Welcome to our dedicated page for Midwestone news (Ticker: MOFG), a resource for investors and traders seeking the latest updates and insights on Midwestone stock.
Midwestone Financial Group Inc. (MOFG) serves as a trusted community banking partner across multiple states, offering personal banking solutions, commercial lending services, and wealth management expertise. This dedicated news hub provides stakeholders with timely updates on corporate developments directly from the company and verified financial sources.
Access MOFG's official press releases alongside curated news coverage spanning key operational areas. Track updates on quarterly earnings, strategic expansions, leadership appointments, and regulatory milestones. Our repository simplifies monitoring of the bank's financial health and community impact through organized, search-friendly content.
Discover updates across three core areas: financial performance disclosures detailing interest income trends and deposit growth; service innovations including digital banking enhancements; and community initiatives reflecting MOFG's local engagement. Bookmark this page for efficient tracking of the bank's evolving market position within the competitive regional banking sector.
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%.
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.
