MidWest One Financial Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
January 24, 2014 at 03:32 am IST
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MidWest One Financial Group, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, net interest income was $13,297,000, income before income tax expense was $6,006,000 and net income was $4,422,000 against net interest income of $13,157,000, income before income tax expense of $5,754,000 and net income of $4,352,000 for the same period a year ago. Earnings per common share-diluted were $0.52 against $0.51 a year ago. Return on average assets was 1.00% against 0.98% a year ago. Return on average shareholders' equity was 9.87% against 10.03% a year ago. Return on average tangible equity was 10.64% against 10.93% a year ago. Adjusted net income was $4,529,000 against $4,480,000 a year ago.
For the full year, net interest income was $53,962,000, income before income tax expense was $25,253,000 and net income was $18,607,000 against net interest income of $53,350,000, income before income tax expense of $21,748,000 and net income of $16,534,000 for the same period a year ago. Book value per share was $20.99 against $20.51 a year ago. Tangible book value per share was $19.95 against $19.39 a year ago. Earnings per common share-diluted were $2.18 against $1.94 a year ago. Return on average assets was 1.06% against 0.96% a year ago. Return on average shareholders' equity was 10.59% against 9.99% a year ago. Return on average tangible equity was 11.43% against 10.95% a year ago. 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. Adjusted net income was $19,038,000 against $17,047,000 a year ago.
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.