IOWA CITY, Iowa, Oct. 23, 2025 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (Nasdaq: MOFG) ("we," "our," or the "Company") today reported results for the third quarter of 2025.
Third Quarter 2025 Summary1
- Net income of $17.0 million, or $0.82 per diluted common share. Adjusted earnings of $18.1 million, or $0.872 per common share.
- Noninterest income was $10.3 million, which included a negative MSR valuation adjustment of $611 thousand.
- Noninterest expense was $37.6 million, which included a $655 thousand loss on extinguishment of debt and merger-related costs of $132 thousand.
- Efficiency ratio of 58.21%2.
- Net interest margin (tax equivalent) was 3.57%2; core net interest margin expanded 1 basis point ("bps") to 3.50%2.
- Annualized loan growth of 3.5%.
- Total deposits increased 1.7% from the linked quarter.
- Tangible book value per share of $24.962, an increase of 4.3%.
- Criticized loans ratio improved 16 bps to 4.99% and nonperforming loans ratio improved 17 bps to 0.68%.
- Common equity tier 1 ("CET1") capital ratio improved 8 bps to 11.10%.
CEO Commentary
Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, "We are absolutely thrilled with the announcement of our partnership with Nicolet Bankshares, Inc. that will create the pre-eminent Midsize bank in the Upper Midwest. We share common values with an extreme focus on our customers and team members and we look forward to the future of the combined Nicolet, and the positive impact we will have on the communities MidWestOne has served for decades."
The third quarter of 2025 saw the power of our team and their dedicated focus on our clients and the execution of our strategic initiatives come to fruition. Return on average assets reached 1.09%, driven by solid loan and deposit growth, expanded noninterest income and disciplined expense management. Three years ago, we dedicated ourselves to building a pre-eminent Commercial & Industrial ("C&I") bank in the lower middle to middle market space within our geographic footprint. That objective continues to bear fruit with year over year C&I loan growth of 10.9%, noninterest bearing deposit balances up 4.4% and treasury management revenues climbing at low double-digit rates. In addition, our complementary wealth management business, driven by talent and client acquisition and broad market gains, increased noninterest income 19.0% from the prior year.
I'm incredibly proud of our dedicated MidWestOne team who continue to focus on our customer and one another and could not be more excited as we build momentum for the remainder of 2025 and sprint to the start of 2026."
________________________
1 Third Quarter Summary compares to the second quarter of 2025 (the "linked quarter") unless noted.
2 Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
| As of or for the quarter ended | Nine Months Ended | |||||||||||||||||||
| (Dollars in thousands, except per share amounts and as noted) | September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Financial Results | ||||||||||||||||||||
| Revenue | $ | 61,261 | $ | 60,231 | $ | (92,867 | ) | $ | 179,067 | $ | 9,515 | |||||||||
| Credit loss expense | 2,132 | 11,889 | 1,535 | 15,708 | 7,491 | |||||||||||||||
| Noninterest expense | 37,637 | 35,767 | 35,798 | 109,697 | 107,124 | |||||||||||||||
| Net income (loss) | 17,015 | 9,980 | (95,707 | ) | 42,133 | (76,619 | ) | |||||||||||||
| Pre-tax pre-provision net revenue(3) | 23,624 | 24,464 | (128,665 | ) | 69,370 | (97,609 | ) | |||||||||||||
| Adjusted earnings(3) | 18,054 | 10,176 | 9,141 | 43,532 | 21,762 | |||||||||||||||
| Per Common Share | ||||||||||||||||||||
| Diluted earnings (loss) per share | $ | 0.82 | $ | 0.48 | $ | (6.05 | ) | $ | 2.03 | $ | (4.86 | ) | ||||||||
| Adjusted earnings per share(3) | 0.87 | 0.49 | 0.58 | 2.09 | 1.38 | |||||||||||||||
| Book value | 29.37 | 28.36 | 27.06 | 29.37 | 27.06 | |||||||||||||||
| Tangible book value(3) | 24.96 | 23.92 | 22.43 | 24.96 | 22.43 | |||||||||||||||
| Balance Sheet & Credit Quality | ||||||||||||||||||||
| Loans In millions | $ | 4,419.6 | $ | 4,381.2 | $ | 4,328.8 | $ | 4,419.6 | $ | 4,328.8 | ||||||||||
| Investment securities In millions | 1,175.7 | 1,235.0 | 1,623.1 | 1,175.7 | 1,623.1 | |||||||||||||||
| Deposits In millions | 5,479.0 | 5,388.1 | 5,368.7 | 5,479.0 | 5,368.7 | |||||||||||||||
| Net loan charge-offs In millions | 15.3 | 0.2 | 1.7 | 18.6 | 2.4 | |||||||||||||||
| Allowance for credit losses ratio | 1.17 | % | 1.50 | % | 1.25 | % | 1.17 | % | 1.25 | % | ||||||||||
| Selected Ratios | ||||||||||||||||||||
| Return on average assets | 1.09 | % | 0.65 | % | (5.78 | )% | 0.91 | % | (1.54 | )% | ||||||||||
| Net interest margin, tax equivalent(3) | 3.57 | % | 3.57 | % | 2.51 | % | 3.53 | % | 2.42 | % | ||||||||||
| Return on average equity | 11.34 | % | 6.81 | % | (69.05 | )% | 9.63 | % | (19.03 | )% | ||||||||||
| Return on average tangible equity(3) | 14.08 | % | 8.84 | % | (82.78 | )% | 12.22 | % | (22.17 | )% | ||||||||||
| Efficiency ratio(3) | 58.21 | % | 56.20 | % | 70.32 | % | 57.91 | % | 65.20 | % | ||||||||||
3 Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
REVENUE REVIEW
| Revenue | Change | Change | ||||||||||||||
| 3Q25 vs | 3Q25 vs | |||||||||||||||
| (Dollars in thousands) | 3Q25 | 2Q25 | 3Q24 | 2Q25 | 3Q24 | |||||||||||
| Net interest income | $ | 51,008 | $ | 49,982 | $ | 37,521 | 2 | % | 36 | % | ||||||
| Noninterest income (loss) | 10,253 | 10,249 | (130,388 | ) | - | % | (108 | )% | ||||||||
| Total revenue, net of interest expense | $ | 61,261 | $ | 60,231 | $ | (92,867 | ) | 2 | % | (166 | )% | |||||
Total revenue for the third quarter of 2025 increased $1.0 million from the second quarter of 2025 due primarily to higher net interest income during the quarter. When compared to the third quarter of 2024, total revenue increased $154.1 million due to higher net interest income and noninterest income. Excluding the pre-tax securities impairment loss of $140.4 million recognized in the third quarter of 2024 as part of the balance sheet repositioning, total revenue increased $13.8 million.
Net interest income of $51.0 million for the third quarter of 2025 increased $1.0 million from the second quarter of 2025 due primarily to higher earning asset volumes, partially offset by higher funding volumes. When compared to the third quarter of 2024, net interest income increased $13.5 million due to higher earning asset yields and lower funding volumes and costs, partially offset by lower earning asset volumes.
The Company's tax equivalent net interest margin was 3.57%3 in both the third quarter of 2025 and the second quarter of 2025, driven by minimal change in interest bearing liability costs and earning asset yields.
