MidWestOne reports Q4 EPS 78c, consensus 72c

Reports Q4 revenue $59.78M, consensus $57M. Reports Q4 tangible book value per share $23.37. Reports Q4 CET1 capital ratio 10.73%. Charles Reeves, CEO of the company, commented, “We are pleased with our fourth quarter results which highlight the successful execution of our balance sheet repositioning, as well as the continued momentum of our strategic initiatives. Return on average assets eclipsed the 1.0% threshold, driven by significant expansion of our net interest margin, thus net interest income. Our core deposit franchise expanded, with noninterest bearing deposits increasing for the second consecutive quarter, reflecting our Treasury Management initiatives and strong branch network. Our Wealth Management focus, including our Investment Services and Private Wealth teams, continues to bear fruit as revenue increased 16% year-over-year. In addition, asset quality metrics improved from the third quarter, as the classified loans ratio improved 54 bps and the charge-off ratio was only 0.06%.”