<SEC-DOCUMENT>0001420506-24-002368.txt : 20241113
<SEC-HEADER>0001420506-24-002368.hdr.sgml : 20241113
<ACCEPTANCE-DATETIME>20241113130846
ACCESSION NUMBER:		0001420506-24-002368
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241113

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HAWTHORN BANCSHARES, INC.
		CENTRAL INDEX KEY:			0000893847
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				431626350
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-49021
		FILM NUMBER:		241452851

	BUSINESS ADDRESS:	
		STREET 1:		132 EAST HIGH STREET
		CITY:			JEFFERSON CITY
		STATE:			MO
		ZIP:			65101
		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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FJ Capital Management LLC
		CENTRAL INDEX KEY:			0001599170
		ORGANIZATION NAME:           	
		IRS NUMBER:				261588525
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		7901 JONES BRANCH DR.
		STREET 2:		SUITE 210
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		(703) 875-8378

	MAIL ADDRESS:	
		STREET 1:		7901 JONES BRANCH DR.
		STREET 2:		SUITE 210
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><!-- EDGARfilingagent.com Schedule 13D/G Online Workstation (https://schedule13d.com) --><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
	<submissionType>SCHEDULE 13G/A</submissionType>
	<previousAccessionNumber>0001171520-24-000122</previousAccessionNumber>
	<filerInfo>
		<filer>
			<filerCredentials>
				<cik>0001599170</cik>
				<ccc>XXXXXXXX</ccc>
			</filerCredentials>
		</filer>
		<liveTestFlag>LIVE</liveTestFlag>



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</headerData>
<!-- Start Form -->
  <formData>
<!-- Issuer Cover Page-->
    <coverPageHeader>
		<amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000893847</issuerCik>
        <issuerName>Hawthorn Bancshares, Inc (HWBK)</issuerName>
        <issuerCusip>420476103</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>132 East High Street, Box 688</com:street1>
          <com:city>Jefferson City</com:city>
          <com:stateOrCountry>MO</com:stateOrCountry>
          <com:zipCode>65102</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
<!-- Reporting Persons Cover Page -->
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>FJ Capital Management LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>506624</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>506624</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>506624</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.25</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <comments>Relating to items 6, 8, and 9 of this page: Consists of 382,364 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, 17,819 shares of common stock of the Issuer held by Financial Opportunity Long/Short Fund LLC, 52,138 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC, 19,749 shares of common stock of the Issuer held by Financial Hybrid Opportunity SPV I LLC, of which FJ Capital Management LLC is the managing member, and 34,554 shares of common stock of the Issuer held by managed accounts that FJ Capital Management LLC manages; as such, the Reporting Person may be deemed to be a beneficial owner of the reported shares but as to which the Reporting Person disclaims beneficial ownership.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Financial Opportunity Fund LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>382364</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>382364</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>382364</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.47</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Relating to items 6, 8, and 9 of this page: Consists of 382,364 shares of common stock of the Issuer held by Financial Opportunity Fund LLC.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Financial Opportunity Long/Short Fund LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>17819</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>17819</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>17819</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0.26</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Relating to items 6, 8, and 9 of this page: Consists of 17,819 shares of common stock of the Issuer held by Financial Opportunity Long/Short Fund LLC.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Financial Hybrid Opportunity Fund LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>52138</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>52138</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>52138</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0.75</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Relating to items 6, 8, and 9 of this page: Consists of 52,138 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Financial Hybrid Opportunity SPV I LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>19749</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>19749</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>19749</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0.28</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Relating to items 6, 8, and 9 of this page: Consists of 19,749 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Martin Friedman</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>506624</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>506624</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>506624</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.25</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>Relating to items 6, 8, and 9 of this page: Consists of 382,364 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, 17,819 shares of common stock of the Issuer held by Financial Opportunity Long/Short Fund LLC, 52,138 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC, 19,749 shares of common stock of the Issuer held by Financial Hybrid Opportunity SPV I LLC, of which FJ Capital Management LLC is the managing member, and 34,554 shares of common stock of the Issuer held by managed accounts that FJ Capital Management LLC manages; as such, Mr. Friedman may be deemed to be a beneficial owner of the reported shares but as to which Mr. Friedman disclaims beneficial ownership.</comments>
    </coverPageHeaderReportingPersonDetails>
<!-- Items -->
    <items>
      <item1>
        <issuerName>Hawthorn Bancshares, Inc (HWBK)</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>132 East High Street, Box 688, Jefferson City, MO  65102</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>FJ Capital Management LLC
Financial Opportunity Fund LLC
Financial Opportunity Long/Short Fund LLC
Financial Hybrid Opportunity Fund LLC
Financial Hybrid Opportunity SPV I LLC
Martin Friedman
</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>FJ Capital Management, LLC
7901 Jones Branch Drive, Suite 210
McLean, VA  22102