The Company's tax equivalent net interest margin was 3.57%3 in the third quarter of 2025, compared to 2.51%3 in the third quarter of 2024, driven by higher earning asset yields and lower interest bearing liability costs. Total earning assets yield increased 64 bps from the third quarter of 2024, primarily due to an increase of 191 bps in total investment securities. Interest bearing liability costs decreased 47 bps to 2.40%, due to long-term debt costs of 6.33% and interest bearing deposit costs of 2.31%, which decreased 58 bps, and 27 bps, respectively, from the third quarter of 2024.
| Noninterest Income | Change | Change | |||||||||||||||
| 3Q25 vs | 3Q25 vs | ||||||||||||||||
| (Dollars in thousands) | 3Q25 | 2Q25 | 3Q24 | 2Q25 | 3Q24 | ||||||||||||
| Investment services and trust activities | $ | 4,059 | $ | 3,705 | $ | 3,410 | 10 | % | 19 | % | |||||||
| Service charges and fees | 2,423 | 2,190 | 2,170 | 11 | % | 12 | % | ||||||||||
| Card revenue | 1,752 | 1,934 | 1,935 | (9 | )% | (9 | )% | ||||||||||
| Loan revenue | 924 | 1,417 | 760 | (35 | )% | 22 | % | ||||||||||
| Bank-owned life insurance | 703 | 677 | 879 | 4 | % | (20 | )% | ||||||||||
| Investment securities losses, net | - | - | (140,182 | ) | - | % | (100 | )% | |||||||||
| Other | 392 | 326 | 640 | 20 | % | (39 | )% | ||||||||||
| Total noninterest income | $ | 10,253 | $ | 10,249 | $ | (130,388 | ) | - | % | (108 | )% | ||||||
| MSR adjustment (included above in Loan revenue) | $ | (611 | ) | $ | (264 | ) | $ | (1,026 | ) | 131 | % | (40 | )% | ||||
Noninterest income for the third quarter of 2025 compared to the linked quarter was stable at $10.3 million, with increases of $0.4 million and $0.2 million in investment services and trust activities revenue and service charges and fees, respectively. The increase in investment services and trust activities revenue was driven by higher assets under administration. Partially offsetting these increases was a decline in loan revenue, stemming primarily from a $0.3 million unfavorable change in the fair value of our mortgage servicing rights and a $0.3 million decline in SBA gain on sale revenue, coupled with a $0.2 million decline in card revenue.
Noninterest income for the third quarter of 2025 increased $140.6 million from the third quarter of 2024 due primarily to the balance sheet-repositioning related securities impairment recognized in the third quarter of 2024 previously noted. Also contributing to the increase was a $0.7 million increase in investment services and trust activities revenue stemming from higher assets under administration, coupled with an increase of $0.3 million in service charges and fees. Partially offsetting these increases were declines of $0.2 million each in card revenue, bank-owned life insurance, and other revenue.
EXPENSE REVIEW
| Noninterest Expense | Change | Change | ||||||||||||
| 3Q25 vs | 3Q25 vs | |||||||||||||
| (Dollars in thousands) | 3Q25 | 2Q25 | 3Q24 | 2Q25 | 3Q24 | |||||||||
| Compensation and employee benefits | $ | 22,312 | $ | 21,011 | $ | 19,943 | 6 | % | 12 | % | ||||
| Occupancy expense of premises, net | 2,690 | 2,540 | 2,443 | 6 | % | 10 | % | |||||||
| Equipment | 2,601 | 2,550 | 2,486 | 2 | % | 5 | % | |||||||
| Legal and professional | 2,067 | 2,153 | 2,261 | (4 | )% | (9 | )% | |||||||
| Data processing | 1,568 | 1,486 | 1,580 | 6 | % | (1 | )% | |||||||
| Marketing | 624 | 762 | 619 | (18 | )% | 1 | % | |||||||
| Amortization of intangibles | 1,143 | 1,252 | 1,470 | (9 | )% | (22 | )% | |||||||
| FDIC insurance | 780 | 851 | 923 | (8 | )% | (15 | )% | |||||||
| Communications | 155 | 161 | 159 | (4 | )% | (3 | )% | |||||||
| Foreclosed assets, net | 401 | 83 | 330 | 383 | % | 22 | % | |||||||
| Other | 3,296 | 2,918 | 3,584 | 13 | % | (8 | )% | |||||||
| Total noninterest expense | $ | 37,637 | $ | 35,767 | $ | 35,798 | 5 | % | 5 | % | ||||
| Merger-related Expenses | |||||||||
| (Dollars in thousands) | 3Q25 | 2Q25 | 3Q24 | ||||||
| Legal and professional | $ | 132 | $ | - | $ | 127 | |||
| Other | - | - | 6 | ||||||
| Total merger-related expenses | $ | 132 | $ | - | $ | 133 | |||
Noninterest expense for the third quarter of 2025 increased $1.9 million from the linked quarter, primarily due to increases of $1.3 million, $0.4 million and $0.3 million in compensation and employee benefits, other expense, and foreclosed assets, net, respectively. The increase in compensation and employee benefits stemmed primarily from the $1.1 million Employee Retention Credit claim that was received in the second quarter of 2025, which did not recur. The increase in other expense stemmed from a $0.7 million loss on the extinguishment of debt related to the redemption of the Company's subordinated notes in July 2025. The increase in foreclosed assets, net was attributable to a $0.3 million write-down. Partially offsetting these increases was a decline of $0.1 million in marketing expense.
Noninterest expense for the third quarter of 2025 compared to the same period of the prior year increased $1.8 million, primarily due to an increase of $2.4 million in compensation and employee benefits driven by wage expense increases due to headcount, medical benefits expense, and incentive expense. The increase in noninterest expense was partially offset by decreases in amortization of intangibles expense and other expense of $0.3 million each.
The Company's effective tax rate was 20.8% in the third quarter of 2025, compared to 20.6% in the linked quarter. The effective income tax rate for the full year 2025 is expected to be 21.5-22.5%.
BALANCE SHEET REVIEW
Total assets were $6.25 billion at September 30, 2025, compared to $6.16 billion at June 30, 2025 and $6.55 billion at September 30, 2024. The increase from June 30, 2025 was primarily due to higher cash and loan volumes, partially offset by lower security volumes. Compared to September 30, 2024, the decrease was primarily driven by lower security volumes, partially offset by higher loan and cash volumes.
| Loans Held for Investment | September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||||||||||
| (Dollars in thousands) | Balance | % of Total | Balance | % of Total | Balance | % of Total | ||||||||||||
| Commercial and industrial | $ | 1,274,881 | 28.8 | % | $ | 1,226,265 | 28.0 | % | $ | 1,149,758 | 26.6 | % | ||||||
| Agricultural | 133,612 | 3.0 | 128,717 | 2.9 | 112,696 | 2.6 | ||||||||||||
| Commercial real estate | ||||||||||||||||||
| Construction and development | 256,532 | 5.8 | 280,918 | 6.4 | 386,920 | 8.9 | ||||||||||||
| Farmland | 194,921 | 4.4 | 186,494 | 4.3 | 182,164 | 4.2 | ||||||||||||
| Multifamily | 451,020 | 10.2 | 438,193 | 10.0 | 409,544 | 9.5 | ||||||||||||
| Other | 1,396,155 | 31.6 | 1,407,469 | 32.1 | 1,353,513 | 31.2 | ||||||||||||
| Total commercial real estate | 2,298,628 | 52.0 | 2,313,074 | 52.8 | 2,332,141 | 53.8 | ||||||||||||
| Residential real estate | ||||||||||||||||||
| One-to-four family first liens | 462,171 | 10.5 | 467,970 | 10.7 | 485,210 | 11.2 | ||||||||||||
| One-to-four family junior liens | 196,862 | 4.5 | 188,671 | 4.3 | 176,827 | 4.1 | ||||||||||||
| Total residential real estate | 659,033 | 15.0 | 656,641 | 15.0 | 662,037 | 15.3 | ||||||||||||
| Consumer | 53,474 | 1.2 | 56,491 | 1.3 | 72,124 | 1.7 | ||||||||||||
| Loans held for investment, net of unearned income | $ | 4,419,628 | 100.0 | % | $ | 4,381,188 | 100.0 | % | $ | 4,328,756 | 100.0 | % | ||||||
| Total commitments to extend credit | $ | 1,162,383 | $ | 1,074,935 | $ | 1,149,815 | ||||||||||||
Loans held for investment, net of unearned income at September 30, 2025 were $4.42 billion, increasing $38.4 million, or 0.9%, from $4.38 billion at June 30, 2025 and increasing $90.9 million, or 2.1%, from $4.33 billion at September 30, 2024. The increases across both periods were primarily driven by organic loan growth and higher line of credit usage.
| Investment Securities | September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||
| (Dollars in thousands) | Balance | Balance | Balance | ||||||
| Available for sale | $ | 1,175,656 | $ | 1,235,045 | $ | 1,623,104 | |||
Investment securities at September 30, 2025 were $1.18 billion, decreasing $59.4 million from June 30, 2025 and decreasing $447.4 million from September 30, 2024. The decrease from the second quarter of 2025 was primarily due to principal cash flows received from scheduled payments, calls, and maturities. The decrease from the third quarter of 2024 stemmed primarily from the sale of debt securities in connection with a balance sheet repositioning as previously discussed, as well as principal cash flows received from scheduled payments, calls, and maturities.
