Net Income and Profitability - Net income for Q4 2024 was $16.3 million, with a return on average assets of 1.03% and a net interest margin (tax equivalent) of 3.43%[6] - Net income for Q4 2024 was $16.330 million, compared to a loss of $95.707 million in Q3 2024 and a 498.2% increase from $2.730 million in Q4 2023[39] - Return on average assets for Q4 2024 improved to 1.03%, compared to -5.78% in Q3 2024 and 0.17% in Q4 2023[39] - Return on average tangible equity was 14.80% for Q4 2024, a significant improvement from (82.78)% in Q3 2024 and 3.57% in Q4 2023[55] - Adjusted earnings per common share were $0.77 in Q4 2024, up from $0.58 in Q3 2024 and $0.46 in Q4 2023[64] Net Interest Income and Margin - Net interest income for Q4 2024 increased by $11.4 million from Q3 2024, reaching $48.9 million[9] - Core net interest margin expanded by 85 bps to 3.26% in Q4 2024[6] - Net interest income for Q4 2024 increased to $48.938 million, up 30.4% from $37.521 million in Q3 2024 and 50.3% from $32.559 million in Q4 2023[39] - Net interest margin (tax equivalent) increased to 3.43% in Q4 2024, up from 2.51% in Q3 2024 and 2.22% in Q4 2023[58] - Core net interest margin improved to 3.26% in Q4 2024, compared to 2.41% in Q3 2024 and 2.17% in Q4 2023[58] - Net interest income (tax equivalent) grew to $50.1 million in Q4 2024, up from $38.8 million in Q3 2024 and $33.8 million in Q4 2023[58] - Net interest income for the three months ended December 31, 2024, was $50.091 million, with a net interest margin of 3.43%[40] - Net interest income for the year ended December 31, 2024, was $157,537 thousand, compared to $144,172 thousand in 2023[38] - Net interest income for the year ended December 31, 2024, was $162.693 million, with a net interest margin of 2.66%[46] Deposits and Loans - Noninterest bearing deposits increased by 3.7% and core deposits increased by 2.3% in Q4 2024[6] - Loans held for investment increased by $188.7 million (4.6%) to $4.32 billion in December 2024 compared to December 2023, driven by the DNVB acquisition and organic loan growth[21] - Total deposits increased by $109.3 million (2.0%) to $5.48 billion in December 2024 from September 2024, with core deposits increasing by $111.5 million[23] - Loans held for investment, net of unearned income, increased from $4,126,947 thousand in December 2023 to $4,315,627 thousand in December 2024[37] - Total deposits increased from $5,395,673 thousand in December 2023 to $5,477,982 thousand in December 2024[37] - Loans held for investment remained stable at $4.316 billion as of December 31, 2024, compared to $4.329 billion in September 2024 and $4.127 billion in December 2023[39] - Total deposits increased to $5.478 billion as of December 31, 2024, from $5.369 billion in September 2024 and $5.396 billion in December 2023[39] - Total deposits for the year ended December 31, 2024, were $5.466 billion, with a cost of funds at 2.31%[46] - Loans, including fees, generated $63.443 million in interest income with an average yield of 5.86% for the three months ended December 31, 2024[40] - Loans, including fees, for the year ended December 31, 2024, generated $248.409 million in interest income with an average yield of 5.73%[46] - Average loans increased to $4.31 billion in Q4 2024, compared to $4.08 billion in Q4 2023[60] Credit Quality and Loan Performance - Classified loan ratio improved by 54 bps to 2.57% in Q4 2024, with a net charge-off ratio of 0.06%[6] - Nonperforming loans ratio remained stable at 0.51% as of December 31, 2024, compared to the linked quarter, while the classified loans ratio improved by 54 bps to 2.57%[28] - Special mention loan balances decreased by $28.8 million, or 16%, from September 30, 2024, to December 31, 2024[28] - Allowance for credit losses increased to $55.2 million as of December 31, 2024, with an allowance ratio of 1.28%, up from $54.0 million and 1.25% as of September 30, 2024[29] - Credit loss expense related to loans was $1.891 million for Q4 2024, compared to $1.835 million in Q3 2024 and $1.968 million in Q4 2023[28] - Nonperforming loans ratio decreased to 0.51% as of December 31, 2024, from 0.64% in December 2023[39] - Net charge-off ratio for Q4 2024 was 0.06%, down from 0.16% in Q3 2024 and 0.20% in Q4 2023[39] Capital and Equity - Common equity tier 1 (CET1) ratio improved by 82 bps to 10.73% in Q4 2024[6] - Total shareholders' equity decreased by $2.5 million from September 30, 2024, to December 31, 2024, primarily due to an increase in accumulated other comprehensive loss, partially offset by an increase in retained earnings[25] - Total shareholders' equity increased by $35.3 million from December 31, 2023, to December 31, 2024, driven by increases in common stock and additional paid-in-capital from a common equity capital raise in Q3 2024[25] - Tier 1 leverage to average assets ratio increased to 9.15% as of December 31, 2024, compared to 8.78% as of September 30, 2024[25] - Common equity tier 1 capital to risk-weighted assets ratio rose to 10.73% as of December 31, 2024, from 9.91% as of September 30, 2024[25] - CET1 ratio improved to 10.73% as of December 31, 2024, from 9.91% in September 2024 and 9.59% in December 2023[39] - Tangible common equity ratio decreased to 7.57% as of December 31, 2024, compared to 7.22% in September 2024 and 6.90% in December 2023[53] - Total shareholders' equity increased to $559.7 million as of December 31, 2024, compared to $524.4 million in December 2023[53] Noninterest Income and Expense - Investment services and trust activities revenue increased by 15.9% to $14.2 million in 2024[6] - Noninterest income for Q4 2024 increased by $141.2 million from Q3 2024, primarily due to a securities impairment of $140.4 million recognized in Q3 2024[12] - Noninterest expense increased by $1.6 million in 4Q24 compared to 3Q24, driven by a $0.7 million increase in compensation and employee benefits and a $0.3 million increase in occupancy expense[15] - Noninterest expense increased by $5.2 million in 4Q24 compared to 4Q23, with compensation and employee benefits, other expense, and occupancy expense contributing $2.8 million, $1.0 million, and $0.5 million respectively[16] - Total noninterest income (loss) for the year ended December 31, 2024, was $(88,247) thousand, compared to $18,423 thousand in 2023[38] - Total noninterest expense for the year ended December 31, 2024, was $144,496 thousand, compared to $131,913 thousand in 2023[38] Asset and Liability Management - Total earning assets yield increased by 60 bps in Q4 2024 compared to Q3 2024, primarily due to a 171 bps increase in total investment securities yields[10] - Total assets decreased to $6.24 billion in December 2024 from $6.55 billion in September 2024, primarily due to lower securities balances from balance sheet repositioning[18] - Investment securities decreased by $294.7 million to $1.33 billion in December 2024 from September 2024, and by $541.9 million from December 2023, due to the sale of debt securities[22] - Borrowed funds decreased by $409.1 million to $116.6 million in December 2024 from September 2024, primarily due to the payoff of BTFP borrowings[24] - Total assets decreased from $6,748,015 thousand in March 2024 to $6,236,329 thousand in December 2024[37] - Total assets as of December 31, 2024, decreased to $6.236 billion from $6.552 billion in September 2024 and $6.428 billion in December 2023[39] - Total interest-earning assets amounted to $5.807 billion, yielding $79.420 million in interest income at an average yield of 5.44% for the three months ended December 31, 2024[40] - Total interest-earning assets for the year ended December 31, 2024, were $6.117 billion, yielding $299.430 million in interest income at an average yield of 4.89%[46] Tax and Dividend - The effective tax rate for 4Q24 was 22.7%, down from 26.5% in 3Q24, with the full-year 2025 expected tax rate projected to be 22-24%[17] - The company declared a cash dividend of $0.2425 per common share, payable on March 17, 2025, to shareholders of record as of March 3, 2025[26] Share Repurchase - No common shares were repurchased during the period from September 30, 2024, through January 23, 2025, with $15.0 million remaining available under the share repurchase program[27] Efficiency and Yield Metrics - Efficiency ratio improved to 59.06% in Q4 2024, down from 70.32% in Q3 2024 and 70.16% in Q4 2023[62] - Yield on loans (tax equivalent) remained stable at 5.86% in Q4 2024, consistent with Q3 2024 but higher than 5.34% in Q4 2023[60] - Taxable investment securities yielded $38.787 million in interest income with an average yield of 2.75% for the year ended December 31, 2024[46] - Total interest-bearing deposits for the year ended December 31, 2024, were $4.529 billion, with an interest expense of $113.109 million and an average cost of 2.50%[46] - Long-term debt for the year ended December 31, 2024, had an interest expense of $8.086 million with an average cost of 6.80%[46] Revenue and Interest Income - Total revenue for Q4 2024 increased by $152.6 million from Q3 2024, driven by higher net interest income and noninterest income[8] - Total revenue for Q4 2024 was $59.775 million, a significant recovery from a loss of $92.867 million in Q3 2024 and a 64.1% increase from $36.421 million in Q4 2023[39] - Total interest income for the year ended December 31, 2024, was $294,274 thousand, compared to $249,613 thousand in 2023[38]

