IOWA CITY, Iowa (AP) _ MidWestOne Financial Group Inc. (MOFG) on Thursday reported a first-quarter loss of $2 million, after reporting a profit in the same period a year earlier.
The bank, based in Iowa City, Iowa, said it had a loss of 12 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.
The holding company for MidWestOne Bank posted revenue of $57.6 million in the period. Its revenue net of interest expense was $47.6 million, exceeding Street forecasts. Three analysts surveyed by Zacks expected $46.7 million.
MidWestOne shares have dropped 42% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $20.87, a drop of 27% in the last 12 months.