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)

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments81,71674,788144,55869,21886,43578,514
Cash and cash equivalents81,71674,788144,55869,21886,43578,514
Receivables1,556 1,4631,6302,366 
Total current assets:83,27274,788146,02170,84888,80178,514
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization255279303326350374
Operating lease, right-of-use asset2,3372,5932,8472,5362,4922,738
Intangible assets, net (including goodwill)86,54687,98789,44691,04092,79294,563
Goodwill62,47762,47762,47762,47762,47762,477
Intangible assets, net (excluding goodwill)24,06925,51026,96928,56330,31532,086
Deferred income tax assets31,21837,64136,91636,03939,07140,862
Total noncurrent assets:120,356128,500129,512129,941134,705138,537
Other undisclosed assets6,223,9126,264,5306,245,9566,209,1636,354,3706,274,010
TOTAL ASSETS:6,427,5406,467,8186,521,4896,409,9526,577,8766,491,061
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt300,264373,956362,054143,981391,873304,536
Total current liabilities:300,264373,956362,054143,981391,873304,536
Noncurrent Liabilities
Long-term debt and lease obligation, including:123,296124,526125,752137,981139,210154,190
Other undisclosed long-term debt and lease obligation123,296124,526125,752137,981139,210154,190
Total noncurrent liabilities:123,296124,526125,752137,981139,210154,190
Other undisclosed liabilities5,479,6025,463,9255,532,3425,627,3405,554,0005,560,106
Total liabilities:5,903,1625,962,4076,020,1485,909,3026,085,0836,018,832
Equity
Equity, attributable to parent524,378505,411501,341500,650492,793472,229
Common stock16,58116,58116,58116,58116,58116,581
Treasury stock, value(24,245)(24,315)(24,508)(24,779)(26,115)(26,145)
Additional paid in capital302,157301,889301,424300,966302,085301,418
Accumulated other comprehensive loss(64,899)(84,606)(82,704)(78,885)(89,047)(96,623)
Retained earnings294,784295,862290,548286,767289,289276,998
Total equity:524,378505,411501,341500,650492,793472,229
TOTAL LIABILITIES AND EQUITY:6,427,5406,467,8186,521,4896,409,9526,577,8766,491,061

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

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
Revenues59,69063,65161,34846,13556,75653,258
Gain (loss) on disposition of assets for financial service operations(5,696)79(2)(13,170)(1)(163)
Net investment income65,38663,57261,35059,30556,75753,421
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
(1,768)(1,551)(1,597)(933)(572)(638)
Gross profit:57,92262,10059,75145,20256,18452,620
Operating expenses(8,313)(8,035)(8,773)(8,844)(8,886)(9,550)
Other operating income, net
(Noninterest Income, Other Operating Income)
8507272104132,8603,601
Operating income:50,45954,79251,18836,77150,15846,671
Nonoperating income611624622630589537
Bank owned life insurance income656626616602637579
Profit (loss) from real estate operations(45)(2)628(48)(42)
Interest and debt expense(32,827)(28,997)(24,388)(19,229)(13,193)(7,688)
Income from continuing operations before equity method investments, income taxes:18,24326,41927,42218,17237,55439,520
Other undisclosed loss from continuing operations before income taxes(15,721)(15,078)(18,230)(16,394)(18,062)(16,460)
Income from continuing operations before income taxes:2,52211,3419,1921,77819,49223,060
Income tax expense (benefit)208(2,203)(1,598)(381)(3,490)(4,743)
Income from continuing operations:2,7309,1387,5941,39716,00218,317
Income before gain (loss) on sale of properties:18,317
Net income available to common stockholders, diluted:2,7309,1387,5941,39716,00218,317

Comprehensive Income ($ in thousands)

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
Net income:2,7309,1387,5941,39716,00218,317
Comprehensive income:2,7309,1387,5941,39716,00218,317
Other undisclosed comprehensive income (loss), net of tax, attributable to parent19,707(1,902)(3,819)10,1627,576(31,392)
Comprehensive income (loss), net of tax, attributable to parent:22,4377,2363,77511,55923,578(13,075)

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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