0001412665-18-000131.txt : 20181105 0001412665-18-000131.hdr.sgml : 20181105 20181105131444 ACCESSION NUMBER: 0001412665-18-000131 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 93 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181105 DATE AS OF CHANGE: 20181105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MidWestOne Financial Group, Inc. CENTRAL INDEX KEY: 0001412665 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 421206172 STATE OF INCORPORATION: IA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35968 FILM NUMBER: 181159505 BUSINESS ADDRESS: STREET 1: 102 SOUTH CLINTON ST. CITY: IOWA CITY STATE: IA ZIP: 52240 BUSINESS PHONE: 319-356-5800 MAIL ADDRESS: STREET 1: 102 SOUTH CLINTON ST. CITY: IOWA CITY STATE: IA ZIP: 52240 FORMER COMPANY: FORMER CONFORMED NAME: ISB Financial Corp. DATE OF NAME CHANGE: 20070918 10-Q 1 midwestone0930201810q.htm 10-Q Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
 
 
 
FORM 10-Q
 
 
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2018
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
 
Commission file number 001-35968
 
 
 
 
MIDWESTONE FINANCIAL GROUP, INC.
(Exact name of Registrant as specified in its charter)
 
 
 
 
Iowa
42-1206172
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
102 South Clinton Street
Iowa City, IA 52240
(Address of principal executive offices, including zip code)
319-356-5800
(Registrant’s telephone number, including area code)
  
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
☐  
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐  Yes    ☒  No

As of October 31, 2018, there were 12,221,547 shares of common stock, $1.00 par value per share, outstanding.
 
 
 
 
 



MIDWESTONE FINANCIAL GROUP, INC.
Form 10-Q Quarterly Report
Table of Contents
 
 
 
 
Page No.
PART I
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
Item 3.
 
 
 
 
 
 
 
Item 4.
 
 
 
 
 
 
 
Part II
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
Item 1A.
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
Item 3.
 
 
 
 
 
 
 
Item 4.
 
 
 
 
 
 
 
Item 5.
 
 
 
 
 
 
 
Item 6.
 
 
 
 
 
 
 
 
 
 




PART I – FINANCIAL INFORMATION
Item 1.   Financial Statements.

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
September 30, 2018
 
December 31, 2017
(dollars in thousands)
(unaudited)
 
 
ASSETS
 
 
 
Cash and due from banks
$
49,229

 
$
44,818

Interest-earning deposits in banks
4,150

 
5,474

Federal funds sold

 
680

Total cash and cash equivalents
53,379

 
50,972

Equity securities at fair value
2,797

 
2,336

Debt securities available for sale at fair value
407,766

 
445,324

Held to maturity securities at amortized cost (fair value of $186,057 at September 30, 2018 and $194,343 at December 31, 2017)
191,733

 
195,619

Loans held for sale
1,124

 
856

Loans held for investment, net of unearned income
2,377,649

 
2,286,695

Allowance for loan losses
(31,278
)
 
(28,059
)
Total loans held for investment, net
2,346,371

 
2,258,636

Premises and equipment, net
76,497

 
75,969

Interest receivable
14,800

 
14,732

Goodwill
64,654

 
64,654

Other intangible assets, net
10,378

 
12,046

Bank-owned life insurance
60,609

 
59,831

Foreclosed assets, net
549

 
2,010

Deferred income taxes, net
9,993

 
6,525

Other assets
27,315

 
22,761

Total assets
$
3,267,965

 
$
3,212,271

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Deposits:
 
 
 
Non-interest-bearing demand
$
458,576

 
$
461,969

Interest-bearing checking
1,236,922

 
1,228,112

Savings
211,591

 
213,430

Certificates of deposit under $100,000
348,099

 
324,681

Certificates of deposit $100,000 and over
377,071

 
377,127

Total deposits
2,632,259

 
2,605,319

Federal funds purchased
19,056

 
1,000

Securities sold under agreements to repurchase
68,922

 
96,229

Federal Home Loan Bank borrowings
143,000

 
115,000

Junior subordinated notes issued to capital trusts
23,865

 
23,793

Long-term debt
8,750

 
12,500

Deferred compensation liability
5,305

 
5,199

Interest payable
2,054

 
1,428

Other liabilities
15,565

 
11,499

Total liabilities
2,918,776

 
2,871,967

Shareholders' equity:
 
 
 
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding at September 30, 2018 and December 31, 2017
$

 
$

Common stock, $1.00 par value; authorized 30,000,000 shares at September 30, 2018 and December 31, 2017; issued 12,463,481 shares at September 30, 2018 and December 31, 2017; 12,221,107 outstanding shares at September 30, 2018 and 12,219,611 shares at December 31, 2017
12,463

 
12,463

Additional paid-in capital
187,581

 
187,486

Treasury stock at cost, 242,374 shares as of September 30, 2018 and 243,870 shares as of December 31, 2017
(5,474
)
 
(5,121
)
Retained earnings
163,709

 
148,078

Accumulated other loss
(9,090
)
 
(2,602
)
Total shareholders' equity
349,189

 
340,304

Total liabilities and shareholders' equity
$
3,267,965

 
$
3,212,271

See accompanying notes to consolidated financial statements.  

