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Dec 31, 2023
MidwestOne Q4 2023 Earnings Report
Reported net income of $2.7 million, driven by strategic balance sheet repositioning and core deposit growth.
Key Takeaways
MidwestOne Financial Group reported a net income of $2.7 million for Q4 2023. The company achieved annualized loan growth of 6.1% and saw an increase in deposits, excluding brokered deposits, of $31.4 million. Strategic initiatives and expense discipline are expected to improve financial performance.
Net income was $2.7 million, or $0.17 per diluted common share, after accounting for several pre-tax adjustments.
Sold $115.2 million of securities to reposition the balance sheet, utilizing proceeds to enhance yield and reduce short-term borrowings.
Annualized loan growth reached 6.1%.
Deposits, excluding brokered deposits, increased by $31.4 million, marking the second consecutive quarter of growth.
MidwestOne
MidwestOne
Forward Guidance
MidwestOne expects an effective income tax rate of 20-22% for 2024.