MidWestOne Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 26, 2017 at 09:01 pm
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MidWest One Financial Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company's net interest income was $24,530,000 against $26,328,000 a year ago. Income before income tax expense was $4,402,000 against $9,667,000 a year ago. Net income was $3,870,000 against $8,238,000 a year ago. Earnings per common share - diluted was $0.34 against $0.72 a year ago. Return on average assets - annualized was 0.51% against 1.09% a year ago. Return on average shareholders' equity - annualized was 4.98% against 11.19% a year ago. Return on average tangible equity - annualized was 7.66% against 17.02% a year ago.
For the year, the company's net interest income was $99,606,000 against $90,052,000 a year ago. Income before income tax expense was $27,251,000 against $32,937,000 a year ago. Net income was $20,391,000 against $25,118,000 a year ago. Book value per share was $26.71 against $25.96 a year ago. Earnings per common share - diluted was $1.78 against $2.42 a year ago. Return on average assets - annualized was 0.68% against 0.91% a year ago. Return on average shareholders' equity - annualized was 6.69% against 9.84% a year ago. Return on average tangible equity - annualized was 10.13% against 14.29% a year ago. The decrease in net income was due primarily to increased salaries and employee benefits expense in 2016, reflecting the increased number of employees of the company after the holding company merger and $1.7 million of merger-related stay bonuses and severance expenses. The year 2016 results reflect a full year of operations after the merger with Central Bancshares, while the year 2015 included only eight months of post-merger operations. The income for the year ended December 31, 2016 reflects higher noninterest expense partially offset by increased net interest income and increased noninterest income.
MidWestOne Financial Group, Inc. (MidWestOne) is a financial holding company. MidWestOne is the parent company of MidWestOne Bank (the Bank), which operates banking offices in Iowa, Minnesota, Wisconsin, Florida, and Colorado. MidWestOne provides electronic delivery of financial services through its Website, MidWestOne.bank. The Bank is focused on delivering relationship-based business and personal banking products and services. The Bank provides commercial loans, real estate loans, agricultural loans, credit card loans, and consumer loans. The Bank also provides deposit products, including demand and interest checking accounts, savings accounts, money market accounts, and time deposits. Complementary to its loan and deposit products, the Bank also provides products and services, including treasury management, Zelle, online and mobile banking, credit and debit cards, ATMs, and safe deposit boxes. The Bank also has a trust department and an investment services department.