| Deposits | September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||||||||||
| (Dollars in thousands) | Balance | % of Total | Balance | % of Total | Balance | % of Total | ||||||||||||
| Noninterest bearing deposits | $ | 958,080 | 17.5 | % | $ | 910,693 | 16.9 | % | $ | 917,715 | 17.1 | % | ||||||
| Interest checking deposits | 1,210,637 | 22.1 | 1,206,096 | 22.5 | 1,230,605 | 23.0 | ||||||||||||
| Money market deposits | 972,139 | 17.7 | 971,048 | 18.0 | 1,038,575 | 19.3 | ||||||||||||
| Savings deposits | 912,879 | 16.7 | 851,636 | 15.8 | 768,298 | 14.3 | ||||||||||||
| Time deposits of $250 and under | 845,104 | 15.4 | 837,302 | 15.5 | 844,298 | 15.7 | ||||||||||||
| Total core deposits | 4,898,839 | 89.4 | 4,776,775 | 88.7 | 4,799,491 | 89.4 | ||||||||||||
| Brokered time deposits | 200,000 | 3.7 | 200,000 | 3.7 | 200,000 | 3.7 | ||||||||||||
| Time deposits over $250 | 380,157 | 6.9 | 411,323 | 7.6 | 369,236 | 6.9 | ||||||||||||
| Total deposits | $ | 5,478,996 | 100.0 | % | $ | 5,388,098 | 100.0 | % | $ | 5,368,727 | 100.0 | % | ||||||
Total deposits at September 30, 2025 were $5.48 billion, increasing $90.9 million, or 1.7%, from $5.39 billion at June 30, 2025, and increasing $110.3 million, or 2.1%, from $5.37 billion at September 30, 2024. Noninterest bearing deposits at September 30, 2025 were $958.1 million, an increase of $47.4 million from June 30, 2025 and an increase of $40.4 million from September 30, 2024.
| Borrowed Funds | September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||||||||||
| (Dollars in thousands) | Balance | % of Total | Balance | % of Total | Balance | % of Total | ||||||||||||
| Short-term borrowings | $ | - | - | % | $ | - | - | % | $ | 410,630 | 78.1 | % | ||||||
| Long-term debt | 97,973 | 100.0 | % | 112,320 | 100.0 | % | 115,051 | 21.9 | % | |||||||||
| Total borrowed funds | $ | 97,973 | $ | 112,320 | $ | 525,681 | ||||||||||||
Borrowed funds were $98.0 million at September 30, 2025, a decrease of $14.3 million from June 30, 2025 and a decrease of $427.7 million from September 30, 2024. The decrease compared to the linked quarter was due to the redemption of the entire $65.0 million outstanding principal of the Company's 5.75% Fixed-to-Floating Rate Subordinated Notes due 2030 on July 30, 2025, utilizing a combination of cash on hand and proceeds from a $50.0 million senior term note that closed on July 29, 2025. The senior term note is structured as a 5-year maturity, 7-year amortization facility, and bears interest at a floating rate of 1-month term SOFR plus 1.75%. The decrease compared to September 30, 2024 was primarily due to the pay-off of $405.0 million of Bank Term Funding Program borrowings and the subordinated notes redemption, partially offset by the senior term note, both as previously discussed.
| Capital | September 30, | June 30, | September 30, | ||||||||
| (Dollars in thousands) | 2025(1) | 2025 | 2024 | ||||||||
| Total shareholders' equity | $ | 606,056 | $ | 589,040 | $ | 562,238 | |||||
| Accumulated other comprehensive loss | (49,376 | ) | (57,557 | ) | (58,842 | ) | |||||
| MidWestOneFinancial Group, Inc. Consolidated | |||||||||||
| Tier 1 leverage to average assets ratio | 9.73 | % | 9.62 | % | 8.78 | % | |||||
| Common equity tier 1 capital to risk-weighted assets ratio | 11.10 | % | 11.02 | % | 9.91 | % | |||||
| Tier 1 capital to risk-weighted assets ratio | 11.95 | % | 11.88 | % | 10.70 | % | |||||
| Total capital to risk-weighted assets ratio | 13.08 | % | 14.44 | % | 12.96 | % | |||||
| MidWestOneBank | |||||||||||
| Tier 1 leverage to average assets ratio | 10.38 | % | 10.43 | % | 9.69 | % | |||||
| Common equity tier 1 capital to risk-weighted assets ratio | 12.78 | % | 12.95 | % | 11.83 | % | |||||
| Tier 1 capital to risk-weighted assets ratio | 12.78 | % | 12.95 | % | 11.83 | % | |||||
| Total capital to risk-weighted assets ratio | 13.92 | % | 14.20 | % | 12.88 | % | |||||
| (1) Regulatory capital ratios for September 30, 2025 are preliminary | |||||||||||
Total shareholders' equity at September 30, 2025 increased $17.0 million from June 30, 2025 and increased $43.8 million from September 30, 2024, driven primarily by a decrease in accumulated other comprehensive loss and an increase in retained earnings, partially offset by an increase in treasury stock.
The current share repurchase program allows for the repurchase of up to $15.0 million of the Company's common shares. Under such program, the Company repurchased 203,802 shares of its common stock at an average price of $27.44 per share and a total cost of $5.6 million during the year-to-date period ended September 30, 2025. No shares were repurchased during the subsequent period through October 23, 2025. As of September 30, 2025, $9.4 million remained available under this program.
CREDIT QUALITY REVIEW
| Credit Quality | As of or For the Three Months Ended | ||||||||||
| September 30, | June 30, | September 30, | |||||||||
| (Dollars in thousands) | 2025 | 2025 | 2024 | ||||||||
| Credit loss expense related to loans | $ | 1,432 | $ | 12,089 | $ | 1,835 | |||||
| Net charge-offs | 15,332 | 189 | 1,735 | ||||||||
| Allowance for credit losses | 51,900 | 65,800 | 54,000 | ||||||||
| Pass | $ | 4,199,070 | $ | 4,155,385 | $ | 4,016,683 | |||||
| Special Mention | 80,833 | 98,998 | 177,241 | ||||||||
| Classified | 139,725 | 126,805 | 134,832 | ||||||||
| Criticized | 220,558 | 225,803 | 312,073 | ||||||||
| Loans greater than 30 days past due and accruing | $ | 7,729 | $ | 12,161 | $ | 11,940 | |||||
| Nonperforming loans | $ | 29,992 | $ | 37,192 | $ | 21,954 | |||||
| Nonperforming assets | 33,944 | 40,606 | 25,537 | ||||||||
| Net charge-off ratio(1) | 1.38 | % | 0.02 | % | 0.16 | % | |||||
| Classified loans ratio(2) | 3.16 | % | 2.89 | % | 3.11 | % | |||||
| Criticized loans ratio(3) | 4.99 | % | 5.15 | % | 7.21 | % | |||||
| Nonperforming loans ratio(4) | 0.68 | % | 0.85 | % | 0.51 | % | |||||
| Nonperforming assets ratio(5) | 0.54 | % | 0.66 | % | 0.39 | % | |||||
| Allowance for credit losses ratio(6) | 1.17 | % | 1.50 | % | 1.25 | % | |||||
| Allowance for credit losses to nonaccrual loans ratio(7) | 180.84 | % | 179.19 | % | 260.84 | % | |||||
| (1) Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period. | |||||||||||
| (2) Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period. | |||||||||||
| (3) Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period. | |||||||||||
| (4) Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period. | |||||||||||
| (5) Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period. | |||||||||||
| (6) Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income, at the end of the period. | |||||||||||
| (7) Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period. | |||||||||||
Compared to the linked quarter, nonperforming loans and nonperforming assets decreased $7.2 million and $6.7 million, respectively. Special mention loan balances decreased $18.2 million, or 18%, while classified loan balances increased $12.9 million, or 10%. Compared to the same period of the prior year, nonperforming loans and nonperforming assets increased $8.0 million and $8.4 million, respectively. Special mention loan balances decreased $96.4 million, or 54%, while classified loan balances increased $4.9 million, or 4%. The net charge-off ratio increased 136 bps from the linked quarter and increased 122 bps from the same period in the prior year, primarily due to the $14.6 million charge-off on a single CRE office credit that was reserved for in the second quarter of 2025.
