Iowa City-based MidwestOne reports net loss for third quarter after goodwill write-down Iowa City-based MidWestOne Financial Group, the holding company for MidWestOne Bank, reported a net loss of $19.8 million for the third quarter ending Sept. 30 after having to make a goodwill write-down. Without that write-down, the bank would’ve reported an $11.7 million profit. The goodwill is largely a result of MidwestOne’s acquisitions. Banks usually purchase other banks at a price higher than its net worth. The difference between the selling price and the acquired bank’s net worth is goodwill. “We feel like we had a pretty good quarter,” said Charles Funk, the bank’s CEO. The goodwill write-down, totaling $31.5 million, happens when the market value of the bank — the value dictated by the stock price — is more than the bank’s net worth. A significant loss in MidwestOne’s stock price during the third quarter caused the write-down. It went from 21.24 per share midway through the quarter to 16.80 per share a few days before the quarter ended. “Our share price, like most bank stocks, has been hit pretty hard post-pandemic,” MidWestOne Chief Financial Officer Barry Ray said. “Most banks, including ours, haven’t really enjoyed the recovery that the broader market has. …