MidWestOne reports Q2 EPS $1.00, consensus 49c

Reports Q2 revenue $57.9M, consensus $37.53M. Reports tangible book value per share of $28.272, an increase of $1.13 or 4%. The company said, “We delivered another solid quarter of strategic plan execution highlighted by the divestiture of our Florida operations for a 7.5% net deposit premium, which completed our geographic re-alignment announced last September, and will allow complete focus on our targeted growth regions. Our net interest margin, which inflected in the first quarter of 2024, expanded an additional 8 bps in the second quarter of 2024 through a combination of solid, well-priced loan originations, continued earning asset mix shift, and well-controlled deposit costs. Our fee generating products and services showed nice year-over-year increases, including a 12% improvement in wealth management revenues and a $476 thousand improvement from our customer back-to-back swap product. Asset quality metrics improved in the quarter led by a 9% reduction in classified assets.”