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.