• MidWestOne Financial Group, Inc. Reports Financial Results For The First Quarter Of 2023

    Source: Nasdaq GlobeNewswire / 27 Apr 2023 16:15:55   America/New_York

    ~Announces Strategic Plan and Financial Targets~

    ~Repositioning of the Company's Balance Sheet Provides Earnings, Margin and Return Accretion~

    IOWA CITY, Iowa, April 27, 2023 (GLOBE NEWSWIRE) --  MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we”, “our”, or the "Company”) today reported results for the first quarter of 2023.

    First Quarter 2023 Highlights1

    • Net income of $1.4 million, or $0.09 per diluted common share, compared to net income of $16.0 million, or $1.02 per diluted common share, for the linked quarter. Excluding the loss from the balance sheet repositioning, adjusted earnings for the first quarter were $11.2 million2, or $0.72 per diluted common share.
    • Executed the sale of $231 million in book value of available for sale debt securities as part of a balance sheet repositioning, resulting in a pre-tax loss of $13.2 million.
    • Total uninsured deposits, excluding collateralized municipal deposits, represent approximately 18.5% of total deposits.
    • Strong liquidity position, with $1.7 billion of available borrowing capacity from the FHLB, Federal Reserve Discount Window and Bank Term Funding Program, and unsecured sources.
    • Annualized loan growth was 8.6% and remains centered in our targeted metro markets of the Twin Cities, Denver and Metro Iowa.
    • Nonperforming assets ratio improved 1 basis point ("bps") to 0.23%; net charge-off ratio of 0.03%.
    • Efficiency ratio was 62.32%2.
    • Common equity tier 1 capital to risk-weighted assets ratio improved 11 bps.
    • Subsequent to quarter end, the Board of Directors declared a cash dividend of $0.2425 per common share.

    1 First Quarter Summary compares to the fourth quarter of 2022 (the "linked quarter") unless noted.
    2 Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

    CEO COMMENTARY

    Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, "Despite a difficult operating environment, exacerbated by March’s banking turmoil, we made significant progress executing on our initial strategic priorities. After the actions taken in the fourth quarter of 2022 to improve our credit, our asset quality metrics further improved in the first quarter of 2023, positioning the Bank well for the uncertain macroeconomic outlook. Importantly, we have low exposure to the higher risk areas in the market, such as the office sector of commercial real estate. Additionally, we took strategic action in late February to reduce the Company’s liability sensitivity as we executed the sale of $231.0 million of available for sale debt securities, resulting in $220.0 million of proceeds used to pay off high-cost FHLB borrowings and reinvest in higher yielding, floating rate securities. The transaction positions our balance sheet more favorably, improves our future earnings profile, enhances our already strong liquidity profile, and, importantly, our capital ratios still improved as compared to the linked quarter.”

    Mr. Reeves continued, “Our core, granular deposit franchise also performed well given the concerns that swept the sector in the aftermath of Silicon Valley Bank’s ("SVB") failure. While we experienced $154.0 million of deposit outflows, excluding brokered deposits, in the quarter, $120.0 million occurred in January, which is a typical, seasonal low. Subsequent to the SVB failure and through the end of the first quarter, deposits grew $3.7 million. At quarter end, our total uninsured deposits, excluding collateralized municipal deposits, were approximately 18.5% and we have $1.7 billion of available borrowing capacity through the FHLB, Federal Reserve and the Bank Term Funding Program, and unsecured sources, which covers our uninsured deposit base. We believe we are in a strong liquidity position.”

    Mr. Reeves concluded, “Looking forward, I could not be more excited for what lies ahead for our Company, employees, customers, and shareholders. Today, we have launched a strategic plan designed to unleash the potential that exists within MidWestOne as we strive to become a high performing bank with consistent performance. Importantly, none of this would be possible without our talented team members and their continued focus on our customers and communities. I am so proud of their hard work through what has been a very challenging two months in our industry."

    Strategic Plan

    The Company has launched a strategic plan focused on five pillars designed to improve the performance of the Bank, including (1) driving a performance-oriented culture, (2) protecting the Bank’s core community bank franchise, (3) accelerating the growth of the Bank’s commercial and wealth management businesses, (4) expanding into specialty commercial segments, and (5) optimizing the Bank’s operational effectiveness and efficiency. Management will remain prudent through the execution of the plan with a strict focus on risk management with further investments in credit administration, a key enabler to the plan.

    The goal of the plan is to exit 2025 with:

    • 12% annual earnings per share growth
    • A return on average assets of 1.10 – 1.20%
    • 10% annual tangible book value growth
    • An efficiency ratio of 55 - 57%

    Further details on the strategic plan and quarterly results can be found in the Company’s first quarter 2023 earnings supplemental presentation located on the investor relations section of the Company’s website located at www.midwestonefinancial.com.

      As of or for the quarter ended
      March 31, December 31, March 31,
    (Dollars in thousands, except per share amounts and as noted)  2023   2022   2022 
    Financial Results      
    Revenue $36,030  $54,504  $48,980 
    Credit loss expense  933   572   — 
    Noninterest expense  33,319   34,440   31,643 
    Net income  1,397   16,002   13,895 
    Per Common Share      
    Diluted earnings per share $0.09  $1.02  $0.88 
    Book value  31.94   31.54   32.15 
    Tangible book value(1)  26.13   25.60   26.98 
    Balance Sheet & Credit Quality      
    Loans In millions $3,919.4  $3,840.5  $3,250.0 
    Investment securities In millions  2,071.8   2,283.0   2,349.9 
    Deposits In millions  5,555.2   5,468.9   5,077.7 
    Net loan charge-offs In millions  0.3   3.5   2.2 
    Allowance for credit losses ratio  1.27%  1.28%  1.42%
    Selected Ratios      
    Return on average assets  0.09%  0.97%  0.95%
    Net interest margin, tax equivalent(1)  2.75%  2.93%  2.79%
    Return on average equity  1.14%  13.26%  10.74%
    Return on average tangible equity(1)  2.70%  17.85%  13.56%
    Efficiency ratio(1)  62.32%  57.79%  60.46%
    (1)Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

