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]

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Second Quarter 2024 Summary 1 MIDWESTONE FINANCIAL GROUP, INC. REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2024 FOR IMMEDIATE RELEASE July 25, 2024 Iowa City, Iowa - MidWestOne Financial Group, Inc. (Nasdaq: MOFG) ("we", "our", or the "Company") today reported results for the second quarter of 2024. CEO Commentary I'm also very pleased with the level of talent acquisition in the first half of 2024 and second quarter highlights included our new EVP, Chief Information Officer and new SVP, Chief Market ...

(1)Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure. Net interest income of $36.3 million for the second quarter of 2024 increased $1.6 million from the first quarter of 2024, primarily due to higher interest earning asset volumes and yields, partially offset by higher interest-bearing liability volumes and costs. When compared to the second quarter of 2023, net interest income decreased $0.6 million, primarily due to higher funding costs ...

Category: Earnings IOWA CITY, Iowa, July 12, 2024 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (Nasdaq: MOFG) ("MidWestOne" or the "Company"), parent company of MidWestOne Bank, today announced that its second quarter 2024 financial results will be released after market closes on Thursday, July 25, 2024. The Company will host a conference call to discuss its financial results at 11:00 a.m. Central Time on Friday, July 26, 2024. | --- | --- | |-------------------------|-------------------------| | | ...

Core Viewpoint - MidWestOne Financial Group, Inc. will release its second quarter 2024 financial results on July 25, 2024, and will host a conference call to discuss these results on July 26, 2024 [1]. Group 1: Financial Results Announcement - The second quarter 2024 financial results will be released after market closes on July 25, 2024 [1]. - A conference call to discuss the financial results is scheduled for 11:00 a.m. Central Time on July 26, 2024 [1]. Group 2: Conference Call Details - A replay of the conference call will be available within four hours after the call concludes, accessible online and via telephone [2]. - The telephone replay can be accessed by dialing 1-866-813-9403 in the U.S. and Canada, with a pin of 323537, available until October 24, 2024 [2]. Group 3: Company Overview - MidWestOne Financial Group, Inc. is a financial holding company based 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 financial services through its website [4].

IOWA CITY, Iowa, June 03, 2024 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (NASDAQ: MOFG), parent company of MidWestOne Bank, a pre-eminent relationship-driven community bank, is pleased to announce the hiring of three new executive leaders: Paul Ho-Sing-Loy, Executive Vice President and Chief Information Officer; Steve Heimermann, Executive Vice President and Head of Wealth Management; and Elda Macias, Senior Vice President and Chief Marketing Officer. MidWestOne Financial Group has introduced a n ...

