MidWestOne Financial Group, Inc. (Nasdaq - MOFG) (“we”, “our”, or
“the Company”) today reported its financial results for the fourth
quarter and full year 2018. Net income for the fourth quarter of
2018 was $7.6 million, or $0.62 per diluted common share, compared
to net income of $6.8 million, or $0.55 per diluted common share,
for the third quarter of 2018 (the “linked quarter”). Net income
for the full year 2018 was $30.4 million, or $2.48 per diluted
common share, compared to net income for the full year 2017 of
$18.7 million, or $1.55 per diluted common share. Merger-related
costs reduced earnings per share by $0.02 for the fourth quarter of
2018, $0.05 for the linked quarter, and $0.06 for the full year
2018.
FINANCIAL HIGHLIGHTS
| |
|
|
|
| |
As of or For the Three Months
Ended |
|
As of or For the Years Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
| |
2018 |
|
2018 |
|
2018 |
|
2017 |
| |
(Dollars in thousands, except per share
amounts) |
| Net income |
$ |
7,624 |
|
|
$ |
6,778 |
|
|
$ |
30,351 |
|
|
$ |
18,699 |
|
| Diluted earnings per
share |
$ |
0.62 |
|
|
$ |
0.55 |
|
|
$ |
2.48 |
|
|
$ |
1.55 |
|
| Return on average
assets |
0.92 |
% |
|
0.83 |
% |
|
0.93 |
% |
|
0.60 |
% |
| Return on average
equity |
8.61 |
% |
|
7.72 |
% |
|
8.78 |
% |
|
5.58 |
% |
| Return on average
tangible equity (1) |
11.47 |
% |
|
10.45 |
% |
|
11.86 |
% |
|
8.00 |
% |
| |
|
|
|
|
|
|
|
| Net interest margin
(tax equivalent)(1) |
3.59 |
% |
|
3.56 |
% |
|
3.62 |
% |
|
3.83 |
% |
| Yield on average loans
(tax equivalent)(1) |
4.85 |
% |
|
4.74 |
% |
|
4.77 |
% |
|
4.73 |
% |
| Cost of average total
deposits |
0.78 |
% |
|
0.70 |
% |
|
0.66 |
% |
|
0.46 |
% |
| Efficiency
ratio(1) |
58.33 |
% |
|
68.58 |
% |
|
62.05 |
% |
|
58.64 |
% |
| |
|
|
|
|
|
|
|
| Total assets |
$ |
3,291,480 |
|
|
$ |
3,267,965 |
|
|
$ |
3,291,480 |
|
|
$ |
3,212,271 |
|
| Loans held for
investment |
$ |
2,398,779 |
|
|
$ |
2,377,649 |
|
|
$ |
2,398,779 |
|
|
$ |
2,286,695 |
|
| Total deposits |
$ |
2,612,929 |
|
|
$ |
2,632,259 |
|
|
$ |
2,612,929 |
|
|
$ |
2,605,319 |
|
| |
|
|
|
|
|
|
|
| Equity to assets
ratio |
10.85 |
% |
|
10.69 |
% |
|
10.85 |
% |
|
10.59 |
% |
| Tangible
equity/tangible assets(1) |
8.80 |
% |
|
8.61 |
% |
|
8.80 |
% |
|
8.44 |
% |
| Book value per
share |
$ |
29.32 |
|
|
$ |
28.57 |
|
|
$ |
29.32 |
|
|
$ |
27.85 |
|
| Tangible book value per
share(1) |
$ |
23.25 |
|
|
$ |
22.50 |
|
|
$ |
23.25 |
|
|
$ |
21.67 |
|
| Loan to deposit
ratio |
91.80 |
% |
|
90.33 |
% |
|
91.80 |
% |
|
87.77 |
% |
| |
|
|
|
|
|
|
|
| (1)
Non-GAAP measure. See pages 14-15 for a detailed explanation. |
|
|
Charles Funk, President and CEO, commented, “The
year of 2018 represents the best net income and earnings per share
performance in our Company’s history. While we are pleased with the
Company’s progress, we are far from satisfied and are confident
that 2019 will be another year of tangible improvement.”
INCOME STATEMENT HIGHLIGHTS
Net Interest Income
Net interest income increased in the fourth
quarter of 2018 to $26.7 million from $26.4 million in the linked
quarter due primarily to a higher average loan yields. The loan
yield was 4.85% for the fourth quarter of 2018 compared to 4.74%
for the linked quarter. The increased loan yield reflected higher
coupon interest partially offset by a decrease in discount
accretion on acquired loans. Discount accretion on acquired loans
decreased to $454 thousand in the current quarter from $605
thousand in the linked quarter. The total remaining acquired loan
discount as of December 31, 2018 was $5.8 million. The linked
quarter also included $313 thousand in interest reversals from
nonaccrual loans compared to $89 thousand in the fourth quarter of
2018.
The tax equivalent net interest margin (NIM)
increased to 3.59% for the fourth quarter of 2018 from 3.56% in the
linked quarter. The increase in the NIM was due primarily to higher
yields on average loans, partially offset by higher deposit and
borrowing costs. Loan purchase discount accretion added 6 bps to
the NIM in the current quarter compared to 8 bps in the linked
quarter.
The cost of average total deposits in the fourth
quarter of 2018 was 0.78% compared to 0.70% in the linked quarter.
The increase reflects the higher rates paid to attract and retain
deposits in light of recent market rate increases and the
competitive market for deposits.
“The flat yield curve and increased competition
for deposits is a headwind for the net interest margin,” stated Mr.
Funk. “However, our year-over-year quarterly margin, excluding loan
purchase discount accretion and the effects of tax reform, was
basically flat and we are pleased with this performance.”
Noninterest Income
Noninterest income for the fourth quarter of
2018 decreased $339 thousand, or 6%, from the linked quarter. The
decrease was primarily due to $190 thousand in foreclosed asset
gains, $146 thousand of income from customer derivative contracts,
and $192 thousand of investment security gains, all in the linked
quarter. The investment security gains in the linked quarter were
recognized in connection with the sales of certain tax-exempt
municipal securities. Those sales were completed to take advantage
of favorable market pricing for those securities. Other service
charges and fees in the fourth quarter of 2018 were up mainly due
to a $211 thousand recovery related to an acquired asset.
The following table presents details of
noninterest income for the periods indicated:
| |
|
| |
Three Months Ended |
| |
December 31, |
|
September 30, |
| Noninterest
Income |
2018 |
|
2018 |
| |
(In thousands) |
| Trust, investment, and
insurance fees |
$ |
1,534 |
|
|
$ |
1,526 |
|
| Service charges and
fees on deposit accounts |
1,175 |
|
|
1,148 |
|
| Loan origination and
servicing fees |
884 |
|
|
891 |
|
| Other service charges
and fees |
1,751 |
|
|
1,502 |
|
| Bank-owned life
insurance |
381 |
|
|
399 |
|
| Investment securities
gains (losses), net |
(4 |
) |
|
192 |
|
| Other |
(76 |
) |
|
326 |
|
| Total
noninterest income |
$ |
5,645 |
|
|
$ |
5,984 |
|
| |
Noninterest Expense
Noninterest expense for the fourth quarter of
2018 decreased $3.0 million, or 13.2%, from the linked quarter. The
decrease was driven by occupancy charges, salaries and employee
benefits, and professional fees. Occupancy and equipment, net,
decreased $1.4 million, as the linked quarter included a $585
thousand write-down of a former Minnesota banking center, whereas
the current quarter included a $743 gain on the sale of a former
bank administration building. Salaries and employee benefits
decreased $940 thousand primarily from decreased benefits expenses
of $438 thousand in the fourth quarter of 2018 due to expense
accrual adjustments, and approximately $274 thousand of expenses in
the linked quarter related to the retirement of the Company’s
former Chief Credit Officer. Professional fees decreased $834
thousand, mainly due to a decrease of $499 thousand of costs
related to our planned merger with ATBancorp as well as
decreased credit-related legal fees.
The following table presents details of
noninterest expense for the periods indicated:
| |
|
| |
Three Months Ended |
| |
December 31, |
|
September 30, |
| Noninterest
Expense |
2018 |
|
2018 |
| |
(In thousands) |
| Salaries and employee
benefits |
$ |
12,111 |
|
|
$ |
13,051 |
|
| Occupancy and
equipment, net |
2,597 |
|
|
3,951 |
|
| Professional fees |
1,027 |
|
|
1,861 |
|
| Data processing |
875 |
|
|
697 |
|
| FDIC insurance |
429 |
|
|
393 |
|
| Amortization of
intangibles |
503 |
|
|
547 |
|
| Other |
2,261 |
|
|
2,311 |
|
| Total
noninterest expense |
$ |
19,803 |
|
|
$ |
22,811 |
|
|
|
|
|
|
|
|
|
|
The following table presents details of
merger-related costs for the periods indicated:
| |
|
| |
Three Months Ended |
| |
December 31, |
|
September 30, |
| |
2018 |
|
2018 |
| |
(In thousands) |
| Occupancy and equipment,
net |
$ |
2 |
|
|
$ |
— |
|
| Professional fees |
89 |
|
|
588 |
|
| Data processing |
100 |
|
|
— |
|
| Other |
15 |
|
|
— |
|
| Total
merger-related costs |
$ |
206 |
|
|
$ |
588 |
|
|
|
|
|
|
|
|
|
|
Income Taxes
The effective income tax rate was 18.2% for the
fourth quarter of 2018 and 21.0% for the linked quarter. The
effective tax rate for the fourth quarter of 2018 was lower due
primarily to certain tax credits recognized during the period. The
effective tax rate for the full year 2018 was 20.1%.