    REVENUE REVIEW

    Revenue
    		       Change Change
            1Q23 vs 1Q23 vs
    (Dollars in thousands) 1Q23 4Q22 1Q22 4Q22 1Q22
    Net interest income $40,076  $43,564 $37,336 (8)% 7%
    Noninterest (loss) income  (4,046)  10,940  11,644 n / m n / m
    Total revenue, net of interest expense $36,030  $54,504 $48,980 (34)% (26)%
               
    Results are not meaningful (n/m)

    Total revenue for the first quarter of 2023 decreased $18.5 million from the fourth quarter of 2022 as a result of lower net interest income and noninterest income. Compared to the first quarter of 2022, total revenue decreased $13.0 million primarily due to lower noninterest income. When excluding the loss of $13.2 million from the balance sheet repositioning, total revenue for the first quarter of 2023 was $49.2 million, a decline of $5.3 million from the fourth quarter of 2022 and an increase of $0.2 million from the first quarter of 2022.

    Net interest income of $40.1 million for the first quarter of 2023 decreased from $43.6 million in the fourth quarter of 2022, due primarily to two fewer days in the quarter and higher funding costs and volumes, partially offset by higher interest earning asset yields and volumes. Compared to the first quarter of 2022, net interest income increased $2.8 million as a result of higher interest earning asset yields and volumes, partially offset by higher funding costs and volumes.

    The Company's tax equivalent net interest margin was 2.75% in the first quarter of 2023 compared to 2.93% in the fourth quarter of 2022, as higher earning asset yields were more than offset by increased funding costs. The cost of interest bearing liabilities increased 51 bps to 1.59%, due to interest bearing deposit costs of 1.38%, short-term borrowing costs of 2.82%, and long-term debt costs of 6.19%, which increased 55 bps, 28 bps and 65 bps, respectively from the fourth quarter of 2022. Total interest earning assets yield increased 23 bps primarily as a result of an increase in loan and securities yields of 29 bps and 5 bps, respectively. Our cycle-to-date interest bearing deposit beta was 24%.

    The net interest margin was 2.75% in the first quarter of 2023 compared to 2.79% in the first quarter of 2022, driven by higher funding costs, partially offset by higher interest earning asset yields. The cost of interest bearing liabilities increased 117 bps to 1.59%, due to interest bearing deposit costs of 1.38%, short-term borrowing costs of 2.82%, and long-term debt costs of 6.19%, which increased 109 bps, 252 bps and 189 bps, respectively from the first quarter of 2022. Total interest earning assets yield increased 90 bps primarily as a result of an increase in loan and securities yields of 97 bps and 43 bps, respectively.

    Noninterest (Loss) Income
    		      Change Change
           1Q23 vs 1Q23 vs
    (In thousands)1Q23 4Q22 1Q22 4Q22 1Q22
    Investment services and trust activities$2,933  $2,666  $3,011 10% (3)%
    Service charges and fees 2,008   2,028   1,657 (1)% 21%
    Card revenue 1,748   1,784   1,650 (2)% 6%
    Loan revenue 1,420   966   4,293 47% (67)%
    Bank-owned life insurance 602   637   531 (5)% 13%
    Investment securities (losses) gains, net (13,170)  (1)  40 n / m n / m
    Other 413   2,860   462 (86)% (11)%
    Total noninterest (loss) income$(4,046) $10,940  $11,644 n / m n / m

    Noninterest income for the first quarter of 2023 decreased $15.0 million from the linked quarter and $15.7 million from the first quarter of 2022, primarily due to investment security losses of $13.2 million related to the Company's balance sheet repositioning. In addition, noninterest income declined from the comparative periods due to the following factors: (1) the fourth quarter of 2022 benefited from a nonrecurring bargain purchase gain of $2.5 million and (2) the first quarter of 2022 benefited from a larger increase in the fair value of our mortgage servicing rights, as well as a larger gain on sale from residential mortgage loans as a result of higher mortgage origination volumes.

    EXPENSE REVIEW

    Noninterest Expense
    		      Change Change
           1Q23 vs 1Q23 vs
    (In thousands)1Q23 4Q22 1Q22 4Q22 1Q22
    Compensation and employee benefits$19,607  $20,438 $18,664  (4)% 5%
    Occupancy expense of premises, net 2,746   2,663  2,779  3% (1)%
    Equipment 2,171   2,327  1,901  (7)% 14%
    Legal and professional 1,736   1,846  2,353  (6)% (26)%
    Data processing 1,363   1,375  1,231  (1)% 11%
    Marketing 986   947  1,029  4 % (4)%
    Amortization of intangibles 1,752   1,770  1,227  (1)% 43%
    FDIC insurance 749   405  420  85% 78%
    Communications 261   285  272  (8)% (4)%
    Foreclosed assets, net (28)  48  (112) n / m (75)%
    Other 1,976   2,336  1,879  (15)% 5%
    Total noninterest expense$33,319  $34,440 $31,643  (3)% 5%


    Merger-related Expenses
    		     
          
    (In thousands)1Q23 4Q22 1Q22
    Compensation and employee benefits$70 $189 $—
    Equipment —  4  5
    Legal and professional —  54  63
    Data processing 65  131  38
    Marketing —  2  7
    Communications —  —  1
    Other 1  29  14
    Total merger-related expenses$136 $409 $128

    Noninterest expense for the first quarter of 2023 decreased $1.1 million, or 3.3%, from the linked quarter with overall decreases in all noninterest expense categories except occupancy, marketing and FDIC insurance. These decreases primarily reflected the decline in incentive compensation and merger-related expenses. Partially offsetting these decreases was an increase of $0.3 million in FDIC insurance premiums and $0.1 million in occupancy expense of premises, net. The decreases in net interest income and noninterest income noted above, partially offset by lower noninterest expense, were the primary drivers of the increase in the efficiency ratio, which increased 4.53% to 62.32% from 57.79% in the linked quarter.

