Midwestone Financial Group, Inc. (NASDAQ:MOFG) Q2 2022 Earnings Conference Call July 29, 2022 12:00 PM ET

Company Participants

Charles Funk - CEO & Director

Barry Ray - CFO & Senior EVP

Len Devaisher - President & COO

Gary Sims - Senior VP & Chief Credit Officer

James Cantrell - CIO, Senior EVP & Treasurer

Conference Call Participants

Brendan Nosal - Piper Sandler & Co.

Terence McEvoy - Stephens Inc.

Damon DelMonte - KBW

Brian Martin - Janney Montgomery Scott

Operator

Good morning, and thank you for attending today's MidWestOne Financial Group Second Quarter 2022 Earnings Call. My name is Jason, and I will be the moderator for today's call. [Operator Instructions].

This presentation contains forward-looking statements relative to the financial condition, results and operations and business of MidWestOne Financial Group. Forward-looking statements generally include words such as believes, expects, anticipates and other similar expressions. Actual results could differ materially from those indicated.

Among the important factors that could cause actual results to differ materially are interest rates, changes in the mix of the company's business, competitive pressure, general economic conditions and risk factors detailed in the company's periodic reports and registration statements filed with the Securities and Exchange Commission. MidWestOne Financial Group undertakes no obligation to publicly revise or update these forward-looking statements to reflect current events or circumstances at the date of the presentation.

I would now like to pass the conference over to our host, Charlie Funk, CEO. Please go ahead.

Charles Funk

Thank you, Jason, and good morning/good afternoon to all of you, and thank you for joining us on the call. On the call this morning in Iowa City, we have Len Devaisher, our President; Gary Sims, our Chief Credit Officer; Barry Ray, our Chief Financial Officer; and Jim Cantrell, our Treasurer and Chief Investment Officer.

I'll begin with a few preliminary remarks and just say that I think we have many good things to discuss with you today as well as a few hurdles that we have to clear going forward. Overall, we thought it was a very good quarter for MOFG, and obviously, we had a lot of moving parts due to the Iowa First acquisition. And we do think our core income is higher than what was reported in our earnings release.

We had an excellent quarter of loan production. We saw good growth in the Twin Cities in Denver and in Dubuque, Iowa, and the linked quarter annualized rate of growth was roughly 10.5%. We also have a decent pipeline in the third quarter. As always, we can't predict payoffs, but we should have good production going forward. And if July is any indication, we did have a good July with -- in terms of loans closed.