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EX - 99.1 2 financialresultsq12021.htm EX - 99.1 FOR IMMEDIATE RELEASE MidWestOne ™ FINANCIAL GROUP , INC . MIDWESTONE FINANCIAL GROUP , INC . REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2021 April 22 , 2021 First Quarter Summary ( 1 ) • Net income for the first quarter was a record $ 21.6 million , or $ 1.35 per diluted common share . о Total revenue , net of interest expense , increased to $ 50.4 million . ° Credit loss benefit increased to $ 4.7 million . о Noninterest expense decreased to $ 27.7 million . • Efficiency ratio improved to 50.8 % . • Average total interest earning assets grew 6.6 % annualized . • Average total deposits grew 7.8 % annualized . • • Allowance for credit losses ratio declined to 1.5 % given the improving economic outlook . Nonperforming assets increased 1.9 % and the net charge - off ratio was 4 bps . Iowa City , Iowa - MidWest One Financial Group , Inc. ( Nasdaq : MOFG ) ( “ we ” , “ our ” , or the " Company " ) today reported net income for the first quarter of 2021 of $ 21.6 million , or $ 1.35 per diluted common share , compared to net income of $ 16.7 million , or $ 1.04 per diluted common share , for the linked quarter . Charles Funk , Chief Executive Officer of the Company , commented , " This is the highest earnings quarter in our Company's history . We have seen our asset quality stabilize as the economy improves . Further , our credit loss estimate has declined from peak 2020 levels that stemmed from economic uncertainty driven by the COVID - 19 pandemic . We also note our expenses are well - controlled , which is important given this period of soft loan demand . " FINANCIAL HIGHLIGHTS ( Dollars in thousands , except per share amounts ) March 31 , 2021 Three Months Ended December 31 , March 31 , 2020 2020 Net interest income $ Noninterest income 38,617 11,824 $ 39,037 $ 37,406 10,626 10,155 Total revenue , net of interest expense 50,441 49,663 47,561 Credit loss ( benefit ) expense ( 4,734 ) ( 3,041 ) 21,733 Noninterest expense 27,700 31,915 30,001 Income ( loss ) before income tax expense ( benefit ) 27,475 20,789 ( 4,173 ) Income tax expense ( benefit ) 5,827 4,079 ( 2,198 ) Net income ( loss ) $ 21,648 $ 16,710 $ ( 1,975 ) Diluted earnings ( loss ) per share $ 1.35 $ 1.04 $ ( 0.12 ) Return on average assets 1.59 % 1.22 % ( 0.17 ) % Return on average equity 17.01 % 13.15 % ( 1.54 ) % Return on average tangible equity ( 1 ) 21.52 % 17.07 % ( 0.47 ) % Efficiency ratio ( 1 ) 50.77 % 59.69 % 57.67 % ( 1 ) Non - GAAP measure . See the Non - GAAP Measures section for a reconciliation to the most directly comparable GAAP measure . 1First Quarter Summary compares to the linked quarter unless noted . 2Non - GAAP measure . See the Non - GAAP Measures section for a reconciliation to the most directly comparable GAAP measure . 1