MidWestOne Financial Group, Inc. reported a net loss of $60.3 million for the fiscal year ending December 31, 2024, a significant decline from the net income of $20.9 million recorded in 2023. This resulted in a diluted loss per share of $3.54, compared to earnings of $1.33 per share in the previous year. The company's total assets decreased to $6.24 billion from $6.43 billion, primarily due to the sale of its Florida banking operations and a strategic repositioning of its balance sheet, which included the sale of $1.0 billion in debt securities that incurred a pre-tax loss of $140.2 million.
The company’s total loans held for investment increased by 4.6% to $4.32 billion, driven by organic growth and the acquisition of loans from DNVB, a bank holding company acquired on January 31, 2024, for $32.6 million. Total deposits rose to $5.48 billion, up from $5.40 billion, reflecting a 1.5% increase. The allowance for credit losses also increased to $55.2 million, or 1.28% of total loans, compared to $51.5 million, or 1.25% of total loans, in 2023. This increase was attributed to credit loss expenses related to the acquired loans and additional reserves for organic loan growth.
In terms of operational developments, MidWestOne Financial Group completed the acquisition of DNVB and divested its Florida banking operations, which included two branches. The company also raised $118.6 million in a common equity capital raise in September 2024, aimed at improving its earnings and liquidity profiles. As of December 31, 2024, the company operated 56 banking offices across Iowa, Minnesota, Wisconsin, and Colorado, with a workforce of 757 full-time equivalent employees.
Looking ahead, MidWestOne Financial Group anticipates that ongoing economic conditions, including inflation and interest rate fluctuations, will continue to impact its financial performance. The company is focused on managing its credit risk and maintaining adequate capital levels to support future growth. The Federal Reserve's regulatory requirements will also play a crucial role in shaping the company's operational strategies and dividend policies moving forward.
About MidWestOne Financial Group, Inc.
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