IOWA CITY, Iowa, June 03, 2024 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (NASDAQ: MOFG), parent company of MidWestOne Bank, a pre-eminent relationship-driven community bank, is pleased to announce the hiring of three new executive leaders: Paul Ho-Sing-Loy, Executive Vice President and Chief Information Officer; Steve Heimermann, Executive Vice President and Head of Wealth Management; and Elda Macias, Senior Vice President and Chief Marketing Officer. MidWestOne Financial Group has introduced a n ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents MidWestOne Financial Group's unaudited consolidated financial statements for Q1 2024, including balance sheets, income, equity, and cash flows, highlighting the impact of the DNVB acquisition [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets increased to $6.75 billion from $6.43 billion at year-end 2023, primarily driven by growth in loans and goodwill from the DNVB acquisition, with total deposits growing to $5.59 billion and shareholders' equity to $528.0 million Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$6,748,015** | **$6,427,540** | | Gross loans held for investment | $4,433,258 | $4,138,352 | | Total securities | $1,862,169 | $1,870,324 | | Goodwill | $71,118 | $62,477 | | **Total Liabilities** | **$6,219,975** | **$5,903,162** | | Total deposits | $5,585,236 | $5,395,673 | | Short-term borrowings | $422,988 | $300,264 | | **Total Shareholders' Equity** | **$528,040** | **$524,378** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) For Q1 2024, net income significantly improved to $3.3 million ($0.21 per diluted share) from $1.4 million ($0.09 per diluted share) in Q1 2023, primarily due to the absence of prior year's investment securities losses Q1 2024 vs Q1 2023 Income Statement (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Interest Income | $34,731 | $40,076 | | Credit Loss Expense | $4,689 | $933 | | Noninterest Income (Loss) | $9,750 | $(4,046) | | Investment securities gains (losses), net | $36 | $(13,170) | | Total Noninterest Expense | $35,565 | $33,319 | | **Net Income** | **$3,269** | **$1,397** | | **Earnings - diluted (per share)** | **$0.21** | **$0.09** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2024, operating activities provided $9.6 million, investing activities used $38.3 million, and financing activities provided $44.8 million, resulting in a net increase of $16.0 million in cash and cash equivalents Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $9,588 | $17,599 | | Net cash (used in) provided by investing activities | $(38,337) | $132,544 | | Net cash provided by (used in) financing activities | $44,784 | $(167,360) | | **Net change in cash and cash equivalents** | **$16,035** | **$(17,217)** | - The company paid **$20.0 million** in cash for a business acquisition during the first quarter of 2024[21](index=21&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail accounting policies and financial statement items, including the DNVB acquisition for $32.6 million, which boosted assets and goodwill, and the loan portfolio's growth to $4.41 billion with increased ACL and deposits - On January 31, 2024, the Company acquired DNVB and its subsidiary, Bank of Denver, for **$32.6 million** in cash, adding identifiable net assets of **$24.0 million** and resulting in **$8.6 million** of goodwill[28](index=28&type=chunk)[37](index=37&type=chunk)[40](index=40&type=chunk) - The Allowance for Credit Losses (ACL) increased from **$51.5 million** at year-end 2023 to **$55.9 million** at March 31, 2024, including **$3.1 million** of day-one credit loss expense for acquired DNVB loans[76](index=76&type=chunk)[79](index=79&type=chunk) - The company's loan portfolio is concentrated in real estate, with commercial real estate loans (excluding farmland) comprising approximately **66%** of total loans[129](index=129&type=chunk) - As of March 31, 2024, the company and its bank subsidiary met all regulatory capital requirements and were considered **'well capitalized'**[122](index=122&type=chunk)[197](index=197&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, noting a net income increase to $3.3 million due to the absence of prior year's securities losses, a decline in net interest income, and growth in loans and deposits driven by the DNVB acquisition - The company completed the acquisition of DNVB on January 31, 2024, for **$32.6 million** in cash and announced a definitive agreement to sell its Florida operations, expected to close in June 2024[148](index=148&type=chunk)[149](index=149&type=chunk) Q1 2024 vs Q1 2023 Performance Summary (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Interest Income | $34,731 | $40,076 | | Credit Loss Expense | $4,689 | $933 | | Noninterest Income (Loss) | $9,750 | $(4,046) | | Net Income | $3,269 | $1,397 | | Diluted EPS | $0.21 | $0.09 | - Tax equivalent net interest margin declined to **2.33%** in Q1 2024 from **2.75%** in Q1 2023, as the cost of interest-bearing liabilities rose by **116 basis points**, outpacing the **56 basis point** increase in the yield on interest-earning assets[166](index=166&type=chunk) - Noninterest expense increased by **$2.2 million** (**6.7%**) year-over-year, primarily due to higher compensation and benefits from the DNVB acquisition and annual adjustments, as well as increased equipment costs[170](index=170&type=chunk) [Financial Condition Analysis](index=50&type=section&id=Financial%20Condition%20Analysis) Total