IOWA CITY, Iowa, Oct. 17, 2018 /PRNewswire/
-- MidWestOne Financial Group, Inc. (Nasdaq: MOFG),
parent company of MidWestOne Bank, today announced that on
October 16, 2018, the Company's Board
of Directors declared a cash dividend of $0.195 per common share, which is the same as the
dividend paid in the three prior quarters. The dividend is payable
December 17, 2018 to shareholders of
record at the close of business on December
1, 2018. At this quarterly rate, the indicated annual cash
dividend is equal to $0.78 per common
share.
Also on October 16, 2018, the
Board of Directors of the Company approved a new share repurchase
program, allowing for the repurchase of up to $5.0 million of common stock through December 31, 2020. The new repurchase program
replaces the Company's prior repurchase program, pursuant to which
the Company had repurchased 33,998 shares of common stock for
approximately $1.1 million since the
plan was announced in July 2016. The
prior program had authorized the repurchase of $5.0 million of stock and was due to expire on
December 31, 2018.
About MidWestOne Financial Group,
Inc.
MidWestOne Financial Group, Inc. is a financial
holding company headquartered in Iowa
City, Iowa. MidWestOne Financial is the parent
company of MidWestOne Bank, which operates banking offices
in Iowa, Minnesota, Wisconsin, Florida, and Colorado. MidWestOne provides
electronic delivery of financial services through its website,
MidWestOne.com. MidWestOne Financial trades on the
Nasdaq Global Select Market under the symbol "MOFG".
Cautionary Note Regarding Forward-Looking
Statements
Statements made in this release, other than those
concerning historical financial information, may be considered
forward-looking statements, which speak only as of the date of this
document and are based on current expectations and involve a number
of assumptions. These include, among other things, statements
regarding future results or expectations. MidWestOne Financial
Group intends such forward-looking statements to be covered by the
safe harbor provisions for forward-looking statements contained in
the Private Securities Litigation Reform Act of 1995 and is
including this statement for purposes of these safe harbor
provisions. The Company's ability to predict results, or the actual
effect of future plans or strategies, is inherently uncertain.
Factors that could cause actual results to differ from those set
forth in the forward-looking statements or that could have a
material effect on the operations and future prospects of the
Company include, but are not limited to: (1) credit quality
deterioration or pronounced and sustained reduction in real estate
market values causing an increase in the allowance for credit
losses, an increase in the provision for loan losses, and a
reduction in net earnings; (2) the risk of mergers, including with
ATBancorp, including, without limitation, the related time and
costs of implementing such transactions, integrating operations as
part of these transactions and possible failures to achieve
expected gains, revenue growth and/or expense savings from such
transactions; (3) our management's ability to reduce and
effectively manage interest rate risk and the impact of interest
rates in general on the volatility of our net interest income; (4)
changes in the economic environment, competition, or other factors
that may affect our ability to acquire loans or influence the
anticipated growth rate of loans and deposits and the quality of
the loan portfolio and loan and deposit pricing; (5) fluctuations
in the value of our investment securities; (6) governmental
monetary and fiscal policies; (7) legislative and regulatory
changes, including changes in banking, securities, trade, and tax
laws and regulations and their application by our regulators and
changes in the scope and cost of Federal Deposit Insurance
Corporation insurance and other coverages; (8) the ability to
attract and retain key executives and employees experienced in
banking and financial services; (9) the sufficiency of the
allowance for loan losses to absorb the amount of actual losses
inherent in our existing loan portfolio; (10) our ability to adapt
successfully to technological changes to compete effectively in the
marketplace; (11) credit risks and risks from concentrations (by
geographic area and by industry) within our loan portfolio; (12)
the effects of competition from other commercial banks, thrifts,
mortgage banking firms, consumer finance companies, credit unions,
securities brokerage firms, insurance companies, money market and
other mutual funds, and other financial institutions operating in
our markets or elsewhere or providing similar services; (13) the
failure of assumptions underlying the establishment of allowances
for loan losses and estimation of values of collateral and various
financial assets and liabilities; (14) the risks of mergers,
including, without limitation, the related time and costs of
implementing such transactions, integrating operations as part of
these transactions and possible failures to achieve expected gains,
revenue growth and/or expense savings from such transactions; (15)
volatility of rate-sensitive deposits; (16) operational risks,
including data processing system failures or fraud; (17)
asset/liability matching risks and liquidity risks; (18) the costs,
effects and outcomes of existing or future litigation; (19) changes
in general economic or industry conditions, nationally,
internationally or in the communities in which we conduct business;
(20) changes in accounting policies and practices, as may be
adopted by state and federal regulatory agencies and the Financial
Accounting Standards Board; (21) war or terrorist activities which
may cause further deterioration in the economy or cause instability
in credit markets; (22) cyber-attacks; (23) the imposition of
tariffs or other domestic or international governmental policies
impacting the value of the agricultural or other products of our
borrowers; and (24) other risk factors detailed from time to time
in Securities and Exchange Commission filings made by the
Company.
Contact:
|
|
Charles N.
Funk
|
Barry S.
Ray
|
President &
CEO
|
Sr. VP &
CFO
|
319.356.5800
|
319.356.5800
|
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SOURCE MidWestOne Financial Group, Inc.