MidWestOne Financial Group, Inc. Reports Financial Results

First Quarter Summary1

  • Net income for the first quarter was $13.9 million, or $0.88 per diluted common share.
    • Total revenue, net of interest expense, of $49.0 million.
    • Noninterest expense of $31.6 million.
  • Core commercial annualized loan growth of 5.4% to $2.71 billion2.
  • No credit loss expense in the first quarter 2022 and the allowance for credit losses ratio declined to 1.42%.
  • Nonperforming assets ratio remained stable at 0.53% and the annualized net charge-off ratio was 28 bps.
  • Efficiency ratio was 60.46%2.

IOWA CITY, Iowa, April 28, 2022 (GLOBE NEWSWIRE) — MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we”, “our”, or the “Company”) today reported net income for the first quarter of 2022 of $13.9 million, or $0.88 per diluted common share, compared to net income of $14.3 million, or $0.91 per diluted common share, for the linked quarter.

CEO COMMENTARY

Charles Funk, Chief Executive Officer of the Company, commented, “We are pleased with the first quarter results; especially with our return on average tangible equity of 13.56%2. Despite the first quarter historically being a softer quarter for loan growth, we showed positive momentum and have a strong pipeline of construction loans that will continue to fund as the year progresses. Further, asset quality was generally stable to improving with a 36 bps decline in the nonperforming loans ratio and a 30 bps decline in the classified loans ratio when compared to the prior year period. In addition, the 25 bps increase in March 2022 to the federal funds target rate had little impact to net interest income in the first quarter of 2022 results. Finally, we expect to close the Iowa First acquisition in the second quarter and believe this will add to our earnings per share during the remainder of 2022 and beyond.”

_________________
1
First Quarter Summary compares to the fourth quarter of 2021 (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.

  

FINANCIAL HIGHLIGHTS   Three Months Ended
  March 31,   December 31,   March 31,
(Dollars in thousands, except per share amounts)     2022       2021       2021  
Net interest income   $ 37,336     $ 38,819     $ 38,617  
Noninterest income     11,644       11,229       11,824  
Total revenue, net of interest expense     48,980       50,048       50,441  
Credit loss expense (benefit)           622       (4,734 )
Noninterest expense     31,643       30,444       27,700  
Income before income tax expense     17,337       18,982       27,475  
Income tax expense     3,442       4,726       5,827  
Net income   $ 13,895     $ 14,256     $ 21,648  
Diluted earnings per share   $ 0.88     $ 0.91     $ 1.35  
             
Return on average assets     0.95 %     0.95 %     1.59 %
Return on average equity     10.74 %     10.68 %     17.01 %
Return on average tangible equity(1)     13.56 %     13.50 %     21.52 %
Efficiency ratio(1)     60.46 %     56.74 %     50.77 %
(1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
 

INCOME STATEMENT HIGHLIGHTS

Net Interest Income

Net interest income decreased to $37.3 million in the first quarter of 2022 from $38.8 million in the fourth quarter of 2021 due primarily to decreased Paycheck Protection Program (“PPP”) loan fee accretion stemming from loan forgiveness. Net PPP loan fee accretion was $0.8 million in the first quarter of 2022 compared to $2.0 million in the linked quarter.

Average interest earning assets decreased $19.1 million to $5.59 billion in the first quarter of 2022, when compared to the fourth quarter of 2021. When adjusting for the $37.6 million reduction in average PPP loan balances due to forgiveness, average interest earning assets increased $18.5 million due to the increased volume of debt securities, coupled with non-PPP loan growth, which included an increase in the revolving line of credit utilization.

The Company’s tax equivalent net interest margin was 2.79% in the first quarter of 2022 compared to 2.83% in the linked quarter due to a decrease in total interest earning assets yield, partially offset by a slight reduction in funding costs. Total interest earning assets yield decreased 4 bps from the linked quarter primarily as a result of the reduced benefit from net PPP loan fee accretion described above. The cost of interest bearing liabilities decreased 1 bp to 0.42%, primarily as a result of interest bearing deposits costs of 0.29%, which declined 1 bp from the linked quarter.

Noninterest Income

Noninterest income for the first quarter of 2022 increased $0.4 million, or 3.7%, from the linked quarter. The increase was due to an increase of $1.2 million in loan revenue, which stemmed primarily from the $2.7 million increase in the fair value of our mortgage servicing rights, as compared to a $0.9 million increase in the fourth quarter of 2021. Partially offsetting the increase identified above, was a decline of $0.8 million in mortgage origination fee income. The decline in ‘Other’ noninterest income was primarily due to a decrease of $0.5 million in income received from our commercial loan back-to-back swap program.

The following table presents details of noninterest income for the periods indicated:

  Three Months Ended
Noninterest Income March 31,   December 31,   March 31,
(In thousands)   2022     2021     2021
Investment services and trust activities $ 3,011   $ 3,115   $ 2,836
Service charges and fees   1,657     1,684     1,487
Card revenue   1,650     1,746     1,536
Loan revenue   4,293     3,132     4,730
Bank-owned life insurance   531     550     542
Investment securities gains, net   40     137     27
Other   462     865     666
Total noninterest income $ 11,644   $ 11,229   $ 11,824
                 

Noninterest Expense

Noninterest expense for the first quarter of 2022 increased $1.2 million, or 3.9%, from the linked quarter primarily due to increases of $0.6 million in occupancy expense of premises, net, $0.5 million in legal and professional, and $0.4 million in compensation and employee benefits. The increase in occupancy expense was primarily attributable to a write-down of fixed assets totaling $0.4 million. The increase in legal and professional expenses was primarily attributable to executive recruitment, as well as elevated legal expenses related to litigation. The increase in compensation and employee benefits was primarily due to normal annual salary increases. Offsetting these increases was a decline of $0.3 million in equipment expense.

