2 0 15 an n ua l r e p ort
Learn constantly so we can continually improve
Take good care of our cusTomersHire and reTain excellenT employeesalways conducT yourself wiTH THe uTmosT inTegriTywork as one TeamOur Operating principles: To our
shareholders
Charles N. FuNk, President & CEO
JohN M. MorrisoN, Chairman
a year ago in this space, we called 2014 a year of “achievement,
success, and, yes, excitement.”
In this context, 2015 could be best
described in one word: “ditto.” Mid-
WestOne Financial Group, Inc., ended
2015 with all-time record earnings.
That’s the headline that many will see
but there is much more to our story
than the headline. It’s been quite a ride
in 2015 as we build this company to sur-
vive and, yes, thrive in the new world of
post-recession banking. We thank you
for taking the time to read this report
of progress as we recap “the year that
was,” 2015.
Our merger with Central Banc-
shares, Inc., of Golden Valley, Min-
nesota, was completed on May 1, 2015.
Since that time, our energies have been
focused on bringing together two very
similar, yet different, cultures as well
as preparing for the merger of the two
subsidiary banks, MidWestOne Bank of
Iowa City and Central Bank of Golden
Valley. We have been very cognizant of
the need to do so without disrupting
our customers’ banking business. As
this is being written, we are on track
to consummate this merger on April 2,
2016. When merged, the bank will have
$2.9 billion in assets and will be one
of the largest community banks in the
Upper Midwest.
Considering that the company
operated for the last eight months of
2015 with Central Bank as a contribu-
tor to earnings, it is no surprise that net
income for 2015 was a record $25.118
million, far in excess of the $18.522 mil-
lion that was recorded in 2014 with the
smaller MidWestOne. More important,
shareholder earnings per share set an
all-time record with $2.42 earnings
per diluted share in 2015 compared
to $2.19 in 2014. It is significant that
when excluding one-time merger-related
charges, earnings of $2.70 per share far
surpassed the $2.32 per share reported
in 2014.
Regular readers of this letter will
find this year’s discussion of the com-
pany a bit different than in prior years.
This is due to all of the “noise” that has
been created in our financial state-
ments as a result of the merger. It is said
“mergers are messy” and that’s never
truer than when trying to decipher the
financial statements. We will attempt
to assist readers with that task in the
following paragraphs.
MidWestOne Bank in Iowa City had
a solid year in 2015. The bank ended the
year with a return on average assets of
1.31% and a return on average tangible
equity of 14.40%. More significant, the
efficiency ratio, which is a metric we
monitor closely, remained relatively
stable at an impressive 55.06%. We con-
centrate on the efficiency ratio because
effective management of expenses allows
a company to succeed in times of robust
growth as well as in times of stress. The
Iowa bank saw its assets decline during
the year, from $1.790 billion at year-end
2014 to $1.720 billion at year-end 2015.
To some extent, this was a planned event.
To pay for the Central Bank acquisition,
the bank liquidated some $83.5 million
of securities during 2015 at a profit of
$1.01 million. Additionally, the bank
sold its Ottumwa office to Peoples State
Bank of Albia, Iowa, in December. With
this sale, approximately $33.0 million in
deposits and $17.1 million in loans left
the company and a gain on the sale of
$0.7 million was recognized.
One of the highlights of the Iowa
bank in 2015 was sustained bank loan
growth of 5.1% from year-end 2014
when the effect of the Ottumwa loan
portfolio’s sale is excluded. Our com-
mercial bankers did an excellent job of
expanding existing relationships and
forging new ones. Unfortunately, we
continue to be challenged with sus-
tained deposit growth in Iowa, although
a late surge in December deposits
resulted in deposits ending the year
just 0.60% lower than in 2014. Every
employee in our company has heard our
call to grow our deposits and, especially,
our core deposits.
The MidWestOne Trust Depart-
ment again grew gross revenues from
the prior year. Our Investment Services
Department fought challenging fourth-
quarter conditions to post an increase in
gross revenues over 2014. Both of these
units have continued their multi-year
record of increasing gross revenues and
net income. We also commend MidWe-
stOne Insurance Services, Inc., which
posted its best year of net income since
our 2008 merger. With that said, current
market conditions will challenge all three
of these wealth management groups in
terms of posting higher revenues and
earnings in 2016.
Turning to Central Bank, the
multi-year run of success for this bank
continued in 2015. To fully appreciate
what Central has accomplished, one
must understand its unique history.
In 2008, this bank was a $430 million
bank with six offices in Minnesota.
Sensing an oncoming recession in the
Twin Cities, Central management con-
tacted the FDIC to express its interest
in acquiring failed banks. And acquire
they did! Between 2009 and 2011,
Central acquired six failed banks and
expanded its footprint into Western
Wisconsin and Southwestern Florida.
At December 31, 2015, this bank had
grown to more than $1.2 billion in as-
sets. One does not execute this type of a
strategy without an ample pool of talent
which we recognize as we have become
more acquainted with our new partners.
Central Bank enjoyed a banner
year in 2015. As the portfolio acquired
from the FDIC winds down, the team at
Central Bank has taken full advantage of
John M. Morrison (left), Chairman and
Charles n. Funk, President & CEO.
the robust Twin Cities economy and the
loan portfolio exceeded $1 billion for
the first time in its history. The growth
of the bank’s loan portfolio was an
impressive 9% in 2015. The loan growth
propelled the bank’s earnings, which,
excluding purchase accounting adjust-
ments, were up 24% compared to a year
ago. Decreases in overhead continued in
2015 at Central Bank. Expense reduc-
tions related to distressed assets acquired
from failed banks had a significant posi-
tive impact on the bottom line.
Central Bank relies almost exclu-
sively on “spread income” (between
loans and deposits) for its revenue and
during the past five years, its focus has
been exclusively on soaking up the excess
liquidity it had acquired through its
transactions involving failed banks. Con-
sequently, deposits have not increased
at a rate commensurate with the growth
in the Twin Cities economy. As with
its sister bank in Iowa, Central Bankers
have been challenged to focus on deposit
growth in 2016. It is also important to
note that Central Bank has done a very
good job of shifting its deposit composi-
tion to lower-cost non-interest bearing
deposits. We are very optimistic that
the Central Bank footprint will produce
good deposit growth at an attractive
cost over time. It is anticipated that the
standardization of products and fees
when our banks are merged will yield an
increase in service charge income in the
Minnesota-based bank.
