MidWest One Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2011; Declares First Quarter Cash Dividend, Payable on March 15, 2012
January 26, 2012 at 01:58 pm
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MidWest One Financial Group, Inc. reported unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2011. For the quarter, the company reported total interest income of $17,094,000 compared with $17,309,000 for the same period a year ago. Net interest income was $12,567,000 compared with $11,863,000 for the same period a year ago. Income before income tax expense was $4,411,000 compared with $3,773,000 for the same period a year ago. Net income available to common shareholders was $3,351,000 or $0.39 per basic and diluted share compared with net income of $2,517,000 or $0.29 per diluted share for the same period a year ago. Return on average assets was 0.80% compared with 0.68% for the same period a year ago. Return on average shareholders equity was 8.52% compared with 6.72% for the same period a year ago. Return on average tangible common equity was 9.52% compared with 7.94% for the same period a year ago. Net income for the fourth quarter of 2011 was higher than for the same period in 2010 primarily due to: a 52.9% decrease in the provision for loan losses; and a 5.9% increase in net interest income, primarily attributable to a 16.9% decrease in interest expense.
For the full year, the company reported total interest income was $68,581,000 compared with $70,981,000 for the same period a year ago. Net interest income was $48,798,000 compared with $47,865,000 for the same period a year ago. Income before income tax expense was $17,929,000 compared with $13,533,000 for the same period a year ago. Net income available to common shareholders was $12,672,000 or $1.47 per diluted share compared with net income of $9,262,000 or $1.07 per diluted share for the same period a year ago. Book value per share was $18.35 compared with $18.26 for the same period a year ago. Return on average assets was 0.82% compared with 0.65% for the same period a year ago. Return on average shareholders equity was 8.42% compared with 6.44% for the same period a year ago. Return on average tangible common equity was 9.51% compared with 7.66% for the same period a year ago.
On January 17, 2012, the company's board of directors declared a first quarter cash dividend of $0.085 per common share, which is a 42% increase from the dividend paid each of the previous two quarters. The dividend is payable on March 15, 2012 to shareholders of record at the close of business on March 1, 2012. At this quarterly rate, the indicated annual cash dividend is equivalent to $0.34 per common share.
MidWestOne Financial Group, Inc. (MidWestOne) is a financial holding company. MidWestOne is the parent company of MidWestOne Bank (the Bank), which operates banking offices in Iowa, Minnesota, Wisconsin, Florida, and Colorado. MidWestOne provides electronic delivery of financial services through its Website, MidWestOne.bank. The Bank is focused on delivering relationship-based business and personal banking products and services. The Bank provides commercial loans, real estate loans, agricultural loans, credit card loans, and consumer loans. The Bank also provides deposit products, including demand and interest checking accounts, savings accounts, money market accounts, and time deposits. Complementary to its loan and deposit products, the Bank also provides products and services, including treasury management, Zelle, online and mobile banking, credit and debit cards, ATMs, and safe deposit boxes. The Bank also has a trust department and an investment services department.
MidWest One Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2011; Declares First Quarter Cash Dividend, Payable on March 15, 2012