MidWestOne Financial Group, Inc. Reports Financial Results for the First Quarter of 2022

Rhea-AI Summary

MidWestOne Financial Group, Inc. (MOFG) reported a net income of $13.9 million or $0.88 per diluted share for Q1 2022, a slight decrease from $14.3 million in the previous quarter. Total revenue was $49.0 million, while noninterest expense rose to $31.6 million. Core commercial annualized loan growth of 5.4% reached $2.71 billion. The company experienced no credit loss expenses, with a stable nonperforming assets ratio of 0.53% and an efficiency ratio of 60.46%. Future outlook includes an expected earnings boost from the Iowa First acquisition.

Positive

• Annualized loan growth of 5.4% to $2.71 billion.
• No credit loss expense reported.
• Stable nonperforming assets ratio at 0.53%.
• Successful acquisition of Iowa First expected to enhance EPS.

Negative

• Net income decreased from $14.3 million to $13.9 million.
• Noninterest expense increased to $31.6 million, affecting efficiency ratio.
• Net interest income declined to $37.3 million, primarily due to decreased PPP loan fee accretion.

First Quarter Summary¹

• Net income for the first quarter was $13.9 million, or $0.88 per diluted common share.
  • Total revenue, net of interest expense, of $49.0 million.
  • Noninterest expense of $31.6 million.
• Core commercial annualized loan growth of 5.4% to $2.71 billion².
• No credit loss expense in the first quarter 2022 and the allowance for credit losses ratio declined to 1.42%.
• Nonperforming assets ratio remained stable at 0.53% and the annualized net charge-off ratio was 28 bps.
• Efficiency ratio was 60.46%².
  

IOWA CITY, Iowa, April 28, 2022 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we”, “our”, or the "Company”) today reported net income for the first quarter of 2022 of $13.9 million, or $0.88 per diluted common share, compared to net income of $14.3 million, or $0.91 per diluted common share, for the linked quarter.

CEO COMMENTARY

Charles Funk, Chief Executive Officer of the Company, commented, "We are pleased with the first quarter results; especially with our return on average tangible equity of 13.56%². Despite the first quarter historically being a softer quarter for loan growth, we showed positive momentum and have a strong pipeline of construction loans that will continue to fund as the year progresses. Further, asset quality was generally stable to improving with a 36 bps decline in the nonperforming loans ratio and a 30 bps decline in the classified loans ratio when compared to the prior year period. In addition, the 25 bps increase in March 2022 to the federal funds target rate had little impact to net interest income in the first quarter of 2022 results. Finally, we expect to close the Iowa First acquisition in the second quarter and believe this will add to our earnings per share during the remainder of 2022 and beyond."

^{_________________
1} First Quarter Summary compares to the fourth quarter of 2021 (the "linked quarter") unless noted.
² Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

  

FINANCIAL HIGHLIGHTS		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands, except per share amounts)			2022				2021				2021
Net interest income		$	37,336			$	38,819			$	38,617
Noninterest income			11,644				11,229				11,824
Total revenue, net of interest expense			48,980				50,048				50,441
Credit loss expense (benefit)			—				622				(4,734	)
Noninterest expense			31,643				30,444				27,700
Income before income tax expense			17,337				18,982				27,475
Income tax expense			3,442				4,726				5,827
Net income		$	13,895			$	14,256			$	21,648
Diluted earnings per share		$	0.88			$	0.91			$	1.35
Return on average assets			0.95	%			0.95	%			1.59	%
Return on average equity			10.74	%			10.68	%			17.01	%
Return on average tangible equity(1)			13.56	%			13.50	%			21.52	%
Efficiency ratio(1)			60.46	%			56.74	%			50.77	%
(1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

INCOME STATEMENT HIGHLIGHTS

Net Interest Income

Net interest income decreased to $37.3 million in the first quarter of 2022 from $38.8 million in the fourth quarter of 2021 due primarily to decreased Paycheck Protection Program ("PPP") loan fee accretion stemming from loan forgiveness. Net PPP loan fee accretion was $0.8 million in the first quarter of 2022 compared to $2.0 million in the linked quarter.

Average interest earning assets decreased $19.1 million to $5.59 billion in the first quarter of 2022, when compared to the fourth quarter of 2021. When adjusting for the $37.6 million reduction in average PPP loan balances due to forgiveness, average interest earning assets increased $18.5 million due to the increased volume of debt securities, coupled with non-PPP loan growth, which included an increase in the revolving line of credit utilization.

The Company's tax equivalent net interest margin was 2.79% in the first quarter of 2022 compared to 2.83% in the linked quarter due to a decrease in total interest earning assets yield, partially offset by a slight reduction in funding costs. Total interest earning assets yield decreased 4 bps from the linked quarter primarily as a result of the reduced benefit from net PPP loan fee accretion described above. The cost of interest bearing liabilities decreased 1 bp to 0.42%, primarily as a result of interest bearing deposits costs of 0.29%, which declined 1 bp from the linked quarter.

Noninterest Income

Noninterest income for the first quarter of 2022 increased $0.4 million, or 3.7%, from the linked quarter. The increase was due to an increase of $1.2 million in loan revenue, which stemmed primarily from the $2.7 million increase in the fair value of our mortgage servicing rights, as compared to a $0.9 million increase in the fourth quarter of 2021. Partially offsetting the increase identified above, was a decline of $0.8 million in mortgage origination fee income. The decline in 'Other' noninterest income was primarily due to a decrease of $0.5 million in income received from our commercial loan back-to-back swap program.

