MidWestOne Financial Group, Inc. Reports Financial Results for the Fourth Quarter and Full Year of 2024
MidWestOne Financial Group (MOFG) reported Q4 2024 net income of $16.3 million ($0.78 per diluted share), with a return on average assets of 1.03%. Key highlights include:
- Net interest margin expanded to 3.43% with core net interest margin up 85 bps to 3.26%
- Efficiency ratio improved to 59.06% from 70.32% in Q3
- Noninterest bearing deposits increased 3.7%
- Asset quality improved with classified loan ratio down 54 bps to 2.57%
For full year 2024:
- Investment services and trust activities revenue grew 15.9% to $14.2 million
- Common equity tier 1 ratio improved 114 bps to 10.73%
- Completed capital raise with net proceeds of $118.6 million
- Net charge-off ratio was 0.07%
MidWestOne Financial Group (MOFG) ha riportato un utile netto del quarto trimestre 2024 di 16,3 milioni di dollari (0,78 dollari per azione diluita), con un ritorno medio sugli attivi dell'1,03%. I punti salienti includono:
- Il margine di interesse netto è aumentato al 3,43% con il margine di interesse netto core in aumento di 85 punti base al 3,26%
- Il rapporto di efficienza è migliorato al 59,06% rispetto al 70,32% del terzo trimestre
- I depositi non fruttiferi sono aumentati del 3,7%
- La qualità degli attivi è migliorata con il rapporto di prestiti classificati in diminuzione di 54 punti base al 2,57%
Per l'intero anno 2024:
- I ricavi dei servizi di investimento e delle attività fiduciari sono aumentati del 15,9% a 14,2 milioni di dollari
- Il rapporto CET1 (common equity tier 1) è migliorato di 114 punti base al 10,73%
- Completato un aumento di capitale con proventi netti di 118,6 milioni di dollari
- Il rapporto di svalutazione netta è stato dello 0,07%
MidWestOne Financial Group (MOFG) reportó un ingreso neto del cuarto trimestre de 2024 de 16,3 millones de dólares (0,78 dólares por acción diluida), con un retorno sobre activos promedio del 1,03%. Los puntos clave incluyen:
- El margen de interés neto se expandió al 3,43%, con un margen de interés neto core que subió 85 puntos básicos al 3,26%
- El ratio de eficiencia mejoró al 59,06% desde el 70,32% en el tercer trimestre
- Los depósitos no generadores de intereses aumentaron un 3,7%
- La calidad de los activos mejoró con el ratio de préstamos clasificados disminuyendo 54 puntos básicos al 2,57%
Para el año completo 2024:
- Los ingresos por servicios de inversión y actividades fiduciarias crecieron un 15,9% hasta 14,2 millones de dólares
- El ratio de capital de nivel 1 (CET1) mejoró en 114 puntos básicos al 10,73%
- Completada la recaudación de capital con un producto neto de 118,6 millones de dólares
- El ratio de cargos netos fue del 0,07%
MidWestOne Financial Group (MOFG)는 2024년 4분기 순이익이 1630만 달러(희석 주당 0.78달러)로 보고되었으며, 평균 자산 수익률은 1.03%입니다. 주요 하이라이트는 다음과 같습니다:
- 순이자 마진이 3.43%로 확대되었으며, 핵심 순이자 마진은 85bp 증가하여 3.26%에 도달했습니다.
- 효율성 비율이 3분기 70.32%에서 59.06%로 개선되었습니다.
- 비이자성 예금이 3.7% 증가했습니다.
- 자산 품질이 개선되어 분류된 대출 비율이 54bp 감소하여 2.57%에 이르렀습니다.
2024년 전체년도 기준:
- 투자 서비스 및 신탁 활동 수익이 15.9% 증가하여 1420만 달러에 도달했습니다.
- 기본 자본 비율이 114bp 개선되어 10.73%에 도달했습니다.
- 1억 1860만 달러의 순조로웠습니다.
- 순 대손 비율은 0.07%였습니다.
MidWestOne Financial Group (MOFG) a annoncé un revenu net pour le quatrième trimestre 2024 de 16,3 millions de dollars (0,78 dollar par action diluée), avec un retour sur actifs moyen de 1,03%. Les points clés incluent :
- La marge d'intérêt nette s'est étendue à 3,43%, avec une marge d'intérêt nette de base augmentée de 85 points de base à 3,26%
- Le ratio d'efficacité s'est amélioré à 59,06% contre 70,32% au troisième trimestre
- Les dépôts non générateurs d'intérêts ont augmenté de 3,7%
- La qualité des actifs s'est améliorée avec un ratio de prêts classés en baisse de 54 points de base à 2,57%
Pour l'année entière 2024 :
- Les revenus des services d'investissement et des activités fiduciaires ont augmenté de 15,9% pour atteindre 14,2 millions de dollars
- Le ratio CET1 (common equity tier 1) s'est amélioré de 114 points de base à 10,73%
- Levée de fonds achevée avec des produits nets de 118,6 millions de dollars
- Le ratio de perte nette était de 0,07%
MidWestOne Financial Group (MOFG) berichtete für das 4. Quartal 2024 einen Nettogewinn von 16,3 Millionen Dollar (0,78 Dollar je verwässerte Aktie) mit einer durchschnittlichen Rendite auf die Aktiva von 1,03%. Die wichtigsten Highlights umfassen:
- Der Nettomargen-Zins erhöhte sich auf 3,43%, während der Kernnettozins um 85 Basispunkte auf 3,26% stieg.
- Das Effizienzverhältnis verbesserte sich auf 59,06% gegenüber 70,32% im 3. Quartal.
- Die nicht-zinsbringenden Einlagen erhöhten sich um 3,7%.
- Die Vermögensqualität verbesserte sich, da das Verhältnis der klassifizierten Kredite um 54 Basispunkte auf 2,57% sank.
Für das Gesamtjahr 2024:
- Der Umsatz aus Anlage- und Treuhanddienstleistungen wuchs um 15,9% auf 14,2 Millionen Dollar.
- Das Common Equity Tier 1 Ratio verbesserte sich um 114 Basispunkte auf 10,73%.
- Kapitalzufluss wurde mit Nettoerlösen von 118,6 Millionen Dollar abgeschlossen.
- Die Nettobewertungsquote betrug 0,07%.
- Net income of $16.3 million in Q4 2024
- Net interest margin expanded significantly to 3.43%
- Efficiency ratio improved to 59.06% from 70.32%
- Investment services revenue increased 15.9% to $14.2 million
- Asset quality improved with classified loan ratio down 54 bps
- Successful capital raise of $118.6 million
- Total assets decreased to $6.24B from $6.55B in Q3 2024
- Investment securities decreased by $294.7M from Q3 2024
- Shareholders' equity decreased $2.5M from Q3 2024
Insights
MidWestOne's Q4 2024 results reveal a compelling transformation story, marked by strategic execution across multiple fronts. The standout
Three key developments warrant attention:
- Deposit Franchise Strength: The
3.7% growth in noninterest-bearing deposits, coupled with2.3% core deposit growth, indicates robust organic growth and successful treasury management initiatives. This improved funding mix positions the bank favorably for sustained margin expansion. - Revenue Diversification: The
15.9% increase in investment services and trust activities revenue to$14.2 million highlights successful execution in fee income growth, reducing reliance on spread income. - Asset Quality Resilience: The 150 basis point year-over-year improvement in classified loan ratio to
2.57% , combined with minimal net charge-offs of0.06% , reflects prudent risk management and strong underwriting standards.
The completion of their
IOWA CITY, Iowa, Jan. 23, 2025 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we”, “our”, or the "Company”) today reported results for the fourth quarter and full year of 2024.
Fourth Quarter 2024 Summary1
- Net income of
$16.3 million , or$0.78 per diluted common share.- Return on average assets of
1.03% . - Net interest margin (tax equivalent) was
3.43% ;2 Core net interest margin expanded 85 bps to3.26% .2 - Efficiency ratio improved to
59.06% 2 from70.32% 2 in the linked quarter.
- Return on average assets of
- Noninterest bearing deposits and core deposits increased
3.7% and2.3% , respectively. - Classified loan ratio improved 54 bps to
2.57% ; nonperforming assets ratio remained stable at0.40% ; net charge-off ratio was0.06% . - Common equity tier 1 ("CET1") ratio improved 82 bps to
10.73% .
