# EDGAR Filing Document

**Accession Number:** 0000893847
**File Stem:** 0000893847-26-000004
**Filing Date:** 2026-1
**Character Count:** 25685
**Document Hash:** 5d476697c344be90de35f3785eecbc9c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000893847-26-000004.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000893847-26-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260128

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HAWTHORN BANCSHARES, INC.
- **CENTRAL INDEX KEY:** 0000893847
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 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:** 26573046

**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

?xml version='1.0' encoding='ASCII'? hwbk-20260128

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): January 28, 2026**

**Hawthorn Bancshares, Inc.**

**(Exact Name of Registrant as Specified in Charter)** 

---

| | | |
|:---|:---|:---|
| **Missouri** | **0-23636** | **43-1626350** |
| *(State or Other Jurisdiction*<br>*of Incorporation)* | *(Commission*<br>*File Number)* | (IRS Employer<br>Identification No.) |

---

**132 East High Street, PO Box 688, Jefferson City, Missouri 65102**<br>**(Address of Principal Executive Offices) (Zip Code)**<br>

**573-761-6100**

*(Registrant's telephone number, including area code)*

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 (*see* General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $1.00 par value | HWBK | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On January 28, 2026, Hawthorn Bancshares, Inc. issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. A copy of the press release is attached to this report as Exhibit 99.1.

The information set forth in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being "furnished" and shall not be deemed "filed" for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of Hawthorn Bancshares, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

**Item 8.01 Other Events.**

On January 28, 2026, Hawthorn Bancshares, Inc. announced that its Board of Directors approved a quarterly cash dividend of $0.21 per common share, an increase of $0.01 per common share, or 5%, from the previous quarterly dividend. The dividend is payable on April 1, 2026 to shareholders of record at the close of business on March 15, 2026. A copy of the press release relating to such announcement is attached to this report as Exhibit 99.2.

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **<u>Exhibit No</u>** | **<u>Description</u>** |
| **99.1** | <u>[Press release, dated January 28, 2026, issued by Hawthorn Bancshares, Inc. announcing its financial results for the fourth quarter and year ended December 31, 2025.](a10k2025earnings-ex9911225.htm)</u> |
| **99.2** | <u>[Press release, dated January 28, 2026, issued by Hawthorn Bancshares, Inc. announcing cash dividends.](q42025div-ex9921225.htm)</u> |
| **104** | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Dated: January 28, 2026 | **Hawthorn Bancshares, Inc.**<br>By: <u>/s/</u> **<u>Brent M. Giles</u>** <br>*&nbsp;&nbsp;&nbsp;&nbsp; Name:* ***Brent M. Giles***<br>*&nbsp;&nbsp;&nbsp;&nbsp; Title:* ***Chief Executive Officer*** |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo2024b.jpg](logo2024b.jpg)

**Hawthorn Bancshares Reports Results for the Fourth Quarter and the**

 **Year Ended December 31, 2025**

Jefferson City, MO — January 28, 2026 — Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the "Company"), the holding company for Hawthorn Bank, reported fourth quarter 2025 net income of $6.2 million, or earnings per diluted share ("EPS") of $0.90, and net income of $23.8 million, or EPS of $3.43, for the year ended December 31, 2025.

**Fourth Quarter 2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $6.2 million, or $0.90 per diluted share, which improved from $6.1 million, or $0.88 per diluted share, for the third quarter 2025 (the "prior quarter").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin, fully taxable equivalent ("FTE"), improved in the fourth quarter of 2025 to 4.03% compared to 3.97% for the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on average assets and equity of 1.33% and 14.47%, respectively, compared to 1.33% and 15.21%, respectively, for the prior quarter and 1.00% and 12.49%, respectively, for the fourth quarter 2024 (the "prior year quarter").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loans decreased $27.2 million, or 1.8%, to $1.49 billion from $1.51 billion at September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deposits increased $28.2 million, or 1.9%, to $1.55 billion from $1.53 billion at September 30, 2025.

