 |
| |
FRIDAY, JULY 26, 2019 | IN THIS ISSUE
|
|
|
Iowa City-based MidWestOne Financial Group Inc. reported an improved second-quarter profit of $10.7 million Thursday and earnings of 72 cents per share
Earnings per share rose 7.5 percent from 67 cents in the second quarter of fiscal 2018, and beat analysts expectations.
"The second quarter saw the consummation of our acquisition of ATBancorp and, as a result, our earnings reflected the impact of certain one-time costs incurred in connection with the merger," President and CEO Charles Funk said in a release. "With that said, we believe the underlying trends are positive.
Excluding transaction charges of 16 cents per diluted share, net income for the quarter was 88 cents per diluted share, and return on average tangible equity was 16.28 percent." The adjusted earnings beat the Zacks consensus estimate of Wall Street analysts by 20.55 percent, after the company's first quarter earnings fell short of analysts' estimates by 7.6 percent.
MidWestOne completed its acquisition of ATBancorp on May 1. In addition to balance sheet impacts assumed at that time, bank officials said net income for the quarter was reduced by $3.1 million in pre-tax, acquisition-related expenses stemming from the transaction.
Mr. Funk said one highlight of the first six months "was deposit growth in the legacy MidWestOne footprint of more than 4 percent." He added that loan growth has been challenged by paydowns in rural regions "but was strong in Iowa City and Denver, and solid in the Twin Cities markets."
MidWestOne Financial is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, Florida, and Colorado.
|
|
|
|
In this week's CBJ Report, Editor Adam Moore discusses
Ahmann Companies' plans to redevelop the site of a vacant Terex factory in Cedar Rapids, United Technologies Corp. leaders' defense of a planned merger with Raytheon Corp. and MediRevv's plans to hire 50 new employees at its Coralville location. Watch the full report here.
|
|
|
|
|
Collins Aerospace Systems has received its sixth order from the U.S. Army to supply PRC-162 software-defined ground radios for the Army's Handheld, Manpack and Small Form Factor (HMS) program.
The order was issued under a multiple award contract to Collins Aerospace and two other companies in 2016 with a $12.7 billion maximum firm-fixed-price and estimated completion date of March 2026. Collins Aerospace is a division of United Technologies Corp.
The PRC-162 is a two-channel man-portable or vehicle-mountable ground radio that will enable the Army to utilize next-generation communication capabilities such as the department of Defense's new Mobile User Objective System while keeping interoperability with legacy radio waveforms. The open-architecture design also allows for software-upgradeable capabilities in the future.
"Success in today's multi-domain battlespace depends heavily on secure and reliable communications," said Phil Jasper, President, Mission Systems for Collins Aerospace, in a press release. "We've applied decades of proven experience in airborne communications to provide the Army with a next-generation ground radio that will give troops a heightened level of situational awareness and a tactical advantage."
|
|
|
|
Ready Wireless announced new tools for safer driving this week in its Ready Fleet platform.
The Hiawatha-based company's new products include Safe Driver Compliance, Crash Detection, Route Management and Maintenance Alert Notifications. The company leverages GPS, telematics and wireless technologies to help owners and managers improve driver safety and reduce costs associated with fleet accidents and injuries.
According to the AAA Foundation's recently released Traffic Safety Culture Index, 95.9 percent of drivers view reading and 96.7 percent view typing a text or email on a handheld cellphone while driving to be very or extremely dangerous, compared with 79.8 percent for talking on a hand-held cellphone.
Nevertheless, more than half of drivers report having driven while talking on a hand-held cellphone at least once in the past 30 days.
Fewer respondents report engaging in distracted driving by reading (41.3 percent) and typing a text/email (32.1 percent) on a hand-held cellphone while driving.
"When your name is on the side of the vehicle you certainly do not want distracted driving happening," Ready Wireless CEO and co-founder Dennis Henderson said in a news release. "Our customers deploy the processes incorporated into our Ready Fleet platform to make measurable and lasting change for better driving outcomes. Our team supports a seamless operational integration to deliver immediate benefits."
|
|
|
|
 |
|
|
Jeremy Greenlee
|
Dr. Jeremy Greenlee, of the University of Iowa Department of Neurosurgery, received the Presidential Early Career Award for Scientists and Engineers (PECASE) yesterday during a ceremony in Washington DC.
The PECASE is the highest honor bestowed by the U.S. government to outstanding scientists and engineers who are beginning their research careers and who show exceptional promise for leadership.
The award recognizes the contributions recipients have made to the advancement of science, technology, education, and mathematics (STEM) education, and to community service.
"Dr. Greenlee truly exemplifies what it means to fulfill all three missions of University of Iowa Health Care," said Dr. Matthew Howard, chair of the UI Department of Neurosurgery, in a release. "He fully embraces our duty to care for patients, conduct research and train the next generation of neurosurgeons."
Dr. Greenlee is a neurosurgery clinician-scientist who conducts research into the neural mechanisms of speech production using grant support from the National Institutes of Health/National Institute on Deafness and Communication Disorders. This work leverages direct brain recordings in neurosurgical patients.
He specializes in treating neurological disorders in both children and adults. Dr. Greenlee has a particular interest in using technology called deep brain stimulation to help treat Parkinson's disease.