The following table presents details of noninterest income for the periods indicated:

	Three Months Ended
Noninterest Income	March 31,			December 31,			March 31,
(In thousands)		2022			2021			2021
Investment services and trust activities	$	3,011		$	3,115		$	2,836
Service charges and fees		1,657			1,684			1,487
Card revenue		1,650			1,746			1,536
Loan revenue		4,293			3,132			4,730
Bank-owned life insurance		531			550			542
Investment securities gains, net		40			137			27
Other		462			865			666
Total noninterest income	$	11,644		$	11,229		$	11,824

Noninterest Expense

Noninterest expense for the first quarter of 2022 increased $1.2 million, or 3.9%, from the linked quarter primarily due to increases of $0.6 million in occupancy expense of premises, net, $0.5 million in legal and professional, and $0.4 million in compensation and employee benefits. The increase in occupancy expense was primarily attributable to a write-down of fixed assets totaling $0.4 million. The increase in legal and professional expenses was primarily attributable to executive recruitment, as well as elevated legal expenses related to litigation. The increase in compensation and employee benefits was primarily due to normal annual salary increases. Offsetting these increases was a decline of $0.3 million in equipment expense.

The decline in net interest income and the increase in noninterest expense, partially offset by the increase in noninterest income noted above, were the primary drivers of the increase in the efficiency ratio, which increased 3.72 percentage points to 60.46% from 56.74% in the linked quarter.

The following table presents details of noninterest expense for the periods indicated:

	Three Months Ended
Noninterest Expense	March 31,				December 31,			March 31,
(In thousands)		2022				2021			2021
Compensation and employee benefits	$	18,664			$	18,266		$	16,917
Occupancy expense of premises, net		2,779				2,211			2,318
Equipment		1,901				2,189			1,793
Legal and professional		2,353				1,826			783
Data processing		1,231				1,211			1,252
Marketing		1,029				1,121			1,006
Amortization of intangibles		1,227				1,245			1,507
FDIC insurance		420				380			512
Communications		272				277			409
Foreclosed assets, net		(112	)			7			47
Other		1,879				1,711			1,156
Total noninterest expense	$	31,643			$	30,444		$	27,700

The following table presents details of merger-related expenses for the periods indicated:

	Three Months Ended
	March 31,			December 31,			March 31,
Merger-related Expenses		2022			2021			2021
(In thousands)
Equipment	$	5		$	18		$	—
Legal and professional		63			202			—
Data processing		38			—			—
Marketing		7			2			—
Communications		1			—			—
Other		14			2			—
Total merger-related expenses	$	128		$	224		$	—

Income Taxes

The Company's effective income tax rate decreased to 19.9% in the first quarter of 2022 compared to 24.9% in the linked quarter. The lower effective income tax rate in the first quarter of 2022 reflected income tax expense based on the statutory rate and state income taxes, net of federal income tax benefits, primarily due to net income earned during the quarter, offset by benefits related to tax-exempt interest and bank-owned life insurance. The effective income tax rate for the full year 2022 is expected to be in the range of 19.5-21.5%.

BALANCE SHEET, LIQUIDITY AND CAPITAL HIGHLIGHTS	As of or for the Three Months Ended
	March 31,				December 31,				March 31,
(Dollars in millions, except per share amounts)		2022				2021				2021
Ending Balance Sheet
Total assets	$	5,960.2			$	6,025.1			$	5,737.3
Loans held for investment, net of unearned income		3,250.0				3,245.0				3,358.2
Total securities		2,349.8				2,288.1				1,896.9
Total deposits		5,077.7				5,114.5				4,794.6
Average Balance Sheet
Average total assets	$	5,914.6			$	5,934.1			$	5,520.3
Average total loans		3,245.4				3,268.8				3,429.7
Average total deposits		5,044.0				5,015.5				4,573.9
Funding and Liquidity
Short-term borrowings	$	181.2			$	181.4			$	175.8
Long-term debt		139.9				154.9				201.7
Loans to deposits ratio		64.01	%			63.45	%			70.04	%
Equity
Total shareholders' equity	$	504.5			$	527.5			$	511.3
Common equity ratio		8.46	%			8.75	%			8.91	%
Tangible common equity(1)		423.3				445.1				425.1
Tangible common equity ratio(1)		7.20	%			7.49	%			7.52	%
Per Share Data
Book value	$	32.15			$	33.66			$	32.00
Tangible book value(1)	$	26.98			$	28.40			$	26.60
(1) Non-GAAP Measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

On January 1, 2022, the Company transferred, at fair value, $1.25 billion of mortgage-backed securities, collateralized mortgage obligations, and securities issued by state and political subdivisions from the available for sale classification to the held to maturity classification. The net unrealized after tax loss of $11.5 million associated with those re-classified securities remained in accumulated other comprehensive loss and will be amortized over the remaining life of the securities. No gains or losses were recognized in earnings at the time of the transfer.

Loans Held for Investment

Loans held for investment, net of unearned income, increased $5.0 million, or 0.2%, to $3.25 billion from December 31, 2021, driven primarily by new loan production in the first quarter of 2022 and increased revolving line of credit utilization and partially offset by PPP loan forgiveness. The revolving line of credit utilization was 35% in the first quarter of 2022, an increase of 3 percentage points from the linked quarter.