assets grew by $320.5 million (5.0%) to $6.75 billion, driven by a $287.7 million (7.0%) increase in loans and a $189.6 million (3.5%) rise in deposits, primarily from the DNVB acquisition, while nonperforming assets remained stable Loan Portfolio Composition (in thousands) | Loan Type | March 31, 2024 | % of Total | December 31, 2023 | % of Total | | :--- | :--- | :--- | :--- | :--- | | Commercial and industrial | $1,105,718 | 25.0% | $1,075,003 | 26.0% | | Commercial real estate | $2,437,829 | 55.3% | $2,225,310 | 54.0% | | Residential real estate | $677,409 | 15.3% | $640,437 | 15.5% | | Agricultural | $113,029 | 2.6% | $118,414 | 2.9% | | Consumer | $80,661 | 1.8% | $67,783 | 1.6% | | **Total Loans** | **$4,414,646** | **100.0%** | **$4,126,947** | **100.0%** | - The Allowance for Credit Losses (ACL) was **$55.9 million**, or **1.27%** of total loans, at March 31, 2024, up from **$51.5 million**, or **1.25%** of loans, at December 31, 2023, mainly due to a **$3.1 million** day-one provision for DNVB loans and reserves for organic growth[188](index=188&type=chunk) - Nonperforming loans increased slightly to **$29.3 million** (**0.66%** of total loans) from **$26.4 million** (**0.64%** of total loans) at year-end 2023[179](index=179&type=chunk) - Deposits increased by **$189.6 million**, primarily due to the **$224.2 million** of deposits assumed in the DNVB acquisition, with core deposits representing **87.9%** of total deposits[194](index=194&type=chunk) [Capital Resources and Liquidity](index=57&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintains a strong capital position, exceeding 'well-capitalized' standards with a Tier 1 leverage ratio of 8.16% and total risk-based capital ratio of 11.97%, while managing liquidity through diverse funding sources Key Capital Ratios | Ratio | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Tangible common equity ratio | 6.43% | 6.90% | | Total risk-based capital ratio | 11.97% | 12.53% | | Tier 1 leverage ratio | 8.16% | 8.58% | | Tangible book value per share | $27.14 | $27.90 | - Total shareholders' equity increased by **$3.7 million** to **$528.0 million** as of March 31, 2024, driven by a decrease in accumulated other comprehensive loss[196](index=196&type=chunk) - The company maintains multiple sources of liquidity, including **$155.0 million** in unsecured federal funds lines, and had additional borrowing capacity of **$421.4 million** from the Federal Reserve and **$795.9 million** from the FHLB as of March 31, 2024[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages interest rate risk, its primary market risk, and as of March 31, 2024, is positioned to benefit from falling rates, with a 100 basis point rate decrease projected to increase net interest income by $1.3 million Net Interest Income Sensitivity Analysis (as of March 31, 2024) | Immediate Change in Rates | Dollar Change (in thousands) | Percent Change | | :--- | :--- | :--- | | +200 bps | $(4,634) | (3.1)% | | +100 bps | $(2,220) | (1.5)% | | -100 bps | $1,273 | 0.9% | | -200 bps | $2,832 | 1.9% | - The company's main sources of liquidity risk management include Federal Funds Lines (**$155.0 million**), Federal Reserve Bank borrowing capacity (**$421.4 million**), and FHLB advances capacity (**$795.9 million**)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) [Controls and Procedures](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the quarter - The CEO, CFO, and CAO concluded that the Company's disclosure controls and procedures were **effective** as of the end of the period covered by this report[237](index=237&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter ended March 31, 2024, that materially affected or are likely to materially affect these controls[239](index=239&type=chunk) [PART II – OTHER INFORMATION](index=64&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal actions, the outcomes of which management believes will not materially adversely affect its consolidated financial condition - The company states that any pending or threatened legal proceedings are ordinary routine litigation incidental to its business and are **not expected to have a material adverse effect** on its financial condition[242](index=242&type=chunk) [Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 - **No material changes** have occurred in the risk factors since the filing of the Form 10-K for the year ended December 31, 2023[243](index=243&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2024, the company did not repurchase shares under its program, but acquired 21,278 shares from employees for tax obligations, with $15.0 million remaining for repurchases through December 31, 2025 - **No shares were repurchased** under the company's publicly announced program in Q1 2024; the program, approved in April 2023, has **$15.0 million** remaining for repurchases through December 31, 2025[244](index=244&type=chunk)[245](index=245&type=chunk) - A total of **21,278 shares** were acquired by the company from employees to cover withholding taxes related to the vesting of restricted stock awards[244](index=244&type=chunk) [Other Information](index=64&type=section&id=Item%205.%20Other%20Information) During Q1 2024, no directors or executive officers adopted or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements - **No directors or executive officers adopted or terminated** a Rule 10b5-1 trading plan during the quarter ended March 31, 2024[248](index=248&type=chunk)