As of September 30, 2025, the allowance for credit losses was $51.9 million and the allowance for credit losses ratio was 1.17%, compared with $65.8 million and 1.50%, respectively, at June 30, 2025. Credit loss expense of $2.1 million reflected an additional reserve taken to support organic loan growth, and a $0.7 million increase in the reserve for unfunded loan commitments.
| Nonperforming Loans Roll Forward | Nonaccrual | 90+ Days Past Due & Still Accruing | Total | ||||||||
| (Dollars in thousands) | |||||||||||
| Balance atJune 30, 2025 | $ | 36,721 | $ | 471 | $ | 37,192 | |||||
| Loans placed on nonaccrual or 90+ days past due & still accruing | 10,181 | 1,400 | 11,581 | ||||||||
| Proceeds related to repayment or sale | (1,882 | ) | (4 | ) | (1,886 | ) | |||||
| Loans returned to accrual status or no longer past due | (467 | ) | (154 | ) | (621 | ) | |||||
| Charge-offs | (14,869 | ) | (421 | ) | (15,290 | ) | |||||
| Transfers to foreclosed assets | (984 | ) | - | (984 | ) | ||||||
| Balance atSeptember 30, 2025 | $ | 28,700 | $ | 1,292 | $ | 29,992 | |||||
CONFERENCE CALL DETAILS
The Company will host a conference call for investors at 11:00 a.m. CT on Friday, October 24, 2025. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login'show=414319b0&confId=80379. After pre-registering for this event you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 using an access code of 482280 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until January 22, 2026, by calling 1-866-813-9403 and using the replay access code of 781952. A transcript of the call will also be available on the Company's web site (www.midwestonefinancial.com) within three business days of the call.
ABOUT MIDWESTONE FINANCIAL GROUP, INC.
MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. 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) the effects of changes in interest rates, including on our net income and the value of our securities portfolio; (2) fluctuations in the value of our investment securities; (3) effects on the U.S. economy resulting from the threat or implementation of, or changes to existing, policies and executive orders, including concerning tariffs, immigration, regulatory or other governmental agencies, DEI and ESG initiative trends, consumer protection policies, foreign policy and tax regulations; (4) volatility of rate-sensitive deposits; (5) asset/liability matching risks and liquidity risks; (6) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company's cost of funds; (7) the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; (8) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures and future monetary policies of the Federal Reserve in response thereto on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (9) the sufficiency of the allowance for credit losses to absorb the amount of expected losses inherent in our existing loan portfolio; (10) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (11) credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio; (12) 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; (13) governmental monetary and fiscal policies; (14) new or revised general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession; (15) the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and value of the agricultural or other products of our borrowers; (16) war or terrorist activities, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (17) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, and including changes in interpretation or prioritization of such laws and regulations; (18) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (19) 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, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (20) changes in the business and economic conditions generally and in the financial services industry, and the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in prior bank failures; (21) the occurrence of fraudulent activity, breaches, or failures of our or our third party vendors' information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (22) the ability to attract and retain key executives and employees experienced in banking and financial services; (23) our ability to adapt successfully to technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (24) operational risks, including data processing system failures and fraud; (25) the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions; (26) the risks of mergers or branch sales, 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; (27) the economic impacts on the Company and its customers of climate change, natural disasters and exceptional weather occurrences, such as: tornadoes, floods and blizzards; and (28) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.
MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED BALANCE SHEETS
| September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (Dollars in thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | ||||||||||||||
| ASSETS | |||||||||||||||||||
| Cash and due from banks | $ | 67,125 | $ | 78,696 | $ | 68,545 | $ | 71,803 | $ | 72,173 | |||||||||
| Interest earning deposits in banks | 205,116 | 90,749 | 182,360 | 133,092 | 129,695 | ||||||||||||||
| Total cash and cash equivalents | 272,241 | 169,445 | 250,905 | 204,895 | 201,868 | ||||||||||||||
| Debt securities available for sale at fair value | 1,175,656 | 1,235,045 | 1,305,530 | 1,328,433 | 1,623,104 | ||||||||||||||
| Loans held for sale | 12,690 | 16,812 | 13,836 | 749 | 3,283 | ||||||||||||||
| Gross loans held for investment | 4,429,359 | 4,391,426 | 4,315,546 | 4,328,413 | 4,344,559 | ||||||||||||||
| Unearned income, net | (9,731 | ) | (10,238 | ) | (11,362 | ) | (12,786 | ) | (15,803 | ) | |||||||||
| Loans held for investment, net of unearned income | 4,419,628 | 4,381,188 | 4,304,184 | 4,315,627 | 4,328,756 | ||||||||||||||
| Allowance for credit losses | (51,900 | ) | (65,800 | ) | (53,900 | ) | (55,200 | ) | (54,000 | ) | |||||||||
| Total loans held for investment, net | 4,367,728 | 4,315,388 | 4,250,284 | 4,260,427 | 4,274,756 | ||||||||||||||
| Premises and equipment, net | 89,552 | 89,910 | 90,031 | 90,851 | 90,750 | ||||||||||||||
| Goodwill | 69,788 | 69,788 | 69,788 | 69,788 | 69,788 | ||||||||||||||
| Other intangible assets, net | 21,216 | 22,359 | 23,611 | 25,019 | 26,469 | ||||||||||||||
| Foreclosed assets, net | 3,952 | 3,414 | 3,419 | 3,337 | 3,583 | ||||||||||||||
| Other assets | 236,929 | 238,612 | 246,990 | 252,830 | 258,881 | ||||||||||||||
| Total assets | $ | 6,249,752 | $ | 6,160,773 | $ | 6,254,394 | $ | 6,236,329 | $ | 6,552,482 | |||||||||
| LIABILITIES | |||||||||||||||||||
| Noninterest bearing deposits | $ | 958,080 | $ | 910,693 | $ | 903,714 | $ | 951,423 | $ | 917,715 | |||||||||
| Interest bearing deposits | 4,520,916 | 4,477,405 | 4,585,428 | 4,526,559 | 4,451,012 | ||||||||||||||
| Total deposits | 5,478,996 | 5,388,098 | 5,489,142 | 5,477,982 | 5,368,727 | ||||||||||||||
| Short-term borrowings | - | - | 1,482 | 3,186 | 410,630 | ||||||||||||||
