MidWestOne: 4Q Earnings Snapshot
IOWA CITY, Iowa (AP) _ MidWestOne Financial Group Inc. (MOFG) on Thursday reported fourth-quarter net income of $7.6 million, after reporting a loss in the same period a year earlier.
The bank, based in Iowa City, Iowa, said it had earnings of 62 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 64 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.
The holding company for MidWestOne Bank posted revenue of $39 million in the period. Its revenue net of interest expense was $32.4 million, also falling short of Street forecasts.
For the year, the company reported profit of $30.4 million, or $2.48 per share. Revenue was reported as $128.8 million.
MidWestOne shares have climbed 3.5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $25.70, a drop of 25 percent in the last 12 months.