Company Quick10K Filing
Midwestone Financial Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 16 $495
10-Q 2019-11-07 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-03-08 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-Q 2018-05-03 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-04 Quarter: 2017-03-31
10-K 2017-03-02 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-03-03 Annual: 2015-12-31
10-Q 2015-10-29 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-04-30 Quarter: 2015-03-31
10-K 2015-03-05 Annual: 2014-12-31
10-Q 2014-10-30 Quarter: 2014-09-30
10-Q 2014-07-31 Quarter: 2014-06-30
10-Q 2014-05-01 Quarter: 2014-03-31
10-K 2014-03-06 Annual: 2013-12-31
10-Q 2013-10-31 Quarter: 2013-09-30
10-Q 2013-08-01 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-03-07 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-03 Quarter: 2012-06-30
10-Q 2012-05-03 Quarter: 2012-03-31
10-K 2012-03-09 Annual: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-04 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-03-04 Annual: 2010-12-31
10-Q 2010-11-03 Quarter: 2010-09-30
10-Q 2010-08-04 Quarter: 2010-06-30
10-Q 2010-05-05 Quarter: 2010-03-31
10-K 2010-03-08 Annual: 2009-12-31
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-08-20 Other Events
8-K 2019-07-26 Regulation FD, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-07-16 Other Events
8-K 2019-05-28 Officers
8-K 2019-05-01 M&A, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-18 Shareholder Vote, Other Events, Exhibits
8-K 2019-02-27 Officers
8-K 2019-01-24 Earnings, Exhibits
8-K 2019-01-15 Other Events, Exhibits
8-K 2019-01-11 Shareholder Vote
8-K 2018-12-20 Officers
8-K 2018-11-05 Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-16 Other Events, Exhibits
8-K 2018-10-01 Officers
8-K 2018-08-31 Officers, Exhibits
8-K 2018-08-21 Enter Agreement, Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-17 Officers, Other Events, Exhibits
8-K 2018-06-20 Officers
8-K 2018-06-11 Officers, Exhibits
8-K 2018-05-04 Officers, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-04-26 Officers
8-K 2018-04-19 Shareholder Vote, Other Events, Exhibits
8-K 2018-04-17 Regulation FD, Exhibits
8-K 2018-01-25 Earnings, Exhibits
8-K 2018-01-17 Regulation FD, Other Events, Exhibits
MOFG 2019-09-30
Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 exhibit3112019q3.htm
EX-31.2 exhibit3122019q3.htm
EX-32.1 exhibit3212019q3.htm
EX-32.2 exhibit3222019q3.htm

Midwestone Financial Group Earnings 2019-09-30

MOFG 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MBWM 530 3,576 3,176 0 0 45 84 530 6.3 1%
HTBK 528 3,108 2,720 5 0 49 84 252 0% 3.0 2%
FLIC 527 4,202 3,811 2 0 42 92 818 0% 8.9 1%
FCBC 516 2,212 1,878 0 0 38 54 359 6.6 2%
IBCP 509 3,438 3,107 27 0 42 73 454 0% 6.2 1%
MOFG 495 4,662 4,174 0 0 32 79 748 9.4 1%
THFF 492 3,064 2,586 0 0 45 67 431 6.4 1%
MBIN 485 5,287 4,772 0 0 59 153 86 0.6 1%
AROW 479 3,006 2,721 0 0 36 68 416 6.1 1%
FISI 448 4,314 3,892 0 0 41 95 487 5.1 1%

Document
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xbrli:shares xbrli:shares iso4217:USD xbrli:pure mofg:count mofg:quarters
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
 
FORM 10-Q
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
 
Commission file number
001-35968
 
 
 
 
MIDWESTONE FINANCIAL GROUP, INC.
(Exact name of Registrant as specified in its charter)
 
 
 
 
Iowa
42-1206172
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
102 South Clinton Street
Iowa City, IA 52240
(Address of principal executive offices, including zip code)
(319) 356-5800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock, $1.00 par value
 
MOFG
 
The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    x  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
x
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).       Yes    x  No

As of November 5, 2019, there were 16,160,632 shares of common stock, $1.00 par value per share, outstanding.
 
 
 
 
 


Table of Contents

MIDWESTONE FINANCIAL GROUP, INC.
Form 10-Q Quarterly Report
Table of Contents
 
 
 
 
Page No.
PART I
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
Item 3.
 
 
 
 
 
 
 
Item 4.
 
 
 
 
 
 
 
Part II
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
Item 1A.
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
Item 3.
 
 
 
 
 
 
 
Item 4.
 
 
 
 
 
 
 
Item 5.
 
 
 
 
 
 
 
Item 6.
 
 
 
 
 
 
 
 
 
 



Table of Contents

PART I – FINANCIAL INFORMATION
Glossary of Acronyms, Abbreviations, and Terms
The acronyms, abbreviations, and terms listed below are used in various sections of this Form 10-Q, including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."
 