**2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $23.8 million, or $3.43 per diluted share, which improved $5.5 million, or 30.4%, from $18.3 million, or $2.61 per diluted share, for 2024 (the "prior year"), an increase of $0.82 per diluted share, or 31.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin, FTE, of 3.89% compared to 3.41% for the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on average assets and equity of 1.30% and 14.95%, respectively, compared to 1.00% and 13.04%, respectively, for the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Efficiency ratio of 63.41%, an improvement of 451 basis points from 67.92% for the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loans increased $20.6 million, or 1.4%, to $1.49 billion from $1.47 billion at the end of the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deposits increased $21.0 million, or 1.4%, to $1.55 billion from $1.53 billion at the end of the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value of $25.13 per share, an increase of $3.77, or 17.6% per share, from $21.36 per share for the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remained "well capitalized" with total risk-based capital of 15.49% at the end of the year compared to 14.79% at the end of the prior year.

------

**Financial Results for the Quarter and the Year Ended December 31, 2025**

**Earnings** 

Net income increased $0.1 million, or 0.86%, to $6.2 million, or $0.90 per diluted share, for the fourth quarter 2025 compared to $6.1 million, or $0.88 per diluted share, for the prior quarter. Net income increased $1.6 million, or 34.5%, from $4.6 million, or $0.66 per diluted share, in the fourth quarter 2024 (the "prior year quarter").

Net income for 2025 was $23.8 million, or $3.43 per diluted share, compared to net income of $18.3 million, or $2.61 per diluted share, for the prior year, an increase of $0.82 per diluted share, or 31.4%.

**Net interest income** 

Net interest income was $17.6 million for the fourth quarter of 2025, which increased $0.7 million, or 4.2%, from the prior quarter total of $16.9 million, and increased $2.2 million, or 14.6%, from the prior year quarter total of $15.3 million.

Interest income increased $0.3 million, or 1.1%, to $25.3 million for the current quarter from $25.0 million in the prior quarter, and increased $1.4 million, or 5.7%, in the current quarter from $23.9 million for the prior year quarter, driven primarily by an increase in average interest earning assets. Interest expense was $7.7 million for the current quarter, which decreased $0.4 million, or 5.3%, from $8.1 million for the prior quarter, and decreased $0.9 million, or 10.2%, from $8.6 million in the prior year quarter. Net interest margin, on an FTE basis, was 4.03% for the fourth quarter, compared to 3.97% for the prior quarter, and 3.55% for the prior year quarter.

The yield earned on average loans held for investment was 6.13%, on an FTE basis, for the fourth quarter 2025, compared to 6.12% for the prior quarter and 5.86% for the prior year quarter.

The average cost of deposits was 2.23% for the fourth quarter 2025, compared to 2.36% for the prior quarter and 2.49% for the prior year quarter. Non-interest bearing demand deposits as a percent of total deposits was 27.3% as of December 31, 2025, compared to 27.8% and 25.1% at September 30, 2025 and December 31, 2024, respectively.

Net interest income for 2025 was $65.9 million and net interest margin was 3.89%, on an FTE basis, compared to net interest income of $58.6 million and net interest margin of 3.41%, on an FTE basis, for the prior year.

Interest income increased $2.3 million, or 2.4%, to $97.7 million for the current year compared to $95.4 million for the prior year. Interest expense decreased $5.0 million, or 13.5%, to $31.8 million for the current year compared to $36.8 million for the prior year.

The yield earned on average loans increased to 6.03%, on an FTE basis, for the current year compared to 5.80%, on an FTE basis, for the prior year. The yield on investment securities was 3.81% for the current year compared to 3.36% for the prior year.

The average cost of deposits was 2.35% for the current year compared to 2.63% for the prior year.

**Non-interest Income**

Total non-interest income for the fourth quarter of 2025 was $3.6 million, a decrease of $0.1 million, or 3.5%, from $3.7 million for the prior quarter, and an increase of $0.1 million, or 1.8%, from $3.5 million for the prior year quarter.

Total non-interest income was $14.3 million for both the current year and the prior year.