    Noninterest expense for the first quarter of 2023 increased $1.7 million, or 5.30%, from the first quarter of 2022 primarily due to increases of $0.9 million and $0.5 million in compensation and employee benefits and amortization of intangibles, respectively. The increases primarily reflected costs associated with the acquired operations of Iowa First Bancshares Corp. ("IOFB"), which closed in the second quarter of 2022. Partially offsetting the increases above was a decline of $0.6 million in legal and professional expenses stemming primarily from a reduction in legal expenses related to litigation and executive recruitment. The decline in noninterest income and the increase in noninterest expense noted above, partially offset by higher net interest income, were the primary drivers of the increase in the efficiency ratio, which increased 1.86 percentage points to 62.32% from 60.46% in the first quarter of 2022.

    The Company's effective income tax rate increased to 21.4% in the first quarter of 2023 compared to 17.9% in the linked quarter. The increase was primarily due to a bargain purchase gain increase that was recorded in the fourth quarter of 2022 related to the IOFB acquisition, which did not recur in the first quarter of 2023. The effective income tax rate for the full year 2023 is expected to be in the range of 19.5% - 21.5%.

    BALANCE SHEET REVIEW

    Total assets were $6.41 billion at March 31, 2023 compared to $6.58 billion at December 31, 2022 and $5.96 billion at March 31, 2022. The decrease from December 31, 2022 was driven by lower securities balances as a result of the balance sheet repositioning. In comparison to March 31, 2022, the increase was due primarily to the IOFB assets acquired in the second quarter of 2022 and higher loan balances from organic loan growth.

    Loans Held for Investment
    		March 31, 2023
    		December 31, 2022March 31, 2022
     Balance
    		 % of
    		 Balance
    		 % of
    		 Balance
    		 % of
    		 
    (Dollars in thousands)   Total    Total    Total 
    Commercial and industrial$1,080,514 27.6%$1,055,162 27.5%$898,942 27.7%
    Agricultural 106,641 2.7  115,320 3.0  94,649 2.9 
    Commercial real estate            
    Construction and development 320,924 8.2  270,991 7.1  193,130 5.9 
    Farmland 182,528 4.7  183,913 4.8  140,846 4.3 
    Multifamily 255,065 6.5  252,129 6.6  259,609 8.0 
    Other 1,290,454 33.0  1,272,985 33.1  1,130,306 34.8 
    Total commercial real estate 2,048,971 52.4  1,980,018 51.6  1,723,891 53.0 
    Residential real estate            
    One-to-four family first liens 448,459 11.4  451,210 11.7  331,883 10.2 
    One-to-four family junior liens 162,403 4.1  163,218 4.2  131,793 4.1 
    Total residential real estate 610,862 15.5  614,428 15.9  463,676 14.3 
    Consumer 72,377 1.8  75,596 2.0  68,877 2.1 
    Loans held for investment, net of unearned income$3,919,365 100.0%$3,840,524 100.0%$3,250,035 100.0%
                 
    Total commitments to extend credit$1,205,902   $1,190,607   $1,034,843   

    Loans held for investment, net of unearned income, increased $78.8 million, or 2.1%, to $3.92 billion from $3.84 billion at December 31, 2022. This increase was driven by new loan production, draws on construction loans, and higher line of credit usage during the first quarter of 2023.

    Investment SecuritiesMarch 31, 2023 December 31, 2022 March 31, 2022 
    (Dollars in thousands)Balance % of Total Balance % of Total Balance % of Total 
    Available for sale$954,074 46.1%$1,153,547 50.5%$1,145,638 48.8%
    Held to maturity 1,117,709 53.9% 1,129,421 49.5% 1,204,212 51.2%
    Total investment securities$2,071,783   $2,282,968   $2,349,850   

    Investment securities at March 31, 2023 were $2.07 billion, decreasing $211.2 million from December 31, 2022 and $278.1 million from March 31, 2022. The decrease from both periods was due primarily to the sale of $231.0 million of available for sale securities during the first quarter of 2023, as well as principal cash flows received from scheduled payments, calls, and maturities. The Company executed the sale of securities as part of a strategic balance sheet repositioning. The sale resulted in a pre-tax realized loss of $13.2 million. The proceeds of $220.0 million were redeployed towards paying off existing short-term borrowings and purchasing higher yielding, floating rate securities.

    DepositsMarch 31, 2023 December 31, 2022 March 31, 2022 
    (Dollars in thousands)Balance % of Total Balance % of Total Balance % of Total 
    Noninterest bearing deposits$989,469 17.8%$1,053,450 19.3%$1,002,415 19.7%
    Interest checking deposits 1,476,948 26.6  1,624,278 29.8  1,601,249 31.5 
    Money market deposits 969,238 17.4  937,340 17.1  983,709 19.4 
    Savings deposits 631,811 11.4  664,169 12.1  650,314 12.8 
    Time deposits of $250 and under 599,302 10.8  559,466 10.2  501,904 9.9 
    Total core deposits 4,666,768 84.0  4,838,703 88.5  4,739,591 93.3 
    Brokered time deposits 366,539 6.6  126,767 2.3  — — 
    Time deposits over $250 521,846 9.4  503,472 9.2  338,134 6.7 
    Total deposits$5,555,153 100.0%$5,468,942 100.0%$5,077,725 100.0%

    Total deposits increased $86.2 million, or 1.6%, to $5.56 billion from $5.47 billion at December 31, 2022. Brokered deposits increased $239.8 million from $126.8 million at December 31, 2022. When excluding the increase in brokered time deposits, total deposits declined $153.6 million from December 31, 2022. Total uninsured deposits were $1.72 billion, which included $692.1 million of collateralized municipal deposits at March 31, 2023. Total uninsured deposits, excluding collateralized municipal deposits, represented approximately 18.5% of total deposits.

