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Jun 30, 2023
MidwestOne Q2 2023 Earnings Report
Reported net income of $7.6 million and annualized loan growth of 10.6%.
Key Takeaways
MidwestOne Financial Group, Inc. reported a net income of $7.6 million for the second quarter of 2023, a significant increase compared to the linked quarter. The company experienced annualized loan growth of 10.6% and made progress on its strategic plan.
Net income increased to $7.6 million, or $0.48 per diluted common share.
Annualized loan growth reached 10.6%.
Expenses included $1.4 million in costs from a voluntary early retirement program and executive relocation.
Nonperforming assets ratio improved to 0.22%, and the net charge-off ratio was 0.09%.
MidwestOne
MidwestOne
Forward Guidance
The effective income tax rate for the full year 2023 is expected to be in the range of 18% - 20%.