MidWestOne Financial Group - MOFG STOCK NEWS

MidWestOne Financial Group, Inc. (MOFG) reported a net income of $18.3 million or $1.17 per diluted share for Q3 2022, a significant increase from $12.6 million or $0.80 per share in the prior quarter. The net interest margin improved by 21 bps to 3.08%, while core loan growth reached 15.72%. The nonperforming assets ratio further declined to 0.40%. Total revenues rose to $58.3 million, driven by increased net interest income and noninterest income.

MidWestOne Financial Group has appointed Chip Reeves as the new CEO, effective November 1, 2022, succeeding Charlie Funk, who retires after 22 years. Reeves brings over 32 years of banking experience, having led organizations like Beach Bancorp and Bank of the Cascades. The transition aims to leverage Reeves' extensive background to foster growth and community engagement. Funk will assist during the transition period and remain on the board. MidWestOne Financial Group manages nearly $6.5 billion in assets and operates across multiple states.

MidWestOne Financial Group (MOFG) reported a net income of $12.6 million, or $0.80 per diluted share, for Q2 2022, down from $13.9 million, or $0.88, in Q1 2022. Total revenue reached $52.1 million, boosted by a $1.4 million bargain purchase gain from its Iowa First Bancshares acquisition. Notably, adjusted core loan growth was 10.53%, and the nonperforming assets ratio improved to 0.43%. However, net interest income rose to $39.7 million driven by increased interest-earning assets, reflecting strong performance despite earlier PPP loan fee declines.

MidWestOne Financial Group, Inc. (NASDAQ: MOFG) has completed its acquisition of Iowa First Bancshares Corp. (OTC Pink: IOFB) as of June 9, 2022. IOFB shareholders received $42.14 in cash per share, totaling approximately $46.7 million. This transaction reduced due to IOFB's tangible book value falling below $50 million. Post-acquisition, MidWestOne's pro forma combined assets are approximately $6.5 billion, with total loans of $3.5 billion and deposits of $5.5 billion as of March 31, 2022.

MidWestOne Bank, a subsidiary of MidWestOne Financial Group (NASDAQ: MOFG), has introduced a new initiative to reduce costs for customers by eliminating fees for small dollar overdrafts. The new feature, Overdraft Flex, allows eligible customers to avoid fees for overdrafts of $50 or less. Other enhancements include no fees for transactions of $5 or less causing overdrafts and a reduction in the maximum daily overdraft fees from five to four. This initiative aims to provide customers with more financial flexibility, alleviating stress during unexpected financial strains.

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.

MidWestOne Financial Group (Nasdaq: MOFG) announced the retirement of CEO Charlie Funk, who will step down later this year after 21 years with the company. Funk joined in 2000 and became CEO in 2008, guiding the bank from under $500 million in assets to nearly $6 billion today. Under his leadership, the organization focused on community banking and built a strong management team. The board has initiated a national search for Funk's successor to ensure a smooth transition, while he remains a board member.

MidWestOne Financial Group (MOFG) reported a net income of $14.3 million or $0.91 per diluted share for Q4 2021, down from $16.3 million in the prior quarter. Revenue for the quarter was $50.0 million, showing a slight increase in loans excluding PPP to $2.68 billion, reflecting a 5.5% annualized growth. The efficiency ratio climbed to 56.74%. For the full year, net income reached a record $69.5 million, with a return on average equity of 13.18%. A quarterly dividend of $0.2375 was declared, payable on March 15, 2022.

MidWestOne Financial Group (MOFG) reported a net income of $16.3 million or $1.03 per diluted share for Q3 2021, compared to $17.3 million in the previous quarter. Total revenue reached $49.5 million. The efficiency ratio increased to 56.34% as noninterest expenses rose by 3.9% to $29.8 million. Nonperforming assets declined by 19.0%, and the company announced the acquisition of Iowa First Bancshares Corp. to enhance market share in Muscatine and Jefferson counties. The return on average equity was 12.00%.