Latest news with #MidWest
Yahoo
4 days ago
- Business
- Yahoo
MidWestOne Financial Group Inc (MOFG) Q2 2025 Earnings Call Highlights: Strong Loan Growth and ...
Loan Growth: 7.4% increase in loan growth. Net Interest Margin: Expanded by 13 basis points. Net Interest Income: Increased by 5% linked quarter. Wealth Management Revenue: Up 5% linked quarter. Allowance for Credit Losses Ratio: Increased to 1.50%. Criticized Asset Ratio: Decreased by 32 basis points. Net Charge-Offs: 2 basis points. Net Income: $10 million or $0.48 per diluted common share. Net Interest Income: $50 million, an increase of $2.5 million from the linked quarter. Core Net Interest Margin: Expanded to 3.49%. Core Loan Portfolio Yield: 5.70%, an increase of 10 basis points from the linked quarter. Non-Interest Income: $10.2 million, up $200,000 from the linked quarter. Total Non-Interest Expense: $35.8 million, a decrease of $0.5 million from the linked quarter. Shareholders' Equity: Increased by $9 million to $589 million. CET1 Ratio: 11.02%, up 5 basis points from March 31, 2025. Warning! GuruFocus has detected 1 Warning Sign with MOFG. Release Date: July 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points MidWestOne Financial Group Inc (NASDAQ:MOFG) achieved solid loan growth of 7.4% in the second quarter, contributing to a 13-basis-point expansion in their tax equivalent net interest margin. The company's relationship-focused fee income businesses performed well, with wealth management revenues up 5% and SBA originations and gain on sale exceeding expectations. Significant new commercial banker hires in the Twin Cities and Denver, as well as wealth management hires, are expected to positively impact organizational growth. The company maintained expense discipline, resulting in favorable second-quarter non-interest expense results. Asset quality metrics generally improved outside of a single large loan issue, with a criticized asset ratio decreasing by 32 basis points and net charge-offs of only 2 basis points. Negative Points A single $24 million CRE office loan moved to non-accrual status, significantly impacting asset quality and increasing the quarterly credit loss expense. End-of-period deposits were down slightly, and average deposits remained flat, indicating potential challenges in deposit growth. The company's consolidated CET1 ratio was somewhat muted due to higher credit loss expense recognized during the second quarter. The cost of interest-bearing deposits decreased only slightly, which may limit further margin expansion. The securities portfolio saw a decrease in average balances, with expectations of continued runoff, potentially impacting liquidity. Q & A Highlights Q: Could you unpack this quarter's C&I growth, whether it was new credits or line draws, any noteworthy industries? And then what regions were really contributing to that? A: Len Devaisher, President and COO: We saw contributions across our footprint, including Denver, Twin Cities, and Iowa metro markets. Industries like distribution and manufacturing, both B2B and B2C segments, were significant. The growth was a mix of existing and new nameplates. CRE production was softer, with some multifamily and hotel loans paying off and moving to the secondary market. Q: What are your updated thoughts on the net interest margin for the back half of the year? A: Barry Ray, CFO: We were pleased with the 13 basis points expansion in the second quarter. We expect continued opportunities for margin expansion driven by new loan originations at higher coupons and back-book repricing, primarily on the asset side, with some benefit from lower-cost time deposits. Q: The market was surprised by the $24 million loan issue. Could you explain what happened and discuss any other larger credits within CRE? A: Gary Sims, Chief Credit Officer: The loan is a non-owner-occupied office in suburban Minneapolis, originated in 2022. It was cash flowing but moved to non-accrual due to non-payment. We've initiated legal actions to gain control. The next largest asset is a $12 million downtown Minneapolis office, which is performing well. Q: Can you discuss the impact of recent hires on the franchise's long-term growth outlook? A: Len Devaisher, President and COO: The hires are seasoned bankers with strong relationships, allowing them to start producing immediately. They are in commercial and wealth segments, which have longer sales cycles, so the impact will be more significant in 2026 than in 2025. Q: What is the outlook for credit provisioning going forward? A: Barry Ray, CFO: We expect provision expenses to normalize in the back half of the year. The allowance coverage ratio should return to historical levels as we resolve the large CRE credit issue. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
MidWestOne Financial Group Inc (MOFG) Q2 2025 Earnings Call Highlights: Strong Loan Growth and ...
