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Jun 30, 2021
MidwestOne Q2 2021 Earnings Report
Reported a solid quarter with core loan growth, improved asset quality, and tangible book value increase.
Key Takeaways
MidwestOne Financial Group, Inc. reported net income of $17.3 million, or $1.08 per diluted common share, for the second quarter of 2021. The company saw growth in commercial loans excluding PPP loans, an increase in average total deposits, and a decrease in the cost of average total deposits. The efficiency ratio was 54.83%, and nonperforming assets declined.
Net income for the second quarter was $17.3 million, or $1.08 per diluted common share.
Excluding PPP loans, commercial loans increased by 2.2% compared to the first quarter of 2021.
Average total deposits increased by 6.6% compared to the linked quarter, while the cost of average total deposits decreased to 0.28%.
Nonperforming assets declined 8.0% and the net charge-off ratio was 5 bps.
MidwestOne
MidwestOne
Forward Guidance
The effective income tax rate for the full year 2021 is expected to be in the range of 20-22%.