Charles N. Funk
President & CEO
319.356.5800
Gary J. Ortale
EVP & CFO
319.356.5800
Steven Carr
Dresner Corporate Services
312.726.3600
MIDWESTONE FINANCIAL GROUP, INC. REPORTS FOURTH-QUARTER 2011 FINANCIAL RESULTS
Iowa City, Iowa, January 26, 2012 - MidWestOne Financial
Group, Inc., (NASDAQ - MOFG) today reported results for its
fourth quarter and fiscal year ended December 31, 2011.
Net income for the fourth quarter of 2011 rose to $3.4
million compared with $2.7 million for the same period last
year. After dividends and discount accretion on the
Company's preferred stock, net income available to
common shareholders also rose to $3.4 million, or $0.39 per
diluted share, compared with net income available to common
shareholders of $2.5 million, or $0.29 per diluted share, in
the fourth quarter of 2010.
Net income for the fourth quarter of 2011 was higher than for
the same period in 2010 primarily due to:
• a 52.9% decrease in the provision for loan losses; and
• a 5.9% increase in net interest income, primarily
attributable to a 16.9% decrease in interest expense.
Net income for 2011 totaled $13.3 million, a $3.2 million, or
31.5%, increase compared to $10.1 million of net income for
2010. After dividends and discount accretion on the
Company's preferred stock, 2011 net income available to
common shareholders rose to $12.7 million, or $1.47 per
diluted share, compared with net income available to common
shareholders of
$9.3 million, or $1.07 per diluted share, for 2010. The
increase in net income for the year was due primarily to
lower provision for loan loss expense and decreased
noninterest expense, which is consistent with the quarterly
results.
"There are many reasons to be pleased with these
results," stated President and Chief Executive Officer
Charles N. Funk. "Foremost among them is the fact that
annual earnings of $1.47 per share is an all-time high for
the Company, reflecting the positive results we expected from
our 2008 merger."
Net interest income for the fourth quarter of 2011 improved
to $12.6 million, up $0.7 million, or 5.9%, from $11.9
million for the fourth quarter of 2010. The continuing low
interest rate environment and its impact on deposit and
borrowed fund rates was the primary cause of the higher net
interest income, as a decrease in interest expense on
deposits of $0.7 million and on Federal Home Loan Bank
borrowings of $0.3 million more than offset the decrease in
interest income from loans of $0.2 million. In addition,
interest income on loan pool participations decreased to
$7,000 for the fourth quarter of 2011 compared to $0.3
million for the same period a year ago, due to a higher level
of loan charge-offs.
Net interest income for 2011 increased to $48.8 million, up
$0.9 million, or 1.9%, from $47.9 million for 2010. The
continuing low interest rate environment's impact on
loan yields and interest income on loan pool participations,
partially offset by an increase in income from investment
securities of $1.7 million, did not fully negate the
beneficial effect of low interest rates on the Company's
interest expense. Loan interest income decreased $2.5
million, or 4.7%, to $52.2 million for 2011, compared to
$54.7 million for 2010. Income from loan pool participations
decreased to $1.1 million for 2011, compared to $2.6 million
for
2010, on a much lower level of investment. Total interest
expense for the 12 months ended December 31, 2011
decreased
$3.3 million, or 14.4%, compared with the same period last
year.
The net interest margin for the fourth quarter, calculated on
a fully tax-equivalent basis, amounted to 3.34% or 2 basis
points higher than the net interest margin of 3.32% for the
fourth quarter of 2010. For the full year of 2011, the net
interest margin was also 3.34%, down 9 basis points from
3.43% for the previous year. The increase between the
comparative fourth quarters was mainly due to lower costs on
interest-bearing liabilities. The decrease between 2010 and
2011 was due primarily to lower yields on an increased volume
of interest-earning assets.
The provision for loan losses for the fourth quarter of 2011
was $0.8 million, a decrease of $0.9 million, or 52.9%,
from
$1.7 million in the fourth quarter of 2010. The provision for
loan losses for 2011 was $3.4 million compared with $6.0
million in
2010, a decrease of $2.6 million, or 43.7%. While the level
of provision expense declined, the Company continued to
increase its loan loss allowance by recording a provision for
loan losses that was greater than its net charge-off
activity.
