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Mar 31, 2024
MidwestOne Q1 2024 Earnings Report
Reported financial results for the first quarter of 2024.
Key Takeaways
MidwestOne Financial Group reported a net income of $3.3 million, or $0.21 per diluted common share, for the first quarter of 2024. Revenue was $44.5 million, including net interest income of $34.7 million and noninterest income of $9.8 million. The company completed the acquisition of Denver Bankshares, Inc. and experienced net interest margin expansion and adjusted loan growth.
Completed acquisition of Denver Bankshares, Inc.
Net income of $3.3 million, or $0.21 per diluted common share.
Net interest margin expanded 11 bps to 2.33%.
Annualized adjusted loan growth (excluding acquired DNVB loan balances) of 8%.
Revenue by Segment
Forward Guidance
The effective income tax rate for 2024 is expected to be 21-23%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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