After posting a loss earlier this year due to the effects of the ongoing pandemic, an Iowa City-based financial institution on Thursday posted improved earnings, thanks in part to federal COVID-19 relief business loans.
MidWestOne Financial Group Inc. reported net income of $11.7 million in the quarter that ended June 30. That comes after having reported a loss of $2 million in the quarter that ended March 31.
MidWestOne bought ATBancorp, the parent company of American Trust & Savings Bank and American Bank & Trust Wisconsin, last year.
That move pushed the company to a best-ever annual earnings total net income of $43.6 million last year.
But the start of 2020 was a vastly different story, with a $2 million net loss compared to the $13.4 million in net income recorded at the end of 2019.