The following table presents the composition of loans held for investment, net of unearned income, as of the dates indicated:

Loans Held for Investment	March 31, 2022					December 31, 2021					March 31, 2021
(dollars in thousands)		Balance		% of Total			Balance		% of Total			Balance		% of Total
Commercial and industrial	$	898,942		27.7	%	$	902,314		27.8	%	$	993,770		29.6	%
Agricultural		94,649		2.9			103,417		3.2			117,099		3.5
Commercial real estate
Construction and development		193,130		5.9			172,160		5.3			164,927		4.9
Farmland		140,846		4.3			144,673		4.5			138,199		4.1
Multifamily		259,609		8.0			244,503		7.5			261,806		7.8
Other		1,130,306		34.8			1,143,205		35.2			1,128,660		33.6
Total commercial real estate		1,723,891		53.0			1,704,541		52.5			1,693,592		50.4
Residential real estate
One-to-four family first liens		331,883		10.2			333,308		10.3			337,408		10.0
One-to-four family junior liens		131,793		4.1			133,014		4.1			137,025		4.1
Total residential real estate		463,676		14.3			466,322		14.4			474,433		14.1
Consumer		68,877		2.1			68,418		2.1			79,267		2.4
Loans held for investment, net of unearned income	$	3,250,035		100.0	%	$	3,245,012		100.0	%	$	3,358,161		100.0	%
Total commitments to extend credit	$	1,034,843				$	1,014,397				$	920,493

PPP Loans

The following table presents PPP loan measures as of the dates indicated:

		March 31, 2022															December 31, 2021
		Round 1(3)					Round 2(3)					Total					Round 1(3)					Round 2(3)					Total
(Dollars in millions)		#			$		#			$		#			$		#			$		#			$		#			$
Total PPP Loans Funded			2,681		348.5			2,175		149.3			4,856		497.8			2,681		348.5			2,175		149.3			4,856		497.8
PPP Loan Forgiveness(1)			2,657		339.0			2,160		146.2			4,817		485.2			2,609		334.2			2,009		122.4			4,618		456.6
Outstanding PPP Loans(2)			5		0.7			15		2.3			20		3.0			53		5.6			164		25.2			217		30.8
Unearned Income			$—					$0.1					$0.1					$—					$0.9					$0.9
(1) Excluded from the PPP Loan Forgiveness is $9.3 million as of March 31, 2022 and December 31, 2021 of PPP loans that were paid off by the borrower prior to forgiveness or through the SBA PPP loan guarantee.
(2) Outstanding loans are presented net of unearned income.
(3) Round 1 refers to PPP loan applications from the first wave of funding made available through the CARES Act, which was signed into law by President Trump in March 2020. Round 2 refers to the second wave of PPP funding made available through the Consolidated Appropriations Act, 2021, which was signed into law by President Trump in December 2020 and extended by the PPP Extension Act of 2021, which was signed into law by President Biden in March 2021.

Credit Loss Expense & Allowance for Credit Losses

The following table shows the activity in the allowance for credit losses for the periods indicated:

	Three Months Ended
Allowance for Credit Losses Roll Forward	March 31,				December 31,				March 31,
(In thousands)		2022				2021				2021
Beginning balance	$	48,700			$	47,900			$	55,500
Charge-offs		(2,631	)			(255	)			(1,003	)
Recoveries		409				533				687
Net recoveries (charge-offs)		(2,222	)			278				(316	)
Credit loss (benefit) expense related to loans		(278	)			522				(4,534	)
Ending balance	$	46,200			$	48,700			$	50,650

As of March 31, 2022, the allowance for credit losses ("ACL") was $46.2 million, or 1.42% of loans held for investment, net of unearned income, compared with $48.7 million, or 1.50% of loans held for investment, net of unearned income, at December 31, 2021. After excluding net PPP loans, the ACL as a percentage of loans held for investment, net of unearned income, remained consistent at 1.42%⁽¹⁾ as of March 31, 2022, compared to 1.52%⁽¹⁾ at December 31, 2021. There was no credit loss expense for the first quarter of 2022 compared to a credit loss expense of $0.6 million for the fourth quarter of 2021. In the first quarter of 2022, the $0.3 million credit loss benefit related to loans, which reflected continued improvement in overall asset quality and improvement in forecasted economic conditions, was offset by the $0.3 million credit loss expense needed for growth in unfunded loan commitments.

⁽¹⁾Non-GAAP Measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

Deposits

The following table presents the composition of our deposit portfolio as of the dates indicated:

Deposit Composition	March 31, 2022					December 31, 2021					March 31, 2021
(Dollars in thousands)	Balance			% of Total		Balance			% of Total		Balance			% of Total
Noninterest bearing deposits	$	1,002,415		19.7	%	$	1,005,369		19.6	%	$	958,526		20.0	%
Interest checking deposits		1,601,249		31.5			1,619,136		31.6			1,406,070		29.4
Money market deposits		983,709		19.4			939,523		18.4			950,300		19.8
Savings deposits		650,314		12.8			628,242		12.3			580,862		12.1
Total non-maturity deposits		4,237,687		83.4			4,192,270		81.9			3,895,758		81.3
Time deposits of $250 and under		501,904		9.9			505,392		9.9			558,338		11.6
Time deposits over $250		338,134		6.7			416,857		8.2			340,467		7.1
Total time deposits		840,038		16.6			922,249		18.1			898,805		18.7
Total deposits	$	5,077,725		100.0	%	$	5,114,519		100.0	%	$	4,794,563		100.0	%