BALANCE SHEET HIGHLIGHTS
Loans Held for Investment
Loans held for investment, net of unearned
income, increased $112.1 million, or 4.9%, from $2.29 billion at
December 31, 2017, to $2.40 billion at December 31, 2018.
Loan portfolio segments experiencing the largest increases were
commercial real estate and commercial and industrial. As of
December 31, 2018, commercial real estate loans comprised
approximately 53% of the loan portfolio. Commercial and industrial
loans was the next largest category at 22% of total loans, followed
by residential real estate loans at 19%, agricultural loans at 4%,
and consumer loans at 2%.
Mr. Funk continued, ”Loan growth of 4.9%
represents good performance during a year in which approximately
25% of our footprint faced a challenging rural economy.”
The following table presents the composition of
loans held for investment, net of unearned income, as of the dates
indicated:
| |
|
|
|
|
|
| |
December 31, |
|
September 30, |
|
December 31, |
| Loans Held for
Investment |
2018 |
|
2018 |
|
2017 |
| |
(In thousands) |
| Commercial and
industrial |
$ |
533,188 |
|
|
$ |
523,333 |
|
|
$ |
503,624 |
|
| Agricultural |
96,956 |
|
|
103,207 |
|
|
105,512 |
|
| Commercial real
estate |
|
|
|
|
|
|
Construction and development |
217,617 |
|
|
223,324 |
|
|
165,276 |
|
|
Farmland |
88,807 |
|
|
85,735 |
|
|
87,868 |
|
|
Multifamily |
134,741 |
|
|
126,663 |
|
|
134,506 |
|
|
Other |
826,163 |
|
|
818,068 |
|
|
784,321 |
|
| Total
commercial real estate |
1,267,328 |
|
|
1,253,790 |
|
|
1,171,971 |
|
| Residential real
estate |
|
|
|
|
|
|
One-to-four family first liens |
341,830 |
|
|
342,755 |
|
|
352,226 |
|
|
One-to-four family junior liens |
120,049 |
|
|
115,768 |
|
|
117,204 |
|
| Total
residential real estate |
461,879 |
|
|
458,523 |
|
|
469,430 |
|
| Consumer |
39,428 |
|
|
38,796 |
|
|
36,158 |
|
| Total
loans held for investment, net of unearned income |
$ |
2,398,779 |
|
|
$ |
2,377,649 |
|
|
$ |
2,286,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision and Allowance for Loan
Losses
For the fourth quarter of 2018, the provision
for loan losses was $3.3 million, an increase of $2.3 million from
the linked quarter. The provision for loan losses for the fourth
quarter of 2018 was mainly due to net charge-offs experienced
during the period and the recognition of impairment on one credit
relationship.
The following table shows the activity in the
allowance for loan losses for the periods indicated:
| |
|
|
|
| |
Three Months Ended |
|
Years Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
| Allowance for
Loan Losses Roll Forward |
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
(In thousands) |
| Beginning balance |
$ |
31,278 |
|
|
$ |
30,800 |
|
|
$ |
26,510 |
|
|
$ |
28,059 |
|
|
$ |
21,850 |
|
|
Charge-offs |
(5,456 |
) |
|
(817 |
) |
|
(9,296 |
) |
|
(7,040 |
) |
|
(12,033 |
) |
|
Recoveries |
235 |
|
|
345 |
|
|
176 |
|
|
988 |
|
|
908 |
|
| Net
charge-offs |
(5,221 |
) |
|
(472 |
) |
|
(9,120 |
) |
|
(6,052 |
) |
|
(11,125 |
) |
| Provision
for credit losses |
3,250 |
|
|
950 |
|
|
10,669 |
|
|
7,300 |
|
|
17,334 |
|
| Ending balance |
$ |
29,307 |
|
|
$ |
31,278 |
|
|
$ |
28,059 |
|
|
$ |
29,307 |
|
|
$ |
28,059 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
“$4.8 million of the net charge-offs this
quarter was related to a loan that had been partially charged-off
in the fourth quarter of 2017,” noted Mr. Funk. “This loan is in
the process of being resolved in a bankruptcy sale. While we had
reserved $3.4 million against this loan, the proceeds of the sale
were lower than we anticipated, thus necessitating an additional
provision for loan loss. We did not, however, see any significant
deterioration in our agricultural portfolio during the quarter, and
at 147.09%, our loan loss reserve more than covers our
nonperforming assets.”
Deposits and Borrowings
Total deposits at December 31, 2018, were
$2.61 billion, an increase of $7.6 million from December 31,
2017. The mix of deposits saw increases between December 31,
2017 and December 31, 2018 of $21.8 million, or 3.1%, in
certificates of deposit, and $11.6 million, or 0.9%, in
interest-bearing checking deposits. These increases were partially
offset by a decrease of $22.8 million, or (4.9)%, in
non-interest-bearing demand deposits, and $3.0 million, or (1.4)%,
in savings deposits between the two dates.
The following table presents the composition of
our deposit portfolio as of the dates indicated:
| |
|
|
|
|
|
| |
December 31, |
|
September 30, |
|
December 31, |
| Deposit
Composition |
2018 |
|
2018 |
|
2017 |
| |
(In thousands) |
| Noninterest-bearing
demand |
$ |
439,133 |
|
|
$ |
458,576 |
|
|
$ |
461,969 |
|
| Interest checking |
683,894 |
|
|
691,743 |
|
|
687,433 |
|
| Money market |
555,839 |
|
|
545,179 |
|
|
540,679 |
|
| Savings |
210,416 |
|
|
211,591 |
|
|
213,430 |
|
| Total
non-maturity deposits |
1,889,282 |
|
|
1,907,089 |
|
|
1,903,511 |
|
| Time deposits less than
$100,000 |
352,631 |
|
|
348,099 |
|
|
324,681 |
|
| Time deposits of
$100,000 to $250,000 |
179,764 |
|
|
174,459 |
|
|
158,259 |
|
| Time deposits of
$250,000 and over |
191,252 |
|
|
202,612 |
|
|
218,868 |
|
| Total
time deposits |
723,647 |
|
|
725,170 |
|
|
701,808 |
|
| Total
deposits |
$ |
2,612,929 |
|
|
$ |
2,632,259 |
|
|
$ |
2,605,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Between December 31, 2017 and
December 31, 2018, federal funds purchased rose $55.9 million,
to $56.9 million compared to $1.0 million, while securities sold
under agreements to repurchase declined $21.7 million, due to
normal cash need fluctuations by customers. FHLB borrowings rose
$21.0 million or 18.3%, between the two dates. The overall increase
in borrowings was the result of growth in the loan portfolio
exceeding deposit growth. At December 31, 2018, long-term debt
had an outstanding balance of $7.5 million, a decrease of $5.0
million, or 40.0%, from December 31, 2017, due to normal
scheduled repayments.
CREDIT QUALITY
Nonaccrual loans increased $5.1 million between
December 31, 2017 and December 31, 2018, primarily due to
$16.1 million being added to nonaccrual status, partially offset by
$2.7 million of payments, net charge-offs of $5.4 million, and $2.3
million coming out of nonaccrual status. The balance of loans
modified in a troubled debt restructuring (“TDRs”) decreased $4.5
million from year-end 2017, primarily due to payments of $3.5
million. Loans 90 days or more past due and still accruing interest
increased $158 thousand between December 31, 2017, and
December 31, 2018. At December 31, 2018, net foreclosed
assets totaled $535 thousand, down from $2.0 million at
December 31, 2017. As of December 31, 2018, the allowance
for loan losses was $29.3 million, or 1.22% of total loans,
compared with $28.1 million, or 1.23% of total loans at
December 31, 2017.
