Building Momentum
2021 Annual Report
Business client Ryan Baker, owner
of World of Bikes, and friends.
MidWestOne Financial Group, Inc.
and MidWestOne Bank Boards
of Directors
Contents
Larry D. Albert—Retired CEO, Central Bank
2-6
To Our Shareholders
7
8
9
10
11
Financial Highlights
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Shareholders’ Equity
Company Leadership
Richard R. Donohue—Retired Managing Partner,
TD&T CPAs and Advisors, P.C.
Charles N. Funk—Chief Executive Officer, MidWestOne
Financial Group, Inc. and MidWestOne Bank
Janet E. Godwin—CEO, ACT, Inc.
Douglas H. Greeff—President, Greeff Advisory LLC*
Richard J. Hartig—Chairman, Hartig Drug Stores
Jennifer L. Hauschildt—Vice President of Human
Resources, Uponor
Matthew J. Hayek—Attorney & Partner, Hayek,
Moreland, Smith & Bergus, LLP
Nathaniel J. Kaeding—Director, Business Development
and Client Relations, Build to Suit, Inc.
Tracy S. McCormick—CFO and Director, Mill Creek
Development Company
Kevin W. Monson—Founder and Chairman Emeritus,
Neumann Monson Architects; Chairman of the Board
Charles J. Schrup III—Retired Vice Chairman, ATBancorp
and Retired Co-Chairman of the Board, American Trust**
Ruth E. Stanoch—Corporate Affairs Consultant
Douglas K. True—Retired Senior Vice President and
Treasurer, University of Iowa
*Serves only on MidWestOne Financial Group, Inc. board
**Serves only on MidWestOne Bank board
MidWestOne Financial Group, Inc. 2021 Annual Report
To Our Shareholders
“We are told that talent creates its own opportunities. But it sometimes seems that
intense desire creates not only its own opportunities, but its own talents”
The American moral and social philosopher, Eric Hoffer,
wrote these words and they seem very much congruent
with MidWestOne Financial Group’s performance in 2021.
From a financial standpoint, it was a year of record earnings.
And it was so much more. In a year of significant uncertainty
stemming from a relentless pandemic, as well as unprece-
dented government stimulus, this company held its head
high. Corporate perseverance can only be achieved when
hands join together and climb the hill.
That’s exactly what this company did in 2021. Consider a
few of the obstacles that created opportunities:
The U.S. government initiated another round of the Payment
Protection Program early in 2021 and MidWestOne bankers
once again responded to buoy our customers. When the
results were tallied, Round Two had generated $149.3
million in PPP loans. 2020’s Round One of PPP had already
resulted in the advancement of $348.5 million in PPP loans.
While there were many obstacles along the way, our team
conquered every one of them to follow our mission of tak-
ing care of our customers and those who should be. This
also highlighted the critical role community banks play on
Main Street across the country.
The pandemic continued to rage and MidWestOne spared
no time or expense in its quest to keep our customers and
employees safe. There were a few days of office closures
due to staffing challenges but our collective will to take
care of our customers—whether through virtual, digital or
in-person channels—never wavered. The pandemic under-
lined how important two of our operating principles are:
work as One team and learn constantly so we continually
improve.
Asset quality—the creditworthiness of our loan portfolio—
continued its multi-year progress in 2021. Pandemic
notwithstanding, our bankers continued to work with
troubled borrowers to fairly and equitably resolve past due
and nonperforming assets. We have reason to believe this
progress will continue to manifest itself in 2022.
In a very difficult hiring environment, we added key people
in important areas of our company. While we will go into
more detail below, suffice it to say that these are talented
individuals who were excited to join our company in large
part due to an attractive culture that rewards integrity,
teamwork and superior client care.
We have not been oblivious to the rapid and persistent
transformation of our industry toward a greater reliance
on digital channels. As such, we’ve continued to step up
and push our digital roadmap forward. This critical effort
has fostered significant teamwork inside the walls of the
company.