The decline in net interest income and the increase in noninterest expense, partially offset by the increase in noninterest income noted above, were the primary drivers of the increase in the efficiency ratio, which increased 3.72 percentage points to 60.46% from 56.74% in the linked quarter.

The following table presents details of noninterest expense for the periods indicated:

  Three Months Ended
Noninterest Expense March 31,   December 31,   March 31,
(In thousands)   2022       2021     2021
Compensation and employee benefits $ 18,664     $ 18,266   $ 16,917
Occupancy expense of premises, net   2,779       2,211     2,318
Equipment   1,901       2,189     1,793
Legal and professional   2,353       1,826     783
Data processing   1,231       1,211     1,252
Marketing   1,029       1,121     1,006
Amortization of intangibles   1,227       1,245     1,507
FDIC insurance   420       380     512
Communications   272       277     409
Foreclosed assets, net   (112 )     7     47
Other   1,879       1,711     1,156
Total noninterest expense $ 31,643     $ 30,444   $ 27,700
                   

The following table presents details of merger-related expenses for the periods indicated:

  Three Months Ended
  March 31,   December 31,   March 31,
Merger-related Expenses   2022     2021     2021
(In thousands)          
Equipment $ 5   $ 18   $
Legal and professional   63     202    
Data processing   38        
Marketing   7     2    
Communications   1        
Other   14     2    
Total merger-related expenses $ 128   $ 224   $
                 

Income Taxes

The Company’s effective income tax rate decreased to 19.9% in the first quarter of 2022 compared to 24.9% in the linked quarter. The lower effective income tax rate in the first quarter of 2022 reflected income tax expense based on the statutory rate and state income taxes, net of federal income tax benefits, primarily due to net income earned during the quarter, offset by benefits related to tax-exempt interest and bank-owned life insurance. The effective income tax rate for the full year 2022 is expected to be in the range of 19.5-21.5%.

BALANCE SHEET, LIQUIDITY AND CAPITAL HIGHLIGHTS As of or for the Three Months Ended
March 31,   December 31,   March 31,
(Dollars in millions, except per share amounts)   2022       2021       2021  
Ending Balance Sheet          
Total assets $ 5,960.2     $ 6,025.1     $ 5,737.3  
Loans held for investment, net of unearned income   3,250.0       3,245.0       3,358.2  
Total securities   2,349.8       2,288.1       1,896.9  
Total deposits   5,077.7       5,114.5       4,794.6  
Average Balance Sheet          
Average total assets $ 5,914.6     $ 5,934.1     $ 5,520.3  
Average total loans   3,245.4       3,268.8       3,429.7  
Average total deposits   5,044.0       5,015.5       4,573.9  
Funding and Liquidity          
Short-term borrowings $ 181.2     $ 181.4     $ 175.8  
Long-term debt   139.9       154.9       201.7  
Loans to deposits ratio   64.01 %     63.45 %     70.04 %
Equity          
Total shareholders’ equity $ 504.5     $ 527.5     $ 511.3  
Common equity ratio   8.46 %     8.75 %     8.91 %
Tangible common equity(1)   423.3       445.1       425.1  
Tangible common equity ratio(1)   7.20 %     7.49 %     7.52 %
Per Share Data          
Book value $ 32.15     $ 33.66     $ 32.00  
Tangible book value(1) $ 26.98     $ 28.40     $ 26.60  
(1) Non-GAAP Measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
 

On January 1, 2022, the Company transferred, at fair value, $1.25 billion of mortgage-backed securities, collateralized mortgage obligations, and securities issued by state and political subdivisions from the available for sale classification to the held to maturity classification. The net unrealized after tax loss of $11.5 million associated with those re-classified securities remained in accumulated other comprehensive loss and will be amortized over the remaining life of the securities. No gains or losses were recognized in earnings at the time of the transfer.

Loans Held for Investment

Loans held for investment, net of unearned income, increased $5.0 million, or 0.2%, to $3.25 billion from December 31, 2021, driven primarily by new loan production in the first quarter of 2022 and increased revolving line of credit utilization and partially offset by PPP loan forgiveness. The revolving line of credit utilization was 35% in the first quarter of 2022, an increase of 3 percentage points from the linked quarter.

