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Jun 30, 2022
MidwestOne Q2 2022 Earnings Report
Reported solid progress driven by annualized adjusted core loan growth and improved asset quality.
Key Takeaways
MidwestOne Financial Group, Inc. reported net income for the second quarter of 2022 of $12.6 million, or $0.80 per diluted common share. The company completed the acquisition of Iowa First Bancshares Corp, experienced annualized adjusted core loan growth, and improved asset quality.
Completed acquisition of Iowa First Bancshares Corp ("IOFB").
Annualized adjusted core loan growth (excluding IOFB and PPP) of 10.53%.
Nonperforming assets ratio improved 10 basis points (bps) to 0.43%; net charge-off ratio improved 25 bps to 0.03%.
Net interest margin (tax equivalent) expanded 8 bps to 2.87%.
Revenue by Segment
Forward Guidance
The effective income tax rate for the full year 2022 is expected to be in the range of 20-22%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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