Noninterest income for the fourth quarter of 2011 decreased
to $3.6 million, down $0.7 million, or 15.5%, from
$4.3 million for the fourth quarter of 2010. This drop was
primarily attributable to decreased mortgage origination and
loan servicing fees, combined with a decline in other service
charges, commissions and fees. Mortgage origination and loan
servicing fees totaled $0.9 million for the fourth quarter of
2011, down 40.8% from $1.5 million for the same period last
year. The decrease in mortgage origination and loan servicing
fees was attributable to lower refinancing activity in single
family residential loans during the fourth quarter of 2011
compared to the same period of 2010. Other service charges,
commissions and fees decreased
$0.2 million, or 30.4%, for the fourth quarter of 2011
compared to the fourth quarter a year ago, primarily due to a
broad-based decline in miscellaneous service charge and fee
income. These declines were partially offset by the absence
of net losses on the sale of premises and equipment for the
fourth quarter of 2011, compared with losses of $0.4 million
in the same quarter of 2010. The losses in 2010 resulted from
the sale of certain bank branch buildings that were no longer
being utilized.
For the 12 months of 2011, noninterest income decreased to
$14.7 million, down $0.2 million, or 1.3%, from $14.9 million
for the 12 months of 2010. The primary reason for this
decline was lower mortgage origination and loan servicing
fees of
$2.7 million for 2011, compared with the $3.5 million during
2010, a decrease of $0.8 million, or 23.2%. Service charges
and fees on deposit accounts decreased by $0.3 million, or
8.4%, from $4.0 million for the year 2010 to $3.7 million for
2011. These declines were partially offset by lower losses on
the sale of fixed assets, and increased income from
bank-owned life insurance. For the year ended December 31,
2011, net losses on the sale of fixed assets declined to $0.2
million, down $0.5 million, or 72.5%, from the comparable
period in 2010. The losses resulted primarily from the sale
of certain bank branch buildings no longer being utilized.
Income from bank-owned life insurance totaled $1.0 million
for 2011 compared to $0.7 million for 2010. The increase was
primarily the result of an additional $8.0 million in
bank-owned life insurance purchased in late 2010.
Noninterest expense for the fourth quarter totaled $11.0
million, an increase of $0.3 million, or 2.8%, from $10.7
million for the fourth quarter of 2010. The primary reasons
for the higher noninterest expense were an increase in net
occupancy and equipment expenses from $1.6 million in the
fourth quarter of 2010 to $1.9 million for the same period of
2011, and an increase in other operating expense from $1.3
million for the fourth quarter of 2010 to $1.5 million for
the same period of 2011. These increases were somewhat offset
by a decrease in FDIC Insurance expense of $0.4 million
between the comparable quarters.
For the year ended December 31, 2011, noninterest expense
decreased $1.1 million, or 2.4%, from $43.3 million for the
year ended December 31, 2010, to $42.2 million. This decline
was primarily due to a decrease in FDIC Insurance expense
of
$1.2 million to $1.6 million in 2011 compared with $2.8
million in 2010. This decrease was partially offset by a $0.3
million, or
5.0%, increase in other operating expenses for 2011 compared
with 2010. The increase was primarily attributable to higher
loan and collection expenses.
Income tax expense was $1.1 million for the fourth quarter of
2011 compared with expense of $1.0 million for the same
period in 2010, and income tax expense was $4.6 million for
all of 2011 compared with expense of $3.4 million for 2010.
The increase for both the quarter and the year was primarily
due to increased income for both periods, and the relative
amount of tax- exempt income on municipal bonds and bank
owned life insurance earned during the respective periods.