| Long-term debt | 97,973 | 112,320 | 111,398 | 113,376 | 115,051 | ||||||||||||||
| Other liabilities | 66,727 | 71,315 | 72,747 | 82,089 | 95,836 | ||||||||||||||
| Total liabilities | 5,643,696 | 5,571,733 | 5,674,769 | 5,676,633 | 5,990,244 | ||||||||||||||
| SHAREHOLDERS' EQUITY | |||||||||||||||||||
| Common stock | 21,580 | 21,580 | 21,580 | 21,580 | 21,580 | ||||||||||||||
| Additional paid-in capital | 415,061 | 414,485 | 414,258 | 414,987 | 414,965 | ||||||||||||||
| Retained earnings | 244,720 | 232,718 | 227,790 | 217,776 | 206,490 | ||||||||||||||
| Treasury stock | (25,929 | ) | (22,186 | ) | (20,905 | ) | (21,885 | ) | (21,955 | ) | |||||||||
| Accumulated other comprehensive loss | (49,376 | ) | (57,557 | ) | (63,098 | ) | (72,762 | ) | (58,842 | ) | |||||||||
| Total shareholders' equity | 606,056 | 589,040 | 579,625 | 559,696 | 562,238 | ||||||||||||||
| Total liabilities and shareholders' equity | $ | 6,249,752 | $ | 6,160,773 | $ | 6,254,394 | $ | 6,236,329 | $ | 6,552,482 | |||||||||
MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| (Dollars in thousands, except per share data) | September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | |||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||
| Interest income | ||||||||||||||||||||||
| Loans, including fees | $ | 63,679 | $ | 62,276 | $ | 59,462 | $ | 62,458 | $ | 62,521 | $ | 185,417 | $ | 182,111 | ||||||||
| Taxable investment securities | 12,109 | 12,928 | 13,327 | 11,320 | 8,779 | 38,364 | 27,467 | |||||||||||||||
| Tax-exempt investment securities | 688 | 699 | 703 | 728 | 1,611 | 2,090 | 4,984 | |||||||||||||||
| Other | 2,466 | 1,517 | 1,247 | 3,761 | 785 | 5,230 | 1,445 | |||||||||||||||
| Total interest income | 78,942 | 77,420 | 74,739 | 78,267 | 73,696 | 231,101 | 216,007 | |||||||||||||||
| Interest expense | ||||||||||||||||||||||
| Deposits | 26,270 | 25,665 | 25,484 | 27,324 | 29,117 | 77,419 | 85,785 | |||||||||||||||
| Short-term borrowings | 19 | 19 | 25 | 115 | 5,043 | 63 | 15,427 | |||||||||||||||
| Long-term debt | 1,645 | 1,754 | 1,791 | 1,890 | 2,015 | 5,190 | 6,196 | |||||||||||||||
| Total interest expense | 27,934 | 27,438 | 27,300 | 29,329 | 36,175 | 82,672 | 107,408 | |||||||||||||||
| Net interest income | 51,008 | 49,982 | 47,439 | 48,938 | 37,521 | 148,429 | 108,599 | |||||||||||||||
| Credit loss expense | 2,132 | 11,889 | 1,687 | 1,291 | 1,535 | 15,708 | 7,491 | |||||||||||||||
| Net interest income after credit loss expense | 48,876 | 38,093 | 45,752 | 47,647 | 35,986 | 132,721 | 101,108 | |||||||||||||||
| Noninterest income | ||||||||||||||||||||||
| Investment services and trust activities | 4,059 | 3,705 | 3,544 | 3,779 | 3,410 | 11,308 | 10,417 | |||||||||||||||
| Service charges and fees | 2,423 | 2,190 | 2,131 | 2,159 | 2,170 | 6,744 | 6,470 | |||||||||||||||
| Card revenue | 1,752 | 1,934 | 1,744 | 1,833 | 1,935 | 5,430 | 5,785 | |||||||||||||||
| Loan revenue | 924 | 1,417 | 1,194 | 1,841 | 760 | 3,535 | 3,141 | |||||||||||||||
| Bank-owned life insurance | 703 | 677 | 1,057 | 719 | 879 | 2,437 | 2,207 | |||||||||||||||
| Investment securities gains (losses), net | - | - | 33 | 161 | (140,182 | ) | 33 | (140,113 | ) | |||||||||||||
| Other | 392 | 326 | 433 | 345 | 640 | 1,151 | 13,009 | |||||||||||||||
| Total noninterest income (loss) | 10,253 | 10,249 | 10,136 | 10,837 | (130,388 | ) | 30,638 | (99,084 | ) | |||||||||||||
| Noninterest expense | ||||||||||||||||||||||
| Compensation and employee benefits | 22,312 | 21,011 | 21,212 | 20,684 | 19,943 | 64,535 | 61,858 | |||||||||||||||
| Occupancy expense of premises, net | 2,690 | 2,540 | 2,588 | 2,772 | 2,443 | 7,818 | 7,691 | |||||||||||||||
| Equipment | 2,601 | 2,550 | 2,426 | 2,688 | 2,486 | 7,577 | 7,616 | |||||||||||||||
| Legal and professional | 2,067 | 2,153 | 2,226 | 2,534 | 2,261 | 6,446 | 6,573 | |||||||||||||||
| Data processing | 1,568 | 1,486 | 1,698 | 1,719 | 1,580 | 4,752 | 4,585 | |||||||||||||||
| Marketing | 624 | 762 | 552 | 793 | 619 | 1,938 | 1,853 | |||||||||||||||
| Amortization of intangibles | 1,143 | 1,252 | 1,408 | 1,449 | 1,470 | 3,803 | 4,700 | |||||||||||||||
| FDIC insurance | 780 | 851 | 917 | 980 | 923 | 2,548 | 2,916 | |||||||||||||||
| Communications | 155 | 161 | 159 | 154 | 159 | 475 | 546 | |||||||||||||||
| Foreclosed assets, net | 401 | 83 | 74 | 56 | 330 | 558 | 826 | |||||||||||||||
| Other | 3,296 | 2,918 | 3,033 | 3,543 | 3,584 | 9,247 | 7,960 | |||||||||||||||
| Total noninterest expense | 37,637 | 35,767 | 36,293 | 37,372 | 35,798 | 109,697 | 107,124 | |||||||||||||||
| Income (loss) before income tax expense (benefit) | 21,492 | 12,575 | 19,595 | 21,112 | (130,200 | ) | 53,662 | (105,100 | ) | |||||||||||||
| Income tax expense (benefit) | 4,477 | 2,595 | 4,457 | 4,782 | (34,493 | ) | 11,529 | (28,481 | ) | |||||||||||||
| Net income (loss) | $ | 17,015 | $ | 9,980 | $ | 15,138 | $ | 16,330 | $ | (95,707 | ) | $ | 42,133 | $ | (76,619 | ) | ||||||
| Earnings (loss) per common share | ||||||||||||||||||||||
| Basic | $ | 0.82 | $ | 0.48 | $ | 0.73 | $ | 0.79 | $ | (6.05 | ) | $ | 2.03 | $ | (4.86 | ) | ||||||
| Diluted | $ | 0.82 | $ | 0.48 | $ | 0.73 | $ | 0.78 | $ | (6.05 | ) | $ | 2.03 | $ | (4.86 | ) | ||||||
| Weighted average basic common shares outstanding | 20,682 | 20,816 | 20,797 | 20,776 | 15,829 | 20,765 | 15,772 | |||||||||||||||
| Weighted average diluted common shares outstanding | 20,718 | 20,843 | 20,849 | 20,851 | 15,829 | 20,801 | 15,772 | |||||||||||||||
| Dividends paid per common share | $ | 0.2425 | $ | 0.2425 | $ | 0.2425 | $ | 0.2425 | $ | 0.2425 | $ | 0.7275 | $ | 0.7275 | ||||||||
MIDWESTONE FINANCIAL GROUP, INC.
FINANCIAL STATISTICS
| As of or for the Three Months Ended | As of or for the Nine Months Ended | ||||||||||||||||||
| (Dollars in thousands, except per share amounts) | September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Earnings: | |||||||||||||||||||
| Net interest income | $ | 51,008 | $ | 49,982 | $ | 37,521 | $ | 148,429 | $ | 108,599 | |||||||||
| Noninterest income (loss) | 10,253 | 10,249 | (130,388 | ) | 30,638 | (99,084 | ) | ||||||||||||
| Total revenue, net of interest expense | 61,261 | 60,231 | (92,867 | ) | 179,067 | 9,515 | |||||||||||||
| Credit loss expense | 2,132 | 11,889 | 1,535 | 15,708 | 7,491 | ||||||||||||||
| Noninterest expense | 37,637 | 35,767 | 35,798 | 109,697 | 107,124 | ||||||||||||||
| Income (loss) before income tax expense | 21,492 | 12,575 | (130,200 | ) | 53,662 | (105,100 | ) | ||||||||||||
| Income tax expense (benefit) | 4,477 | 2,595 | (34,493 | ) | 11,529 | (28,481 | ) | ||||||||||||
| Net income (loss) | $ | 17,015 | $ | 9,980 | $ | (95,707 | ) | $ | 42,133 | $ | (76,619 | ) | |||||||
| Pre-tax pre-provision net revenue(1) | $ | 23,624 | $ | 24,464 | $ | (128,665 | ) | $ | 69,370 | $ | (97,609 | ) | |||||||
| Adjusted earnings(1) | 18,054 | 10,176 | 9,141 | 43,532 | 21,762 | ||||||||||||||
| Per Share Data: | |||||||||||||||||||
| Diluted earnings (loss) | $ | 0.82 | $ | 0.48 | $ | (6.05 | ) | $ | 2.03 | $ | (4.86 | ) | |||||||
