MidWestOne Financial Q1 net income $0.21 EPS; NIM expands to 2.33%; dividend declared

MidWestOne Financial Group, Inc.

2024-Q1 EPS reported $0.21

Net income $3.3M ($0.21 diluted EPS); revenue $44.5M; net interest income up 7% linked quarter.
Net interest margin (tax-equivalent) 2.33%, up 11 bps from Q4 2023; earning asset yield +20 bps.
Completed Denver Bankshares acquisition on Jan 31; day-1 credit loss expense $3.2M; merger costs $1.3M.
Declared $0.2425 per share dividend payable June 17, 2024; record date June 3.
Nonperforming assets ratio 0.49% (stable); allowance for credit losses ratio 1.27%.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MidWestOne Financial Group, Inc. reported first quarter of 2024 results: revenue $44.5 million, net income $3.3 million, EPS $0.21 per diluted common share.

Period: first quarter of 2024
Revenue: $44.5 million
Net income: $3.3 million
EPS: $0.21 per diluted common share
Result: reported results

Exact text from the filing

MidWest One Financial Group, Inc. (Nasdaq: MOFG) (“we”, “our”, or the "Company”) today reported results for the first quarter of 2024. First Quarter 2024 Summary 1 • Completed acquisition of Denver Bankshares, Inc. ("DNVB"), the related core banking system conversion, and closure of the legacy MidWest One Denver banking office. • Net income of $3.3 million, or $0.21 per diluted common share. ◦ Revenue was $44.5 million, comprised of net interest income of $34.7 million and noninterest income of $9.8 million, which included a negative MSR valuation adjustment of $368 thousand.

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Source: SEC EDGAR

accession 0001412665-24-000061

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