Total assets rose to $1.70 billion at December 31, 2011 from
$1.58 billion at December 31, 2010, resulting primarily from
increased investment in securities available for sale and
growth in loans, partially offset by a decrease in loan pool
participation balances. The asset growth was funded by an
increase in both deposits and borrowings from the Federal
Home Loan Bank. Total deposits at December 31, 2011 rose to
$1.31 billion, an increase of $87.3 million, or 7.2%, from
December 31, 2010, while borrowings from the Federal Home
Loan Bank increased $12.8 million, or 10.1% from $127.2
million at December 31, 2010, to
2
$140.0 million at December 31, 2011. Other liabilities
increased $9.2 million, or 183.7%, due primarily to $3.7
million in unsettled purchases of investment securities and a
$2.9 million increase in accrued pension liability. The
Company is in the process of terminating its defined benefit
pension plan, and expects this to be finalized in the first
six months of 2012.
Total bank loans (excluding loan pool participations and
loans held for sale) increased $48.2 million, or 5.1%, to
$986.2 million at December 31, 2011, compared with $938.0
million as of December 31, 2010. This was primarily due to an
increase in commercial and industrial loans, agricultural
loans, and one- to four- family first liens. These increases
were partially offset by decreases in one- to four- family
junior liens and farmland loans.
"A five percent increase in loans outstanding during
2011 is a testament to the hard work and talent of our
staff," Mr. Funk noted. "We continue to see
glimmers of economic recovery in our geographic
footprint."
At December 31, 2011, the largest category of bank loans was
commercial real estate, comprising approximately 40% of the
portfolio, of which 8% was farmland, 7% was construction and
development, and 4% was multifamily. Commercial and
industrial loans and residential real estate loans were the
next largest categories, each at 24%, followed by
agricultural loans at
9%, and consumer loans at 2%.
During 2011, the Company experienced a decrease in
nonperforming loans. Specifically, these loans totaled
$18.1 million as of December 31, 2011, or 1.84% of total bank
loans, compared with $19.8 million at December 31, 2010,
or
2.11% of total bank loans. The annual decrease was primarily
attributable to the fourth quarter net decrease in
nonperforming loans, which was the net effect of one
commercial real estate loan and four one- to four family real
estate loans being moved to Other Real Estate Owned, coupled
with write-downs and collections of various other
nonperforming loans, thereby reducing the balance.
Nonperforming loans at December 31, 2011 consisted of $10.9
million in nonaccrual loans, $6.1 million in troubled debt
restructures and $1.1 million in loans past due 90 days or
more and still accruing. This compares to nonaccrual loans of
$12.4 million, troubled debt restructures of $5.8 million,
and loans past due 90 days or more and still accruing of $1.6
million, at December 31,
2010. Loans past-due 30 to 89 days (not included in the
nonperforming loan totals) were $7.0 million as of December
31, 2011, compared with $10.5 million as of December 31,
2010. As of year end 2011, other real estate owned (not
included in nonperforming loans) totaled $4.0 million, an
increase of $0.1 million from $3.9 million at December 31,
2010.
As of December 31, 2011, the allowance for bank loan losses
was $15.7 million, or 1.59% of total bank loans, compared
with $15.2 million, or 1.62% of total bank loans, at the
prior year end. The allowance for loan losses represented
86.58% of nonperforming loans at December 31, 2011, compared
with 76.67% of nonperforming loans at December 31, 2010. The
bank had net loan charge-offs of $2.8 million during 2011, or
an annualized 0.30% of average bank loans outstanding.
"We continue to be happy with the relative credit
quality of our loan portfolio," continued Mr. Funk.
"A net charge-off rate of 0.30% of loans for the year
2011 speaks for itself. Furthermore, our loan loss allowance
coverage of 86.6% of nonperforming loans puts us in a strong
position for the future."
Loan pool participations (participation interests in
performing, subperforming and nonperforming loans that have
been purchased from various nonaffiliated banking
organizations) were $52.2 million at December 31, 2011, down
from $68.0 million at December 31, 2010. The Company entered
into this business upon consummation of its merger with the
Former MidWestOne in March 2008. As previously announced, the
Company has decided to exit this line of business as current
balances pay down.
