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Dec 31, 2022
MidwestOne Q4 2022 Earnings Report
Reported net income of $16.0 million, or $1.02 per diluted common share, and annualized loan growth of 10.36%.
Key Takeaways
MidwestOne Financial Group, Inc. reported net income for the fourth quarter of 2022 of $16.0 million, or $1.02 per diluted common share. Revenue was $54.5 million, which included $2.5 million of additional bargain purchase gain stemming from the Iowa First Bancshares Corp. (IOFB) acquisition. Annualized loan growth was 10.36%.
Net income for the fourth quarter was $16.0 million, or $1.02 per diluted common share.
Revenue was $54.5 million, which included $2.5 million, or $0.16 per diluted common share, of additional bargain purchase gain stemming from the Iowa First Bancshares Corp. (IOFB) acquisition.
Annualized loan growth was 10.36%.
Nonperforming assets ratio improved 16 basis points ("bps") to 0.24%.
MidwestOne
MidwestOne
Forward Guidance
The company expects continued deposit competition in 2023 and will be vigilant in defending their core, relationship deposit franchise.