The following table presents selected loan
credit quality metrics as of the dates indicated:
| |
|
|
|
|
|
| |
December 31, |
|
September 30, |
|
December 31, |
| Credit Quality
Metrics |
2018 |
|
2018 |
|
2017 |
| |
(dollars in thousands) |
| Nonaccrual loans held
for investment |
$ |
19,924 |
|
|
$ |
20,929 |
|
|
$ |
14,784 |
|
| Performing troubled
debt restructured loans held for investment |
5,284 |
|
|
7,354 |
|
|
8,870 |
|
| Accruing loans
contractually past due 90 days or more |
365 |
|
|
171 |
|
|
207 |
|
| Foreclosed assets,
net |
535 |
|
|
549 |
|
|
2,010 |
|
| Total
nonperforming assets |
$ |
26,108 |
|
|
$ |
29,003 |
|
|
$ |
25,871 |
|
| Allowance for loan
losses |
29,307 |
|
|
31,278 |
|
|
28,059 |
|
| Provision for loan
losses (for the quarter) |
3,250 |
|
|
950 |
|
|
10,669 |
|
| Net charge-offs (for
the quarter) |
5,221 |
|
|
472 |
|
|
9,120 |
|
| Net charge-offs to
average loans held for investment (for the quarter) |
0.86 |
% |
|
0.08 |
% |
|
1.60 |
% |
| Allowance for loan
losses to loans held for investment |
1.22 |
% |
|
1.32 |
% |
|
1.23 |
% |
| Allowance for loan
losses to nonaccrual loans held for investment |
147.09 |
% |
|
149.45 |
% |
|
189.79 |
% |
| Nonaccrual loans held
for investment to loans held for investment |
0.83 |
% |
|
0.88 |
% |
|
0.65 |
% |
| |
|
|
|
|
|
|
|
|
CORPORATE UPDATE
Proposed Merger with
ATBancorp
On January 11, 2019, the Company held a special
meeting of shareholders, at which the Company’s shareholders voted
on a proposal to approve and adopt the Agreement and Plan of
Merger, dated August 21, 2018, by and between the Company and
ATBancorp ("ATB"), pursuant to which ATB will merge with and into
the Company (the "Merger Proposal"), and on a proposal to approve
the issuance of approximately 4,117,541 shares of the Company’s
common stock to ATB's shareholders in connection with the merger.
The shareholders present in person or by proxy at the special
meeting approved both the Merger Proposal and the issuance of
common stock.
For further information, please refer to the
Current Report on Form 8-K filed by the Company with the Securities
and Exchange Commission on January 11, 2019.
Mr. Funk commented, “We anticipate closing this
transaction late in the first quarter of 2019 and are excited about
the opportunities presented by this transaction, not the least of
which is projected significant earnings accretion to our
Company.”
Share Repurchase Program
During the fourth quarter of 2018 and for the
year ended December 31, 2018, we repurchased 42,130 shares at an
average price of $24.81 and a total cost of $1.0 million. At
December 31, 2018, $4.0 million remained available to repurchase
shares under the Company’s current share repurchase program.
Quarterly Cash Dividend
Declared
On January 15, 2019, the Company’s board of
directors declared a quarterly cash dividend of $0.2025 per common
share, an increase of 3.8% from the dividend paid in the previous
quarter. The dividend is payable March 15, 2019, to shareholders of
record at the close of business on February 28, 2019. At this
quarterly rate, the indicated annual cash dividend is equal to
$0.81 per common share.
“We are pleased to raise the dividend to our
shareholders in 2019. We continue to monitor opportunities to
repurchase our stock,” concluded Mr. Funk.
CONFERENCE CALL DETAILS
The Company will host a conference call for
investors at 11:00 a.m., CDT, on Friday, January 25, 2019. To
participate, please dial 866-233-3483 at least fifteen minutes
before the call start time. If you are unable to participate on the
call, a replay will be available until April 25, 2019, by calling
877-344-7529 and using the replay access code of 10126188. A
transcript of the call will also be available on the company’s web
site (www.midwestone.com) within three business days of the
event.
ABOUT MIDWESTONE FINANCIAL GROUP,
INC.
MidWestOne Financial Group, Inc. is a financial
holding company headquartered in Iowa City, Iowa. MidWestOne
Financial is the parent company of MidWestOne Bank, which operates
banking offices in Iowa, Minnesota, Wisconsin, Florida, and
Colorado. MidWestOne provides electronic delivery of financial
services through its website, MidWestOne.com. MidWestOne Financial
trades on the Nasdaq Global Select Market under the symbol
“MOFG”.
Cautionary Note Regarding Forward-Looking
Statements
This release contains certain “forward-looking
statements” within the meaning of such term in the Private
Securities Litigation Reform Act of 1995. We and our
representatives may, from time to time, make written or oral
statements that are “forward-looking” and provide information other
than historical information. These statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results to be materially different from any results, levels
of activity, performance or achievements expressed or implied by
any forward-looking statement. These factors include, among other
things, the factors listed below. Forward-looking statements, which
may be based upon beliefs, expectations and assumptions of our
management and on information currently available to management,
are generally identifiable by the use of words such as “believe,”
“expect,” “anticipate,” “should,” “could,” “would,” “plans,”
“goals,” “intend,” “project,” “estimate,” “forecast,” “may” or
similar expressions. These forward-looking statements are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those expressed in, or implied by, these
statements. Readers are cautioned not to place undue reliance on
any such forward-looking statements, which speak only as of the
date made. Additionally, we undertake no obligation to update any
statement in light of new information or future events, except as
required under federal securities law.
Our ability to predict results or the actual
effect of future plans or strategies is inherently uncertain.
Factors that could have an impact on our ability to achieve
operating results, growth plan goals and future prospects include,
but are not limited to, the following: (1) credit quality
deterioration or pronounced and sustained reduction in real estate
market values causing an increase in the allowance for credit
losses, an increase in the provision for loan losses, and a
reduction in net earnings; (2) the risk of mergers, including with
ATBancorp, including, without limitation, the related time and
costs of implementing such transactions, integrating operations as
part of these transactions and possible failures to achieve
expected gains, revenue growth and/or expense savings from such
transactions; (3) our management’s ability to reduce and
effectively manage interest rate risk and the impact of interest
rates in general on the volatility of our net interest income; (4)
changes in the economic environment, competition, or other factors
that may affect our ability to acquire loans or influence the
anticipated growth rate of loans and deposits and the quality of
the loan portfolio and loan and deposit pricing; (5) fluctuations
in the value of our investment securities; (6) governmental
monetary and fiscal policies; (7) legislative and regulatory
changes, including changes in banking, securities, trade, and tax
laws and regulations and their application by our regulators and
changes in the scope and cost of Federal Deposit Insurance
Corporation insurance and other coverages; (8) the ability to
attract and retain key executives and employees experienced in
banking and financial services; (9) the sufficiency of the
allowance for loan losses to absorb the amount of actual losses
inherent in our existing loan portfolio; (10) our ability to adapt
successfully to technological changes to compete effectively in the
marketplace; (11) credit risks and risks from concentrations (by
geographic area and by industry) within our loan portfolio; (12)
the effects of competition from other commercial banks, thrifts,
mortgage banking firms, consumer finance companies, credit unions,
securities brokerage firms, insurance companies, money market and
other mutual funds, and other financial institutions operating in
our markets or elsewhere or providing similar services; (13) the
failure of assumptions underlying the establishment of allowances
for loan losses and estimation of values of collateral and various
financial assets and liabilities; (14) volatility of rate-sensitive
deposits; (15) operational risks, including data processing system
failures or fraud; (16) asset/liability matching risks and
liquidity risks; (17) the costs, effects and outcomes of existing
or future litigation; (18) changes in general economic or industry
conditions, nationally, internationally or in the communities in
which we conduct business; (19) changes in accounting policies and
practices, as may be adopted by state and federal regulatory
agencies and the Financial Accounting Standards Board; (20) war or
terrorist activities which may cause further deterioration in the
economy or cause instability in credit markets; (21) cyber-attacks;
(22) the imposition of tariffs or other domestic or international
governmental policies impacting the value of the agricultural or
other products of our borrowers; and (23) other risk factors
detailed from time to time in Securities and Exchange Commission
filings made by the Company.