**Non-interest Expense**

Non-interest expense for the fourth quarter of 2025 was $13.3 million, an increase of $0.4 million, or 3.4%, from $12.8 million for the prior quarter, which was primarily due to an increase in other non-interest expense. Other non-interest expense was $1.9 million for the fourth quarter of 2025, an increase of $0.4 million, or 25%, from $1.5 million for the prior quarter.

Non-interest expense increased $0.3 million, or 2.6%, from $12.9 million for the prior year quarter, which was driven primarily by an increase of $0.4 million, or 6.6%, in salaries and benefits to $7.0 million for the fourth quarter of 2025 compared to $6.6 million for the prior year quarter.

------

Non-interest expense for 2025 was $50.8 million, an increase of $1.3 million, or 2.7%, from $49.5 million in the prior year. Salaries and employee benefits increased $1.3 million, or 4.8%, to $27.8 million for the current year compared to the prior year.

**Efficiency Ratio**

The fourth quarter efficiency ratio was 62.64% compared to 62.30% and 68.48% for the prior quarter and prior year quarter, respectively.

The efficiency ratio for the year was 63.41% compared to 67.92% for the prior year, an improvement of 451 basis points.

**Loans**

Loans held for investment decreased by $27.2 million, or 1.80%, to $1.49 billion as of December 31, 2025 compared to $1.51 billion as of September 30, 2025 and increased by $20.6 million, or 1.4%, from $1.47 billion as of December 31, 2024.

**Investments**

Investment securities decreased by $10.1 million, or 4.5%, to $215.9 million as of December 31, 2025 compared to $226.0 million as of September 30, 2025 and decreased by $7.9 million, or 3.5%, from $223.8 million as of December 31, 2024.

**Asset Quality**

Non-performing assets totaled $7.0 million at December 31, 2025, compared to $7.3 million and $4.2 million at September 30, 2025 and December 31, 2024, respectively. Non-performing assets to total loans was 0.47% at December 31, 2025, compared to 0.48% and 0.29% at September 30, 2025 and December 31, 2024, respectively.

In the fourth quarter of 2025, the Company had net loan charge-offs of $1.1 million, or 0.30% of average loans, compared to net loan charge-offs of $41,000, or 0.01% of average loans, and $43,000, or 0% of average loans, in the prior quarter and the prior year quarter, respectively. The increase was primarily due to a charge-off of one commercial relationship that had been reserved for in a prior period. The Company recognized provision for credit losses on loans and unfunded commitments of $0.4 million for both the fourth quarter of 2025 and prior quarter and $0.3 million for the prior year quarter.

For 2025, the Company had net loan charge-offs of $1.2 million, or 0.08% of average loans, compared to $2.7 million, or 0.18% of average loans, for 2024. For 2025, the Company recognized a provision for credit losses on loans and unfunded commitments of $0.4 million compared to $1.0 million for 2024.

The allowance for credit losses at December 31, 2025 was $21.1 million, or 1.42% of outstanding loans, and 307.52% of non-performing loans. At September 30, 2025, the allowance for credit losses was $21.9 million, or 1.45% of outstanding loans, and 446.02% of non-performing loans. At December 31, 2024, the allowance for credit losses was $22.0 million, or 1.50% of outstanding loans, and 802.48% of non-performing loans. The allowance for credit losses represents management's best estimate of expected losses inherent in the loan portfolio and is commensurate with risks in the loan portfolio as of December 31, 2025.

**Deposits** 

Total deposits at December 31, 2025 were $1.55 billion, an increase of $28.2 million, or 1.9%, from $1.53 billion as of September 30, 2025, and an increase of $21.0 million, or 1.4%, from $1.53 billion as of December 31, 2024.

**Capital**

The Company maintains its "well capitalized" regulatory capital position. At December 31, 2025, capital ratios were as follows: total risk-based capital to risk-weighted assets 15.49%, tier 1 capital to risk-weighted assets 14.24%, tier 1 leverage 12.12%, and common equity to assets 9.19%.

