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Sep 30, 2020
MidwestOne Q3 2020 Earnings Report
MidwestOne Financial Group reported a net loss driven by goodwill write-down, but core earnings remained stable.
Key Takeaways
MidwestOne Financial Group reported a net loss of $19.8 million for Q3 2020, driven by a $31.5 million goodwill write-down. Excluding the write-down, core earnings were $11.7 million. Mortgage banking revenues increased noninterest income by 16%.
Net loss for the third quarter of $19.8 million, or a loss of $1.23 per diluted common share, driven by goodwill write-down of $31.5 million.
Excluding goodwill write-down, core earnings were stable at $11.7 million, or $0.73 per diluted common share.
Mortgage banking revenues drove $1.3 million, or 16%, increase in noninterest income.
COVID-19 loan modifications declined 75% to $116.0 million, which represents 3% of loans held for investment, net of unearned income.
Revenue by Segment
Forward Guidance
The company did not provide specific forward guidance in this earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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