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Dec 31, 2019
MidwestOne Q4 2019 Earnings Report
Reported net income for the fourth quarter and full year of 2019.
Key Takeaways
MidwestOne Financial Group, Inc. reported net income for the fourth quarter of 2019 of $13.4 million, or $0.83 per diluted common share. It was the best full year earnings in the company's history, driven by stable core net interest margin and good expense control.
Net income for the fourth quarter of 2019 was $13.4 million, or $0.83 per diluted common share.
Net income for the full year 2019 was $43.6 million, or $2.93 per diluted common share.
Pre-tax merger-related expenses were $3.3 million for the fourth quarter of 2019.
The company repurchased 19,102 shares of its common stock at an average price of $29.65 per share and a total cost of $566 thousand during the fourth quarter of 2019.
MidwestOne
MidwestOne
Forward Guidance
On January 1, 2020, new accounting and recognition guidance related to credit losses and impairment of certain financial assets became effective for the Company. Our latest estimate of the impact based on December 31, 2019 loan data and economic forecasts indicates that the allowance for credit losses for loans and off-balance sheet credit exposures will increase between 20% and 30%.