CREDIT RISK PROFILE

	As of or For the Three Months Ended
Highlights	March 31,				December 31,				March 31,
(Dollars in thousands)		2022				2021				2021
Credit loss (benefit) expense related to loans	$	(278	)		$	522			$	(4,534	)
Net charge-offs (recoveries)	$	2,222			$	(278	)		$	316
Net charge-off (recovery) ratio(1)		0.28	%		(0.03)%					0.04	%
At period-end
Pass	$	3,041,649			$	3,013,917			$	3,112,728
Special Mention / Watch		106,241				117,401				130,052
Classified		102,145				113,694				115,381
Total loans held for investment, net	$	3,250,035			$	3,245,012			$	3,358,161
Classified loans ratio(2)		3.14	%			3.50	%			3.44	%
Nonaccrual loans held for investment	$	31,182			$	31,540			$	43,874
Accruing loans contractually past due 90 days or more		—				—				508
Total nonperforming loans		31,182				31,540				44,382
Foreclosed assets, net		273				357				1,487
Total nonperforming assets	$	31,455			$	31,897			$	45,869
Nonperforming loans ratio(3)		0.96	%			0.97	%			1.32	%
Nonperforming assets ratio(4)		0.53	%			0.53	%			0.80	%
Allowance for credit losses	$	46,200			$	48,700			$	50,650
Allowance for credit losses ratio(5)		1.42	%			1.50	%			1.51	%
Adjusted allowance for credit losses ratio(6)		1.42	%			1.52	%			1.63	%
Allowance for credit losses to nonaccrual loans ratio(7)		148.16	%			154.41	%			115.44	%
(1) Net (recovery) charge-off ratio is calculated as annualized net (recoveries) charge-offs divided by average loans held for investment, net of unearned income, 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 total 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 total 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) Non-GAAP Measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
(7) 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.

During the first quarter of 2022, overall asset quality was generally stable to improving. The nonperforming loans ratio declined 1 bp from the linked quarter and 36 bps from the prior year to 0.96%. In addition, the classified loans ratio declined 36 bps from the linked quarter and 30 bps from the prior year to 3.14%. However, net charge-offs increased $2.5 million from the linked quarter due to our proactive credit monitoring processes.

The following table presents a roll forward of nonperforming loans for the period:

Nonperforming Loans		Nonaccrual				90+ Days Past Due & Still Accruing				Total
(Dollars in thousands)
Balance at December 31, 2021	$	31,540			$	—			$	31,540
Loans placed on nonaccrual or 90+ days past due & still accruing		9,334				23				9,357
Repayments (including interest applied to principal)		(1,879	)			—				(1,879	)
Loans returned to accrual status or no longer past due		(1,918	)			—				(1,918	)
Charge-offs		(2,495	)			(23	)			(2,518	)
Transfer to held for sale		(3,400	)			—				(3,400	)
Balance at March 31, 2022	$	31,182			$	—			$	31,182

CAPITAL

Effective March 31, 2020, we elected the 5-year phase-in option allowed under the interim final rule (IFR) issued by the federal banking regulatory agencies that delays the estimated impact on regulatory capital stemming from the implementation of the current expected credit losses (CECL) accounting standard. The IFR allows the add back of 100% of the capital effect from the day one CECL transition adjustment and 25% of the capital effect from subsequent increases in the allowance for credit losses through the two-year period ending December 31, 2021. The modified CECL transitional amount of $9.4 million will then be reduced from capital over the subsequent three-year period.

Regulatory Capital Ratios	March 31,			December 31,			March 31,
	2022 (1)			2021			2021
MidWestOne Financial Group, Inc. Consolidated
Tier 1 leverage to average assets ratio	8.85	%		8.67	%		8.78	%
Common equity tier 1 capital to risk-weighted assets ratio	9.81	%		9.94	%		10.16	%
Tier 1 capital to risk-weighted assets ratio	10.68	%		10.83	%		11.13	%
Total capital to risk-weighted assets ratio	12.89	%		13.09	%		13.75	%
MidWestOne Bank
Tier 1 leverage to average assets ratio	9.30	%		9.25	%		9.60	%
Common equity tier 1 capital to risk-weighted assets ratio	11.25	%		11.58	%		12.19	%
Tier 1 capital to risk-weighted assets ratio	11.25	%		11.58	%		12.19	%
Total capital to risk-weighted assets ratio	12.12	%		12.46	%		13.19	%
(1) Capital ratios for March 31, 2022 are preliminary

CORPORATE UPDATE

Share Repurchase Program

Under our current repurchase program, the Company repurchased 11,500 shares of its common stock at an average price of $30.98 per share and a total cost of $356 thousand in the first quarter of 2022. At March 31, 2022, the total amount available under the Company's current share repurchase program was $5.4 million.

CONFERENCE CALL DETAILS

The Company will host a conference call for investors at 11:00 a.m. CT on Friday, April 29, 2022. To participate, you may pre-register for this call utilizing the following link: https://www.incommglobalevents.com/registration/q4inc/10493/midwestone-financial-group-inc-1st-quarter-2022-earnings-call/. After pre-registering for this event you will receive your access details via email. You are also able to on the day of the call dial 1-844-200-6205, using an access code of 329438 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until July 28, 2022, by calling 1-866-813-9403 and using the replay access code of 310793. 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, Florida, 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) effects of the COVID-19 pandemic, including its effects on the economic environment, our customers and our operations, including due to supply chain disruptions, as well as any changes to federal, state, or local government laws, regulations, or orders in connection with the pandemic; (2) government intervention in the U.S. financial system in response to the COVID-19 pandemic, including the effects of recent legislative, tax, accounting and regulatory actions and reforms; (3) the impact of the COVID-19 pandemic on our financial results, including possible lost revenue and increased expenses (including the cost of capital), as well as possible goodwill impairment charges; (4) the risks of mergers (including with IOFB), 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; (5) credit quality deterioration or pronounced and sustained reduction in real estate market values causing an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (6) the effects of interest rates, including on our net income and the value of our securities portfolio; (7) 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; (8) fluctuations in the value of our investment securities; (9) governmental monetary and fiscal policies; (10) changes in and uncertainty related to benchmark interest rates used to price loans and deposits, including the expected elimination of LIBOR and the adoption of a substitute; (11) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators; (12) the ability to attract and retain key executives and employees experienced in banking and financial services; (13) the sufficiency of the allowance for credit losses to absorb the amount of actual losses inherent in our existing loan portfolio; (14) our ability to adapt successfully to technological changes to compete effectively in the marketplace; (15) credit risks and risks from concentrations (by geographic area and by industry) within our loan portfolio; (16) 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; (17) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (18) volatility of rate-sensitive deposits; (19) operational risks, including data processing system failures or fraud; (20) asset/liability matching risks and liquidity risks; (21) the costs, effects and outcomes of existing or future litigation; (22) changes in general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business; (23) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (24) war or terrorist activities, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (25) the effects of cyber-attacks; (26) the imposition of tariffs or other domestic or international governmental policies impacting the value of the agricultural or other products of our borrowers; and (27) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
FIVE QUARTER CONSOLIDATED BALANCE SHEETS

