Hawthorn Bancshares, Inc. (HWBK) Balance Sheet
HWBK balance sheet, 2025
December 31, 2025 · U.S. dollars$1.89B assets = $1.72B liabilities + $174.2M equity
Both columns are drawn to the same scale: what HWBK owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HWBK financial health
Descriptive bands, not a rating. Fiscal 2025.
HWBK balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.29B2016 | $1.89B2025 | +4.4%/yr | |
| Total liabilities | $1.20B2016 | $1.72B2025 | +4.1%/yr | |
| Shareholders’ equity | $91.0M2016 | $174.2M2025 | +7.5%/yr | |
| Cash & short-term investments | $241.1M2016 | $177.9M2025 | −3.3%/yr | |
| Total debt | $173.9M2016 | $155.5M2025 | −1.2%/yr | |
| Net cash (debt) | $67.2M2016 | $22.4M2025 | −$44.8M | |
| Working capital | −$795.9M2016 | −$1.38B2025 | −$580.4M | |
| Book value per share | $12.272016 | $24.902025 | +8.2%/yr | |
| Debt / equity | 1.912016 | 0.892025 | −1.02 | |
| Shares outstanding | 7.4M2016 | 7.0M2025 | −0.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HWBK assets
HWBK liabilities and equity
HWBK debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HWBK balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $177.9M | $270.6M | $282.2M | $337.4M | $468.9M | $226.6M | $208.5M | $254.1M | $257.8M | $241.1M |
| Cash & equivalents | $105.3M | $52.0M | $93.5M | $86.6M | $158.0M | $28.6M | $33.4M | $35.9M | $26.8M | $26.6M |
| Short-term investments | $72.6M | $218.7M | $188.7M | $250.7M | $310.9M | $198.0M | $175.1M | $218.2M | $231.0M | $214.5M |
| Receivables | $8.4M | $0 | $8.7M | $8.0M | $6.6M | $6.6M | $6.5M | $6.2M | $5.6M | $5.2M |
| Inventory | $0 | $0 | −$103.9M | −$103.4M | −$182.2M | −$208.7M | −$108.2M | $13.7M | $13.2M | $14.2M |
| Other current assets | $0 | $0 | $103.9M | $103.4M | $182.2M | $208.7M | $108.2M | $0 | $0 | $0 |
| Total current assets | $177.9M | $270.6M | $290.9M | $345.3M | $475.5M | $233.3M | $215.0M | $260.3M | $263.4M | $246.3M |
| Property, plant & equipment (net) | $30.0M | $31.2M | $32.0M | $32.9M | $32.7M | $34.6M | $35.4M | $34.9M | $34.8M | $35.5M |
| Goodwill & intangible assets | $0 | $0 | $1.7M | $2.9M | $2.7M | $2.4M | $2.5M | $2.9M | $2.7M | $2.6M |
| Long-term investments | $210.2M | $218.9M | $189.0M | $250.9M | $318.5M | $1.48B | $1.34B | $223.9M | $237.6M | $224.3M |
| Other non-current assets | $1.48B | $1.30B | $1.36B | $1.29B | $1.00B | $0 | $0 | $959.7M | $890.7M | $778.4M |
| Total assets | $1.89B | $1.83B | $1.88B | $1.92B | $1.83B | $1.73B | $1.49B | $1.48B | $1.43B | $1.29B |
| Liabilities | ||||||||||
| Accounts payable | — | — | $1.8M | $902,000 | $282,000 | $837,000 | $1.1M | $1.0M | $554,000 | $498,000 |
| Short-term debt | $83.8M | $40.4M | $26.3M | $5.2M | $23.8M | $45.2M | $27.3M | $24.6M | $27.6M | $31.0M |
| Deferred revenue | — | — | −$24.5M | −$25.7M | −$33.3M | −$73.9M | −$75.7M | −$35.2M | −$90.2M | −$41.4M |
| Total current liabilities | $1.55B | $1.53B | $1.57B | $1.64B | $1.54B | $1.43B | $1.21B | $1.22B | $1.15B | $1.04B |
| Long-term debt | $151.6M | $131.0M | $156.5M | $147.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M |
| Lease obligations | $3.9M | $1.7M | $1.2M | $1.5M | $1.8M | $2.1M | $2.2M | — | — | — |
| Other long-term liabilities | $14.9M | $11.4M | $10.2M | $10.5M | $92.2M | $124.1M | $113.5M | $108.6M | $134.4M | $104.4M |
| Total liabilities | $1.72B | $1.68B | $1.74B | $1.80B | $1.68B | $1.60B | $1.38B | $1.38B | $1.34B | $1.20B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $7.6M | $7.6M | $7.6M | $7.3M | $7.0M | $6.8M | $6.5M | $6.3M | $6.0M | $5.8M |
| Retained earnings (deficit) | $107.9M | $89.5M | $76.5M | $91.8M | $82.3M | $68.9M | $61.6M | $54.1M | $50.6M | $51.7M |