Core Insights - MidWestOne Financial Group, Inc. reported strong fourth quarter results for 2024, highlighting successful balance sheet repositioning and strategic initiatives, with a return on average assets exceeding 1.0% driven by net interest margin expansion [4][7] - The company achieved a net income of $16.3 million, or $0.78 per diluted share, with significant improvements in asset quality metrics [7][22] - Total revenue for the fourth quarter increased significantly compared to both the previous quarter and the same quarter last year, primarily due to higher net interest income and noninterest income [9][10] Financial Performance - Fourth quarter net interest income was $48.9 million, a 30% increase from the previous quarter and a 50% increase year-over-year [9][10] - Noninterest income for the fourth quarter was $10.8 million, a substantial recovery from a loss in the previous quarter, reflecting a year-over-year increase of 181% [9][15] - Total revenue for the fourth quarter reached $59.8 million, up from a loss of $92.9 million in the previous quarter and an increase of 64% compared to the same quarter last year [9][10] Balance Sheet and Credit Quality - Total assets decreased to $6.24 billion as of December 31, 2024, primarily due to lower securities balances from sales and repositioning efforts [22][26] - Loans held for investment remained stable at $4.32 billion, reflecting a slight decrease from the previous quarter but a 4.6% increase year-over-year [23][24] - The classified loans ratio improved to 2.57%, a 54 basis point improvement from the previous quarter, while the nonperforming assets ratio remained stable at 0.40% [7][36] Capital and Deposits - Total deposits increased by $109.3 million, or 2.0%, to $5.48 billion from the previous quarter, with core deposits also showing growth [27] - The common equity tier 1 (CET1) ratio improved to 10.73%, reflecting a strong capital position [7][29] - The company declared a cash dividend of $0.2425 per common share, payable on March 17, 2025 [31]

