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Condensed Financial Information of the Parent Company Only
 12 Months Ended
Dec. 31, 2014
Condensed Financial Information of the Parent Company Only  
Condensed Financial Information of the Parent Company Only
(19) 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)         2014     2013  
Assets                        
Cash and due from bank subsidiaries         $ 1,024     $ 450  
Investment in equity securities             1,486       1,486  
Investment in subsidiaries             130,728       122,413  
Premises and equipment             0       0  
Deferred tax asset             1,989       130  
Other assets             308       1,011  
Total assets           $ 135,535     $ 125,490  
                         
Liabilities and Stockholders’ Equity                        
Subordinated notes         $ 49,486     $ 49,486  
Other liabilities             5,481       1,624  
Stockholders’ equity             80,568       74,380  
Total liabilities and stockholders’ equity           $ 135,535     $ 125,490  
                         
                         
Condensed Statements of Income                        
    For the Years Ended December 31,  
    2014     2013     2012  
Income                        
Interest and dividends received from subsidiaries   $ 2,538     $ 15,039     $ 4,596  
Total income     2,538       15,039       4,596  
Expenses                        
Interest on subordinated notes     1,264       1,284       1,381  
Other     1,730       1,778       2,889  
Total expenses     2,994       3,062       4,270  
Income before income tax benefit and                        
equity in undistributed income of subsidiaries     (456 )     11,977       326  
Income tax benefit     1,100       1,126       2,257  
Equity in undistributed (losses) income of subsidiaries     7,010       (8,129 )     239  
Net income   $ 7,654     $ 4,974     $ 2,822  

 

Condensed Statements of Cash Flows                  
    For the Years Ended December 31,  
(in thousands)   2014     2013     2012  
                   
Cash flows from operating activities:                        
Net income   $ 7,654     $ 4,974     $ 2,822  
Adjustments to reconcile net income to net cash provided by operating activities:                        
Depreciation     0       1       1  
Equity in undistributed (income) losses of subsidiaries     (7,010 )     8,129       (239 )
Stock based compensation expense     20       19       29  
(Increase) decrease in deferred tax asset     (1,415 )     1,325       (148 )
Other, net     1,942       (182 )     (813 )
Net cash provided by operating activities   $ 1,191     $ 14,266     $ 1,652  
                         
Cash flows from investing activities:                        
Investment in subsidiary   $ 400     $ 4,550     $ 1,072  
Net cash provided by investing activities   $ 400     $ 4,550     $ 1,072  
                         
Cash flows from financing activities:                        
                         
Redemption of 18,255 and 12,000 shares, respectively, of preferred stock   $ 0     $ (18,255 )   $ (12,000 )
Cash dividends paid - preferred stock     0       (456 )     (1,203 )
Cash dividends paid - common stock     (1,017 )     (978 )     (940 )
Warrant redemption     0       (540 )     0  
Net cash used in financing activities   $ (1,017 )   $ (20,229 )   $ (14,143 )
Net (decrease) increase in cash and due from banks     574       (1,413 )     (11,419 )
Cash and due from banks at beginning of year     450       1,863       13,282  
Cash and due from banks at end of year   $ 1,024     $ 450     $ 1,863