AFS
Available for Sale
FHLB
Federal Home Loan Bank of Des Moines
 
ALLL
Allowance for Loan and Lease Losses
FHLMC
Federal Home Loan Mortgage Corporation
 
ASU
Accounting Standards Update
FRB
Federal Reserve Board
 
ABTW
American Bank and Trust-Wisconsin of Cuba City, Wisconsin
FNMA
Federal National Mortgage Association
 
ATM
Automated Teller Machine
GAAP
U.S. Generally Accepted Accounting Principles
 
ATSB
American Trust & Savings Bank of Dubuque, Iowa
GNMA
Government National Mortgage Association
 
Basel III Rules
A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013
HTM
Held to Maturity
 
BOLI
Bank Owned Life Insurance
ICS
Insured Cash Sweep
 
CDARS
Certificate of Deposit Account Registry Service
LIBOR
The London Inter-bank Offered Rate is an interest-rate average calculated from estimates submitted by the leading banks in London
 
CECL
Current Expected Credit Loss
MBS
Mortgage-Backed Securities
 
CMOs
Collateralized Mortgage Obligations
OTTI
Other-Than-Temporary Impairment
 
CRA
Community Reinvestment Act
PCD
Purchased Financial Assets With Credit Deterioration
 
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act
PCI
Purchased Credit Impaired
 
ECL
Expected Credit Losses
ROU
Right-of-Use
 
EVE
Economic Value of Equity
RPA
Credit Risk Participation Agreement
 
FASB
Financial Accounting Standards Board
SEC
U.S. Securities and Exchange Commission
 
FDIC
Federal Deposit Insurance Corporation
TDR
Troubled Debt Restructuring



Table of Contents

Item 1.   Financial Statements.

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
September 30, 2019
 
December 31, 2018
(dollars in thousands)
(unaudited)
 
 
ASSETS
 
 
 
Cash and due from banks
$
79,776

 
$
43,787

Interest earning deposits in banks
6,413

 
1,693

Federal funds sold
478

 

Total cash and cash equivalents
86,667

 
45,480

Debt securities available for sale at fair value
503,278

 
414,101

Held to maturity securities at amortized cost (fair value of $193,337 at September 30, 2019 and $192,564 at December 31, 2018)
190,309

 
195,822

Total securities held for investment
693,587

 
609,923

Loans held for sale
7,906

 
666

Gross loans held for investment
3,545,993

 
2,405,001

Unearned income, net
(21,265
)
 
(6,222
)
Loans held for investment, net of unearned income
3,524,728

 
2,398,779

Allowance for loan losses
(31,532
)
 
(29,307
)
Total loans held for investment, net
3,493,196

 
2,369,472

Premises and equipment, net
91,190

 
75,773

Goodwill
93,258

 
64,654

Other intangible assets, net
33,635

 
9,875

Foreclosed assets, net
4,366

 
535

Other assets
144,482

 
115,102

Total assets
$
4,648,287

 
$
3,291,480

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Noninterest bearing deposits
$
673,777

 
$
439,133

Interest bearing deposits
3,035,935

 
2,173,796

Total deposits
3,709,712

 
2,612,929

Short-term borrowings
155,101

 
131,422

Long-term debt
244,677

 
168,726

Other liabilities
40,912

 
21,336

Total liabilities
4,150,402

 
2,934,413

Shareholders' equity
 
 
 
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding at September 30, 2019 and December 31, 2018

 

Common stock, $1.00 par value; authorized 30,000,000 shares at September 30, 2019 and December 31, 2018; issued 16,581,017 shares at September 30, 2019 and 12,463,481 shares at December 31, 2018; outstanding 16,179,734 shares at September 30, 2019 and 12,180,015 shares at December 31, 2018
16,581

 
12,463

Additional paid-in capital
297,144

 
187,813

Retained earnings
191,007

 
168,951

Treasury stock at cost, 401,283 shares as of September 30, 2019 and 283,466 shares as of December 31, 2018
(9,933
)
 
(6,499
)
Accumulated other comprehensive income (loss)
3,086

 
(5,661
)
Total shareholders' equity
497,885

 
357,067

Total liabilities and shareholders' equity
$
4,648,287

 
$
3,291,480

See accompanying notes to consolidated financial statements.  