Full Year 2024 Summary1
- Noninterest bearing deposits and core deposits increased
6.1% and3.9% , respectively. - Investment services and trust activities revenue increased
15.9% to$14.2 million . - CET1 ratio improved 114 bps to
10.73% . - Classified loan ratio improved 150 bps to
2.57% ; nonperforming assets ratio improved 7 bps to0.40% ; net charge-off ratio was0.07% . - Completed a common equity capital raise, resulting in net proceeds to the Company of
$118.6 million to facilitate a balance sheet repositioning.
CEO Commentary
Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, “We are pleased with our fourth quarter results which highlight the successful execution of our balance sheet repositioning, as well as the continued momentum of our strategic initiatives. Return on average assets eclipsed the
Mr. Reeves continued, "2024 was an outstanding year of transformation and execution for MidWestOne. As we enter 2025, we are well positioned to become a consistent, high performing organization for the benefit of our stakeholders.”
_________________________________________
1 Fourth Quarter Summary compares to the third quarter of 2024 (the "linked quarter") unless noted. Full Year 2024 Summary compares to the full year 2023 unless noted.
2 Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
| As of or for the quarter ended | Year Ended | |||||||||||||||||||
| (Dollars in thousands, except per share amounts and as noted) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Financial Results | ||||||||||||||||||||
| Revenue | $ | 59,775 | $ | (92,867 | ) | $ | 36,421 | $ | 69,290 | $ | 162,595 | |||||||||
| Credit loss expense | 1,291 | 1,535 | 1,768 | 8,782 | 5,849 | |||||||||||||||
| Noninterest expense | 37,372 | 35,798 | 32,131 | 144,496 | 131,913 | |||||||||||||||
| Net income (loss) | 16,330 | (95,707 | ) | 2,730 | (60,289 | ) | 20,859 | |||||||||||||
| Adjusted earnings(3) | 16,112 | 9,141 | 7,265 | 37,954 | 35,311 | |||||||||||||||
| Per Common Share | ||||||||||||||||||||
| Diluted earnings (loss) per share | $ | 0.78 | $ | (6.05 | ) | $ | 0.17 | $ | (3.54 | ) | $ | 1.33 | ||||||||
| Adjusted earnings per share(3) | 0.77 | 0.58 | 0.46 | 2.23 | 2.25 | |||||||||||||||
| Book value | 26.94 | 27.06 | 33.41 | 26.94 | 33.41 | |||||||||||||||
| Tangible book value(3) | 22.37 | 22.43 | 27.90 | 22.37 | 27.90 | |||||||||||||||
| Balance Sheet & Credit Quality | ||||||||||||||||||||
| Loans In millions | $ | 4,315.6 | $ | 4,328.8 | $ | 4,126.9 | $ | 4,315.6 | $ | 4,126.9 | ||||||||||
| Investment securities In millions | 1,328.4 | 1,623.1 | 1,870.3 | 1,328.4 | 1,870.3 | |||||||||||||||
| Deposits In millions | 5,478.0 | 5,368.7 | 5,395.7 | 5,478.0 | 5,395.7 | |||||||||||||||
| Net loan charge-offs In millions | 0.7 | 1.7 | 2.1 | 3.1 | 3.7 | |||||||||||||||
| Allowance for credit losses ratio | 1.28 | % | 1.25 | % | 1.25 | % | 1.28 | % | 1.25 | % | ||||||||||
| Selected Ratios | ||||||||||||||||||||
| Return on average assets | 1.03 | % | (5.78 | )% | 0.17 | % | (0.92 | )% | 0.32 | % | ||||||||||
| Net interest margin, tax equivalent(3) | 3.43 | % | 2.51 | % | 2.22 | % | 2.66 | % | 2.46 | % | ||||||||||
| Return on average equity | 11.53 | % | (69.05 | )% | 2.12 | % | (11.08 | )% | 4.12 | % | ||||||||||
| Return on average tangible equity(3) | 14.80 | % | (82.78 | )% | 3.57 | % | (12.45 | )% | 6.14 | % | ||||||||||
| Efficiency ratio(3) | 59.06 | % | 70.32 | % | 70.16 | % | 63.44 | % | 67.28 | % | ||||||||||
REVENUE REVIEW
| Revenue | Change | Change | ||||||||||||||||
| 4Q24 vs | 4Q24 vs | |||||||||||||||||
| (Dollars in thousands) | 4Q24 | 3Q24 | 4Q23 | 3Q24 | 4Q23 | |||||||||||||
| Net interest income | $ | 48,938 | $ | 37,521 | $ | 32,559 | 30 | % | 50 | % | ||||||||
| Noninterest income (loss) | 10,837 | (130,388 | ) | 3,862 | n/m | 181 | % | |||||||||||
| Total revenue, net of interest expense | $ | 59,775 | $ | (92,867 | ) | $ | 36,421 | n/m | 64 | % | ||||||||
| (n/m) - Not meaningful | ||||||||||||||||||
Total revenue for the fourth quarter of 2024 increased
Net interest income of
The Company's tax equivalent net interest margin was
The Company's tax equivalent net interest margin was
_______________________________________
3 Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
| Noninterest Income (Loss) | Change | Change | |||||||||||||||
| 4Q24 vs | 4Q24 vs | ||||||||||||||||
| (In thousands) | 4Q24 | 3Q24 | 4Q23 | 3Q24 | 4Q23 | ||||||||||||
| Investment services and trust activities | $ | 3,779 | $ | 3,410 | $ | 3,193 | 11 | % | 18 | % | |||||||
| Service charges and fees | 2,159 | 2,170 | 2,148 | (1 | )% | 1 | % | ||||||||||
| Card revenue | 1,833 | 1,935 | 1,802 | (5 | )% | 2 | % | ||||||||||
| Loan revenue | 1,841 | 760 | 909 | 142 | % | 103 | % | ||||||||||
| Bank-owned life insurance | 719 | 879 | 656 | (18 | )% | 10 | % | ||||||||||
| Investment securities gains (losses), net | 161 | (140,182 | ) | (5,696 | ) | n/m | n/m | ||||||||||
| Other | 345 | 640 | 850 | (46 | )% | (59 | )% | ||||||||||
| Total noninterest income (loss) | $ | 10,837 | $ | (130,388 | ) | $ | 3,862 | n/m | 181 | % | |||||||
| MSR adjustment (included above in Loan revenue) | $ | 164 | $ | (1,026 | ) | $ | (105 | ) | (116 | )% | (256 | )% | |||||
| (n/m) - Not meaningful | |||||||||||||||||
Noninterest income for the fourth quarter of 2024 increased
Noninterest income for the fourth quarter of 2024 increased
EXPENSE REVIEW
| Noninterest Expense | Change | Change | |||||||||||||||
| 4Q24 vs | 4Q24 vs | ||||||||||||||||
| (In thousands) | 4Q24 | 3Q24 | 4Q23 | 3Q24 | 4Q23 | ||||||||||||
| Compensation and employee benefits | $ | 20,684 | $ | 19,943 | $ | 17,859 | 4 | % | 16 | % | |||||||
| Occupancy expense of premises, net | 2,772 | 2,443 | 2,309 | 13 | % | 20 | % | ||||||||||
| Equipment | 2,688 | 2,486 | 2,466 | 8 | % | 9 | % | ||||||||||
| Legal and professional | 2,534 | 2,261 | 2,269 | 12 | % | 12 | % | ||||||||||
| Data processing | 1,719 | 1,580 | 1,411 | 9 | % | 22 | % | ||||||||||
| Marketing | 793 | 619 | 700 | 28 | % | 13 | % | ||||||||||
| Amortization of intangibles | 1,449 | 1,470 | 1,441 | (1 | )% | 1 | % | ||||||||||
| FDIC insurance | 980 | 923 | 900 | 6 | % | 9 | % | ||||||||||
| Communications | 154 | 159 | 183 | (3 | )% | (16 | )% | ||||||||||
| Foreclosed assets, net | 56 | 330 | 45 | (83 | )% | 24 | % | ||||||||||
| Other | 3,543 | 3,584 | 2,548 | (1 | )% | 39 | % | ||||||||||
| Total noninterest expense | $ | 37,372 | $ | 35,798 | $ | 32,131 | 4 | % | 16 | % | |||||||
| Merger-related Expenses | |||||||||||
| (In thousands) | 4Q24 | 3Q24 | 4Q23 | ||||||||
| Equipment | $ | 21 | $ | — | $ | — | |||||
| Legal and professional | — | 127 | 180 | ||||||||
| Data processing | 10 | — | — | ||||||||
| Marketing | — | — | 38 | ||||||||
| Other | — | 6 | 27 | ||||||||
| Total merger-related expenses | $ | 31 | $ | 133 | $ | 245 | |||||
Noninterest expense for the fourth quarter of 2024 increased
Noninterest expense for the fourth quarter of 2024 increased
The Company's effective tax rate was
BALANCE SHEET REVIEW
Total assets were
| Loans Held for Investment | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||
| Balance | % of Total | Balance | % of Total | Balance | % of Total | ||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Commercial and industrial | $ | 1,126,813 | 26.1 | % | $ | 1,149,758 | 26.6 | % | $ | 1,075,003 | 26.0 | % | |||||
| Agricultural | 119,051 | 2.8 | 112,696 | 2.6 | 118,414 | 2.9 | |||||||||||
| Commercial real estate | |||||||||||||||||
| Construction and development | 324,896 | 7.5 | 386,920 | 8.9 | 323,195 | 7.8 | |||||||||||
| Farmland | 182,460 | 4.2 | 182,164 | 4.2 | 184,955 | 4.5 | |||||||||||
| Multifamily | 423,157 | 9.8 | 409,544 | 9.5 | 383,178 | 9.3 | |||||||||||
| Other | 1,414,168 | 32.7 | 1,353,513 | 31.2 | 1,333,982 | 32.4 | |||||||||||
