MOFG - MidWestOne Financial GAAP EPS of $0.48 misses by $0.18 revenue of $45.71M beats by $4.6M

2023-08-01 08:25:14 ET

• MidWestOne Financial press release ( NASDAQ: MOFG ): Q2 GAAP EPS of $0.48 misses by $0.18 .
• Revenue of $45.71M (-12.2% Y/Y) beats by $4.6M .
• Annualized loan growth of 10.6%.
• Nonperforming assets ratio improved 1 basis point to 0.22%; net charge-off ratio was 0.09%.
• The Company’s effective income tax rate decreased to 17.4% in the second quarter of 2023 compared to 21.4% in the linked quarter.
• As of June 30, 2023, the allowance for credit losses was $50.4 million, or 1.25% of loans held for investment, net of unearned income, compared with $49.8 million, or 1.27% of loans held for investment, net of unearned income, at March 31, 2023.

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