The following table presents the composition of loans held for investment, net of unearned income, as of the dates indicated:

Loans Held for Investment March 31, 2022   December 31, 2021   March 31, 2021  
(dollars in thousands)   Balance   % of Total     Balance   % of Total     Balance   % of Total  
Commercial and industrial $ 898,942   27.7 % $ 902,314   27.8 % $ 993,770   29.6 %
Agricultural   94,649   2.9     103,417   3.2     117,099   3.5  
Commercial real estate                        
Construction and development   193,130   5.9     172,160   5.3     164,927   4.9  
Farmland   140,846   4.3     144,673   4.5     138,199   4.1  
Multifamily   259,609   8.0     244,503   7.5     261,806   7.8  
Other   1,130,306   34.8     1,143,205   35.2     1,128,660   33.6  
Total commercial real estate   1,723,891   53.0     1,704,541   52.5     1,693,592   50.4  
Residential real estate                        
One-to-four family first liens   331,883   10.2     333,308   10.3     337,408   10.0  
One-to-four family junior liens   131,793   4.1     133,014   4.1     137,025   4.1  
Total residential real estate   463,676   14.3     466,322   14.4     474,433   14.1  
Consumer   68,877   2.1     68,418   2.1     79,267   2.4  
Loans held for investment, net of unearned income $ 3,250,035   100.0 % $ 3,245,012   100.0 % $ 3,358,161   100.0 %
                         
Total commitments to extend credit $ 1,034,843       $ 1,014,397       $ 920,493      
                               

PPP Loans

The following table presents PPP loan measures as of the dates indicated:

    March 31, 2022   December 31, 2021
    Round 1(3)   Round 2(3)   Total   Round 1(3)   Round 2(3)   Total
(Dollars in millions)   #   $   #   $   #   $   #   $   #   $   #   $
Total PPP Loans Funded     2,681   348.5     2,175   149.3     4,856   497.8     2,681   348.5     2,175   149.3     4,856   497.8
PPP Loan Forgiveness(1)     2,657   339.0     2,160   146.2     4,817   485.2     2,609   334.2     2,009   122.4     4,618   456.6
Outstanding PPP Loans(2)     5   0.7     15   2.3     20   3.0     53   5.6     164   25.2     217   30.8
                                                 
Unearned Income     $—     $0.1     $0.1     $—     $0.9     $0.9
(1) Excluded from the PPP Loan Forgiveness is $9.3 million as of March 31, 2022 and December 31, 2021 of PPP loans that were paid off by the borrower prior to forgiveness or through the SBA PPP loan guarantee.
(2) Outstanding loans are presented net of unearned income.
(3) Round 1 refers to PPP loan applications from the first wave of funding made available through the CARES Act, which was signed into law by President Trump in March 2020. Round 2 refers to the second wave of PPP funding made available through the Consolidated Appropriations Act, 2021, which was signed into law by President Trump in December 2020 and extended by the PPP Extension Act of 2021, which was signed into law by President Biden in March 2021.
 

Credit Loss Expense & Allowance for Credit Losses

The following table shows the activity in the allowance for credit losses for the periods indicated:

  Three Months Ended
Allowance for Credit Losses Roll Forward March 31,   December 31,   March 31,
(In thousands)   2022       2021       2021  
Beginning balance $ 48,700     $ 47,900     $ 55,500  
Charge-offs   (2,631 )     (255 )     (1,003 )
Recoveries   409       533       687  
Net recoveries (charge-offs)   (2,222 )     278       (316 )
Credit loss (benefit) expense related to loans   (278 )     522       (4,534 )
Ending balance $ 46,200     $ 48,700     $ 50,650  
                       

As of March 31, 2022, the allowance for credit losses (“ACL”) was $46.2 million, or 1.42% of loans held for investment, net of unearned income, compared with $48.7 million, or 1.50% of loans held for investment, net of unearned income, at December 31, 2021. After excluding net PPP loans, the ACL as a percentage of loans held for investment, net of unearned income, remained consistent at 1.42%(1) as of March 31, 2022, compared to 1.52%(1) at December 31, 2021. There was no credit loss expense for the first quarter of 2022 compared to a credit loss expense of $0.6 million for the fourth quarter of 2021. In the first quarter of 2022, the $0.3 million credit loss benefit related to loans, which reflected continued improvement in overall asset quality and improvement in forecasted economic conditions, was offset by the $0.3 million credit loss expense needed for growth in unfunded loan commitments.

(1)Non-GAAP Measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

Deposits

The following table presents the composition of our deposit portfolio as of the dates indicated:

Deposit Composition March 31, 2022   December 31, 2021   March 31, 2021  
(Dollars in thousands) Balance   % of Total   Balance   % of Total   Balance   % of Total  
Noninterest bearing deposits $ 1,002,415   19.7 % $ 1,005,369   19.6 % $ 958,526   20.0 %
Interest checking deposits   1,601,249   31.5     1,619,136   31.6     1,406,070   29.4  
Money market deposits   983,709   19.4     939,523   18.4     950,300   19.8  
Savings deposits   650,314   12.8     628,242   12.3     580,862   12.1  
Total non-maturity deposits   4,237,687   83.4     4,192,270   81.9     3,895,758   81.3  
Time deposits of $250 and under   501,904   9.9     505,392   9.9     558,338   11.6  
Time deposits over $250   338,134   6.7     416,857   8.2     340,467   7.1  
Total time deposits   840,038   16.6     922,249   18.1     898,805   18.7  
Total deposits $ 5,077,725   100.0 % $ 5,114,519   100.0 % $ 4,794,563   100.0 %
                               

CREDIT RISK PROFILE

  As of or For the Three Months Ended
Highlights March 31,   December 31,   March 31,
(Dollars in thousands)   2022       2021       2021  
Credit loss (benefit) expense related to loans $ (278 )   $ 522     $ (4,534 )
Net charge-offs (recoveries) $ 2,222     $ (278 )   $ 316  
Net charge-off (recovery) ratio(1)   0.28 %   (0.03)%     0.04 %
           
