Q2 2024 Midwestone Financial Group Inc (IOWA) Earnings Call Transcript
Key Points
- MidWestOne Financial Group Inc (MOFG) achieved a 3% annualized loan growth, excluding the Florida divested balances.
- The company successfully completed the divestiture of its Florida operations, resulting in an attractive net deposit premium.
- Net interest margin expanded by 8 basis points, leading to a 5% quarterly increase in net interest income.
- Asset quality metrics improved with limited charge-offs, lower non-performing assets (NPAs), and significantly reduced classified assets.
- Wealth management revenues increased by 15.8% in the first half of 2024 compared to the same period in the prior year.
- Total deposits declined by $39.5 million from March 31, 2024, after excluding the Florida divestiture.
- The net result for the quarter was essentially flat due to deposit outflows in April, despite increases in May and June.
- Non-interest expense increased by $0.2 million or 1% from the linked quarter, driven by costs associated with the former Bank of Denver operations and additional legal and professional costs.
- The sale of Florida operations created some noise in the second quarter financial results, complicating the analysis of core results.
- Funding cost pressures persist, with total deposit costs increasing by 8 basis points from the linked quarter.
Good morning, ladies and gentlemen, and welcome to the MidWestOne Financial Group, Inc. second-quarter 2024 earnings call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the call over to Barry Ray, Chief Financial Officer of MidWestOne Financial Group.
Thank you, everyone, for joining us today. We appreciate your participation in our earnings conference call this morning. With me here on the call are Chip Reeves, our Chief Executive Officer; Len Devaisher, our President and Chief Operating Officer; and Gary Sims, our Chief Credit Officer.
Following the conclusion of todayâs conference, a replay of this call will be available on our website. Additionally, a slide deck to complement todayâs presentation is also available on the Investor Relations section of our website.
Before we begin, let me remind everyone on the call that this presentation contains forward-looking statements
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