UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
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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):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Securities registered pursuant to Section 12(b) of the Act:
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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 8.01 Other Events.
On August 21, 2020 Hawthorn Bancshares issued a press release announcing the reinstatement of its Common Stock Repurchase Program.
Item 9.01 Financial Statements and Exhibits.
The full text of the press release is furnished as an exhibit to this report.
Exhibit Index
Exhibit No. |
| Description |
99.1 | ||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
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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: August 21, 2020 | Hawthorn Bancshares, Inc. | |
By: | /s/ David T. Turner | |
Name: David T. Turner | ||
Title: Chairman, CEO & President | ||
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Exhibit 99.1
Hawthorn Bancshares Announces Reinstatement of Its Common Stock Repurchase Program
Company Release – August 21, 2020
JEFFERSON CITY, Mo., August 21, 2020 -- Hawthorn Bancshares Inc. (NASDAQ: HWBK), announced that its Board of Directors has reinstated its stock repurchase program, effective yesterday, August 20, 2020.
Hawthorn Bancshares, Inc. announced the temporary suspension of its stock buyback program in light of market conditions incurred as a result of the Covid-19 pandemic in its March 31, 2020 10-Q. The reinstatement of the repurchase program has a remaining authorization of $4 million. Management was given discretion to determine the number and pricing of the shares to be purchased, as well as, the timing of any such purchases. The Company intends to purchase its shares through broker dealers selected in compliance with applicable securities laws at prices for the common stock prevailing from time to time in NASDAQ’s National Market.
The repurchased shares will be held in treasury and may be used by the Company for general corporate purposes, including stock-based employee benefit plans and stock dividends. It is expected that the stock repurchases will be funded by cash generated through cash on hand, operations and other sources. At August 20, 2020, the Company had 6,485,648 common shares outstanding.
About Hawthorn Bancshares
Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank of Jefferson City, Missouri with additional locations in the Missouri communities of Lee's Summit, Liberty, St. Louis, Springfield, Independence, Columbia, Clinton, Osceola, Warsaw, Belton, Drexel, Harrisonville, California and St. Robert, Missouri.
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.
Document and Entity Information |
Aug. 20, 2020 |
|---|---|
| Document and Entity Information [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Aug. 20, 2020 |
| Entity Registrant Name | Hawthorn Bancshares, Inc. |
| Entity Incorporation, State or Country Code | MO |
| Entity File Number | 0-23636 |
| Entity Tax Identification Number | 43-1626350 |
| Entity Address, Address Line One | 132 East High Street |
| Entity Address, Adress Line Two | PO Box 688 |
| Entity Address, City or Town | Jefferson City |
| Entity Address, State or Province | MO |
| Entity Address, Postal Zip Code | 65102 |
| City Area Code | 573 |
| Local Phone Number | 761-6100 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $1.00 par value |
| Trading Symbol | HWBK |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0000893847 |
| Amendment Flag | false |
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