	March 31				December 31,				September 30,				June 30,				March 31,
(In thousands)		2022				2021				2021				2021				2021
ASSETS
Cash and due from banks	$	47,677			$	42,949			$	53,562			$	52,297			$	57,154
Interest earning deposits in banks		12,152				160,881				84,952				11,124				80,924
Federal funds sold		—				—				—				13				7,691
Total cash and cash equivalents		59,829				203,830				138,514				63,434				145,769
Debt securities available for sale at fair value		1,145,638				2,288,110				2,136,902				2,072,452				1,896,894
Held to maturity securities at amortized cost		1,204,212				—				—				—				—
Total securities		2,349,850				2,288,110				2,136,902				2,072,452				1,896,894
Loans held for sale		6,466				12,917				58,679				6,149				58,333
Gross loans held for investment		3,256,294				3,252,194				3,278,150				3,344,156				3,374,076
Unearned income, net		(6,259	)			(7,182	)			(9,506	)			(14,000	)			(15,915	)
Loans held for investment, net of unearned income		3,250,035				3,245,012				3,268,644				3,330,156				3,358,161
Allowance for credit losses		(46,200	)			(48,700	)			(47,900	)			(48,000	)			(50,650	)
Total loans held for investment, net		3,203,835				3,196,312				3,220,744				3,282,156				3,307,511
Premises and equipment, net		82,603				83,492				84,130				84,667				85,581
Goodwill		62,477				62,477				62,477				62,477				62,477
Other intangible assets, net		18,658				19,885				21,130				22,394				23,735
Foreclosed assets, net		273				357				454				755				1,487
Other assets		176,223				157,748				152,393				154,731				155,525
Total assets	$	5,960,214			$	6,025,128			$	5,875,423			$	5,749,215			$	5,737,312
LIABILITIES
Noninterest bearing deposits	$	1,002,415			$	1,005,369			$	999,887			$	952,764			$	958,526
Interest bearing deposits		4,075,310				4,109,150				3,957,894				3,839,902				3,836,037
Total deposits		5,077,725				5,114,519				4,957,781				4,792,666				4,794,563
Short-term borrowings		181,193				181,368				187,508				212,261				175,785
Long-term debt		139,898				154,879				154,860				169,839				201,696
Other liabilities		56,941				46,887				45,010				44,156				53,948
Total liabilities		5,455,757				5,497,653				5,345,159				5,218,922				5,225,992
SHAREHOLDERS' EQUITY
Common stock		16,581				16,581				16,581				16,581				16,581
Additional paid-in capital		300,505				300,940				300,327				299,888				299,747
Retained earnings		253,500				243,365				232,639				219,884				206,230
Treasury stock		(24,113	)			(24,546	)			(22,735	)			(15,888	)			(15,278	)
Accumulated other comprehensive (loss) income		(42,016	)			(8,865	)			3,452				9,828				4,040
Total shareholders' equity		504,457				527,475				530,264				530,293				511,320
Total liabilities and shareholders' equity	$	5,960,214			$	6,025,128			$	5,875,423			$	5,749,215			$	5,737,312

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended
	March 31,				December 31,			September 30,				June 30,				March 31,
(In thousands, except per share data)		2022				2021			2021				2021				2021
Interest income
Loans, including fees	$	31,318			$	33,643		$	36,115			$	34,736			$	36,542
Taxable investment securities		8,123				7,461			6,655				6,483				5,093
Tax-exempt investment securities		2,383				2,415			2,428				2,549				2,555
Other		28				37			21				19				14
Total interest income		41,852				43,556			45,219				43,787				44,204
Interest expense
Deposits		2,910				3,031			3,150				3,409				3,608
Short-term borrowings		119				130			132				161				128
Long-term debt		1,487				1,576			1,597				1,712				1,851
Total interest expense		4,516				4,737			4,879				5,282				5,587
Net interest income		37,336				38,819			40,340				38,505				38,617
Credit loss expense (benefit)		—				622			(1,080	)			(2,144	)			(4,734	)
Net interest income after credit loss expense (benefit)		37,336				38,197			41,420				40,649				43,351
Noninterest income
Investment services and trust activities		3,011				3,115			2,915				2,809				2,836
Service charges and fees		1,657				1,684			1,613				1,475				1,487
Card revenue		1,650				1,746			1,820				1,913				1,536
Loan revenue		4,293				3,132			1,935				3,151				4,730
Bank-owned life insurance		531				550			532				538				542
Investment securities gains, net		40				137			36				42				27
Other		462				865			331				290				666
Total noninterest income		11,644				11,229			9,182				10,218				11,824
Noninterest expense
Compensation and employee benefits		18,664				18,266			17,350				17,404				16,917
Occupancy expense of premises, net		2,779				2,211			2,547				2,198				2,318
Equipment		1,901				2,189			1,973				1,861				1,793
Legal and professional		2,353				1,826			1,272				1,375				783
Data processing		1,231				1,211			1,406				1,347				1,252
Marketing		1,029				1,121			1,022				873				1,006
Amortization of intangibles		1,227				1,245			1,264				1,341				1,507
FDIC insurance		420				380			435				245				512
Communications		272				277			275				371				409
Foreclosed assets, net		(112	)			7			43				136				47
Other		1,879				1,711			2,191				1,519				1,156
Total noninterest expense		31,643				30,444			29,778				28,670				27,700
Income before income tax expense		17,337				18,982			20,824				22,197				27,475
Income tax expense		3,442				4,726			4,513				4,926				5,827
Net income	$	13,895			$	14,256		$	16,311			$	17,271			$	21,648
Earnings per common share
Basic	$	0.89			$	0.91		$	1.03			$	1.08			$	1.35
Diluted	$	0.88			$	0.91		$	1.03			$	1.08			$	1.35
Weighted average basic common shares outstanding		15,683				15,692			15,841				15,987				15,991
Weighted average diluted common shares outstanding		15,718				15,734			15,863				16,012				16,021
Dividends paid per common share	$	0.2375			$	0.2250		$	0.2250			$	0.2250			$	0.2250

