2020-07-30 16:38:16 MOFG MidWestOne
07/30/20 07/3016:38 07/30/2016:38 | MidWestOne reports Q2 EPS 73c, consensus 30Chief Executive Officer, commented, "We are pleased with our results in the second quarter, particularly our bankers' efforts in the origination of SBA PPP loans during a period of unprecedented challenges for our customers, employees, and communities. The commitment of our employees combined with our business continuity planning efforts and digital service offerings provided our customers continued access to banking services despite COVID-19's far-reaching impacts. While we believe there will likely be volatility in earnings in this economic environment, the quarterly return on average equity of 9.21% and a return on average tangible equity of 13.50% represents solid performance." Net interest income increased in the second quarter of 2020 to $38.7 million from $37.4 million as larger volumes of interest earning assets more than offset net interest margin compression. The tax equivalent net interest margin decreased 22 basis points ("bps") to 3.38% for the second quarter of 2020 from 3.60% in the linked quarter. Interest earning assets yields decreased 47 basis points from the linked quarter, approximately 8 basis points of which was attributable to PPP loans, which have a coupon rate of 1%. Net fee accretion for PPP loans in the second quarter of 2020 was $1.1 million. Partially offsetting the lower asset yields was a 26 bps reduction in cost of funds. |
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