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Sep 30, 2024
MidwestOne Q3 2024 Earnings Report
Reported financial results reflecting a capital raise and balance sheet repositioning.
Key Takeaways
MidwestOne Financial Group reported a net loss of $95.7 million for Q3 2024, or $(6.05) per diluted common share, which included a $1.2 million fraud loss related to a single incident, but the adjusted earnings were $9.1 million, or $0.58 per diluted common share. The company completed a common equity capital raise, resulting in net proceeds of $118.6 million to facilitate a balance sheet repositioning, which led to $140.4 million of securities impairment.
Completed a common equity capital raise, resulting in net proceeds to the Company of $118.6 million to facilitate a balance sheet repositioning.
Recognized a net loss for the quarter of $95.7 million, or $(6.05) per diluted common share, reflecting the effects of the capital raise and balance sheet repositioning.
Net interest margin (tax equivalent) expanded 10 bps to 2.51%.
Noninterest bearing deposits increased 4.0% from the linked quarter.
Revenue by Segment
Forward Guidance
The effective income tax rate for the fourth quarter of 2024 and full year 2025 is expected to be 22-23%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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