1


MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
(unaudited) (dollars in thousands, except per share amounts)
 
2018
 
2017
 
2018
 
2017
Interest income:
 
 
 
 
 
 
 
 
Loans
 
$
28,088

 
$
26,206

 
$
82,141

 
$
76,135

Bank deposits
 
12

 
19

 
38

 
50

Federal funds sold
 

 

 
1

 
1

Taxable securities
 
2,965

 
2,589

 
8,793

 
7,897

Tax-exempt securities
 
1,395

 
1,547

 
4,452

 
4,699

Total interest income
 
32,460

 
30,361

 
95,425

 
88,782

Interest expense:
 
 
 
 
 
 
 
 
Interest on deposits:
 
 
 
 
 
 
 
 
Interest-bearing checking
 
1,622

 
913

 
3,998

 
2,623

Savings
 
63

 
53

 
189

 
155

Certificates of deposit under $100,000
 
1,270

 
893

 
3,399

 
2,638

Certificates of deposit $100,000 and over
 
1,670

 
1,041

 
4,584

 
2,953

Total interest expense on deposits
 
4,625

 
2,900

 
12,170

 
8,369

Federal funds purchased
 
144

 
81

 
480

 
152

Securities sold under agreements to repurchase
 
173

 
53

 
451

 
125

Federal Home Loan Bank borrowings
 
741

 
474

 
1,873

 
1,321

Other borrowings
 
3

 
3

 
9

 
9

Junior subordinated notes issued to capital trusts
 
313

 
243

 
878

 
704

Long-term debt
 
100

 
115

 
309

 
338

Total interest expense
 
6,099

 
3,869

 
16,170

 
11,018

Net interest income
 
26,361

 
26,492

 
79,255

 
77,764

Provision for loan losses
 
950

 
4,384

 
4,050

 
6,665

Net interest income after provision for loan losses
 
25,411

 
22,108

 
75,205

 
71,099

Noninterest income:
 
 
 
 
 
 
 
 
Trust, investment, and insurance fees
 
1,526

 
1,454

 
4,703

 
4,594

Service charges and fees on deposit accounts
 
1,148

 
1,295

 
3,474

 
3,835

Loan origination and servicing fees
 
891

 
1,012

 
2,738

 
2,532

Other service charges and fees
 
1,502

 
1,625

 
4,464

 
4,580

Bank-owned life insurance income
 
399

 
344

 
1,229

 
990

Gain on sale or call of debt securities
 
192

 
176

 
197

 
239

Other gain
 
326

 
10

 
338

 
66

Total noninterest income
 
5,984

 
5,916

 
17,143

 
16,836

Noninterest expense:
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
13,051

 
12,039

 
37,647

 
35,712

Occupancy and equipment, net
 
3,951

 
2,986

 
10,440

 
9,323

Professional fees
 
1,861

 
933

 
3,614

 
2,991

Data processing
 
697

 
723

 
2,076

 
1,982

FDIC insurance
 
393

 
238

 
1,104

 
957

Amortization of intangibles
 
547

 
759

 
1,793

 
2,412

Other
 
2,311

 
2,066

 
7,026

 
6,666

Total noninterest expense
 
22,811

 
19,744

 
63,700

 
60,043

Income before income tax expense
 
8,584

 
8,280

 
28,648

 
27,892

Income tax expense
 
1,806

 
1,938

 
5,921

 
7,603

Net income
 
$
6,778

 
$
6,342

 
$
22,727

 
$
20,289

Per share information:
 
 
 
 
 
 
 
 
Earnings per common share - basic
 
$
0.55

 
$
0.52

 
$
1.86

 
$
1.69

Earnings per common share - diluted
 
0.55

 
0.52

 
1.86

 
1.69

Dividends paid per common share
 
0.195

 
0.170

 
0.585

 
0.500

See accompanying notes to consolidated financial statements.

2


MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
(unaudited) (dollars in thousands)
 
2018
 
2017
 
2018
 
2017
Net income
 
$
6,778

 
$
6,342

 
$
22,727

 
$
20,289

 
 
 
 
 
 
 
 
 
Other comprehensive income, available for sale debt securities:
 
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during period
 
(2,085
)
 
(1,158
)
 
(8,501
)
 
3,154

Reclassification adjustment for gains included in net income
 
(192
)
 
(176
)
 
(201
)
 
(196
)
Income tax (expense) benefit
 
594

 
526

 
2,271

 
(1,160
)
Other comprehensive income (loss) on available for sale debt securities
 
(1,683
)
 
(808
)
 
(6,431
)
 
1,798

Other comprehensive income (loss), net of tax
 
(1,683
)
 
(808
)
 
(6,431
)
 
1,798

Comprehensive income
 
$
5,095

 
$
5,534

 
$
16,296

 
$
22,087

See accompanying notes to consolidated financial statements.