    Borrowed FundsMarch 31, 2023 December 31, 2022 March 31, 2022 
    (Dollars in thousands)Balance % of Total Balance % of Total Balance % of Total 
    Short-term borrowings$143,981 51.1%$391,873 73.8%$181,193 56.4%
    Long-term debt 137,981 48.9% 139,210 26.2% 139,898 43.6%
    Total borrowed funds$281,962   $531,083   $321,091   

    Total borrowed funds were $282.0 million at March 31, 2023 a decrease of $249.1 million from December 31, 2022 and $39.1 million from March 31, 2022. The decrease from both periods was due to lower Federal Home Loan Bank borrowings.

    CapitalMarch 31, December 31, March 31,
    (Dollars in thousands)2023(1)  2022   2022 
    Total shareholders' equity$500,650  $492,793  $504,457 
    Accumulated other comprehensive loss (78,885)  (89,047)  (42,016)
    MidWestOneFinancial Group, Inc. Consolidated     
    Tier 1 leverage to average assets ratio 8.30%  8.35%  8.85%
    Common equity tier 1 capital to risk-weighted assets ratio 9.39%  9.28%  9.81%
    Tier 1 capital to risk-weighted assets ratio 10.18%  10.05%  10.68%
    Total capital to risk-weighted assets ratio 12.31%  12.07%  12.89%
    MidWestOneBank     
    Tier 1 leverage to average assets ratio 9.28%  9.36%  9.30%
    Common equity tier 1 capital to risk-weighted assets ratio 11.40%  11.29%  11.25%
    Tier 1 capital to risk-weighted assets ratio 11.40%  11.29%  11.25%
    Total capital to risk-weighted assets ratio 12.31%  12.10%  12.12%
    (1) Regulatory capital ratios for March 31, 2023 are preliminary     

    Total shareholders' equity at March 31, 2023 increased $7.9 million from December 31, 2022, driven by the benefit of first quarter net income and a decrease in accumulated other comprehensive loss, partially offset by dividends paid during the first quarter of 2023.

    Accumulated other comprehensive loss at March 31, 2023 decreased $10.2 million compared to December 31, 2022, due primarily to accretion of unrealized losses and the favorable impact of interest rate changes on available for sale securities valuations. Accumulated other comprehensive loss increased $36.9 million from March 31, 2022, driven by the impact of higher interest rates on available for sale securities valuations.

    On April 27, 2023, the Board of Directors of the Company declared a cash dividend of $0.2425 per common share. The dividend is payable June 15, 2023, to shareholders of record at the close of business on June 1, 2023.

    Due to increased economic uncertainty and recent market volatility, no common shares were repurchased by the Company during the period January 1, 2023 through March 31, 2023 or for the subsequent period through April 27, 2023. On April 27, 2023, the Board of Directors of the Company approved a new repurchase program, which replaced the prior repurchase program, allowing for the repurchase of up to $15.0 million of the Company's common stock through December 31, 2025.

    CREDIT QUALITY REVIEW

    Credit Quality
    		As of or For the Three Months Ended
     March 31, December 31, March 31,
    (Dollars in thousands) 2023   2022   2022 
    Credit loss expense (benefit) related to loans$933  $572  $(278)
    Net charge-offs 333   3,472   2,222 
    Allowance for credit losses 49,800   49,200   46,200 
    Pass$3,728,522  $3,635,766  $3,041,649 
    Special Mention / Watch 92,075   108,064   106,241 
    Classified 98,768   96,694   102,145 
    Loans greater than 30 days past due and accruing$4,932  $6,680  $8,298 
    Nonperforming loans$14,442  $15,821  $31,182 
    Nonperforming assets 14,442   15,924   31,455 
    Net charge-off ratio(1) 0.03%  0.36%  0.28%
    Classified loans ratio(2) 2.52%  2.52%  3.14%
    Nonperforming loans ratio(3) 0.37%  0.41%  0.96%
    Nonperforming assets ratio(4) 0.23%  0.24%  0.53%
    Allowance for credit losses ratio(5) 1.27%  1.28%  1.42%
    Allowance for credit losses to nonaccrual loans ratio(6) 344.88%  322.50%  148.16%
    (1) Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period.
    (2) Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period.
    (3) Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
    (4) Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period.
    (5) Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income, at the end of the period.
    (6)Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.

    During the first quarter of 2023, overall asset quality improved when compared to the linked quarter and the corresponding period in the prior year. The nonperforming loans ratio declined 4 bps from the linked quarter and 59 bps from the prior year to 0.37%. In addition, the classified loans ratio was consistent with the linked quarter at 2.52%, and declined 62 bps from the prior year. Further, the net charge-off ratio declined 33 bps from the linked quarter and 25 bps from the prior year.

    As of March 31, 2023, the allowance for credit losses was $49.8 million, or 1.27% of loans held for investment, net of unearned income, compared with $49.2 million, or 1.28% of loans held for investment, net of unearned income, at December 31, 2022. Credit loss expense of $0.9 million in the first quarter of 2023 was primarily attributable to loan growth.

