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MidWestOne Financial Gp Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 3, 2012 04:20PM
MidWestOne Financial Gp (MOFG) filed Quarterly Report for the period ended 2012-03-31. Midwestone Finl has a market cap of $176.1 million; its shares were traded at around $21.19 with a P/E ratio of 12.4 and P/S ratio of 2.1. The dividend yield of Midwestone Finl stocks is 1.6%.
Highlight of Business Operations:The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal recurring items, considered necessary for fair presentation. The results for the three months ended March 31, 2012 may not be indicative of results for the year ending December 31, 2012, or for any other period.
dilutive potential shares outstanding during the period. The computation of diluted earnings per share used a weighted average diluted number of shares outstanding of 8,528,828 and 8,682,381 for the three months ended March 31, 2012 and 2011, respectively.
The following table presents the amount of gains and losses included in earnings for the three months ended March 31, 2012 that are attributable to the change in unrealized gains and losses relating to those assets still held at March 31, 2012, and the line item in the consolidated financial statements in which they are included:
For the quarter ended March 31, 2012 we earned net income of $4.4 million, all of which was available to common shareholders, compared with $2.9 million, of which $2.7 million was available to common shareholders, for the quarter ended March 31, 2011, an increase of 52.6% and 64.9%, respectively. Basic and diluted earnings per common share for the first quarter of 2012 were $0.52 versus $0.31 for the first quarter of 2011. Our annualized return on average assets for the first quarter of 2012 was 1.05% compared with a return of 0.74% for the same period in 2011. Our annualized return on average shareholders' equity was 11.29% for the quarter ended March 31, 2012 versus 7.41% for the quarter ended March 31, 2011. The annualized return on average tangible common equity was 12.41% for the first quarter of 2012 compared with 8.71% for the same period in 2011.
These increases were partially offset by decreased mortgage origination and loan servicing fees of $0.8 million for the first quarter of 2012, down from $0.9 million for the same period last year. This decline was attributable to a lower mortgage servicing rights value adjustment of $0.1 million during the first quarter of 2012 compared to $0.4 million for the same period of 2011, partially offset by an increase in mortgage origination fees from $0.3 million for the first quarter of 2011 to $0.5 million for the same period of 2012. Service charges and fees on deposit accounts declined $0.1 million for the first quarter of 2012 compared with the same period for 2011. The decrease was primarily due to lower NSF check fees. Management's strategic goal is for noninterest income to constitute 30% of total revenues (net interest income plus noninterest income) over time. For the quarter ended March 31, 2012, noninterest income comprised 22.0% of total revenues, compared with 25.2% for the same quarter in 2011. Management continues to evaluate options for increasing noninterest income, with particular emphasis on trust, investment, and insurance fees.
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