In addition, he cares for patients affected by movement disorders and brain cancer, and also helps patients who need skull base surgery and spinal procedures.
|
|
|
|
July 30
Chamber Bucket Brigade Moving Party, by Iowa City Area Chamber of Commerce, 11 a.m.-noon, Chamber of Commerce, 325 E. Washington St. Suite 100, Iowa City. Join this moving party from the chamber's old office to the new office at MERGE. Pizza and drinks provided. To register, visit
bit.ly/2Z3O9EF.
July 31
1 Million Cups, by 1MC Cedar Rapids, 8:15-9:15 a.m., Geonetric, 415 12th Ave. SE, Cedar Rapids. Join for community connections, free coffee, and presentations by entrepreneurs, established companies, experts and more. Free. For more information, visit
facebook.com/1MCICR.
1 Million Cups, by 1MC Iowa City, 9-10 a.m., MERGE, 136 S. Dubuque St., Iowa City. Join for community connections, free coffee, and presentations by entrepreneurs, established companies, experts and more. Free. For more information, visit
facebook.com/1MillionCupsIC/.
Ribbon Cutting: Schultz Strings, by Marion Chamber of Commerce, 11 a.m., Schultz Strings, 1190 Twixt Town Road, Cedar Rapids. Join Schultz Strings to celebrate the opening of its new location. Free. For more information, visit
bit.ly/2Irvtsn.
Aug. 1
Wake Up Marion: Wickwire Chiropractic, by Marion Chamber of Commerce, 8-9 a.m., Wickwire Chiropractic, 955 29th Ave., Suite B, Marion. Get to know Dr. Colt Dewitt and team while meeting other Marion Chamber members. Free. To register, visit
bit.ly/31T3vgV .
Taking Care of Business, by South Slope Cooperative, 4:30-6:30 p.m., South Slope, 980 N. Front St., North Liberty. South Slope is thanking local businesses for their impact on the community with an evening of free drinks, appetizers and socializing. For information, visit
bit.ly/2xPUvvm.
Aug. 2
First Friday Coffee Connections, by Iowa City Area Chamber of Commerce, 7:30-8:30 a.m., Physicians' Clinic of Iowa Specialty Care, 585 W. Cherry St., North Liberty. Network at the newly opened PCI clinic in North Liberty. Free. For information, visit
bit.ly/2Nqz7Y5.
Ribbon Cutting: Giving Tree Theater, by Marion Chamber of Commerce, 4 p.m., Giving Tree Theater, 752 10th St., Marion. Celebrate with Jamie and Andrea Henley, new owners of The Giving Tree Theatre, as they prepare for the opening night of "The Mousetrap." For more, visit
bit.ly/2JiQAMR.
|
|
|
|
See and Be Seen
in the CBJ Book of Lists - THE definitive resource guide for business leaders. Ranked information on Corridor companies by sector, regional market facts and profiles of the most influential people under one cover. Don't be left out - Be Seen! For advertising information, contact Andrea Rhoades at
andrea@corridorbusiness.com
.
Note: The CBJ is now observing summer hours through Aug. 30. The CBJ offices will be open Monday-Thursday, 8 a.m.-5 p.m., and Fridays, 8 a.m.-noon.
|
|
|
|
|
Headlines from CBS2/FOX 28
These news items are provided by CBS2/FOX 28
A newly approved bid will see to the start of an addition to an Iowa City Community School District school.
City High School, which enters into its 80th school year this August, will see another school building on the east side of its campus. Currently on that side is the sports complex, with two gyms and several tennis courts. The more than $25 million project will add a bigger gym where athletic games will be played. The other two gyms will then be used for physical education classes and games below the varsity level. The building will be placed where the current tennis courts and part of student parking are now.
"Because the design is so spectacular and so wonderful, it will be well worth the extreme parking challenges that we're going to have over the next couple of years," said John Bacon, City High School's principal. "A little extra walk from an off-campus space."
A new cafeteria will also be in the same building where the new gym will be housed. The
entire school will also have central air conditioning added to its amenities. Construction is expected to start this September and be complete by fall of 2021.
A Marion man sent to the hospital after a fire on Friday, July 19 has died, according to investigators.
Firefighters say Philip Wallace, 72, was inside an apartment building on Southview Dr. when smoke was reported. Mr.
Wallace was sent to the hospital, but has since died from his injuries.
Investigators say the fire started because of a combustible cloth in a microwave.
T
hese news items are provided by CBS2/FOX 28
|
|
|
CBS2 Chief Meteorologist Terry Swails' Weather First Forecast
It's going to heat up once again this weekend, but it will be short lived as a cold front moves through Sunday night.
Clouds will break up as we head through the day and temperatures will warm up into the mid-80s this afternoon. It will be breezy with winds out of the south and that will usher in warmer, more humid air.
The warmup will continue into the weekend. Temperatures will be near 90 degrees both Saturday and Sunday. Humidity will also be higher each day and it will feel muggy, but not nearly as bad as last week. A cold front will then arrive Sunday night and lead to scattered showers and storms overnight and into Monday morning.
|
|
|
|
| |
|
|
|
|
