MidWestOne Financial Group posts lower results

MidWestOne Financial Group on Thursday posted lower second-quarter earnings compared with the same period last year, primarily due to merger-related charges.

The Iowa City-based corporate parent of MidWestOne Bank acquired Central Bancshares Inc. of Minnesota on May 1 for $64 million in cash and 2,723,083 shares of MidWestOne common stock.

MidWestOne Financial recorded second-quarter net income of $4.5 million, or 42 cents per share, compared with net income of $4.8 million, or 56 cents per share, for the same period last year.

Excluding the impact of $2.7 million of expenses ($2.3 million after tax) related to the merger with Central, adjusted earnings per share for the second quarter of 2015 were 66 cents per share.

'The integration of MidWestOne and Central is going very well,” Charles Funk, president and CEO of MidWestOne Financial, said in a news release, 'As will be the case for the next few quarters, there are many one-time items in our income statement for the second quarter of 2015.

'We continue to believe our combined company will have strong earnings power once we've fully integrated the two organizations.”

MidWestOne Bank, with assets of approximately $1.8 billion on Dec. 31, operates 25 branches in Iowa. Central Bank, with assets of about $1.17 billion on Dec. 31, operates 20 branches in the Minneapolis-St. Paul area and western Wisconsin, and two branches in southwest Florida.