Turning to asset quality, it is no
secret that we lend to the agriculture
industry and it has been a tough few
years for farmers in the Midwest. Our
agricultural portfolio amounts to ap-
proximately 9.7% of our total loans. At
this point in time, we see the stress that
two tough pricing years have created
but we believe our monitoring of the
situation has been appropriate. We
2 MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt
MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt 3
region: Midwest - il, in, ia, Ks, KY, Mi, Mn, MO, nE, nd, OH, sd, Wi peers: WtBa, QCrH, iOFB, snlC, HBia, atlO, HtlF, trVr asset size: $1-5 Billion all Banks: all nasdaQ Banks
REtuRn on avERagE Equity (%)
REtuRn on avERagE common Equity (%)
nEt intEREst maRgin (%)
nonintEREst ExpEnsE / avERagE assEts (%)
n MoFG
n Peer
n all Banks
n regional
n asset Size
n MoFG
n Peer
n all Banks
n regional
n asset Size
n MoFG
n Peer
n all Banks
n regional
n asset Size
n MoFG
n Peer
n all Banks
n regional
n asset Size
12.00
11.00
10.00
9.00
8.00
7.00
6.00
5.00
4.00
12.00
11.00
10.00
9.00
8.00
7.00
6.00
5.00
4.00
FY2010 FY2011
FY2012
FY2013
FY2014
FY2015
FY2010 FY2011
FY2012
FY2013
FY2014
FY2015
3.90
3.80
3.70
3.60
3.50
3.40
3.30
3.20
3.10
3.30
3.10
2.90
2.70
2.50
2.30
2.10
FY2010 FY2011
FY2012
FY2013
FY2014
FY2015
FY2010 FY2011
FY2012
FY2013
FY2014
FY2015
believe our bankers fully understand the
current situation. Our concern remains
that this tough pricing will continue
into 2017 and 2018. We will continue to
report on this situation in our quarterly
updates. Those who have followed our
company’s history know that superior
asset quality has been evident since the
beginning of the recession. At year-end
2015, our nonperforming loans plus
other real estate owned declined from
0.83% of total assets at year-end 2014 to
0.68% at year-end 2015. Net charged-off
loans for 2015 were a very low 0.11% of
total average loans. This continues the
long record of lower than industry aver-
age charge-offs.
Our loan loss reserve, which is our
cushion against a poor economy and
any erosion in our asset quality, stood at
168.5% of nonperforming assets at year-
end 2015. This is substantially higher
than 125.7% a year earlier. However,
the loan loss reserve as a percentage of
total loans declined significantly from
1.44% at December 31, 2014, to 0.90%
at December 31, 2015. At first glance,
this can be unsettling, but under the
rules of merger accounting, all acquired
loans from Central Bank were marked
to market at merger close and the loan
loss reserve was eliminated. This means
we are rebuilding this reserve as we
move forward. Our management of the
loan loss reserve adequacy has always
been and will continue to be conserva-
tive, as we believe a strong balance sheet
serves everyone’s best interest.
One noticeable change from year to
year is in our capital structure. For sev-
eral years, MidWestOne Financial Group,
Inc., accumulated what we considered to
be “excess” capital in our company. We
openly talked about the need to more
prudently deploy this excess over time.
The Central Bancshares, Inc., acquisition
did just that and while our returns on
tangible equity have increased signifi-
cantly, our tangible equity as a percentage
of tangible assets has declined. This was
a planned strategy. At year-end, our tan-
gible equity as a percentage of tangible
assets was 7.51%, down from 10.29% a
year earlier. Our oft-stated goal is to build
this ratio back to what we consider to be
our “garden spot” of 8.00 to 8.50% and
we believe this can be accomplished dur-
ing 2016 or by early 2017. We believe this
strategy is critical to serving our share-
holders’ best interests in the years ahead.
We went to the market to raise a
small amount of capital via a Private
Investment offering of Public Equity
(PIPE) in mid-2015. We were gratified
to receive strong interest as we raised an
additional $7.9 million of new equity
investment. This was our effort to raise
a relatively small amount of “comfort
capital,” which we believe benefits our
shareholders.
As we look to 2016 and beyond, we
see a few challenges worthy of mention
in this space. The first one concerns resi-
dential real estate lending. A year ago in
this letter, we wrote “mortgage lending
has become much more complex due to
EfficiEncy Ratio (%)
n MoFG
n Peer
n all Banks
n regional
n asset Size
75.00
70.00
65.00
60.00
55.00
50.00
FY2010 FY2011
FY2012
FY2013
FY2014
FY2015
4 MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt
the continual onslaught of regulation
from the Dodd-Frank Act.” We contin-
ue to deal with these complexities and
the increase in expense that is required
to deliver real estate loans to our cus-
tomers. While real estate loan origina-
tions in both banks were up significantly
in 2015, we must now deliver the profit-
ability from this line of business that our
shareholders expect. Home mortgage
loans are a core part of our business and
we are not the only bank in America
struggling to find adequate profitability
under the new rules. We are pleased
that our Stillwater, Minnesota-based Stig
Sandell has assumed responsibility for
mortgage lending in both banks. Stig is
a 14-year veteran of the company and we
look forward to progress on this front.
Since 2010, we have had a laser
focus on our efficiency ratio and we
have spoken of it frequently in this
space, in management meetings, and in
the boardroom. With the merger, our
core efficiency ratio is now well above
the 60% threshold. This is not unex-
pected. Our focus and commitment is
to thoughtfully make decisions that will
move us back into “the fifties” over the
next two to three years. Note the word
“thoughtfully.” Being thoughtful in this
journey is critical to the eventual success
of our company.
In any merger, there is a blending
of cultures. It can be a messy process
and when problems arise, it should be
no surprise as it “goes with the territory.”
In that regard, we have encountered
success on many fronts as our staff from
both banks has come forward to work
through issues with an open mind. It is
fair to say that we have taken good ideas
from each bank as we strive to build
a culture that endures for many years.
With that said, we acknowledge that we
still have work to do and will continue
to forge ahead, always, with our five oft-
stated MidWestOne operating principles
at the forefront of our thinking.
