MidWestOne Financial Group Inc. expects to complete the sale of its Florida operations in June, officials with the Iowa City-based financial group said during a recent earnings report call.

MidWestOne Financial Group, the parent company of MidWestOne Bank, announced last fall that it was selling its operations in Fort Myers, Fla., and Naples, Fla., to DFCU Financial, a Michigan-based credit union. “Expense control remains a key focus of our management team,” Charles Reeves, MidWestOne Financial Group’s CEO, said during the recent earnings call.

In late January, the financial group completed its acquisition of Denver Bankshares Inc., previously a subsidiary of the Bank of Denver. “Our objective is for the Denver market to be a $1 billion franchise for us in the future,” Reeves said.

The group has hired a new Small Business Administration business development officer, treasury management officer and senior commercial and industrial banker for its Denver operations, said Len Devaisher, president and chief operating officer for MidWestOne Financial Group. “Selective talent acquisition in our target markets continues to be a focus,” he said.

Highlights from MidWestOne Financial Group’s first-quarter financial results include:

• Net income of $3.3 million, or 21 cents per diluted share in the quarter that ended on March 31. In 2023’s fourth quarter, net income was $2.7 million, or 17 cents per diluted share, and in 2023’s first quarter, net income was $1.3 million, or 9 cents per diluted share.
• Revenue of $44.5 million, which included net interest income of $34.7 million and noninterest income of $9.8 million.
• Credit loss expense of $4.7 million that included a day one loss expense of $3.2 million related to the acquisition of Denver Bankshares.

MidWestOne has banking offices in Iowa, Minnesota, Wisconsin, Florida and Colorado. For more information about MidWestOne’s first-quarter earnings, click here.