Group 1 - MidWestOne (MOFG) is expected to report quarterly earnings of $0.72 per share, a 41.2% increase year-over-year, with revenues projected at $56.07 million, reflecting a 54% year-over-year growth [1] - The consensus EPS estimate for the quarter has remained unchanged over the past 30 days, indicating analysts' reassessment of their initial projections [1] - Analysts predict an 'Efficiency Ratio' of 59.2%, significantly improved from 70.2% in the same quarter last year [3] Group 2 - Total Noninterest Income is projected to reach $10.39 million, up from $3.86 million reported in the same quarter last year [4] - Net Interest Income is expected to be $45.68 million, compared to $32.56 million in the same quarter of the previous year [4] - MidWestOne shares have shown a return of +0.4% over the past month, while the Zacks S&P 500 composite has decreased by -0.4% [4]

Core Viewpoint - MidWestOne Financial Group, Inc. will release its fourth quarter 2024 financial results on January 23, 2025, and will host a conference call on January 24, 2025, to discuss these results [1]. Financial Results Announcement - The financial results for the fourth quarter of 2024 will be announced after market closes on January 23, 2025 [1]. - A conference call to discuss the financial results is scheduled for 11:00 a.m. Central Time on January 24, 2025 [1]. Participation Details - Investors and analysts can pre-register for the conference call via a provided link [2]. - Access details will be sent via email after pre-registration [2]. - Callers can dial in approximately 15 minutes before the call starts using specific numbers for the U.S. and Canada [2]. Replay Information - A replay of the conference call will be available within four hours after the call concludes [3]. - The replay can be accessed online and via telephone, with specific numbers provided for U.S., Canada, and international callers [3]. - The replay will be available until April 24, 2025 [3]. Company Overview - MidWestOne Financial Group, Inc. is a financial holding company based in Iowa City, Iowa [4]. - The company is the parent of MidWestOne Bank, which operates in Iowa, Minnesota, Wisconsin, and Colorado [4]. - MidWestOne provides electronic financial services through its website [4].

