MidWestOne Financial Group, Inc. (MOFG) has reported a 21.09 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $6.71 million, or $0.58 a share in the quarter, compared with $5.54 million, or $0.48 a share for the same period last year. On an adjusted basis, net profit for the quarter was $7.26 million, when compared with $6.23 million in the last year period.
Revenue during the quarter dropped 4.27 percent to $29.58 million from $30.90 million in the previous year period. Net interest income for the quarter dropped 1.85 percent over the prior year period to $25.08 million. Non-interest income for the quarter fell 13.55 percent over the last year period to $5.54 million.
MidWestOne Financial Group, Inc. has made provision of $1.04 million for loan losses during the quarter, down 2.25 percent from $1.06 million in the same period last year.
Net interest margin contracted 18 basis points to 3.79 percent in the quarter from 3.97 percent in the last year period. Efficiency ratio for the quarter improved to 61.28 percent from 69.89 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
President and chief executive officer Charles N. Funk stated, "We returned to improved profitability in the first quarter of 2017. Improved expense control helped overcome the effect of a seasonally weak quarter for loan demand, coupled with a few large loan payoffs, had on income. Additionally, we are pleased that our return on average shareholders’ equity increased to 8.83% and our return on tangible equity increased to 12.71%."
Assets outpace liabilities growth
Total assets stood at $3,083.52 million as on Mar. 31, 2017, up 4.02 percent compared with $2,964.22 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,756 million as on Mar. 31, 2017, up 3.51 percent from $2,662.44 million on Mar. 31, 2016.
Loans, deposits remain almost stable
Net loans stood at $2,142.83 million as on Mar. 31, 2017, down 0.43 percent compared with $2,152.15 million on Mar. 31, 2016. Deposits stood at $2,530.89 million as on Mar. 31, 2017, up 4.17 percent compared with $2,429.61 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $481.72 million or 19.03 percent of total deposits on Mar. 31, 2017, compared with $513.01 million or 21.12 percent of total deposits on Mar. 31, 2016.
Investments stood at $646.23 million as on Mar. 31, 2017, up 27.78 percent or $140.49 million from year-ago. Shareholders equity stood at $327.51 million as on Mar. 31, 2017, up 8.53 percent or $25.74 million from year-ago.
Return on average assets moved up 14 basis points to 0.89 percent in the quarter from 0.75 percent in the last year period. At the same time, return on average equity increased 137 basis points to 8.83 percent in the quarter from 7.46 percent in the last year period.
Book value per share was $27.39 for the quarter, up 3.71 percent or $0.98 compared to $26.41 for the same period last year.
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