MidWestOne reports Q3 adjusted EPS 58c, consensus 56c

CEO Charles Reeves commented, “Our successful common equity capital raise and balance sheet repositioning are significant, transformational steps towards our goal of creating a high performing company. We were pleased with the market receptivity of the oversubscribed common equity offering and the balance sheet repositioning financial results exceeded our communicated expectations. We are appreciative of our existing and new shareholders who supported this transformation and our team who executed the strategy so well. We also kept our eye on the ball during the quarter, delivering positive results in a number of strategic initiatives. Our deposit franchise continues to show its strength as deposit costs rose minimally and our treasury management investments led to 4% linked quarter non-interest bearing deposit growth. Our commercial banking teams drove 4% annualized loan growth, improved asset quality, and good progress in our SBA lending and gain on sale initiatives. In addition, we continued to invest in our franchise, with both talent and technology, while maintaining expense discipline.”