    Nonperforming Loans Roll Forward  90+ Days Past Due
    		  
    (Dollars in thousands)Nonaccrual
    		 & Still Accruing
    		 Total
    Balance at December 31, 2022$15,256  $565  $15,821 
    Loans placed on nonaccrual or 90+ days past due & still accruing 1,445   25   1,470 
    Proceeds related to repayment or sale (796)  —   (796)
    Loans returned to accrual status or no longer past due (1,110)  (515)  (1,625)
    Charge-offs (355)  (23)  (378)
    Transfer to nonaccrual —   (50)  (50)
    Balance at March 31, 2023$14,440  $2  $14,442 

    CONFERENCE CALL DETAILS

    The Company will host a conference call for investors at 11:00 a.m. CT on Friday, April 28, 2023. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login?show=586c53ba&confId=49008. After pre-registering for this event you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 using an access code of 390276 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until July 20, 2023, by calling 1-866-813-9403 and using the replay access code of 126764. A transcript of the call will also be available on the Company’s web site (www.midwestonefinancial.com) within three business days of the call.

    ABOUT MIDWESTONE FINANCIAL GROUP, INC.

    MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, Florida, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol “MOFG”.

    Cautionary Note Regarding Forward-Looking Statements

    This release contains certain “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to time, make written or oral statements that are “forward-looking” and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “should,” “could,” “would,” “plans,” “goals,” “intend,” “project,” “estimate,” “forecast,” “may” or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law.

    Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the risks of mergers (including with IOFB), including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (2) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (3) the effects of actual and expected increases in inflation and interest rates, including on our net income and the value of our securities portfolio; (4) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (5) fluctuations in the value of our investment securities; (6) governmental monetary and fiscal policies; (7) changes in and uncertainty related to benchmark interest rates used to price loans and deposits, including the expected elimination of LIBOR and the adoption of a substitute; (8) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, including the new 1.0% excise tax on stock buybacks by publicly traded companies and any changes in response to the recent failures of other banks; (9) the ability to attract and retain key executives and employees experienced in banking and financial services; (10) the sufficiency of the allowance for credit losses to absorb the amount of actual losses inherent in our existing loan portfolio; (11) our ability to adapt successfully to technological changes to compete effectively in the marketplace; (12) credit risks and risks from concentrations (by geographic area and by industry) within our loan portfolio; (13) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (14) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (15) volatility of rate-sensitive deposits; (16) operational risks, including data processing system failures or fraud; (17) asset/liability matching risks and liquidity risks; (18) the costs, effects and outcomes of existing or future litigation; (19) changes in general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business; (20) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (21) war or terrorist activities, including the war in Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (22) the effects of cyber-attacks; (23) the imposition of tariffs or other domestic or international governmental policies impacting the value of the agricultural or other products of our borrowers; (24) effects of the ongoing COVID-19 pandemic, including its effects on the economic environment, our customers, employees and supply chain; (25) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (26) the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time at other banks that resulted in failure of those institutions; and (27) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.

    MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
    FIVE QUARTER CONSOLIDATED BALANCE SHEETS

     March 31, December 31, September 30, June 30, March 31,
    (In thousands) 2023   2022   2022   2022   2022 
    ASSETS         
    Cash and due from banks$63,945  $83,990  $77,513  $60,622  $47,677 
    Interest earning deposits in banks 5,273   2,445   1,001   23,242   12,152 
    Total cash and cash equivalents 69,218   86,435   78,514   83,864   59,829 
    Debt securities available for sale at fair value 954,074   1,153,547   1,153,304   1,234,789   1,145,638 
    Held to maturity securities at amortized cost 1,117,709   1,129,421   1,146,583   1,168,042   1,204,212 
    Total securities 2,071,783   2,282,968   2,299,887   2,402,831   2,349,850 
    Loans held for sale 2,553   612   2,320   4,991   6,466 
    Gross loans held for investment 3,932,900   3,854,791   3,761,664   3,627,728   3,256,294 
    Unearned income, net (13,535)  (14,267)  (15,375)  (16,576)  (6,259)
    Loans held for investment, net of unearned income 3,919,365   3,840,524   3,746,289   3,611,152   3,250,035 
    Allowance for credit losses (49,800)  (49,200)  (52,100)  (52,350)  (46,200)
    Total loans held for investment, net 3,869,565   3,791,324   3,694,189   3,558,802   3,203,835 
    Premises and equipment, net 86,208   87,125   87,732   89,048   82,603 
    Goodwill 62,477   62,477   62,477   62,477   62,477 
    Other intangible assets, net 28,563   30,315   32,086   33,874   18,658 
    Foreclosed assets, net —   103   103   284   273 
    Other assets 219,585   236,517   233,753   206,320   176,223 
    Total assets$6,409,952  $6,577,876  $6,491,061  $6,442,491  $5,960,214 
    LIABILITIES         
    Noninterest bearing deposits$989,469  $1,053,450  $1,139,694  $1,114,825  $1,002,415 
    Interest bearing deposits 4,565,684   4,415,492   4,337,088   4,422,616   4,075,310 
    Total deposits 5,555,153   5,468,942   5,476,782   5,537,441   5,077,725 
    Short-term borrowings 143,981   391,873   304,536   193,894   181,193 
    Long-term debt 137,981   139,210   154,190   159,168   139,898 
    Other liabilities 72,187   85,058   83,324   63,156   56,941 
    Total liabilities 5,909,302   6,085,083   6,018,832   5,953,659   5,455,757 
    SHAREHOLDERS' EQUITY         
    Common stock 16,581   16,581   16,581   16,581   16,581 
    Additional paid-in capital 300,966   302,085   301,418   300,859   300,505 
    Retained earnings 286,767   289,289   276,998   262,395   253,500 
    Treasury stock (24,779)  (26,115)  (26,145)  (25,772)  (24,113)
    Accumulated other comprehensive loss (78,885)  (89,047)  (96,623)  (65,231)  (42,016)
    Total shareholders' equity 500,650   492,793   472,229   488,832   504,457 
    Total liabilities and shareholders' equity$6,409,952  $6,577,876  $6,491,061  $6,442,491  $5,960,214 

    MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
    FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME

     Three Months Ended
     March 31, December 31, September 30, June 30, March 31,
    (In thousands, except per share data) 2023   2022   2022   2022  2022 
    Interest income         
    Loans, including fees$46,490  $43,769  $40,451  $32,746 $31,318 
    Taxable investment securities 10,444   10,685   10,635   9,576  8,123 
    Tax-exempt investment securities 2,127   2,303   2,326   2,367  2,383 
    Other 244   —   9   40  28 
    Total interest income 59,305   56,757   53,421   44,729  41,852 
    Interest expense         
    Deposits 15,319   9,127   5,035   3,173  2,910 
    Short-term borrowings 1,786   1,955   767   229  119 
    Long-term debt 2,124   2,111   1,886   1,602  1,487 
    Total interest expense 19,229   13,193   7,688   5,004  4,516 
    Net interest income 40,076   43,564   45,733   39,725  37,336 
    Credit loss expense 933   572   638   3,282  — 
    Net interest income after credit loss expense 39,143   42,992   45,095   36,443  37,336 
    Noninterest (loss) income         
    Investment services and trust activities 2,933   2,666   2,876   2,670  3,011 
    Service charges and fees 2,008   2,028   2,075   1,717  1,657 
    Card revenue 1,748   1,784   1,898   1,878  1,650 
    Loan revenue 1,420   966   1,722   3,523  4,293 
    Bank-owned life insurance 602   637   579   558  531 
    Investment securities (losses) gains, net (13,170)  (1)  (163)  395  40 
    Other 413   2,860   3,601   1,606  462 
    Total noninterest (loss) income (4,046)  10,940   12,588   12,347  11,644 
    Noninterest expense         
    Compensation and employee benefits 19,607   20,438   20,046   18,955  18,664 
    Occupancy expense of premises, net 2,746   2,663   2,577   2,253  2,779 
    Equipment 2,171   2,327   2,358   2,107  1,901 
    Legal and professional 1,736   1,846   2,012   2,435  2,353 
    Data processing 1,363   1,375   1,731   1,237  1,231 
    Marketing 986   947   1,139   1,157  1,029 
    Amortization of intangibles 1,752   1,770   1,789   1,283  1,227 
    FDIC insurance 749   405   415   420  420 
    Communications 261   285   302   266  272 
    Foreclosed assets, net (28)  48   42   4  (112)
    Other 1,976   2,336   2,212   1,965  1,879 
    Total noninterest expense 33,319   34,440   34,623   32,082  31,643 
    Income before income tax expense 1,778   19,492   23,060   16,708  17,337 
    Income tax expense 381   3,490   4,743   4,087  3,442 
    Net income$1,397  $16,002  $18,317  $12,621 $13,895 
              
    Earnings per common share         
    Basic$0.09  $1.02  $1.17  $0.81 $0.89 
    Diluted$0.09  $1.02  $1.17  $0.80 $0.88 
    Weighted average basic common shares outstanding 15,650   15,624   15,623   15,668  15,683 
    Weighted average diluted common shares outstanding 15,691   15,693   15,654   15,688  15,718 
    Dividends paid per common share$0.2425  $0.2375  $0.2375  $0.2375 $0.2375 

    MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
    FINANCIAL STATISTICS

     As of or for the Three Months Ended
     March 31, December 31, March 31,
    (Dollars in thousands, except per share amounts) 2023   2022   2022 
    Earnings:     
    Net interest income$40,076  $43,564  $37,336 
    Noninterest (loss) income (4,046)  10,940   11,644 
    Total revenue, net of interest expense 36,030   54,504   48,980 
    Credit loss expense 933   572   — 
    Noninterest expense 33,319   34,440   31,643 
    Income before income tax expense 1,778   19,492   17,337 
    Income tax expense 381   3,490   3,442 
    Net income$1,397  $16,002  $13,895 
    Per Share Data:     
    Diluted earnings$0.09  $1.02  $0.88 
    Book value 31.94   31.54   32.15 
    Tangible book value(1) 26.13   25.60   26.98 
    Ending Balance Sheet:     
    Total assets$6,409,952  $6,577,876  $5,960,214 
    Loans held for investment, net of unearned income 3,919,365   3,840,524   3,250,035 
    Total securities 2,071,783   2,282,968   2,349,850 
    Total deposits 5,555,153   5,468,942   5,077,725 
    Short-term borrowings 143,981   391,873   181,193 
    Long-term debt 137,981   139,210   139,898 
    Total shareholders' equity 500,650   492,793   504,457 
    Average Balance Sheet:     
    Average total assets$6,524,065  $6,516,969  $5,914,604 
    Average total loans 3,867,110   3,791,880   3,245,449 
    Average total deposits 5,546,694   5,495,599   5,044,046 
    Financial Ratios:     
    Return on average assets 0.09%  0.97%  0.95%
    Return on average equity 1.14%  13.26%  10.74%
    Return on average tangible equity(1) 2.70%  17.85%  13.56%
    Efficiency ratio(1) 62.32%  57.79%  60.46%
    Net interest margin, tax equivalent(1) 2.75%  2.93%  2.79%
    Loans to deposits ratio 70.55%  70.22%  64.01%
    Uninsured deposits excluding collateralized municipal deposits ratio 18.54%  21.13%  24.72%
    Common equity ratio 7.81%  7.49%  8.46%
    Tangible common equity ratio(1) 6.48%  6.17%  7.20%
    Credit Risk Profile:     
    Total nonperforming loans$14,442  $15,821  $31,182 
    Nonperforming loans ratio 0.37%  0.41%  0.96%
    Total nonperforming assets$14,442  $15,924  $31,455 
    Nonperforming assets ratio 0.23%  0.24%  0.53%
    Net charge-offs$333  $3,472  $2,222 
    Net charge-off ratio 0.03%  0.36%  0.28%
    Allowance for credit losses$49,800  $49,200  $46,200 
    Allowance for credit losses ratio 1.27%  1.28%  1.42%
    Allowance for credit losses to nonaccrual ratio 344.88%  322.50%  148.16%
          
