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Midwestone Financial Group (MOFG)
NASDAQ:MOFG
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.72Last Year’s EPS
$0.17Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: 2.81%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted successful capital-raising efforts, improved asset quality, and growth in loan and deposit segments. However, significant challenges such as a large net loss due to securities impairment, deposit declines, and a fraud loss were also noted. The overall sentiment is mixed, balancing positive strategic achievements with notable financial challenges.Company Guidance
During the MidWestOne Financial Group's Q3 2024 earnings call, the executives outlined several key financial metrics and strategic initiatives. The company successfully raised approximately $125 million in gross capital through a common equity offering, which was 3x oversubscribed. This capital was used to reposition the balance sheet by selling $1 billion in debt securities and paying off high-cost borrowings, which is expected to improve future profitability and net interest margin by about 70 basis points, translating to an estimated $35 million boost in annualized net interest income. The company reported a net loss of $95.7 million due to a $140.4 million securities impairment but noted adjusted earnings of $9.1 million. Deposit costs increased minimally, reflecting a strong deposit franchise, and commercial banking led a 4% annualized loan growth. The tax equivalent net interest margin expanded by 10 basis points to 2.51%, and nonperforming assets declined by $5.7 million, indicating improved asset quality. Overall, the company is focused on maintaining expense discipline while investing in talent and platforms, aiming to achieve consistent high performance.Successful Capital Raise
MidWestOne Financial Group completed a common equity offering, raising almost $125 million, which was 3x oversubscribed. This capital will boost future profitability and improve capital quality.
Improved Asset Quality
The company reported a decline in nonperforming assets by $5.7 million, marking the second consecutive quarter of improvement in this category.
Loan Growth and Margin Expansion
Commercial banking led a 4% annualized loan growth, and the tax equivalent net interest margin expanded by 10 basis points, contributing to a 3% quarterly increase in net interest income.
Strong Deposit Performance
Core deposits increased by $40.5 million, and noninterest-bearing deposits grew by $35.2 million, showcasing a strong funding base.
Wealth Management and Treasury Management Success
Treasury management fee income rose 11% year-over-year, and wealth management assets under management increased quarter-over-quarter.
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MOFG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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MOFG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $29.01 | $28.05 | -3.31% |
| Jul 25, 2024 | $28.09 | $28.57 | +1.71% |
| Apr 25, 2024 | $20.43 | $19.86 | -2.79% |
| Jan 25, 2024 | $25.83 | $25.31 | -2.01% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Midwestone Financial Group (MOFG) report earnings?
Midwestone Financial Group (MOFG) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is Midwestone Financial Group (MOFG) earnings time?
Midwestone Financial Group (MOFG) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MOFG EPS forecast?
MOFG EPS forecast for the fiscal quarter 2024 (Q4) is $0.72.
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