| Treasury stock | — | — | — | — | −$8.1M | −$6.0M | −$5.0M | −$5.0M | −$5.1M | −$4.2M |
| Accumulated other comprehensive income | −$3.6M | −$12.4M | −$13.8M | −$31.7M | $3.3M | $1.5M | −$3.8M | −$6.1M | −$5.7M | −$3.8M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $174.2M | $149.5M | $136.1M | $127.4M | $149.0M | $130.6M | $115.0M | $99.4M | $91.4M | $91.0M |
| Key figures | ||||||||||
| Total debt | $155.5M | $132.7M | $157.7M | $154.2M | $152.6M | $203.5M | $175.9M | $169.3M | $198.4M | $173.9M |
| Net cash (debt) | $22.4M | $138.0M | $124.5M | $183.2M | $316.3M | $23.2M | $32.6M | $84.9M | $59.4M | $67.2M |
| Working capital | −$1.38B | −$1.26B | −$1.28B | −$1.29B | −$1.07B | −$1.20B | −$999.9M | −$963.8M | −$890.5M | −$795.9M |
| Tangible book value | $174.2M | $149.5M | $134.3M | $124.5M | $146.3M | $128.1M | $112.6M | $96.5M | $88.7M | $88.4M |
| Book value per share | $24.90 | $21.36 | $19.33 | $18.04 | $20.81 | $17.93 | $15.67 | $13.55 | $12.39 | $12.27 |
| Shares outstanding | 7.0M | 7.0M | 7.0M | 7.1M | 7.2M | 7.3M | 7.3M | 7.3M | 7.4M | 7.4M |
| Current ratio | 0.11 | 0.18 | 0.18 | 0.21 | 0.31 | 0.16 | 0.18 | 0.21 | 0.23 | 0.24 |
| Quick ratio | 0.12 | 0.18 | 0.18 | 0.21 | 0.31 | 0.16 | 0.18 | 0.21 | 0.23 | 0.24 |
| Debt / equity | 0.89 | 0.89 | 1.16 | 1.21 | 1.02 | 1.56 | 1.53 | 1.70 | 2.17 | 1.91 |
| Equity / assets | 9.2% | 8.2% | 7.3% | 6.6% | 8.1% | 7.5% | 7.7% | 6.7% | 6.4% | 7.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $256.4M | $313.7M | $177.9M | $225.0M | $233.3M | $234.1M | $270.6M | $258.5M | $262.2M | $227.0M | $282.2M | $262.1M |
| Cash & equivalents | $22.9M | $101.9M | $105.3M | $100.9M | $101.3M | $103.3M | $52.0M | $55.2M | $76.8M | $43.5M | $93.5M | $28.6M |
| Short-term investments | $233.5M | $211.8M | $72.6M | $124.1M | $132.0M | $130.8M | $218.7M | $203.3M | $185.3M | $183.5M | $188.7M | $233.5M |
| Receivables | $7.7M | $33.6M | $8.4M | $0 | $0 | $0 | $0 | $8.3M | $8.0M | $9.0M | $8.7M | $8.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$210.1M | −$207.7M | −$103.9M | −$40.7M |
| Other current assets | $0 | $1,000 | $0 | $0 | $0 | $0 | $0 | $0 | $210.1M | $207.7M | $103.9M | $40.7M |
| Total current assets | $256.4M | $347.3M | $177.9M | $225.0M | $233.3M | $234.1M | $270.6M | $266.8M | $270.1M | $236.0M | $290.9M | $270.6M |
| Property, plant & equipment (net) | $30.5M | $30.8M | $30.0M | $30.0M | $29.7M | $32.3M | $31.2M | $31.3M | $31.9M | $31.9M | $32.0M | $32.5M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.7M | $2.9M |
| Long-term investments | $233.7M | $99.8M | $210.2M | $124.3M | $132.2M | $131.0M | $218.9M | $203.5M | $185.5M | $183.7M | $189.0M | $233.7M |
| Other non-current assets | $1.25B | $1.38B | $1.48B | $1.55B | $1.48B | $1.49B | $1.30B | $1.31B | $1.36B | $1.38B | $1.36B | $1.34B |
| Total assets | $1.77B | $1.86B | $1.89B | $1.93B | $1.88B | $1.88B | $1.83B | $1.81B | $1.85B | $1.83B | $1.88B | $1.88B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | $1.8M | $2.1M | $2.0M | $1.8M | $1.9M |
| Short-term debt | $480,000 | $94.4M | $83.8M | — | $268,000 | $366,000 | $40.4M | $97,000 | $127,000 | $191,000 | $26.3M | $6.2M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$2.1M | −$2.0M | −$24.5M | −$1.9M |
| Total current liabilities | $480,000 | $1.61B | $1.55B | $1.53B | $1.52B | $1.54B | $1.53B | $1.51B | $1.55B | $1.53B | $1.57B | $1.59B |
| Long-term debt | $78.8M | $143.9M | $151.6M | $226.6M | $189.6M | $173.6M | $131.0M | $146.0M | $148.6M | $158.5M | $156.5M | $161.5M |
| Lease obligations | $4.7M | $4.9M | $3.9M | $2.8M | $2.9M | $3.0M | $1.7M | $1.8M | $1.1M | $1.2M | $1.2M | $1.3M |