| |
| MIDWESTONE FINANCIAL GROUP, INC. AND
SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
| |
|
|
|
|
|
| |
December 31, |
|
September 30, |
|
December 31, |
| |
2018 |
|
2018 |
|
2017 |
| |
(In thousands) |
|
ASSETS |
|
|
|
|
|
| Cash and due from
banks |
$ |
43,787 |
|
|
$ |
49,229 |
|
|
$ |
44,818 |
|
|
Interest-earning deposits in banks |
1,693 |
|
|
4,150 |
|
|
5,474 |
|
| Federal
funds sold |
— |
|
|
— |
|
|
680 |
|
| Total
cash and cash equivalents |
45,480 |
|
|
53,379 |
|
|
50,972 |
|
| Equity
securities at fair value |
2,737 |
|
|
2,797 |
|
|
2,336 |
|
| Debt
securities available for sale at fair value |
414,101 |
|
|
407,766 |
|
|
445,324 |
|
| Held to
maturity securities at amortized cost |
195,822 |
|
|
191,733 |
|
|
195,619 |
|
| Loans
held for sale |
666 |
|
|
1,124 |
|
|
856 |
|
| Loans
held for investment, net of unearned income |
2,398,779 |
|
|
2,377,649 |
|
|
2,286,695 |
|
| Allowance
for loan losses |
(29,307 |
) |
|
(31,278 |
) |
|
(28,059 |
) |
| Loans
held for investment, net |
2,369,472 |
|
|
2,346,371 |
|
|
2,258,636 |
|
| Premises
and equipment, net |
75,773 |
|
|
76,497 |
|
|
75,969 |
|
|
Goodwill |
64,654 |
|
|
64,654 |
|
|
64,654 |
|
| Other
intangible assets, net |
9,876 |
|
|
10,378 |
|
|
12,046 |
|
|
Foreclosed assets, net |
535 |
|
|
549 |
|
|
2,010 |
|
|
Other |
112,364 |
|
|
112,717 |
|
|
103,849 |
|
| Total
assets |
$ |
3,291,480 |
|
|
$ |
3,267,965 |
|
|
$ |
3,212,271 |
|
|
LIABILITIES |
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
439,133 |
|
|
$ |
458,576 |
|
|
$ |
461,969 |
|
|
Interest-bearing deposits |
2,173,796 |
|
|
2,173,683 |
|
|
2,143,350 |
|
| Total
deposits |
2,612,929 |
|
|
2,632,259 |
|
|
2,605,319 |
|
| Federal
funds purchased |
56,900 |
|
|
19,056 |
|
|
1,000 |
|
|
Securities sold under agreements to repurchase |
74,522 |
|
|
68,922 |
|
|
96,229 |
|
| Federal
Home Loan Bank borrowings |
136,000 |
|
|
143,000 |
|
|
115,000 |
|
| Junior
subordinated notes issued to capital trusts |
23,888 |
|
|
23,865 |
|
|
23,793 |
|
| Long-term
debt |
7,500 |
|
|
8,750 |
|
|
12,500 |
|
|
Other |
22,674 |
|
|
22,924 |
|
|
18,126 |
|
| Total
liabilities |
2,934,413 |
|
|
2,918,776 |
|
|
2,871,967 |
|
| SHAREHOLDERS'
EQUITY |
|
|
|
|
|
| Common
stock |
12,463 |
|
|
12,463 |
|
|
12,463 |
|
|
Additional paid-in capital |
187,813 |
|
|
187,581 |
|
|
187,486 |
|
| Treasury
stock |
(6,499 |
) |
|
(5,474 |
) |
|
(5,121 |
) |
| Retained
earnings |
168,951 |
|
|
163,709 |
|
|
148,078 |
|
|
Accumulated other comprehensive loss |
(5,661 |
) |
|
(9,090 |
) |
|
(2,602 |
) |
| Total
shareholders' equity |
357,067 |
|
|
349,189 |
|
|
340,304 |
|
| Total
liabilities and shareholders' equity |
$ |
3,291,480 |
|
|
$ |
3,267,965 |
|
|
$ |
3,212,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDWESTONE FINANCIAL GROUP, INC. AND
SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF INCOME |
|
|
| |
|
Three Months Ended |
|
Years Ended |
| |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
| |
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
(In thousands, except per share
data) |
| Interest
income |
|
|
|
|
|
|
|
|
|
|
| Loans |
|
$ |
29,052 |
|
|
$ |
28,088 |
|
|
$ |
26,231 |
|
|
$ |
111,193 |
|
|
$ |
102,366 |
|
| Taxable
securities |
|
2,949 |
|
|
2,965 |
|
|
2,676 |
|
|
11,742 |
|
|
10,573 |
|
|
Tax-exempt securities |
|
1,375 |
|
|
1,395 |
|
|
1,540 |
|
|
5,827 |
|
|
6,239 |
|
| Deposits
in banks and federal funds sold |
|
23 |
|
|
12 |
|
|
91 |
|
|
62 |
|
|
142 |
|
| Total
interest income |
|
33,399 |
|
|
32,460 |
|
|
30,538 |
|
|
128,824 |
|
|
119,320 |
|
| Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
5,161 |
|
|
4,625 |
|
|
3,120 |
|
|
17,331 |
|
|
11,489 |
|
| Federal
funds purchased |
|
181 |
|
|
144 |
|
|
19 |
|
|
661 |
|
|
171 |
|
|
Securities sold under agreements to repurchase |
|
190 |
|
|
173 |
|
|
116 |
|
|
641 |
|
|
241 |
|
| Federal
Home Loan Bank borrowings |
|
739 |
|
|
741 |
|
|
517 |
|
|
2,612 |
|
|
1,838 |
|
| Other
borrowings |
|
4 |
|
|
3 |
|
|
3 |
|
|
13 |
|
|
12 |
|
| Junior
subordinated notes issued to capital trusts |
|
306 |
|
|
313 |
|
|
245 |
|
|
1,184 |
|
|
949 |
|
| Long-term
debt |
|
90 |
|
|
100 |
|
|
107 |
|
|
399 |
|
|
445 |
|
| Total
interest expense |
|
6,671 |
|
|
6,099 |
|
|
4,127 |
|
|
22,841 |
|
|
15,145 |
|
| Net
interest income |
|
26,728 |
|
|
26,361 |
|
|
26,411 |
|
|
105,983 |
|
|
104,175 |
|
| Provision for
loan losses |
|
3,250 |
|
|
950 |
|
|
10,669 |
|
|
7,300 |
|
|
17,334 |
|
| Net
interest income after provision for loan losses |
|
23,478 |
|
|
25,411 |
|
|
15,742 |
|
|
98,683 |
|
|
86,841 |
|
| Noninterest
income |
|
|
|
|
|
|
|
|
|
|
| Trust,
investment, and insurance fees |
|
1,534 |
|
|
1,526 |
|
|
1,595 |
|
|
6,237 |
|
|
6,189 |
|
| Service
charges and fees on deposit accounts |
|
1,175 |
|
|
1,148 |
|
|
1,291 |
|
|
4,649 |
|
|
5,126 |
|
| Loan
origination and servicing fees |
|
884 |
|
|
891 |
|
|
889 |
|
|
3,622 |
|
|
3,421 |
|
| Other
service charges and fees |
|
1,751 |
|
|
1,502 |
|
|
1,412 |
|
|
6,215 |
|
|
5,992 |
|
|
Bank-owned life insurance |
|
381 |
|
|
399 |
|
|
398 |
|
|
1,610 |
|
|
1,388 |
|
|
Investment securities gains (losses), net |
|
(4 |
) |
|
192 |
|
|
2 |
|
|
193 |
|
|
241 |
|
|
Other |
|
(76 |
) |
|
326 |
|
|
(53 |
) |
|
262 |
|
|
13 |
|
| Total
noninterest income |
|
5,645 |
|
|
5,984 |
|
|
5,534 |
|
|
22,788 |
|
|
22,370 |
|
| Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
| Salaries
and employee benefits |
|
12,111 |
|
|
13,051 |
|
|
12,152 |
|
|
49,758 |
|
|
47,864 |
|
| Occupancy
and equipment, net |
|
2,597 |
|
|
3,951 |
|
|
2,982 |
|
|
13,037 |
|
|
12,305 |
|
|
Professional fees |
|
1,027 |
|
|
1,861 |
|
|
971 |
|
|
4,641 |
|
|
3,962 |
|
| Data
processing |
|
875 |
|
|
697 |
|
|
692 |
|
|
2,951 |
|
|
2,674 |
|
| FDIC
insurance |
|
429 |
|
|
393 |
|
|
308 |
|
|
1,533 |
|
|
1,265 |
|
|
Amortization of intangibles |
|
503 |
|
|
547 |
|
|
713 |
|
|
2,296 |
|
|
3,125 |
|
|
Other |
|
2,261 |
|
|
2,311 |
|
|
2,275 |
|
|
9,287 |
|
|
8,941 |
|
| Total
noninterest expense |
|
19,803 |
|
|
22,811 |
|
|
20,093 |
|
|
83,503 |
|
|
80,136 |
|
| Income
before income tax expense |
|
9,320 |
|
|
8,584 |
|
|
1,183 |
|
|
37,968 |
|
|
29,075 |
|
| Income tax expense |
|
1,696 |
|
|
1,806 |
|
|
2,773 |
|
|
7,617 |
|
|
10,376 |
|
|
Net income |
|
$ |
7,624 |
|
|
$ |
6,778 |
|
|
$ |
(1,590 |
) |
|
$ |
30,351 |
|
|
$ |
18,699 |
|
| Earnings (loss)
per common share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.62 |
|
|
$ |
0.55 |
|
|
$ |
(0.13 |
) |
|
$ |
2.48 |
|
|
$ |
1.55 |
|
|
Diluted |
|