| Adjusted earnings(1) | 0.87 | 0.49 | 0.58 | 2.09 | 1.38 | ||||||||||||||
| Book value | 29.37 | 28.36 | 27.06 | 29.37 | 27.06 | ||||||||||||||
| Tangible book value(1) | 24.96 | 23.92 | 22.43 | 24.96 | 22.43 | ||||||||||||||
| Ending Balance Sheet: | |||||||||||||||||||
| Total assets | $ | 6,249,752 | $ | 6,160,773 | $ | 6,552,482 | $ | 6,249,752 | $ | 6,552,482 | |||||||||
| Loans held for investment, net of unearned income | 4,419,628 | 4,381,188 | 4,328,756 | 4,419,628 | 4,328,756 | ||||||||||||||
| Total securities | 1,175,656 | 1,235,045 | 1,623,104 | 1,175,656 | 1,623,104 | ||||||||||||||
| Total deposits | 5,478,996 | 5,388,098 | 5,368,727 | 5,478,996 | 5,368,727 | ||||||||||||||
| Short-term borrowings | - | - | 410,630 | - | 410,630 | ||||||||||||||
| Long-term debt | 97,973 | 112,320 | 115,051 | 97,973 | 115,051 | ||||||||||||||
| Total shareholders' equity | 606,056 | 589,040 | 562,238 | 606,056 | 562,238 | ||||||||||||||
| Average Balance Sheet: | |||||||||||||||||||
| Average total assets | $ | 6,219,871 | $ | 6,172,649 | $ | 6,583,404 | $ | 6,187,210 | $ | 6,643,897 | |||||||||
| Average total loans | 4,392,991 | 4,370,196 | 4,311,693 | 4,351,665 | 4,343,087 | ||||||||||||||
| Average total deposits | 5,448,064 | 5,398,916 | 5,402,634 | 5,415,447 | 5,465,993 | ||||||||||||||
| Financial Ratios: | |||||||||||||||||||
| Return on average assets | 1.09 | % | 0.65 | % | (5.78 | )% | 0.91 | % | (1.54 | )% | |||||||||
| Return on average equity | 11.34 | % | 6.81 | % | (69.05 | )% | 9.63 | % | (19.03 | )% | |||||||||
| Return on average tangible equity(1) | 14.08 | % | 8.84 | % | (82.78 | )% | 12.22 | % | (22.17 | )% | |||||||||
| Efficiency ratio(1) | 58.21 | % | 56.20 | % | 70.32 | % | 57.91 | % | 65.20 | % | |||||||||
| Net interest margin, tax equivalent(1) | 3.57 | % | 3.57 | % | 2.51 | % | 3.53 | % | 2.42 | % | |||||||||
| Loans to deposits ratio | 80.66 | % | 81.31 | % | 80.63 | % | 80.66 | % | 80.63 | % | |||||||||
| CET1 Ratio | 11.10 | % | 11.02 | % | 9.91 | % | 11.10 | % | 9.91 | % | |||||||||
| Common equity ratio | 9.70 | % | 9.56 | % | 8.58 | % | 9.70 | % | 8.58 | % | |||||||||
| Tangible common equity ratio(1) | 8.36 | % | 8.19 | % | 7.22 | % | 8.36 | % | 7.22 | % | |||||||||
| Credit Risk Profile: | |||||||||||||||||||
| Total nonperforming loans | $ | 29,992 | $ | 37,192 | $ | 21,954 | $ | 29,992 | $ | 21,954 | |||||||||
| Nonperforming loans ratio | 0.68 | % | 0.85 | % | 0.51 | % | 0.68 | % | 0.51 | % | |||||||||
| Total nonperforming assets | $ | 33,944 | $ | 40,606 | $ | 25,537 | $ | 33,944 | $ | 25,537 | |||||||||
| Nonperforming assets ratio | 0.54 | % | 0.66 | % | 0.39 | % | 0.54 | % | 0.39 | % | |||||||||
| Net charge-offs | $ | 15,332 | $ | 189 | $ | 1,735 | $ | 18,608 | $ | 2,448 | |||||||||
| Net charge-off ratio | 1.38 | % | 0.02 | % | 0.16 | % | 0.57 | % | 0.08 | % | |||||||||
| Allowance for credit losses | $ | 51,900 | $ | 65,800 | $ | 54,000 | $ | 51,900 | $ | 54,000 | |||||||||
| Allowance for credit losses ratio | 1.17 | % | 1.50 | % | 1.25 | % | 1.17 | % | 1.25 | % | |||||||||
| Allowance for credit losses to nonaccrual ratio | 180.84 | % | 179.19 | % | 260.84 | % | 180.84 | % | 260.84 | % | |||||||||
| (1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure. | |||||||||||||||||||
MIDWESTONE FINANCIAL GROUP, INC.
AVERAGE BALANCE SHEET AND YIELD ANALYSIS
| Three Months Ended | ||||||||||||||||||||||||||
| September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Cost | Average Balance | Interest Income/ Expense | Average Yield/ Cost | Average Balance | Interest Income/ Expense | Average Yield/ Cost | |||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||
| Loans, including fees(1)(2)(3) | $ | 4,392,991 | $ | 64,732 | 5.85 | % | $ | 4,370,196 | $ | 63,298 | 5.81 | % | $ | 4,311,693 | $ | 63,472 | 5.86 | % | ||||||||
| Taxable investment securities | 1,098,771 | 12,109 | 4.37 | % | 1,168,048 | 12,928 | 4.44 | % | 1,489,843 | 8,779 | 2.34 | % | ||||||||||||||
| Tax-exempt investment securities(2)(4) | 103,321 | 846 | 3.25 | % | 102,792 | 859 | 3.35 | % | 313,935 | 1,976 | 2.50 | % | ||||||||||||||
| Total securities held for investment(2) | 1,202,092 | 12,955 | 4.28 | % | 1,270,840 | 13,787 | 4.35 | % | 1,803,778 | 10,755 | 2.37 | % | ||||||||||||||
| Other | 212,544 | 2,466 | 4.60 | % | 104,628 | 1,517 | 5.82 | % | 52,054 | 785 | 6.00 | % | ||||||||||||||
| Total interest earning assets(2) | $ | 5,807,627 | $ | 80,153 | 5.48 | % | $ | 5,745,664 | $ | 78,602 | 5.49 | % | $ | 6,167,525 | $ | 75,012 | 4.84 | % | ||||||||
| Other assets | 412,244 | 426,985 | 415,879 | |||||||||||||||||||||||
| Total assets | $ | 6,219,871 | $ | 6,172,649 | $ | 6,583,404 | ||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
| Interest checking deposits | $ | 1,208,957 | $ | 2,065 | 0.68 | % | $ | 1,221,266 | $ | 2,101 | 0.69 | % | $ | 1,243,327 | $ | 3,041 | 0.97 | % | ||||||||
| Money market deposits | 981,896 | 6,187 | 2.50 | % | 986,029 | 6,057 | 2.46 | % | 1,047,081 | 7,758 | 2.95 | % | ||||||||||||||
| Savings deposits | 882,572 | 3,533 | 1.59 | % | 843,223 | 3,161 | 1.50 | % | 761,922 | 3,128 | 1.63 | % | ||||||||||||||
| Time deposits | 1,440,704 | 14,485 | 3.99 | % | 1,436,301 | 14,346 | 4.01 | % | 1,430,723 | 15,190 | 4.22 | % | ||||||||||||||
| Total interest bearing deposits | 4,514,129 | 26,270 | 2.31 | % | 4,486,819 | 25,665 | 2.29 | % | 4,483,053 | 29,117 | 2.58 | % | ||||||||||||||
| Securities sold under agreements to repurchase | - | - | - | % | 896 | 1 | 0.45 | % | 5,812 | 12 | 0.82 | % | ||||||||||||||
| Other short-term borrowings | - | 19 | - | % | - | 18 | - | % | 415,961 | 5,031 | 4.81 | % | ||||||||||||||
| Total short-term borrowings | - | 19 | - | % | 896 | 19 | 8.51 | % | 421,773 | 5,043 | 4.76 | % | ||||||||||||||
| Long-term debt | 103,044 | 1,645 | 6.33 | % | 112,035 | 1,754 | 6.28 | % | 116,032 | 2,015 | 6.91 | % | ||||||||||||||
| Total borrowed funds | 103,044 | 1,664 | 6.41 | % | 112,931 | 1,773 | 6.30 | % | 537,805 | 7,058 | 5.22 | % | ||||||||||||||
| Total interest bearing liabilities | $ | 4,617,173 | $ | 27,934 | 2.40 | % | $ | 4,599,750 | $ | 27,438 | 2.39 | % | $ | 5,020,858 | $ | 36,175 | 2.87 | % | ||||||||
| Noninterest bearing deposits | 933,935 | 912,097 | 919,581 | |||||||||||||||||||||||
| Other liabilities | 73,707 | 73,094 | 91,551 | |||||||||||||||||||||||
| Shareholders' equity | 595,056 | 587,708 | 551,414 | |||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 6,219,871 | $ | 6,172,649 | $ | 6,583,404 | ||||||||||||||||||||
| Net interest income(2) | $ | 52,219 | $ | 51,164 | $ | 38,837 | ||||||||||||||||||||
| Net interest spread(2) | 3.08 | % | 3.10 | % | 1.97 | % | ||||||||||||||||||||
| Net interest margin(2) | 3.57 | % | 3.57 | % | 2.51 | % | ||||||||||||||||||||
| Total deposits(5) | $ | 5,448,064 | $ | 26,270 | 1.91 | % | $ | 5,398,916 | $ | 25,665 | 1.91 | % | $ | 5,402,634 | $ | 29,117 | 2.14 | % | ||||||||
| Cost of funds(6) | 2.00 | % | 2.00 | % | 2.42 | % | ||||||||||||||||||||
(1) Average balance includes nonaccrual loans.
