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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.
MidwestOne
MidwestOne
MidwestOne Revenue by Segment
Revenue by Segment
Investment Services & Trust Activities Revenue
CapyFin.comService Charges & Fees Revenue
CapyFin.comCard Revenue
CapyFin.comLoan Revenue
CapyFin.comBank-Owned Life Insurance Revenue
CapyFin.comOther Noninterest Income Revenue
CapyFin.com Forward Guidance
The effective income tax rate for the fourth quarter of 2024 and full year 2025 is expected to be 22-23%.