The Company has minimal exposure in loan pool participations
to consumer real estate, subprime credit or construction and
real estate development loans. The net "all-in" yield
(excluding the purchase accounting adjustment and after all
expenses) on loan pool participations was 0.05% for the
fourth quarter of 2011, down from 1.65% for the fourth
quarter of 2010. Yields were
1.85% and 3.88% for the 12 months of 2011 and 2010,
respectively. The net yield was higher in 2010 due to an
increased level of charge-offs and decreased payment
collections in the portfolio during 2011. Including loan pool
participations, the loan to deposit ratio was 79.5% as of
December 31, 2011, compared with 82.5% as of December 31,
2010.
Investment securities totaled $536.1 million at December 31,
2011, or 31.6% of total assets, up from $466.0 million,
or
29.5% of total assets, as of December 31, 2010. A total of
$534.1 million of the investment securities were classified
as available for sale at December 31, 2011. The portfolio
consisted mainly of U.S. government agencies (10.6%),
mortgage-backed securities (45.7%), and obligations of states
and political subdivisions (41.1%).
Total shareholders' equity was $156.5 million as of
December 31, 2011. As announced, on July 6, 2011, the Company
completed the redemption of the 16,000 shares of Fixed Rate
Cumulative Perpetual Preferred Stock, Series A issued to the
U.S.
3
Treasury in conjunction with MidWestOne's participation
in the Capital Purchase Program for $16.1 million, consisting
of $16.0 million of principal and $0.1 million of accrued and
unpaid dividends. On July 27, 2011, the Company announced
that it had repurchased for $1.0 million the common stock
warrant issued to the U.S. Treasury as part of the Capital
Purchase Program. The warrant had allowed Treasury to
purchase 198,675 shares of MidWestOne common stock at $12.08
per share. During 2011 the Company also repurchased 102,190
shares of its common stock for an aggregate of $1.5 million.
Total shareholders' equity to total assets ratio was
9.23% at December 31, 2011, compared with 10.02% at December
31, 2010, while the tangible common equity to tangible assets
ratio was 8.68% as of December 31, 2011, up from 8.37% at
December 31, 2010. Tangible common equity per share was
$17.15 at December 31, 2011, up from $15.27 per share at
December 31, 2010. The 12.3% increase was primarily
attributable to net income of $13.3 million for the year
2011, less the $0.5 million of dividends paid during the year
on the senior preferred stock issued to the U.S. Treasury.
MidWestOne will host a conference call for investors at 3:00
p.m., ET, today. To participate, dial 877-317-6789 at least
fifteen minutes before the call's start time. If you are
unable to participate on the call, a replay will be available
until February 10,
2012 on the Company's web site: www.midwestone.com. A
transcript of the call will also be available on the web site
within three business days of the event.
On January 17, 2012, the Company's board of directors
declared a first quarter cash dividend of $0.085 per common
share, which is a 42% increase from the dividend paid each of
the previous two quarters. The dividend is payable March 15,
2012 to shareholders of record at the close of business on
March 1, 2012. At this quarterly rate, the indicated annual
cash dividend is equivalent to $0.34 per common share.
Mr. Funk concluded, "We are pleased to reward our loyal
shareholders with a second dividend increase in the past six
months. This increase puts our payout ratio within the target
range called for in our strategic plan."
MidWestOne Financial Group, Inc. is a financial holding
company headquartered in Iowa City, Iowa. The Company's
bank subsidiary MidWestOne Bank, is also headquartered in
Iowa City. MidWestOne Bank has office locations in Belle
Plaine, Burlington, Cedar Falls, Conrad, Coralville,
Davenport, Fairfield, Fort Madison, Iowa City, Melbourne,
North English, North Liberty, Oskaloosa, Ottumwa,
Parkersburg, Pella, Sigourney, Waterloo and West Liberty,
Iowa. MidWestOne Insurance Services, Inc. provides personal
and business insurance services in Pella, Melbourne and
Oskaloosa, Iowa. MidWestOne Financial Group, Inc. common
stock is traded on the NASDAQ Global Select Market under the
symbol "MOFG."