At period-end          
Pass $ 3,041,649     $ 3,013,917     $ 3,112,728  
Special Mention / Watch   106,241       117,401       130,052  
Classified   102,145       113,694       115,381  
Total loans held for investment, net $ 3,250,035     $ 3,245,012     $ 3,358,161  
Classified loans ratio(2)   3.14 %     3.50 %     3.44 %
           
Nonaccrual loans held for investment $ 31,182     $ 31,540     $ 43,874  
Accruing loans contractually past due 90 days or more               508  
Total nonperforming loans   31,182       31,540       44,382  
Foreclosed assets, net   273       357       1,487  
Total nonperforming assets $ 31,455     $ 31,897     $ 45,869  
Nonperforming loans ratio(3)   0.96 %     0.97 %     1.32 %
Nonperforming assets ratio(4)   0.53 %     0.53 %     0.80 %
Allowance for credit losses $ 46,200     $ 48,700     $ 50,650  
Allowance for credit losses ratio(5)   1.42 %     1.50 %     1.51 %
Adjusted allowance for credit losses ratio(6)   1.42 %     1.52 %     1.63 %
Allowance for credit losses to nonaccrual loans ratio(7)   148.16 %     154.41 %     115.44 %
(1) Net (recovery) charge-off ratio is calculated as annualized net (recoveries) charge-offs divided by average loans held for investment, net of unearned income, 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 total 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 total 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) Non-GAAP Measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
(7) 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 2022, overall asset quality was generally stable to improving. The nonperforming loans ratio declined 1 bp from the linked quarter and 36 bps from the prior year to 0.96%. In addition, the classified loans ratio declined 36 bps from the linked quarter and 30 bps from the prior year to 3.14%. However, net charge-offs increased $2.5 million from the linked quarter due to our proactive credit monitoring processes.

The following table presents a roll forward of nonperforming loans for the period:

Nonperforming Loans   Nonaccrual        90+ Days Past Due & Still Accruing       Total  
(Dollars in thousands)                
Balance at December 31, 2021 $ 31,540     $     $ 31,540  
Loans placed on nonaccrual or 90+ days past due & still accruing   9,334       23       9,357  
Repayments (including interest applied to principal)   (1,879 )           (1,879 )
Loans returned to accrual status or no longer past due   (1,918 )           (1,918 )
Charge-offs   (2,495 )     (23 )     (2,518 )
Transfer to held for sale   (3,400 )           (3,400 )
Balance at March 31, 2022 $ 31,182     $     $ 31,182  
                       

CAPITAL

Effective March 31, 2020, we elected the 5-year phase-in option allowed under the interim final rule (IFR) issued by the federal banking regulatory agencies that delays the estimated impact on regulatory capital stemming from the implementation of the current expected credit losses (CECL) accounting standard. The IFR allows the add back of 100% of the capital effect from the day one CECL transition adjustment and 25% of the capital effect from subsequent increases in the allowance for credit losses through the two-year period ending December 31, 2021. The modified CECL transitional amount of $9.4 million will then be reduced from capital over the subsequent three-year period.

Regulatory Capital Ratios March 31,   December 31,   March 31,
2022 (1)   2021     2021  
MidWestOne Financial Group, Inc. Consolidated          
Tier 1 leverage to average assets ratio 8.85 %   8.67 %   8.78 %
Common equity tier 1 capital to risk-weighted assets ratio 9.81 %   9.94 %   10.16 %
Tier 1 capital to risk-weighted assets ratio 10.68 %   10.83 %   11.13 %
Total capital to risk-weighted assets ratio 12.89 %   13.09 %   13.75 %
MidWestOne Bank          
Tier 1 leverage to average assets ratio 9.30 %   9.25 %   9.60 %
Common equity tier 1 capital to risk-weighted assets ratio 11.25 %   11.58 %   12.19 %
Tier 1 capital to risk-weighted assets ratio 11.25 %   11.58 %   12.19 %
Total capital to risk-weighted assets ratio 12.12 %   12.46 %   13.19 %
(1) Capital ratios for March 31, 2022 are preliminary          
           

CORPORATE UPDATE

Share Repurchase Program

Under our current repurchase program, the Company repurchased 11,500 shares of its common stock at an average price of $30.98 per share and a total cost of $356 thousand in the first quarter of 2022. At March 31, 2022, the total amount available under the Company’s current share repurchase program was $5.4 million.

