MOFG - Earnings call transcript Q3 2024 | MidWestOne Financial Group, Inc.

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Operator

Good morning, ladies and gentlemen and welcome to the MidWestOne Financial Group, Inc.

Third Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this call is being recorded. I would now like to pass the call over to Barry Ray, Chief Financial Officer of MidWestOne Financial Group. Thank you.

You may proceed, Barry.

Barry Ray

joining for everyone, you, us today. Thank your morning. appreciate participation in this call conference earnings our We here the and me Officer. Officer; and With on Sims, Len Chief Reeves, Gary Devaisher, Executive our our Chief President our Chief Officer; call Operating Credit are Chip

the a of will today's this conference, our available on website. of conclusion call Following replay be

a deck to on section Relations Investor website. slide complement available Additionally, of the today's presentation our is

relating let begin, MidWestOne presentation remind everyone the call of the results this statements Financial of me on contains that operations forward-looking Before to Inc. business condition, financial we and Group,

One with no statements believes, or update general the materially statements risk statements events and economic circumstances mix rates, changes similar Exchange conditions and materially reports and other to this date Forward-looking pressures, these in after actual factors words of include could Midwest presentation. registration those Group, are periodic interest the the the revise from generally cause of the reflect or such differ important expects, anticipates Securities to differ to company's the results publicly Financial competitive Actual factors as in Inc. filed forward-looking that and detailed business, Among company's the Commission. indicated. obligation could expressions. results undertakes

I would to now over like to turn Chip. the call

Charles Reeves

sheet raise review Len will capital I'll balance and Thank with financial our of Today, Barry and lines initiatives the conclude high-level third a provide common strategic on quarter and execution. detailed for business, more continued will truly provide our we capital Good of our update an results. regarding raise a this you, overview and of well morning, Barry. quarter's as appreciate everyone call. as equity us our repositioning joining highlights

almost new utilized shareholders. $XXX in securities. an for and and the communicated transaction an pleased very existing proceeds of borrowings of market $X quickly commenced the million securities around The results financial pay offering The oversubscribed the which with offering, are the and by gross higher-yielding to outstanding of sale We Xx was was high-cost resulted We raised. with mix resulting overallotment expectations. increased in to $XXX immediately executed exceeded capital our our common debt being off the million metric billion receptivity equity with with purchase

Our future critically higher levels will capital are and higher of and now increased. dramatically quality, our be profitability

execution of continued the strategic to Turning initiatives. our

which X% showed growth. noninterest-bearing which deposit increased focus, quarter Our franchise annualized. minimally, by linked led delivered its deposit aided Commercial strength deposit as our solid treasury grew X% a loan growth, banking costs our management

initiative Asset and to quarter SBA quality date. improve, our lending continued to had its best

price XX additional Importantly, our leading and a repricing the due basis interest costs, tax to deposit net net in increase interest income. quarterly X% aforementioned our the margin low equivalent to points controlled opportunities expanded in loan growth, quarter, an

During expense talent the investments, we continued quarter, and discipline. our platform while maintaining our

fund of expense these majority markets reallocating into and people, to continue more productive We the profitable reductions and departments. investments by

team for MidWestOne, the become our we've high-performing company. extreme their conclude, to like continued execution focus to of To I'd customer positioning consistent, the a our transformed the X and over last initiatives. years, thank bank