$ |
0.62 |
|
|
$ |
0.55 |
|
|
$ |
(0.13 |
) |
|
$ |
2.48 |
|
|
$ |
1.55 |
|
| Weighted average basic
common shares outstanding |
|
12,217 |
|
|
12,221 |
|
|
12,219 |
|
|
12,220 |
|
|
12,038 |
|
| Weighted average
diluted common shares outstanding |
|
12,235 |
|
|
12,240 |
|
|
12,219 |
|
|
12,237 |
|
|
12,063 |
|
| Dividends paid per
common share |
|
$ |
0.195 |
|
|
$ |
0.195 |
|
|
$ |
0.17 |
|
|
$ |
0.78 |
|
|
$ |
0.67 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDWESTONE FINANCIAL GROUP, INC. AND
SUBSIDIARIES |
|
FIVE QUARTER CONSOLIDATED BALANCE SHEETS |
| |
|
|
|
|
|
|
|
|
|
| |
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
| |
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
| |
(In thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
| Cash and due from
banks |
$ |
43,787 |
|
|
$ |
49,229 |
|
|
$ |
41,547 |
|
|
$ |
39,929 |
|
|
$ |
44,818 |
|
|
Interest-earning deposits in banks |
1,693 |
|
|
4,150 |
|
|
1,717 |
|
|
2,467 |
|
|
5,474 |
|
| Federal
funds sold |
— |
|
|
— |
|
|
— |
|
— |
|
|
680 |
|
| Total
cash and cash equivalents |
45,480 |
|
|
53,379 |
|
|
43,264 |
|
|
42,396 |
|
|
50,972 |
|
| Equity
securities at fair value |
2,737 |
|
|
2,797 |
|
|
2,809 |
|
|
2,815 |
|
|
2,336 |
|
| Debt
securities available for sale at fair value |
414,101 |
|
|
407,766 |
|
|
438,312 |
|
|
446,087 |
|
|
445,324 |
|
| Held to
maturity securities at amortized cost |
195,822 |
|
|
191,733 |
|
|
192,896 |
|
|
194,617 |
|
|
195,619 |
|
| Loans
held for sale |
666 |
|
|
1,124 |
|
|
1,528 |
|
|
870 |
|
|
856 |
|
| Loans
held for investment, net of unearned income |
2,398,779 |
|
|
2,377,649 |
|
|
2,364,035 |
|
|
2,326,158 |
|
|
2,286,695 |
|
| Allowance
for loan losses |
(29,307 |
) |
|
(31,278 |
) |
|
(30,800 |
) |
|
(29,671 |
) |
|
(28,059 |
) |
| Loans
held for investment, net |
2,369,472 |
|
|
2,346,371 |
|
|
2,333,235 |
|
|
2,296,487 |
|
|
2,258,636 |
|
| Premises
and equipment, net |
75,773 |
|
|
76,497 |
|
|
78,106 |
|
|
77,552 |
|
|
75,969 |
|
|
Goodwill |
64,654 |
|
|
64,654 |
|
|
64,654 |
|
|
64,654 |
|
|
64,654 |
|
| Other
intangible assets, net |
9,876 |
|
|
10,378 |
|
|
10,925 |
|
|
11,389 |
|
|
12,046 |
|
|
Foreclosed assets, net |
535 |
|
|
549 |
|
|
676 |
|
|
1,001 |
|
|
2,010 |
|
|
Other |
112,364 |
|
|
112,717 |
|
|
109,872 |
|
|
103,774 |
|
|
103,849 |
|
| Total
assets |
$ |
3,291,480 |
|
|
$ |
3,267,965 |
|
|
$ |
3,276,277 |
|
|
$ |
3,241,642 |
|
|
$ |
3,212,271 |
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
$ |
439,133 |
|
|
$ |
458,576 |
|
|
$ |
469,862 |
|
|
$ |
450,168 |
|
|
$ |
461,969 |
|
|
Interest-bearing deposits |
2,173,796 |
|
|
2,173,683 |
|
|
2,134,339 |
|
|
2,181,753 |
|
|
2,143,350 |
|
| Total
deposits |
2,612,929 |
|
|
2,632,259 |
|
|
2,604,201 |
|
|
2,631,921 |
|
|
2,605,319 |
|
| Federal
funds purchased |
56,900 |
|
|
19,056 |
|
|
52,421 |
|
|
25,573 |
|
|
1,000 |
|
|
Securities sold under agreements to repurchase |
74,522 |
|
|
68,922 |
|
|
75,046 |
|
|
67,738 |
|
|
96,229 |
|
| Federal
Home Loan Bank borrowings |
136,000 |
|
|
143,000 |
|
|
143,000 |
|
|
123,000 |
|
|
115,000 |
|
| Junior
subordinated notes issued to capital trusts |
23,888 |
|
|
23,865 |
|
|
23,841 |
|
|
23,817 |
|
|
23,793 |
|
| Long-term
debt |
7,500 |
|
|
8,750 |
|
|
10,000 |
|
|
11,250 |
|
|
12,500 |
|
|
Other |
22,674 |
|
|
22,924 |
|
|
21,567 |
|
|
16,966 |
|
|
18,126 |
|
| Total
liabilities |
2,934,413 |
|
|
2,918,776 |
|
|
2,930,076 |
|
|
2,900,265 |
|
|
2,871,967 |
|
| SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
| Common
stock |
12,463 |
|
|
12,463 |
|
|
12,463 |
|
|
12,463 |
|
|
12,463 |
|
|
Additional paid-in capital |
187,813 |
|
|
187,581 |
|
|
187,304 |
|
|
187,188 |
|
|
187,486 |
|
| Treasury
stock |
(6,499 |
) |
|
(5,474 |
) |
|
(5,474 |
) |
|
(5,612 |
) |
|
(5,121 |
) |
| Retained
earnings |
168,951 |
|
|
163,709 |
|
|
159,315 |
|
|
153,542 |
|
|
148,078 |
|
|
Accumulated other comprehensive income (loss) |
(5,661 |
) |
|
(9,090 |
) |
|
(7,407 |
) |
|
(6,204 |
) |
|
(2,602 |
) |
| Total
shareholders' equity |
357,067 |
|
|
349,189 |
|
|
346,201 |
|
|
341,377 |
|
|
340,304 |
|
| Total
liabilities and shareholders' equity |
$ |
3,291,480 |
|
|
$ |
3,267,965 |
|
|
$ |
3,276,277 |
|
|
$ |
3,241,642 |
|
|
$ |
3,212,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDWESTONE FINANCIAL GROUP, INC. AND
SUBSIDIARIES |
|
FIVE QUARTER CONSOLIDATED STATEMENTS OF
INCOME |
| |
|
| |
Three Months Ended |
| |
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
| |
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
| |
(In thousands, except per share
data) |
| Interest
income |
|
|
|
|
|
|
|
|
|
| Loans |
$ |
29,052 |
|
|
$ |
28,088 |
|
|
$ |
27,486 |
|
|
$ |
26,567 |
|
|
$ |
26,231 |
|
| Taxable
securities |
2,949 |
|
|
2,965 |
|
|
2,940 |
|
|
2,888 |
|
|
2,676 |
|
|
Tax-exempt securities |
1,375 |
|
|
1,395 |
|
|
1,528 |
|
|
1,529 |
|
|
1,540 |
|
| Deposits
in banks and federal funds sold |
23 |
|
|
12 |
|
|
19 |
|
|
8 |
|
|
91 |
|
| Total
interest income |
33,399 |
|
|
32,460 |
|
|
31,973 |
|
|
30,992 |
|
|
30,538 |
|
| Interest
expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
5,161 |
|
|
4,625 |
|
|
4,009 |
|
|
3,536 |
|
|
3,120 |
|
| Federal
funds purchased |
181 |
|
|
144 |
|
|
211 |
|
|
125 |
|
|
19 |
|
|
Securities sold under agreements to repurchase |
190 |
|
|
173 |
|
|
144 |
|
|
134 |
|
|
116 |
|
| Federal
Home Loan Bank borrowings |
739 |
|
|
741 |
|
|
615 |
|
|
517 |
|
|
517 |
|
| Other
borrowings |
4 |
|
|
3 |
|
|
4 |
|
|
2 |
|
|
3 |
|
| Junior
subordinated notes issued to capital trusts |
306 |
|
|
313 |
|
|
307 |
|
|
258 |
|
|
245 |
|
| Long-term
debt |
90 |
|
|
100 |
|
|
102 |
|
|
107 |
|
|
107 |
|
| Total
interest expense |
6,671 |
|
|
6,099 |
|
|
5,392 |
|
|
4,679 |
|
|
4,127 |
|
| Net
interest income |
26,728 |
|
|
26,361 |
|
|
26,581 |
|
|
26,313 |
|
|
26,411 |
|
| Provision for
loan losses |
3,250 |
|
|
950 |
|
|
1,250 |
|
|
1,850 |
|
|
10,669 |
|
| Net
interest income after provision for loan losses |
23,478 |
|
|
25,411 |
|
|
25,331 |
|
|
24,463 |
|
|
15,742 |
|
| Noninterest
income |
|
|
|
|
|
|
|
|
|
| Trust,
investment, and insurance fees |
1,534 |
|
|
1,526 |
|
|
1,537 |
|
|
1,640 |
|
|
1,595 |
|
| Service
charges and fees on deposit accounts |
1,175 |
|
|
1,148 |
|
|
1,158 |
|
|
1,168 |
|
|
1,291 |
|
| Loan
origination and servicing fees |
884 |
|
|
891 |
|
|
906 |
|
|
941 |
|
|
889 |
|
| Other
service charges and fees |
1,751 |
|
|
1,502 |
|
|
1,582 |
|
|
1,380 |
|
|
1,412 |
|
|
Bank-owned life insurance |
381 |
|
|
399 |
|
|
397 |
|
|
433 |
