The Journey
2022 Annual Report
Business clients Jack Piper
and James Adrian, owners of
Jimmy Jack’s Rib Shack.
1
MidWestOne Financial Group, Inc. 2022 Annual Report MidWestOne Financial Group, Inc. 2022 Annual Report MidWestOne Financial Group, Inc.
and MidWestOne Bank Boards
of Directors
Contents
Larry D. Albert—Retired CEO, Central Bank
2-5
To Our Shareholders
6-7
One Exceptional Journey
8
9
10
11
Financial Highlights
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Shareholders’ Equity
Share Price
12
Company Leadership
Richard R. Donohue—Retired Managing Partner,
TD&T CPAs and Advisors, P.C.
Charles N. Funk— Retired Chief Executive Officer,
MidWestOne Financial Group, Inc., and MidWestOne Bank
Janet E. Godwin—CEO, ACT, Inc.
Douglas H. Greeff—President, Greeff Advisory LLC and
CFO and Director, TRX*
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
Ruth E. Heinonen—Corporate Affairs Consultant
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,
MidWestOne Financial Group and MidWestOne Bank
Charles N. Reeves—Chief Executive Officer and Director,
MidWestOne Financial Group, Inc., and MidWestOne Bank
Charles J. Schrup III—Retired Vice Chairman, ATBancorp
and Retired Co-Chairman of the Board, American Trust**
*Serves only on MidWestOne Financial Group, Inc. board
**Serves only on MidWestOne Bank board
MidWestOne Financial Group, Inc. 2022 Annual Report
To Our Shareholders
“We will honor our legacy and principles, while embarking on our journey to build a high
performing company.”
I’m humbled to be writing this letter as MidWestOne
Financial Group’s new chief executive officer (CEO). I thank
our Board of Directors for their confidence, guidance,
and support. And I honor Charlie Funk, who served as
CEO of this company for twenty-two years and led our
organization from an Iowa-only $400 million institution
to a $6.6 billion regional community bank with operations
in five states. Charlie lived our Operating Principles
and had a dramatic impact on this company, the Iowa
City community, and the entire state of Iowa banking
landscape.
2022 was a year of rapid change in the economy and in
our company. I’m incredibly proud of our bankers who
navigated the environment well, as Charlie taught us and
exhibited himself, through a combination of perseverance,
resiliency, and innovation while maintaining a growth
mindset and taking care of our customers and those that
should be.
To combat high and persistent inflation, the Federal
Reserve tightened monetary policy dramatically in 2022.
The Federal Funds rate was increased seven times, a
cumulative increase of 425 basis points, the fastest
rate of increases in our banking lives. As we enter 2023,
inflation has begun to soften, although still high, and most
economists predict a mild recession for the latter half of
the year.
Despite the uncertain economic environment, this
company achieved significant milestones. We continued
to invest in our commercial banking franchise with talent
and products, and as a result, achieved record loan
originations and growth. The growth was across all sectors
and geographies with the Twin Cities, Denver, and Metro
Iowa leading the way.
2
Asset quality–the creditworthiness of our loan portfolio–
continued to improve and we were very pleased that our
non-performing asset ratio declined to a seven-year low
due to outstanding work by our bankers.
Technology continues to transform the economy, our
customers’ behavior, and the banking industry. The
Pandemic accelerated migration of deposit transactions,
and in many cases loan applications, to digital channels.
To further propel our digital road map, we hired the
company’s first chief digital innovation officer. We are laser
focused on providing a seamless, high-touch-relationship
customer experience, whether in-person or through our
digital channels.
We were pleased to welcome the customers and
employees of Iowa First Bancshares Corp., in June of
2022. Our integration teams and front-line customer
facing employees, worked tirelessly to ensure a smooth
transition. We now enjoy leading market share in both
Fairfield and Muscatine, Iowa, which are excellent
geographic additions to our dominant Iowa Community
regional bank deposit franchise.
As Pandemic stimulus abated and persistent inflation took
over, many in the communities we serve struggled to make
ends meet. Consistent with our operating principles, our
employees and company stepped up to the challenge by
finding ways to offer support. Throughout our footprint,
we support hundreds of organizations with philanthropic
donations and our employees’ time and talent.
