FIG Partners: MidWestOne Financial Delivered a Solid Quarter

According to a research report released today, FIG Partners shows that MidWestOne Financial Group, Inc. MOFG had a siginificant quarter with core profits of $0.38 per share producing an ROAE of nearly 9%. In the report, FIG Partners said, “Linked-quarter earnings were down slightly as year-end (clean-up) efforts drove expenses higher, which along with a slight uptick in provisioning more than offset modest revenue expansion. Loan growth was particularly strong, benefitting from several larger transactions, credit trends improved, and the company remained active with its buyback, repurchasing over 50k shares. The core earnings run rate has improved 25% since first quarter.” FIG Partners reiterates its Outperform rating on MidWestOne Financial Group, which closed Friday at $16.14.