MidWestOne reports Q1 adjusted EPS 72c, consensus 75c

Reports Q1 CET1 capital ratio 9.39%. Reports Q1 tangible book value per share $26.13. Charles Reeves, CEO of the company, commented, "Despite a difficult operating environment, exacerbated by March’s banking turmoil, we made significant progress executing on our initial strategic priorities. After the actions taken in the fourth quarter of 2022 to improve our credit, our asset quality metrics further improved in the first quarter of 2023, positioning the Bank well for the uncertain macroeconomic outlook. Importantly, we have low exposure to the higher risk areas in the market, such as the office sector of commercial real estate. Additionally, we took strategic action in late February to reduce the Company’s liability sensitivity as we executed the sale of $231.0 million of available for sale debt securities, resulting in $220.0 million of proceeds used to pay off high-cost FHLB borrowings and reinvest in higher yielding, floating rate securities. The transaction positions our balance sheet more favorably, improves our future earnings profile, enhances our already strong liquidity profile, and, importantly, our capital ratios still improved as compared to the linked quarter."