Condensed Financial Information of the Parent Company Only

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of the Parent Company Only

Condensed Financial Information of the Parent Company Only

(20) Condensed Financial Information of the Parent Company Only

Following are the condensed financial statements of Hawthorn Bancshares, Inc. (Parent only) as of and for the years indicated:

Condensed Balance Sheets

	December 31,
(in thousands)	2013		2012
Assets
Cash and due from bank subsidiaries	$	450	$	1,863
Investment in equity securities	1,486		1,486
Investment in subsidiaries	122,413		139,849
Premises and equipment	0		1
Deferred tax asset	130		1,424
Other assets	1,011		1,022
Total assets	$	125,490	$	145,645

Liabilities and Stockholders’ Equity
Subordinated notes	$	49,486	$	49,486
Other liabilities	1,624		3,939
Stockholders’ equity	74,380		92,220
Total liabilities and stockholders’ equity	$	125,490	$	145,645

Condensed Statements of Income

	For the Years Ended December 31,
	2013			2012		2011
Income
Interest and dividends received from subsidiaries	$	15,039		$	4,596	$	5,191
Total income	15,039			4,596		5,191
Expenses
Interest on subordinated notes	1,284			1,381		1,301
Other	1,778			2,889		2,605
Total expenses	3,062			4,270		3,906
Income before income tax benefit and
equity in undistributed income of subsidiaries	11,977			326		1,285
Income tax benefit	1,126			2,257		1,368
Equity in undistributed (losses) income of subsidiaries	(8,129		)	239		204
Net income	$	4,974		$	2,822	$	2,857

Condensed Statements of Cash Flows

	For the Years Ended December 31,
(in thousands)	2013			2012			2011
Cash flows from operating activities:
Net income	$	4,974		$	2,822		$	2,857
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1			1			2
Equity in undistributed losses (income) of subsidiaries	8,129			(239		)	(204		)
Stock based compensation expense	19			29			58
Decrease (increase) in deferred tax asset	1,325			(148		)	(274		)
Other, net	(182		)	(813		)	(89		)
Net cash provided by operating activities	14,266			1,652			2,350

Cash flows from investing activities:
Investment in subsidiary	4,550			1,072			900
Net cash provided by investing activities	4,550			1,072			900

Cash flows from financing activities:

Redemption of 18,255 and 12,000 shares, respectively, of preferred stock	(18,255		)	(12,000		)	0
Cash dividends paid - preferred stock	(456		)	(1,203		)	(1,513		)
Cash dividends paid - common stock	(978		)	(940		)	(904		)
Warrant redemption	(540		)	0			0
Net cash used in financing activities	(20,229		)	(14,143		)	(2,417		)
Net (decrease) increase in cash and due from banks	(1,413		)	(11,419		)	833
Cash and due from banks at beginning of year	1,863			13,282			12,449
Cash and due from banks at end of year	$	450		$	1,863		$	13,282

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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