Pursuant to the Company's Repurchase Plan, management is given discretion to determine the number and pricing of the shares to be purchased under the plan, as well as the timing of any such purchases. The Company repurchased 100,358 common shares under the Repurchase Plan during 2025. As of December 31, 2025, $8.4 million remained available for share repurchases pursuant to the Repurchase Plan.

------

On January 28, 2026, the Company's Board of Directors approved a quarterly cash dividend of $0.21 per common share, an increase of $0.01 per common share, or 5%, from the previous quarterly dividend. The dividend is payable on April 1, 2026 to shareholders of record at the close of business on March 15, 2026.

[Tables follow]

------

**FINANCIAL SUMMARY**

*<u>(unaudited)</u>*

*<u>$000, except per share data</u>*

---

| | | | |
|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** |
| | **December 31,** | **September 30,** | **December 31,** |
| **Balance sheet information:** | **2025** | **2025** | **2024** |
| Total assets | $1894850 | $1932105 | $1825185 |
| Loans held for investment | 1486792 | 1514002 | 1466160 |
| Allowance for credit losses | (21111) | (21904) | (22044) |
| Investment securities | 215915 | 226017 | 223801 |
| Deposits | 1554149 | 1525917 | 1533182 |
| Total stockholders' equity | 174229 | 164938 | 149547 |
| **Market and per share data:** |  |  |  |
| Book value per share | $25.13 | $23.76 | $21.36 |
| Market price per share | 34.88 | 31.04 | 28.35 |
| Diluted earnings per share, year to date | 3.43 | 2.53 | 2.61 |
| Diluted earnings per share, quarter to date | 0.90 | 0.88 | 0.66 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** |
| | **December 31,** | **September 30,** | **December 31,** |
| **Statement of income information:** | **2025** | **2025** | **2024** |
| Total interest income | $25286 | $25003 | $23924 |
| Total interest expense | 7707 | 8138 | 8578 |
| Net interest income | 17579 | 16865 | 15346 |
| Provision for credit losses | 376 | 375 | 300 |
| Non-interest income | 3585 | 3716 | 3522 |
| Investment securities gains, net | 15 | 105 | 3 |
| Non-interest expense | 13258 | 12821 | 12921 |
| Pre-tax income | 7545 | 7490 | 5650 |
| Income taxes | 1360 | 1358 | 1053 |
| &nbsp;&nbsp;**Net income** | $6185 | $6132 | $4597 |
| **Earnings per share:** |  |  |  |
| Basic: | $0.90 | $0.89 | $0.66 |
| Diluted: | $0.90 | $0.88 | $0.66 |