Now like to turn Len. I'd the to call

Len Devaisher

Thank Chip. you,

our about value, driver Let's franchise ultimate base. by strong funding the start of talking

noninterest-bearing third total mix This which deposits, quarter, pleased in very $XX.X time increased we've million. quarter public deposits, $XX.X seen Particularly $XX.X points and the improving X to which core pricing While second in first in deposits. to up X only increased the in shown cost footprint, in interest-bearing our increased the second basis aggressive the quarter funds points quarter. which deposits million the improvements deposits, the deposit including the has declined some and basis from mix, we from with third Iowa increased of are million,

flow funds those let on to chosen have customer concentrating out, our while core efforts deposit we relationships. so And

consumer Our has our third our segments. net in million. and organically accelerating we've propelled new fruit. are The over commercial X,XXX year-to-date, been In up deposits and commercial up accounts the were And plan, efforts balances we consumer quarter focus are our in generated year-over-year. growth and banking. management have deposits, treasury commercial in described strategic $XX.X our segment C&I These our which on business bearing noninterest-bearing by

income In year-over-year, fact, from XX% considerable we about year-to-date, treasury X.X% last up is and the gain acceleration reflects quarter. management which talked saw fee

about talk let's C&I, of portfolio. our Speaking loan

X quarter. in our markets, plan X%. in X% in growth in the growth Total Cities third was growth Denver and again, the strategic highlights, CRE third Twin as C&I quarter highlighted areas. was was modest loan and growth commercial As centered our Slide The is XX%, loan focus at

in declined consumer quarter X.X% balances on annualized linked commercial the basis. a grew quarter, While total

basis. Importantly, loan of million, a X excluding Slide shows, assets declined in quarter category. the Commercial balances, as representing loans, consecutive annualized this nonperforming $X.X declines increased at on second linked-quarter X.X% substandard

discussed, plan and it also fee we've management, treasury commercial and drivers. Our about strategic as talks income references

government income Our SBA $XXX,XXX in third business gain guarantee sale quarter. the on generated in

be shows, contributor under continues management with assets a XX up to Slide management As wealth strong quarter-over-quarter.

X% it remains While up year-over-year. the fee linked income XX% quarter, was from down

as pleased are to out the new we continue banker a in We the private a Cities in welcome Twin adviser platform. to wealth new and Denver build

is wealth this producers. our quarter second adding note of consecutive You'll

Barry. call With that, turn I'm to over to the pleased

Barry Ray

details Thank both was subsequent a that few start this the balance sheet common and we month. September on by on raise you, XX more completed earlier Len. providing repositioning equity that I'll completed the capital

before and all With those company capital proceeds of net the of classified Though the $XXX.X liquidate including occur end, a XX repositioning. large not to September bank XX, was sales security respect after million. On raise, in portfolio, as Net the on $XX offering portion maturity. of we anticipation into did intent subsidiary invested discount issued the share. over-allotment, our proceeds per to were themselves certain the to X,XXX,XXX at September the quarter until to held securities shares including the expenses common price public we a underwriting

one, impairment securities million the to securities as two, accounting loss all to classified held quarter net of and be to: previously impairment require sold. to to reclassify the earnings Accordingly, maturity the the in the for for Hence, $XXX.X related available us drove to period. third that sale; in recognize rules the

sheet pass-through breakeven and securities accrued completed Beginning period that on primarily term the and munis million We X.XX%. transaction October estimate from book X. year credit providing that balance earnings $X on October purchase corporates, securities, to is which profiles, pay full the X, were in that period, million a liquidity. and we CMO we are had Proceeds average Reserve securities is on X.XX% of optimal mix used Over risk interest sales the X.XX%. costing of borrowings, including of funding $XXX of repositioning, Federal yielding commenced to reinvestment minimal years, focused yield predictable, $XXX.X life program short which of the we cash Bank sold sold. The billion were earnings the securities X.X X.X stable flow weighted of the and agency and well CMOs

volume, we after include Slide XX and in accompanying summary portfolio reference, duration. before provide debt For the securities and our to yield presentation of mix, materials a

our the annualized basis million and loan common $XXX.X tangible million, driven which touch immediately income. Transitioning and XX, raise, equity so net capital securities from capital The from offset due $XX XX, to the changes, points impairment. ratio decrease the to in XX surplus additional earnings points tangible primarily We be X.XX% boost June growth a asset interest stock million deposit I'll increased will growth. by and September to XXXX, net the as about Len XX, outpaced equity sheet from repositioning June tangible the interest on by to the was add $XX on raise to expect balance XX common up basis equity, covered a about partially balance and XXXX margin sheet. XXXX, retained