As is customary in this space, we
briefly review the progress of our four
key constituencies in 2015:
Our customers saw better products
and technological advances in 2015, all
with the idea of delivering service to
them in the manner they prefer. EMV
(Europay, MasterCard, Visa) debit and
credits cards represent one such product.
These smart cards safeguard against fraud
by using a computer chip to authenticate
your identity. Another extension in using
technology to better serve our customers
is the installation of our company’s first
ITM (Interactive Teller Machine) at One
Place in Iowa City. This ITM looks like
a typical drive-up ATM and functions as
one. Through a video monitor and cam-
eras, the customer also is able to interact
with a Service Banker who can perform
90% of the functions a customer can
complete at a traditional teller window.
The versatility that a machine like this
provides brings countless opportunities
to better serve our customers in many
locations in the future.
MidWestOne customers continue
to give us high marks for our customer
service and product availability. Each year
we survey our customers in each market
to assure we are living up to our high
expectations. Our overall satisfaction
level remained steady at 4.5 on a 5-point
scale, and 85% of respondents indicated
they were either likely or very likely to
recommend MidWestOne Bank to a
family member or friend. This is up from
82% the previous year. We plan to survey
Central Bank customers in early 2016 to
ascertain their satisfaction with our bank.
There were many highlights
related to our employees in 2015, but
none more satisfying than the third
consecutive year of MidWestOne Bank
appearing on the Des Moines Register’s
list of 100 best places to work in Iowa.
We moved up this year to seventh in
the mid-sized company category. This
is reflective of many years of making
sound hiring decisions as well as having
a well-designed strategy to communicate
effectively with our employees. The
merger of our companies has provided
many career advancement opportunities
for dozens of employees. We are most
likely to retain good employees when we
offer them growth opportunities and
the merger did just that.
Our annual Rally Day was held on
Columbus Day and, for the first time, we
had both banks involved, albeit remotely.
At MidWestOne Bank, we honored three
employees with our highest honor, the
President’s Award for excellence. This
year’s winners were Mike Sullivan, Net-
work Engineer; Brian Ties, LPL Regis-
tered Sales Associate in our Investment
Services Department; and Kim Ross,
Vice President of Deposit Operations.
These three employees provide exemplary
service, both internally and externally,
and always get the job done right the first
time.
The MidWestOne Leadership Insti-
tute will move north of the Iowa border
in 2016 with the majority of participants
from the Central Bank footprint. We
look forward to introducing many
leadership concepts to twelve deserving
participants in 2016.
Our company now has approxi-
mately 650 full-time equivalent employ-
ees. While this presents new challenges,
it also presents opportunity and we
continue to communicate those oppor-
tunities to each employee.
Our communities have continued
to benefit from our presence and sup-
port. You received our pledge many
years ago that this would not change,
and it hasn’t. The MidWestOne Founda-
tion now has nearly $2.4 million in
assets and representation on the board
from the Central Bank area. In 2015,
the Foundation contributed $107,338
to 27 different projects in our footprint,
including five worthy grant applications
in Central Bank markets. As in prior
years, our bankers have been prominent
in every community we serve. We serve
on countless not-for-profit boards, on
school boards, and we even had one em-
ployee elected mayor of his community
this year! We believe to our core that
support of our communities is among
our most important obligations.
We believe our shareholders have
been well served in the past year. We
have long maintained that we cannot
control the price of our stock. Rather,
we focus on making good decisions
every day and we try to take a long-term
approach to our decision making. Some
years, the market rewards that approach
and some years it doesn’t, but we’ve
found that the long term takes care
of itself if we make good decisions on
a daily basis. MOFG common stock
has handily outperformed the average
Midwestern bank stock in the five years
ending December 31, 2015. It has also
outperformed the NASDAQ composite
index for the same period. As recently
as 2010, our annual dividend was $0.20
per share. In January, 2016, MOFG
total REtuRn pERfoRmancE
n MoFG
n naSDaQ Composite
n Snl-Midwestern Banks Index
e
u
l
a
v
x
e
D
n
I
250
225
200
175
150
125
100
75
12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15
MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt 5
raised its dividend to an annualized rate
of $0.64 per share. We have long main-
tained a stated strategy of rewarding our
shareholders by paying out 20%-40% of
our earnings in dividends.
As we look now to the future, we
recognize a few employees who have
agreed to take on a bigger role in
our company. Katie A. Lorenson will
assume the duties of Chief Financial
Officer from Gary J. Ortale, upon his
retirement on August 31, 2016. While
we will be sorry to see Gary leave us
after 28 strong years of service, we are
excited about the ability and passion
Katie brings as she continues her career
with our company. She has been Senior
Vice President and CFO of Central
Bank since 2011. Prior to joining
Central, Katie was a manager with
McGladrey in the financial institutions
practice for more than 10 years.
Douglas L. Benjamin was promot-
ed to Chief Banking Officer at Central
Bank. Doug was formerly the North Re-
gion Regional President at MidWestOne
Bank. In his new position, Doug will be
charged with rolling out an integrated
retail banking platform in the Central
Bank footprint that is similar to the one
that has been employed successfully at
MidWestOne.
Wealth Management Senior Vice
President Gregory W. Turner added
Regional Manager to his duties as well
by assuming responsibility for MidWe-
stOne’s Northern Region.
Mark G.Erickson was promoted
to Wisconsin Regional President for
Central Bank. Mark’s territory com-
prises the Wisconsin offices of Central
Bank and he is a leader in our Osceola,
Wisconsin, market.
Senior Vice President Barbara A.
Finney was promoted to Chief Opera-
tions Officer of the soon-to-be combined
banks. Barb did a fine job as Oskaloosa
Market President and South Region
Manager at MidWestOne and the new
position is very well suited to her con-
siderable talents. Barb is celebrating her
20th year with our company in 2016.
We also have announced a few
Board-level retirements.
At our annual meeting in May,
Barbara J. Kniff-McCulla retired after
ten years of Bank Board service and five
years of service on the Company board.
She was and is a positive and consistent
advocate for our company.
John P. Pothoven also retired in May
after a splendid banking career spanning
40 years. John is the former President of
the former MidWestOne Bank and has
been a stalwart in the Oskaloosa com-
munity. We will miss him for his service
and counsel over the years.