4
Non-GAAP Presentations:
Certain non-GAAP ratios are provided to evaluate and measure the Company's operating performance and financial condition, including net interest margin, Tier 1 capital to average assets, and tangible common equity to tangible assets ratios. Management believes these ratios provide investors with information regarding the Company's balance sheet, profitability, financial condition and capital adequacy and how management evaluates such metrics internally. The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(dollars in thousands)
Tangible Common Equity Total shareholders' equity Less: Preferred equityGoodwill and intangibles
Tangible common equity
Tangible AssetsTotal assets
Less: Goodwill and intangibles
Tangible assets
Tangible common equity/tangible assets Tier 1 CapitalTotal shareholders' equity
Plus: Long term debt (qualifying restricted core capital) Net unrealized (gains) losses on securities
available for sale
Less: Disallowed goodwill and intangibles
Tier 1 Capital
Average AssetsQuarterly average assets
Less: Disallowed goodwill and intangibles
Average Assets
Tier 1 capital/average assetsAs of
December 31,
2011
$ 156,494
- (10,247)
$ 146,247
$ 1,695,244 (10,247)
$ 1,684,997
8.68%$ 156,494
15,464
(3,328) (10,374)
$ 158,256
$ 1,658,738 (10,374)
$ 1,648,364
9.60%As of
September 30,
2011
$ 156,697
- (10,571)
$ 146,126
$ 1,632,559 (10,571)
$ 1,621,988
9.01%$ 156,697
15,464
(5,782) (10,687)
$ 155,692
$ 1,627,484 (10,687)
$ 1,616,797
9.63%As of
June 30,
2011
$ 168,637 (15,802) (10,795)
$ 142,040
$ 1,645,373 (10,795)
$ 1,634,578
8.69%$ 168,637
15,464
(3,329) (10,911)
$ 169,861
$ 1,626,544 (10,911)
$ 1,615,633
10.51%As of
March 31,
2011
$ 161,315 (15,784) (11,019)
$ 134,512
$ 1,618,231 (11,019)
$ 1,607,212
8.37%$ 161,315
15,464
1,330 (11,138)
$ 166,971
$ 1,589,542 (11,138)
$ 1,578,404
10.58%As of
December 31,
2010
$ 158,466 (15,767) (11,243)
$ 131,456
$ 1,581,259 (11,243)
$ 1,570,016
8.37%$ 158,466
15,464
1,826 (11,327)
$ 164,429
$ 1,584,616 (11,327)
$ 1,573,289
10.45%(dollars in thousands)
Net income available to common shareholdersPlus: Intangible amortization, net of tax(1)
Adjusted net income available to common shareholders
Average tangible common equity: Average total shareholders' equity Less: Average preferred stockAverage goodwill and intangibles
Average tangible common equity
Return on average tangible common equity Net Interest Margin Tax Equivalent AdjustmentNet interest income
Plus tax equivalent adjustment: Loans
Securities
Tax equivalent interest income (1)
Average interest earning assets
Net interest margin(1) Computed assuming a federal income tax rate of 34%
Three Months
Ended December
31,
2011$ 3,351
148
$ 3,499
$ 156,129
- (10,337)
$ 145,792
9.52%$ 12,567
172
548
$ 13,287
$ 1,575,372
3.34%Year Ended
December 31,
2011$ 12,672
591
$ 13,263
$ 158,146 (8,032) (10,613)
$ 139,501
9.51%$ 48,798
473
1,990
$ 51,261
$ 1,536,596
3.34%Three Months
Ended December
31,
2010$ 2,517
174
$ 2,691
$ 161,518 (15,748) (11,455)
$ 134,315
7.94%$ 11,863
79
510
$ 12,452
$ 1,488,855
3.32%Year Ended
December 31,
2010$ 9,262
669
$ 9,931
$ 157,190 (15,734) (11,760)
$ 129,696
7.66%$ 47,865
324
2,038
$ 50,227
$ 1,466,265
3.43%5
Cautionary Note Regarding Forward-Looking Statements
This release contains certain "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our authorized representatives may, from time to time, make written or oral statements that are "forward-looking" and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as "believe", "expect", "anticipate", "should", "could", "would", "plans", "intend", "project", "estimate', "forecast", "may" or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law.
Factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following: (1) credit quality deterioration or pronounced and sustained reduction in real estate market values could cause an increase in the allowance for credit losses and a reduction in net earnings; (2) our management's ability to reduce and effectively manage interest rate risk and the impact of interest rates in general on the volatility of our net interest income; (3) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (4) fluctuations in the value of our investment securities; (5) governmental monetary and fiscal policies; (6) legislative and regulatory changes, including changes in banking, securities and tax laws and regulations and their application by our regulators (particularly with respect to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the extensive regulations to be promulgated thereunder), and changes in the scope and cost of Federal Deposit Insurance Corporation insurance and other coverages; (7) the ability to attract and retain key executives and employees experienced in banking and financial services; (8) the sufficiency of the allowance for loan losses to absorb the amount of actual losses inherent in our existing loan portfolio; (9) our ability to adapt successfully to technological changes to compete effectively in the marketplace; (10) credit risks and risks from concentrations (by geographic area and by industry) within our loan portfolio; (11) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, and other financial institutions operating in our markets or elsewhere or providing similar services; (12) the failure of assumptions underlying the establishment of allowances for loan losses and estimation of values of collateral and various financial assets and liabilities; (13) volatility of rate-sensitive deposits; (14) operational risks, including data processing system failures or fraud; (15) asset/liability matching risks and liquidity risks; (16) the risks of mergers, acquisitions and divestitures, including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (17) the costs, effects and outcomes of existing or future litigation; (18) changes in general economic or industry conditions, nationally or in the communities in which we conduct business; (19) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; and (20) other risk factors detailed from time to time in SEC filings made by the Company.
6
MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS(dollars in thousands)
Cash and due from banks
Interest-bearing deposits in banks
Federal funds sold
Cash and cash equivalents
Investment securities: Available for sale
ASSETSDecember 31,
2011
(unaudited)
$ 28,155
4,468
-
32,623
534,080
December 31,
2010
$ 13,720
6,077
726
20,523
461,954
Held to maturity (fair value 2011 $2,042; 2010 $4,086) Loans held for sale
Loans
Allowance for loan losses
Net loans
Loan pool participations, net Premises and equipment, net Accrued interest receivable Other intangible assets, net Bank-owned life insurance Other real estate owned Deferred income taxes
Other assets
Total assets
LIABILITIES AND SHAREHOLDERS' EQUITY2,036
1,955
986,173 (15,676)
970,497
50,052
26,260
10,422
10,247
27,723
4,033
3,654
21,662
$ 1,695,244
4,032
702
938,035 (15,167)
922,868
65,871
26,518
10,648
11,143
26,772
3,850
6,430
19,948
$ 1,581,259
Deposits:
Non-interest-bearing demand Interest-bearing checking Savings
Certificates of deposit under $100,000
Certificates of deposit $100,000 and over
Total deposits
Federal funds purchased
Securities sold under agreements to repurchase
Federal Home Loan Bank borrowings
Deferred compensation liability
Long-term debt
Accrued interest payable
Other liabilities
