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Dec 31, 2020
MidwestOne Q4 2020 Earnings Report
Reported strong financial results driven by revenue growth and expense management.
Key Takeaways
MidwestOne Financial Group reported a net income of $16.7 million for Q4 2020, which translates to $1.04 per diluted common share. Revenue, net of interest expense, increased by 5% to $49.7 million. The company benefited from a decrease in credit loss expense and noninterest expense.
Net income for the fourth quarter was $16.7 million, or $1.04 per diluted common share.
Revenue, net of interest expense, increased 5% to $49.7 million.
Credit loss expense decreased due to improved economic forecasts.
Noninterest expense decreased due to a goodwill impairment charge recorded in the third quarter of 2020.
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.comInvestment Securities Gains, Net Revenue
CapyFin.comOther Noninterest Income Revenue
CapyFin.com Forward Guidance
The effective tax rate for the full year 2021 is expected to be in the range of 19-21%.