CONFERENCE CALL DETAILS

The Company will host a conference call for investors at 11:00 a.m. CT on Friday, April 29, 2022. To participate, you may pre-register for this call utilizing the following link: https://www.incommglobalevents.com/registration/q4inc/10493/midwestone-financial-group-inc-1st-quarter-2022-earnings-call/. After pre-registering for this event you will receive your access details via email. You are also able to on the day of the call dial 1-844-200-6205, using an access code of 329438 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 28, 2022, by calling 1-866-813-9403 and using the replay access code of 310793. 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) effects of the COVID-19 pandemic, including its effects on the economic environment, our customers and our operations, including due to supply chain disruptions, as well as any changes to federal, state, or local government laws, regulations, or orders in connection with the pandemic; (2) government intervention in the U.S. financial system in response to the COVID-19 pandemic, including the effects of recent legislative, tax, accounting and regulatory actions and reforms; (3) the impact of the COVID-19 pandemic on our financial results, including possible lost revenue and increased expenses (including the cost of capital), as well as possible goodwill impairment charges; (4) 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; (5) credit quality deterioration or pronounced and sustained reduction in real estate market values causing an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (6) the effects of interest rates, including on our net income and the value of our securities portfolio; (7) 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; (8) fluctuations in the value of our investment securities; (9) governmental monetary and fiscal policies; (10) 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; (11) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators; (12) the ability to attract and retain key executives and employees experienced in banking and financial services; (13) the sufficiency of the allowance for credit losses to absorb the amount of actual losses inherent in our existing loan portfolio; (14) our ability to adapt successfully to technological changes to compete effectively in the marketplace; (15) credit risks and risks from concentrations (by geographic area and by industry) within our loan portfolio; (16) 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; (17) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (18) volatility of rate-sensitive deposits; (19) operational risks, including data processing system failures or fraud; (20) asset/liability matching risks and liquidity risks; (21) the costs, effects and outcomes of existing or future litigation; (22) changes in general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business; (23) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (24) war or terrorist activities, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (25) the effects of cyber-attacks; (26) the imposition of tariffs or other domestic or international governmental policies impacting the value of the agricultural or other products of our borrowers; 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)   2022       2021       2021       2021       2021  
ASSETS                  
Cash and due from banks $ 47,677     $ 42,949     $ 53,562     $ 52,297     $ 57,154  
Interest earning deposits in banks   12,152       160,881       84,952       11,124       80,924  
Federal funds sold                     13       7,691  
Total cash and cash equivalents   59,829       203,830       138,514       63,434       145,769  
Debt securities available for sale at fair value   1,145,638       2,288,110       2,136,902       2,072,452       1,896,894  
Held to maturity securities at amortized cost   1,204,212                          
Total securities   2,349,850       2,288,110       2,136,902       2,072,452       1,896,894  
Loans held for sale   6,466       12,917       58,679       6,149       58,333  
Gross loans held for investment   3,256,294       3,252,194       3,278,150       3,344,156       3,374,076  
Unearned income, net   (6,259 )     (7,182 )     (9,506 )     (14,000 )     (15,915 )
Loans held for investment, net of unearned income   3,250,035       3,245,012       3,268,644       3,330,156       3,358,161  
Allowance for credit losses   (46,200 )     (48,700 )     (47,900 )     (48,000 )     (50,650 )
Total loans held for investment, net   3,203,835       3,196,312       3,220,744       3,282,156       3,307,511  
Premises and equipment, net   82,603       83,492       84,130       84,667       85,581  
Goodwill   62,477       62,477       62,477       62,477       62,477  
Other intangible assets, net   18,658       19,885       21,130       22,394       23,735  
Foreclosed assets, net   273       357       454       755       1,487  
Other assets   176,223       157,748       152,393       154,731       155,525  
Total assets $ 5,960,214     $ 6,025,128     $ 5,875,423     $ 5,749,215     $ 5,737,312  
LIABILITIES                   
Noninterest bearing deposits $ 1,002,415     $ 1,005,369     $ 999,887     $ 952,764     $ 958,526  
Interest bearing deposits   4,075,310       4,109,150       3,957,894       3,839,902       3,836,037  
Total deposits   5,077,725       5,114,519       4,957,781       4,792,666       4,794,563  
Short-term borrowings   181,193       181,368       187,508       212,261       175,785  
Long-term debt   139,898       154,879       154,860       169,839       201,696  
Other liabilities   56,941       46,887       45,010       44,156       53,948  
Total liabilities   5,455,757       5,497,653       5,345,159       5,218,922       5,225,992  
SHAREHOLDERS’ EQUITY                   
Common stock   16,581       16,581       16,581       16,581       16,581  
Additional paid-in capital   300,505       300,940       300,327       299,888       299,747  
Retained earnings   253,500       243,365       232,639       219,884       206,230  
Treasury stock   (24,113 )     (24,546 )     (22,735 )     (15,888 )     (15,278 )
Accumulated other comprehensive (loss) income   (42,016 )     (8,865 )     3,452       9,828       4,040  
Total shareholders’ equity   504,457       527,475       530,264       530,293       511,320  
Total liabilities and shareholders’ equity $ 5,960,214     $ 6,025,128     $ 5,875,423     $ 5,749,215     $ 5,737,312  
                                       