3


MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(unaudited)
(dollars in thousands, except per share amounts)
 
Preferred
Stock
 
Common
Stock
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Balance at December 31, 2016
 
$


$
11,713


$
163,667


$
(5,766
)

$
136,975


$
(1,133
)

$
305,456

Net income
 








20,289




20,289

Issuance of common stock (750,000 shares), net of expenses of $1,328
 

 
750

 
23,610

 

 

 

 
24,360

Dividends paid on common stock ($0.50 per share)
 

 

 

 

 
(5,984
)
 


(5,984
)
Stock options exercised (8,250 shares)
 

 

 
(81
)
 
172

 

 

 
91

Release/lapse of restriction on RSUs (26,875 shares)
 

 

 
(560
)
 
453

 

 


(107
)
Stock compensation
 

 

 
660

 

 

 



660

Other comprehensive income, net of tax
 

 

 

 

 

 
1,798

 
1,798

Balance at September 30, 2017
 
$

 
$
12,463

 
$
187,296

 
$
(5,141
)
 
$
151,280

 
$
665


$
346,563

Balance at December 31, 2017
 
$

 
$
12,463

 
$
187,486

 
$
(5,121
)
 
$
148,078

 
$
(2,602
)
 
$
340,304

Cumulative effect of changes in accounting principles(1)
 

 

 

 

 
57

 
(57
)
 

Net income
 

 

 

 

 
22,727

 

 
22,727

Dividends paid on common stock ($0.585 per share)
 

 

 

 

 
(7,153
)
 

 
(7,153
)
Stock options exercised (9,700 shares)
 

 

 
(68
)
 
204

 

 

 
136

Release/lapse of restriction on RSUs (28,525 shares)
 

 

 
(609
)
 
524

 

 

 
(85
)
Repurchase of common stock (33,998 shares)
 

 

 

 
(1,081
)
 

 

 
(1,081
)
Stock compensation
 

 

 
772

 

 

 

 
772

Other comprehensive loss, net of tax
 

 

 

 

 

 
(6,431
)
 
(6,431
)
Balance at September 30, 2018
 
$

 
$
12,463

 
$
187,581

 
$
(5,474
)
 
$
163,709

 
$
(9,090
)
 
$
349,189

See accompanying notes to consolidated financial statements.  

4


MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Nine Months Ended September 30,
(unaudited) (dollars in thousands)
2018
 
2017
Cash flows from operating activities:
 
 
 
Net income
$
22,727

 
$
20,289

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for loan losses
4,050

 
6,665

Depreciation of premises and equipment
3,217

 
3,088

Amortization of other intangibles
1,793

 
2,412

Amortization of premiums and discounts on investment securities, net
729

 
913

(Gain) loss on sale of premises and equipment
616

 
(2
)
Deferred income taxes
(1,184
)
 
(554
)
Excess tax benefit from share-based award activity
(14
)
 
(91
)
Stock-based compensation
772

 
660

Net losses on equity securities
34

 

Net gain on sale or call of debt securities available for sale
(201
)
 
(196
)
Net (gain) loss on sale or call of debt securities held to maturity
4

 
(43
)
Net gain on sale of other real estate owned
(240
)
 
(45
)
Net gain on sale of loans held for sale
(1,214
)
 
(1,337
)
Writedown of other real estate owned
5

 
23

Origination of loans held for sale
(49,091
)
 
(65,078
)
Proceeds from sales of loans held for sale
50,037

 
70,044

Increase in interest receivable
(68
)
 

Increase in cash surrender value of bank-owned life insurance
(1,229
)
 
(990
)
Increase in other assets
(4,554
)
 
(2,224
)
Increase (decrease) in deferred compensation liability
106

 
(22
)
Increase in interest payable, accounts payable, accrued expenses, and other liabilities
4,692

 
445

Net cash provided by operating activities
30,987

 
33,957

Cash flows from investing activities:
 
 
 
Purchases of equity securities
(508
)
 
(7
)
Proceeds from sales of debt securities available for sale
16,494

 
22,546

Proceeds from maturities and calls of debt securities available for sale
51,338

 
53,171

Purchases of debt securities available for sale
(39,289
)
 
(23,038
)
Proceeds from sales of debt securities held to maturity

 
1,153

Proceeds from maturities and calls of debt securities held to maturity
4,220

 
12,370

Purchase of debt securities held to maturity
(553
)
 
(28,546
)
Net increase in loans
(92,320
)
 
(100,880
)
Purchases of premises and equipment
(5,196
)
 
(3,035
)
Proceeds from sale of other real estate owned
2,231

 
983

Proceeds from sale of premises and equipment
906

 
32

Proceeds of principal and earnings from bank-owned life insurance
452

 

Purchases of bank owned life insurance

 
(11,211