Hawthorn Bancshares has reported a net income of $7.8 million for the year ended December 31, 2007, a decrease of $3.07 million compared to 2006.
Diluted earnings per share was $1.85 for the full-year period, a decrease of 28.6% compared to diluted earnings of $2.59 per share in 2006.
For the year, return on average stockholder equity was 7.22% and the return on average assets was 0.67% compared to 10.79% and 0.95%, respectively for 2006.
James Smith, chairman and CEO, said: 2007 was a challenging year for our company. We were faced with both a tightening net interest margin due to the downturn in the financial sector and a variety of nonrecurring internal reorganization expenses.