Business

MidWestOne Financial profit soars in 2018

Bank prepares to close on purchase of ATBancorp

The new MidWestOne OnePlace building on South Clinton Street in Iowa City on Tuesday, April 4, 2017. Johnson County and MidWestOne are having discussions about purchasing or leasing a floor of MidWestOne's new building to relocate the county attorney's offices. (Liz Martin/The Gazette)
The new MidWestOne OnePlace building on South Clinton Street in Iowa City on Tuesday, April 4, 2017. Johnson County and MidWestOne are having discussions about purchasing or leasing a floor of MidWestOne's new building to relocate the county attorney's offices. (Liz Martin/The Gazette)
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MidWestOne Financial Group in Iowa City posted a sharply higher profit for 2018 as it prepares to finalize the purchase of a Dubuque-based bank holding company.

On Aug. 22, MidWestOne Financial announced plans to acquire ATBancorp of Dubuque, corporate parent of American Trust and Savings Bank, in a deal valued at $170 million.

The combined company will have about $4.7 billion in assets with over 60 branches throughout Iowa, Minnesota, Wisconsin, Florida and Colorado.

MidWestOne Financial shareholders voted to approve the purchase at a special meeting on Jan. 11.

Charles Funk, president and CEO of MidWestOne Financial, said the transaction is expected to close late in the first quarter of this year.

MidWestOne recorded earnings of $30.4 million, or $2.48 per diluted common share, for the year ending on Dec. 31, 2018, compared with $18.7 million, or $1.55 per diluted common share, for all of 2017.

Merger-related costs reduced earnings per share by six cents per share for all 2018.

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