HAWTHORN BANCSHARES Business Summary

Hawthorn Bancshares, Inc. (HWBK) is a financial holding company that generates the majority of its revenue through net interest income derived from its primary subsidiary, Hawthorn Bank. Operating across Missouri with a significant presence in Jefferson City, Columbia, and the Kansas City metropolitan area, the company transitioned in 2025 to a dual-segment reporting structure comprising a traditional Bank segment and a strategic Wealth Management segment. Its revenue model relies on a diversified loan portfolio—including commercial, real estate, and agricultural lending—complemented by fee-based income from trust services, mortgage banking, and treasury management. Hawthorn competes in a crowded regional landscape against institutions such as Commerce Bancshares, Inc., Central Bancompany, and Enterprise Financial Services Corp. It distinguishes itself as a relationship-centric community bank that leverages local decision-making and specialized SME services to capture market share from larger, less agile national competitors. The executive leadership team is led by Chief Executive Officer Brent M. Giles, who joined in 2023 bringing over three decades of experience, including previous CEO roles at Bank of Blue Valley and Liberty Bancorp, as well as a background as an FDIC examiner. He is supported by President Gregg A. Bexten, a veteran of the firm since 1998 and a former Federal Reserve Bank examiner, and Executive Vice President and CFO Christopher E. Hafner, who previously served as Chief Accounting Officer at CrossFirst Bank. Long-tenured executive Kathleen L. Bruegenhemke continues to oversee operations and risk as EVP and Chief Risk Officer. The board is chaired by David T. Turner, the company’s former long-time CEO, ensuring strategic continuity. Significant institutional backing is provided by major investment firms including BlackRock, The Vanguard Group, and Dimensional Fund Advisors, reflecting a stable capital structure and investor confidence in the firm’s regional growth strategy.