Larry D. Albert retired as the
Chief Executive Officer of Central
Bank in August. Under Larry’s leader-
ship, Central completed its failed bank
acquisitions and began to prepare for
future growth. Larry’s keen eye for asset
quality allowed Central to largely escape
the woes other Twin Cities area banks
faced during the recession and he has
continued to serve on the company’s
board of directors since his retirement.
Though Larry will retire from the
MOFG Board of Directors at this year’s
annual meeting, he will continue to
serve on the bank board and we look
forward to his continued contribution.
Robert J. Latham will retire from
the board at this year’s annual meeting
after five years of service. Bob’s level of
engagement is second to none and we
will greatly miss his counsel as he always
has made himself available to help
when needed.
To say we are optimistic about our
future is an understatement. We know
that 2016 will be another year of hard
work with challenges to be confronted.
We face those challenges knowing that
we have acquired better scale to face the
future. No, bigger does not mean better,
but scale, if used properly, will reward our
shareholders handsomely in the long run.
We remain committed to the ongoing
stewardship of this fine company, now in
its 81st year of community banking.
Serving our shareholders is a privi-
lege. We are available to speak with you
and answer your questions at any time.
After all, you are the Ones for whom we
diligently build as we strive to exceed
your expectations.
Thank you for your faithful support,
Charles N. Funk
President & CEO
John M. Morrison
Chairman
MidWEstOnE FinanCial GrOuP, inC.
and MidWEstOnE BanK Boards oF direCtors
From left:
Michael a. hatch: attorney, Blackwell Burke P.a
r. scott Zaiser: owner, Zaiser’s landscaping, Inc., MidWestone
Bank Board Member
stephen l. West: Chairman, West Music Company, Inc.
kurt r. Weise: Chairman of the Board, Central Bank
tracy s. McCormick: Past vice President, Investment Banking,
JP Morgan and Co.
robert J. latham: Chairman and President, latham and associates, Inc.
richard J. schwab: Investor, entrepreneur, and Builder
Charles N. Funk: President & Ceo, MidWestone Financial Group,
Inc. and President & Ceo, MidWestone Bank
patricia a. heiden: executive Director, oaknoll retirement residence,
MidWestone Bank Board Member
larry d. albert: retired Bank executive, Central Bank
W. richard summerwill: retired Bank executive, MidWestone Bank,
Director emeritus
kevin W. Monson: Managing Partner, neumann Monson architects,
PC, vice Chairman, MidWestone Financial Group, Inc.
John M. Morrison: Chairman, MidWestone Financial Group, Inc.
richard r. donohue: Managing Principal, TD&T Financial Group, P.C.
William N. ruud: President, university of northern Iowa
Mitchell W. Cook: President & Chief operating officer, Central Bank,
Former Central Bank and MidWestone Bank Board Member
ruth e. stanoch: Corporate affairs Consultant
Not pictured:
John s. koza: retired Bank executive, MidWestone Bank,
Director emeritus
MidWEstOnE FinanCial GrOuP, inC.
exeCutive oFFiCers
From left:
kurt r. Weise: executive vice President
Gary J. ortale: executive vice President, Chief Financial officer
& Treasurer
susan r. evans: Chief operating officer
kent l. Jehle: executive vice President and Chief Credit officer
MidWEstOnE FinanCial GrOuP, inC. oFFiCers
John M. Morrison: Chairman of the Board
kevin W. Monson: vice Chairman of the Board
Charles N. Funk: President and Chief executive officer
susan r. evans: Chief operating officer
Gary J. ortale: executive vice President, Chief Financial officer
& Treasurer
kent l. Jehle: executive vice President and Chief Credit officer
kurt r. Weise: executive vice President
James M. Cantrell: vice President and Chief risk officer
karin M. taylor: vice President
katie a. lorenson: vice President
Gregory W. turner: vice President and Head of Wealth Management
douglas l. Benjamin: Chief Banking officer
kenneth r. urmie: Corporate Secretary
6 MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt
MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt 7
learn ConSTanTly So We Can CoNtiNuallY iMprove
Risk and rewards
In her new position with
enterprise risk, and more, “We spend a
lot of time reviewing trade publications,
reading the latest bulletins, attending
webinars and conferences, and seeking
regulatory guidance, all in an attempt
to anticipate how the changes will affect
us,” she says.
“Karin has impressed everyone at
MidWestOne with her professionalism
and broad knowledge of our industry.
She brings a common sense approach
to compliance, audit and risk
management. More importantly, she
has openly embraced our culture and
operating principles and has quickly
become a leader in the new company,”
says Charlie Funk, MidWestOne
President and CEO.
MidWestOne, Karin will continue to
be based in the Twin Cities area, where
she was born. Her father was a life-
long banker and she pursued the same
path after college. Starting as a teller,
she served at a number of financial
institutions and also worked for the
McGladrey consulting group, handling
internal audits, regulatory compliance,
and other aspects of risk assessment.
When Karin was approached by
Central Bank in 2009 to build its risk
management department, she jumped
at the chance. She’s been running fast
ever since — and MidWestOne and its
customers will soon reap the rewards of
her commitment to constant learning.
“We’re community banks with a strong customer
focus, and we’re fortunate to have very positive and
proactive relationships with our regulators.”
Karin taylor, Chief risk Officer, Central Bank
Golden Valley, Mn
KARIN TAYLOR IS A
RUNNER – “just for fun, with some
neighbors,” she says. It’s a hobby that
serves Karin well in her current job as
Chief Risk Officer for Central Bank
in Golden Valley, MN, where she has
to move fast to keep pace with today’s
rapidly-evolving regulatory environment.
“The 2008 recession triggered so
many regulatory changes,” she explains,
citing creation of the Consumer
Financial Protection Bureau as just
one example. “People can debate about
whether the rules are reasonable for
community banks, but the fact is, we
have to be up to speed on all of them.”
In other words, staying
current is a moving target, making
MidWestOne’s operating principle —
“learn constantly so we can continually
improve” — essential to Karin’s
job. That’s just one reason she’s
looking forward to completion of the
MidWestOne-Central Bank merger
in 2016. Karin will then transition
to even broader responsibilities as
MidWestOne’s Vice President of
Audit and Compliance.
“During my visits to Iowa City,
I’ve seen that we’re more alike than
different,” she says of the merger plans.
“We’re community banks with a strong
customer focus, and we’re fortunate
to have very positive and proactive
relationships with our regulators.”