| Total commercial real estate | 2,344,681 | 54.2 | 2,332,141 | 53.8 | 2,225,310 | 54.0 | |||||||||||
| Residential real estate | |||||||||||||||||
| One-to-four family first liens | 477,150 | 11.1 | 485,210 | 11.2 | 459,798 | 11.1 | |||||||||||
| One-to-four family junior liens | 179,232 | 4.2 | 176,827 | 4.1 | 180,639 | 4.4 | |||||||||||
| Total residential real estate | 656,382 | 15.3 | 662,037 | 15.3 | 640,437 | 15.5 | |||||||||||
| Consumer | 68,700 | 1.6 | 72,124 | 1.7 | 67,783 | 1.6 | |||||||||||
| Loans held for investment, net of unearned income | $ | 4,315,627 | 100.0 | % | $ | 4,328,756 | 100.0 | % | $ | 4,126,947 | 100.0 | % | |||||
| Total commitments to extend credit | $ | 1,080,737 | $ | 1,149,815 | $ | 1,210,796 | |||||||||||
Loans held for investment, net of unearned income, remained stable, reflecting a slight decrease of
Loans held for investment, net of unearned income, increased
| Investment Securities | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||
| (Dollars in thousands) | Balance | % of Total | Balance | % of Total | Balance | % of Total | |||||||||||
| Available for sale | $ | 1,328,433 | 100.0 | % | $ | 1,623,104 | 100.0 | % | $ | 795,134 | 42.5 | % | |||||
| Held to maturity | — | — | % | — | — | % | 1,075,190 | 57.5 | % | ||||||||
| Total investment securities | $ | 1,328,433 | $ | 1,623,104 | $ | 1,870,324 | |||||||||||
Investment securities at December 31, 2024 were
| Deposits | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||
| (Dollars in thousands) | Balance | % of Total | Balance | % of Total | Balance | % of Total | |||||||||||
| Noninterest bearing deposits | $ | 951,423 | 17.4 | % | $ | 917,715 | 17.1 | % | $ | 897,053 | 16.6 | % | |||||
| Interest checking deposits | 1,258,191 | 22.9 | 1,230,605 | 23.0 | 1,320,435 | 24.5 | |||||||||||
| Money market deposits | 1,053,988 | 19.2 | 1,038,575 | 19.3 | 1,105,493 | 20.5 | |||||||||||
| Savings deposits | 820,549 | 15.0 | 768,298 | 14.3 | 650,655 | 12.1 | |||||||||||
| Time deposits of | 826,793 | 15.1 | 844,298 | 15.7 | 752,214 | 13.9 | |||||||||||
| Total core deposits | 4,910,944 | 89.6 | 4,799,491 | 89.4 | 4,725,850 | 87.6 | |||||||||||
| Brokered time deposits | 200,000 | 3.7 | 200,000 | 3.7 | 221,039 | 4.1 | |||||||||||
| Time deposits over | 367,038 | 6.7 | 369,236 | 6.9 | 448,784 | 8.3 | |||||||||||
| Total deposits | $ | 5,477,982 | 100.0 | % | $ | 5,368,727 | 100.0 | % | $ | 5,395,673 | 100.0 | % | |||||
Total deposits increased
| Borrowed Funds | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||
| (Dollars in thousands) | Balance | % of Total | Balance | % of Total | Balance | % of Total | |||||||||||
| Short-term borrowings | $ | 3,186 | 2.7 | % | $ | 410,630 | 78.1 | % | $ | 300,264 | 70.9 | % | |||||
| Long-term debt | 113,376 | 97.3 | % | 115,051 | 21.9 | % | 123,296 | 29.1 | % | ||||||||
| Total borrowed funds | $ | 116,562 | $ | 525,681 | $ | 423,560 | |||||||||||
Borrowed funds were
| Capital | December 31, | September 30, | December 31, | ||||||||
| (Dollars in thousands) | 2024(1) | 2024 | 2023 | ||||||||
| Total shareholders' equity | $ | 559,696 | $ | 562,238 | $ | 524,378 | |||||
| Accumulated other comprehensive loss | (72,762 | ) | (58,842 | ) | (64,899 | ) | |||||
| MidWestOne Financial Group, Inc. Consolidated | |||||||||||
| Tier 1 leverage to average assets ratio | 9.15 | % | 8.78 | % | 8.58 | % | |||||
| Common equity tier 1 capital to risk-weighted assets ratio | 10.73 | % | 9.91 | % | 9.59 | % | |||||
| Tier 1 capital to risk-weighted assets ratio | 11.59 | % | 10.70 | % | 10.38 | % | |||||
| Total capital to risk-weighted assets ratio | 14.07 | % | 12.96 | % | 12.53 | % | |||||
| MidWestOne Bank | |||||||||||
| Tier 1 leverage to average assets ratio | 10.12 | % | 9.69 | % | 9.39 | % | |||||
| Common equity tier 1 capital to risk-weighted assets ratio | 12.86 | % | 11.83 | % | 11.54 | % | |||||
| Tier 1 capital to risk-weighted assets ratio | 12.86 | % | 11.83 | % | 11.54 | % | |||||
| Total capital to risk-weighted assets ratio | 14.02 | % | 12.88 | % | 12.49 | % | |||||
| (1)Regulatory capital ratios for December 31, 2024 are preliminary | |||||||||||
Total shareholders' equity at December 31, 2024 decreased
On January 22, 2025, the Board of Directors of the Company declared a cash dividend of
No common shares were repurchased by the Company during the period September 30, 2024 through December 31, 2024 or for the subsequent period through January 23, 2025. The current share repurchase program allows for the repurchase of up to
CREDIT QUALITY REVIEW
| Credit Quality | As of or For the Three Months Ended | ||||||||||
| December 31, | September 30, | December 31, | |||||||||
| (Dollars in thousands) | 2024 | 2024 | 2023 | ||||||||
| Credit loss expense related to loans | $ | 1,891 | $ | 1,835 | $ | 1,968 | |||||
| Net charge-offs | 691 | 1,735 | 2,068 | ||||||||
| Allowance for credit losses | 55,200 | 54,000 | 51,500 | ||||||||
| Pass | $ | 4,056,361 | $ | 4,016,683 | $ | 3,846,012 | |||||
| Special Mention | 148,462 | 177,241 | 113,029 | ||||||||
| Classified | 110,804 | 134,832 | 167,906 | ||||||||
| Loans greater than 30 days past due and accruing | $ | 9,378 | $ | 11,940 | $ | 10,778 | |||||
| Nonperforming loans | $ | 21,847 | $ | 21,954 | $ | 26,359 | |||||
| Nonperforming assets | 25,184 | 25,537 | 30,288 | ||||||||
| Net charge-off ratio(1) | 0.06 | % | 0.16 | % | 0.20 | % | |||||
| Classified loans ratio(2) | 2.57 | % | 3.11 | % | 4.07 | % | |||||
| Nonperforming loans ratio(3) | 0.51 | % | 0.51 | % | 0.64 | % | |||||
| Nonperforming assets ratio(4) | 0.40 | % | 0.39 | % | 0.47 | % | |||||
| Allowance for credit losses ratio(5) | 1.28 | % | 1.25 | % | 1.25 | % | |||||
| Allowance for credit losses to nonaccrual loans ratio(6) | 254.32 | % | 260.84 | % | 198.91 | % | |||||
| (1)Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period. | |||||||||||
| (2)Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period. | |||||||||||
| (3)Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period. | |||||||||||
| (4)Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period. | |||||||||||
| (5)Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income, at the end of the period. | |||||||||||
| (6)Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period. | |||||||||||
Nonperforming loans and nonperforming assets ratios remained stable at
As of December 31, 2024, the allowance for credit losses was
| Nonperforming Loans Roll Forward | Nonaccrual | 90+ Days Past Due & Still Accruing | Total | ||||||||
| (Dollars in thousands) | |||||||||||
| Balance at September 30, 2024 | $ | 20,702 | $ | 1,252 | $ | 21,954 | |||||
| Loans placed on nonaccrual or 90+ days past due & still accruing | 9,824 | 312 | 10,136 | ||||||||
| Proceeds related to repayment or sale | (7,802 | ) | (65 | ) | (7,867 | ) | |||||
| Charge-offs | (1,003 | ) | (273 | ) | (1,276 | ) | |||||
| Transfers to foreclosed assets | (16 | ) | — | (16 | ) | ||||||
| Transfer to nonaccrual | — | (1,084 | ) | (1,084 | ) | ||||||
| Balance at December 31, 2024 | $ | 21,705 | $ | 142 | $ | 21,847 | |||||
CONFERENCE CALL DETAILS
The Company will host a conference call for investors at 11:00 a.m. CT on Friday, January 24, 2025. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login?show=edad992a&confId=75837. After pre-registering for this event you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 using an access code of 135335 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until April 24, 2025 by calling 1-866-813-9403 and using the replay access code of 395859. A transcript of the call will also be available on the Company’s web site (www.midwestonefinancial.com) within three business days of the call.