Core Viewpoint - The Zacks rating system, which focuses on earnings estimate revisions, has a strong track record in predicting stock price movements, with Zacks Rank 1 stocks averaging a +25% annual return since 1988 [3]. Group 1: Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with only the top 5% receiving a 'Strong Buy' rating [4]. - The system maintains an equal proportion of 'buy' and 'sell' ratings across over 4000 stocks, contrasting with Wall Street analysts who tend to favor optimistic recommendations [4]. Group 2: MidWestOne's Upgrade - MidWestOne (MOFG) has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [6][10]. - The Zacks Consensus Estimate for MidWestOne has increased by 6.5% over the past three months, indicating a positive outlook for the company's earnings [14]. Group 3: Earnings Estimates and Stock Prices - There is a strong correlation between changes in earnings estimates and near-term stock price movements, largely driven by institutional investors who adjust their valuations based on these estimates [9][13]. - Rising earnings estimates for MidWestOne suggest an improvement in the company's underlying business, which could lead to higher stock prices as investors respond positively [10][12].

Cash Flow - Net cash inflows from operating activities were $32.1 million in the first nine months of 2024, down from $55.8 million in the same period of 2023, representing a decrease of 42.5%[254] - Net cash inflows from investing activities were $35.3 million in the first nine months of 2024, compared to $83.1 million in the comparable period of 2023, indicating a decline of 57.5%[254] - Net cash inflows from financing activities were $52.8 million in the first nine months of 2024, contrasting with net cash outflows of $150.5 million for the same period in 2023[255] Liquidity - As of September 30, 2024, the Bank had brokered deposits of $200.0 million, a decrease from $221.0 million as of December 31, 2023[259] - The Bank's liquidity sources include Federal Funds Lines totaling $135.0 million as of September 30, 2024, which are tested annually for availability[256] - The Bank had investment securities with a market value of approximately $744.3 million pledged to the Federal Reserve Bank of Chicago for liquidity purposes[257] - As of September 30, 2024, the Company had $23.7 million of reciprocal time deposits that qualified for the brokered deposit exemption[260] Interest Rate Sensitivity - As of September 30, 2024, 39.9% of the Company's earning asset balances are expected to reprice or pay down in the next twelve months[267] - The anticipated effect on net interest income over a twelve-month period shows a potential decrease of $5.989 million (3.5%) if short- and long-term interest rates decrease by 200 basis points[268] - The interest rate gap measures the difference between interest-earning assets and interest-bearing liabilities re-pricing within a given period[270] - This gap represents the net asset or liability sensitivity at a specific point in time[270] - External factors significantly affect the interest rate gap, including loan prepayments and early withdrawals of deposits[270] - Changes in the correlation of various interest-bearing instruments can impact the interest rate gap[270] - Competition in the market influences the interest rate gap dynamics[270] - A rise or decline in interest rates can significantly alter the interest rate gap[270] Credit Limit - The current credit limit established by the Federal Home Loan Bank of Des Moines is equal to 45% of the Bank's total assets[258]

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Q3 2024 Earnings Conference Call October 25, 2024 12:00 PM ET Company Participants Barry Ray - Senior Executive Vice President, Chief Financial Officer and Treasurer Charles Reeves - Chief Executive Officer Len Devaisher - President and Chief Operating Officer Gary Sims - Senior Vice President and Chief Credit Officer Conference Call Participants Brendan Nosal - Hovde Terry McEvoy - Stephens Nathan Race - Piper Sandler Damon DelMonte - KBW Brian Martin - Janney ...

For the quarter ended September 2024, MidWestOne (MOFG) reported revenue of $47.32 million, up 6.5% over the same period last year. EPS came in at $0.58, compared to $0.58 in the year-ago quarter.The reported revenue represents a surprise of -0.18% over the Zacks Consensus Estimate of $47.4 million. With the consensus EPS estimate being $0.56, the EPS surprise was +3.57%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ex ...

MidWestOne (MOFG) came out with quarterly earnings of $0.58 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.58 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.57%. A quarter ago, it was expected that this holding company for MidWestOne Bank would post earnings of $0.47 per share when it actually produced earnings of $0.45, delivering a surprise of -4.26%.Over the last four ...

FOR IMMEDIATE RELEASE October 24, 2024 MIDWESTONE FINANCIAL GROUP, INC. REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024 Iowa City, Iowa - MidWestOne Financial Group, Inc. (Nasdaq: MOFG) ("we", "our", or the "Company") today reported results for the third quarter of 2024. 1 Third Quarter 2024 Summary 2 2 2 • Completed a common equity capital raise, resulting in net proceeds to the Company of $118.6 million to facilitate a balance sheet repositioning. $140.4 million of securities impairment related to ...