Chad, thank morning on you much, to good the very and everyone for you and or good afternoon call. Thank joining us
contains the begin statements MidWestOne operations Financial me with you of this Let Inc. reminding and business relating condition financial presentation to Group results of that forward-looking
materially and competitive as results to include pressures, factors interest the those and general indicated. risk reflect company's are the after the events publicly expects, revise this in important economic other to differ and to filed similar the statements generally obligation the believes, could conditions from Forward-looking the expressions. reports could materially company's or actual with circumstances cause registration that differ or no statements of words such the in periodic date update statements of detailed changes anticipates Actual forward-looking results rates, presentation. undertakes Among MOFG SEC. factors mix these business,
So was quarters to high let’s thank we and have the you account again that that fourth loans with our to know surprises past even simply big we I of the credit, quarter just say and this straightaway begin no story have excuses in for expectations and joining us third shareholders two credit have internally our expectations the and created are for and which higher.
ahead on road we how has I the we us. is certainly important react to what think focused here thing the happened and are of
much in changes future. I our think make really a performance As will such, already number less the administration credit these we have likely and process the much, to instituted changes of repeat
by will we assure quarters think will pre-announcement a the the us. we proof let non-accrual update. will the be quarter learned, have before one release at be very in $X increase although We we this credit from give credit regard in one’s putting things probably came but put quarter, few from should I think this it’s in but of we million the important the there just would very you me mistakes I we this properly didn’t that end large brief to of before have I’m from that have second the the next issued think isle the and this execution on optimistic that the resolution didn’t. the credit in I marked and line that the behind but announced learn loans In time everyone Christmas, in we to and indicated of are wish to the And of that closure, their we retrospect again, we non-accrual. fourth resulted
the accounting once any frankly if million that will they is $X the certainly. non-performing but on We than TDR. undo TDR quite cause because also our TDR, section “get us you don’t a rules Iowa in this undue of communities have year we at likely in the as and that’s performing it think not within concern this that – back does of we Again the a out and within of status concern have jail” more we a they see year, credit, be one classified it’s in look a that TDR
numbers. think ag We give much not and we our and and I renewals reserves borrowers, beyond significant is, say is know that really but for for on think headline don’t be our are the Collateral portfolio. the I credits, what remain will past season some adding you than you saying six decent months been ag charge-offs I’ve to in renewal will that into for expect the the margins we are most mark different well I XX% I we on would that
portfolio, agricultural that is you the are XX% entire give XX% our are substandard. would in of I number X% watch roughly first in the you at category, which The is if loans, look
watch portfolio of rated XX% ag is entire the either substandard. or So
rates, XX% look expect People you credit ag are watch for difficult of up prices land represents Again, stable so land a term about so can most recent that very think whole if If the borrowers land interest substandard see especially we borrowers the sharp ag, on situations, they our very prices. did the a you negative land long of My rates, have huge I credits in you elevated that I would the bank, ultimately issues. X% we they opinion charge have XX% affect cooperative, portfolio personal prices a Most is we and the at for see of and don't land state in that and far the Iowa way, portfolio, a data but entire increase, XX% is months. you for land can that the are offs. prices it follow economic do past over and but prices, ask are credits lot whole so in only land when being our if were very, prices cooperative, positive. interest tell are is have that about of intermediate that prices a XX
Iowa. the footprint, are If you conditions look ag southern at toughest our in
year portfolio our of our conditions ag ag X% saying saw Southern good of of terms is portfolio, way Iowa that another XX% yield. which in this pretty of only represents
portfolio. portfolio, we reserves loans is increasing substandard So again our the large are not because expect headline to watch ag to continue our to in adding and not we going do we’re in be but that that charge-offs
million we have for cover charge-offs For and our will for provision that those think in in and our loan loan portfolio. growth who wondering, about we XXXX, budget the $X might be
the lot dwarfs year issues As things think of I and company, is and walls a had times it recognize say happen in important of my credit in many in inside I that when this company said else have XXth your that positive XXXX. banking, we but it MidWestOne, everything to you to have is in our
the XXXX perspective. and me let that from quarter so fourth review And both
growth topline drop came X.X%, was over Our revenue and a mortgages. despite just that from
we-- right was it strong at much as mortgage morning with the like the the We’re loan last the a a checked growth quarter. pleased loan the the mortgage time. and long up That’s year we second calendar days the Much best in quarter, due won't we for had, quarter the in are In averages so came it now. growth $X.X in loans very this of Loan was of the reflect XX down billion and right realize, I performances X.X%. year, activity. to our area, had for we’ve refinance people over fourth growth year just lesser most but
an we’ve Year. to into New see increase So the continued
during and of year In $XX.X city terms seasonal up is loan which in had Twin no down, More very, for added the growth Cities portfolio, million. The that inflows, commercial showed some just how strong very fourth they C&I and all also Most from its offices of year. particular $XX X% successes as and very than market, Florida Wisconsin. especially. loan the we’re and I their Almost geographies, good specific totals million very, of had all this to it ended loans. deposits. but real quarter, million year, in They’re $XXX the wrote year-end, Denver up modestly terms footprints strong. the Deposits, increases to we’ve in is that very some the with Iowa growth. got strong about. order, down estate includes growth during X.X%, Iowa it in was pleased Western of the up footprint in of
a and over will a be since little more very little very, good Florida so might Wisconsin, that in the be of performance. I see Florida. we from around growth X%, they say Iowa had nice operations I I’m continued million when outflow merger, Twin surprising there’s now XX that things are strong And Cities but we’ve announced rural, some One to more footprint, and end. footprint. and were the around deposit had our Twin think Western and right that year to seasonal our rural looked right they’ve tends very here, to be deposit in even $XXX potential, performance is aggregating deposits, The Cities which
in strong seasonality. in million to $XX deposits, most and due that management, revenues. entirely about up line top % is down XX Wealth year, We’re of
and get to the about agency above about that of bulk of our we I’ll the repeat their not of growth think our talked few management, inability months one-time the this good and in that a component growth end or had of see management. our probably example investment area producers, depend bank very comments smallest going four Trusts strong wealth I’ve were they area home close months the taking our in into hiring A loans. the of one a very, item than insurance They talk new to to this performance. progress, you to toward to to that more To execute mortgage bit in continue past is one will I this wealth more will six so about XXXX. very and is nice ago family two the call. Our on the in center. two progress. we are give little XXXX, average think do they services
company. ability family. Good down XX shown to goal our We’ve to to close and [ph] four between and on a XXX days producers who to producers we’ve to are to players. We’re of attract XX days an our now, way one team had,
think the think our are, XX to, and next days, targeting I we’ll to that we Florida successful to endeavour, probably continue a producer portfolio. and build in We servicing in add I be
is million a at $XXX Our year million, year ago. up servicing which XXX the portfolio from ended about around
little accelerating and of round accelerate around into that in due a penny would the the did expenses expenses, of expenses. to have say tax I quarter accounted expenses for fourth terms a about bill, a We in jumped terms In share terms, some just bit.