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
FINANCIAL STATISTICS

	As of or for the Three Months Ended
	March 31,				December 31,				March 31,
(Dollars in thousands, except per share amounts)		2022				2021				2021
Earnings:
Net interest income	$	37,336			$	38,819			$	38,617
Noninterest income		11,644				11,229				11,824
Total revenue, net of interest expense		48,980				50,048				50,441
Credit loss expense (benefit)		—				622				(4,734	)
Noninterest expense		31,643				30,444				27,700
Income before income tax expense		17,337				18,982				27,475
Income tax expense		3,442				4,726				5,827
Net income	$	13,895			$	14,256			$	21,648
Per Share Data:
Diluted earnings	$	0.88			$	0.91			$	1.35
Book value		32.15				33.66				32.00
Tangible book value(1)		26.98				28.40				26.60
Ending Balance Sheet:
Total assets	$	5,960,214			$	6,025,128			$	5,737,312
Loans held for investment, net of unearned income		3,250,035				3,245,012				3,358,161
Total securities		2,349,850				2,288,110				1,896,894
Total deposits		5,077,725				5,114,519				4,794,563
Short-term borrowings		181,193				181,368				175,785
Long-term debt		139,898				154,879				201,696
Total shareholders' equity		504,457				527,475				511,320
Average Balance Sheet:
Average total assets	$	5,914,604			$	5,934,076			$	5,520,304
Average total loans		3,245,449				3,268,783				3,429,746
Average total deposits		5,044,046				5,015,506				4,573,898
Financial Ratios:
Return on average assets		0.95	%			0.95	%			1.59	%
Return on average equity		10.74	%			10.68	%			17.01	%
Return on average tangible equity(1)		13.56	%			13.50	%			21.52	%
Efficiency ratio(1)		60.46	%			56.74	%			50.77	%
Net interest margin, tax equivalent(1)		2.79	%			2.83	%			3.10	%
Loans to deposits ratio		64.01	%			63.45	%			70.04	%
Common equity ratio		8.46	%			8.75	%			8.91	%
Tangible common equity ratio(1)		7.20	%			7.49	%			7.52	%
Credit Risk Profile:
Total nonperforming loans	$	31,182			$	31,540			$	44,382
Nonperforming loans ratio		0.96	%			0.97	%			1.32	%
Total nonperforming assets	$	31,455			$	31,897			$	45,869
Nonperforming assets ratio		0.53	%			0.53	%			0.80	%
Net (recoveries) charge-offs	$	2,222			$	(278	)		$	316
Net (recovery) charge-off ratio		0.28	%		(0.03		)%			0.04	%
Allowance for credit losses	$	46,200			$	48,700			$	50,650
Allowance for credit losses ratio		1.42	%			1.50	%			1.51	%
Adjusted allowance for credit losses ratio(1)		1.42	%			1.52	%			1.63	%
Allowance for credit losses to nonaccrual ratio		148.16	%			154.41	%			115.44	%
PPP Loans:
Average PPP loans	$	14,975			$	52,564			$	236,231
Fee Income		797				1,996				3,674
(1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET AND YIELD ANALYSIS

