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MidWestOne Financial Gp Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: March 4, 2011 07:21PM
MidWestOne Financial Gp (MOFG) filed Annual Report for the period ended 2010-12-31. Midwestone Financial Gp has a market cap of $127.1 million; its shares were traded at around $14.76 with a P/E ratio of 13.8 and P/S ratio of 1.5. The dividend yield of Midwestone Financial Gp stocks is 1.4%.
Highlight of Business Operations:
As of December 31, 2010, we had total consolidated assets of $1.6 billion, total deposits of $1.2 billion and total shareholders' equity of $158.5 million, of which $142.7 million is common shareholders' equity. For the year ended December 31, 2010, we generated net income available to common shareholders of $9.3 million, which was an increase from the net income (loss) available to common shareholders of $3.6 million and $(24.6) million for the years ended December 31, 2009 and 2008, respectively. For our complete financial information as of December 31, 2010 and 2009 and for each of the years in the three-year period ended December 31, 2010, see Item 8. Financial Statements and Supplementary Data.
When a loan officer originates a new loan, based upon proper loan authorization, he or she documents the credit file with an offering sheet summary, supplemental underwriting analysis, relevant financial information and collateral evaluations. All of this information is used in the determination of the initial loan risk rating. Our loan review department undertakes independent credit reviews of relationships based on either criteria established by Loan Policy, risk-focused sampling, or random sampling. Loan Policy requires the top 50 lending relationships by total exposure be reviewed no less than annually as well as those credits of $250,000 and greater rated Watch, and those credits of $100,000 or greater rated Substandard or below. The individual loan reviews analyze such items as: loan type; nature, type and estimated value of collateral; borrower and/or guarantor estimated financial strength; most recently available financial information; related loans and total borrower exposure; and current/anticipated performance of the loan. The results of such reviews are presented to our executive management team.
Our overall cost basis in the loan pool participations represents a discount from the aggregate outstanding principal amount of the loans underlying the pools. For example, as of December 31, 2010, such cost basis was $68.0 million, while the contractual outstanding principal amount of the underlying loans as of such date was approximately $154.2 million. The discounted cost basis inherently reflects the assessed collectibility of the underlying loans. We do not include any amounts related to the loan pool participations in our totals of nonperforming loans.
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