MidWestOne Financial Group Declares Increased Dividend
January 17 2019 - 11:32AM
MidWestOne Financial Group, Inc. (Nasdaq: MOFG), parent company of
MidWestOne Bank, today announced that on January 15, 2019 the
Company's Board of Directors declared a cash dividend of $0.2025
per common share, which is a 3.8% increase from the dividend paid
in each of the previous two quarters. The dividend is payable on
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.
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.
Contact:
Charles N. Funk
President & CEO
319.356.5800
Barry S. Ray
Sr. VP & CFO
319.356.5800
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