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Midwestone Financial Group, Inc. (MOFG) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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MOFG Quarterly Reports

Midwestone Financial Group, Inc.

CIK: 1412665 Ticker: MOFG
Exhibit 99.1
mofglogoa011.jpg
FOR IMMEDIATE RELEASEApril 30, 2020

MIDWESTONE FINANCIAL GROUP, INC.
REPORTS RESULTS FOR THE
FIRST QUARTER 2020
First Quarter Summary1
Through April 28, 2020, approved approximately $332 million of PPP loans for 2,190 customers.
Net Loss of $2.0 million, or a Loss of $0.12 Per Diluted Share
Credit Loss Expense of $21.7 million
Pre-tax, Pre-provision Net Revenue2 of $17.6 million, an increase of $5.4 million.
Noninterest Income increased 12% to $10.2 million
Noninterest Expenses decreased 18% to $30.0 million
Ending deposit balances rose $131.2 million, or 4%, from year-end 2019
Iowa City, Iowa - MidWestOne Financial Group, Inc. (Nasdaq - MOFG) (“we”, “our”, or the "Company”) today reported net loss for the first quarter of 2020 of $2.0 million, or $0.12 per diluted common share, compared to net income of $13.4 million, or $0.83 per diluted common share, for the fourth quarter of 2019 (the “linked quarter”). Credit loss expense for the first quarter was $21.7 million, which reduced diluted earnings per common share by approximately $0.99 for the first quarter of 2020.
Charles Funk, President and Chief Executive Officer, commented, “The quarter was dominated by the activity, which accelerated in March, to prepare and deal with the effects of the COVID-19 pandemic on our employees, customers and communities. We had many bankers in April working 18 hour days to assure that our customers with PPP applications were promptly served. We also implemented CECL as a means of calculating our necessary credit loss expense. Our credit loss expense of $21.7 million is related to the worsening forecast for the U.S. and our regional economy due to the significant slowing we’ve seen in current and forecasted economic activity. We saw a number of positive elements during the quarter, including excellent deposit growth, very good fee income across our footprint, and improved expense management.”
FINANCIAL HIGHLIGHTSThree Months Ended
March 31,December 31,March 31,
202020192019
(Dollars in thousands, except per share amounts)
Net interest income$37,406  $39,584  $25,976  
Noninterest income10,155  9,036  5,410  
Total revenue, net of interest expense47,561  48,620  31,386  
Credit loss expense21,733  604  1,594  
Noninterest expense30,001  36,436  20,617  
(Loss) income before income tax (benefit) expense(4,173) 11,580  9,175  
Income tax (benefit) expense(2,198) (1,791) 1,890  
Net (loss) income$(1,975) $13,371  $7,285  
Diluted (loss) earnings per share$(0.12) $0.83  $0.60  
Return on average assets(0.17)%1.14 %0.89 %
Return on average equity(1.54)%10.55 %8.22 %
Return on average tangible equity(2)
(0.47)%15.60 %10.87 %
Efficiency ratio(2)
57.67 %63.05 %62.48 %
1First Quarter Summary compares to the linked quarter unless noted.      
2Non-GAAP measure. See pages 15-17 for a reconciliation to the most directly comparable GAAP measure.    1         