Regulatory compliance is among
the responsibilities covered by Karin
and her team, in addition to internal
audit, external loan review, assessing
8 MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt
MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt 9
learn ConSTanTly So We Can CoNtiNuallY iMprove
Leading
from within
“The Institute has always had two
MIDWESTONE’S COMMIT-
MENT to constant learning and
improvement begins at the top. In fact,
it was an idea proposed by President
and CEO Charles N. Funk that led to
the bank’s most prestigious staff de-
velopment program: the MidWestOne
Leadership Institute.
“Charlie and I first began talking
about this concept not long after our
2008 merger, in the context of envi-
sioning what the organization would
look like in the years ahead,” says Soni
Harney, MidWestOne Senior Vice Presi-
dent and Director of Human Resources.
Susan Weinschenk, Vice President,
Human Resource Development, soon
joined the conversation.
“I’m passionate about leadership
and management, so it was exciting to
jump in and figure out our goals, what
the curriculum would look like, and
how we would want staff to participate,”
Susan says. “We began the program in
2010 and have continued to refine it
along the way.”
The Leadership Institute is a year-
long program involving approximately
12 students in each class. Participants
meet for one full day each month for 9
months, with homework assignments
in between and an individual cap-
stone project at the end of the course.
Institute faculty include three external
facilitators “who know us well,” says
Susan; she and other senior Officers
provide instruction as well. Since the
Institute began, about 75 bank Officers
have participated.
main areas of focus,” Susan explains.
“First, we help people figure out who
they are as leaders. What are their
strengths and values, how do they com-
municate, what motivates them, what is
their leadership style, and how are they
perceived by others? We use a behavior-
al assessment tool that allows Officers
to better understand their predictable
tendencies, and how those behaviors
might be adapted or leveraged for more
effective leadership.
“Our second main focus is change
management and how to use one’s
communication skills to help others
navigate through change,” she con-
tinues. “We added a decision-making
course in this part of the curriculum
in 2012, and it proved so popular that
we made it available to Institute alumni
and our Executive Management Team.”
In the program’s fifth year, Su-
san and Soni saw a call for entries in
HR.com’s annual Leadership 500 Excel-
lence Awards program.
“We decided to nominate the
Leadership Institute, even though we
figured it was a long shot,” Soni recalls.
“But HR.com contacted us and urged
us to come to the 2014 Global Leader-
ship Excellence Forum in Colorado that
fall. They told us we placed in the top
10, but wouldn’t tell us where. Then, at
the awards ceremony, we found out we
landed the number two spot among all
midsized companies in the nation! It
was so cool. To me, it was a real affirma-
tion of everything Susan has done to
grow this program.” Susan adds that the
“We are trying to breed internal
champions of change. and a huge
part of that is the ongoing process
of self-awareness and reflection.
Good leadership is a life-long journey.”
soni Harney (right), senior Vice President and director of
Human resources, pictured with susan Weinschenk,
Vice President, Human resource development
award also confirmed what MidWestOne
has known all along — that programs like
the Leadership Institute are rare in the
banking industry. “It’s a testament to
MidWestOne’s senior leadership for its
ongoing support of this Officer develop-
ment initiative,” she says.
The Institute’s national recognition
only added to its visibility within the
bank. But Soni explains that while Offi-
cers consider it a privilege to be selected
for Institute participation, it’s not their
only means of acquiring leadership skills.
“MidWestOne invests in a broad spectrum
of leadership development opportunities,
including local Community Leadership
Programs, the Iowa School of Banking,
the Graduate School of Banking in
Colorado, and more,” she says.
When choosing Leadership Insti-
tute participants, Soni says she and her
colleagues look at officers and middle
managers “on what I would call our list
of rising stars with high potential. We
then identify individuals who we be-
lieve would benefit from more focused
leadership learning.”
Among the earliest and most
important lessons Institute participants
learn is the distinction between leader-
ship and management. “We spend
a fair amount of time talking about
this,” says Susan. “Institute participants
understand right away that manage-
ment is when I help my people get their
tasks done so we can reach our goals.
But leadership is more visionary. For
example, say we are rolling out some
sort of process change, and you find an
issue with what’s proposed. Leadership
is being able to raise that issue in a way
that doesn’t register as a complaint, but
helps people understand and gets them
all on the same page.”
Soni puts it another way. “We are
trying to breed internal champions of
change. And a huge part of that is the
ongoing process of self-awareness and
reflection. Good leadership is a life-
long journey.”
For Institute participants, per-
haps the most meaningful journey of
self-discovery comes at the end of the
course, when they are required to com-
plete a final project requiring extensive
research, a written report, and an oral
presentation.
“In the beginning, these presenta-
tions were more like book reports,”
Susan says. “So we adjusted our expecta-
tions and directions, added a class on
presentation skills — something many
participants were lacking — and now
these projects have much more depth
and impact. They’re not just a reflec-
tion of what students have learned, but
what they are pledging to do better.”
She shares a list of topics chosen
for final Institute presentations, which
makes clear that program participants
are taking Leadership Institute lessons
to heart. From embracing better team-
work and more effective communica-
tion, to examining the value of intro-
spection and humor in the workplace,
these future leaders are committed to
constant learning — about themselves,
their roles at MidWestOne, and their
contributions to a vibrant atmosphere
of constant change and improvement.
10 MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt
MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt 11
learn ConSTanTly So We Can CoNtiNuallY iMprove
The ripple
effect
COMMUNITY BANKS ARE
ATTUNED to local needs, and after
23 years at MidWestOne in Oskaloosa,
Iowa, Jane Krutzfeldt knows her commu-
nity well. She also knows first-hand that
when community members gain financial
literacy, the effects can be far-reaching.
Jane serves as an Investment Ser-
vices Assistant at MidWestOne. In 2006,
she and her husband were approached
about teaching a financial literacy class
by Love INC, a nationwide nonprofit
organization that brings churches
together to help disadvantaged indi-
viduals and families. Love INC had
been working in Oskaloosa since 1998,
collaborating with local nonprofits and
service agencies to help transform lives.
“After reviewing the curriculum, we
loved the way the class took financial
education way beyond how to balance a
checkbook,” Jane recalls. “Sometimes a
short-term financial need must be met,
but education makes a more lasting im-
pact on class participants, which in turn
ripples out into the community. We
agreed to get involved and we’ve been
teaching the course together ever since.”
