsp;31, 2008 of $1.1&nbsp;million increased $0.1&nbsp;million when
compared with fourth quarter 2007. Compared with the first quarter of 2007, net income is down
$1.2&nbsp;million.


<P align="left" style="font-size: 10pt">For the quarter, the annualized return on average equity was 3.88% and the annualized return on
average assets was 0.36% compared with 8.98% and 0.83%, respectively, for first quarter 2007.


<P align="left" style="font-size: 10pt">In commenting on earnings performance, Chairman &#038; CEO James E. Smith said, &#147;We decided to
strengthen our allowance for loan losses during the first quarter by taking a $1.65&nbsp;million
provision, thus increasing our percentage of allowance to total loans to 1.08% compared with 1.02%
at year-end 2007 and 1.13% at March&nbsp;31, 2007. While Hawthorn&#146;s underlying business remains strong,
the recent slowdown in the commercial development and construction market has led to an increase in
nonperforming assets throughout the banking industry.&#148; During the quarter, Hawthorn&#146;s
nonperforming assets increased $4.5&nbsp;million. Mr.&nbsp;Smith added, &#147;We continue to closely monitor the
financial health of our borrowers through proactive risk management procedures.&#148;


<P align="left" style="font-size: 10pt">The Company experienced moderate loan growth primarily in the commercial construction and real
estate mortgage portfolios. Although the net interest margin for first quarter of 2008 declined to
3.55% (compared with 3.75% for the same period in 2007), net interest income actually rose $0.4
million as a result of the higher volume of earning assets.


<P align="left" style="font-size: 10pt">Financial performance was also affected by a $0.2&nbsp;million decrease in other noninterest income and
a $0.5&nbsp;million increase in other noninterest expense. The increased noninterest expense relates,
in part, to growth of the Company&#146;s branch banking network and expansion in various technology
areas including check imaging and electronic item capture.


<P align="left" style="font-size: 10pt">Comparing March&nbsp;31, 2008 balances with December&nbsp;31, 2007, total assets increased 3.1% to $1.2
billion. Loans, net of allowance for loan losses, increased 1.9% to $919.6&nbsp;million, while
investment securities increased 15.4% to $181.5&nbsp;million. Total deposits decreased 0.5% to $916.8
million. During the same period, stockholders&#146; equity increased 1.0% to $112.2&nbsp;million or 9.1% of
total assets.


<P align="left" style="font-size: 10pt"><B>About Hawthorn Bancshares</B>


<P align="left" style="font-size: 10pt">Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Lee&#146;s Summit,
Missouri, is the parent company of Hawthorn Bank of Jefferson City with locations in Lee&#146;s Summit,
Springfield, Branson, Independence, Raymore, Columbia, Clinton, Windsor, Collins, Osceola, Warsaw,
Belton, Drexel, Harrisonville, California, Tipton and St. Robert.

<DIV align="center">
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    <TD width="77%">&nbsp;</TD>
</TR>

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<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Contact:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kathleen Bruegenhemke<BR>
Senior Vice President, Investor Relations<BR>
TEL: 573.761.6100 FAX: 573.761.6272<BR>
www.HawthornBancshares.com</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->


<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt"><U><B>FINANCIAL SUMMARY</B></U>
</FONT><BR>
<FONT style="font-size: 8pt"><U><B>(unaudited)</B></U>
</FONT>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px">Balance sheet information:<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">March&nbsp;31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">December&nbsp;31, 2007</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Loans, net of allowance<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="9" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for loan losses<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">919,559,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">901,996,263</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Debt and equity securities<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,538,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,368,505</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Total assets<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,233,427,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,195,804,079</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Deposits<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">916,791,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">921,257,291</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Stockholders' equity<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,194,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,198,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Months<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Three Months</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px">Statement of income information:<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Ended March&nbsp;31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Ended March&nbsp;31, 2007</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Total interest income<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18,425,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18,030,683</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Total interest expense<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,881,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,894,983</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Net interest income<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,544,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,135,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Provision for loan losses<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,650,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Noninterest income<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,368,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,523,388</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Noninterest expense<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,644,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,133,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Pre-tax income<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,617,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,300,288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Income taxes<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">531,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">993,621</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Net income<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,086,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,306,667</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Earnings Per Share:<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="9" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic:<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="9" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted:<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px">Key financial ratios:<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">March&nbsp;31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">December&nbsp;31, 2007</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Return on average assets<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.36</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.67</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;&nbsp;&nbsp;Return on average equity<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.22</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="9" align="left">&nbsp;&nbsp;&nbsp;Allowance for loan losses to total loans<BR></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.08</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.02</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="9" align="left">&nbsp;&nbsp;&nbsp;Nonperforming loans to total loans<BR></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.67</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="9" align="left">&nbsp;&nbsp;&nbsp;Allowance for loan losses to nonperforming loans<BR></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">97.65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">152.54</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 12pt"><I>Statements made in this press release that suggest Hawthorn Bancshares&#146; or management&#146;s
intentions, hopes, beliefs, expectations, or predictions of the future include &#147;forward-looking
statements&#148; within the meaning of Section&nbsp;21E of the Securities and Exchange Act of 1934, as
amended. It is important to note that actual results could differ materially from those projected
in such forward-looking statements. Additional information concerning factors that could cause
actual results to differ materially from those projected in such forward-looking statements is
contained from time to time in the company&#146;s quarterly and annual reports filed with the Securities
and Exchange Commission.</I>
</FONT>


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