compared of volumes to to quarter. purchase a the XX, the exclude quarter costs. securities Loan million $XX.X third were million included share. adjustment $X.X share. the quarter $X.XX On million third reported and $X.XX losses, common servicing which income XXXX per Net increased higher the accretion $X.X loss million in million yields Adjusted higher to funding asset or million Slide in costs, offset per income we $X.X earnings, investment compared or rights to $XX.X common volumes, linked net linked Turning merger-related interest statement. partially to quarter, discount mortgage primarily and and lower loan of interest income of by funding asset earning in the as due earning lower $X.X net

in Our basis during linked average while the to point the quarter, third third margin increased portfolio The was yield quarter points quarter in were to new the X.XX% quarter loan on originations yield from quarter average yields X.XX%. increased, X.XX%, as improvement earning compared the were net loan the relatively while flat. asset funding the a XX linked third X.XX% tax costs equivalent interest basis for XX

costs the a of basis to X.XX%. quarter XXXX X the of Noninterest $XXX.X the was On third in points due impairment. total deposit liability million increased the loss from linked side, securities to income quarter

a a third turn third SBA management open losses, gains improved quarter single $X.X foreclosed Florida was million a with gain well expense to sales, and remains included with compared and quarter. Finishing mortgage of that, I'll as quarter, quarter. quarter additional $XXX,XXX third our benefit to million team, the gain valuations and right noninterest $XXX,XXX loss servicing be quarter-over-quarter linked and branch it quarter Adjusting the from execution. And quarter's assets. line for an to for linked of to from due incident continue our back to costs the the up securities second income on flat $XXX,XXX fraud questions. in BOLI from with Total Expenses on was as during of control pleased operator expenses. the Expense $XXX,XXX the performance linked the $XX.X death a related noninterest focus sale to of recognized the in we

Operator

[Operator Group. line Instructions] Brendan comes of with Nosal Our the from question first Hovde

Brendan Nosal

is but months next mean Could across sheet seems help there's that Just the pro the from the 'XX the established less the over the the you've forma it margin sheet it sensitive wondering seemingly or potential certainly new positioned with than I be like if additional improvement of should how for us additional so? base here transactions? for on to understand start liability suite was, in new balance cuts XX sheet. you Fed off

Barry Ray

we're the maybe seeing based what respect some curve expecting the for Yes, curve. getting Brendan. is coming slope curve, or the with and margin we end front in to of Certainly, that yield i.e., down expansion positive believe the opportunity there upon continued

that us as that, for expect be we thing yes, a all So banks. good would as well

-- from Just great. if it would standpoint okay, be the

Brendan Nosal

Yes, with that, finish please Barry.

Barry Ray

program, Brendan, which a more liability. bit little funding paying little for asset-sensitive I in because from shift, say we was the just a -- example, was bit parallel -- a the parallel of asset to transaction, short-term going model a bank rate off more term

Brendan Nosal

Yes. Yes, that makes sense.

Okay. a little were quite X% sequentially, moving It capture to looks like the on the that was down Maybe AUM plus wealth bit bit the on implying sequentially, a like quarter, business. just base. for fees up a rate AUM of lower fee nicely but

calling this worth if there's quarter's curious or out? anything Just that's anything number episodic in

Len Devaisher

Yes, Brendan, this Len. is

think services and the you you X as private our business the So you wealth think business, business. as So wealth pieces, think right? with about our services about trust as about well investment the shop there's the

interest as business private services AUM. we estate revenue of environment also The rate and and increased episodic the more that's onetime it. recurring a it transactions. have trust that straight assets. more fee the Think percentage just those to fees and services wealth business, has then of some a seen annuities as So rate an component to investment the relative lumpiness and has kinds finally, ongoing investment outlook, some in And has given of

seeing. you're what that's So

Brendan Nosal

more step helpful. One I That's before back. me Okay. for

sets Just Cities, opportunities looking in are which and growth markets, the in at And your the are of each X having seeing Denver those success you today? the with most markets? product of you Twin curious, those markets where just better

