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Hawthorn Bancshares Reports Results for First Quarter 2021 Exhibit 99.1 First Quarter 2021 Results • Net income of $ 5.8 million , or $ 0.92 per diluted share Net interest margin , fully taxable equivalent ( " FTE " ) of 3.62 % ― • Return on average assets and equity of 1.38 % and 18.03 % , respectively Closed over $ 40 million in SBA Paycheck Protection Program Loans ( " PPP " ) Jefferson City , MO - April 28 , 2021 Hawthorn Bancshares Inc. ( NASDAQ : HWBK ) , ( the " Company " or " HWBK " ) reported net income of $ 5.8 million for the first quarter 2021 , an increase of $ 0.6 million compared to the linked fourth quarter 2020 ( " linked quarter " ) and an increase of $ 5.0 million from the first quarter 2020 ( the " prior year quarter " ) . Earnings per diluted share ( " EPS " ) was $ 0.92 for the first quarter 2021 compared to $ 0.80 and $ 0.13 for the linked quarter and prior year quarter , respectively . Net income and EPS for the current quarter increased from the linked quarter due to higher net interest income in addition to lower provision expense , partially offset by a decrease in non - interest income , described in more detail below . Chairman David T. Turner commented , " In the first quarter of the new year we continued to build momentum as we have done consistently in recent quarters impacted by the pandemic . While the pandemic is still influencing our focus and operations , we are more confident in our ability to anticipate and deliver banking services to address the needs of our borrowers and customers . While in some instances traditional loan demand has been reduced , we have been extremely successful in closing over $ 40 million in PPP Round 2 loans during the first quarter , and this is in addition to over $ 88 million of PPP lending we accomplished during Round 1 in year 2020. Approximately 78 % of the PPP Round 1 loans were forgiven by the end of the first quarter . Our bankers have continued to adapt and respond very well . " Turner continued , " Despite these unprecedented and challenging times , we continue to deliver strong financial results . In the first quarter we earned $ 5.8 million in net income , which translates into $ 0.92 per share , and an ROA and ROE of 1.38 % and 18.03 % , respectively . This level of earnings is an increase of $ 0.6 million as compared to the previous quarter , and an increase of $ 5.0 million compared to first quarter of 2020. We are continuing to see quarter - over - quarter growth in net interest income , which has been positively impacted by the recognition of fee income as PPP loans have been forgiven . Our overall asset quality remains very strong . We continue to closely monitor our portfolio of non - performing loans which we saw spike last year as a result of the pandemic . We remain very excited about the future . " Highlights . Earnings Net income in the first quarter 2021 was $ 5.8 million and EPS was $ 0.92 . Pre - tax pre - provision income ( " PTPP " ) of $ 7.2 million for the first quarter increased $ 0.5 million , or 7 % , from the linked quarter , and increased $ 2.9 million , or 66 % , from the prior year quarter .