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MidWestOne Financial Group, Inc. - MOFG STOCK NEWS

Welcome to our dedicated page for MidWestOne Financial Group news (Ticker: MOFG), a resource for investors and traders seeking the latest updates and insights on MidWestOne Financial Group stock.

MidWestOne Financial Group Inc. (NASDAQ: MOFG) is a bank holding company that delivers relationship-based business and personal banking products and services. Founded in 1934 and headquartered in Iowa City, Iowa, MidWestOne Bank operates 44 banking locations across Iowa, Minnesota, Wisconsin, Florida, and Colorado. As a community bank, its mission has always been to 'take care of our customers...and those who should be.'

The bank offers a comprehensive suite of financial services, including commercial loans, real estate loans, agricultural loans, credit card loans, and consumer loans. Additionally, deposit products available to customers include demand and interest checking accounts, savings accounts, money market accounts, and time deposits. For individuals and businesses looking for advanced financial solutions, MidWestOne Bank provides treasury management, Zelle, online and mobile banking, debit cards, ATMs, and safe deposit boxes.

The Bank's investment services department offers extensive financial planning, investment advisory, and retail securities brokerage services, ensuring that customers have a broad array of financial tools at their disposal.

Recently, MidWestOne Financial Group announced the execution of a definitive merger agreement to strategically reinvest the proceeds from the sale of its Florida operations through the acquisition of Denver Bankshares, Inc., the parent company for the Bank of Denver. This all-cash transaction, approved by the respective boards of directors, is expected to close in the first quarter of 2024.

MidWestOne Financial Group maintains a strong financial position, underscored by its comprehensive financial statistics and conservative risk management policies. The company consistently reports on key metrics such as net charge-off ratio, classified loans ratio, nonperforming loans ratio, and allowance for credit losses, which are critical indicators of financial health and stability.

For investors and analysts, MidWestOne Financial Group provides detailed financial disclosures, including consolidated balance sheets and income statements, through its corporate website. This transparency reflects the company's commitment to maintaining robust stakeholder communication and corporate governance.

Latest News: IOWA CITY, Iowa, September 27, 2023 - MidWestOne Financial Group, Inc. announced a definitive merger agreement with Denver Bankshares, Inc. This strategic acquisition is expected to close in Q1 2024.

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MidWestOne Financial Group has announced the release of its second quarter 2024 financial results on July 25, 2024, after market close. The company will hold a conference call to discuss these results the following day, July 26, 2024, at 11:00 a.m. Central Time. Investors and analysts can pre-register for the call online and will receive access details via email. The call can also be accessed by dialing specific numbers and providing an access code. A live audio webcast of the call will be available through the company's Investor Relations section on its website. Additionally, a replay of the conference call will be accessible online and via telephone until October 24, 2024.

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MidWestOne Financial Group (NASDAQ: MOFG) announces the hiring of three executive leaders: Paul Ho-Sing-Loy as Executive Vice President and Chief Information Officer, Steve Heimermann as Executive Vice President and Head of Wealth Management, and Elda Macias as Senior Vice President and Chief Marketing Officer. This move aligns with MidWestOne's new strategic plan focused on expertise, customer experience, and deep relationships. CEO Chip Reeves highlighted that these hires come at a time of significant transformation for the company, aiming to position MidWestOne as the bank of choice for small-to-mid-sized businesses. The new executives bring vast experience from reputable financial institutions and are expected to drive innovation and performance at MidWestOne.