    (1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
     

    MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND YIELD ANALYSIS

     Three Months Ended
     March 31, 2023 December 31, 2022 March 31, 2022
    (Dollars in thousands)Average
    Balance    		 Interest
    Income/
    Expense    		 Average
    Yield/
    Cost    		 Average
    Balance    		 Interest
    Income/
    Expense    		 Average
    Yield/
    Cost    		 Average
    Balance    		 Interest
    Income/
    Expense    		 Average
    Yield/
    Cost
    ASSETS                 
    Loans, including fees(1)(2)(3)$3,867,110 $47,206 4.95% $3,791,880 $44,494 4.66% $3,245,449 $31,858 3.98%
    Taxable investment securities 1,811,388  10,444 2.34%  1,865,494  10,685 2.27%  1,835,911  8,123 1.79%
    Tax-exempt investment securities(2)(4) 397,110  2,649 2.71%  422,156  2,893 2.72%  450,547  2,998 2.70%
    Total securities held for investment(2) 2,208,498  13,093 2.40%  2,287,650  13,578 2.35%  2,286,458  11,121 1.97%
    Other 24,848  244 3.98%  5,562  — —%  56,094  28 0.20%
    Total interest earning assets(2)$6,100,456 $60,543 4.02% $6,085,092 $58,072 3.79% $5,588,001 $43,007 3.12%
    Other assets 423,609      431,877      326,603    
    Total assets$6,524,065     $6,516,969     $5,914,604    
    LIABILITIES AND SHAREHOLDERS’ EQUITY                 
    Interest checking deposits$1,515,845 $1,849 0.49% $1,632,749 $1,703 0.41% $1,560,402 $1,061 0.28%
    Money market deposits 930,543  3,269 1.42%  995,512  2,369 0.94%  953,943  499 0.21%
    Savings deposits 653,043  272 0.17%  683,538  306 0.18%  641,703  279 0.18%
    Time deposits 1,417,688  9,929 2.84%  1,067,044  4,749 1.77%  883,997  1,071 0.49%
    Total interest bearing deposits 4,517,119  15,319 1.38%  4,378,843  9,127 0.83%  4,040,045  2,910 0.29%
    Securities sold under agreements to repurchase 145,809  450 1.25%  151,880  437 1.14%  159,417  96 0.24%
    Federal funds purchased —  — —%  940  10 4.22%  —  — —%
    Other short-term borrowings 111,306  1,336 4.87%  152,215  1,508 3.93%  3,029  23 3.08%
    Short-term borrowings 257,115  1,786 2.82%  305,035  1,955 2.54%  162,446  119 0.30%
    Long-term debt 139,208  2,124 6.19%  151,266  2,111 5.54%  140,389  1,487 4.30%
    Total borrowed funds 396,323  3,910 4.00%  456,301  4,066 3.54%  302,835  1,606 2.15%
    Total interest bearing liabilities$4,913,442 $19,229 1.59% $4,835,144 $13,193 1.08% $4,342,880 $4,516 0.42%
    Noninterest bearing deposits 1,029,575      1,116,756      1,004,001    
    Other liabilities 82,501      86,242      42,872    
    Shareholders’ equity 498,547      478,827      524,851    
    Total liabilities and shareholders’ equity$6,524,065     $6,516,969     $5,914,604    
    Net interest income(2)  $41,314     $44,879     $38,491  
    Net interest spread(2)    2.43%     2.71%     2.70%
    Net interest margin(2)    2.75%     2.93%     2.79%
                      
    Total deposits(5)$5,546,694 $15,319 1.12% $5,495,599 $9,127 0.66% $5,044,046 $2,910 0.23%
    Cost of funds(6)    1.31%     0.88%     0.34%

    (1) Average balance includes nonaccrual loans.
    (2) Tax equivalent. The federal statutory tax rate utilized was 21%.
    (3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $95 thousand, $87 thousand, and $674 thousand for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022, respectively. Loan purchase discount accretion was $1.2 million, $1.3 million, and $732 thousand for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022, respectively. Tax equivalent adjustments were $716 thousand, $725 thousand, and $540 thousand for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022, respectively. The federal statutory tax rate utilized was 21%.
    (4) Interest income includes tax equivalent adjustments of $522 thousand, $590 thousand, and $615 thousand for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022, respectively. The federal statutory tax rate utilized was 21%.
    (5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
    (6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.

    Non-GAAP Measures

    This earnings release contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, return on average tangible equity, net interest margin (tax equivalent), core net interest margin, loan yield (tax equivalent), core yield on loans, efficiency ratio, and adjusted earnings. Management believes these measures provide investors with useful information regarding the Company’s profitability, financial condition and capital adequacy, consistent with how management evaluates the Company’s financial performance. The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP measure.

