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Jun 30, 2020
MidwestOne Q2 2020 Earnings Report
MidwestOne reported net income of $11.7 million, an increase of $1.4 million in pre-tax, pre-provision net revenue, and an increase in average deposit balances.
Key Takeaways
MidwestOne Financial Group, Inc. reported a net income of $11.7 million for the second quarter of 2020, or $0.73 per diluted common share. This is compared to a net loss of $2.0 million, or $0.12 per diluted common share, for the first quarter of 2020. The quarterly return on average equity was 9.21%, and the return on average tangible equity was 13.50%.
Net income for the second quarter of $11.7 million, or $0.73 per diluted common share.
Pre-tax, Pre-provision Net Revenue of $18.9 million, an increase of $1.4 million or 8%.
Credit Loss Expense of $4.7 million, a decrease of $17.0 million or 78%.
Average deposit balances increased $405.6 million or 11%.
MidwestOne
MidwestOne
Forward Guidance
The company expects volatility in earnings in the current economic environment.