with much, the the very Inc. for morning good and forward-looking MidWestOne as or us says: of message Thank presentation business condition, this may Alley. results be, as contains always, begin, I'll case morning, relating you Group, forward-looking to afternoon, statements this that to you statements and Good the financial everyone. Financial joining operations Thank of
expressions. Actual statements factors anticipates similar the Forward-looking business, results company's include and those are from in as words that materially of rates, interest actual important could expects, believes, results reports and statements the indicated. generally economic no such cause to after MOFG reflect to the with materially differ the mix changes general obligation presentation. differ registration other Among undertakes and of SEC. circumstances and pressures, to revise the forward-looking factors statements conditions date these periodic the or detailed events update publicly risk filed competitive company's the in the could
And of the with we still, overall parts lot to would moving the just adjustments, think accounting very, positive. -- a overall theme comments that of the we be report did have think report, is due We a positive few but a very purchase this that, opening report.
much per earnings merger $X.XX per as mentioned our about in we you we've I gained report, AT such, as calculate expenses, good if as that related believe as anything, we be exclude the the think And operating share. leverage to transaction. from share, we only earnings
all, of with first balance the begin, let's sheet. So
and not portfolio, downs. underlying higher-than-normal our of would footprint. down our to by hampered had no some in throughout as economy positive a movement a to of well. one happened account the terms customers be bit slower. little to manage in there's of some our We've little number events we've to able had underlying out lost that seems a really there's for pay liquidity that theme been bit also with loan the a We We've little Certainly, continue these competition. to That -- we've bank, watch and bit credits the pay downs have be of pay
one not of to had theme point in pay any you terms downs. really, these why that can we've So
It's so regions year in to positive have also ago, that footprint fair to we currently, about about strong look and half fewer at footprint, are of negative. producing say growth year-end you from at if did positive we -- XXXX loan of half loan in about our our a and half areas than our terms
In the Twin Twin of Overall, the Cities, Cities our its have regions positive -- Twin show strong X loan we the X in negative loan but growth show in economy. remains generally footprint terms year-to-date. Cities growth, of
year is less very a loan growth very, loan a Our was than growth. Denver little positive C&I continues it forward ago. to move bit generating and
close Our our or do Florida City footprint, we'll XXXX. note the first in footprint number Iowa good City events have offices a modest seen Iowa this a pipeline We've to year. have our in loan X liquidity footprint. growth our of in quarter We XXXX, fund of pipeline, the fourth first the of of I would which also in much Southern either that quarter quarter and good a there has Iowa
events more quarter in So liquidity we downs to few do expect a due X. pay
XXX% that close. deals in are certain certainly pipeline, We have also a not to our but few large
clear currently need unclear. say the on Probably pipeline do to we itself amount is I the this. a So would next XX We over up The pipeline. days. tuned have of stay
as It our what of to appears reasonable I that terms job our markets. competitors, in In underwriting. in we throughout tend in good far terms can of be a on tough instances, say lending tell, most our are credit terms as doing very price very, fund footprint. of we competition, of most would of most
so found be generally to reasonable. credit terms we And
single lower believe a deposit of I'm deposit year on company. was out on high margin. a is net really growth our in positive I'm the our elsewhere cost AT, at with some Very, in had in region footprint. year-end our quarterly that of very correct of us, On which deposits. statement the our those to does funded company that a deposits. deposits We managing although I good basis, the cost Those of XXXX, happy in deposits saying Overall, deposits generation our that interest in got earnings former and help were flat every from release XXXX. came terms in very
a so legacy the find we'll -- good very appear quarter terrific deposits. done these by time, confident that we've has It and MidWestOne a good got in pipeline. over would feel that job, overall, deposits core And deposits But again, some the funded those X, story. see strong materialize. some if new loans we We'll
on was of Certainly months the AT quarter core from that mix versus that ratio loan-to-deposit change. I at continue. as the pricing we higher do we eased. the to at purchase a our without that in X.XX% a has having loans. had the And large margin rates second able That came helped noted, me, for lower will We the interest in We We've on of X quarter. us. quarter. think versus calculate Fed rate-sensitive second the think highlight competitive accounting, been have as any net X.XX% many deposits X
deals have lost is a rate, lot but of competition significant. We rate the not to
interest it's on whether the more not gets yield looks flatter curve tougher to clearly, probably I it would yield Fed shape it the tougher our the net our gets, eases say the of than strong a is outlook in terms margin. on just dependent inverted company curve like in of for or what going the because or the forward more and margin, with for hold
I rights remind adjustment, the listeners our $X.X in $XXX,XXX quarter second in mortgage our $X is servicing that of Clearly, over now after us mortgage servicing quarter. In noninterest has income. terms billion, roughly biggest $XXX,XXX for billion. headwind the this portfolio would And been the
changes have interest that the our activity on continue Also income significant management wealth quarter. So contributing is unit whenever unit. our that should and Clearly, does fourth mortgage in affect strong, income noninterest into and is the our we rates. statement mortgage
with I'm has Department acquisition happy because investment which the representatives the between the Trust we've and Trust is merger. will year, help I now record Dubuque, little and assets pointing by Our very add excellent the our done AT Departments, in say, And in business $X.X investment of lost toward area integration we billion X did between management. going under the billion $X.X personnel. in us X services a Also work would been is very Trust our wealth management, forward. with very, and
a story services. good So for again, investment
need AT, In a -- and expense a feel that in business, And fourth the commitment quarter, of a And But expenses computers. goals of be had right it's software, a forward. our X few little been now. with Windows not noninterest update Windows before, cost forward, I really saves XX% we We're since out the continued remaining because but give in in so Central going of or in efficiency deserve. I operation position also in fintech expect expense, of bright stand Also, XXXX. have where talked the have we better think ratio, on overall, our is rule certainly about not customers our good cheap out ratio X extra of with our acquisition Fintech need bit we A spot. and about to an to stated as of but the probably to in go we we cautionary Bank our a people we'll terms is terms going we speak, a efficiency not believe in We'll and expensive. company on quarter to is we cheap. that upgrade under only on this a we in our core that think now. size. That's goal to notes target next right is products exceed and meet a to
So pleased the more ratio, the forward. expect efficiency progress we're with going improvement very on and
Again, deterioration a of that measurement of initial wasn't in we'd we from the not note acquired was overall the taken quality MidWestOne of million transitioned our loan to standard that related to put the in portfolio. this rather, we'd allowance in legacy But earnings footprint had $X our but quality. to million million that loans was we note -- provision but release and portfolio. Turning the $X.X related provision, we $X.X asset a the methodology.