Each class involves between 8 and
15 participants and is offered in the
spring and fall. Course topics include
opening a bank account, using and
maintaining a checking account, orga-
nizing financial documents, recording
expenses, developing financial goals, cre-
ating a budget, paying bills, determining
net worth, credit cards and debt, loans,
savings, investments, taxes, insurance,
and credit reports. That’s a lot to absorb,
but the lessons seem to be sinking in.
“I have a growing stack of thank-
you notes that I treasure,” Jane says.
“But the greatest reward is to see partici-
pants out in the community, working or
raising their children, and having them
tell us that they still use the principles
taught in the classes, and that they
made a difference.”
The classes are making a difference
for Jane, too, reminding her of the
value of constant learning. “We must al-
ways be ready to serve our clients, even
when their reality suddenly changes,”
she explains. “A client who was a wife
and mother yesterday, for example,
might suddenly find herself as a widow
and employee.
“Teaching this course keeps me
aware of the changing needs of our
community, and how MidWestOne can
continue to address those needs today
and in the future.”
10 MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt
MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt 11
“the greatest reward is to see participants out in the
community, working or raising their children.”
Jane Krutzfeldt, investment services assistant
learn ConSTanTly So We Can CoNtiNuallY iMprove
The knowledge
network
Assistant Retail Manager John Schicke-
danz completed their first year of the
Iowa School of Banking this past June.
Both came away with new insights –
and new connections.
session, two MidWestOne employees
headed to Boulder, Colorado, for the
2015 Graduate School of Banking –
one to begin her schooling there, the
other to complete her final year.
“BACK TO SCHOOL” is the
phrase most people associate with
summer’s end. In the banking industry,
summertime is school time, when bank-
ing schools across the nation welcome
students eager to advance their knowl-
edge and professional skills.
MidWestOne offers its employees
opportunities to participate in two such
programs:
•
•
The Iowa School of Banking, spon-
sored by the Iowa Bankers Associa-
tion, a two-year program for first-
and mid-level managers, consisting
of a one-week session each summer
and an intersession project
The Graduate School of Banking
at Colorado (GSBC), a three-year
program for bank officers, regula-
tors, and other bank affiliates;
classes meet in Boulder for two
weeks each summer, with three
intersession projects each year
Customer Relationship Manage-
ment Officer McKenzie Paulsen and
“I hoped to gain a better un-
derstanding of banking as a whole,
especially interest rate risk and portfolio
pricing, and I wasn’t disappointed,”
says John. “But I was surprised by how
much I benefitted from the networking
aspects of the program. By talking to
other bankers, I was able to think about
ways we can better serve our customers.”
For McKenzie, the experience
helped reveal the bigger picture. “Before
the Iowa School of Banking, I mostly
envisioned the separate pieces that
make up the bank, like sales, account-
ing, and so on. Banking school opened
my eyes to how the bank functions as
one cohesive unit, and the important
part each department plays in the suc-
cess of the bank as a whole.”
Shortly after John and McKenzie
completed their Iowa banking school
“Banking school opened my eyes to how the bank
functions as one cohesive unit, and the important
part each department plays in the success of the
bank as a whole.”
McKenzie Paulsen, Customer relationship Management Officer
Thais Winkleblack, Vice President,
Private Banking & Trust Business
Development Officer, is the new GSBC
graduate. Like John, she cites her large
network of classmates as one of GSBC’s
most valuable aspects. But she was also
impressed by the third-year banking
simulation exercise, and how much she
learned in a course she hadn’t chosen
for herself.
“I got assigned to a class on agricul-
tural lending, where the instructor talked
about global economics to help lenders
understand the importance of connectiv-
ity on a world scale,” she recalls. “It was
seriously the best class I had.”
Kim Ross, Vice President, Deposit
Operations, entered GSBC as a second-
year student this summer due to her
previous attendance at the Iowa School
of Banking, which Thais had done as
well. Kim, too, says she increased her
knowledge of the banking environment,
and she appreciates making so many
new contacts across the country. But
there’s another takeaway, which McKen-
zie, John, and Thais echo as well.
“Listening to other GSCB class-
mates discuss issues at their banks, I feel
very fortunate to work for a company
with such a strong culture and proven
practices,” Kim says. “More than any-
thing else, my banking school experi-
ence reinforced the pride and gratitude
I have for MidWestOne.”
From left: Kim ross, McKenzie Paulsen, John
schickendanz, thais Winkleblack.