Even though government stimulus boosted and sustained
many areas of the economy, there were also pockets
where people and organizations struggled to make ends
meet. As we have always done, we stepped up to the
challenge by finding ways to offer support. Throughout
our footprint, we continue to support hundreds of orga-
nizations that improve the lives of their constituents. And
we have committed even more resources to underserved
communities. One example was in the Twin Cities where
we significantly improved our community outreach by
focusing on bridging the home ownership gap through
our work with non-profit organizations. We developed a
proprietary “First Home Now” product and were able to
help 71 low-to-moderate income families purchase their
first home. Similar efforts are under way in other commu-
nities we serve, and we are delighted to be able to make a
meaningful difference.
Despite the challenges of the times, we were again awarded
the designation as one of Iowa’s Top Workplaces by
Workplace Dynamics for the 8th consecutive year in 2021.
We were awarded a “national standard” ranking in our
Twin Cities offices. We believe this recognition affirms our
laser-like focus on culture and our corporate Operating
Principles. This company is nothing without a strong and
resilient culture.
We were gratified to receive recognition from Newsweek,
which awarded MidWestOne Bank the designation as the
“best bank in Iowa,” a first for our company.
With this context, let’s dig into the financial numbers that
propelled MidWestOne to its best performance in its
86-year history.
Net income was $69.5 million in 2021, or $4.37 per diluted
common share. Both are all-time highs.
Return on average assets was 1.20 percent and return on
tangible equity was 16.63 percent.
The efficiency ratio improved to an unprecedented 54.65
percent. We had a net recovery of charged off loans of 0.01
percent. We also note that our nonperforming loans ratio
declined 21.1 percent to 0.97 percent as of year-end 2021.
This is the first year-end since 2018 that our NPL ratio has
fallen below one percent.
We increased our dividend to an all-time high of $0.90 per
share in 2021 and also repurchased 395,540 shares of our
common stock under the current and prior share repurchase
programs during the year. These two actions combined to
return $25.8 million to our shareholders in 2021. In addi-
tion, we announced a 5.6 percent increase in the quarterly
dividend in January 2022 to an annualized $0.95 per share.
We generate approximately 78 percent of our top line
revenues from the collection of customer deposits and the
investment of these deposits into assets, primarily bank
loans. The zero-interest rate policy of the Federal Reserve
has narrowed the difference between the interest paid rate
on deposits and received on assets. This is our net interest
margin and for MidWestOne and its banking counterparts,
this has been a significant challenge for the past several
years. In fact, our tax equivalent NIM of 2.95 percent was
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
68.00
66.00
64.00
62.00
60.00
58.00
56.00
54.00
52.00
225.00
200.00
175.00
150.00
125.00
100.00
75.00
50.00
25.00
0.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
Return on Average Assets (%)
FY2017
FY2018
FY2019
FY2020
FY2021
MOFG
Peer
Midwest Banks
Efficiency Ratio (%)
FY2017
FY2018
FY2019
FY2020
FY2021
MOFG
Peer
Midwest Banks
Dividend Payout Ratio (%)
FY2017
FY2018
FY2019
FY2020
FY2021
MOFG
Peer
Midwest Banks
Return on Average Equity (%)
FY2017
FY2018
FY2019
FY2020
FY2021
MOFG
Peer
Midwest Banks
MidWestOne Financial Group, Inc. 2021 Annual Report
MidWestOne Financial Group, Inc. 2021 Annual Report
3.90
3.80
3.70
3.60
3.50
3.40
3.30
3.20
3.10
3.00
2.90
2.80
62.00
54.00
46.00
38.00
30.00
22.00
14.00
6.00
360.00
310.00
260.00
210.00
160.00
110.00
60.00
Net Interest Margin (%)
FY2017
FY2018
FY2019
FY2020
FY2021
MOFG
Peer
Midwest Banks
Price / LTM EPS (X)
FY2017
FY2018
FY2019
FY2020
FY2021
MOFG
Peer
Midwest Banks
Total Return Performance
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
12/31/2021
MidWestOne Financial Group, Inc.
NASDAQ Composite Index
S&P U.S. BMI Banks - Midwest Region Index
the lowest in our history. We partially compensated for
this compression with an increase in earning assets which
was largely driven by the robust increase in bank deposits
during the year.