ABOUT MIDWESTONE FINANCIAL GROUP, INC.
MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol “MOFG”.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to time, make written or oral statements that are “forward-looking” and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “should,” “could,” “would,” “plans,” “goals,” “intend,” “project,” “estimate,” “forecast,” “may” or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law.
Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the risks of mergers or branch sales (including the sale of our Florida banking operations and the acquisition of DNVB), including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (2) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of changing inflationary pressures on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (3) the effects of changes in interest rates, including on our net income and the value of our securities portfolio; (4) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (5) fluctuations in the value of our investment securities; (6) governmental monetary and fiscal policies; (7) the economic impacts on the Company and its customers of climate change, natural disasters and exceptional weather occurrences, such as: tornadoes, floods and blizzards; (8) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, including changes in interpretation or prioritization, and any changes in response to the failures of other banks; (9) the ability to attract and retain key executives and employees experienced in banking and financial services; (10) the sufficiency of the allowance for credit losses to absorb the amount of actual losses inherent in our existing loan portfolio; (11) our ability to adapt successfully to technological changes to compete effectively in the marketplace; (12) credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio; (13) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (14) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (15) volatility of rate-sensitive deposits; (16) operational risks, including data processing system failures or fraud; (17) asset/liability matching risks and liquidity risks; (18) the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions; (19) changes in general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession; (20) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (21) war or terrorist activities, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (22) the occurrence of fraudulent activity, breaches, or failures of our or our third-party vendors' information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (23) the imposition of tariffs or other domestic or international governmental policies impacting the value of products produced by our borrowers; (24) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company's cost of funds; (25) the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; (26) changes in the business and economic conditions generally and in the financial services industry, and the effects of developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in prior bank failures; and (27) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.
MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED BALANCE SHEETS
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
| (In thousands) | 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||
| ASSETS | |||||||||||||||||||
| Cash and due from banks | $ | 71,803 | $ | 72,173 | $ | 66,228 | $ | 68,430 | $ | 76,237 | |||||||||
| Interest earning deposits in banks | 133,092 | 129,695 | 35,340 | 29,328 | 5,479 | ||||||||||||||
| Federal funds sold | — | — | — | 4 | 11 | ||||||||||||||
| Total cash and cash equivalents | 204,895 | 201,868 | 101,568 | 97,762 | 81,727 | ||||||||||||||
| Debt securities available for sale at fair value | 1,328,433 | 1,623,104 | 771,034 | 797,230 | 795,134 | ||||||||||||||
| Held to maturity securities at amortized cost | — | — | 1,053,080 | 1,064,939 | 1,075,190 | ||||||||||||||
| Total securities | 1,328,433 | 1,623,104 | 1,824,114 | 1,862,169 | 1,870,324 | ||||||||||||||
| Loans held for sale | 749 | 3,283 | 2,850 | 2,329 | 1,045 | ||||||||||||||
| Gross loans held for investment | 4,328,413 | 4,344,559 | 4,304,619 | 4,433,258 | 4,138,352 | ||||||||||||||
| Unearned income, net | (12,786 | ) | (15,803 | ) | (17,387 | ) | (18,612 | ) | (11,405 | ) | |||||||||
| Loans held for investment, net of unearned income | 4,315,627 | 4,328,756 | 4,287,232 | 4,414,646 | 4,126,947 | ||||||||||||||
| Allowance for credit losses | (55,200 | ) | (54,000 | ) | (53,900 | ) | (55,900 | ) | (51,500 | ) | |||||||||
| Total loans held for investment, net | 4,260,427 | 4,274,756 | 4,233,332 | 4,358,746 | 4,075,447 | ||||||||||||||
| Premises and equipment, net | 90,851 | 90,750 | 91,793 | 95,986 | 85,742 | ||||||||||||||
| Goodwill | 69,788 | 69,788 | 69,388 | 71,118 | 62,477 | ||||||||||||||
| Other intangible assets, net | 25,019 | 26,469 | 27,939 | 29,531 | 24,069 | ||||||||||||||
| Foreclosed assets, net | 3,337 | 3,583 | 6,053 | 3,897 | 3,929 | ||||||||||||||
| Other assets | 252,830 | 258,881 | 224,621 | 226,477 | 222,780 | ||||||||||||||
| Total assets | $ | 6,236,329 | $ | 6,552,482 | $ | 6,581,658 | $ | 6,748,015 | $ | 6,427,540 | |||||||||
| LIABILITIES | |||||||||||||||||||
| Noninterest bearing deposits | $ | 951,423 | $ | 917,715 | $ | 882,472 | $ | 920,764 | $ | 897,053 | |||||||||
| Interest bearing deposits | 4,526,559 | 4,451,012 | 4,529,947 | 4,664,472 | 4,498,620 | ||||||||||||||
| Total deposits | 5,477,982 | 5,368,727 | 5,412,419 | 5,585,236 | 5,395,673 | ||||||||||||||
| Short-term borrowings | 3,186 | 410,630 | 414,684 | 422,988 | 300,264 | ||||||||||||||
| Long-term debt | 113,376 | 115,051 | 114,839 | 122,066 | 123,296 | ||||||||||||||
