MidWestOne reports Q4 EPS 17c, consensus 49c

Reports Q4 revenue $36.42M, consensus $34.02M. Reports Q4 tangible book value per share $27.90. Reports Q4 CET1 capital ratio9.59%. Charles Reeves, CEO of the company, commented, “I’m pleased with our balance sheet trends, as we delivered 6.1% annualized loan growth during the fourth quarter of 2023, and continue to benefit from the expansion of our major market banking teams. We also achieved core deposit growth in the quarter, and remain cautiously optimistic that we can grow our core deposit franchise through the year ahead. That said, we remain liability sensitive, and funding cost pressure continued to impact our margins and earnings through the fourth quarter, though that pressure has been moderating.”