Critical to our success in 2022 and beyond is increasing
the growth in our commercial loan portfolio. We believe
that we are positioned to do just that. We have reorganized
MidWestOne Bank’s Commercial Banking Division under
the leadership of Executive Vice President Chase Stafford.
We have seen strong growth from our Denver banking
office and expect that to continue. We believe we have
increasing momentum in our SW Florida Naples and Fort
Myers offices. A new and seasoned leadership team is in
place in the Twin Cities. We also foresee excellent growth
in our home market in Iowa City. This is a people-centric
business and we believe the team in place is the strongest
and most experienced in our company’s history.
One element that will support commercial banking
growth is the formation of a Business Banking unit.
This unit will serve many of our small business borrowers.
When the rollout is complete, our borrowers will be able to
apply for these loans digitally and receive very quick turn-
around for approval and loan closing. Not only will this be
more convenient for most of our borrowers, but it will also
be an efficient method of delivery for the bank.
Non-interest income must rise as a percentage of
total revenues. We have always had a strong presence
in Wealth Management in our legacy Iowa markets. This
service has been delivered via a strong Trust Department
and our Investment Services Department, which is com-
prised of licensed investment representatives. In late 2020,
we were able to add three Trust professionals in our Twin
Cities market. This team delivered solid performance; the
Trust Department saw an overall revenue increase from
the prior year of 17.4 percent, while the Investment Services
Department saw an increase of 27.8 percent. Combined,
the total increase from the prior year in investment services
and trust activities revenue was 21.2 percent. In late 2021,
we were able to add four more Trust professionals to
expand our already strong franchise in Eastern Iowa, and
we added an investment representative to our Dubuque
market to serve and grow an excellent client base there.
To say we are optimistic about 2022 and beyond is an
understatement! We believe there is strong market demand
for our brand of wealth management within our geographic
footprint.
The home mortgage business is cyclical and we rode
a wave in 2020-21. 2021 was again a year in which our
Home Mortgage Center contributed mightily to company-
wide earnings. Not only did we originate more than $382
million in 1-4 family home loans, but we also built our
mortgage servicing portfolio to the year-end level of $1.138
billion. We regard our expertise in 1-4 family lending as a
gateway to more retail banking relationships and, indeed,
that is what happened in 2021 as the partnership between
these two important parts of our bank was strong. We also
recognize that as interest rates on home loans rise in 2022,
the contribution from this line of business is likely to fall.
We continue to invest in our technology platforms. It is
important to remember that technology in a commercial
bank affects not only interactions with customers, but also
the complex inner-workings of the bank. When we can use
technology to make our customers’ lives simpler, we
become an ever more essential partner to them. But we
also must raise our game inside the walls of the company
by using automation and artificial intelligence to increase
efficiency. Projects completed in 2021 or in process as we
start 2022 include:
• Continued digital banking platform enhancements
• New contactless and mobile wallet payment solutions
• Enterprise workflow which has saved hundreds of hours
of staff time
• Digital signature expansion
• Streamlined business lending platform
• Enterprise data warehouse that can help us make better
data driven decisions
• A new and greatly enhanced platform for our Trust
Department
As noted above, the asset quality in the loan portfolio
continues its improvement. Our net charged off loans
peaked in 2017 and have been consistently declining since
and we showed a net recovery of charged off loans in 2021.
We also note that our nonperforming loans ratio declined
21.1 percent in 2021. We expect further improvement in
2022 and also note that, at 1.52 percent, our credit loss
reserve as a percentage of bank loans (net of PPP) is very
strong. Improvement in asset quality as well as in economic
conditions allowed us to release significant credit loss re-
serves into income in 2021. Just as adding reserves in 2020
hampered bank earnings, so, too, did the reserve releases
create a wind at our back in 2021. We applaud the efforts of
our Credit Administration team, our Special Assets Depart-
ment and our bankers in the field as we have improved
asset quality by working as One team.
We believe we have been good managers of our share-
holders’ capital. For several years, we’ve operated slightly
below our peers in terms of various capital to asset ratios.
