# HAWTHORN BANCSHARES, INC. (HWBK) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from HAWTHORN BANCSHARES, INC.'s 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/HWBK/mda/fy2025/): filed 2026-03-05; accession 0000893847-26-000037 (https://www.sec.gov/Archives/edgar/data/893847/000089384726000037/hwbk-20251231.htm); latest 10-K
- [FY 2024 MD&A](/company/HWBK/mda/fy2024/): filed 2025-03-17; accession 0000893847-25-000002 (https://www.sec.gov/Archives/edgar/data/893847/000089384725000002/hwbk-20241231.htm)
- [FY 2023 MD&A](/company/HWBK/mda/fy2023/): filed 2024-03-18; accession 0000893847-24-000002 (https://www.sec.gov/Archives/edgar/data/893847/000089384724000002/hwbk-20231231.htm)
- [FY 2022 MD&A](/company/HWBK/mda/fy2022/): filed 2023-03-29; accession 0000893847-23-000005 (https://www.sec.gov/Archives/edgar/data/893847/000089384723000005/hwbk-20221231.htm)
- [FY 2021 MD&A](/company/HWBK/mda/fy2021/): filed 2022-03-17; accession 0000893847-22-000011 (https://www.sec.gov/Archives/edgar/data/893847/000089384722000011/hwbk-20211231.htm)

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