Len Devaisher

That's like favorite to my pick asking child. me

quarter I in don't What as opportunities us about say I because growth -- think places. for I is, can see So both if would C&I-driven. the places, where know is both the I I robust in I third -- see

from when CRE, we of where the And to perspective, talked good of those, so of see more a the and one -- that the CRE focused interest being of and both to we we're we customers we that that's seeing really pleased some about there. starting makes piece in our on, traction And we're are capital, feel and so things can fits feel and terms in about sense. in non-owner occupied continue deal support pipeline, we

Operator

Stephens. comes question Terry the next of Our from McEvoy line with

Terence McEvoy

expenses item. fraud well? your investment about you how then are about And on year Barry, ex XXXX, as expenses in with XQ and Maybe start thinking just the thoughts when the people next you the technology, think

Barry Ray

look million costs. got think rate for Yes. about $XX.X take the third like quarter, the it, Terry, say, out And reasonable merger-related and run I've I fourth feels quarter. the a the If for make. fraud to into that XXXX mid-$XXX It's for I for the to to think we that where for probably expect XXXX, investments million the we're we plan probably year, in be we Terry. the

Terence McEvoy

we're XX% C&I then growth, but talked or is borrower annualized loan at And the you across markets, specific that's Because seeing banks. industry stronger about behind of industry growth? the type than what that any peer it

Len Devaisher

Yes.

In this acquisition I about a activity Terry, As think the to we quarter, able transactions, particular is that larger were Len. third saw the we some of support.

of across color think others. thinking the about fairly say I'd that's acquisition -- in to I'm Gary, there? you And So I'm trying Twin any Cities. Would then add one. balanced

Gary Sims

geographically it came And is of Cities, that Twin really Len. balanced as from, where Denver well. was most Yes. growth

Terence McEvoy

quick as communities last just prices commodity ag-heavy sensitive are as of ag loan sectors and tariff, community. other could agricultural one your or the well I portfolio your with, to and if Maybe are talks that component what on down one, just thoughts of

Gary Sims

the Gary, that. miss the question. the I'll this team, me on Terry, from answer is out and if of to start rest And help anything I

customer up-tiered and of about the we've of base note that One ag ag the really customer past were really means is and the what the operating farmland, you customers over we have that, things portfolio, our that's base that X really course years, and our would that by years resilient better market than have fluctuations, et and X are we more large, And weather in ago. a to is ability cetera.

cycle to thing yield is, very markets other yield our a this -- we've think crop experienced year. The about good in for Eastern Iowa

this by of on yield offset prices a the pressure year. So lot will be

X-year terms 'XX, Now customer going some, as feel to space about into be you over we that ag a a as base. good our to into in period crop our of Hope that we look 'XX will year. the helps variables as continue Terry, we well as But concern perspective. as inputs cost felt have this price fluctuations impacting give of more time, about

side. about are feel I'll because We markets touch of markets that are the on also portfolio do if And impacted about Terry. feel we good, And any you ag. similar it stop itself. think see I'll of those heavy on, I I the by talking so that anything colleagues and marketplaces certainly ag have I'm my mentioned, have We ag add. those to getting how shaking covered heads,

Operator

question line the with from Piper Sandler. of comes Nathan next Our Race

Nathan Race

balance of wondering good assets was the in earning with just fourth could the you on dynamics us I Obviously, a for Barry, point help a lot if quarter. sheet recently. starting

Barry Ray

Nate, absolutely. one Yes, give second. me

the be assets I quarter, think for Nate. be at a fourth earning starting for we're $X.X to going average around million would -- point, around

