Attached files
| file | filename |
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| 8-K - 8-K - MidWestOne Financial Group, Inc. | a10-19x11dividendstockrepu.htm |
Exhibit 99.1
NEWS RELEASE | |||
FOR IMMEDIATE RELEASE | Contact: | ||
Date: October 19, 2011 | Charles N. Funk | Gary J. Ortale | |
President & CEO | EVP & CFO | ||
319.356.5800 | 319.356.5800 | ||
MIDWESTONE FINANCIAL GROUP INCREASES STOCK REPURCHASE PROGRAM, DECLARES DIVIDEND
Iowa City (October 19, 2011) -- MidWestOne Financial Group, Inc. (NASDAQ: MOFG), parent company of MidWestOne Bank, today announced that, on October 18, 2011, the Company's Board of Directors approved an increase in the share repurchase program, allowing the repurchase of up to $5.0 million of stock through December 31, 2012. The company bought 45,039 shares in August of this year for approximately $658,000 of a $1.0 million repurchase program announced in July. As of September 30, the remaining authorization totaled $342,000, which is included in the newly approved amount.
"Given the strength of our balance sheet and the fact that our stock is trading below tangible book value, we believe that an investment in our own stock is one of the best investments we can make in the current environment,” said Charles N. Funk, president and CEO. “We will use the authorization over the next year and a quarter as market and industry conditions dictate."
Additionally, the Company's Board of Directors declared a fourth quarter cash dividend of $0.06 per common share. The dividend is payable December 15, 2011 to shareholders of record at the close of business on December 1, 2011. At this quarterly rate, the indicated annual cash dividend is equal to $0.24 per common share.
About MidWestOne Financial Group, Inc.
MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. The Company's bank subsidiary, MidWestOne Bank, is also headquartered in Iowa City. MidWestOne Bank has office locations in Belle Plaine, Burlington, Cedar Falls, Conrad, Coralville, Davenport, Fairfield, Fort Madison, Melbourne, North English, North Liberty, Oskaloosa, Ottumwa, Parkersburg, Pella, Sigourney, Waterloo and West Liberty, Iowa. MidWestOne Insurance Services, Inc. provides personal and business insurance services in Pella, Melbourne and Oskaloosa, Iowa.
Cautionary Note Regarding Forward-Looking Statements
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this document and are based on current expectations and involve a number of assumptions. These include, among other things, statements regarding future results or expectations. MidWestOne Financial Group intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. The Company's ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors that could cause actual results to differ from those set forth in the forward-looking statements or that could have a material effect on the operations and future prospects of the Company include, but are not limited to: (1) the strength of the local and national economy; (2) changes in interest rates, legislative/regulatory changes, monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board, and changes in the scope and cost of Federal Deposit Insurance Corporation insurance and fees; (3) the loss of key executives or employees; (4) changes in the quality and composition of the Company's loan and securities portfolios, demand for loan products and deposit flows;(5) changes in the assumptions and estimates underlying the establishment of reserves for possible loan losses and other estimates; (6) the effects of competition and
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Exhibit 99.1
the overall demand for financial services in the Company's market areas; (7) the Company's ability to implement new technologies and develop and maintain secure and reliable electronic systems; (8) changes in accounting principles, policies, and guidelines; (9) the risks of mergers, acquisitions and divestitures, including, without limitation, the related time and costs of implementing such transactions, integrating operations as a part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; and (10) other risk factors detailed from time to time in filings made by the Company with the SEC.
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