|
|
398 |
|
|
Investment securities gains (losses), net |
(4 |
) |
|
192 |
|
|
(4 |
) |
|
9 |
|
|
2 |
|
|
Other |
(76 |
) |
|
326 |
|
|
(89 |
) |
|
101 |
|
|
(53 |
) |
| Total
noninterest income |
5,645 |
|
|
5,984 |
|
|
5,487 |
|
|
5,672 |
|
|
5,534 |
|
| Noninterest
expense |
|
|
|
|
|
|
|
|
|
| Salaries
and employee benefits |
12,111 |
|
|
13,051 |
|
|
12,225 |
|
|
12,371 |
|
|
12,152 |
|
| Occupancy
and equipment, net |
2,597 |
|
|
3,951 |
|
|
3,238 |
|
|
3,251 |
|
|
2,982 |
|
|
Professional fees |
1,027 |
|
|
1,861 |
|
|
959 |
|
|
794 |
|
|
971 |
|
| Data
processing |
875 |
|
|
697 |
|
|
691 |
|
|
688 |
|
|
692 |
|
| FDIC
insurance |
429 |
|
|
393 |
|
|
392 |
|
|
319 |
|
|
308 |
|
|
Amortization of intangibles |
503 |
|
|
547 |
|
|
589 |
|
|
657 |
|
|
713 |
|
|
Other |
2,261 |
|
|
2,311 |
|
|
2,437 |
|
|
2,278 |
|
|
2,275 |
|
| Total
noninterest expense |
19,803 |
|
|
22,811 |
|
|
20,531 |
|
|
20,358 |
|
|
20,093 |
|
| Income
before income tax expense |
9,320 |
|
|
8,584 |
|
|
10,287 |
|
|
9,777 |
|
|
1,183 |
|
| Income tax expense |
1,696 |
|
|
1,806 |
|
|
2,131 |
|
|
1,984 |
|
|
2,773 |
|
|
Net income (loss) |
$ |
7,624 |
|
|
$ |
6,778 |
|
|
$ |
8,156 |
|
|
$ |
7,793 |
|
|
$ |
(1,590 |
) |
| Earnings (loss)
per common share |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.62 |
|
|
$ |
0.55 |
|
|
$ |
0.67 |
|
|
$ |
0.64 |
|
|
$ |
(0.13 |
) |
|
Diluted |
$ |
0.62 |
|
|
$ |
0.55 |
|
|
$ |
0.67 |
|
|
$ |
0.64 |
|
|
$ |
(0.13 |
) |
| Weighted average basic
common shares outstanding |
12,217 |
|
|
12,221 |
|
|
12,218 |
|
|
12,223 |
|
|
12,219 |
|
| Weighted average
diluted common shares outstanding |
12,235 |
|
|
12,240 |
|
|
12,230 |
|
|
12,242 |
|
|
12,219 |
|
| Dividends paid per
common share |
$ |
0.195 |
|
|
$ |
0.195 |
|
|
$ |
0.195 |
|
|
$ |
0.20 |
|
|
$ |
0.17 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDWESTONE FINANCIAL GROUP, INC. AND
SUBSIDIARIES |
|
AVERAGE BALANCE SHEET AND YIELD ANALYSIS |
| |
|
| |
Three Months Ended |
| |
December 31, 2018 |
|
September 30, 2018 |
|
December 31, 2017 |
| |
AverageBalance |
|
InterestIncome/Expense |
|
AverageYield/Cost |
|
Average Balance |
|
Interest Income/ Expense |
|
AverageYield/Cost |
|
AverageBalance |
|
InterestIncome/Expense |
|
AverageYield/Cost |
|
|
|
| |
(Dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans (1)(2) |
$ |
2,398,859 |
|
|
$ |
29,330 |
|
|
4.85 |
% |
|
$ |
2,375,100 |
|
|
$ |
28,358 |
|
|
4.74 |
% |
|
$ |
2,258,009 |
|
|
$ |
26,716 |
|
|
4.69 |
% |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Taxable
securities |
421,203 |
|
|
2,949 |
|
|
2.78 |
% |
|
426,674 |
|
|
2,965 |
|
|
2.76 |
|
|
415,518 |
|
|
2,676 |
|
|
2.56 |
% |
| Tax
exempt securities (3) |
198,073 |
|
|
1,732 |
|
|
3.47 |
% |
|
200,577 |
|
|
1,760 |
|
|
3.48 |
|
|
218,022 |
|
|
2,354 |
|
|
4.28 |
% |
| Total
investment securities |
619,276 |
|
|
4,681 |
|
|
3.00 |
% |
|
627,251 |
|
|
4,725 |
|
|
2.99 |
|
|
633,540 |
|
|
5,030 |
|
|
3.15 |
% |
| Federal
funds sold and interest-earning deposits in banks |
4,243 |
|
|
23 |
|
|
2.15 |
% |
|
2,541 |
|
|
12 |
|
|
1.87 |
|
|
27,465 |
|
|
91 |
|
|
1.31 |
% |
| Total
interest-earning assets |
$ |
3,022,378 |
|
|
34,034 |
|
|
4.47 |
% |
|
$ |
3,004,892 |
|
|
33,095 |
|
|
4.37 |
% |
|
$ |
2,919,014 |
|
|
31,837 |
|
|
4.33 |
% |
| Cash and
due from banks |
37,599 |
|
|
|
|
|
|
36,759 |
|
|
|
|
|
|
37,122 |
|
|
|
|
|
| Premises
and equipment |
76,271 |
|
|
|
|
|
|
77,476 |
|
|
|
|
|
|
75,445 |
|
|
|
|
|
| Allowance
for loan losses |
(31,712 |
) |
|
|
|
|
|
(31,441 |
) |
|
|
|
|
|
(26,321 |
) |
|
|
|
|
| Other
assets |
173,590 |
|
|
|
|
|
|
170,597 |
|
|
|
|
|
|
165,800 |
|
|
|
|
|
| Total
assets |
$ |
3,278,126 |
|
|
|
|
|
|
$ |
3,258,283 |
|
|
|
|
|
|
$ |
3,171,060 |
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Savings
and interest-bearing demand deposits |
$ |
1,447,599 |
|
|
1,994 |
|
|
0.55 |
% |
|
$ |
1,425,768 |
|
|
1,685 |
|
|
0.47 |
% |
|
$ |
1,408,099 |
|
|
1,085 |
|
|
0.31 |
% |
|
Certificates of deposit |
724,973 |
|
|
3,167 |
|
|
1.73 |
% |
|
729,795 |
|
|
2,940 |
|
|
1.60 |
% |
|
667,362 |
|
|
2,035 |
|
|
1.21 |
% |
| Total
interest-bearing deposits |
2,172,572 |
|
|
5,161 |
|
|
0.94 |
% |
|
2,155,563 |
|
|
4,625 |
|
|
0.85 |
% |
|
2,075,461 |
|
|
3,120 |
|
|
0.60 |
% |
| Federal
funds purchased and securities sold under agreements to
repurchase |
104,710 |
|
|
371 |
|
|
1.41 |
% |
|
99,254 |
|
|
317 |
|
|
1.27 |
% |
|
95,376 |
|
|
135 |
|
|
0.56 |
% |
| Federal
Home Loan Bank borrowings |
137,065 |
|
|
739 |
|
|
2.14 |
% |
|
143,326 |
|
|
741 |
|
|
2.05 |
% |
|
126,087 |
|
|
517 |
|
|
1.63 |
% |
| Long-term
debt and junior subordinated notes issued to capital trusts |
33,964 |
|
|
400 |
|
|
4.67 |
% |
|
35,109 |
|
|
416 |
|
|
4.70 |
% |
|
38,823 |
|
|
355 |
|
|
3.63 |
% |
| Total
borrowed funds |
275,739 |
|
|
1,510 |
|
|
2.17 |
% |
|
277,689 |
|
|
1,474 |
|
|
2.11 |
% |
|
260,286 |
|
|
1,007 |
|
|
1.53 |
% |
| Total
interest-bearing liabilities |
$ |
2,448,311 |
|
|
6,671 |
|
|
1.08 |
% |
|
$ |
2,433,252 |
|
|
6,099 |
|
|
0.99 |
% |
|
$ |
2,335,747 |
|
|
4,127 |
|
|
0.70 |
% |
| Demand
deposits |
454,185 |
|
|
|
|
|
|
453,124 |
|
|
|
|
|
|
467,784 |
|
|
|
|
|
| Other
liabilities |
24,232 |
|
|
|
|
|
|
23,776 |
|
|
|
|
|
|
19,851 |
|
|
|
|
|
|
Shareholders’ equity |
351,398 |
|
|
|
|
|
|
348,131 |
|
|
|
|
|
|
347,678 |
|
|
|
|
|
| Total
liabilities and shareholders’ equity |
$ |
3,278,126 |
|
|
|
|
|
|
$ |
3,258,283 |
|
|
|
|
|
|
$ |
3,171,060 |
|
|
|
|
|
| Net interest
income(4) |
|
|
$ |
27,363 |
|
|
|
|
|
|
$ |
26,996 |
|
|
|
|
|
|
$ |
27,710 |
|
|
|
| Net interest
spread(4) |
|
|
|
|
3.39 |
% |
|
|
|
|
|
3.38 |
% |
|
|
|
|
|
3.63 |
% |
| Net interest
margin(4) |
|
|
|
|
3.59 |
% |
|
|
|
|
|
3.56 |
% |
|
|
|
|
|
3.77 |
% |
| Total deposits(5) |
$ |
2,626,757 |
|
|
$ |
5,161 |
|
|
0.78 |
% |
|
$ |
2,608,687 |
|
|
$ |
4,625 |
|
|
0.70 |
% |
|
$ |
2,543,245 |
|
|
$ |
3,120 |
|
|
0.49 |
% |
| Funding sources(6) |
$ |
2,902,496 |
|
|
$ |
6,671 |
|
|
0.91 |
% |
|
$ |
2,886,376 |
|
|
$ |
6,099 |
|
|
0.84 |
% |
|
$ |
2,803,531 |
|
|
$ |
4,127 |
|
|
0.58 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-accrual loans have been included
in average loans, net of unearned income. Amortized net deferred
loans and net unearned discounts on acquired loans were included in
the interest income calculations. The amortization of net deferred
loans fees was $(67) thousand, $(128) thousand, and $(132) thousand
for the three months ended December 31, 2018,
September 30, 2018, and December 31, 2017, respectively.