Nathan Race

margin last schedule some recently. more Is of good maybe a completed were ahead And balance quarter, anticipating from that that last improvement was think were maybe raise the to quarter. the of for perspective, to month? out maybe of we the like some the that with the upside you than margin that think kind deck come number margin quarter? slide point outlined seems Or it earlier actions little that nice capital recently, do had some fourth the laid with of the that's drive was in you starting X.XX% X.XX% a a and thinking And like a out everything Perfect. been sheet this I Okay. guys you expansion

Barry Ray

of to I'll the go Yes. of we margin A things. in some have quarter did XX third loans basis expansion, back points Nate. accrual. there, The on touch couple

positive that next question, So year. created of Nate, noise your you I expansion. some that But with do that noise. X.XX% upside some to respect margin for But is the and drove referenced, the to some that for there think,

Len Devaisher

Yes.

Barry's XX in Nate, we basis potentially I basis points spoke top of. think, on XX-plus prepared points, about remarks,

Nathan Race

kind Barry, relates have earlier basis static kind cut Got impact rate the you as like an of maybe percentage it each XX of going have or question, -- the margin. to from just basis just point to do on a do you. And the NII you back point

Barry Ray

and right I have me, that, don't disclosed don't front we Nate. that -- of I haven't in

Nathan Race

I'm does you other the Got have you. what is, I the the lean repricing guess sensitive what just at balance liability side? somewhat of versus terms getting short what sheet still end to you have on in tied

Barry Ray

discussed with earlier, some margin that certainly some positive continues. I for to see expansion that think the curve slope, shape yield we what's Well, getting opportunity the as we of happening potentially Nate, if expect with

Nathan Race

Okay. Great. the feeling like pretty prospects. growth seems guys are still constructive you loan it And on

I speaking macro all see out the there kind expectation in the to kind that think with XXXX? a in have range. place is what mid- talent environment the past, today on to still we've of reasonable and, that high kind recently, hopefully, put of Based you been more for you a conducive single-digit and of

Len Devaisher

Yes. Nate, Len. this is

exactly I set on. think that our got number the sights that's we've

think I only and -- pipeline I gives that seeing me activity we good -- are the confidence.

projects probably think see work, is moderating move mature only is, happen. have market, or and how seen we which expected some and we've that off factor secondary to I payoffs do up just business that the should the of scheduled fund and course, CRE as I

headwind So got are I target that's that we've see, singles but the exactly where our mid-high one set.

Nathan Race

Okay.

going clips was to strategic a at The for announced. TCE in was of the raise obviously forward capital be improvement will higher what one Just guided profile. when profitability much little than building And the increase guys Chip. with one you the bit lastly, more stronger in kind capital maybe you

to Are internally about additional focused? going on maybe excess other any capital allocating acquisitions? looking forward? thoughts how be for capital going Or guys managed, buybacks still curious largely just just be may you're you So between or thinking how

Charles Reeves

Yes, Nate, thanks. Really good question.

focus think execution, of line for execution, call, the bottom into to frankly, what the now, is raise execution, will investor that, of that presentation and I I our doing quarter capital what all our on, bringing and right stated in and XXXX. we fourth

mentioned, capital let's CETX. from -- As basis. mentioned moving a be to we into to it, much need a, it, just XX.X% let's call do call on range. I you TCE, We you go let's go the, quicker accrete more that believe

performance accrete and think expected From we think as also the we to but team have it stock the it we there, dividend, I increased actual that bring we'll to cetera. the frankly, then, anticipate. consider And platform capital, performance is buybacks, I the look potentially at, et M&A, is

game optionality, the think, 'XX. is execution So I post of of and name this execution raise throughout post the

Operator

KBW. of Our next question the with comes from Damon DelMonte line

Damon Del Monte

Just to wanted bit. nonperforming assets little credit quarter. We in a touch saw nice decline a this on

kind Just bit wanted classified you're movement about to maybe hear of a trends of some seeing some list regarding and loans? the that between or watch little

