MidWestOne Financial Group, Inc. (MOFG) Financial Statements (2024 and earlier)

Company Profile

Business Address 102 SOUTH CLINTON ST.
IOWA CITY, IA 52240
State of Incorp. IA
Fiscal Year End December 31
Industry (SIC) 6022 - State Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments86,435203,83082,48791,81148,21750,292
Cash and cash equivalents86,435203,83082,48773,28645,48050,292
Short-term investments    18,5252,737 
Receivables 2,366178 2,3182,3613,120
Asset, held-for-sale, not part of disposal group    5,400  
Total current assets:88,801204,00882,48799,52950,57853,412
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization350446542637
Operating lease, right-of-use asset2,4922,8403,6134,499
Property, plant and equipment     75,77375,969
Intangible assets, net (including goodwill)92,79282,36287,719124,13674,52976,700
Goodwill62,47762,47762,47791,91864,65464,654
Intangible assets, net (excluding goodwill)30,31519,88525,24232,2189,87512,046
Deferred income tax assets39,07113,8933,8453,530
Total noncurrent assets:134,70599,54195,719132,802150,302152,669
Other undisclosed assets6,354,3705,721,5795,378,4424,421,2423,090,6003,006,190
TOTAL ASSETS:6,577,8766,025,1285,556,6484,653,5733,291,4803,212,271
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt391,873181,368230,789139,349131,42297,229
Total current liabilities:391,873181,368230,789139,349131,42297,229
Noncurrent Liabilities
Long-term debt and lease obligation, including:139,210     
Other undisclosed long-term debt and lease obligation139,210     
Total noncurrent liabilities:139,210     
Other undisclosed liabilities5,554,0005,316,2854,810,6094,005,2422,802,9912,774,738
Total liabilities:6,085,0835,497,6535,041,3984,144,5912,934,4132,871,967
Equity
Equity, attributable to parent492,793527,475515,250508,982357,067340,304
Common stock16,58116,58116,58116,58112,46312,463
Treasury stock, value(26,115)(24,546)(14,251)(10,466)(6,499)(5,121)
Additional paid in capital302,085300,940300,137297,390187,813187,486
Accumulated other comprehensive income (loss)(89,047)(8,865)24,5924,372(5,661)(2,602)
Retained earnings289,289243,365188,191201,105168,951148,078
Total equity:492,793527,475515,250508,982357,067340,304
TOTAL LIABILITIES AND EQUITY:6,577,8766,025,1285,556,6484,653,5733,291,4803,212,271

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues197,030177,008184,971183,265129,086125,323
Net investment income196,759176,766184,787182,441128,824119,320
Cost of revenue(4,492) (27,702)(7,158)(7,300)(17,334)
Provision for loan, lease, and other losses(4,492) (27,702)(7,158)(7,300)
Financial services costs(17,334)
Gross profit:192,538177,008157,269176,107121,786107,989
Operating expenses(35,958)(30,457)(64,900)(32,671)(22,925)(69,928)
Other operating income, net
(Noninterest Income, Other Operating Income)
8,5292,1524,4963,670  
Operating income:165,109148,70396,865147,10698,86138,061
Nonoperating income2,3231,9292,0761,2971,6101,629
Bank owned life insurance income2,3052,1622,2261,8771,6101,388
Profit (loss) from real estate operations18(233)(150)(580)  
Interest and debt expense(30,401)(20,485)(31,823)(38,791)(22,841)(15,145)
Income from continuing operations before equity method investments, income taxes:137,031130,14767,118109,61277,63024,545
Other undisclosed income (loss) from continuing operations before income taxes(60,434)(40,669)(53,796)(59,409)(39,662)4,530
Income from continuing operations before income taxes:76,59789,47813,32250,20337,96829,075
Income tax expense(15,762)(19,992)(6,699)(6,573)(7,617)(10,376)
Income from continuing operations:60,83569,4866,62343,63030,35118,699
Income before gain (loss) on sale of properties:69,4866,62343,63030,35118,699
Net income available to common stockholders, diluted:60,83569,4866,62343,63030,35118,699

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:60,83569,4866,62343,63030,35118,699
Comprehensive income:60,83569,4866,62343,63030,35118,699
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(80,182)(33,457)20,22010,033(3,002)(1,004)
Comprehensive income (loss), net of tax, attributable to parent:(19,347)36,02926,84353,66327,34917,695

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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