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MidWestOne Financial Group Inc. (MOFG-0.64%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $6.24 billion, a decrease from $6.43 billion at the end of 2023. This decrease is attributed to securities sales and the divestiture of Florida banking operations, partially offset by the acquisition of Denver Bankshares, Inc.
Net interest income increased to $157.5 million from $144.2 million in 2023, driven by higher loan interest income, despite increased interest expenses on deposits and borrowings.
The company reported a net loss of $60.3 million for 2024, compared to a net income of $20.9 million in 2023. This loss was primarily due to a $140.2 million pretax loss from the sale of securities as part of a balance sheet repositioning.
Noninterest income decreased significantly to a loss of $88.2 million from an income of $18.4 million in 2023, largely due to the securities sale losses. However, a gain of $10.9 million was recorded from the sale of Florida banking operations.
Noninterest expenses increased by $12.6 million to $144.5 million, with notable increases in compensation, legal and professional expenses, and other costs.
Total deposits increased slightly to $5.48 billion from $5.40 billion, with a noted increase in core deposits.
The allowance for credit losses increased to $55.2 million, or 1.28% of total loans, reflecting the acquisition of DNVB loans and organic loan growth.
MidWestOne's capital ratios remained strong, with a total risk-based capital ratio of 14.07% as of December 31, 2024.
The company completed the acquisition of Denver Bankshares, Inc. in January 2024, which contributed to the increase in loans and deposits.
MidWestOne also sold its Florida banking operations in June 2024, which resulted in a gain on sale and a reduction in assets and liabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MidWestOne Financial Group Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.