Gary Sims

to of big and list in work Back out resolutions a was years and did to bank, really we good finally as of is Damon. ag third conversation. working touch a get to we've comments Yes. the third quarter to Good got assets the X, X sale we that I'll was of space, farmland. got quarter nonperforming What the that that deal, earlier of and movement about creating the you been This paid work the on off the on the the identifying with that regard. my credit out. Gary, on movers probably saw continuation for we in one begin in And it -- them

to We're coming our the fruition. really, path. resolution continuing So down efforts

in specifically, quarter, to continuing. You're about that report see anticipate the activity to but continue we going fourth to resolution resolution nothing

a Again, and decrease criticized As at them and material working you assets. our assets the those classified look had that's of assets, in identifying to get out bank. our we classified

book them, one a risk, our see to them one our million. like special criticized. potential we of we that did slight of of had and You increase identify We the was did million, in downgraded credits X business was elements mention. X Between felt $XX $XX in

Both X of of of be, over that between the credits, them X been were million decades. bank them. $XX C&I what have the These longtime So customers customers. for

did We management believe have weaknesses in this, the that to see those their we caused they out potential of We believe downgrades. team. but ability come

perspective where helps. So this at feel a at assessment time, from that pretty with comfortable we're Hopefully, Damon. risk

Damon Del Monte

should little in work That point? here you And this we Appreciate level the about of out reserve loans, a at kind bit release was reserve the great. over a that the of quarters? color. continue coming think we could how to If the nonperforming some then of see

Gary Sims

in moderate on have of mid- the noted, this course don't we've at to -- high of reserve really the the enough Damon, you've sorry, probably of we level So is things cycle. of to that XXXs We stayed cycle clarity through time. one believe this release I'm that

we're So you, to in that we the range that feel foreseeable future, for Damon. like if helps going be

Damon Del Monte

upcoming on basis does. deposits lowering then It Or the tell people they what And XX react in does -- XXX%? necessarily about kind of not being the and competitors just did most to betas you question the are a us? aggressive How competition. Are your point of cut, landscape of cuts? that and

Barry Ray

of the Yes. What was observed, September. cut the folks some front-running of Damon, some that month the expected the around of started in really we competition

if are front deposit it, so it being pricing. did run to on we didn't seems with as respect fairly cut not we the action but to of, took the aggressive we me so -- and And week folks

way around like the And up. so observed. achieve opportunity we We betas down. the were, That's an something we expect that we on think we the beta way what, have XX% to what on that be, to perhaps

Operator

from question with Brian line the BBA Martin ]. next Itau [ (sic) of comes Janney Our

Brian Martin

outsized the talked in about, were bigger And but credits you is? bit bank? the little just just just can some to those on industry size, the like touch were of credits on, those at seems maybe Just the industry if those Gary, on C&I terms comment side? X that were wanted It what terms base a you -- in of of

Gary Sims

education $XX million $XX in Brian. is wholesaler and retailer space. gasoline the thing, relationship relationship a is million higher The and space the Sure

what not in but kind relationships. call, to relationships those at of customers, that's these two. credits of with that these full we spot our, bank, that largest as like And said, are And maintain. of we relationships, in so realistically, They're risk terms I are sweet end high the they decades-old our our I have profiles the

relationship have et full depository, We their with cetera.

So they're close we as accounts to house as come.

Brian Martin

Got you.