The following information was filed by Midwestone Financial Group, Inc. (MOFG) on Thursday, April 30, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Midwestone Financial Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Midwestone Financial Group, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Business Combinations
Business Combinations (Tables)
Business Combinations - Acquisition-Related Expenses (Details)
Business Combinations - Additional Information (Details)
Business Combinations - Assets Acquired And Liabilities Assumed (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Schedule Of Commitments (Details)
Debt Securities
Debt Securities (Tables)
Debt Securities - Additional Information (Details)
Debt Securities - Available For Sale Securities In Continuous Loss Position (Details)
Debt Securities - Investments Classified By Contractual Maturity (Details)
Debt Securities - Proceeds And Gross Realized Gains (Losses) (Details)
Debt Securities - Schedule Of Available For Sale Securities (Details)
Deposits
Deposits (Details)
Deposits (Tables)
Derivatives, Hedging Activities And Balance Sheet Offsetting
Derivatives, Hedging Activities And Balance Sheet Offsetting (Tables)
Derivatives, Hedging Activities And Balance Sheet Offsetting - Additional Information (Details)
Derivatives, Hedging Activities And Balance Sheet Offsetting - Derivatives And Hedging Activities (Details)
Derivatives, Hedging Activities And Balance Sheet Offsetting - Hedged Items In Fair Value Hedging Relationship (Details)
Derivatives, Hedging Activities And Balance Sheet Offsetting - Offsetting Derivative Assets And Liabilities (Details)
Derivatives, Hedging Activities And Balance Sheet Offsetting - Schedule Of Impacts On Statements (Details)
Derivatives, Hedging Activities And Balance Sheet Offsetting - Schedule Of Other Derivatives Not Designated As Hedging Instruments (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Effect Of New Financial Accounting Standards
Effect Of New Financial Accounting Standards (Details)
Effect Of New Financial Accounting Standards (Tables)
Fair Value Of Financial Instruments And Fair Value Measurements
Fair Value Of Financial Instruments And Fair Value Measurements (Tables)
Fair Value Of Financial Instruments And Fair Value Measurements - Financial Instruments (Details)
Fair Value Of Financial Instruments And Fair Value Measurements - Measured On A Nonrecurring Basis (Details)
Fair Value Of Financial Instruments And Fair Value Measurements - Measured On A Recurring Basis (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Goodwill And Additional Information (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Future Amortization Expense (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Leases
Leases (Tables)
Leases - Assets And Liabilities (Details)
Leases - Lease Cost (Details)
Leases - Maturity Schedule (Details)
Loans Receivable And The Allowance For Credit Losses
Loans Receivable And The Allowance For Credit Losses (Tables)
Loans Receivable And The Allowance For Credit Losses - Activity In Allowance For Credit Losses (Details)
Loans Receivable And The Allowance For Credit Losses - Allowance For Loan Losses Based On Evaluation Method (Details)
Loans Receivable And The Allowance For Credit Losses - Amortized Cost Basis Based On Delinquency Status (Details)
Loans Receivable And The Allowance For Credit Losses - Composition Of Loans By Lending Classification (Details)
Loans Receivable And The Allowance For Credit Losses - Loans By Credit Quality Indicator (Details)
Loans Receivable And The Allowance For Credit Losses - Nonaccrual Status And Interest Income (Details)
Loans Receivable And The Allowance For Credit Losses - Pcd Loans (Details)
Loans Receivable And The Allowance For Credit Losses - Pre-Asc 326 Impaired Loan Disclosure (Details)
Loans Receivable And The Allowance For Credit Losses - Primary Type Of Collateral (Details)
Loans Receivable And The Allowance For Credit Losses - Tdr Disclosures (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Junior Subordinated Notes (Details)
Long-Term Debt - Other Long-Term Debt (Details)
Long-Term Debt - Subordinated Debentures (Details)
Other Assets
Other Assets (Details)
Other Assets (Tables)
Regulatory Capital Requirements And Restrictions On Subsidiary Cash
Regulatory Capital Requirements And Restrictions On Subsidiary Cash (Details)
Regulatory Capital Requirements And Restrictions On Subsidiary Cash (Tables)
Short-Term Borrowings
Short-Term Borrowings (Details)
Short-Term Borrowings (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Midwestone Financial Group, Inc. provided additional information to their SEC Filing as exhibits

Ticker: MOFG
CIK: 1412665
Form Type: 10-Q Quarterly Report
Accession Number: 0001412665-20-000052
Submitted to the SEC: Fri May 08 2020 12:42:53 PM EST
Accepted by the SEC: Fri May 08 2020
Period: Tuesday, March 31, 2020
Industry: State Commercial Banks

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