The Ottumwa Courier

Business

January 24, 2014

MidWestOne announces end-of-year earnings

IOWA CITY — MidWestOne Financial Group, Inc. eported results for its three months and year ended Dec. 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 percent in noninterest expense and a 1.1 percent increase in net interest income partially offset by a 21.3 percent decrease in noninterest income, mainly due to a $700,000 decrease in mortgage origination and loan servicing fees in the fourth quarter of 2013.

Net income for the year ended Dec. 31, 2013, was $18.6 million, which represents a $2.1 million, or a 12.5 percent, 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 Dec. 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 percent represents a good return for our shareholders.”

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