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)   2022       2021     2021       2021       2021  
Interest income                  
Loans, including fees $ 31,318     $ 33,643   $ 36,115     $ 34,736     $ 36,542  
Taxable investment securities   8,123       7,461     6,655       6,483       5,093  
Tax-exempt investment securities   2,383       2,415     2,428       2,549       2,555  
Other   28       37     21       19       14  
Total interest income   41,852       43,556     45,219       43,787       44,204  
Interest expense                  
Deposits   2,910       3,031     3,150       3,409       3,608  
Short-term borrowings   119       130     132       161       128  
Long-term debt   1,487       1,576     1,597       1,712       1,851  
Total interest expense   4,516       4,737     4,879       5,282       5,587  
Net interest income   37,336       38,819     40,340       38,505       38,617  
Credit loss expense (benefit)         622     (1,080 )     (2,144 )     (4,734 )
Net interest income after credit loss expense (benefit)   37,336       38,197     41,420       40,649       43,351  
Noninterest income                  
Investment services and trust activities   3,011       3,115     2,915       2,809       2,836  
Service charges and fees   1,657       1,684     1,613       1,475       1,487  
Card revenue   1,650       1,746     1,820       1,913       1,536  
Loan revenue   4,293       3,132     1,935       3,151       4,730  
Bank-owned life insurance   531       550     532       538       542  
Investment securities gains, net   40       137     36       42       27  
Other   462       865     331       290       666  
Total noninterest income   11,644       11,229     9,182       10,218       11,824  
Noninterest expense                  
Compensation and employee benefits   18,664       18,266     17,350       17,404       16,917  
Occupancy expense of premises, net   2,779       2,211     2,547       2,198       2,318  
Equipment   1,901       2,189     1,973       1,861       1,793  
Legal and professional   2,353       1,826     1,272       1,375       783  
Data processing   1,231       1,211     1,406       1,347       1,252  
Marketing   1,029       1,121     1,022       873       1,006  
Amortization of intangibles   1,227       1,245     1,264       1,341       1,507  
FDIC insurance   420       380     435       245       512  
Communications   272       277     275       371       409  
Foreclosed assets, net   (112 )     7     43       136       47  
Other   1,879       1,711     2,191       1,519       1,156  
Total noninterest expense   31,643       30,444     29,778       28,670       27,700  
Income before income tax expense   17,337       18,982     20,824       22,197       27,475  
Income tax expense   3,442       4,726     4,513       4,926       5,827  
Net income $ 13,895     $ 14,256   $ 16,311     $ 17,271     $ 21,648  
                   
Earnings per common share                  
Basic $ 0.89     $ 0.91   $ 1.03     $ 1.08     $ 1.35  
Diluted $ 0.88     $ 0.91   $ 1.03     $ 1.08     $ 1.35  
Weighted average basic common shares outstanding   15,683       15,692     15,841       15,987       15,991  
Weighted average diluted common shares outstanding   15,718       15,734     15,863       16,012       16,021  
Dividends paid per common share $ 0.2375     $ 0.2250   $ 0.2250     $ 0.2250     $ 0.2250  
                                     

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)   2022       2021       2021  
Earnings:          
Net interest income $ 37,336     $ 38,819     $ 38,617  
Noninterest income   11,644       11,229       11,824  
Total revenue, net of interest expense   48,980       50,048       50,441  
Credit loss expense (benefit)         622       (4,734 )
Noninterest expense   31,643       30,444       27,700  
Income before income tax expense   17,337       18,982       27,475  
Income tax expense   3,442       4,726       5,827  
Net income $ 13,895     $ 14,256     $ 21,648  
Per Share Data:          
Diluted earnings $ 0.88     $ 0.91     $ 1.35  
Book value   32.15       33.66       32.00  
Tangible book value(1)   26.98       28.40       26.60  
Ending Balance Sheet:          
Total assets $ 5,960,214     $ 6,025,128     $ 5,737,312  
Loans held for investment, net of unearned income   3,250,035       3,245,012       3,358,161  
Total securities   2,349,850       2,288,110       1,896,894  
Total deposits   5,077,725       5,114,519       4,794,563  
Short-term borrowings   181,193       181,368       175,785  
Long-term debt   139,898       154,879       201,696  
Total shareholders’ equity   504,457       527,475       511,320  
Average Balance Sheet:          
Average total assets $ 5,914,604     $ 5,934,076     $ 5,520,304  
Average total loans   3,245,449       3,268,783       3,429,746  
Average total deposits   5,044,046       5,015,506       4,573,898  
Financial Ratios:          
Return on average assets   0.95 %     0.95 %     1.59 %
Return on average equity   10.74 %     10.68 %     17.01 %
Return on average tangible equity(1)   13.56 %     13.50 %     21.52 %
Efficiency ratio(1)   60.46 %     56.74 %     50.77 %
Net interest margin, tax equivalent(1)   2.79 %     2.83 %     3.10 %
Loans to deposits ratio   64.01 %     63.45 %     70.04 %
Common equity ratio   8.46 %     8.75 %     8.91 %
Tangible common equity ratio(1)   7.20 %     7.49 %     7.52 %
Credit Risk Profile:          
Total nonperforming loans $ 31,182     $ 31,540     $ 44,382  
Nonperforming loans ratio   0.96 %     0.97 %     1.32 %
Total nonperforming assets $ 31,455     $ 31,897     $ 45,869  
Nonperforming assets ratio   0.53 %     0.53 %     0.80 %
Net (recoveries) charge-offs $ 2,222     $ (278 )   $ 316  
Net (recovery) charge-off ratio   0.28 %   (0.03 )%     0.04 %
Allowance for credit losses $ 46,200     $ 48,700     $ 50,650  
Allowance for credit losses ratio   1.42 %     1.50 %     1.51 %
Adjusted allowance for credit losses ratio(1)   1.42 %     1.52 %     1.63 %
Allowance for credit losses to nonaccrual ratio   148.16 %     154.41 %     115.44 %
PPP Loans:          
Average PPP loans $ 14,975     $ 52,564     $ 236,231  
Fee Income   797       1,996       3,674  
           