    Tangible Common Equity/Tangible Book Value          
    per Share/Tangible Common Equity Ratio March 31, December 31, September 30, June 30, March 31,
    (Dollars in thousands, except per share data)  2023   2022   2022   2022   2022 
    Total shareholders’ equity $500,650  $492,793  $472,229  $488,832  $504,457 
    Intangible assets, net  (91,040)  (92,792)  (94,563)  (96,351)  (81,135)
    Tangible common equity $409,610  $400,001  $377,666  $392,481  $423,322 
               
    Total assets $6,409,952  $6,577,876  $6,491,061  $6,442,491  $5,960,214 
    Intangible assets, net  (91,040)  (92,792)  (94,563)  (96,351)  (81,135)
    Tangible assets $6,318,912  $6,485,084  $6,396,498  $6,346,140  $5,879,079 
               
    Book value per share $31.94  $31.54  $30.23  $31.26  $32.15 
    Tangible book value per share(1) $26.13  $25.60  $24.17  $25.10  $26.98 
    Shares outstanding  15,675,325   15,623,977   15,622,825   15,635,131   15,690,125 
               
    Common equity ratio  7.81%  7.49%  7.28%  7.59%  8.46%
    Tangible common equity ratio(2)  6.48%  6.17%  5.90%  6.18%  7.20%

    (1) Tangible common equity divided by shares outstanding.
    (2) Tangible common equity divided by tangible assets.

      Three Months Ended
    Return on Average Tangible Equity March 31, December 31, March 31,
    (Dollars in thousands)  2023   2022   2022 
    Net income $1,397  $16,002  $13,895 
    Intangible amortization, net of tax(1)  1,314   1,328   920 
    Tangible net income $2,711  $17,330  $14,815 
           
    Average shareholders’ equity $498,547  $478,827  $524,851 
    Average intangible assets, net  (92,002)  (93,662)  (81,763)
    Average tangible equity $406,545  $385,165  $443,088 
           
    Return on average equity  1.14%  13.26%  10.74%
    Return on average tangible equity(2)  2.70%  17.85%  13.56%

    (1) The combined income tax rate utilized was 25%.
    (2) Annualized tangible net income divided by average tangible equity.

      Three Months Ended
    Net Interest Margin, Tax Equivalent / Core Net Interest Margin March 31, December 31, March 31,
    (Dollars in thousands)  2023   2022   2022 
    Net interest income $40,076  $43,564  $37,336 
    Tax equivalent adjustments:      
    Loans(1)  716   725   540 
    Securities(1)  522   590   615 
    Net interest income, tax equivalent $41,314  $44,879  $38,491 
    Loan purchase discount accretion  (1,189)  (1,286)  (732)
    Core net interest income $40,125  $43,593  $37,759 
           
    Net interest margin  2.66%  2.84%  2.71%
    Net interest margin, tax equivalent(2)  2.75%  2.93%  2.79%
    Core net interest margin(3)  2.67%  2.84%  2.74%
    Average interest earning assets $6,100,456  $6,085,092  $5,588,001 

    (1) The federal statutory tax rate utilized was 21%.
    (2) Annualized tax equivalent net interest income divided by average interest earning assets.
    (3) Annualized core net interest income divided by average interest earning assets.

      Three Months Ended
    Loan Yield, Tax Equivalent / Core Yield on Loans March 31, December 31, March 31,
    (Dollars in thousands)  2023   2022   2022 
    Loan interest income, including fees $46,490  $43,769  $31,318 
    Tax equivalent adjustment(1)  716   725   540 
    Tax equivalent loan interest income $47,206  $44,494  $31,858 
    Loan purchase discount accretion  (1,189)  (1,286)  (732)
    Core loan interest income $46,017  $43,208  $31,126 
           
    Yield on loans  4.88%  4.58%  3.91%
    Yield on loans, tax equivalent(2)  4.95%  4.66%  3.98%
    Core yield on loans(3)  4.83%  4.52%  3.89%
    Average loans $3,867,110  $3,791,880  $3,245,449 

    (1) The federal statutory tax rate utilized was 21%.
    (2) Annualized tax equivalent loan interest income divided by average loans.
    (3) Annualized core loan interest income divided by average loans.

      Three Months Ended
    Efficiency Ratio March 31, December 31, March 31,
    (Dollars in thousands)  2023   2022   2022 
    Total noninterest expense $33,319  $34,440  $31,643 
    Amortization of intangibles  (1,752)  (1,770)  (1,227)
    Merger-related expenses  (136)  (409)  (128)
    Noninterest expense used for efficiency ratio $31,431  $32,261  $30,288 
           
    Net interest income, tax equivalent(1) $41,314  $44,879  $38,491 
    Plus: Noninterest income  (4,046)  10,940   11,644 
    Less: Investment securities (losses) gains, net  (13,170)  (1)  40 
    Net revenues used for efficiency ratio $50,438  $55,820  $50,095 
           
    Efficiency ratio(2)  62.32%  57.79%  60.46%

    (1) The federal statutory tax rate utilized was 21%.
    (2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.

      Three Months Ended
    Adjusted Earnings March 31, December 31, March 31,
    (Dollars in thousands, except per share data)  2023  2022  2022
    Net income $1,397 $16,002 $13,895
    After tax loss on sale of debt securities(1)  9,837  —  —
    Adjusted earnings $11,234 $16,002 $13,895
           
    Weighted average diluted common shares outstanding  15,691  15,693  15,718
           
    Earnings per common share      
    Earnings per common share - diluted $0.09 $1.02 $0.88
    Adjusted earnings per common share - diluted(2) $0.72 $1.02 $0.88

    (1) The income tax rate utilized was 25.3%.
    (2) Adjusted earnings divided by weighted average diluted common shares outstanding.

    Category: Earnings

    This news release may be downloaded from: https://www.midwestonefinancial.com/corporate-profile/default.aspx

    Source: MidWestOne Financial Group, Inc.

    Industry: Banks

    Contact:  
     Charles N. Reeves Barry S. Ray
     Chief Executive Officer Chief Financial Officer
     319.356.5800 319.356.5800



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