Financial Data and Key Metrics Changes - The company reported net income of $3.3 million or $0.21 per diluted share, with adjusted net income at $7.2 million or $0.46 per diluted share after accounting for merger-related expenses and other costs [47] - Total deposits increased by $189.6 million to $5.59 billion as of March 31, 2024, although excluding deposits from the Bank of Denver acquisition, deposits decreased by $34.7 million [66] - The tax equivalent net interest margin increased by 11 basis points to 2.33%, driven by asset yield increases outpacing funding cost increases [67] Business Line Data and Key Metrics Changes - Wealth Management revenue increased by 10% quarter-over-quarter and 19% year-over-year, reaching $3.5 million [42] - Commercial and industrial loans increased by $30.7 million or 12% annualized from the linked quarter, contributing to overall loan growth of $287.7 million or 7% [9] - Non-interest income increased by $5.9 million, primarily due to the absence of a net loss on security sales that occurred in the previous quarter [48] Market Data and Key Metrics Changes - The company noted stable asset quality metrics, with net charge-offs and delinquency rates remaining low [7] - The Denver market is highlighted as a key growth area, with loans of $673 million and deposits of $429 million post-acquisition, with a goal to reach a $1 billion franchise [60] Company Strategy and Development Direction - The company is focused on expanding its core deposit franchise and enhancing its commercial banking and wealth management businesses [5][61] - Strategic talent acquisition is emphasized, with new hires in various departments to support growth initiatives [5][8] - The company plans to divest its Florida branches in June 2024, which is expected to reduce quarterly expenses by approximately $700,000 starting in July [11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding deposit growth and overall business momentum, particularly in the Denver market [4][8] - The company anticipates continued margin expansion even without rate cuts, supported by the current balance sheet position [52][61] - Management highlighted the importance of maintaining expense discipline while investing in growth opportunities [5][11] Other Important Information - The company completed the acquisition of Denver Bankshares, which is expected to enhance its market presence and operational scale [60] - The allowance for credit losses increased to 1.27% of total loans, reflecting both the acquisition and organic loan growth [9] Q&A Session Summary Question: What is the outlook for new client acquisitions in Wealth Management? - Management noted strong momentum in client acquisitions and expects double-digit annual revenue growth in this segment [53] Question: Can you provide insights on loan deposit growth and the impact of hiring relationship managers? - Management indicated that while legacy balances declined, they are optimistic about resuming core deposit growth throughout 2024 [16] Question: What is the expected margin impact from potential rate cuts? - Management expects incremental margin improvement without rate cuts and greater improvement with rate cuts, depending on the pace of those cuts [28] Question: Can you elaborate on the trucking industry credits that were downgraded? - Management clarified that exposure to the trucking industry is limited, with total exposure at $55 million, and noted that some customers experienced cash flow deterioration [70] Question: What are the expectations for commercial real estate maturities and re-pricing opportunities? - Management provided insights on the re-pricing of fixed-rate loans, estimating around $250 million in fixed-rate re-pricing over the next year [90]

Forward Looking Statements & Non-GAAP Measures This presentation contains certain "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to time, make written or oral statements that are "forward-looking" and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from ...

For the quarter ended March 2024, MidWestOne (MOFG) reported revenue of $44.48 million, up 23.5% over the same period last year. EPS came in at $0.21, compared to $0.72 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $44.5 million, representing a surprise of -0.04%. The company delivered an EPS surprise of -51.16%, with the consensus EPS estimate being $0.43.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how th ...

MidWestOne (MOFG) came out with quarterly earnings of $0.21 per share, missing the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.72 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -51.16%. 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 $0.51, delivering a surprise of 8.51%.Over the last four ...

FOR IMMEDIATE RELEASE April 25, 2024 MIDWESTONE FINANCIAL GROUP, INC. REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2024 Iowa City, Iowa - MidWestOne Financial Group, Inc. (Nasdaq: MOFG) ("we", "our", or the "Company") today reported results for the first quarter of 2024. First Quarter 2024 Summary 1 CEO Commentary Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, "We are very pleased with the underlying strength of the first quarter as we continue to execute on our strategic in ...

IOWA CITY, Iowa, April 25, 2024 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (NASDAQ:MOFG) ("we", "our", or the "Company") today reported results for the first quarter of 2024. First Quarter 2024 Summary1 Completed acquisition of Denver Bankshares, Inc. ("DNVB"), the related core banking system conversion, and closure of the legacy MidWestOne Denver banking office.Net income of $3.3 million, or $0.21 per diluted common share. Revenue was $44.5 million, comprised of net interest income of $34.7 milli ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ 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) (State or Other Jurisdiction of (I.R.S. ...

Call Now: 12:35 MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Q4 2023 Earnings Conference Call January 26, 2024, 12:00 PM ET Company Participants Barry Ray - Senior Executive Vice President and Chief Financial Officer Charles Reeves - Chief Executive Officer Len Devaisher - President and Chief Operating Officer Gary Sims - Senior Vice President and Chief Credit Officer Conference Call Participants Terry McEvoy - Stephens Damon DelMonte - KBW Brian Martin - Janney Montgomery Scott Operator Good morning, lad ...

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 September 30, 2023 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) (State or other jurisdiction of incorpora ...

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Q3 2023 Earnings Call Transcript October 27, 2023 12:00 PM ET Company Participants Barry Ray - Chief Financial Officer Charles Reeves - Chief Executive Officer Len Devaisher - President and Chief Operating Officer Gary Sims - Chief Credit Officer Conference Call Participants Terence McEvoy - Stephens Inc Damon DelMonte - KBW Brian Martin - Janney Montgomery Scott Operator Good morning, ladies and gentlemen, and welcome to the MidWestOne Financial Group Third Qu ...