MidWestOne reports Q1 EPS 73c, consensus 73c

Reports Q1 tangible book value per share $23.36. Reports Q1 CET1 capital ratio 10.97%. Charles Reeves, CEO of the Company, commented, “We are pleased with the continued execution of our strategic plan initiatives despite a more uncertain economic environment. Our return on average assets eclipsed 1% for the second straight quarter driven by disciplined balance sheet management, core net interest margin expansion of 10 bps2 and solid expense control. Loan growth was flat in the quarter, somewhat softer than anticipated, due to pay-offs and latter quarter market volatility. The majority of our asset quality metrics improved significantly, led by reductions in nonperforming assets and criticized loans. Net charge-offs increased to 29 basis points, with the majority of the increase due to a partial charge-off on a previously reserved CRE loan as we prepare for resolution. Driven by earnings and lower accumulated other comprehensive loss, tangible book value per share increased 4.4% to $23.362 and the CET1 ratio grew to 10.97%, edging closer to our target range of 11.0%-11.50%.