	Three Months Ended
	March 31, 2022									December 31, 2021									March 31, 2021
(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)	$	3,245,449		$	31,858		3.98	%		$	3,268,783		$	34,191		4.15	%		$	3,429,746		$	37,073		4.38	%
Taxable investment securities		1,835,911			8,123		1.79	%			1,802,349			7,461		1.64	%			1,266,714			5,093		1.63	%
Tax-exempt investment securities (2)(4)		450,547			2,998		2.70	%			455,570			3,026		2.64	%			465,793			3,203		2.79	%
Total securities held for investment(2)		2,286,458			11,121		1.97	%			2,257,919			10,487		1.84	%			1,732,507			8,296		1.94	%
Other		56,094			28		0.20	%			80,415			37		0.18	%			36,536			14		0.16	%
Total interest earning assets(2)	$	5,588,001			43,007		3.12	%		$	5,607,117			44,715		3.16	%		$	5,198,789			45,383		3.54	%
Other assets		326,603									326,959									321,515
Total assets	$	5,914,604								$	5,934,076								$	5,520,304
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest checking deposits	$	1,560,402		$	1,061		0.28	%		$	1,506,600		$	1,065		0.28	%		$	1,349,671		$	991		0.30	%
Money market deposits		953,943			499		0.21	%			976,018			520		0.21	%			913,087			478		0.21	%
Savings deposits		641,703			279		0.18	%			621,871			285		0.18	%			553,824			286		0.21	%
Time deposits		883,997			1,071		0.49	%			903,765			1,161		0.51	%			837,460			1,853		0.90	%
Total interest bearing deposits		4,040,045			2,910		0.29	%			4,008,254			3,031		0.30	%			3,654,042			3,608		0.40	%
Securities sold under agreements to repurchase		159,417			96		0.24	%			190,725			115		0.24	%			165,858			101		0.25	%
Federal funds purchased		—			—		—	%			33			—		—	%			—			—		—	%
Other short-term borrowings		3,029			23		3.08	%			30			15		198.37	%			9,335			27		1.17	%
Short-term borrowings		162,446			119		0.30	%			190,788			130		0.27	%			175,193			128		0.30	%
Long-term debt		140,389			1,487		4.30	%			154,870			1,576		4.04	%			205,971			1,851		3.64	%
Total borrowed funds		302,835			1,606		2.15	%			345,658			1,706		1.96	%			381,164			1,979		2.11	%
Total interest bearing liabilities	$	4,342,880		$	4,516		0.42	%		$	4,353,912		$	4,737		0.43	%		$	4,035,206		$	5,587		0.56	%
Noninterest bearing deposits		1,004,001									1,007,252									919,856
Other liabilities		42,872									43,576									49,003
Shareholders’ equity		524,851									529,336									516,239
Total liabilities and shareholders’ equity	$	5,914,604								$	5,934,076								$	5,520,304
Net interest income(2)				$	38,491								$	39,978								$	39,796
Net interest spread(2)							2.70	%								2.73	%								2.98	%
Net interest margin(2)							2.79	%								2.83	%								3.10	%
Total deposits(5)	$	5,044,046		$	2,910		0.23	%		$	5,015,506		$	3,031		0.24	%		$	4,573,898		$	3,608		0.32	%
Cost of funds(6)							0.34	%								0.35	%								0.46	%

(1) Average balance includes nonaccrual loans.
(2) Tax equivalent. The federal statutory tax rate utilized was 21%.
(3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $674 thousand, $1.9 million, and $3.5 million for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively. Loan purchase discount accretion was $732 thousand, $599 thousand, and $1.1 million for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively. Tax equivalent adjustments were $540 thousand, $548 thousand, and $531 thousand for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively. The federal statutory tax rate utilized was 21%.
(4) Interest income includes tax equivalent adjustments of $615 thousand, $611 thousand, and $648 thousand for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively. The federal statutory tax rate utilized was 21%.
(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 allowance for credit losses ratio, core loans, and core commercial loans. 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
(Dollars in thousands, except per share data)	March 31, 2022					December 31, 2021				September 30, 2021				June 30, 2021				March 31, 2021
Total shareholders’ equity		$	504,457			$	527,475			$	530,264			$	530,293			$	511,320
Intangible assets, net			(81,135	)			(82,362	)			(83,607	)			(84,871	)			(86,212	)
Tangible common equity		$	423,322			$	445,113			$	446,657			$	445,422			$	425,108
Total assets		$	5,960,214			$	6,025,128			$	5,875,423			$	5,749,215			$	5,737,312
Intangible assets, net			(81,135	)			(82,362	)			(83,607	)			(84,871	)			(86,212	)
Tangible assets		$	5,879,079			$	5,942,766			$	5,791,816			$	5,664,344			$	5,651,100
Book value per share		$	32.15			$	33.66			$	33.71			$	33.22			$	32.00
Tangible book value per share(1)		$	26.98			$	28.40			$	28.40			$	27.90			$	26.60
Shares outstanding			15,690,125				15,671,147				15,729,451				15,963,468				15,981,088
Common equity ratio			8.46	%			8.75	%			9.03	%			9.22	%			8.91	%
Tangible common equity ratio(2)			7.20	%			7.49	%			7.71	%			7.86	%			7.52	%

(1) Tangible common equity divided by shares outstanding.
(2) Tangible common equity divided by tangible assets.

		Three Months Ended
Return on Average Tangible Equity		March 31,				December 31,				March 31,
(Dollars in thousands)			2022				2021				2021
Net income		$	13,895			$	14,256			$	21,648
Intangible amortization, net of tax(1)			920				934				1,130
Tangible net income		$	14,815			$	15,190			$	22,778
Average shareholders’ equity		$	524,851			$	529,336			$	516,239
Average intangible assets, net			(81,763	)			(82,990	)			(86,961	)
Average tangible equity		$	443,088			$	446,346			$	429,278
Return on average equity			10.74	%			10.68	%			17.01	%
Return on average tangible equity(2)			13.56	%			13.50	%			21.52	%

(1) The combined income tax rate utilized was 25%.
(2) Annualized tangible net income divided by average tangible equity.

