Thank you Alyssa, very much, afternoon. or good and good morning
message. results of to the and business statements Today, by Financial operations to This Group, MidWestOne statements Inc. relating condition, want forward-looking presentation financial I the of contains begin forward-looking reading
rates, cause Actual differ the the interest words materially from the differ Company's of include generally expects, detailed are important statements statements could that as believes, to anticipates indicated. change the results mix Among general the registration the in pressures, competitive filed actual and economic Company's SEC. Forward-looking with such periodic in risk business, other materially reports and factors could similar conditions results the expressions. those and factors
publicly Inc. update circumstances after Group, undertakes or statements reflect presentation. to this of obligation no events revise to Financial the or forward-looking these MidWestOne date
a financial try certainly moving But with With of parts of both say, there obviously, overall, walk I you our and respects to merger than the bank. were more with best through many a our these in would in we that, progress quarter was as the Company, quarter, can. lot usual. this this legacy statements in We'll
$X.XX the equity numbers out, per diluted return and XX.X% and share. go If expenses over share XX.X% basis ROA to basis tangible per calculate $X.XX merger-related return results XXX XXX efficiency points, the these of we Just a XX.X% reported ratio, points reported results, diluted on -- and an showed take we equity, on efficiency are tangible share. XX.X% ROA, per only
about MSR realized larger XX-XX items And where was mortgage and items be that servicing write-down a onetime the should sale American Clearly, just Trust. $XXX,XXX $X.X And a gain of write-down than rights two have was we million anticipated of the noted. certainly for item. that onetime record, MidWestOne also was relatively write-down, between the or MidWestOne onetime Insurance a We amount.
the So, earnings loan Generally, as was busy Minnesota flat a paydowns. at regions relatively release, balance sheet, it net the we look said showed quarter. rural Wisconsin the see, you Iowa, growth in in the can and was as I quarter. If for
two Some working bank, the flat have Cities little Twin we thing. which or out show of a the a in either with the down. nice in problem and Cities, Though year credit loan continued this we more involved are of growth Twin bit regions the Twin And that for is growth uneven, Denver and did Cities. is two good the
$XXX million seeing Denver do has we're several well they well gone of out and better Iowa City than to and growth is which we've above outstanding, for seen the loan very years. mark loans continue in --
half see a for few willing over of markets. our the we envelope much. that to aggressive terms last year, a the also of we few And quite second pushing push would but We're in pipeline and days, more say, envelope the we a due we on credits to passed I have seeing weren’t very XX competitors credit few coming. paydowns decent this also the
not spot bright year deposits. deposits, on deposits a think has And a MidWestOne more than Company up Legacy quarter. good and sheet growth we thing. the positive has and that's legacy the X% at Certainly in in second shown up MidWestOne. X.X% our our term, end, for balance is region every very long And the over that’s in been from annualized in growth
be big has will third have City that market had growth continues as for markets wins quarter the and Denver. well Florida, strongest disruptive a that sheet our to that in The in been deposit deposit a few balance team the little bit. And say I hit as Denver Iowa will
net a now. of story tough good a the have curve rate of in given interest a margin yield slope interest right the a certainly we environment, think, I
X.XX% accretion. decline the which X during of the includes basis course, discount points our accounting and headline We would quarter. calculate adjustments, margin core purchase X.XX% Of margin, be exclude would
I that took company. the we due on acquisition, holding note the increased would also at to debt
And so, between we cost the we troughs, of X calculate sub-debt assumed bank and the that loan that as points basis have, margin.
So, the to have better interest we bank, at margin. even that means actually core net relative an story
I story. say, a that’s So, positive would
That stabilize. from did on just expected eliminated because leverage line margin, And the mix it's at the are change, million MidWestOne. more done three with a on last was their sheet, -- we we’ve which the helped but the merger. impact. that margin, reinvesting acquisition, Trust their in margin what thing by restructured of and we $XX selling significantly every and we American higher to had there bond identify traditionally that their also in deposit the that leverage a On investment in were good negative yield before almost ratio a that Number things bit our bonds portfolio more we one, certainly balance portfolio little also and loan of have
So, story a again, on good net interest margin.
