MidWestOne Financial Group - MOFG STOCK NEWS

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%.

MidWestOne Financial Group (MOFG) announced its acquisition of Iowa First Bancshares Corp (IOFB) for approximately $47.6 million. This merger will combine both entities to form a financial institution with total assets of around $6.2 billion and over 60 banking locations across several states. The acquisition is anticipated to be 14.4% accretive to earnings per share in 2022 and 10.8% in 2023, despite an expected 0.70% dilution to tangible book value. The transaction is set to close in Q1 2022, pending shareholder and regulatory approvals.

MidWestOne Financial Group (MOFG) reported a net income of $17.3 million for Q2 2021, translating to $1.08 per diluted share, down from $21.6 million in the linked quarter. Total revenue reached $48.7 million, with noninterest expenses increasing to $28.7 million. Average deposits grew by 6.6% to $4.88 billion, while nonperforming assets fell 8.0%. The company plans to repurchase $15 million in stock by the end of 2023 and declared a cash dividend of $0.225 per share, payable on September 15, 2021.

MidWestOne Financial Group (MOFG) reported record net income of $21.6 million or $1.35 per diluted share for Q1 2021, up from $16.7 million in Q4 2020. Total revenue reached $50.4 million, aided by a $4.7 million credit loss benefit. Noninterest expense decreased to $27.7 million, improving the efficiency ratio to 50.8%. Average interest-earning assets and deposits grew by 6.6% and 7.8% annualized, respectively. Nonperforming assets increased by 1.9%, but the allowance for credit losses ratio declined to 1.5%.

MidWestOne Financial Group (NASDAQ: MOFG) reported a fourth quarter net income of $16.7 million, or $1.04 per diluted share, reversing a $19.8 million loss in the previous quarter. Annual revenue rose 5% to $49.7 million, aided by a decrease in credit loss expenses by $8 million. Noninterest expenses fell by 47%, mainly due to a $31.5 million goodwill impairment recorded earlier. However, full-year net income dropped 85% to $6.6 million. Average deposits surged 17% year-over-year, indicating positive liquidity.

MidWestOne Financial Group (MOFG) reported a net loss of $19.8 million or $1.23 per share for Q3 2020, significantly impacted by a $31.5 million goodwill impairment. Core earnings remained steady at $11.7 million, translating to $0.73 per share. Mortgage banking revenues increased noninterest income by 16%. However, the tax-equivalent net interest margin fell to 3.14%, down from 3.38%. Despite a 4% rise in average deposits, COVID-19 loan modifications decreased sharply by 75%, indicating improved loan performance. The company declared a quarterly cash dividend of $0.22 per share.

MidWestOne Financial Group (MOFG) reported a net income of $11.7 million for Q2 2020, translating to $0.73 per diluted share, marking a significant recovery from a net loss of $2 million in Q1.

Pre-tax, pre-provision net revenue increased by 8% to $18.9 million, while credit loss expense fell 78% to $4.7 million. Average deposit balances rose by 11%, totaling $4.27 billion.

Management anticipates potential volatility in earnings amid ongoing economic challenges.

MidWest One Financial Group (Nasdaq: MOFG) has issued $65 million in fixed-to-floating rate subordinated notes in a private placement. The notes, aimed at bolstering Tier 2 capital, feature an initial fixed rate of 5.75% and will mature on July 30, 2030. The proceeds will support corporate purposes and regulatory capital ratios. CEO Charles Funk noted the successful issuance reaffirms the company's value proposition and aids in capitalizing on growth opportunities. The notes will reset to a variable rate starting July 30, 2025, based on the three-month SOFR plus 568 basis points.

MidWestOne Financial Group has appointed Len Devaisher as President and Chief Operating Officer, effective July 27, 2020. Devaisher brings over 19 years of banking experience, previously serving as CEO of Old National Bank's Wisconsin Region. His expertise lies in commercial banking and business development. Current CEO Charles N. Funk emphasizes Devaisher's achievements and commitment to corporate culture. The Board expressed confidence in his skills to manage profitability and growth, highlighting his community involvement and leadership background. MidWestOne trades under ticker MOFG.