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MidWestOne Financial Group, Inc. reported net income of $3.3 million, or $0.21 per diluted common share, for the first quarter of 2024. Revenue was $44.5 million, with net interest income of $34.7 million and noninterest income of $9.8 million. Credit loss expense was $4.7 million, including a day 1 credit loss expense of $3.2 million related to the DNVB acquisition. The company saw an 11 bps expansion in net interest margin to 2.33% and an annualized adjusted loan growth of 8%. CEO Chip Reeves highlighted the successful integration of Denver Bankshares and realignment initiatives, with a focus on commercial banking and wealth management.
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MidWestOne Financial Group, Inc. announces its first quarter 2024 earnings conference call scheduled for April 26, 2024, after market close. Investors can pre-register for the call and access details via email or phone. A live webcast and replay will be available on the Company's website.
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MidWestOne Financial Group, Inc. (MOFG) has completed the acquisition of Denver Bankshares, Inc. The acquisition was effective January 31, 2024, with DNVB shareholders receiving $462.42 in cash for each share of DNVB stock. The total deal consideration was $32.6 million, resulting in a pro forma total assets of approximately $6.7 billion for MidWestOne. The company received financial advisory services from Piper Sandler & Co. and legal counsel from Barack Ferrazzano Kirschbaum & Nagelberg LLP.
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MidWestOne Financial Group, Inc. (MOFG) reported a net income of $2.7 million for Q4 2023, or $0.17 per diluted common share. The company sold $115.2 million of securities, with an annualized loan growth of 6.1% and an increase in deposits. The full year 2023 net income was $20.9 million, or $1.33 per diluted common share. The company received all regulatory approvals for the acquisition of Denver Bankshares, Inc. The CEO commented on the balance sheet trends, core deposit growth, and strategic initiatives to improve performance.
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MidWestOne Financial Group, Inc. (Nasdaq: MOFG) announced the release of its fourth quarter 2023 financial results on January 25, 2024, followed by a conference call on January 26, 2024. Investors and analysts can pre-register for the call and access details via email. A live audio webcast and a replay of the conference call will also be available through the Company's website.
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MidWestOne Financial Group, Inc. reports Q3 2023 results with net income of $9.1 million and annualized loan growth of 4.8%. Company announces sale of Florida operations and acquisition of Denver Bankshares, Inc. CEO confident in strategic plan execution.
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MidWestOne Financial Group, Inc. (Nasdaq: MOFG) to release Q3 2023 financial results on Oct 26, 2023.
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MidWestOne Financial Group announces definitive merger agreement with Denver Bankshares, expects 13.4% EPS accretion in 2024 and 10.2% in 2025. Will pay $32.6 million in cash to acquire Denver Bankshares. Tangible book value per share dilution expected to be 3.7% at closing. Denver Bankshares has $271.5 million in assets, $198.0 million in loans, and $242.0 million in deposits. The combined transactions will provide improved scale and expansion opportunities. Bank of Denver is the 6th largest community bank in the Denver market with 32.8% non-interest-bearing deposits and a cost of deposits of 0.98%.
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FAQ

What services does MidWestOne Bank offer?

MidWestOne Bank offers a variety of financial services including personal and business banking, commercial loans, real estate loans, credit card loans, consumer loans, treasury management, investment advisory, and online and mobile banking.

Where is MidWestOne Bank headquartered?

MidWestOne Bank is headquartered in Iowa City, Iowa.

How many locations does MidWestOne Bank operate?

MidWestOne Bank operates 44 banking locations across Iowa, Minnesota, Wisconsin, Florida, and Colorado.

What is the mission of MidWestOne Bank?

The mission of MidWestOne Bank is 'to take care of our customers...and those who should be.'

Is MidWestOne Financial Group publicly traded?

Yes, MidWestOne Financial Group Inc. is publicly traded on NASDAQ under the symbol MOFG.

What recent acquisition did MidWestOne Financial Group announce?

MidWestOne Financial Group announced a definitive merger agreement to acquire Denver Bankshares, Inc., the parent company for the Bank of Denver. This transaction is expected to close in the first quarter of 2024.

What types of loans does MidWestOne Bank provide?

MidWestOne Bank provides commercial loans, real estate loans, agricultural loans, credit card loans, and consumer loans.

What deposit products are available at MidWestOne Bank?

MidWestOne Bank offers demand and interest checking accounts, savings accounts, money market accounts, and time deposits.

Does MidWestOne Bank offer investment services?

Yes, MidWestOne Bank's investment services department offers financial planning, investment advisory, and retail securities brokerage services.

How can investors access MidWestOne Financial Group's financial data?

Investors can access MidWestOne Financial Group's financial data, including balance sheets and income statements, through the corporate website's Investor Relations section.

MidWestOne Financial Group, Inc.

Nasdaq:MOFG

MOFG Rankings

MOFG Stock Data

436.11M
15.76M
8.73%
69.75%
0.36%
Commercial Banking
Finance and Insurance
Link
United States of America
IOWA CITY