MidwestOne profit up sharply in first quarter

MidWestOne Financial reported a nearly 52 percent in net income for the first quarter of 2012.

Iowa City-based MidWestOne reported net income for the quarter of $4.4 million, up $1.5 million for the first quarter of 2011. The results yielded 52 cents per diluted share in net income available to common shareholders versus 31 cents in the year-earlier quarter.

Net interest income for the quarter improved $1.7 million, or 14.3 percent from the first quarter of 2011. The company recorded a 35.7 percent drop in provisions for loan losses. Noninterest income rose 8.8 percent, due mainly to gains on the sales of fixed assets and investments available for sale.

MidWestOne CEO Charlie Funk said the quarter was the best financial performance since the company was formed by merger in 2008. While it benefitted from some non-recurring income items, he said the company performed well in return on assets and return on equity.

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