Accretion of unearned purchase discounts was $454 thousand, $605
thousand, and $1,088 thousand for the three months ended
December 31, 2018, September 30, 2018, and
December 31, 2017, respectively.
(2) Includes tax-equivalent adjustments of $278
thousand, $270 thousand, and $485 thousand for the three months
ended December 31, 2018, September 30, 2018, and
December 31, 2017, respectively. The federal statutory
tax rate utilized was 21% for the 2018 periods and 35% for the 2017
period.
(3) Includes tax-equivalent adjustments of $357
thousand, $365 thousand, and $814 thousand for the three months
ended December 31, 2018, September 30, 2018, and
December 31, 2017, respectively. The federal statutory
tax rate utilized was 21% for the 2018 periods and 35% for the 2017
period.
(4) Tax equivalent.
(5) Total deposits is the sum of total
interest-bearing deposits and noninterest-bearing demand deposits.
The cost of total deposits is calculated as annualized interest
expense on deposits divided by average total deposits.
(6) Funding sources is the sum of total
interest-bearing liabilities and noninterest-bearing demand
deposits. The cost of funding sources is calculated as annualized
total interest expense divided by average funding sources.
|
|
|
MIDWESTONE FINANCIAL GROUP, INC. AND
SUBSIDIARIES |
|
AVERAGE BALANCE SHEET AND YIELD ANALYSIS |
| |
|
| |
Years Ended |
| |
December 31, 2018 |
|
December 31, 2017 |
| |
AverageBalance |
|
InterestIncome/Expense |
|
AverageYield/Cost |
|
AverageBalance |
|
InterestIncome/Expense |
|
AverageYield/Cost |
|
|
|
| |
(Dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Loans (1)(2) |
$ |
2,354,354 |
|
|
$ |
112,233 |
|
|
4.77 |
% |
|
$ |
2,201,364 |
|
|
$ |
104,096 |
|
|
4.73 |
% |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
| Taxable
securities |
431,478 |
|
|
11,742 |
|
|
2.72 |
% |
|
423,678 |
|
|
10,573 |
|
|
2.50 |
% |
| Tax
exempt securities (3) |
207,605 |
|
|
7,342 |
|
|
3.54 |
% |
|
217,650 |
|
|
9,536 |
|
|
4.38 |
% |
| Total
investment securities |
639,083 |
|
|
19,084 |
|
|
2.99 |
% |
|
641,328 |
|
|
20,109 |
|
|
3.14 |
% |
| Federal
funds sold and interest-earning deposits in banks |
3,372 |
|
|
62 |
|
|
1.84 |
% |
|
11,138 |
|
|
142 |
|
|
1.27 |
% |
| Total
interest-earning assets |
$ |
2,996,809 |
|
|
131,379 |
|
|
4.38 |
% |
|
$ |
2,853,830 |
|
|
124,347 |
|
|
4.36 |
% |
| Cash and
due from banks |
36,384 |
|
|
|
|
|
|
35,745 |
|
|
|
|
|
| Premises
and equipment |
77,178 |
|
|
|
|
|
|
75,082 |
|
|
|
|
|
| Allowance
for loan losses |
(30,533 |
) |
|
|
|
|
|
(23,557 |
) |
|
|
|
|
| Other
assets |
169,880 |
|
|
|
|
|
|
156,396 |
|
|
|
|
|
| Total
assets |
$ |
3,249,718 |
|
|
|
|
|
|
$ |
3,097,496 |
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Savings
and interest-bearing demand deposits |
$ |
1,429,672 |
|
|
6,181 |
|
|
0.43 |
% |
|
$ |
1,357,554 |
|
|
3,863 |
|
|
0.28 |
% |
|
Certificates of deposit |
723,830 |
|
|
11,150 |
|
|
1.54 |
% |
|
674,757 |
|
|
7,626 |
|
|
1.13 |
% |
| Total
interest-bearing deposits |
2,153,502 |
|
|
17,331 |
|
|
0.80 |
% |
|
2,032,311 |
|
|
11,489 |
|
|
0.57 |
% |
| Federal
funds purchased and securities sold under agreements to
repurchase |
105,094 |
|
|
1,302 |
|
|
1.24 |
% |
|
87,763 |
|
|
412 |
|
|
0.47 |
% |
| Federal
Home Loan Bank borrowings |
133,814 |
|
|
2,612 |
|
|
1.95 |
% |
|
110,000 |
|
|
1,838 |
|
|
1.67 |
% |
| Long-term
debt and junior subordinated notes issued to capital trusts |
35,726 |
|
|
1,596 |
|
|
4.47 |
% |
|
40,679 |
|
|
1,406 |
|
|
3.46 |
% |
| Total
borrowed funds |
274,634 |
|
|
5,510 |
|
|
2.01 |
% |
|
238,442 |
|
|
3,656 |
|
|
1.53 |
% |
| Total
interest-bearing liabilities |
$ |
2,428,136 |
|
|
22,841 |
|
|
0.94 |
% |
|
$ |
2,270,753 |
|
|
15,145 |
|
|
0.67 |
% |
| Demand
deposits |
455,223 |
|
|
|
|
|
|
471,170 |
|
|
|
|
|
| Other
liabilities |
20,625 |
|
|
|
|
|
|
20,607 |
|
|
|
|
|
|
Shareholders’ equity |
345,734 |
|
|
|
|
|
|
334,966 |
|
|
|
|
|
| Total
liabilities and shareholders’ equity |
$ |
3,249,718 |
|
|
|
|
|
|
$ |
3,097,496 |
|
|
|
|
|
| Net interest
income(4) |
|
|
$ |
108,538 |
|
|
|
|
|
|
$ |
109,202 |
|
|
|
| Net interest
spread(4) |
|
|
|
|
3.44 |
% |
|
|
|
|
|
3.69 |
% |
| Net interest
margin(4) |
|
|
|
|
3.62 |
% |
|
|
|
|
|
3.83 |
% |
| Total deposits(5) |
$ |
2,608,725 |
|
|
$ |
17,331 |
|
|
0.66 |
% |
|
$ |
2,503,481 |
|
|
$ |
11,489 |
|
|
0.46 |
% |
| Funding sources(6) |
$ |
2,883,359 |
|
|
$ |
22,841 |
|
|
0.79 |
% |
|
$ |
2,741,923 |
|
|
$ |
15,145 |
|
|
0.55 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-accrual loans have been included
in average loans, net of unearned income. Amortized net deferred
loans and net unearned discounts on acquired loans were included in
the interest income calculations. The amortization of net deferred
loans fees was $(407) thousand and $(543) thousand for the years
ended ended December 31, 2018 and December 31, 2017,
respectively. Accretion of unearned purchase discounts was $2.7
million and $4.8 million for the years ended ended
December 31, 2018 and December 31, 2017,
respectively.
(2) Includes tax-equivalent adjustments of $1.0
million and $1.7 million for the years ended ended
December 31, 2018 and December 31, 2017,
respectively. The federal statutory tax rate utilized was 21%
for the 2018 periods and 35% for the 2017 period.
(3) Includes tax-equivalent adjustments of $1.5
million and $3.3 million for the years ended ended
December 31, 2018 and December 31, 2017,
respectively. The federal statutory tax rate utilized was 21%
for the 2018 periods and 35% for the 2017 period.
