Financial Data and Key Metrics Changes - The company reported a net loss of $95.7 million or $6.05 per common share for Q3 2024, with adjusted earnings of $9.1 million or $0.58 per common share, excluding certain losses [16][17] - Net interest income increased by $1.2 million to $37.5 million compared to the linked quarter, driven by higher earning asset yields [17] - The tax equivalent net interest margin expanded by 10 basis points to 2.51% in Q3 2024, reflecting improved earning asset yields [18] Business Line Data and Key Metrics Changes - Commercial Banking led loan growth with an annualized increase of 4%, while total loan growth was modest at 1% in Q3 2024 [6][10] - The SBA lending initiative achieved its best quarter to date, generating $574,000 in gain on sale income [11] - Wealth management assets under management increased quarter-over-quarter, although fee income was down 3% from the linked quarter but up 15% year-over-year [11] Market Data and Key Metrics Changes - Total deposits declined by $43.7 million in Q3 2024, but core deposits increased by $40.5 million and noninterest-bearing deposits rose by $35.2 million [8] - The company experienced aggressive pricing in public funds time deposits, leading to a strategic focus on core customer relationships [8] Company Strategy and Development Direction - The company successfully raised approximately $125 million in gross capital through a common equity offering, which was oversubscribed [5] - The strategic focus includes enhancing treasury management and commercial banking, with treasury management fee income up 11% year-over-year [9] - The balance sheet repositioning involved selling $1 billion in securities to pay off high-cost borrowings and purchase higher-yielding securities, expected to boost annualized net interest income by $35 million [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued margin expansion due to expected changes in the yield curve [21] - The company anticipates loan growth in the mid to high single-digit range for 2025, supported by a strong pipeline of opportunities [42] - Management remains cautious about the agricultural component of the loan portfolio but feels confident due to a more resilient customer base [50] Other Important Information - The tangible common equity ratio increased to 7.22% as of September 30, 2024, reflecting growth in tangible equity [16] - The company maintained expense discipline, with total noninterest expense flat from the linked quarter despite a fraud loss of $1.2 million [19] Q&A Session Summary Question: How is the new balance sheet positioned for additional Fed cuts? - Management believes there is an opportunity for continued margin expansion based on expectations for the yield curve [20][21] Question: What are the trends in the wealth business regarding AUM and fees? - The decline in fees is attributed to episodic revenue from trust services and increased interest in annuities, which can be lumpier [22] Question: Where are the better opportunities in the Denver and Twin Cities markets? - Both markets show robust opportunities, particularly in C&I lending, with increasing interest in commercial real estate [25] Question: What are the expectations for expenses in Q4 and 2025? - A reasonable run rate for Q4 expenses is around $34.5 million, with expectations for mid-$140 million in 2025 due to planned investments [28] Question: What is the outlook for the agricultural component of the loan portfolio? - The agricultural portfolio is considered resilient, with good crop yields offsetting price pressures, although future cost inputs remain a concern [50] Question: How does the company view the competitive landscape following the recent Fed rate cut? - Competitors have been aggressive in lowering deposit costs, and the company expects similar betas on the way down as seen on the way up [50]

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 ...

Core Insights - MidWestOne Financial Group reported a net loss of $95.7 million for Q3 2024, primarily due to a common equity capital raise and balance sheet repositioning, which included a $140.4 million securities impairment [2][4][6] - The company successfully raised $118.6 million in net proceeds from a common equity offering, which was oversubscribed, indicating strong market support [3][4] - Adjusted earnings for the quarter were $9.1 million, or $0.582 per diluted common share, despite a $1.2 million fraud loss related to a single incident [2][4] Financial Performance - Total revenue for Q3 2024 decreased by $150.8 million from Q2 2024, primarily due to lower noninterest income, although net interest income increased by 3% from the previous quarter [6][7] - The net interest margin expanded by 10 basis points to 2.51% compared to Q2 2024, driven by higher earning asset yields [8][9] - Noninterest expense remained stable at $35.8 million, with a notable increase in other expenses due to a fraud loss [16][17] Balance Sheet and Credit Quality - Total assets decreased to $6.55 billion as of September 30, 2024, primarily due to lower securities balances from impairments [19] - Loans held for investment increased by $41.5 million, or 1.0%, to $4.33 billion from the previous quarter, driven by organic growth [20] - The allowance for credit losses ratio was 1.25%, with credit loss expense of $1.5 million reflecting additional reserves for organic loan growth [30] Deposits and Borrowings - Total deposits declined by $43.7 million, or 0.8%, to $5.37 billion from the previous quarter, with noninterest-bearing deposits increasing by $35.2 million [22] - Borrowed funds totaled $525.7 million, a slight decrease from the previous quarter, attributed to reduced overnight borrowings [23] Capital and Shareholder Returns - Total shareholders' equity increased by $19.0 million from the previous quarter, primarily due to the common stock capital raise [24] - A cash dividend of $0.2425 per common share was declared, payable on December 16, 2024 [26]

Financial Results Announcement - MidWestOne Financial Group Inc will release its third quarter 2024 financial results after market closes on Thursday October 24 2024 [1] - The company will host a conference call to discuss the financial results at 11:00 am Central Time on Friday October 25 2024 [1] Conference Call Details - Investors and analysts can pre-register for the conference call using a provided link and will receive access details via email [2] - On the day of the call participants can dial 1-833-470-1428 (Canada: 1-833-950-0062) 15 minutes prior to the start using access code 019041 [2] - A live audio webcast of the conference call will be available on the Investor Relations section of the company's website [2] Conference Call Replay - A replay of the conference call will be available within four hours of the conclusion and can be accessed online or by dialing 1-866-813-9403 (international: 1-929-458-6194) with pin 718549 [3] - The replay will be available until January 23 2025 [3] Company Overview - MidWestOne Financial Group Inc is a financial holding company headquartered in Iowa City Iowa and is the parent company of MidWestOne Bank [4] - MidWestOne Bank operates banking offices in Iowa Minnesota Wisconsin and Colorado and provides electronic delivery of financial services through its website [4] - MidWestOne Financial Group Inc trades on the Nasdaq Global Select Market under the symbol "MOFG" [4]

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35968 MIDWESTONE FINANCIAL GROUP, INC. (Exact name of Registrant as specified in its charter) Iowa 42-1206172 (State or other jurisdiction o ...

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Q2 2024 Earnings Conference Call July 26, 2024 12:00 PM ET Company Participants Barry Ray - CFO Chip Reeves - CEO Len Devaisher - President and COO Gary Sims - Chief Credit Officer Conference Call Participants Brendan Nosal - Hovde Terry McEvoy - Stephens Nathan Race - Piper Sandler Damon DelMonte - KBW Brian Martin - Janney Montgomery Operator Good morning, ladies and gentlemen, and welcome to the MidWestOne Financial Group, Inc. Second Quarter 2024 Earnings C ...

Forward Looking Statements & Non-GAAP Measures Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the risks of mergers or branch sales (including the recent sale of our Florida banking operations and the acquisition of Denver Bankshares, Inc.), including, without limitation, the relate ...