(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,
2022
  December 31,
2021
  March 31,
2021
(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) $ 3,245,449   $ 31,858   3.98 %   $ 3,268,783   $ 34,191   4.15 %   $ 3,429,746   $ 37,073   4.38 %
Taxable investment securities   1,835,911     8,123   1.79 %     1,802,349     7,461   1.64 %     1,266,714     5,093   1.63 %
Tax-exempt investment securities (2)(4)   450,547     2,998   2.70 %     455,570     3,026   2.64 %     465,793     3,203   2.79 %
Total securities held for investment(2)   2,286,458     11,121   1.97 %     2,257,919     10,487   1.84 %     1,732,507     8,296   1.94 %
Other   56,094     28   0.20 %     80,415     37   0.18 %     36,536     14   0.16 %
Total interest earning assets(2) $ 5,588,001     43,007   3.12 %   $ 5,607,117     44,715   3.16 %   $ 5,198,789     45,383   3.54 %
Other assets   326,603             326,959             321,515        
Total assets $ 5,914,604           $ 5,934,076           $ 5,520,304        
LIABILITIES AND SHAREHOLDERS’ EQUITY                                  
Interest checking deposits $ 1,560,402   $ 1,061   0.28 %   $ 1,506,600   $ 1,065   0.28 %   $ 1,349,671   $ 991   0.30 %
Money market deposits   953,943     499   0.21 %     976,018     520   0.21 %     913,087     478   0.21 %
Savings deposits   641,703     279   0.18 %     621,871     285   0.18 %     553,824     286   0.21 %
Time deposits   883,997     1,071   0.49 %     903,765     1,161   0.51 %     837,460     1,853   0.90 %
Total interest bearing deposits   4,040,045     2,910   0.29 %     4,008,254     3,031   0.30 %     3,654,042     3,608   0.40 %
Securities sold under agreements to repurchase   159,417     96   0.24 %     190,725     115   0.24 %     165,858     101   0.25 %
Federal funds purchased         %     33       %           %
Other short-term borrowings   3,029     23   3.08 %     30     15   198.37 %     9,335     27   1.17 %
Short-term borrowings   162,446     119   0.30 %     190,788     130   0.27 %     175,193     128   0.30 %
Long-term debt   140,389     1,487   4.30 %     154,870     1,576   4.04 %     205,971     1,851   3.64 %
Total borrowed funds   302,835     1,606   2.15 %     345,658     1,706   1.96 %     381,164     1,979   2.11 %
Total interest bearing liabilities $ 4,342,880   $ 4,516   0.42 %   $ 4,353,912   $ 4,737   0.43 %   $ 4,035,206   $ 5,587   0.56 %
Noninterest bearing deposits   1,004,001             1,007,252             919,856        
Other liabilities   42,872             43,576             49,003        
Shareholders’ equity   524,851             529,336             516,239        
Total liabilities and shareholders’ equity $ 5,914,604           $ 5,934,076           $ 5,520,304        
Net interest income(2)     $ 38,491           $ 39,978           $ 39,796    
Net interest spread(2)         2.70 %           2.73 %           2.98 %
Net interest margin(2)         2.79 %           2.83 %           3.10 %
                                   
Total deposits(5) $ 5,044,046   $ 2,910   0.23 %   $ 5,015,506   $ 3,031   0.24 %   $ 4,573,898   $ 3,608   0.32 %
Cost of funds(6)         0.34 %           0.35 %           0.46 %

(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 $674 thousand, $1.9 million, and $3.5 million for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively. Loan purchase discount accretion was $732 thousand, $599 thousand, and $1.1 million for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively. Tax equivalent adjustments were $540 thousand, $548 thousand, and $531 thousand for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively. The federal statutory tax rate utilized was 21%.
(4) Interest income includes tax equivalent adjustments of $615 thousand, $611 thousand, and $648 thousand for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, 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, adjusted allowance for credit losses ratio, core loans, and core commercial loans. 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                    
(Dollars in thousands, except per share data) March 31,
2022
  December 31,
2021
  September 30,
2021 
  June 30,
2021
  March 31,
2021
Total shareholders’ equity   $ 504,457     $ 527,475     $ 530,264     $ 530,293     $ 511,320  
Intangible assets, net     (81,135 )     (82,362 )     (83,607 )     (84,871 )     (86,212 )
Tangible common equity   $ 423,322     $ 445,113     $ 446,657     $ 445,422     $ 425,108  
                     
Total assets   $ 5,960,214     $ 6,025,128     $ 5,875,423     $ 5,749,215     $ 5,737,312  
Intangible assets, net     (81,135 )     (82,362 )     (83,607 )     (84,871 )     (86,212 )
Tangible assets   $ 5,879,079     $ 5,942,766     $ 5,791,816     $ 5,664,344     $ 5,651,100  
                     
Book value per share   $ 32.15     $ 33.66     $ 33.71     $ 33.22     $ 32.00  
Tangible book value per share(1)   $ 26.98     $ 28.40     $ 28.40     $ 27.90     $ 26.60  
Shares outstanding     15,690,125       15,671,147       15,729,451       15,963,468       15,981,088  
                     
Common equity ratio     8.46 %     8.75 %     9.03 %     9.22 %     8.91 %
Tangible common equity ratio(2)     7.20 %     7.49 %     7.71 %     7.86 %     7.52 %

(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)     2022       2021       2021  
Net income   $ 13,895     $ 14,256     $ 21,648  
Intangible amortization, net of tax(1)     920       934       1,130  
Tangible net income   $ 14,815     $ 15,190     $ 22,778  
             
Average shareholders’ equity   $ 524,851     $ 529,336     $ 516,239  
Average intangible assets, net     (81,763 )     (82,990 )     (86,961 )
Average tangible equity   $ 443,088     $ 446,346     $ 429,278  
             
