Exhibit 99.1

NEWS RELEASE
 
 
 
 
 
 
 
 
 
FOR IMMEDIATE RELEASE
 
 
Contact:
 
 
 
 
 
 
Charles N. Funk
 
Gary J. Ortale
 
Steven Carr
 
 
President & CEO
 
EVP & CFO
 
Dresner Corporate Services
 
 
319.356.5800
 
319.356.5800
 
312.726.3600
 

MIDWESTONE FINANCIAL GROUP, INC.
REPORTS FOURTH QUARTER 2013 FINANCIAL RESULTS
Iowa City, Iowa, January 23, 2014 - MidWestOne Financial Group, Inc. (NASDAQ - MOFG), today reported results for its three months and year ended December 31, 2013. Net income for the fourth quarter of 2013 was consistent with the fourth quarter of 2012, at $4.4 million. Diluted earnings per share were $0.52 for the fourth quarter of 2013, compared with $0.51 for the fourth quarter of 2012.
Earnings comparisons between the fourth quarter of 2013 and the same period in 2012 were driven primarily by:
a decrease of 5.9% in noninterest expense; and
a 1.1% increase in net interest income; partially offset by
a 21.3% decrease in noninterest income, mainly due to a $0.7 million decrease in mortgage origination and loan servicing fees in the fourth quarter of 2013.
Net income for the year ended December 31, 2013 was $18.6 million, which represents a $2.1 million, or 12.5%, increase compared to $16.5 million of net income for the same period of 2012, with diluted earnings per share of $2.18 and $1.94 for the comparative full-year periods, respectively. The increase in net income was due primarily to lower noninterest expense, mainly due to the expense related to the termination and liquidation of the Company's defined benefit pension plan in 2012, offset in part by decreased noninterest income, mainly due to the gain on the sale of the Home Mortgage Center location in 2012. After excluding the $6.1 million pension liquidation expense and the $4.0 million gain on the sale of the Company's Home Mortgage Center, adjusted diluted earnings per share for the year ended December 31, 2012 were $2.10.
“Although not our highest earning quarter of the year, the fourth quarter was nevertheless a solid one for our company,” stated President and Chief Executive Officer, Charles N. Funk. “Diluted earnings per share of $2.18 for full-year 2013 represent an all-time record for MidWestOne. In this low interest rate environment we believe our full-year return on average tangible equity of 11.43% represents a good return for our shareholders.” 
Results of Operations
Net interest income for the fourth quarter of 2013 increased $0.1 million, or 1.1%, from $13.2 million for the fourth quarter of 2012, to $13.3 million. Despite increases in loan balances, loan interest income decreased $0.5 million, or 3.9%, to $12.2 million for the fourth quarter of 2013, compared to $12.7 million for the same period of 2012, due to the generally low interest rate environment and increased market competition for quality borrowers. Income from investment securities decreased to $3.7 million for the fourth quarter of 2013 compared to $3.9 million for the fourth quarter of 2012, due mainly to a decrease of $39.6 million in the average balance of investment securities between the two comparable periods. Income from loan pool participations was $0.1 million for the fourth quarter of 2013, a decrease of $0.1 million compared to the same period a year ago, on a much lower level of investment in 2013, as the Company continues to exit this line of business as balances pay down. Loan pool participation income is accounted for on a cash basis when actual payments are received, which can cause income related to this item to vary widely from quarter to quarter. Interest expense decreased $1.0 million, or 27.7%, to $2.7 million for the fourth quarter of 2013, compared to $3.7 million for the same period of 2012, primarily due to lower expense on deposit accounts resulting from lower interest rates.

1

The following information was filed by Midwestone Financial Group, Inc. (MOFG) on Thursday, January 23, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Midwestone Financial Group, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Midwestone Financial Group, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account