1

Table of Contents

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
(unaudited) (dollars in thousands, except per share amounts)
 
2019
 
2018
 
2019
 
2018
Interest income
 
 
 
 
 
 
 
 
Loans, including fees
 
$
49,169

 
$
28,088

 
$
118,257

 
$
82,141

Taxable investment securities
 
3,376

 
2,715

 
9,592

 
8,253

Tax-exempt investment securities
 
1,401

 
1,395

 
4,231

 
4,452

Other
 
130

 
12

 
335

 
39

Total interest income
 
54,076

 
32,210

 
132,415

 
94,885

Interest expense
 
 
 
 
 
 
 
 
Deposits
 
8,238

 
4,625

 
21,676

 
12,170

Short-term borrowings
 
522

 
321

 
1,479

 
941

Long-term debt
 
2,058

 
1,153

 
5,194

 
3,059

Total interest expense
 
10,818

 
6,099

 
28,349

 
16,170

Net interest income
 
43,258

 
26,111

 
104,066

 
78,715

Provision for loan losses
 
4,264

 
950

 
6,554

 
4,050

Net interest income after provision for loan losses
 
38,994

 
25,161

 
97,512

 
74,665

Noninterest income
 
 
 
 
 
 
 
 
Investment services and trust activities
 
2,339

 
1,222

 
5,619

 
3,679

Service charges and fees
 
2,068

 
1,512

 
5,380

 
4,601

Card revenue
 
1,655

 
1,069

 
4,452

 
3,128

Loan revenue
 
991

 
891

 
2,032

 
2,738

Bank-owned life insurance
 
514

 
399

 
1,376

 
1,229

Insurance commissions
 

 
304

 
734

 
1,024

Investment securities gains, net
 
23

 
192

 
72

 
197

Other
 
414

 
456

 
2,545

 
823

Total noninterest income
 
8,004

 
6,045

 
22,210

 
17,419

Noninterest expense
 
 
 
 
 
 
 
 
Compensation and employee benefits
 
17,426

 
13,051

 
46,414

 
37,647

Occupancy expense of premises, net
 
2,294

 
2,643

 
6,300

 
6,431

Equipment
 
2,181

 
1,341

 
5,466

 
4,132

Legal and professional
 
1,996

 
1,861

 
6,252

 
3,614

Data processing
 
1,234

 
697

 
3,087

 
2,076

Marketing
 
1,167

 
672

 
2,642

 
1,982

Amortization of intangibles
 
2,583

 
547

 
3,965

 
1,793

FDIC insurance
 
(42
)
 
393

 
762

 
1,104

Communications
 
489

 
341

 
1,208

 
1,011

Foreclosed assets, net
 
265

 
(131
)
 
407

 
(25
)
Other
 
1,849

 
1,207

 
4,596

 
3,671

Total noninterest expense
 
31,442

 
22,622

 
81,099

 
63,436

Income before income tax expense
 
15,556

 
8,584

 
38,623

 
28,648

Income tax expense
 
3,256

 
1,806

 
8,364

 
5,921

Net income
 
$
12,300

 
$
6,778

 
$
30,259

 
$
22,727

Per common share information
 
 
 
 
 
 
 
 
Earnings - basic
 
$
0.76

 
$
0.55

 
$
2.10

 
$
1.86

Earnings - diluted
 
0.76

 
0.55

 
2.09

 
1.86

Dividends paid
 
0.2025

 
0.195

 
0.6075

 
0.5850

See accompanying notes to consolidated financial statements.

2

Table of Contents

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
(unaudited) (dollars in thousands)
 
2019
 
2018
 
2019
 
2018
Net income
 
$
12,300

 
$
6,778

 
$
30,259

 
$
22,727

 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), debt securities available for sale:
 
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during period
 
1,999

 
(2,085
)
 
11,904

 
(8,501
)
Reclassification adjustment for gains included in net income
 
(19
)
 
(192
)
 
(68
)
 
(201
)
Income tax (expense) benefit
 
(517
)
 
594

 
(3,089
)
 
2,271

Other comprehensive income (loss) on debt securities available for sale
 
1,463

 
(1,683
)
 
8,747

 
(6,431
)
Other comprehensive income (loss), net of tax
 
1,463

 
(1,683
)
 
8,747

 
(6,431
)
Comprehensive income
 
$
13,763

 
$
5,095

 
$
39,006

 
$
16,296

See accompanying notes to consolidated financial statements.


3

Table of Contents

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

 
 
For the Nine Months Ended September 30, 2019
(unaudited)
(dollars in thousands, except per share amounts)
 
Preferred
Stock
 
Common
Stock
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Balance at December 31, 2018
 
$

 
$
12,463

 
$
187,813

 
$
(6,499
)
 
$
168,951

 
$
(5,661
)
 
$
357,067

Net income
 

 

 

 

 
7,285

 

 
7,285

Dividends paid on common stock ($0.2025 per share)
 

 

 

 

 
(2,465
)
 

 
(2,465
)
Release/lapse of restriction on RSUs (24,550 shares)
 

 

 
(570
)
 
501

 

 

 
(69
)
Repurchase of common stock (49,216 shares)
 

 

 

 
(1,299
)
 

 

 
(1,299
)
Stock-based compensation
 

 

 
292

 

 

 

 
292

Other comprehensive income, net of tax
 

 

 

 

 

 
3,038

 
3,038

Balance at March 31, 2019