Loan Growth: 7.4% increase in loan growth. Net Interest Margin: Expanded by 13 basis points. Net Interest Income: Increased by 5% linked quarter. Wealth Management Revenue: Up 5% linked quarter. Allowance for Credit Losses Ratio: Increased to 1.50%. Criticized Asset Ratio: Decreased by 32 basis points. Net Charge-Offs: 2 basis points. Net Income: $10 million or $0.48 per diluted common share. Net Interest Income: $50 million, an increase of $2.5 million from the linked quarter. Core Net Interest Margin: Expanded to 3.49%. Core Loan Portfolio Yield: 5.70%, an increase of 10 basis points from the linked quarter. Non-Interest Income: $10.2 million, up $200,000 from the linked quarter. Total Non-Interest Expense: $35.8 million, a decrease of $0.5 million from the linked quarter. Shareholders' Equity: Increased by $9 million to $589 million. CET1 Ratio: 11.02%, up 5 basis points from March 31, 2025. Warning! GuruFocus has detected 1 Warning Sign with MOFG. Release Date: July 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points MidWestOne Financial Group Inc (NASDAQ:MOFG) achieved solid loan growth of 7.4% in the second quarter, contributing to a 13-basis-point expansion in their tax equivalent net interest margin. The company's relationship-focused fee income businesses performed well, with wealth management revenues up 5% and SBA originations and gain on sale exceeding expectations. Significant new commercial banker hires in the Twin Cities and Denver, as well as wealth management hires, are expected to positively impact organizational growth. The company maintained expense discipline, resulting in favorable second-quarter non-interest expense results. Asset quality metrics generally improved outside of a single large loan issue, with a criticized asset ratio decreasing by 32 basis points and net charge-offs of only 2 basis points. Negative Points A single $24 million CRE office loan moved to non-accrual status, significantly impacting asset quality and increasing the quarterly credit loss expense. End-of-period deposits were down slightly, and average deposits remained flat, indicating potential challenges in deposit growth. The company's consolidated CET1 ratio was somewhat muted due to higher credit loss expense recognized during the second quarter. The cost of interest-bearing deposits decreased only slightly, which may limit further margin expansion. The securities portfolio saw a decrease in average balances, with expectations of continued runoff, potentially impacting liquidity. Q & A Highlights Q: Could you unpack this quarter's C&I growth, whether it was new credits or line draws, any noteworthy industries? And then what regions were really contributing to that? A: Len Devaisher, President and COO: We saw contributions across our footprint, including Denver, Twin Cities, and Iowa metro markets. Industries like distribution and manufacturing, both B2B and B2C segments, were significant. The growth was a mix of existing and new nameplates. CRE production was softer, with some multifamily and hotel loans paying off and moving to the secondary market. Q: What are your updated thoughts on the net interest margin for the back half of the year? A: Barry Ray, CFO: We were pleased with the 13 basis points expansion in the second quarter. We expect continued opportunities for margin expansion driven by new loan originations at higher coupons and back-book repricing, primarily on the asset side, with some benefit from lower-cost time deposits. Q: The market was surprised by the $24 million loan issue. Could you explain what happened and discuss any other larger credits within CRE? A: Gary Sims, Chief Credit Officer: The loan is a non-owner-occupied office in suburban Minneapolis, originated in 2022. It was cash flowing but moved to non-accrual due to non-payment. We've initiated legal actions to gain control. The next largest asset is a $12 million downtown Minneapolis office, which is performing well. Q: Can you discuss the impact of recent hires on the franchise's long-term growth outlook? A: Len Devaisher, President and COO: The hires are seasoned bankers with strong relationships, allowing them to start producing immediately. They are in commercial and wealth segments, which have longer sales cycles, so the impact will be more significant in 2026 than in 2025. Q: What is the outlook for credit provisioning going forward? A: Barry Ray, CFO: We expect provision expenses to normalize in the back half of the year. The allowance coverage ratio should return to historical levels as we resolve the large CRE credit issue. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
BreakingNews.ie
22-07-2025
- Business
- BreakingNews.ie
Petula Martyn appointed RTÉ News Mid West Correspondent
Petula Martyn has been appointed as RTÉ's new Mid West correspondent. RTÉ News announced the appointment on Tuesday, July 22nd. Her role will cover Ireland's Mid West region, including the counties of Limerick, Clare, and North Tipperary. Advertisement Ms Martyn will be reporting and providing analysis across RTÉ News platforms on social, economic, cultural and political developments. Having joined RTÉ News in 2011, Ms Martyn worked as a multimedia journalist across television, radio and online platforms. She currently presents business news on Morning Ireland, the One O'Clock News, and Drivetime. She has also presented some of the state broadcaster's flagship radio programmes, including Morning Ireland, This Week and The Business, political party conference coverage and for RTÉ Sport during the Olympic Games. Advertisement Ms Martyn is said to be a "passionate Limerick hurling supporter," having reported on the county's All-Ireland successes, including a RTÉ Radio One documentary, Limerick: Pure Proud. She has also reported on general elections from the Mid West, as well as the election and inauguration of the first directly elected mayor. Ms Martyn began her journalism career in the Mid West, reporting for Limerick's Live 95FM and later as a journalist with the Limerick Leader. "Having grown up, studied, and started my journalism career in the region, I am delighted to return to take up the role of Mid West Correspondent," Ms Martyn said of her appointment. "I'm looking forward to covering the stories that matter to the people of Limerick, Clare and North Tipperary, including challenges in healthcare, housing, infrastructure, as well as cultural events and no doubt, sporting triumphs. I am honoured to have been given the opportunity to continue the great work that Cathy Halloran did for over 30 years. I care deeply about this region and its people." Ms Martyn will take up her new role this autumn.