We believe we’ve prudently leveraged our capital position.
Due to the larger than expected expansion of the balance
sheet in 2021, our tangible equity fell to 7.49 percent at
year-end 2021. We believe the risk profile of the company
has changed little over the past year; in fact one measure
of this is reflected in our total capital to risk-weighted assets
ratio of 13.09 percent, which was down slightly from 13.41
percent at year-end 2020.
Our acquisition of Iowa First Bancshares Corp. fits
nicely into our existing geographic footprint and allows
us to show better earnings visibility into 2022-23. Iowa
First operates in two major market in Southern Iowa, Mus-
catine and Fairfield. When the merger is consummated,
MidWestOne will command the number one deposit market
share in four counties in Southern Iowa: Mahaska (MWO
operates in Oskaloosa), Keokuk (Sigourney and North En-
glish), Jefferson (Fairfield) and Muscatine (West Liberty and
Muscatine). This was announced as an all cash transaction
and will add approximately $500 million to our asset base.
The transaction is estimated to be accretive to 2022 earnings.
Iowa First shares MidWestOne’s commitment to strong
customer care and passionate community support.
MidWestOne Financial Group, Inc. 2021 Annual Report
MidWestOne Financial Group, Inc. 2021 Annual Report
We have already commented on our workplace awards
received in 2021 as well as in prior years. We could not be
prouder of our strong corps of employees who worked
together so well in 2021. We navigated change with grace
and compassion and remained focused on steering the
corporate ship into safe waters throughout the year. To
land where we have landed does not occur without signif-
icant effort and, yes, talent. We thank our staff for a superb
effort in 2021.
ident & Retail Manager, Iowa City; Ian Mars, Service Desk
Administrator, West Des Moines, IA; Brooklyn Miller, Mort-
gage Loan Processor, Stillwater, MN; John Ruppel, Senior
Vice President & Corporate Controller, Iowa City; Andrea
Skinner, Vice President, Credit Administration, Osceola,
WI; Nereida Velez, Universal Banker, West Liberty, IA; Matt
Walter, Customer Information and Analytics Officer, Iowa
City; Andrea Walz Hartman, Vice President & Retail Manager,
Burlington, IA.
We thank our Board of Directors for providing guidance
and direction in 2021. Even as we bounced back and
forth between remote and in-person meetings, this group
remained engaged and committed to represent our
shareholders in a positive manner.
It remains our great privilege to serve you, our loyal
shareholders. Thank you for your faithful support.
Very sincerely yours,
Charles N. Funk—Chief Executive Officer
Kevin W. Monson—Chairman of the Board
Len D. Devaisher—President & COO
We also welcomed a number of key employees to our
ranks in 2021. These individuals have excelled in their
banking careers and they add to an already strong group
of leaders at MidWestOne. Our future is bright so long as
we can continue to attract high-caliber performers who
blend into our culture. We note that these individuals are
spread throughout our company and in such diverse areas
as Risk Management, Commercial Banking, Credit Admin-
istration, Wealth Management, Finance, and Mortgage
Lending. Our team is stronger today than ever before.
We said good-bye to our director, Kurt Weise, who retired
from the Board last June. Kurt came to us in the Central
Bank transaction in 2015 and was an engaged director
who brought financial acumen into the board room. We
wish him well.
We celebrated the April promotion of Chase Stafford to
Executive Vice President—Commercial Banking. Chase
joined our company in 2014 and has continued to impress
us with his talent, business sense, and work ethic. At year-
end, we promoted Susan Moore to Executive Vice President
and Chief Risk Officer. Susan has been with our company
for three years and has taken her position to a new level of
expertise and significance in our company. The CRO position
continues to take on more complexity and importance as
we move toward the $10 billion asset level.
Our annual employee “Rally Day” celebration was again
held remotely in 2021. We honored nine individuals with
the “CEO Award” for their contributions to the company.