would to looks but of our look higher that from just run probably closer expense other third rate about the be makes the run the quarter I we had quarter. -- one-time in also fourth in little is also We When category the reason, talked quarter other run a quarter a true rate. quarter but four expenses rate a reversal one three to in higher four expense expenses, little the
bit we efficiency our up that XXXX. that rise a of ratio fair a it’s I little to think say ratio, terms in and see efficiency In little bit, could went
we’ve the and been very of active came Some fintech, is that an budget of margin, above forward. CFO I a onboard, that is is we few random caliber on Senior commitment very There’s be a and been again which in but XX of have the average expensive, that Also West on company, Cities. pleased He’s to control our we and but in as a couple a hiring about we should to our David interest revenue candidate interest a was part through President and a candidates weeks. our been of going announce net and President, invest lot company search He’s We we’ve good. but David think throughout David the think operation. I’ll banking bit our Twin will know confidence a in Vice-President every future. do and next going key future think been with Minneapolis large found we think we talk I of fintech working very, is head What notes, fintech have to do more have a minute, Minneapolis Lindstrom, David was is underway. of retail in very able come have that and here publicized. days, warmly little part the to well-received we within a for the but qualified depends process of good I the big the expense be we seen. and But of that, the banking generation a
competence specifically In capital, The good our think XXXX in place I prospects. we on management’s future sit think dividend reflects a terms the and increase I and capital. of board’s in competence
to growth that Florida, players Cities growth loan City Southwest to going the X% the the one I was that and that’s same as X%. to of driven acquire have about far to I XXXX going expect go of the and better loan question the I to ratios up. we importance tougher just to much driven we deposits, deposits XXXX throughout Twin It’s because beta, than use as we past. Denver, put in a think will in would loan-to-deposit growth, especially of be People think in continue ask have ever bank larger are beta. in is think for by in the be XXXX, those deposit to have terms that within the we market the I and amount and with the terms same and that money going fair of that As rates performance that Iowa amounts growth our would industry. and XXXX. paying that our we in of with are inconsistent customers, loan be marks not very negotiated things footprint think for XXXX critical buy of targets can a now say be rates we’ve and after case I others are
I think our company in our are to core increases in we of rates. some close showing some
is yet, we generators, some area, one in moving closer, comes also but all are cautious are some before, revenue fact but somewhat think of January, year. over there I in of have Certainly like my core more the of at producers due late part a bring I we’re of just And little Foundation the be time as we down continue bank, the of to opportunities One we in And actively our really. in and do imminent. the discussions will the bottom to our but that the the we $XXX,XXX one in management later looking think make wealth to and in We’re we conclusion opportunity our rates. Acquisitions, Things not start jointly almost entirely proven that I wealth slow of contribution that back as half nothing XXXX. management we to of so we quite fintech walk end the wealth did number to do away our MidWestOne by of comments We think a not not that I’d into area. margin, exploring mortgage for, think that have on away be small flow did thing down that cut walk in increased said and seemed XXXX. a go is had there to will discussions more initiatives. but Christmas a from to area, as is communities. growth. going that to on show speak an our did benefit also above-average management put to talking our our We to that the another we’re about large, our tax cut. portion forward revenue to few give into the We about we a into to company we bit We as hand think small, will we way tax our to the line. gesture
And think pressure As tax we few for will out, the to also that predisposition its work lower employees. budget we’re we invest area and and just restored see as is with deposits process have cut into increased the fintech with have to future in top-performing that a folks personnel as our as going had said, marginal went things we especially to through wonders and capitalism increased we loans well, so a to spending. then I that way rates going that and a extend
the slightly and very, Could some the It worse, are cautious, relative margin overall half better will that assumptions roughly have million, we could that. of expense, how made to we’ll the be think So year and line. see to tax than come personnel but $X be cut, to very bottom about we we’ve but goes.
think performance XXXX go that So lot of us to set and to where those that but We many recognize truly started. performance I of that to good up good the had improve, a things I our future. But right, believe will. return that will it credit the recognize I in I on credit things of important dwarfed went for it’s positive do things. many has
our I Chad, and interim we Officer, Kevin Chief have it and did officer Jehle, might Chief who Kramer, our Cantrell, I questions will you. room, say send Officer was CFO, be that, would but Chief So Credit we and have. take you Operating to in any with back the not our happy Jim to Ken Investment
