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MidWestOne: 3Q Earnings Snapshot

IOWA CITY, Iowa (AP) _ MidWestOne Financial Group Inc. (MOFG) on Thursday reported third-quarter profit of $6.8 million.

The Iowa City, Iowa-based bank said it had earnings of 55 cents per share. Earnings, adjusted for amortization costs, were 59 cents per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.

The holding company for MidWestOne Bank posted revenue of $38.4 million in the period. Its revenue net of interest expense was $32.3 million, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $32.5 million.

MidWestOne shares have dropped nearly 8 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $30.87, a fall of 17 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MOFG at https://www.zacks.com/ap/MOFG