| Other liabilities | 82,089 | 95,836 | 96,430 | 89,685 | 83,929 | ||||||||||||||
| Total liabilities | 5,676,633 | 5,990,244 | 6,038,372 | 6,219,975 | 5,903,162 | ||||||||||||||
| SHAREHOLDERS' EQUITY | |||||||||||||||||||
| Common stock | 21,580 | 21,580 | 16,581 | 16,581 | 16,581 | ||||||||||||||
| Additional paid-in capital | 414,987 | 414,965 | 300,831 | 300,845 | 302,157 | ||||||||||||||
| Retained earnings | 217,776 | 206,490 | 306,030 | 294,066 | 294,784 | ||||||||||||||
| Treasury stock | (21,885 | ) | (21,955 | ) | (22,021 | ) | (22,648 | ) | (24,245 | ) | |||||||||
| Accumulated other comprehensive loss | (72,762 | ) | (58,842 | ) | (58,135 | ) | (60,804 | ) | (64,899 | ) | |||||||||
| Total shareholders' equity | 559,696 | 562,238 | 543,286 | 528,040 | 524,378 | ||||||||||||||
| Total liabilities and shareholders' equity | $ | 6,236,329 | $ | 6,552,482 | $ | 6,581,658 | $ | 6,748,015 | $ | 6,427,540 | |||||||||
MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended | Year Ended | ||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||
| (In thousands, except per share data) | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Interest income | |||||||||||||||||||||||||||
| Loans, including fees | $ | 62,458 | $ | 62,521 | $ | 61,643 | $ | 57,947 | $ | 54,093 | $ | 244,569 | $ | 202,179 | |||||||||||||
| Taxable investment securities | 11,320 | 8,779 | 9,228 | 9,460 | 9,274 | 38,787 | 38,978 | ||||||||||||||||||||
| Tax-exempt investment securities | 728 | 1,611 | 1,663 | 1,710 | 1,789 | 5,712 | 7,540 | ||||||||||||||||||||
| Other | 3,761 | 785 | 242 | 418 | 230 | 5,206 | 916 | ||||||||||||||||||||
| Total interest income | 78,267 | 73,696 | 72,776 | 69,535 | 65,386 | 294,274 | 249,613 | ||||||||||||||||||||
| Interest expense | |||||||||||||||||||||||||||
| Deposits | 27,324 | 29,117 | 28,942 | 27,726 | 27,200 | 113,109 | 85,764 | ||||||||||||||||||||
| Short-term borrowings | 115 | 5,043 | 5,409 | 4,975 | 3,496 | 15,542 | 11,119 | ||||||||||||||||||||
| Long-term debt | 1,890 | 2,015 | 2,078 | 2,103 | 2,131 | 8,086 | 8,558 | ||||||||||||||||||||
| Total interest expense | 29,329 | 36,175 | 36,429 | 34,804 | 32,827 | 136,737 | 105,441 | ||||||||||||||||||||
| Net interest income | 48,938 | 37,521 | 36,347 | 34,731 | 32,559 | 157,537 | 144,172 | ||||||||||||||||||||
| Credit loss expense | 1,291 | 1,535 | 1,267 | 4,689 | 1,768 | 8,782 | 5,849 | ||||||||||||||||||||
| Net interest income after credit loss expense | 47,647 | 35,986 | 35,080 | 30,042 | 30,791 | 148,755 | 138,323 | ||||||||||||||||||||
| Noninterest income | |||||||||||||||||||||||||||
| Investment services and trust activities | 3,779 | 3,410 | 3,504 | 3,503 | 3,193 | 14,196 | 12,249 | ||||||||||||||||||||
| Service charges and fees | 2,159 | 2,170 | 2,156 | 2,144 | 2,148 | 8,629 | 8,349 | ||||||||||||||||||||
| Card revenue | 1,833 | 1,935 | 1,907 | 1,943 | 1,802 | 7,618 | 7,214 | ||||||||||||||||||||
| Loan revenue | 1,841 | 760 | 1,525 | 856 | 909 | 4,982 | 4,700 | ||||||||||||||||||||
| Bank-owned life insurance | 719 | 879 | 668 | 660 | 656 | 2,926 | 2,500 | ||||||||||||||||||||
| Investment securities gains (losses), net | 161 | (140,182 | ) | 33 | 36 | (5,696 | ) | (139,952 | ) | (18,789 | ) | ||||||||||||||||
| Other | 345 | 640 | 11,761 | 608 | 850 | 13,354 | 2,200 | ||||||||||||||||||||
| Total noninterest income (loss) | 10,837 | (130,388 | ) | 21,554 | 9,750 | 3,862 | (88,247 | ) | 18,423 | ||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||
| Compensation and employee benefits | 20,684 | 19,943 | 20,985 | 20,930 | 17,859 | 82,542 | 76,410 | ||||||||||||||||||||
| Occupancy expense of premises, net | 2,772 | 2,443 | 2,435 | 2,813 | 2,309 | 10,463 | 10,034 | ||||||||||||||||||||
| Equipment | 2,688 | 2,486 | 2,530 | 2,600 | 2,466 | 10,304 | 9,195 | ||||||||||||||||||||
| Legal and professional | 2,534 | 2,261 | 2,253 | 2,059 | 2,269 | 9,107 | 7,365 | ||||||||||||||||||||
| Data processing | 1,719 | 1,580 | 1,645 | 1,360 | 1,411 | 6,304 | 5,799 | ||||||||||||||||||||
| Marketing | 793 | 619 | 636 | 598 | 700 | 2,646 | 3,610 | ||||||||||||||||||||
| Amortization of intangibles | 1,449 | 1,470 | 1,593 | 1,637 | 1,441 | 6,149 | 6,247 | ||||||||||||||||||||
| FDIC insurance | 980 | 923 | 1,051 | 942 | 900 | 3,896 | 3,294 | ||||||||||||||||||||
| Communications | 154 | 159 | 191 | 196 | 183 | 700 | 910 | ||||||||||||||||||||
| Foreclosed assets, net | 56 | 330 | 138 | 358 | 45 | 882 | 13 | ||||||||||||||||||||
| Other | 3,543 | 3,584 | 2,304 | 2,072 | 2,548 | 11,503 | 9,036 | ||||||||||||||||||||
| Total noninterest expense | 37,372 | 35,798 | 35,761 | 35,565 | 32,131 | 144,496 | 131,913 | ||||||||||||||||||||
| Income (loss) before income tax expense | 21,112 | (130,200 | ) | 20,873 | 4,227 | 2,522 | (83,988 | ) | 24,833 | ||||||||||||||||||
| Income tax expense (benefit) | 4,782 | (34,493 | ) | 5,054 | 958 | (208 | ) | (23,699 | ) | 3,974 | |||||||||||||||||
| Net income (loss) | $ | 16,330 | $ | (95,707 | ) | $ | 15,819 | $ | 3,269 | $ | 2,730 | $ | (60,289 | ) | $ | 20,859 | |||||||||||
| Earnings (loss) per common share | |||||||||||||||||||||||||||
| Basic | $ | 0.79 | $ | (6.05 | ) | $ | 1.00 | $ | 0.21 | $ | 0.17 | $ | (3.54 | ) | $ | 1.33 | |||||||||||
| Diluted | $ | 0.78 | $ | (6.05 | ) | $ | 1.00 | $ | 0.21 | $ | 0.17 | $ | (3.54 | ) | $ | 1.33 | |||||||||||
| Weighted average basic common shares outstanding | 20,776 | 15,829 | 15,763 | 15,723 | 15,693 | 17,030 | 15,678 | ||||||||||||||||||||
| Weighted average diluted common shares outstanding | 20,851 | 15,829 | 15,781 | 15,774 | 15,756 | 17,030 | 15,725 | ||||||||||||||||||||
| Dividends paid per common share | $ | 0.2425 | $ | 0.2425 | $ | 0.2425 | $ | 0.2425 | $ | 0.2425 | $ | 0.9700 | $ | 0.9700 | |||||||||||||
MIDWESTONE FINANCIAL GROUP, INC.