---

------

**FINANCIAL SUMMARY *(continued)***

*<u>(unaudited)</u>*

*<u>$000, except per share data</u>*

---

| | | |
|:---|:---|:---|
| | **For the year ended** | **For the year ended** |
| | **December 31,** | **December 31,** |
| **Statement of income information:** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Total interest income | $97658 | $95351 |
| &nbsp;&nbsp;&nbsp;Total interest expense | 31778 | 36758 |
| &nbsp;&nbsp;&nbsp;Net interest income | 65880 | 58593 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 360 | 1027 |
| &nbsp;&nbsp;&nbsp;Non-interest income | 14309 | 14320 |
| &nbsp;&nbsp;&nbsp;Investment securities gains (losses), net | 117 | (4) |
| &nbsp;&nbsp;&nbsp;Non-interest expense | 50847 | 49524 |
| &nbsp;&nbsp;&nbsp;Pre-tax income | 29099 | 22358 |
| &nbsp;&nbsp;&nbsp;Income taxes | 5298 | 4102 |
| &nbsp;&nbsp;&nbsp;Net income | $23801 | $18256 |
| **Earnings per share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic: | $3.44 | $2.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted: | $3.43 | $2.61 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of or for the three months ended** | **As of or for the three months ended** | **As of or for the three months ended** | **As of or for the year ended** | **As of or for the year ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Performance Ratios** |  |  |  |  |  |
| Return on average assets | 1.33% | 1.33% | 1.00% | 1.30% | 1.00% |
| Return on average common equity | 14.47 | 15.21 | 12.49 | 14.95 | 13.04 |
| Net interest margin (FTE) | 4.03 | 3.97 | 3.55 | 3.89 | 3.41 |
| Efficiency ratio | 62.64 | 62.30 | 68.48 | 63.41 | 67.92 |
| **Asset Quality and Ratios** |  |  |  |  |  |
| Non-performing loans<sup>(1)</sup> | $6865 | $4911 | $2747 |  |  |
| Non-performing assets | $6963 | $7336 | $4193 |  |  |
| Net charge-offs | $1122 | $41 | $43 | $1196 | $2725 |
| Net charge-offs to average loans | 0.30% | 0.01% | —% | 0.08% | 0.18% |
| Allowance for credit losses to total loans | 1.42 | 1.45 | 1.50 |  |  |
| Non-performing loans to total loans | 0.46 | 0.32 | 0.19 |  |  |
| Non-performing assets to loans | 0.47 | 0.48 | 0.29 |  |  |
| Non-performing assets to total assets | 0.37 | 0.38 | 0.23 |  |  |
| Allowance for credit losses on loans to non-performing loans | 307.52 | 446.02 | 802.48 |  |  |
| **Capital Ratios** |  |  |  |  |  |
| Average stockholders' equity to total assets | 9.16% | 8.74% | 8.03% | 8.72% | 7.66% |
| Period-end stockholders' equity to period-end assets | 9.19 | 8.54 | 8.19 |  |  |
| Total risk-based capital ratio | 15.49 | 14.90 | 14.79 |  |  |
| Tier 1 risk-based capital ratio | 14.24 | 13.65 | 13.54 |  |  |
| Common equity Tier 1 capital | 11.23 | 10.71 | 10.49 |  |  |
| Tier 1 leverage ratio | 12.12 | 11.97 | 11.46 |  |  |

---

(1)Non-performing loans include loans 90 days past due and accruing and non-accrual loans.

------

**About Hawthorn Bancshares**

Hawthorn Bancshares, Inc., a bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 160 years. Hawthorn Bank has multiple locations, including in the greater Kansas City metropolitan area, Jefferson City, Columbia, Springfield, and Clinton.

**Contact:**

**Hawthorn Bancshares, Inc.**<br>Brent M. Giles

Chief Executive Officer

TEL: 573.761.6100<br>www.HawthornBancshares.com

*The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company's Annual Report on Form 10-K is filed. Statements made in this press release that suggest Hawthorn Bancshares' or management's intentions, hopes, beliefs, expectations, or predictions of the future include "forward-looking statements" within the meaning of Section 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's quarterly and annual reports filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company disclaims any obligation to update any forward-looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law.*

## Exhibit 99.2

**Exhibit 99.2**

![logo2024a.jpg](logo2024a.jpg)

**Hawthorn Bancshares Announces Cash Dividend**

**Jefferson City, MO. — January 28, 2026 —** Hawthorn Bancshares, Inc. (NASDAQ: HWBK) announced today that its Board of Directors approved a quarterly cash dividend of $0.21 per common share, an increase of $0.01 per common share, or 5%, from the previous quarterly dividend. The dividend is payable on April 1, 2026 to shareholders of record at the close of business on March 15, 2026.

**About Hawthorn Bancshares, Inc.**

Hawthorn Bancshares, Inc., a bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 160 years. Hawthorn Bank has multiple locations, including in the greater Kansas City metropolitan area, Jefferson City, Columbia, Springfield, and Clinton.

**Contact:**

**Hawthorn Bancshares, Inc.**<br>Brent M. Giles

Chief Executive Officer

TEL: 573.761.6100<br>www.HawthornBancshares.com

*Statements made in this press release that suggest the Company's or management's intentions, hopes, beliefs, expectations, or predictions of the future include "forward-looking statements" within the meaning of Section 21E of the Securities 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's quarterly and annual reports filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company disclaims any obligation to update any forward-looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law.*

<br>