Financial Opportunity Fund LLC
7901 Jones Branch Drive, Suite 210
McLean, VA 22102

Financial Opportunity Long/Short Fund LLC
7901 Jones Branch Drive, Suite 210
McLean, VA 22102

Financial Hybrid Opportunity Fund LLC
7901 Jones Branch Drive, Suite 210
McLean, VA 22102

Financial Hybrid Opportunity SPV I LLC
7901 Jones Branch Drive, Suite 210
McLean, VA 22102

Martin Friedman
7901 Jones Branch Drive, Suite 210
McLean, VA 22102
</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Financial Opportunity Fund LLC, Financial Opportunity Long/Short Fund LLC, Financial Hybrid Opportunity Fund LLC, Financial Hybrid Opportunity SPV I LLC, and FJ Capital Management LLC - Delaware limited liability companies
Martin Friedman - United States citizen
</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>FJ Capital Management LLC - 506,624 shares
Financial Opportunity Fund LLC - 382,364 shares
Financial Opportunity Long/Short Fund LLC - 17,819 shares
Financial Hybrid Opportunity Fund LLC - 52,138 shares
Financial Hybrid Opportunity SPV I LLC - 19,749 shares
Martin Friedman - 506,624 shares
</amountBeneficiallyOwned>
        <classPercent>FJ Capital Management LLC - 7.25%
Financial Opportunity Fund LLC - 5.47%
Financial Opportunity Long/Short Fund LLC - 0.26%
Financial Hybrid Opportunity Fund LLC - 0.75%
Financial Hybrid Opportunity SPV I LLC - 0.28%
Martin Friedman - 7.25%
</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>FJ Capital Management LLC - 506,624 shares
Financial Opportunity Fund LLC - 382,364 shares
Financial Opportunity Long/Short Fund LLC - 17,819 shares
Financial Hybrid Opportunity Fund LLC - 52,138 shares
Financial Hybrid Opportunity SPV I LLC - 19,749 shares
Martin Friedman - 506,624 shares
</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>FJ Capital Management LLC - 506,624 shares
Financial Opportunity Fund LLC - 382,364 shares
Financial Opportunity Long/Short Fund LLC - 17,819 shares
Financial Hybrid Opportunity Fund LLC - 52,138 shares
Financial Hybrid Opportunity SPV I LLC - 19,749 shares
Martin Friedman - 506,624 shares
</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
        <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
	<!-- Exhibit Information -->
	<!-- Signature -->
    <signatureInformation>
      <reportingPersonName>FJ Capital Management LLC</reportingPersonName>
      <signatureDetails>
        <signature>Martin Friedman</signature>
        <title>Managing Member</title>
        <date>10/17/2024</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Financial Opportunity Fund LLC</reportingPersonName>
      <signatureDetails>
        <signature>FJ Capital Management LLC</signature>
        <title>Managing Member</title>
        <date>10/17/2024</date>
      </signatureDetails>
      <signatureDetails>
        <signature>Martin Friedman</signature>
        <title>Managing Member</title>
        <date>10/17/2024</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Financial Opportunity Long/Short Fund LLC</reportingPersonName>
      <signatureDetails>
        <signature>FJ Capital Management LLC</signature>
        <title>Managing Member</title>
        <date>10/17/2024</date>
      </signatureDetails>
      <signatureDetails>
        <signature>Martin Friedman</signature>
        <title>Managing Member</title>
        <date>10/17/2024</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Financial Hybrid Opportunity Fund LLC</reportingPersonName>
      <signatureDetails>
        <signature>FJ Capital Management LLC</signature>
        <title>Managing Member</title>
        <date>10/17/2024</date>
      </signatureDetails>
      <signatureDetails>
        <signature>Martin Friedman</signature>
        <title>Managing Member</title>
        <date>10/17/2024</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Financial Hybrid Opportunity SPV I LLC</reportingPersonName>
      <signatureDetails>
        <signature>FJ Capital Management LLC</signature>
        <title>Managing Member</title>
        <date>10/17/2024</date>
      </signatureDetails>
      <signatureDetails>
        <signature>Martin Friedman</signature>
        <title>Managing Member</title>
        <date>10/17/2024</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Martin Friedman</reportingPersonName>
      <signatureDetails>
        <signature>Martin Friedman</signature>
        <title>Individual</title>
        <date>10/17/2024</date>
      </signatureDetails>
    </signatureInformation>
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</DOCUMENT>
</SEC-DOCUMENT>