Total liabilities
Shareholders' equity:
Preferred stock, no par value, with a liquidation preference of $1,000.00 per share; authorized 500,000 shares;
no shares issued and outstanding at December 31, 2011 and 16,000 shares issued and outstanding at
December 31, 2010
Common stock, $1 par value; authorized 15,000,000 shares at December 31, 2011 and December 31, 2010; issued 8,690,398 shares at December 31, 2011 and December 31, 2010; outstanding 8,529,530 shares at December 31, 2011 and 8,614,790 shares at December 31, 2010
Additional paid-in capital
Treasury stock at cost, 160,868 shares as of December 31, 2011 and 75,608 shares at December 31, 2010
Retained earnings
Accumulated other comprehensive income (loss) Total shareholders' equity
Total liabilities and shareholders' equity
$ 161,287
499,905
71,823
346,858
226,769
1,306,642
8,920
48,287
140,014
3,643
15,464
1,530
14,250
1,538,750
$ -
8,690
80,333 (2,312)
66,299
3,484
156,494
$ 1,695,244
$ 129,978
442,878
74,826
380,082
191,564
1,219,328
-
50,194
127,200
3,712
15,464
1,872
5,023
1,422,793
$ 15,767
8,690
81,268 (1,052)
55,619 (1,826)
158,466
$ 1,581,259
7
MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS(dollars in thousands, except per share amounts)
Three Months Ended
December 31,
Year Ended December 31,
Interest income:Interest and fees on loans
Interest and discount on loan pool participations
Interest on bank deposits Interest on federal funds sold Interest on investment securities:
Taxable securities
Tax-exempt securities
Total interest income
2011 (unaudited)
$ 13,259
7
11
-
2,677
1,140
17,094
2010 (unaudited)
$ 13,489
271
5
2
2,552
990
17,309
2011 (unaudited)
$ 52,163
1,108
36
1
10,934
4,339
68,581
2010
$ 54,731
2,631
34
6
9,667
3,912
70,981
Interest expense:Interest on deposits:
Interest-bearing checking
Savings
Certificates of deposit under $100,000
Certificates of deposit $100,000 and over
Total interest expense on deposits
Interest on federal funds purchased
Interest on securities sold under agreements to repurchase
Interest on Federal Home Loan Bank borrowings
Interest on other borrowings
Interest on long-term debt
Total interest expense
Net interest income
Provision for loan losses
Net interest income after provision for loan losses
935
36
1,710
797
3,478
3
58
812
9
167
4,527
12,567
800
11,767
1,047
57
2,229
855
4,188
-
76
1,090
15
77
5,446
11,863
1,700
10,163
3,891
200
7,920
3,311
15,322
8
264
3,494
38
657
19,783
48,798
3,350
45,448
4,260
183
9,538
3,599
17,580
6
297
4,650
49
534
23,116
47,865
5,950
41,915
Noninterest income:Trust, investment, and insurance fees
Service charges and fees on deposit accounts Mortgage origination and loan servicing fees Other service charges, commissions and fees Bank-owned life insurance income Impairment losses on investment securities
Gain (loss) on sale and call of available for sale securities
Gain (loss) on sale of premises and equipment
Total noninterest income
949
923
901
536
270
-
60
-
3,639
1,059
1,026
1,523
770
213
-
141 (427)
4,305
4,537
3,702
2,691
2,540
951
-
490 (195)
14,716
4,556
4,042
3,506
2,563
685 (189)
453 (709)
14,907
Noninterest expense:Salaries and employee benefits
Net occupancy and equipment expense
Professional fees
Data processing expense FDIC Insurance expense Amortization of intangible assets Other operating expense
Total noninterest expense
Income before income taxes
Income tax expense (benefit)
Net incomeLess: Preferred stock dividends and discount accretion
Net income available to common shareholders5,882
1,885
661
388
328
225
1,626
10,995
4,411
1,060
$ 3,351
$ -
$ 3,351
5,851
1,562
630
410
727
264
1,251
10,695
3,773
1,038
$ 2,735
$ 218
$ 2,517
23,194
6,537
2,825
1,670
1,612
896
5,501
42,235
17,929
4,612