FINANCIAL STATISTICS
| As of or for the Three Months Ended | As of or for the Year Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| (Dollars in thousands, except per share amounts) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Earnings: | |||||||||||||||||||
| Net interest income | $ | 48,938 | $ | 37,521 | $ | 32,559 | $ | 157,537 | $ | 144,172 | |||||||||
| Noninterest income (loss) | 10,837 | (130,388 | ) | 3,862 | (88,247 | ) | 18,423 | ||||||||||||
| Total revenue, net of interest expense | 59,775 | (92,867 | ) | 36,421 | 69,290 | 162,595 | |||||||||||||
| Credit loss expense | 1,291 | 1,535 | 1,768 | 8,782 | 5,849 | ||||||||||||||
| Noninterest expense | 37,372 | 35,798 | 32,131 | 144,496 | 131,913 | ||||||||||||||
| Income (loss) before income tax expense | 21,112 | (130,200 | ) | 2,522 | (83,988 | ) | 24,833 | ||||||||||||
| Income tax expense (benefit) | 4,782 | (34,493 | ) | (208 | ) | (23,699 | ) | 3,974 | |||||||||||
| Net income (loss) | $ | 16,330 | $ | (95,707 | ) | $ | 2,730 | $ | (60,289 | ) | $ | 20,859 | |||||||
| Adjusted earnings(1) | $ | 16,112 | $ | 9,141 | $ | 7,265 | $ | 37,954 | $ | 35,311 | |||||||||
| Per Share Data: | |||||||||||||||||||
| Diluted earnings (loss) | $ | 0.78 | $ | (6.05 | ) | $ | 0.17 | $ | (3.54 | ) | $ | 1.33 | |||||||
| Adjusted earnings(1) | 0.77 | 0.58 | 0.46 | 2.23 | 2.25 | ||||||||||||||
| Book value | 26.94 | 27.06 | 33.41 | 26.94 | 33.41 | ||||||||||||||
| Tangible book value(1) | 22.37 | 22.43 | 27.90 | 22.37 | 27.90 | ||||||||||||||
| Ending Balance Sheet: | |||||||||||||||||||
| Total assets | $ | 6,236,329 | $ | 6,552,482 | $ | 6,427,540 | $ | 6,236,329 | $ | 6,427,540 | |||||||||
| Loans held for investment, net of unearned income | 4,315,627 | 4,328,756 | 4,126,947 | 4,315,627 | 4,126,947 | ||||||||||||||
| Total securities | 1,328,433 | 1,623,104 | 1,870,324 | 1,328,433 | 1,870,324 | ||||||||||||||
| Total deposits | 5,477,982 | 5,368,727 | 5,395,673 | 5,477,982 | 5,395,673 | ||||||||||||||
| Short-term borrowings | 3,186 | 410,630 | 300,264 | 3,186 | 300,264 | ||||||||||||||
| Long-term debt | 113,376 | 115,051 | 123,296 | 113,376 | 123,296 | ||||||||||||||
| Total shareholders' equity | 559,696 | 562,238 | 524,378 | 559,696 | 524,378 | ||||||||||||||
| Average Balance Sheet: | |||||||||||||||||||
| Average total assets | $ | 6,279,975 | $ | 6,583,404 | $ | 6,459,705 | $ | 6,552,420 | $ | 6,475,360 | |||||||||
| Average total loans | 4,307,583 | 4,311,693 | 4,080,243 | 4,334,163 | 3,993,389 | ||||||||||||||
| Average total deposits | 5,464,900 | 5,402,634 | 5,443,323 | 5,465,718 | 5,455,609 | ||||||||||||||
| Financial Ratios: | |||||||||||||||||||
| Return on average assets | 1.03 | % | (5.78) % | 0.17 | % | (0.92) % | 0.32 | % | |||||||||||
| Return on average equity | 11.53 | % | (69.05) % | 2.12 | % | (11.08) % | 4.12 | % | |||||||||||
| Return on average tangible equity(1) | 14.80 | % | (82.78) % | 3.57 | % | (12.45) % | 6.14 | % | |||||||||||
| Efficiency ratio(1) | 59.06 | % | 70.32 | % | 70.16 | % | 63.44 | % | 67.28 | % | |||||||||
| Net interest margin, tax equivalent(1) | 3.43 | % | 2.51 | % | 2.22 | % | 2.66 | % | 2.46 | % | |||||||||
| Loans to deposits ratio | 78.78 | % | 80.63 | % | 76.49 | % | 78.78 | % | 76.49 | % | |||||||||
| CET1 Ratio | 10.73 | % | 9.91 | % | 9.59 | % | 10.73 | % | 9.59 | % | |||||||||
| Common equity ratio | 8.97 | % | 8.58 | % | 8.16 | % | 8.97 | % | 8.16 | % | |||||||||
| Tangible common equity ratio(1) | 7.57 | % | 7.22 | % | 6.90 | % | 7.57 | % | 6.90 | % | |||||||||
| Credit Risk Profile: | |||||||||||||||||||
| Total nonperforming loans | $ | 21,847 | $ | 21,954 | $ | 26,359 | $ | 21,847 | $ | 26,359 | |||||||||
| Nonperforming loans ratio | 0.51 | % | 0.51 | % | 0.64 | % | 0.51 | % | 0.64 | % | |||||||||
| Total nonperforming assets | $ | 25,184 | $ | 25,537 | $ | 30,288 | $ | 25,184 | $ | 30,288 | |||||||||
| Nonperforming assets ratio | 0.40 | % | 0.39 | % | 0.47 | % | 0.40 | % | 0.47 | % | |||||||||
| Net charge-offs | $ | 691 | $ | 1,735 | $ | 2,068 | $ | 3,139 | $ | 3,749 | |||||||||
| Net charge-off ratio | 0.06 | % | 0.16 | % | 0.20 | % | 0.07 | % | 0.09 | % | |||||||||
| Allowance for credit losses | $ | 55,200 | $ | 54,000 | $ | 51,500 | $ | 55,200 | $ | 51,500 | |||||||||
| Allowance for credit losses ratio | 1.28 | % | 1.25 | % | 1.25 | % | 1.28 | % | 1.25 | % | |||||||||
| Allowance for credit losses to nonaccrual ratio | 254.32 | % | 260.84 | % | 198.91 | % | 254.32 | % | 198.91 | % | |||||||||
| (1)Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure. | |||||||||||||||||||
MIDWESTONE FINANCIAL GROUP, INC.
AVERAGE BALANCE SHEET AND YIELD ANALYSIS
| Three Months Ended | ||||||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Cost | Average Balance | Interest Income/ Expense | Average Yield/ Cost | Average Balance | Interest Income/ Expense | Average Yield/ Cost | |||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||
| Loans, including fees(1)(2)(3) | $ | 4,307,583 | $ | 63,443 | 5.86 | % | $ | 4,311,693 | $ | 63,472 | 5.86 | % | $ | 4,080,243 | $ | 54,939 | 5.34 | % | ||||||||
| Taxable investment securities | 1,080,716 | 11,320 | 4.17 | % | 1,489,843 | 8,779 | 2.34 | % | 1,593,699 | 9,274 | 2.31 | % | ||||||||||||||
| Tax-exempt investment securities(2)(4) | 109,183 | 896 | 3.26 | % | 313,935 | 1,976 | 2.50 | % | 338,243 | 2,217 | 2.60 | % | ||||||||||||||
| Total securities held for investment(2) | 1,189,899 | 12,216 | 4.08 | % | 1,803,778 | 10,755 | 2.37 | % | 1,931,942 | 11,491 | 2.36 | % | ||||||||||||||
| Other | 309,904 | 3,761 | 4.83 | % | 52,054 | 785 | 6.00 | % | 22,937 | 230 | 3.98 | % | ||||||||||||||
| Total interest earning assets(2) | $ | 5,807,386 | $ | 79,420 | 5.44 | % | $ | 6,167,525 | $ | 75,012 | 4.84 | % | $ | 6,035,122 | $ | 66,660 | 4.38 | % | ||||||||
| Other assets | 472,589 | 415,879 | 424,583 | |||||||||||||||||||||||
| Total assets | $ | 6,279,975 | $ | 6,583,404 | $ | 6,459,705 | ||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||
| Interest checking deposits | $ | 1,252,481 | $ | 2,205 | 0.70 | % | $ | 1,243,327 | $ | 3,041 | 0.97 | % | $ | 1,305,759 | $ | 2,991 | 0.91 | % | ||||||||
| Money market deposits | 1,046,571 | 7,197 | 2.74 | % | 1,047,081 | 7,758 | 2.95 | % | 1,103,637 | 7,954 | 2.86 | % | ||||||||||||||
| Savings deposits | 799,931 | 3,158 | 1.57 | % | 761,922 | 3,128 | 1.63 | % | 639,766 | 1,493 | 0.93 | % | ||||||||||||||
| Time deposits | 1,410,542 | 14,764 | 4.16 | % | 1,430,723 | 15,190 | 4.22 | % | 1,463,498 | 14,762 | 4.00 | % | ||||||||||||||
| Total interest bearing deposits | 4,509,525 | 27,324 | 2.41 | % | 4,483,053 | 29,117 | 2.58 | % | 4,512,660 | 27,200 | 2.39 | % | ||||||||||||||
| Securities sold under agreements to repurchase | 3,640 | 8 | 0.87 | % | 5,812 | 12 | 0.82 | % | 8,661 | 17 | 0.78 | % | ||||||||||||||
| Other short-term borrowings | 6,465 | 107 | 6.58 | % | 415,961 | 5,031 | 4.81 | % | 273,963 | 3,479 | 5.04 | % | ||||||||||||||
| Total short-term borrowings | 10,105 | 115 | 4.53 | % | 421,773 | 5,043 | 4.76 | % | 282,624 | 3,496 | 4.91 | % | ||||||||||||||
| Long-term debt | 116,018 | 1,890 | 6.48 | % | 116,032 | 2,015 | 6.91 | % | 124,495 | 2,131 | 6.79 | % | ||||||||||||||
| Total borrowed funds | 126,123 | 2,005 | 6.32 | % | 537,805 | 7,058 | 5.22 | % | 407,119 | 5,627 | 5.48 | % | ||||||||||||||
| Total interest bearing liabilities | $ | 4,635,648 | $ | 29,329 | 2.52 | % | $ | 5,020,858 | $ | 36,175 | 2.87 | % | $ | 4,919,779 | $ | 32,827 | 2.65 | % | ||||||||
| Noninterest bearing deposits | 955,375 | 919,581 | 930,663 | |||||||||||||||||||||||
| Other liabilities | 125,536 | 91,551 | 98,027 | |||||||||||||||||||||||
| Shareholders’ equity | 563,416 | 551,414 | 511,236 | |||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 6,279,975 | $ | 6,583,404 | $ | 6,459,705 | ||||||||||||||||||||
| Net interest income(2) | $ | 50,091 | $ | 38,837 | $ | 33,833 | ||||||||||||||||||||
| Net interest spread(2) | 2.92 | % | 1.97 | % | 1.73 | % | ||||||||||||||||||||
| Net interest margin(2) | 3.43 | % | 2.51 | % | 2.22 | % | ||||||||||||||||||||
| Total deposits(5) | $ | 5,464,900 | $ | 27,324 | 1.99 | % | $ | 5,402,634 | $ | 29,117 | 2.14 | % | $ | 5,443,323 | $ | 27,200 | 1.98 | % | ||||||||
| Cost of funds(6) | 2.09 | % | 2.42 | % | 2.23 | % | ||||||||||||||||||||
(1) Average balance includes nonaccrual loans.
