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Donnerstag, 25.10.2018 23:20 von PR Newswire | Aufrufe: 40

MidWestOne Financial Group, Inc. Reports Third Quarter 2018 Financial Results

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PR Newswire

IOWA CITY, Iowa, Oct. 25, 2018

IOWA CITY, Iowa, Oct. 25, 2018 /PRNewswire/ -- MidWestOne Financial Group, Inc. (Nasdaq - MOFG) today reported its financial results for the third quarter of 2018. Net income for the third quarter of 2018 was $6.8 million, or $0.55 per diluted common share, compared to net income of $8.2 million, or $0.67 per diluted common share, for the second quarter of 2018 (the "linked quarter") and net income of $6.3 million, or $0.52 per diluted common share for the prior year period. The decrease in net income from the linked quarter was primarily due to higher noninterest expense partially offset by higher noninterest income and a lower provision for loan losses. The increase from the prior year period was primarily due to a lower provision for loan losses partially offset by lower net interest income and higher noninterest expense. Noninterest expense during the quarter was negatively impacted by the following:

$605 thousand of professional fees related to our planned merger with ATBancorp;
$585 thousand of occupancy expenses related to the write-down of a former branch facility; and
$274 thousand in compensation costs stemming from the retirement of the Company's Chief Credit Officer, which was effective August 31, 2018.

MidWestOne Financial Group, Inc. Logo (PRNewsfoto/MidWestOne Financial Group, Inc.)

The combination of those charges reduced diluted earnings per share by approximately $0.10.

"Third quarter results were impacted by several items - some were related to the recently announced ATBancorp transaction and others were non-recurring expenses," Charles Funk, President and CEO, commented. "Our underlying business fundamentals remain solid. Although we experienced lower than expected loan growth in the third quarter, we expect a rebound in the fourth quarter."

FINANCIAL HIGHLIGHTS

As of or For the Three Months Ended

As of or For the Nine Months Ended

ARIVA.DE Börsen-Geflüster

Kurse

MIDWESTONE FINANCIAL GROUP

20,41 $

-2,76%

September 30,

June 30,

September 30,

September 30,

September 30,

2018

2018

2017

2018

2017

(Dollars in thousands, except per share amounts)

Net income

6,778

8,156

6,342

22,727

20,289

Diluted earnings per share

0.55

0.67

0.52

1.86

1.69

Return on average assets-annualized

0.83

1.01

0.81

0.94

0.88

Return on average equity-annualized

7.72

9.55

7.29

8.84

8.20

Return on average tangible equity-annualized⁽¹⁾

10.45

12.91

10.06

12.00

11.47

Net interest margin (tax equivalent)⁽¹⁾

3.56

3.65

3.85

3.64

3.85

Yield on average loans (tax equivalent)⁽¹⁾

4.74

4.76

4.74

4.74

Cost of average total deposits

0.70

0.62

0.46

0.63

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