Net Interest Margin, Tax Equivalent/ Core Net Interest Margin		Three Months Ended
		March 31,				December 31,				March 31,
(Dollars in thousands)			2022				2021				2021
Net interest income		$	37,336			$	38,819			$	38,617
Tax equivalent adjustments:
Loans(1)			540				548				531
Securities(1)			615				611				648
Net interest income, tax equivalent		$	38,491			$	39,978			$	39,796
Loan purchase discount accretion			(732	)			(599	)			(1,098	)
Core net interest income		$	37,759			$	39,379			$	38,698
Net interest margin			2.71	%			2.75	%			3.01	%
Net interest margin, tax equivalent(2)			2.79	%			2.83	%			3.10	%
Core net interest margin(3)			2.74	%			2.79	%			3.02	%
Average interest earning assets		$	5,588,001			$	5,607,117			$	5,198,789

(1) The federal statutory tax rate utilized was 21%.
(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
Loan Yield, Tax Equivalent / Core Yield on Loans		March 31,				December 31,				March 31,
(Dollars in thousands)			2022				2021				2021
Loan interest income, including fees		$	31,318			$	33,643			$	36,542
Tax equivalent adjustment(1)			540				548				531
Tax equivalent loan interest income		$	31,858			$	34,191			$	37,073
Loan purchase discount accretion			(732	)			(599	)			(1,098	)
Core loan interest income		$	31,126			$	33,592			$	35,975
Yield on loans			3.91	%			4.08	%			4.32	%
Yield on loans, tax equivalent(2)			3.98	%			4.15	%			4.38	%
Core yield on loans(3)			3.89	%			4.08	%			4.25	%
Average loans		$	3,245,449			$	3,268,783			$	3,429,746

(1) The federal statutory tax rate utilized was 21%.
(2) Annualized tax equivalent loan interest income divided by average loans.
(3) Annualized core loan interest income divided by average loans.

		Three Months Ended
Efficiency Ratio		March 31,				December 31,				March 31,
(Dollars in thousands)			2022				2021				2021
Total noninterest expense		$	31,643			$	30,444			$	27,700
Amortization of intangibles			(1,227	)			(1,245	)			(1,507	)
Merger-related expenses			(128	)			(224	)			—
Noninterest expense used for efficiency ratio		$	30,288			$	28,975			$	26,193
Net interest income, tax equivalent(1)		$	38,491			$	39,978			$	39,796
Noninterest income			11,644				11,229				11,824
Investment securities gains, net			(40	)			(137	)			(27	)
Net revenues used for efficiency ratio		$	50,095			$	51,070			$	51,593
Efficiency ratio (2)			60.46	%			56.74	%			50.77	%

(1) The federal statutory tax rate utilized was 21%.
(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.

Adjusted Allowance for Credit Losses Ratio
(Dollars in thousands)		March 31,  2022				December 31,  2021				September 30,  2021				June 30,  2021				March 31,  2021
Loans held for investment, net of unearned income		$	3,250,035			$	3,245,012			$	3,268,644			$	3,330,156			$	3,358,161
PPP loans			(3,037	)			(30,841	)			(89,354	)			(184,390	)			(248,682	)
Core loans		$	3,246,998			$	3,214,171			$	3,179,290			$	3,145,766			$	3,109,479
Allowance for credit losses		$	46,200			$	48,700			$	47,900			$	48,000			$	50,650
Allowance for credit losses ratio			1.42	%			1.50	%			1.47	%			1.44	%			1.51	%
Adjusted allowance for credit losses ratio(1)			1.42	%			1.52	%			1.51	%			1.53	%			1.63	%

(1) Allowance for credit losses divided by core loans.

Core Loans/Core Commercial Loans		March 31,			December 31,			September 30,			June 30,			March 31,
(Dollars in thousands)			2022			2021			2021			2021			2021
Commercial loans:
Commercial and industrial		$	898,942		$	902,314		$	927,258		$	982,092		$	993,770
Agricultural			94,649			103,417			106,356			107,834			117,099
Commercial real estate			1,723,891			1,704,541			1,699,358			1,705,789			1,693,592
Total commercial loans		$	2,717,482		$	2,710,272		$	2,732,972		$	2,795,715		$	2,804,461
Consumer loans:
Residential real estate		$	463,676		$	466,322		$	468,136		$	468,581		$	474,433
Other consumer			68,877			68,418			67,536			65,860			79,267
Total consumer loans		$	532,553		$	534,740		$	535,672		$	534,441		$	553,700
Loans held for investment, net of unearned income		$	3,250,035		$	3,245,012		$	3,268,644		$	3,330,156		$	3,358,161
PPP loans		$	3,037		$	30,841		$	89,354		$	184,390		$	248,682
Core loans(1)		$	3,246,998		$	3,214,171		$	3,179,290		$	3,145,766		$	3,109,479
Core commercial loans(2)		$	2,714,445		$	2,679,431		$	2,643,618		$	2,611,325		$	2,555,779

(1) Core loans are calculated as loans held for investment, net of unearned income less PPP loans.
(2) Core commercial loans are calculated as total commercial loans less PPP loans.

Category: Earnings

This news release may be downloaded from https://www.midwestonefinancial.com/corporate-profile/default.aspx

Source: MidWestOne Financial Group, Inc.

Industry: Banks

Contact:
	Charles N. Funk		Barry S. Ray
	Chief Executive Officer		Senior Executive Vice President and Chief Financial Officer
	319.356.5800		319.356.5800

FAQ

What were MidWestOne Financial Group's earnings for Q1 2022?

MidWestOne Financial Group reported net income of $13.9 million or $0.88 per diluted share for Q1 2022.

How did MidWestOne Financial Group's revenue perform in Q1 2022?

Total revenue for Q1 2022 was $49.0 million, net of interest expense.

What is the core loan growth for MidWestOne Financial Group in the first quarter?

The company achieved a core commercial annualized loan growth of 5.4%, totaling $2.71 billion.

What is the outlook for MidWestOne Financial Group's acquisition of Iowa First?

The acquisition of Iowa First is expected to boost earnings per share during the remainder of 2022 and beyond.

How did the nonperforming assets ratio change for MidWestOne Financial Group?

The nonperforming assets ratio remained stable at 0.53%.