(2) Tax equivalent. The federal statutory tax rate utilized was 21%.
(3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $381 thousand, $272 thousand, and $378 thousand for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. Loan purchase discount accretion was $1.0 million, $1.1 million, and $1.4 million for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. Tax equivalent adjustments were $1.1 million, $1.0 million, and $951 thousand for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
(4) Interest income includes tax equivalent adjustments of $158 thousand, $160 thousand, and $365 thousand for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
(5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
(6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.
MIDWESTONE FINANCIAL GROUP, INC.
AVERAGE BALANCE SHEET AND YIELD ANALYSIS
| Nine Months Ended | |||||||||||||||||
| September 30, 2025 | September 30, 2024 | ||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Cost | Average Balance | Interest Income/ Expense | Average Yield/ Cost | |||||||||||
| ASSETS | |||||||||||||||||
| Loans, including fees(1)(2)(3) | $ | 4,351,665 | $ | 188,473 | 5.79 | % | $ | 4,343,087 | $ | 184,920 | 5.69 | % | |||||
| Taxable investment securities | 1,157,821 | 38,364 | 4.43 | % | 1,522,447 | 27,467 | 2.41 | % | |||||||||
| Tax-exempt investment securities(2)(4) | 103,884 | 2,570 | 3.31 | % | 321,560 | 6,113 | 2.54 | % | |||||||||
| Total securities held for investment(2) | 1,261,705 | 40,934 | 4.34 | % | 1,844,007 | 33,580 | 2.43 | % | |||||||||
| Other | 147,426 | 5,230 | 4.74 | % | 34,435 | 1,445 | 5.61 | % | |||||||||
| Total interest earning assets(2) | $ | 5,760,796 | $ | 234,637 | 5.45 | % | $ | 6,221,529 | $ | 219,945 | 4.72 | % | |||||
| Other assets | 426,414 | 422,368 | |||||||||||||||
| Total assets | $ | 6,187,210 | $ | 6,643,897 | |||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
| Interest checking deposits | $ | 1,223,487 | $ | 6,293 | 0.69 | % | $ | 1,280,581 | $ | 9,076 | 0.95 | % | |||||
| Money market deposits | 990,146 | 18,577 | 2.51 | % | 1,074,006 | 23,644 | 2.94 | % | |||||||||
| Savings deposits | 854,014 | 9,751 | 1.53 | % | 731,724 | 7,848 | 1.43 | % | |||||||||
| Time deposits | 1,425,025 | 42,798 | 4.02 | % | 1,449,485 | 45,217 | 4.17 | % | |||||||||
| Total interest bearing deposits | 4,492,672 | 77,419 | 2.30 | % | 4,535,796 | 85,785 | 2.53 | % | |||||||||
| Securities sold under agreements to repurchase | 1,190 | 6 | 0.67 | % | 5,482 | 33 | 0.80 | % | |||||||||
| Other short-term borrowings | - | 57 | - | % | 422,653 | 15,394 | 4.87 | % | |||||||||
| Total short-term borrowings | 1,190 | 63 | 7.08 | % | 428,135 | 15,427 | 4.81 | % | |||||||||
| Long-term debt | 109,443 | 5,190 | 6.34 | % | 119,837 | 6,196 | 6.91 | % | |||||||||
| Total borrowed funds | 110,633 | 5,253 | 6.35 | % | 547,972 | 21,623 | 5.27 | % | |||||||||
| Total interest bearing liabilities | $ | 4,603,305 | $ | 82,672 | 2.40 | % | $ | 5,083,768 | $ | 107,408 | 2.82 | % | |||||
| Noninterest bearing deposits | 922,775 | 930,197 | |||||||||||||||
| Other liabilities | 76,329 | 92,235 | |||||||||||||||
| Shareholders' equity | 584,801 | 537,697 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 6,187,210 | $ | 6,643,897 | |||||||||||||
| Net interest income(2) | $ | 151,965 | $ | 112,537 | |||||||||||||
| Net interest spread(2) | 3.05 | % | 1.90 | % | |||||||||||||
| Net interest margin(2) | 3.53 | % | 2.42 | % | |||||||||||||
| Total deposits(5) | $ | 5,415,447 | $ | 77,419 | 1.91 | % | $ | 5,465,993 | $ | 85,785 | 2.10 | % | |||||
| Cost of funds(6) | 2.00 | % | 2.39 | % | |||||||||||||
(1) Average balance includes nonaccrual loans.
(2) Tax equivalent. The federal statutory tax rate utilized was 21%.
(3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $909 thousand and $952 thousand for the nine months ended September 30, 2025 and September 30, 2024, respectively. Loan purchase discount accretion was $3.3 million and $3.8 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. Tax equivalent adjustments were $3.1 million and $2.8 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
(4) Interest income includes tax equivalent adjustments of $480 thousand and $1.1 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
(5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
(6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.
Non-GAAP Measures
This earnings release contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, return on average tangible equity, net interest margin (tax equivalent), core net interest margin, loan yield (tax equivalent), core yield on loans, efficiency ratio, adjusted earnings and adjusted earnings per share, and pre-tax pre-provision net revenue. Management believes these measures provide investors with useful information regarding the Company's profitability, financial condition and capital adequacy, consistent with how management evaluates the Company's financial performance. The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP measure.
| Tangible Common Equity/Tangible Book Value per Share/Tangible Common Equity Ratio | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (Dollars in thousands, except per share data) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Total shareholders' equity | $ | 606,056 | $ | 589,040 | $ | 579,625 | $ | 559,696 | $ | 562,238 | ||||||||||
| Intangible assets, net | (91,004 | ) | (92,147 | ) | (93,399 | ) | (94,807 | ) | (96,257 | ) | ||||||||||
| Tangible common equity | $ | 515,052 | $ | 496,893 | $ | 486,226 | $ | 464,889 | $ | 465,981 | ||||||||||
| Total assets | $ | 6,249,752 | $ | 6,160,773 | $ | 6,254,394 | $ | 6,236,329 | $ | 6,552,482 | ||||||||||
| Intangible assets, net | (91,004 | ) | (92,147 | ) | (93,399 | ) | (94,807 | ) | (96,257 | ) | ||||||||||
| Tangible assets | $ | 6,158,748 | $ | 6,068,626 | $ | 6,160,995 | $ | 6,141,522 | $ | 6,456,225 | ||||||||||
| Book value per share | $ | 29.37 | $ | 28.36 | $ | 27.85 | $ | 26.94 | $ | 27.06 | ||||||||||
| Tangible book value per share(1) | $ | 24.96 | $ | 23.92 | $ | 23.36 | $ | 22.37 | $ | 22.43 | ||||||||||
| Shares outstanding | 20,632,760 | 20,769,577 | 20,815,715 | 20,777,485 | 20,774,919 | |||||||||||||||
| Common equity ratio | 9.70 | % | 9.56 | % | 9.27 | % | 8.97 | % | 8.58 | % | ||||||||||
| Tangible common equity ratio(2) | 8.36 | % | 8.19 | % | 7.89 | % | 7.57 | % | 7.22 | % | ||||||||||
(1) Tangible common equity divided by shares outstanding.
(2) Tangible common equity divided by tangible assets.
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| Return on Average Tangible Equity | September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
| (Dollars in thousands) | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Net income (loss) | $ | 17,015 | $ | 9,980 | $ | (95,707 | ) | $ | 42,133 | $ | (76,619 | ) | ||||||||
| Intangible amortization, net of tax(1) | 850 | 931 | 1,090 | 2,828 | 3,487 | |||||||||||||||
| Tangible net income (loss) | $ | 17,865 | $ | 10,911 | $ | (94,617 | ) | $ | 44,961 | $ | (73,132 | ) | ||||||||
| Average shareholders' equity | $ | 595,056 | $ | 587,708 | $ | 551,414 | $ | 584,801 | $ | 537,697 | ||||||||||
| Average intangible assets, net | (91,571 | ) | (92,733 | ) | (96,706 | ) | (92,815 | ) | (97,102 | ) | ||||||||||
| Average tangible equity | $ | 503,485 | $ | 494,975 | $ | 454,708 | $ | 491,986 | $ | 440,595 | ||||||||||
| Return on average equity | 11.34 | % | 6.81 | % | (69.05 | )% | 9.63 | % | (19.03 | )% | ||||||||||
| Return on average tangible equity(2) | 14.08 | % | 8.84 | % | (82.78 | )% | 12.22 | % | (22.17 | )% | ||||||||||
(1) The income tax rate utilized was the blended marginal tax rate.
