MidWestOne Financial Group, Inc. reported diluted earnings per share of $0.78 and adjusted earnings per share of $0.77 for the fourth quarter of 2024. Total revenue for the quarter increased by $152.6 million from the third quarter of 2024, reaching $89.1 million.
The company's tax equivalent net interest margin (NIM) expanded significantly to 3.43% in Q4 2024, a substantial increase from 2.51% in the prior quarter. This expansion was a primary driver for net interest income, which rose by $11.4 million to $48.9 million.
Return on average assets (ROAA) surpassed the 1.0% threshold, reflecting improved profitability. The Wealth Management business demonstrated strong performance, with revenues increasing 16% year-over-year, contributing to diversified income streams.
Total deposits increased by $109.3 million, or 2.0%, to $5.48 billion, with noninterest bearing deposits growing for the second consecutive quarter. Borrowed funds decreased by $409.1 million to $116.6 million, primarily due to the payoff of Bank Term Funding Program (BTFP) borrowings.
Asset quality metrics showed improvement, with the classified loans ratio decreasing by 54 basis points to 2.57%, and the net charge-off ratio declining to 0.06%. The allowance for credit losses stood at $55.2 million, or 1.28% of total loans. The Board of Directors declared a cash dividend of $0.2425 per common share, payable on March 17, 2025.
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