(4) Tax equivalent.
(5) Total deposits is the sum of total
interest-bearing deposits and noninterest-bearing demand deposits.
The cost of total deposits is calculated as annualized interest
expense on deposits divided by average total deposits.
(6) Funding sources is the sum of total
interest-bearing liabilities and noninterest-bearing demand
deposits. The cost of funding sources is calculated as annualized
total interest expense divided by average funding sources.
Non-GAAP Presentations:
Certain non-GAAP ratios and amounts are provided
to evaluate and measure the Company’s operating performance and
financial condition, including tangible book value per share, the
tangible equity to tangible assets ratio, return on average
tangible equity, net interest margin, and the efficiency ratio.
Management believes this data provides investors with pertinent
information regarding the Company’s profitability, financial
condition and capital adequacy and how management evaluates such
metrics internally. The following tables provide a
reconciliation of each non-GAAP measure to the most comparable GAAP
equivalent.
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
As of |
|
As of |
|
As of |
|
As of |
|
As of |
| |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
| (unaudited,
dollars in thousands, except per share data) |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
Tangible Equity |
|
|
|
|
|
|
|
|
|
|
| Total shareholders’
equity |
|
$ |
357,067 |
|
|
$ |
349,189 |
|
|
$ |
346,201 |
|
|
$ |
341,377 |
|
|
$ |
340,304 |
|
| Plus:
Deferred tax liability associated with intangibles |
|
660 |
|
|
786 |
|
|
924 |
|
|
1,073 |
|
|
1,241 |
|
| Less:
Intangible assets, net |
|
(74,530 |
) |
|
(75,032 |
) |
|
(75,579 |
) |
|
(76,043 |
) |
|
(76,700 |
) |
| Tangible
equity |
|
$ |
283,197 |
|
|
$ |
274,943 |
|
|
$ |
271,546 |
|
|
$ |
266,407 |
|
|
$ |
264,845 |
|
|
Tangible Assets |
|
|
|
|
|
|
|
|
|
|
| Total
assets |
|
$ |
3,291,480 |
|
|
$ |
3,267,965 |
|
|
$ |
3,276,277 |
|
|
$ |
3,241,642 |
|
|
$ |
3,212,271 |
|
| Plus:
Deferred tax liability associated with intangibles |
|
660 |
|
|
786 |
|
|
924 |
|
|
1,073 |
|
|
1,241 |
|
| Less:
Intangible assets, net |
|
(74,530 |
) |
|
(75,032 |
) |
|
(75,579 |
) |
|
(76,043 |
) |
|
(76,700 |
) |
| Tangible
assets |
|
$ |
3,217,610 |
|
|
$ |
3,193,719 |
|
|
$ |
3,201,622 |
|
|
$ |
3,166,672 |
|
|
$ |
3,136,812 |
|
| Common
shares outstanding |
|
12,180,015 |
|
|
12,221,107 |
|
|
12,221,107 |
|
|
12,214,942 |
|
|
12,219,611 |
|
|
Tangible Book Value Per Share |
|
$ |
23.25 |
|
|
$ |
22.50 |
|
|
$ |
22.22 |
|
|
$ |
21.81 |
|
|
$ |
21.67 |
|
| Tangible Equity/Tangible Assets |
|
8.80 |
% |
|
8.61 |
% |
|
8.48 |
% |
|
8.41 |
% |
|
8.44 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
For the Three Months Ended |
|
For the Years Ended |
| (unaudited,
dollars in thousands) |
|
December 31,2018 |
|
September 30,2018 |
|
December 31,2017 |
|
December 31,2018 |
|
December 31,2017 |
| Net
Income |
|
$ |
7,624 |
|
|
$ |
6,778 |
|
|
$ |
(1,590 |
) |
|
$ |
30,351 |
|
|
$ |
18,699 |
|
| Plus:
Intangible amortization, net of tax(1) |
|
397 |
|
|
432 |
|
|
463 |
|
|
1,814 |
|
|
2,031 |
|
| Adjusted
net income |
|
$ |
8,021 |
|
|
$ |
7,210 |
|
|
$ |
(1,127 |
) |
|
$ |
32,165 |
|
|
$ |
20,730 |
|
|
Average Tangible Equity |
|
|
|
|
|
|
|
|
|
|
| Average
total shareholders’ equity |
|
$ |
351,398 |
|
|
$ |
348,131 |
|
|
$ |
347,678 |
|
|
$ |
345,734 |
|
|
$ |
334,966 |
|
| Plus:
Average deferred tax liability associated with intangibles |
|
720 |
|
|
852 |
|
|
1,993 |
|
|
929 |
|
|
2,436 |
|
| Less:
Average intangible assets, net of amortization |
|
(74,766 |
) |
|
(75,292 |
) |
|
(77,037 |
) |
|
(75,531 |
) |
|
(78,159 |
) |
| Average
tangible equity |
|
$ |
277,352 |
|
|
$ |
273,691 |
|
|
$ |
272,634 |
|
|
$ |
271,132 |
|
|
$ |
259,243 |
|
| Return on Average Tangible Equity
(annualized) |
|
11.47 |
% |
|
10.45 |
% |
|
(1.64 |
)% |
|
11.86 |
% |
|
8.00 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest
Margin Tax Equivalent Adjustment |
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
$ |
26,728 |
|
|
$ |
26,361 |
|
|
$ |
26,411 |
|
|
$ |
105,983 |
|
|
$ |
104,175 |
|
| Plus tax equivalent
adjustment:(1) |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
278 |
|
|
270 |
|
|
485 |
|
|
1,040 |
|
|
1,730 |
|
|
Securities |
|
357 |
|
|
365 |
|
|
814 |
|
|
1,515 |
|
|
3,297 |
|
| Tax equivalent net
interest income (1) |
|
$ |
27,363 |
|
|
$ |
26,996 |
|
|
$ |
27,710 |
|
|
$ |
108,538 |
|
|
$ |
109,202 |
|
| Average interest
earning assets |
|
$ |
3,022,378 |
|
|
$ |
3,004,892 |
|
|
$ |
2,919,014 |
|
|
$ |
2,996,809 |
|
|
$ |
2,853,830 |
|
| Net Interest
Margin |
|
3.59 |
% |
|
3.56 |
% |
|
3.77 |
% |
|
3.62 |
% |
|
3.83 |
% |
| (1) Computed on a tax-equivalent basis, assuming a
federal income tax rate of 21% for 2018, and 35% for 2017. |
|
|
|
|
|
|
|
|
|
|
| |
|
|
For the Three Months Ended |
|
For the Years Ended |
| (dollars in
thousands) |
|
December 31,2018 |
|
September 30,2018 |
|
December 31,2017 |
|
December 31,2018 |
|
December 31,2017 |
|
Operating Expense |
|
|
|
|
|
|
|
|
|
|
| Total noninterest
expense |
|
$ |
19,803 |
|
|
$ |
22,811 |
|
|
$ |
20,093 |
|
|
$ |
83,503 |
|
|
$ |
80,136 |
|
| Less:
Amortization of intangibles |
|
(503 |
) |
|
(547 |
) |
|
(713 |
) |
|
(2,296 |
) |
|
(3,125 |
) |
| Operating
expense |
|
$ |
19,300 |
|
|
$ |
22,264 |
|
|
$ |
19,380 |
|
|
$ |
81,207 |
|
|
$ |
77,011 |
|
|
Operating Revenue |
|
|
|
|
|
|
|
|
|
|
| Tax
equivalent net interest income (1) |
|
$ |
27,363 |
|
|
$ |
26,996 |
|
|
$ |
27,710 |
|
|
$ |
108,538 |
|
|
$ |
109,202 |
|
| Plus:
Noninterest income |
|
5,645 |
|
|
5,984 |
|
|
5,534 |
|
|
22,788 |
|
|
22,370 |
|
| Less:
(Gain) loss on sale or call of debt securities |
|
4 |
|
|
(192 |
) |
|
(2 |
) |
|
(193 |
) |
|
(241 |
) |
| Other (gain) loss |
|
76 |
|
|
(326 |
) |
|
53 |
|
|
(262 |
) |
|
(13 |
) |
| Operating
revenue |
|
$ |
33,088 |
|
|
$ |
32,462 |
|
|
$ |
33,295 |
|
|
$ |
130,871 |
|
|
$ |
131,318 |
|
|
Efficiency Ratio |
|
58.33 |
% |
|
68.58 |
% |
|
58.21 |
% |
|
62.05 |
% |
|
58.64 |
% |
| (1)
Computed on a tax-equivalent basis, assuming a federal income tax
rate of 21% for 2018, and 35% for 2017. |
|
|
|
|
|
|
|
|
|
|
|
Contact: |
|
|
|
|
|
| |
Charles N. Funk |
|
Barry S. Ray |
|
|
|
| |
President &
CEO |
|
Sr. VP & CFO |
|
|
|
| |
319.356.5800 |
|
319.356.5800 |
|
|
|
MidWestOne Financial (NASDAQ:MOFG)
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