Published on 28 Jan 2024 on GuruFocus.com via Yahoo Finance
MidWestOne Financial Group Inc Reports Mixed Results Amid Strategic Shifts
Net Income: Q4 net income of $2.7 million, full-year net income of $20.9 million.Loan Growth: Annualized loan growth of 6.1% in Q4.Deposits: Core deposit growth in Q4, with a slight increase of 0.6% excluding brokered deposits.Balance Sheet Repositioning: Sold $115.2 million of securities in Q4, proceeds used to purchase higher yielding debt securities and reduce short-term borrowings.Net Interest Margin: Decreased to 2.22% in Q4 from 2.35% in the previous quarter.Tangible Book Value: Increased by 9% to $27.90.Dividend: Declared a cash dividend of $0.2425 per common share, payable on March 15, 2024.
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On January 25, 2024, MidWestOne Financial Group Inc (NASDAQ:MOFG) released its 8-K filing, detailing the financial results for the fourth quarter and full year of 2023. The company, a bank holding company known for its relationship-based business and personal banking products and services, faced both growth and challenges during the period.