(2) Tax equivalent. The federal statutory tax rate utilized was
(3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were
(4) Interest income includes tax equivalent adjustments of
(5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
(6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.
MIDWESTONE FINANCIAL GROUP, INC.
AVERAGE BALANCE SHEET AND YIELD ANALYSIS
| Year Ended | |||||||||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Cost | Average Balance | Interest Income/ Expense | Average Yield/ Cost | |||||||||||
| ASSETS | |||||||||||||||||
| Loans, including fees(1)(2)(3) | $ | 4,334,163 | $ | 248,409 | 5.73 | % | $ | 3,993,389 | $ | 205,189 | 5.14 | % | |||||
| Taxable investment securities | 1,411,411 | 38,787 | 2.75 | % | 1,684,360 | 38,978 | 2.31 | % | |||||||||
| Tax-exempt investment securities(2)(4) | 268,175 | 7,028 | 2.62 | % | 355,454 | 9,353 | 2.63 | % | |||||||||
| Total securities held for investment(2) | 1,679,586 | 45,815 | 2.73 | % | 2,039,814 | 48,331 | 2.37 | % | |||||||||
| Other | 103,679 | 5,206 | 5.02 | % | 22,791 | 916 | 4.02 | % | |||||||||
| Total interest earning assets(2) | $ | 6,117,428 | $ | 299,430 | 4.89 | % | $ | 6,055,994 | $ | 254,436 | 4.20 | % | |||||
| Other assets | 434,992 | 419,366 | |||||||||||||||
| Total assets | $ | 6,552,420 | $ | 6,475,360 | |||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| Interest checking deposits | $ | 1,273,518 | $ | 11,281 | 0.89 | % | $ | 1,398,538 | $ | 8,990 | 0.64 | % | |||||
| Money market deposits | 1,067,109 | 30,841 | 2.89 | % | 1,037,123 | 23,924 | 2.31 | % | |||||||||
| Savings deposits | 748,868 | 11,006 | 1.47 | % | 624,990 | 2,802 | 0.45 | % | |||||||||
| Time deposits | 1,439,697 | 59,981 | 4.17 | % | 1,443,770 | 50,048 | 3.47 | % | |||||||||
| Total interest bearing deposits | 4,529,192 | 113,109 | 2.50 | % | 4,504,421 | 85,764 | 1.90 | % | |||||||||
| Securities sold under agreements to repurchase | 5,019 | 41 | 0.82 | % | 94,563 | 975 | 1.03 | % | |||||||||
| Other short-term borrowings | 318,037 | 15,501 | 4.87 | % | 199,530 | 10,144 | 5.08 | % | |||||||||
| Total short-term borrowings | 323,056 | 15,542 | 4.81 | % | 294,093 | 11,119 | 3.78 | % | |||||||||
| Long-term debt | 118,877 | 8,086 | 6.80 | % | 131,137 | 8,558 | 6.53 | % | |||||||||
| Total borrowed funds | 441,933 | 23,628 | 5.35 | % | 425,230 | 19,677 | 4.63 | % | |||||||||
| Total interest bearing liabilities | $ | 4,971,125 | $ | 136,737 | 2.75 | % | $ | 4,929,651 | $ | 105,441 | 2.14 | % | |||||
| Noninterest bearing deposits | 936,526 | 951,188 | |||||||||||||||
| Other liabilities | 100,607 | 88,770 | |||||||||||||||
| Shareholders’ equity | 544,162 | 505,751 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 6,552,420 | $ | 6,475,360 | |||||||||||||
| Net interest income(2) | $ | 162,693 | $ | 148,995 | |||||||||||||
| Net interest spread(2) | 2.14 | % | 2.06 | % | |||||||||||||
| Net interest margin(2) | 2.66 | % | 2.46 | % | |||||||||||||
| Total deposits(5) | $ | 5,465,718 | $ | 113,109 | 2.07 | % | $ | 5,455,609 | $ | 85,764 | 1.57 | % | |||||
| Cost of funds(6) | 2.31 | % | 1.79 | % | |||||||||||||
(1) Average balance includes nonaccrual loans.
(2) Tax equivalent. The federal statutory tax rate utilized was
(3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were
(4) Interest income includes tax equivalent adjustments of
(5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
(6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.
Non-GAAP Measures
This earnings release contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, return on average tangible equity, net interest margin (tax equivalent), core net interest margin, loan yield (tax equivalent), core yield on loans, efficiency ratio, adjusted earnings and adjusted earnings per share. Management believes these measures provide investors with useful information regarding the Company’s profitability, financial condition and capital adequacy, consistent with how management evaluates the Company’s financial performance. The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP measure.
| Tangible Common Equity/Tangible Book Value | ||||||||||||||||||||
| per Share/Tangible Common Equity Ratio | December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
| (Dollars in thousands, except per share data) | 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
| Total shareholders’ equity | $ | 559,696 | $ | 562,238 | $ | 543,286 | $ | 528,040 | $ | 524,378 | ||||||||||
| Intangible assets, net | (94,807 | ) | (96,257 | ) | (97,327 | ) | (100,649 | ) | (86,546 | ) | ||||||||||
| Tangible common equity | $ | 464,889 | $ | 465,981 | $ | 445,959 | $ | 427,391 | $ | 437,832 | ||||||||||
| Total assets | $ | 6,236,329 | $ | 6,552,482 | $ | 6,581,658 | $ | 6,748,015 | $ | 6,427,540 | ||||||||||
| Intangible assets, net | (94,807 | ) | (96,257 | ) | (97,327 | ) | (100,649 | ) | (86,546 | ) | ||||||||||
| Tangible assets | $ | 6,141,522 | $ | 6,456,225 | $ | 6,484,331 | $ | 6,647,366 | $ | 6,340,994 | ||||||||||
| Book value per share | $ | 26.94 | $ | 27.06 | $ | 34.44 | $ | 33.53 | $ | 33.41 | ||||||||||
| Tangible book value per share(1) | $ | 22.37 | $ | 22.43 | $ | 28.27 | $ | 27.14 | $ | 27.90 | ||||||||||
| Shares outstanding | 20,777,485 | 20,774,919 | 15,773,468 | 15,750,471 | 15,694,306 | |||||||||||||||
| Common equity ratio | 8.97 | % | 8.58 | % | 8.25 | % | 7.83 | % | 8.16 | % | ||||||||||
| Tangible common equity ratio(2) | 7.57 | % | 7.22 | % | 6.88 | % | 6.43 | % | 6.90 | % | ||||||||||
(1) Tangible common equity divided by shares outstanding.
