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Stock impact report

MidWestOne Financial Group, Inc. Reports Financial Results for the Third Quarter of 2024

MidWestOne Financial Group, Inc. (MOFG) 
Last midwestone financial group, inc. earnings: 4/30 04:05 pm Check Earnings Report
Company Research Source: GlobeNewswire
IOWA CITY, Iowa, Oct. 24, 2024 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we”, “our”, or the "Company”) today reported results for the third quarter of 2024. Third Quarter 2024 Summary1 Completed a common equity capital raise, resulting in net proceeds to the Company of $118.6 million to facilitate a balance sheet repositioning. $140.4 million of securities impairment related to the repositioning was recognized in pre-tax earnings.Subsequent to quarter-end: Sold $1.0 billion of debt securities with a weighted average yield of 1.58%, and a weighted average life of 5.6 years.Purchased $589.8 million of debt securities, with a weighted average yield of 4.65%, and paid in full $418.7 million of Bank Term Funding Program borrowings with a weighted average cost of 4.77%.The estimated earn back period for the securities losses is 4.5 years. Recognized a net loss for the quarter of $95.7 million, or $(6.05) per diluted common share, reflecting the effects Show less Read more
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