MidWest One Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Revenue Guidance for the Year 2018
January 25, 2018 at 04:01 pm
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MidWest One Financial Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company's total interest income was $30,538,000 against $27,914,000 a year ago. Net interest income was $26,411,000 against $24,530,000 a year ago. Net interest income after provision for loan losses was $15,742,000 against $19,788,000 a year ago. Income before income tax expense was $1,183,000 against $4,402,000 a year ago. Net loss was $1,590,000 against net income of $3,870,000 a year ago. Loss per common share basic and diluted was $0.13 against earnings per common share basic and diluted of $0.34 a year ago. Return on average assets - annualized was negative 0.20% against positive 0.51% a year ago. Return on average shareholders' equity - annualized was negative 1.81% against positive 4.98% a year ago. Return on average tangible equity - annualized was 1.64% against 7.66% a year ago. Adjusted net loss was $1,127,000 against adjusted net income of $4,470,000 a year ago.
For the year, the company's total interest income was $119,320,000 against $112,328,000 a year ago. Net interest income was $104,175,000 against $99,606,000 a year ago. Net interest income after provision for loan losses was $86,841,000 against $91,623,000 a year ago. Income before income tax expense was $29,075,000 against $27,251,000 a year ago. Net income was $18,699,000 against $20,391,000 a year ago. The decrease in net income was due primarily to the provision for loans losses increasing $9.4 million in 2017 compared to 2016, due primarily to the previously disclosed credit impairment related to a loan made to one commercial borrower. Book value per share was $27.85 as on December 31, 2017 against $28.06 as on December 31, 2016. Earnings per common share basic and diluted were $1.55 against $1.78 a year ago. Return on average assets - annualized was 0.60% against 0.68% a year ago. Return on average shareholders' equity - annualized was 5.58% against 6.69% a year ago. Return on average tangible equity - annualized was 8.00% against 10.13% a year ago. Tangible book value per share was $21.67 as on December 31, 2017 against $20.00 as on December 31, 2016. Adjusted net income was $20,730,000 against $22,971,000 a year ago.
The company expects top line revenue growth to continue in 2018.
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 the Fourth Quarter and Year Ended December 31, 2017; Provides Revenue Guidance for the Year 2018