$ 13,317
$ 645
$ 12,672
23,170
6,566
2,734
1,702
2,850
1,029
5,238
43,289
13,533
3,403
$ 10,130
$ 868
$ 9,262
8
MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES SELECTED FINANCIAL INFORMATION(unaudited, dollars in thousands, except per share amounts)
Per share data:Book value per share
Tangible common equity per share
Financial Ratios:Tangible common equity/tangible assets Total shareholders' equity/total assets Tier 1 capital/average assets
Total bank loans/total deposits
Total loans + loan pools/total deposits
Asset QualityGross bank loans
Allowance for bank loan losses
Net charge-offs (YTD)
Bank loans past due 30 - 89 days
Other real estate owned
Non-performing bank loans
Non-accrual loans Troubled debt restructures Loans 90+ days past due
Total non-performing bank loans
Gross loan pool participations
Allowance for loan pool participation losses
Net bank loan charge-offs/average bank loans (YTD - annualized)
Nonperforming bank loans/total bank loans Nonperforming bank loans + other real estate/total assets Allowance for bank loan losses/total bank loans
Allowance for loan pool participations losses/total loan pool participations
Allowance for bank loan losses/nonperforming bank loans
December 31,
2011
$ 18.35
17.15
8.68%
9.23%
9.60%
75.47%
79.47%
$ 986,173
15,676
2,841
7,001
4,033
$ 10,917
6,135
1,054
18,106
$ 52,186
2,134
0.30%
1.84%
1.31%
1.59%
4.09%
86.58%
September 30,
2011
$ 18.26
17.04
9.01%
9.60%
9.63%
75.45%
79.84%
$ 955,755
15,663
2,054
6,968
3,916
$ 12,497
6,352
803
19,652
$ 55,592
2,134
0.29%
2.06%
1.44%
1.64%
3.84%
79.70%
June 30,
2011
$ 19.54
16.47
8.69%
10.25%
10.51%
76.27%
80.95%
$ 958,199
15,603
1,364
7,645
3,418
$ 14,902
6,009
894
21,805
$ 58,798
2,134
0.29%
2.28%
1.53%
1.63%
3.63%
71.56%
March 31,
2011
$ 18.70
15.61
8.37%
9.97%
10.58%
74.30%
79.39%
$ 938,523
15,398
669
7,038
3,874
$ 14,531
6,661
2,244
23,436
$ 64,341
2,134
0.29%
2.50%
1.69%
1.64%
3.32%
65.70%
December 31,
2010
$ 18.39
15.27
8.37%
10.02%
10.45%
76.93%
82.51%
$ 938,035
15,167
4,740
10,482
3,850
$ 12,405
5,797
1,579
19,781
$ 68,005
2,134
0.50%
2.11%
1.49%
1.62%
3.14%
76.67%
Three Months Ended December
31,
Year Ended December 31,
Per share data:Ending number of shares outstanding Average number of shares outstanding Diluted average number of shares Earnings per common share - basic Earnings per common share - diluted Dividends paid per common share
Performance Ratios:Return on average assets
Return on average shareholders' equity Return on average tangible common equity Net interest margin (FTE)
Efficiency Ratio*
Average Balances:Total bank loans Total loan pools Interest-earning assets Total assets
Interest-bearing deposits Interest-bearing liabilities Shareholders' common equity Total equity
* - Noninterest expense minus amortization of intangibles, divided by the sum of tax equivalent net interest income plus noninterest income minus gain/loss or impairment on securities and premises and equipment.
2011
8,529,530
8,559,734
8,592,152
$ 0.39
0.39
0.06
0.80%
8.52%
9.52%
3.34%
63.86%
$ 975.539
54.215
1,575.372
1,668.368
1,135.823
1,337.274
156.129
156.129
2010
8,614,790
8,614,193
8,648,451
$ 0.30
0.29
0.05
0.68%
6.72%
7.94%
3.32%
61.21%
$ 945,449
70,428
1,488,855
1,584,616
1,066,444
1,262,648
145,770
161,518
2011
8,529,530
8,604,872
8,632,856
$ 1.47
1.47
0.22
0.82%
8.42%
9.51%
3.34%
62.94%
$ 953,392
59,972
1,536,596
1,628,253
1,113,672
1,309,588
150.114
158,146
2010
8,614,790
8,612,117
8,637,713
$ 1.08
1.07
0.20
0.65%
6.44%
7.66%
3.43%
64.44%
$ 955,562
78,150
1,466,265
1,559,035
1,054,069
1,246,655
141,456
157,190
9
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MidWestOne Financial Group, Inc. Reports Fourth-Quarter 2011 Financial Results |