An Iowa City-based bank with a presence in Dubuque reported steep third-quarter losses, but officials emphasized the disparity was due entirely to an accounting charge.
MidWestOne Financial Group Inc. recorded a net loss of $19.8 million in the quarter ending Sept. 30, according to financial results released Thursday. In the same quarter last year, MidWestOne reported net income of $12.3 million.
These losses, however, were driven by a goodwill write-down of $31.5 million. Such a write-down is a noncash accounting charge.
With the exception of this write-down, earnings were $11.7 million, which was the same as the previous quarter.
MidWestOne bought ATBancorp, the parent company of American Trust & Savings Bank and American Bank & Trust Wisconsin, last year.