MidWestOne Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Records Net Charge Offs for the Third Quarter of 2018; Provides Federal Income Tax Rate Guidance for the Full Year of 2018
October 25, 2018 at 05:19 pm
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MidWestOne Financial Group, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported, total interest income of $32,460,000, net interest income of $26,361,000, net interest income after provision for loan losses of $25,411,000, income before income tax expense of $8,584,000, net income of $6,778,000, compared to total interest income of $30,361,000, net interest income of $26,492,000, net interest income after provision for loan losses of $22,108,000, income before income tax expense of $8,280,000, net income of $6,342,000, for the same period a year ago. Diluted earnings per share were $0.55 against $0.52 a year ago. Return on average assets-annualized was 0.83% against 0.81% a year ago. Return on average equity-annualized was 7.72% against 7.29% a year ago. Return on average tangible equity-annualized was 10.45% against 10.06% a year ago. Book value per share was $28.57 against $28.36 a year ago. Tangible book value per share was $22.50 against $22.20 a year ago.
For the year to date, the company reported, total interest income of $95,425,000, net interest income of $79,255,000, net interest income after provision for loan losses of $75,205,000, income before income tax expense of $28,648,000, net income of $22,727,000, compared to total interest income of $88,782,000, net interest income of $77,764,000, net interest income after provision for loan losses of $71,099,000, income before income tax expense of $27,892,000, net income of $20,289,000, for the same period a year ago. Diluted earnings per share were $1.86 against $1.69 a year ago. Return on average assets-annualized was 0.94% against 0.88% a year ago. Return on average equity-annualized was 8.84% against 8.20% a year ago. Return on average tangible equity-annualized was 12.00% against 11.47% a year ago. Book value per share was $28.57 against $28.36 a year ago. Tangible book value per share was $22.50 against $22.20 a year ago.
Net charge-offs of $472,000 against $384,000 a year ago.
The company is assuming a federal income tax rate of 21% for 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.
MidWestOne Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Records Net Charge Offs for the Third Quarter of 2018; Provides Federal Income Tax Rate Guidance for the Full Year of 2018