The individuals honored were: Tyler Batchelder, Service
Desk Administrator, Iowa City, IA; Angie Brown, Vice Pres-
MidWestOne Financial Group, Inc. 2021 Annual Report
Financial Highlights
(dollars in thousands, except per share amounts)
YEAR-END BALANCES
Assets
Investment Securities
Loans Held for Investment, Net of Unearned Income
Deposits
Shareholders' Equity
AVERAGE BALANCES
Assets
Investment Securities
Total Loans
Deposits
Shareholders' Equity
EARNINGS
Net Interest Income
Credit Loss (Benefit) Expense
Noninterest Income
Noninterest Expense
Income Before Income Taxes
Net Income
PER COMMON SHARE
Earnings - Basic
Earnings - Diluted
Dividends
Book Value
Year-End Closing Price
2021
2020
2019
2018
2017
$
6,025,128
2,288,110
3,245,012
5,114,519
527,475
$
5,556,648
1,657,381
3,482,223
4,547,049
515,250
$
4,653,573
785,977
3,451,266
3,728,655
508,982
$
3,291,480
609,923
2,398,779
2,612,929
357,067
$
3,212,271
643,279
2,286,695
2,605,319
340,304
$
5,780,556
2,040,672
3,362,488
4,838,227
527,036
$
5,135,841
1,139,954
3,551,945
4,184,406
515,455
$
4,201,040
669,859
3,157,127
3,362,713
452,018
$
3,249,718
636,362
2,354,354
2,608,725
345,734
$
3,097,496
641,328
2,201,364
2,503,481
334,966
$
156,281
(7,336)
42,453
116,592
89,478
69,486
$
152,964
28,369
38,620
149,893
13,322
6,623
$
143,650
7,158
31,246
117,535
50,203
43,630
$
105,268
7,300
23,215
83,215
37,968
30,351
$
103,781
17,334
22,751
80,123
29,075
18,699
$
4.38
4.37
0.90
33.66
32.37
$
0.41
0.41
0.88
32.17
24.50
$
2.93
2.93
0.81
31.49
36.23
$
2.48
2.48
0.78
29.32
24.83
$
1.55
1.55
0.67
27.85
33.53
CREDIT RISK PROFILE
Nonperforming Loans
Net (Recoveries) Charge Offs
Allowance for Credit Losses Ratio (Excluding PPP Loans)
Net (Recovery) Charge-Off Ratio
Nonperforming Loans Ratio
$
31,540
(436)
1.52%
-0.01%
0.97%
$
42,689
5,265
1.72%
0.15%
1.23%
$
41,617
7,386
0.84%
0.23%
1.21%
$
20,289
6,052
1.22%
0.26%
0.85%
$
14,991
11,125
1.23%
0.51%
0.66%
FINANCIAL RATIOS
Return on Average Equity
Return on Average Tangible Equity
Return on Average Assets
Net Interest Margin, Tax Equivalent
Efficiency Ratio
Average Equity as a % of Average Assets
13.18%
16.63%
1.20%
2.95%
54.65%
9.12%
1.28%
10.80%
0.13%
3.30%
56.92%
10.04%
9.65%
13.98%
1.04%
3.82%
57.56%
10.76%
8.78%
11.87%
0.93%
3.60%
61.23%
10.64%
5.58%
8.00%
0.60%
3.81%
58.63%
10.81%
December 31,
2021
2020
Consolidated Statements of Income
(dollars in thousands, except per share amounts)
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
ASSETS
Cash and due from banks
Interest earning deposits in banks
Federal funds sold
Total cash and cash equivalents
Debt securities available for sale at fair value
Loans held for sale
Gross loans held for investment
Unearned income, net
Loans held for investment, net of unearned income
Allowance for credit losses
Total loans held for investment, net
Premises and equipment, net
Goodwill
Other intangible assets, net
Foreclosed assets, net
Other assets
Total assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest bearing deposits
Interest-bearing deposits
Total deposits
Short-term borrowings
Long-term debt
Other liabilities
Total liabilities
Shareholders' Equity
$
$
42,949
160,881
-
203,830
2,288,110
12,917
3,252,194
(7,182)
3,245,012
(48,700)
3,196,312
83,492
62,477
19,885
357
157,748
6,025,128
1,005,369
4,109,150
5,114,519
181,368
154,879
46,887
5,497,653
$
$
$
$
$
$
65,078
17,409
172
82,659
1,657,381
59,956
3,496,790
(14,567)
3,482,223
(55,500)
3,426,723
86,401
62,477
25,242
2,316
153,493
5,556,648
910,655
3,636,394
4,547,049
230,789
208,691
54,869
5,041,398
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding
Common stock, $1.00 par value; authorized 30,000,000 shares; issued shares of 16,581,017 and
16,581,017; outstanding shares of 15,671,147 and 16,016,780
Additional paid-in capital
Retained earnings
Treasury stock at cost; 909,870 and 564,237
Accumulated other comprehensive (loss) income
Total shareholders' equity
Total liabilities and shareholders' equity
-
-
16,581
300,940
243,365
(24,546)
(8,865)
527,475
6,025,128
$
16,581
300,137
188,191
(14,251)
24,592
515,250
5,556,648
$
Should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of the Company's
Form 10-K for the fiscal year ended December 31, 2021.