| Other long-term liabilities | $1.51B | $0 | $14.9M | $14.7M | $13.0M | $12.5M | $11.4M | $12.0M | $8.6M | $8.8M | $10.2M | $10.7M |
| Total liabilities | $1.59B | $1.68B | $1.72B | $1.77B | $1.72B | $1.73B | $1.68B | $1.66B | $1.71B | $1.70B | $1.74B | $1.76B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $7.6M | $7.6M | $7.6M | $7.6M | $7.6M | $7.6M | $7.6M | $7.6M | $7.6M | $7.6M | $7.6M | $7.6M |
| Retained earnings (deficit) | $118.0M | $112.2M | $107.9M | $103.1M | $98.3M | $93.6M | $89.5M | $86.3M | $83.0M | $79.7M | $76.5M | $85.1M |
| Accumulated other comprehensive income | −$5.1M | −$6.5M | −$3.6M | −$8.3M | −$11.9M | −$12.3M | −$12.4M | −$12.2M | −$17.2M | −$16.1M | −$13.8M | −$40.0M |
| Total shareholders' equity | $182.8M | $175.4M | $174.2M | $164.9M | $156.8M | $153.4M | $149.5M | $146.5M | $138.2M | $136.6M | $136.1M | $118.4M |
| Key figures | ||||||||||||
| Total debt | $83.5M | $148.7M | $155.5M | $229.4M | $192.5M | $176.6M | $132.7M | $147.8M | $149.7M | $159.6M | $157.7M | $169.0M |
| Net cash (debt) | $172.8M | $165.0M | $22.4M | −$4.4M | $40.8M | $57.4M | $138.0M | $110.7M | $112.5M | $67.3M | $124.5M | $93.1M |
| Working capital | $255.9M | −$1.27B | −$1.38B | −$1.30B | −$1.28B | −$1.31B | −$1.26B | −$1.24B | −$1.28B | −$1.29B | −$1.28B | −$1.32B |
| Tangible book value | $182.8M | $175.4M | $174.2M | $164.9M | $156.8M | $153.4M | $149.5M | $146.5M | $138.2M | $136.6M | $134.3M | $115.5M |
| Book value per share | $26.45 | $25.37 | $24.90 | $23.57 | $22.41 | $21.92 | $21.47 | $20.96 | $19.76 | $19.32 | $19.33 | $16.82 |
| Shares outstanding | 6.9M | 6.9M | 7.0M | 7.0M | 7.0M | 7.0M | 7.0M | 7.0M | 7.0M | 7.1M | 7.0M | 7.0M |
| Current ratio | 534.12 | 0.22 | 0.11 | 0.15 | 0.15 | 0.15 | 0.18 | 0.18 | 0.17 | 0.15 | 0.18 | 0.17 |
| Quick ratio | 550.24 | 0.22 | 0.12 | 0.15 | 0.15 | 0.15 | 0.18 | 0.18 | 0.17 | 0.15 | 0.18 | 0.17 |
| Debt / equity | 0.46 | 0.85 | 0.89 | 1.39 | 1.23 | 1.15 | 0.89 | 1.01 | 1.08 | 1.17 | 1.16 | 1.43 |
| Equity / assets | 10.3% | 9.5% | 9.2% | 8.5% | 8.4% | 8.1% | 8.2% | 8.1% | 7.5% | 7.5% | 7.3% | 6.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 5, 2026); data from EODHD.
HWBK financial position
At the end of fiscal 2025 (December 31, 2025), Hawthorn Bancshares had total assets of $1.9 billion (up 3.8% from a year earlier), total liabilities of $1.7 billion and shareholders' equity of $174.2 million. It held $177.9 million in cash and short-term investments against $155.5 million of debt, a net cash position of $22.4 million. Its current ratio was 0.11. In the latest quarter (ended June 30, 2026) total assets were $1.8 billion and equity $182.8 million.
Related: HWBK income statement, HWBK cash flow statement, HWBK key metrics. See the HWBK stock overview for the latest quote and news.
HWBK balance sheet FAQ
What are Hawthorn Bancshares's total assets?
Hawthorn Bancshares reported total assets of $1.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.8 billion a year earlier.
How much debt does Hawthorn Bancshares have?
Hawthorn Bancshares had $155.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.89.
How much cash does Hawthorn Bancshares have?
Hawthorn Bancshares held $177.9 million in cash and short-term investments at the end of fiscal 2025; with $155.5 million of debt that is net cash of $22.4 million.
What is Hawthorn Bancshares's book value?
Hawthorn Bancshares's shareholders' equity (book value) was $174.2 million at the end of fiscal 2025, or $24.90 per share.
What is Hawthorn Bancshares's current ratio?
Hawthorn Bancshares had current assets of $177.9 million and current liabilities of $1.6 billion, a current ratio of 0.11 (current liabilities exceed current assets).