at $X.X $X million So in million currently terms We first the us of MidWestOne have a of for and and should, $X guidance we gave. We're at within quarter. provision as it fall quarter in now, was that quarter in be the guidance million MidWestOne the portfolio legacy think fourth otherwise, to the a normal what would legacy of consider we to provision we of we credit. right well it gave a portfolio, we fairly normal in look
and time. commercial that Twin would is much Cities if that heartburn of estate little, is Twin this strong to erosion portfolio, we've estate about real there seen say Cities, at nothing give continues talk would I for in on in continues that particular in ag, as us. deterioration well do the seen a to I we've the real very us Before Any any, portfolio very commercial C&I portfolio company the our point in economy in and it be our very, our that
on then And points so toward me that ag portfolio. the our update
in that field. to have are they are out a to And our that soybeans Iowa on estimate is of and to states. many means still Just yields. our but corn XX% than expect anecdotally, being seems harvest there's In in, right in a better is record the general, crops we would condition be earlier were year which to of the for footprint, XX% in corn XX% But our probably and that It's surrounding footprint, still on our forecast, lot less now, XX% in yields than soybean XXXX. we be yields above harvested. not
but in as Midwest, So not disaster we a the bin a buster, either. not certainly, say
use of who prices. months, crops, those the we last For over in of couple their seen, marketing improvement and soybean have corn an
the or of bodes case our as was in borrowers. the year price opportunities our to I customers the finish some of and think few results their we when the That use those of with crop well up might a only of be. when financial crop, their more lock
the Our ag ag the X% during quarter up about of the from two levels are quarter loans portfolio.
Ag right portfolio. of X.X% now loans our represent total
ag portfolio only, at is XX.X% portfolio X.X% If substandard; our watch. right now, rated look rated you ag is the of
of XX.X% of compares of classified quarter And together, last we as substandard watch XX.X% the year you or ag portfolio ago, That those If ag quarter. add substandard. end. is XX.X% or had our rated X portfolio to a watch
made we progress So there. have some
bank also those The that AT. because was less a with guarantees, on talk of AT remind in land the guarantees. pretty in is about peak and seen therefore, varied. off think varied values And that values, talked We land XX% loans get the time We're footprint. portfolio deterioration. our Most values portfolio FSA I've that high to I the have very X%, everyone but year, did I Wisconsin FSA has of to exposure, before, last of are we've for when a land have our questions about of lot Iowa And much average, well. Southwestern We good probably now time. about managing over from roughly former the a and I very, We this XXXX. from we're in think would XX% job you inherited
story, a certainly So great not again, but either. catastrophe a not
phenomenon, we're we'll terms in It's that that So not some look at results be I of producers probably and think ag have steps they in discussions our from will December borrowers stand. harvest. by now, needs that's year. our would in where certainly that borrowers. an January, their the this a be funded a next with next sizable would Starting awaiting would be are not that, MidWestOne XXXX. our And and minority right inevitable of said, we November, I of to satisfy I may borrowers some MidWestOne able not is say note, industry-wide our That But struggling phenomenon.
has much year. overall to not later come and this So in would more ag, I say changed
do to We common build. X.X so. To shares the continue wrap it also that is book equity was very I would capital to would this value believed we're that quarter. at creating past to when this of basis tangible see our up, well, that XX repurchase we we points, I end tangible note did and say per share want up And prudent
good very lot expect. achieve it means, have and we'll expect might no a accomplish, that, back we answer happy we we to feel And goals questions the our you, where So any And to stand by in general, about to with you we that have. to are, we I turn today, still but that Alley, complacent. be and will shareholders