Total noninterest expense
Income before income tax expense
Interest income:
Loans, including fees
Taxable investment securities
Tax-exempt investment securities
Other
Total interest income
Interest expense:
Deposits
Short-term borrowings
Long-term debt
Total interest expense
Net interest income
Credit loss (benefit) expense
Net interest income after credit loss (benefit) expense
Noninterest income:
Investment services and trust activities
Service charges and fees
Card revenue
Loan revenue
Bank-owned life insurance
Insurance commissions
Investment securities gains, net
Other
Total noninterest income
Noninterest expense:
Compensation and employee benefits
Occupancy expense of premises, net
Equipment
Legal and professional
Data processing
Marketing
Amortization of intangibles
FDIC insurance
Communications
Foreclosed assets, net
Goodwill impairment
Other
Years Ended December 31,
2020
2019
2021
$
141,036
25,692
9,947
91
176,766
$
158,656
17,610
8,259
262
184,787
$
163,163
13,132
5,696
450
182,441
13,198
551
6,736
20,485
156,281
(7,336)
163,617
11,675
6,259
7,015
12,948
2,162
-
242
2,152
42,453
69,937
9,274
7,816
5,256
5,216
4,022
5,357
1,572
1,332
233
-
6,577
116,592
89,478
23,919
914
6,990
31,823
152,964
28,369
124,595
9,632
6,178
5,719
10,185
2,226
-
184
4,496
38,620
66,397
9,348
7,865
6,153
5,362
3,815
6,976
1,858
1,746
150
31,500
8,723
149,893
13,322
29,927
1,847
7,017
38,791
143,650
7,158
136,492
8,040
7,452
5,594
3,789
1,877
734
90
3,670
31,246
65,660
8,647
7,717
8,049
4,579
3,789
5,906
690
1,701
580
-
10,217
117,535
50,203
Income tax expense
Net income
Earnings per Common Share:
Basic
Diluted
19,992
69,486
$
6,699
6,623
$
6,573
43,630
$
$
$
4.38
4.37
$
$
0.41
0.41
$
$
2.93
2.93
Should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8
of the Company's Form 10-K for the fiscal year ended December 31, 2021.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(dollars in thousands, except per share amounts)
Company Leadership
Balance at December 31, 2018
$
12,463
$
187,813
$
168,951
$
(6,499)
$
(5,661)
$
357,067
Common
Stock
Additional
Paid-in
Capital
Accumulated
Other
Retained
Earnings
Treasury Comprehensive
Income (Loss)
Stock
Total
Net income
Other comprehensive income
Issuance of common stock for acquisition of ATBancorp
(4,117,536 shares), net of offering expenses of $323 and
liquidity discount of $2,355
Release/lapse of restriction on RSUs (31,354 shares, net)
Repurchase of common stock (166,729 shares)
Share-based compensation
Dividends paid on common stock ($0.8100 per share)
Balance at December 31, 2019
Cumulative effect of change in accounting principle
Net income
Other comprehensive income
Acquisition fair value finalization
Release/lapse of restriction on RSUs (34,032 shares, net)
Repurchase of common stock (179,428 shares)
Share-based compensation
Dividends paid on common stock ($0.8800 per share)
Balance at December 31, 2020
Net income
Other comprehensive loss
Release/lapse of restriction on RSUs (49,907 shares, net)
