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FOR IMMEDIATE RELEASE ● Second Quarter Summary ( ¹ ) Net income for the second quarter was $ 17.3 million , or $ 1.08 per diluted common share . Total revenue , net of interest expense , of $ 48.7 million . Credit loss benefit of $ 2.1 million . O O MidWestOne ™ FINANCIAL GROUP , INC . O MIDWESTONE FINANCIAL GROUP , INC . REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2021 Noninterest expense of $ 28.7 million . Excluding PPP loans , commercial loans were $ 2.61 billion , ( 2 ) as compared to $ 2.56 billion ( 2 ) for the first quarter of 2021 ( the " linked quarter " ) , an increase of 2.2 % . CEO COMMENTARY July 22 , 2021 Average total deposits were $ 4.88 billion , as compared to $ 4.57 billion for the linked quarter , an increase of 6.6 % , while cost of average total deposits decreased to 0.28 % . Efficiency ratio of 54.83 % ( ² ) . Nonperforming assets declined 8.0 % and the net charge - off ratio was 5 bps . lowa City , lowa - MidWestOne Financial Group , Inc. ( Nasdaq : MOFG ) ( " we " , " our " , or the " Company " ) today reported net income for the second quarter of 2021 of $ 17.3 million , or $ 1.08 per diluted common share , compared to net income of $ 21.6 million , or $ 1.35 per diluted common share , for the linked quarter . Charles Funk , Chief Executive Officer of the Company , commented , " This was another solid quarter for our Company with good core loan growth , improved asset quality , and a nice build in our tangible book value . Despite the continuation of very low credit line usage , our commercial bankers were able to produce a quarter of respectable core loan growth although potential headwinds remain . " " The low interest rate environment continues to pressure commercial bank margins , and we are not immune . Our noninterest income results reflect a decrease in mortgage gain on sale margins ; however , we continue to be running at an ' above normal ' rate of mortgage originations . Our wealth management group continues to produce good results as well . " " With respect to capital , we believe our stock currently represents a compelling value , and we are selectively repurchasing our stock at opportune moments . We returned $ 4.7 million of capital to shareholders during the second quarter of 2021 , including $ 1.1 million from such stock repurchases . " " Finally , we commend our fine staff for closing nearly one - half of a billion dollars of PPP loans . For some borrowers , these funds were literally the difference between survival and failure . Our bankers deserve much credit for their long hours and perseverance over the past twelve months . " ¹Second 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