14 MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt
MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt 15
FinanCial hiGhliGhts
(dollars in thousands, except per share amounts)
COndE nsEd COnsOlidatEd BalaNCe sheets
(dollars in thousands)
2015
2014
2013
deCeMBer 31,
Year-eNd BalaNCes
assets
investment securities
loans
loan Pool Participations
deposits
stockholders’ Equity
averaGe BalaNCes
assets
investment securities
loans
loan Pool Participations
total deposits
shareholders’ Equity
results oF operatioNs
net interest income
Provision for loan losses
noninterest income
noninterest Expense
income Before income taxes
net income
per CoMMoN share
net income - Basic
net income - diluted
dividends
Book Value
Closing Price
asset QualitY
Bank loans Past due 30-89 days
non-Performing Bank loans
net Charge Offs
ratios
return on average Equity
return on average tangible Equity
return on average assets
net interest Margin
Efficiency ratio
average Equity as a % of average assets
allowance for Bank loan losses as a % of Bank loans
net Bank loan Charge-offs as a % of average Bank loans
non-performing Bank loans as a % of Bank loans
$2,979,975
545,664
2,151,942
-
2,463,521
296,178
$2,773,095
542,515
1,962,846
10,032
2,276,003
255,307
$90,052
5,132
21,193
73,176
32,937
25,118
$2.42
2.42
0.60
25.96
30.41
8,491
11,528
2,068
9.84%
14.70%
0.91%
3.71%
61.08%
9.21%
0.90%
0.11%
0.54%
$1,800,302
526,466
1,132,519
21,466
1,408,542
192,731
$1,760,776
534,371
1,092,280
24,321
1,384,084
186,375
$54,853
1,200
15,313
43,413
25,553
18,522
$2.20
2.19
0.58
23.07
28.81
3,862
13,021
1,016
9.94%
10.61%
1.05%
3.53%
58.74%
10.58%
1.44%
0.09%
1.15%
$1,755,218
531,186
1,088,412
27,667
1,374,942
178,016
$1,756,344
568,518
1,059,356
32,648
1,359,479
175,666
$53,962
1,350
14,728
42,087
25,253
18,607
$2.19
2.18
0.50
20.99
27.20
4,901
13,776
1,128
10.59%
11.43%
1.06%
3.46%
57.23%
10.00%
1.49%
0.11%
1.27%
sHarE priCe
2014
First Quarter
second Quarter
third Quarter
Fourth Quarter
2015
First Quarter
second Quarter
third Quarter
Fourth Quarter
hiGh
$27.67
$26.18
$24.95
$29.10
hiGh
$29.82
$33.88
$34.04
$32.52
loW
$23.53
$22.50
$23.00
$22.73
loW
$27.74
$28.33
$28.43
$28.06
Cash divideNd deClared
$0.145
$0.145
$0.145
$0.145
Cash divideNd de Clared
$0.150
$0.150
$0.150
$0.150
assets
Cash and due from banks
Federal funds sold and other short-term investments
cash and cash equivalents
securities available for sale
securities held to maturity
loans held for sale
loans
allowance for loan losses
loans, net
loan pool participations, net
Premises and equipment, net
accrued interest receivable
Goodwill
Other intangible assets, net
Bank owned life insurance
Other real estate owned
Other assets
total assets
liaBilities aNd shareholders’ eQuitY
liabilities
deposits:
non-interest-bearing demand
interest-bearing checking
savings
Certificates of deposit under $100,000
Certificates of deposit $100,000 and over
total deposits
Federal funds purchased and securities sold under agreements to repurchase
Federal Home loan Bank borrowings
Junior subordinated notes issued to capital trusts
long-term debt
accrued expenses and other liabilities
total liabilities
shareholders’ equity
Preferred stock, no par value, with a liquidation preference of $1,000 per share;
authorized 500,000 shares; no shares issued and outstanding as of december 31,
2015 and 2014
-
Capital stock, common, $1 par value; authorized 15,000,000 shares;
11,713,481 shares issued at december 31, 2015 and
8,690,398 shares issued at december 31, 2014
additional paid-in capital
treasury stock, at cost; 304,708 shares and 334,732 shares at
december 31, 2015 and 2014, respectively
retained earnings
accumulated other comprehensive income
total shareholders’ equity
total liabilities and shareholders’ equity
11,713
163,487
(6,331)
123,901
3,408
296,178
$2,979,975
2015
$44,199
2,898
47,097
427,241
118,423
3,187
2,151,942
(19,427)
2,132,515
-
76,202
13,736
64,548
19,141
46,295
8,834
22,756
$2,979,975
$559,586
1,064,350
189,489
348,268
301,828
2,463,521
68,963
87,000
23,587
22,500
18,226
2,683,797
2014
$23,028
381
23,409
474,942
51,524
801
1,132,519
(16,363)
1,116,156
19,332
37,770
10,898
-
8,259
38,142
1,916
17,153
$1,800,302
$214,461
618,540
102,527
235,395
237,619
1,408,542
78,229
93,000
15,464
-
12,336
1,607,571
-
8,690
80,537
(6,945)
105,127
5,322
192,731
$1,800,302
16 MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt
MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt 17
COndE nsEd COnsOlidatEd stateMeNts oF operatioNs
COnsOlidatE d statEMEnts OF shareholders’ eQuitY
(dollars in thousands, except per share amounts)
(dollars in thousands, except per share amounts)
Year eNded deCeMBer 31,
aCCuMulated
other
iNterest iNCoMe
loans
loan pool participations
securities:
taxable securities
tax-exempt securities
Federal funds sold and other short-term investments
total interest income
iNterest expeNse:
2015
$86,544
798
7,734
5,553
71
100,700
interest-bearing checking
savings
Certificates of deposit
Federal funds purchased and securities sold under agreements to repurchase
Federal Home loan Bank advances
Other borrowings
Junior subordinated notes issued to capital trusts
subordinated notes
long-term debt
total interest expense
Net interest income
provisioN For loaN losses
Net interest income after provision for loan losses
NoNiNterest iNCoMe:
trust, investment, and insurance fees
service charges on deposit accounts
Mortgage origination and servicing fees
Other service charges, commissions and fees
Bank-owned life insurance income
securities gains, net
loss on sale of premises and equipment
total noninterest income
NoNiNterest expeNse:
salaries and employee benefits
net occupancy and equipment
data processing
FdiC insurance
amortization of intangible assets
Other expenses
total noninterest expense
income before income taxes
Years eNded deCeMBer 31, 2015, 2014, aNd 2013
stoCk
preFerred CoMMoN
additioNal