Yahoo
15-07-2025
- Business
- Yahoo
Athena Resources joins Mid West green iron project in Western Australia
Athena Resources has agreed to become a foundation partner with Warradarge Energy and Fenix Resources to establish the Mid West green iron project in Western Australia's mid-west region. Athena's role will initially involve providing ore samples from its Byro magnetite project to trial suitable green iron technologies, with the potential to supply high-grade magnetite concentrate for the project, which aims to produce green iron, a sustainable product made using carbon-neutral energy sources such as green hydrogen instead of fossil fuels. This method can reduce carbon emissions by up to 90% compared to traditional steel production processes. The parties have signed a binding memorandum of understanding to collaborate on planning and establishing the project. The new company, Mid West Green Iron, will be formed with equal shareholdings between the parties to serve as the project development vehicle. The Byro magnetite project is capable of producing a 70% Fe grade concentrate, making it ideal for green iron applications. Athena managing director and CEO Peter Jones stated: 'The quality, scale, ocation and metallurgy of the Byro magnetite project [have a] unique ability to provide the ultra-high-grade concentrate products required for a regional green iron development. Warradarge Energy has a similar regional focus and a synergistic scaled development plan for their Warradarge green hydrogen project in the Midwest. Fenix, Athena's largest shareholder, has the regional logistics solutions and balance sheet to support future project development and management of a green iron project. 'Athena's primary focus remains the development of the company's 100% owned high-quality Byro magnetite project. Partnering on local green iron opportunities is an obvious opportunity for Athena to develop a future high-value market for our iron products in addition to the obvious export opportunities.' The Mid West green iron project will be developed in three stages: validation, demonstration and commercial production. The validation phase, expected to conclude by the end of 2026, will involve testing magnetite concentrate samples from Athena's Byro magnetite project. The demonstration phase will see the creation of a small-scale green iron plant, with the possibility of further partnerships and funding agreements. Successful demonstration will lead to the development of a full-scale production plant, with the potential to include additional project partners. "Athena Resources joins Mid West green iron project in Western Australia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
ABC News
30-06-2025
- Automotive
- ABC News
4WD tracks closed to prevent beach erosion along WA's Mid West coast
Unofficial four-wheel drive tracks are set to be closed along Western Australia's Mid West coast, as three councils unite to limit erosion and environmental damage. Last week the shires of Coorow, Dandaragan, and Gingin adopted a coastal recreation masterplan, after receiving "mostly positive" feedback on a draft version. The shires announced the plan in April, saying increased beach driving had led to more environmental damage. Off-road driving is a tourism drawcard for beachside towns from Guilderton to Leeman, about 200 kilometres north of Perth. Dandaragan shire president Tony O'Gorman said the next step was to apply for grant funding for signage at official tracks and cameras to monitor their use. When asked about the cost of implementing the plan, Cr O'Gorman couldn't provide an exact figure. "How long is a piece of string?" he said. Cr O'Gorman said the plan to regulate driving tracks would further boost the off-road driving industry. "We have a number of operators up and down the coast that regularly do coastal tours and take visitors out there… I think it's just a positive that they know which tracks they're going to be able to use," he said. Cr O'Gorman said education through signs and pamphlets would be a key focus. Cr O'Gorman said while some people would find the closure of some tracks controversial, most of the 21 submissions agreed to the proposed changes. "The majority of the submissions we got, and particularly the ones from the four-wheel drivers clubs, were very supportive," he said. WA 4WD Association chair Elizabeth Harding previously told the ABC that people needed to "get back to" the "unwritten rule" of leaving no trace when four-wheel driving. "By having that respect for the land and the area we're going on [I think] will increase the long-term [access] for generations to come," she said when the plan was first proposed. Cr O'Gorman said the councils would continue to work with four-wheel driving groups to strike a balance between environmental protection and entertainment. "[Four-wheel drivers] are the ones that are out there all the time and we want to keep them on side and we'll take advice from them as well," he said. He said the sand dunes would begin to recover once "irreverently" forged tracks stopped being used. "It's a very delicate environment; we have lots of flora and fauna out there that we don't want destroyed… so it's really about preserving that for our future generations."