a where think, very, I very far, margins to to the be like in are department big very customer thing the that is see we're the the we their Department retention the the increased them to thus There close has from would pleased Dubuque. trust income, noninterest in good positive. in Trust and very been contribution On long-term,
Investment strong XXXX. services having is a
history. going they Trust, the recorded they’ve had Company recently even month will in area American from brokers help which best over our And think, three that of their better brought forward. I do
very above a had good again, I mortgage in that And the have merger. team intact very August. a write-down, and after team, budget, mortgage everyone want look to forward. and to American And is Trust strong remind MSR we going has the strong their July pipeline they a that contribution June and of Net forward
again some story. reduction. good Our expense a expense, been MidWestOne making Legacy in noninterest had progress
XX% continue through hold story as way would the is to few through to the deal. big the at acquisition. go go a we for is year. But work -- that saves well we I that which whenever progress from as will announce we think, we’re on the what on think it's for cost said we the fair is I think, the saves, to we we but cost AT say months We integration,
have no reason to achieve We think won't goal. that we that
right everything noninterest And that too it's going forward. to I we before the excited, would we think, a fair wait still we’ve in. what get to on us leverage operating and for expense, quarter to very But see settles I two be positive see have lead think, or say encouraged now we And future. where gained
legacy again, provision us bank. the and budget at was back bank The $XXX,XXX positive to for the On a close legacy story. in XXXX quarter, very loan our quality, that puts the
our recovery a because came see a identified over little charge-offs All that of there credits. from little it's appropriately, to And bit million note that important they were quarter. was of as previously you could and $X.X marked well, the during
them little of can have External down. this any, numbers I and and always that will to a the internal That’s few Most seen you reviews you management. better slowly, difference a economy, those on about of think thing. minimal, with tell I get if the have questions speak so all quarter. a And positive are we story ratings that credit give recording get agricultural loan or we
the portfolio now the X.X% in addition with have of American Trust. ag We of
little loans of higher legacy had Trust percentage American So, ag MidWestOne. a than
If we you had the you at look and look at the quarter. during we legacy ag one one MidWestOne and portfolio, upgrade, downgrade had
So, that's been relatively stable.
It’s oranges of I to is XXXX, American improving look you That slightly think, back XX.X%, XX.X% one a the portfolio little MidWestOne. XX, stable and a to and June look year is slightly in picture. apples If watch Trust XX.X%. higher American or overall, substandard. today Trust bit and of back was than think quality because either you But, legacy the is I portfolio number
AT dairy has more Notably, exposure.
combined risk job guarantees who smaller by exposure, also the few some and to One one-sixth dairy good XXX-head. is cattle, company, credits very in the prudent less getting and about that’s their than of credit FSA that did to So, in those a used familiar that the Trust right has are dairy management has bank. thing as now, by guarantees, a as estate very were extensively. the -- of FSA exposure. of very, credit ag very cattle limits real And those are secured important now I for most think many was And operators, they the mostly And portfolio concerns our with very -- AT. American that portfolio, portfolio. AT well at that
XX days, strength XXXX than cash terms a obvious from prices, we probably I saw growing down flows growers of little news think, states. and yields I improved be surrounding Good especially conditions, with In will the that in in bit last it's Iowa have think the XXXX. in bumper crops that better commodity projected because Nevertheless, corn.
advantage prices that's good strength going forecasted specifically corn, $X bushel. the some cash a to thing prices And And above in in will with borrowers took flow, their of and of help a commodity last our them probably forward. lock month,
the rosy, wouldn’t days it portfolio. very, but call probably vigilant just terms was one than slightly our wouldn't I to I I XX better So, certainly situation call be we very but dire. would ago, say in the it's it that have of that
In XX% of strong high. land last those prices. last And price XXX% a XXXX region, that's care is ratio. on think nonaccrual land We credit. our was X% one the reserve our loss loans. legacy In loan portfolio, at in about thing For our that and down year after quarter-end a
capital. on Moving to
whenever had the to adjustments. a at were accounting you see tangible We all quite You because But the modeled and presently merger of where purchase an quarter-end. completion out X.XX% never at know equity that going bit to acquisition little surprised the fall of lower. capital's do we
So, we increases. and dividend selectively continue future believe pleasant room And surprise. have a that also we to repurchase to that for was shares
everyone, don't transition, truly able deal. their between a and May of can't all finally In days. May well. terms just ago. And And ATP the in -- long That Bank their last people anticipated. over that We financial last because took it American has we XX to weekends the few and group I the handle, we we engaged were little a AT it's the & off Xst. converted announcement close Bank Dubuque remind a especially Wisconsin, the issues. deck to on more anything That could we’ve XXth. time very of that And on Wisconsin management close close. hands two of conversion over Savings We to dispose marathon lot than before had Trust had longer and was on went a think the conversion converted
our about that strong their very we stayed staff. I the They've with happy say markets. AT the our same in we very thing think close of commercial bankers and one Trust have Very, to every customers, could
to work So, overall, reason to a done, clearly days. especially be over I think lot there's XX more optimistic, be next but the
in So, conclusion.
immediate be to his the continue we've build quarter, regard. growth loan continue Sims growth to be direction And return on path quality. and We all culture. better especially this our from goal credit of that maintain the positive into our into of the a deposit with Company who've to I and our established bring for would momentum strong that would thank come to ATBancorp Gary in to our employees leadership And continue
Officer; today, Barry addition Barry little Officer. our be in location, hopefully who's your And Jim can all Ray, happy because Gary us, would there's to Credit remote Sims Chief Financial delay the call of and a There we be Cantrell, a Treasurer; to questions. your our in between not but Chief our On us we all questions. may answer is answer myself, with
we'll to it that back Alyssa, turn you. with And