Return on average equity     10.74 %     10.68 %     17.01 %
Return on average tangible equity(2)     13.56 %     13.50 %     21.52 %

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

Net Interest Margin, Tax Equivalent/
Core Net Interest Margin
  Three Months Ended
  March 31,   December 31,   March 31,
(Dollars in thousands)     2022       2021       2021  
Net interest income   $ 37,336     $ 38,819     $ 38,617  
Tax equivalent adjustments:            
Loans(1)     540       548       531  
Securities(1)     615       611       648  
Net interest income, tax equivalent   $ 38,491     $ 39,978     $ 39,796  
Loan purchase discount accretion     (732 )     (599 )     (1,098 )
Core net interest income   $ 37,759     $ 39,379     $ 38,698  
             
Net interest margin     2.71 %     2.75 %     3.01 %
Net interest margin, tax equivalent(2)     2.79 %     2.83 %     3.10 %
Core net interest margin(3)     2.74 %     2.79 %     3.02 %
Average interest earning assets   $ 5,588,001     $ 5,607,117     $ 5,198,789  

(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)     2022       2021       2021  
Loan interest income, including fees   $ 31,318     $ 33,643     $ 36,542  
Tax equivalent adjustment(1)     540       548       531  
Tax equivalent loan interest income   $ 31,858     $ 34,191     $ 37,073  
Loan purchase discount accretion     (732 )     (599 )     (1,098 )
Core loan interest income   $ 31,126     $ 33,592     $ 35,975  
             
Yield on loans     3.91 %     4.08 %     4.32 %
Yield on loans, tax equivalent(2)     3.98 %     4.15 %     4.38 %
Core yield on loans(3)     3.89 %     4.08 %     4.25 %
Average loans   $ 3,245,449     $ 3,268,783     $ 3,429,746  

(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)     2022       2021       2021  
Total noninterest expense   $ 31,643     $ 30,444     $ 27,700  
Amortization of intangibles     (1,227 )     (1,245 )     (1,507 )
Merger-related expenses     (128 )     (224 )      
Noninterest expense used for efficiency ratio   $ 30,288     $ 28,975     $ 26,193  
             
Net interest income, tax equivalent(1)   $ 38,491     $ 39,978     $ 39,796  
Noninterest income     11,644       11,229       11,824  
Investment securities gains, net     (40 )     (137 )     (27 )
Net revenues used for efficiency ratio   $ 50,095     $ 51,070     $ 51,593  
             
Efficiency ratio (2)     60.46 %     56.74 %     50.77 %

(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.

Adjusted Allowance for Credit Losses Ratio                    
(Dollars in thousands)   March 31,
 2022 
  December 31,
 2021 
  September 30,
 2021 
  June 30,
 2021 
  March 31,
 2021 
Loans held for investment, net of unearned income   $ 3,250,035     $ 3,245,012     $ 3,268,644     $ 3,330,156     $ 3,358,161  
PPP loans     (3,037 )     (30,841 )     (89,354 )     (184,390 )     (248,682 )
Core loans   $ 3,246,998     $ 3,214,171     $ 3,179,290     $ 3,145,766     $ 3,109,479  
Allowance for credit losses   $ 46,200     $ 48,700     $ 47,900     $ 48,000     $ 50,650  
                     
Allowance for credit losses ratio     1.42 %     1.50 %     1.47 %     1.44 %     1.51 %
Adjusted allowance for credit losses ratio(1)     1.42 %     1.52 %     1.51 %     1.53 %     1.63 %

(1) Allowance for credit losses divided by core loans.

Core Loans/Core Commercial Loans   March 31,   December 31,   September 30,   June 30,   March 31,
(Dollars in thousands)     2022     2021     2021     2021     2021
Commercial loans:                    
Commercial and industrial   $ 898,942   $ 902,314   $ 927,258   $ 982,092   $ 993,770
Agricultural     94,649     103,417     106,356     107,834     117,099
Commercial real estate     1,723,891     1,704,541     1,699,358     1,705,789     1,693,592
Total commercial loans   $ 2,717,482   $ 2,710,272   $ 2,732,972   $ 2,795,715   $ 2,804,461
Consumer loans:                    
Residential real estate   $ 463,676   $ 466,322   $ 468,136   $ 468,581   $ 474,433
Other consumer     68,877     68,418     67,536     65,860     79,267
Total consumer loans   $ 532,553   $ 534,740   $ 535,672   $ 534,441   $ 553,700
Loans held for investment, net of unearned income   $ 3,250,035   $ 3,245,012   $ 3,268,644   $ 3,330,156   $ 3,358,161
                     
PPP loans   $ 3,037   $ 30,841   $ 89,354   $ 184,390   $ 248,682
                     
Core loans(1)   $ 3,246,998   $ 3,214,171   $ 3,179,290   $ 3,145,766   $ 3,109,479
Core commercial loans(2)   $ 2,714,445   $ 2,679,431   $ 2,643,618   $ 2,611,325   $ 2,555,779

(1) Core loans are calculated as loans held for investment, net of unearned income less PPP loans.
(2) Core commercial loans are calculated as total commercial loans less PPP loans.

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. Funk   Barry S. Ray
  Chief Executive Officer   Senior Executive Vice President and Chief Financial Officer
  319.356.5800   319.356.5800

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