Okay. know for That's helpful. Barry. the maybe just I XX point And Chip pickup. mentioned one basis

if bull play how Just if basis the then take the it's scenario? -- steepen, like we question just in it points that earlier about to don't Barry, be much, on in But of touch of we're maybe the -- the just curve the as guess, if kind asset see if a then curve thinking -- we I case, the margin, will. don't probably about see -- of margin if level. guess, XX margin despite the sounds in expanding steepening And sensitivity, ought that, does guess, better the to see and if we you I current context you start of I in out case or bear we the kind kind if see the

Charles Reeves

what I'd points parallel is on ahead, go So that -- asset basis sides, ultimately right? XXX right, too, both And Barry. sensitivity shock a Brian, say,

Barry Ray

front, get we on can shortening you're clarify, Yes. what saying the Brian, you I if that don't you're saying? guess is is what

Brian Martin

and kind expansion get you this how -- shortening don't I'll it that on the that, if case, and Yes. I you get of scenario? you bull I guess the kind end, the the more the type got of the call would anticipate playing you you've level, of X.XX-ish with margin out then guess, to reset if front obviously,

Barry Ray

curve, like me, of have that somewhat good higher. challenges with think repricing to I for banks, opportunity But -- still asset would to I all asset it sounds flat think to mean, yield I ours. Well, -- repricing presents suggest, Brian, a we including respect which

asset And side, on I a that just -- I challenging so repricing to to don't with respect still think it's some Brian, question opportunity for I know, there's us. think there's answer, the there but that

Charles Reeves

Brian, asking you've NIM you're increase this last our coming and that over the is Chip. what we're is environment and Ultimately, quarters. the from, just seen few inflect

but expand pace, it's that a we still least at enough cuts, stays we is, margin. have slowing increased rate opportunities no at Now but where repricing frankly believe it we

Brian Martin

Barry, is have just what And available? remind the that you. off that? at? you it Kind of of -- kind coming much And is us where then can Got repricing you how just

Barry Ray

Yes.

loan around the XX $XXX side, rate of got that? on repricing, months we've the Brian, at X.XX% and about On over next million coming average that's

Brian Martin

Got you.

Okay. resetting kind of the are And kind of the... rates today

Len Devaisher

was high And -- averages of I ended But a just to I'm average weighted as quarter interruption, weighted the just in we look the commercial at my Xs. started third Yes, say -- quarter, the I Brian, pardon little but looking shift. production. the we going changes, above with rate we've seen at X. We the quarter

seeing. we're what that's So

is talking see. we can that about. upside asset So That's reprice the Barry the see you

Brian Martin

just outlook Can kind of that on and gotten or of provide maybe X forward quarter. sustainability kind going traction into. like looked just fee thoughts in you. nice thinking It just how you're businesses the Got you on the income on And other And SBA business just last side. the this forward? X, about the kind along any with just there you've going of thinking about SBA some

Len Devaisher

Brian, Yes, this Len. is

see terms talent, We've be What including at we've level. that and a think say would kind -- platform a to contributor of that's that this I as I expect continuing continuing talked be I to an last do. the we've invested to our in quarter. we addition of plan, what platform going in we're done said in the strategic we in is about

that on focused something for as we're And driver a to that so that's continuing key us. very

Brian Martin

you. Got

your just kind of for picture raise the And however outlook at thinking the look last big get just XXXX, things full later it the bank. as can about of for the great. now behind about you can kind year, about frame, profitability capital of I you're whether Okay. and would 'XX That's year, just you maybe how super helpful. mean, you Chip. out, be Chip, where with the kind guess, how I you're talked about you you the as profile and in shakes improving and talk thinking ROA of maybe

Barry Ray

Yes. in disclosing this we'll ultimately, well XXX% moving Ultimately, capital I raise we some ending presentation. to the and QX about is in mean, investor range. with I be ended the X% of up as think above the our of see we 'XX possibility evolve, as

Brian Martin

you. Got

on Okay. a and that, little perfect. was checking maybe than was you're deal currently trends upsized, the bit of just, were. better kind This thinking I guess, more given

update. So okay. the I appreciate

Barry Ray

it. Appreciate Brian. Thanks,

Operator

this you call. for your waiting day. There time. and enjoy Thank your participation, Thank today's your concludes That questions. rest you additional at are questions for the no of

MidWestOne Financial (MOFG) 25 Oct 242024 Q3 Earnings call transcript