(2) Annualized tangible net income divided by average tangible equity.
| Net Interest Margin, Tax Equivalent/ Core Net Interest Margin | Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| (Dollars in thousands) | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Net interest income | $ | 51,008 | $ | 49,982 | $ | 37,521 | $ | 148,429 | $ | 108,599 | ||||||||||
| Tax equivalent adjustments: | ||||||||||||||||||||
| Loans(1) | 1,053 | 1,022 | 951 | 3,056 | 2,809 | |||||||||||||||
| Securities(1) | 158 | 160 | 365 | 480 | 1,129 | |||||||||||||||
| Net interest income, tax equivalent | $ | 52,219 | $ | 51,164 | $ | 38,837 | $ | 151,965 | $ | 112,537 | ||||||||||
| Loan purchase discount accretion | (962 | ) | (1,142 | ) | (1,426 | ) | (3,270 | ) | (3,839 | ) | ||||||||||
| Core net interest income | $ | 51,257 | $ | 50,022 | $ | 37,411 | $ | 148,695 | $ | 108,698 | ||||||||||
| Net interest margin | 3.48 | % | 3.49 | % | 2.42 | % | 3.44 | % | 2.33 | % | ||||||||||
| Net interest margin, tax equivalent(2) | 3.57 | % | 3.57 | % | 2.51 | % | 3.53 | % | 2.42 | % | ||||||||||
| Core net interest margin(3) | 3.50 | % | 3.49 | % | 2.41 | % | 3.45 | % | 2.33 | % | ||||||||||
| Average interest earning assets | $ | 5,807,627 | $ | 5,745,664 | $ | 6,167,525 | $ | 5,760,796 | $ | 6,221,529 | ||||||||||
(1) The federal statutory tax rate utilized was 21%.
(2) Annualized tax equivalent net interest income divided by average interest earning assets.
(3) Annualized core net interest income divided by average interest earning assets.
| Loan Yield, Tax Equivalent / Core Yield on Loans | Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| (Dollars in thousands) | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Loan interest income, including fees | $ | 63,679 | $ | 62,276 | $ | 62,521 | $ | 185,417 | $ | 182,111 | ||||||||||
| Tax equivalent adjustment(1) | 1,053 | 1,022 | 951 | 3,056 | 2,809 | |||||||||||||||
| Tax equivalent loan interest income | $ | 64,732 | $ | 63,298 | $ | 63,472 | $ | 188,473 | $ | 184,920 | ||||||||||
| Loan purchase discount accretion | (962 | ) | (1,142 | ) | (1,426 | ) | (3,270 | ) | (3,839 | ) | ||||||||||
| Core loan interest income | $ | 63,770 | $ | 62,156 | $ | 62,046 | $ | 185,203 | $ | 181,081 | ||||||||||
| Yield on loans | 5.75 | % | 5.72 | % | 5.77 | % | 5.70 | % | 5.60 | % | ||||||||||
| Yield on loans, tax equivalent(2) | 5.85 | % | 5.81 | % | 5.86 | % | 5.79 | % | 5.69 | % | ||||||||||
| Core yield on loans(3) | 5.76 | % | 5.70 | % | 5.72 | % | 5.69 | % | 5.57 | % | ||||||||||
| Average loans | $ | 4,392,991 | $ | 4,370,196 | $ | 4,311,693 | $ | 4,351,665 | $ | 4,343,087 | ||||||||||
(1) The federal statutory tax rate utilized was 21%.
(2) Annualized tax equivalent loan interest income divided by average loans.
(3) Annualized core loan interest income divided by average loans.
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| Efficiency Ratio | September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
| (Dollars in thousands) | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Total noninterest expense | $ | 37,637 | $ | 35,767 | $ | 35,798 | $ | 109,697 | $ | 107,124 | ||||||||||
| Amortization of intangibles | (1,143 | ) | (1,252 | ) | (1,470 | ) | (3,803 | ) | (4,700 | ) | ||||||||||
| Merger-related expenses | (132 | ) | - | (133 | ) | (172 | ) | (2,301 | ) | |||||||||||
| Noninterest expense used for efficiency ratio | $ | 36,362 | $ | 34,515 | $ | 34,195 | $ | 105,722 | $ | 100,123 | ||||||||||
| Net interest income, tax equivalent(1) | $ | 52,219 | $ | 51,164 | $ | 38,837 | $ | 151,965 | $ | 112,537 | ||||||||||
| Plus: Noninterest income (loss) | 10,253 | 10,249 | (130,388 | ) | 30,638 | (99,084 | ) | |||||||||||||
| Less: Investment securities gains (losses), net | - | - | (140,182 | ) | 33 | (140,113 | ) | |||||||||||||
| Net revenues used for efficiency ratio | $ | 62,472 | $ | 61,413 | $ | 48,631 | $ | 182,570 | $ | 153,566 | ||||||||||
| Efficiency ratio(2) | 58.21 | % | 56.20 | % | 70.32 | % | 57.91 | % | 65.20 | % | ||||||||||
(1) The federal statutory tax rate utilized was 21%.
(2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| Adjusted Earnings | September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
| (Dollars in thousands, except per share data) | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Net income (loss) | $ | 17,015 | $ | 9,980 | $ | (95,707 | ) | $ | 42,133 | $ | (76,619 | ) | ||||||||
| Less: Investment securities gains (losses), net of tax(1) | - | - | (103,988 | ) | 25 | (103,937 | ) | |||||||||||||
| Less: Mortgage servicing rights (loss) gain, net of tax(1) | (454 | ) | (196 | ) | (761 | ) | (809 | ) | (938 | ) | ||||||||||
| Plus: Merger-related expenses, net of tax(1) | 98 | - | 99 | 128 | 1,707 | |||||||||||||||
| Less: (Loss) on extinguishment of debt, net of tax(1) | (487 | ) | - | - | (487 | ) | - | |||||||||||||
| Less: Gain on branch sale, net of tax(1) | - | - | - | - | 8,201 | |||||||||||||||
| Adjusted earnings | $ | 18,054 | $ | 10,176 | $ | 9,141 | $ | 43,532 | $ | 21,762 | ||||||||||
| Weighted average diluted common shares outstanding | 20,718 | 20,843 | 15,829 | 20,801 | 15,772 | |||||||||||||||
| Earnings per common share - diluted | $ | 0.82 | $ | 0.48 | $ | (6.05 | ) | $ | 2.03 | $ | (4.86 | ) | ||||||||
| Adjusted earnings per common share(2) | $ | 0.87 | $ | 0.49 | $ | 0.58 | $ | 2.09 | $ | 1.38 | ||||||||||
(1) The income tax rate utilized was the blended marginal tax rate.
(2) Adjusted earnings divided by weighted average diluted common shares outstanding.
| For the Three Months Ended | Year Ended | |||||||||||||||||||
| Pre-tax Pre-provision Net Revenue | September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
| (Dollars in thousands) | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Net interest income | $ | 51,008 | $ | 49,982 | $ | 37,521 | $ | 148,429 | $ | 108,599 | ||||||||||
| Noninterest income (loss) | 10,253 | 10,249 | (130,388 | ) | 30,638 | (99,084 | ) | |||||||||||||
| Noninterest expense | (37,637 | ) | (35,767 | ) | (35,798 | ) | (109,697 | ) | (107,124 | ) | ||||||||||
| Pre-tax Pre-provision Net Revenue | $ | 23,624 | $ | 24,464 | $ | (128,665 | ) | $ | 69,370 | $ | (97,609 | ) | ||||||||
Category: Earnings
This news release may be downloaded from Corporate Overview | MidWestOne Financial Group, Inc.
Source: MidWestOne Financial Group, Inc.
Industry: Banks
| Contact: | |||
| Charles N. Reeves | Barry S. Ray | ||
| Chief Executive Officer | Chief Financial Officer | ||
| 319.356.5800 | 319.356.5800 | ||