stoCk paid-iN Capital stoCk
treasurY retaiNed CoMpreheNsive
earNiNGs
iNCoMe (loss) total
Balance, december 31, 2012
$
-
$8,690
$80,383
$(3,316) $77,125
$11,050 $173,932
net income
dividends paid on common stock ($0.50 per share)
stock options exercised (56,314 shares)
release/lapse of restriction on rsus (19,585 shares)
repurchase of common stock (40,713 shares)
stock compensation
Other comprehensive income, net of tax
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
(270)
-
384
-
-
-
296
285
(967)
-
-
18,607
(4,259)
-
-
-
-
-
-
-
-
-
-
-
(10,001)
18,607
(4,259)
305
15
(967)
384
(10,001)
Balance, december 31, 2013
$
-
$8,690
$80,506
$(3,702)
$91,473
$1,049 $178,016
net income
dividends paid on common stock ($0.58 per share)
stock options exercised (15,419 shares)
release/lapse of restriction on rsus (27,491 shares)
repurchase of common stock (165,766 shares)
stock compensation
Other comprehensive income, net of tax
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(26)
(436)
-
493
-
-
-
285
459
(3,987)
-
-
18,522
(4,868)
-
-
-
-
-
-
-
-
-
-
-
4,273
18,522
(4,868)
259
23
(3,987)
493
4,273
Balance, december 31, 2014
$
-
$8,690
$80,537
$(6,945) $105,127
$5,322 $192,731
net income
issuance of common stock due to
business combination (2,723,083 shares)
issuance of common stock - private placement (300,000 shares)
dividends paid on common stock ($0.60 per share)
stock options exercised (8,414 shares)
release/lapse of restriction on rsus (23,123 shares)
stock compensation
Other comprehensive income, net of tax
-
-
-
-
-
-
-
-
-
-
-
25,118
-
25,118
2,723
300
-
-
-
-
-
75,172
7,600
-
(40)
(416)
634
-
-
-
-
169
445
-
-
-
-
(6,344)
-
-
-
-
-
-
-
-
-
-
(1,914)
77,895
7,900
(6,344)
129
29
634
(1,914)
Balance, december 31, 2015
$
-
$11,713
$163,487
$(6,331) $123,901
$3,408 $296,178
2014
2013
$48,466
1,516
$48,828
2,046
8,921
5,455
46
64,404
2,168
145
4,714
127
2,092
24
281
-
-
9,551
54,853
1,200
53,653
5,771
3,279
1,554
2,381
1,102
1,227
(1)
15,313
24,918
6,293
1,565
964
547
9,126
43,413
25,553
9,905
5,298
17
66,094
2,362
140
6,453
166
2,686
29
296
-
-
12,132
53,962
1,350
52,612
5,345
2,980
3,209
2,210
922
65
(3)
14,728
24,596
6,356
1,452
1,066
663
7,954
42,087
25,253
2,627
360
4,851
210
1,451
22
592
162
373
10,648
90,052
5,132
84,920
6,005
4,401
2,756
5,742
1,307
1,011
(29)
21,193
41,865
9,975
2,659
1,397
3,271
14,009
73,176
32,937
income taxes
7,819
7,031
6,646
Net iNCoMe
$25,118
$18,522
$18,607
earNiNGs per CoMMoN share
Basic
diluted
$ 2.42
$ 2.20
$ 2.19
$ 2.42
$ 2.19
$ 2.18
traNsFer aGeNt/
divideNd paYiNG aGeNt
American Stock Transfer
& Trust Company, LLC
6201 15th Avenue
Brooklyn, New York 11219
GeNeral CouNsel
Barack Ferrazzano Kirschbaum &
Nagelberg LLP
200 West Madison Street, Suite 3900
Chicago, Illinois 60606-3465
iNdepeNdeN t re Gistered
puBliC aCCouNtiNG FirM
RSM US, LLP
221 Third Avenue SE
Suite 300
Cedar Rapids, Iowa 52401
18 MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt
MidWEstOnE FinanCial GrOuP, inC. 2015 annual rEPOrt 19
Conrad
Coralville
davenport
Fairfield
Fairfield
iowa City
iowa City
iowa City
iowa City
miDWEstonE Bank
ioWa
Belle plaine
802 13th Street
Burlington
3225 Division Street
Cedar Falls
4510 Prairie Parkway
319-444-2842
319-754-6526
319-277-2500
641-366-2165
319-356-5800
120 West Center Street
110 First avenue
101 W. Second Street, Suite 100 563-322-9900
58 east Burlington avenue
641-472-6511
2408 West Burlington avenue
641-472-2424
Fort Madison
926 avenue G
319-372-3991
102 South Clinton Street
319-356-5800
cEntRal Bank
MiNNesota
Centerville
7111 21st avenue north
651-762-9440
Centerville sBa
loan office
7031 20th avenue South
Chisago City
11151 lake Boulevard
Coon rapids
3585 124th avenue
eden prairie
6640 Shady oak road
651-257-7525
651-257-6561
763-780-0484
952-944-6640
elk river
18233 Carson Court nW
763-274-3200
Forest lake
1650 South lake Street
651-464-2880
Golden valley
945 Winnetka avenue north
763-545-9005
Minneapolis
(lowry hill)
2120 Hennepin avenue South
612-767-5600
500 South Clinton Street
319-356-5960
Newport
2104 Hastings avenue
651-256-7250
1906 Keokuk Street
319-356-5800
south st. paul
835 Southview Boulevard
651-451-2133
2233 rochester avenue
319-356-5800
stillwater
2270 Frontage road West
651-439-3050
Melbourne
202 Main Street
North english
10030 Highway 149
641-482-3105
319-664-3311
st. Michael
750 Central avenue e, Suite 100 763-497-3114
White Bear lake 3670 east County line north
651-426-2554
North liberty
465 Hwy 965 ne, Suite a
319-356-5800
oskaloosa
oskaloosa
124 South First Street
222 First avenue east
parkersburg
1001 Highway 57
pella
pella
sigourney
Waterloo
700 Main Street
500 oskaloosa Street
112 north Main Street
3110 Kimball avenue
641-673-8303
641-673-8303
319-346-1645
641-628-4356
641-628-4356
641-622-2381
319-232-5513
West liberty
305 West rainbow Drive
319-627-2100
toll Free
en español 319-688-3938
1-800-247-4418
miDWEstonE insuRancE sERvicEs, inc.
Cedar Falls
4510 Prairie Parkway
319-277-2500
Conrad
120 West Center Street
641-366-2165
Melbourne
202 Main Street
oskaloosa
124 South First Street
parkersburg
1001 Highway 57
pella
700 Main Street
641-482-3105
641-673-8603
319-346-1645
641-628-4904
toll Free
1-800-934-7763
MidWestoNe FiNaNCial Group, iNC.
Corporate headquarters
102 South Clinton Street
Iowa City, Iowa 52240-4065
1-800-247-4418
MidWestone.com
NasdaQ symbol: MoFG
WisCoNsiN
hudson
404 County road uu
North hudson
880 Sixth Street north
osceola
304 Cascade Street
715-377-7180
715-386-8700
715-294-2183
st. Croix Falls
2183 uS Highway 8 east
715-483-9800
Florida
Fort Myers
1520 royal Palm Square Boulevard
Suite 100
239-274-1900
Naples
4099 Tamiami Trail north
Suite 100
239-430-2500
nick Pfeiffer, MidWestone
©2016 MidWEstOnE FinanCial GrOuP, inC.
Direction:
Writing:
photography:
Design:
printing:
Tru art, Iowa City, Iowa
fisheye, Hiawatha, Iowa
Shullaw and associates, Iowa City, Iowa
Benson & Hepker Design, Iowa City, Iowa