(2) Tangible common equity divided by tangible assets.
| Three Months Ended | Year Ended | |||||||||||||||||||
| Return on Average Tangible Equity | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| (Dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net income (loss) | $ | 16,330 | $ | (95,707 | ) | $ | 2,730 | $ | (60,289 | ) | $ | 20,859 | ||||||||
| Intangible amortization, net of tax(1) | 1,075 | 1,090 | 1,081 | 4,561 | 4,685 | |||||||||||||||
| Tangible net income (loss) | $ | 17,405 | $ | (94,617 | ) | $ | 3,811 | $ | (55,728 | ) | $ | 25,544 | ||||||||
| Average shareholders’ equity | $ | 563,416 | $ | 551,414 | $ | 511,236 | $ | 544,162 | $ | 505,751 | ||||||||||
| Average intangible assets, net | (95,498 | ) | (96,706 | ) | (87,258 | ) | (96,699 | ) | (89,539 | ) | ||||||||||
| Average tangible equity | $ | 467,918 | $ | 454,708 | $ | 423,978 | $ | 447,463 | $ | 416,212 | ||||||||||
| Return on average equity | 11.53 | % | (69.05) % | 2.12 | % | (11.08) % | 4.12 | % | ||||||||||||
| Return on average tangible equity(2) | 14.80 | % | (82.78) % | 3.57 | % | (12.45) % | 6.14 | % | ||||||||||||
(1) The income tax rate utilized was the blended marginal tax rate.
(2) Annualized tangible net income divided by average tangible equity.
| Net Interest Margin, Tax Equivalent/ Core Net Interest Margin | Three Months Ended | Year Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
| (Dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net interest income | $ | 48,938 | $ | 37,521 | $ | 32,559 | $ | 157,537 | $ | 144,172 | ||||||||||
| Tax equivalent adjustments: | ||||||||||||||||||||
| Loans(1) | 985 | 951 | 846 | 3,840 | 3,010 | |||||||||||||||
| Securities(1) | 168 | 365 | 428 | 1,316 | 1,813 | |||||||||||||||
| Net interest income, tax equivalent | $ | 50,091 | $ | 38,837 | $ | 33,833 | $ | 162,693 | $ | 148,995 | ||||||||||
| Loan purchase discount accretion | (2,496 | ) | (1,426 | ) | (765 | ) | (6,335 | ) | (3,729 | ) | ||||||||||
| Core net interest income | $ | 47,595 | $ | 37,411 | $ | 33,068 | $ | 156,358 | $ | 145,266 | ||||||||||
| Net interest margin | 3.35 | % | 2.42 | % | 2.14 | % | 2.58 | % | 2.38 | % | ||||||||||
| Net interest margin, tax equivalent(2) | 3.43 | % | 2.51 | % | 2.22 | % | 2.66 | % | 2.46 | % | ||||||||||
| Core net interest margin(3) | 3.26 | % | 2.41 | % | 2.17 | % | 2.56 | % | 2.40 | % | ||||||||||
| Average interest earning assets | $ | 5,807,386 | $ | 6,167,525 | $ | 6,035,122 | $ | 6,117,428 | $ | 6,055,994 | ||||||||||
(1) The federal statutory tax rate utilized was
(2) Annualized tax equivalent net interest income divided by average interest earning assets.
(3) Annualized core net interest income divided by average interest earning assets.
| Three Months Ended | Year Ended | |||||||||||||||||||
| Loan Yield, Tax Equivalent / Core Yield on Loans | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| (Dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Loan interest income, including fees | $ | 62,458 | $ | 62,521 | $ | 54,093 | $ | 244,569 | $ | 202,179 | ||||||||||
| Tax equivalent adjustment(1) | 985 | 951 | 846 | 3,840 | 3,010 | |||||||||||||||
| Tax equivalent loan interest income | $ | 63,443 | $ | 63,472 | $ | 54,939 | $ | 248,409 | $ | 205,189 | ||||||||||
| Loan purchase discount accretion | (2,496 | ) | (1,426 | ) | (765 | ) | (6,335 | ) | (3,729 | ) | ||||||||||
| Core loan interest income | $ | 60,947 | $ | 62,046 | $ | 54,174 | $ | 242,074 | $ | 201,460 | ||||||||||
| Yield on loans | 5.77 | % | 5.77 | % | 5.26 | % | 5.64 | % | 5.06 | % | ||||||||||
| Yield on loans, tax equivalent(2) | 5.86 | % | 5.86 | % | 5.34 | % | 5.73 | % | 5.14 | % | ||||||||||
| Core yield on loans(3) | 5.63 | % | 5.72 | % | 5.27 | % | 5.59 | % | 5.04 | % | ||||||||||
| Average loans | $ | 4,307,583 | $ | 4,311,693 | $ | 4,080,243 | $ | 4,334,163 | $ | 3,993,389 | ||||||||||
(1) The federal statutory tax rate utilized was
(2) Annualized tax equivalent loan interest income divided by average loans.
(3) Annualized core loan interest income divided by average loans.
| Three Months Ended | Year Ended | |||||||||||||||||||
| Efficiency Ratio | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| (Dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Total noninterest expense | $ | 37,372 | $ | 35,798 | $ | 32,131 | $ | 144,496 | $ | 131,913 | ||||||||||
| Amortization of intangibles | (1,449 | ) | (1,470 | ) | (1,441 | ) | (6,149 | ) | (6,247 | ) | ||||||||||
| Merger-related expenses | (31 | ) | (133 | ) | (245 | ) | (2,332 | ) | (392 | ) | ||||||||||
| Noninterest expense used for efficiency ratio | $ | 35,892 | $ | 34,195 | $ | 30,445 | $ | 136,015 | $ | 125,274 | ||||||||||
| Net interest income, tax equivalent(1) | $ | 50,091 | $ | 38,837 | $ | 33,833 | $ | 162,693 | $ | 148,995 | ||||||||||
| Plus: Noninterest income (loss) | 10,837 | (130,388 | ) | 3,862 | (88,247 | ) | 18,423 | |||||||||||||
| Less: Investment securities gains (losses), net | 161 | (140,182 | ) | (5,696 | ) | (139,952 | ) | (18,789 | ) | |||||||||||
| Net revenues used for efficiency ratio | $ | 60,767 | $ | 48,631 | $ | 43,391 | $ | 214,398 | $ | 186,207 | ||||||||||
| Efficiency ratio(2) | 59.06 | % | 70.32 | % | 70.16 | % | 63.44 | % | 67.28 | % | ||||||||||
(1) The federal statutory tax rate utilized was
(2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.
| Three Months Ended | Year Ended | |||||||||||||||||||
| Adjusted Earnings | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| (Dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net income (loss) | $ | 16,330 | $ | (95,707 | ) | $ | 2,730 | $ | (60,289 | ) | $ | 20,859 | ||||||||
| Less: Investment securities gains (losses), net of tax(1) | 119 | (103,988 | ) | (4,272 | ) | (103,818 | ) | (14,092 | ) | |||||||||||
| Less: Mortgage servicing rights gain (loss), net of tax(1) | 122 | (761 | ) | (79 | ) | (817 | ) | (66 | ) | |||||||||||
| Plus: Merger-related expenses, net of tax(1) | 23 | 99 | 184 | 1,730 | 294 | |||||||||||||||
| Less: Gain on branch sale, net of tax(1) | — | — | — | 8,122 | — | |||||||||||||||
| Adjusted earnings | $ | 16,112 | $ | 9,141 | $ | 7,265 | $ | 37,954 | $ | 35,311 | ||||||||||
| Weighted average diluted common shares outstanding | 20,851 | 15,829 | 15,756 | 17,030 | 15,725 | |||||||||||||||
| Earnings (loss) per common share - diluted | $ | 0.78 | $ | (6.05 | ) | $ | 0.17 | $ | (3.54 | ) | $ | 1.33 | ||||||||
| Adjusted earnings per common share(2) | $ | 0.77 | $ | 0.58 | $ | 0.46 | $ | 2.23 | $ | 2.25 | ||||||||||
(1) The income tax rate utilized was the blended marginal tax rate.
(2) Adjusted earnings divided by weighted average diluted common shares outstanding.
Category: Earnings
This news release may be downloaded from https://www.midwestonefinancial.com/corporate-profile/default.aspx
Source: MidWestOne Financial Group, Inc.
Industry: Banks
| Contacts: | |
| Charles N. Reeves | Barry S. Ray |
| Chief Executive Officer | Chief Financial Officer |
| 319.356.5800 | 319.356.5800 |
FAQ
What was MOFG's earnings per share in Q4 2024?
How much did MOFG's noninterest bearing deposits grow in Q4 2024?
What was MOFG's net interest margin in Q4 2024?
How much capital did MOFG raise in 2024?
What was MOFG's efficiency ratio in Q4 2024?
