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Mar 31, 2021
MidwestOne Q1 2021 Earnings Report
Reported record net income due to increased total revenue, credit loss benefit, and decreased noninterest expense.
Key Takeaways
MidwestOne Financial Group, Inc. reported a record net income of $21.6 million for the first quarter of 2021, driven by increased total revenue, a credit loss benefit, and decreased noninterest expense. The company's efficiency ratio improved, and average total interest earning assets and deposits grew.
Net income for the first quarter was a record $21.6 million, or $1.35 per diluted common share.
Total revenue, net of interest expense, increased to $50.4 million.
Credit loss benefit increased to $4.7 million.
Noninterest expense decreased to $27.7 million.
MidwestOne
MidwestOne
Forward Guidance
The effective income tax rate for the full year 2021 is expected to be in the range of 20-22%.