MidWestOne: 2Q Earnings Snapshot
IOWA CITY, Iowa (AP) _ MidWestOne Financial Group Inc. (MOFG) on Thursday reported second-quarter profit of $10.7 million.
The bank, based in Iowa City, Iowa, said it had earnings of 72 cents per share. Earnings, adjusted for non-recurring costs, were 88 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.
The holding company for MidWestOne Bank posted revenue of $53.7 million in the period. Its revenue net of interest expense was $43.6 million, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $45.9 million.
MidWestOne shares have climbed 14% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $28.27, a fall of 14% in the last 12 months.