Repurchase of common stock (395,540 shares)
Share-based compensation
Dividends paid on common stock ($0.9000 per share)
Balance at December 31, 2021
-
-
-
-
43,630
-
4,118
109,236
-
-
-
-
-
10,033
43,630
10,033
-
-
-
-
16,581
$
(815)
-
1,156
-
297,390
$
-
-
-
(11,476)
201,105
$
712
(4,679)
-
-
(10,466)
$
-
-
-
-
4,372
$
-
-
-
-
-
-
-
-
16,581
$
-
-
-
2,355
(988)
-
1,380
-
300,137
$
(5,362)
6,623
-
-
-
-
-
(14,175)
188,191
$
-
-
-
-
839
(4,624)
-
-
(14,251)
$
-
-
-
-
-
-
16,581
$
-
-
(1,350)
-
2,153
-
300,940
$
69,486
-
(30)
-
-
(14,282)
243,365
$
-
-
1,259
(11,554)
-
-
(24,546)
$
-
-
20,220
-
-
-
-
-
24,592
$
-
(33,457)
-
-
-
-
(8,865)
$
113,354
(103)
(4,679)
1,156
(11,476)
508,982
$
(5,362)
6,623
20,220
2,355
(149)
(4,624)
1,380
(14,175)
515,250
$
69,486
(33,457)
(121)
(11,554)
2,153
(14,282)
527,475
$
Jim M. Cantrell—Senior Executive Vice President & Chief Investment Officer, Treasurer
Len D. Devaisher—President & Chief Operating Officer
Barb A. Finney—Senior Vice President & Chief Operations Officer
Charlie N. Funk—Chief Executive Officer
Soni J. Harney—Senior Vice President & Chief Human Resources Officer
John J. Henk—Senior Vice President & Chief Information Officer
Peggy L. Hudson—Senior Vice President & Chief Marketing Officer
David E. Lindstrom—Executive Vice President, Retail Banking
Susan M. Moore—Executive Vice President & Chief Risk Officer
Barry S. Ray—Senior Executive Vice President & Chief Financial Officer
Gary L. Sims— Executive Vice President & Chief Credit Officer
Chase L. Stafford—Executive Vice President, Commercial Banking
Greg W. Turner—Executive Vice President, Wealth Management & Corporate Communications
Should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of the Company's
Form 10-K for the fiscal year ended December 31, 2021.
Share Price
2021
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
2020
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
High
Low
$32.93
$32.14
$30.80
$34.33
$35.88
$22.71
$21.24
$25.47
$24.50
$28.52
$27.52
$30.07
$16.57
$16.20
$16.80
$17.78
Cash Dividend
Declared
$
$
$
$
0.2250
0.2250
0.2250
0.2250
$
$
$
$
0.2200
0.2200
0.2200
0.2200
2019
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
High
Low
Cash Dividend
Declared
$32.05
$29.54
$31.58
$37.05
$25.13
$26.02
$27.19
$29.06
$
$
$
$
0.2025
0.2025
0.2025
0.2025
MidWestOne Financial Group, Inc. 2021 Annual Report
Take care of our customers...
and those who should be.
Transfer Agent/Divided Paying Agent
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, New York 11219
General Counsel
Barack Ferrazzano Kirschbaum & Nagleberg LLP
200 West Madison Street, Suite 3900
Chicago, Illinois 60606-3465
Independent Registered Public Accounting Firm
RSM US, LLP
400 Locust Street, Suite 640
Des Moines, Iowa 50309
MidWestOne Financial Group, Inc.
Corporate Headquarters
102 S. Clinton Street
Iowa City, IA 52240
800.247.4418
MidWestOne.bank
NASDAQ Symbol: MOFG
©2022 MidWestOne Financial Group, Inc.