We also introduced a new home loan program, First
Home Now (FHN), developed to make home ownership
available to low-to-moderate income (LMI) families across
our MidWestOne footprint and Community Reinvestment
MidWestOne Financial Group, Inc. 2022 Annual Report Act (CRA) assessment areas. Since inception and through
year-end December 31, 2022, we have booked 97 loans
for $16,237,813. This is solely our FHN program and does
not include the other CRA eligible loans we make to LMI
borrowers. We also rolled out our innovative Overdraft Flex
program to enable our customers who enrolled to avoid
paying an overdraft fee. Overdraft Flex garnered national
recognition and was well received by customers.
We were gratified that our efforts to serve our employees,
communities, and customers resulted in being named one
of Iowa’s Top Workplaces for the 10th consecutive year,
as well as Newsweek’s Best Small Bank in Iowa and one of
America’s Best Banks for the second year in a row.
Financial Performance
Let’s now turn our attention to the financial numbers. Net
income for 2022 was $60.8 million, or $3.87 per diluted
common share. Both are the second highest in our
company’s history.
Return on average assets was 0.97 percent and the return
on average tangible equity was 15.89 percent.
As noted, asset quality metrics improved measurably
with our non-performing assets ratio at 0.24 percent at
December 31, 2022, now at peer group levels. Our credit
loss reserve stands at 1.28 percent and 30 to 89-day
delinquencies continue to be low. We are proud of the
diligent work by our bankers to achieve these results that
position us well for 2023’s uncertain economic conditions.
We generated approximately 80 percent of our revenues
from the collection of customer deposits and the
investment of these deposits into assets, primarily bank
loans and investment securities. The rapid rise in interest
rates (an increase in deposit interest expense as we take
care of our customers) combined with primarily fixed rate
earning assets has resulted in significant pressure on our
net interest margin. Our NIM of 2.92 percent was the lowest
in our history and we expect continued pressure in 2023.
Despite this macro-environment challenge, our Strategic
Agenda, led by MidWestOne President Len Devaisher,
yielded significant long-term results.
Maturation and Expansion of our Commercial Banking
Franchise
MidWestOne is uniquely positioned to be the bank of
choice for small to mid-sized businesses in our five-state
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
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 (%)
FY2018
FY2019
FY2020
FY2021
FY2022
MOFG
Peer
Midwest Banks
Efficiency Ratio (%)
FY2018
FY2019
FY2020
FY2021
FY2022
MOFG
Peer
Midwest Banks
Dividend Payout Ratio (%)
FY2018
FY2019
FY2020
FY2021
FY2022
MOFG
Peer
Midwest Banks
Return on Average Equity (%)
FY2018
FY2019
FY2020
FY2021
FY2022
MOFG
Peer
Midwest Banks
3
MidWestOne Financial Group, Inc. 2022 Annual Report Net Interest Margin, Tax Equivalent (%)
FY2018
FY2019
FY2020
FY2021
FY2022
MOFG
Peer
Midwest Banks
Price / LTM EPS (X)
FY2018
FY2019
FY2020
FY2021
FY2022
MOFG
Peer
Midwest Banks
footprint. Led by Executive Vice President Chase Stafford,
we have the scale and sophisticated products of the
super-regional banks, yet provide a high-touch boutique
relationship approach. The combination led to organic
loan growth of greater than 10 percent, a company record,
and we are just beginning. A few details of the success:
• Significant talent acquisition in the Twin Cities and
Iowa Metro
• Excellent origination volumes and customer
acquisition in the Twin Cities, Denver, and Iowa Metro
• Streamlined business banking platform and processes
• Increase in government lending (SBA) originations
• The previously discussed asset quality improvements
Wealth Management
Building on our long legacy of wealth management in our
Iowa markets, Executive Vice President Greg Turner added
wealth management teams in the Twin Cities and in Cedar
Rapids, Iowa. While revenue growth was muted due to
stock market valuations, we are bullish on this business
line and on the new teams that produced significant new
AUM in 2022.
Total Return Performance
Consumer Banking
12/31/2017
12/31/2018
12/31/2019
12/31/2020
12/31/2021
12/31/2022
MidWestOne Financial Group, Inc.
NASDAQ Composite Index
S&P U.S. BMI Banks - Midwest Region Index
MidWestOne Bank enjoys dominant community bank
market share in many of our legacy Iowa banking markets,
as well as in rural NW Wisconsin. Led by Executive Vice
President Dave Lindstrom, our branch teams have
evolved from primarily service only to service and sales
by providing solutions for our customers’ needs. Average
deposits per branch have increased from $91.9 million at
year end 2021 to $93.9 million at year end 2022. Lending
volumes in our branches increased dramatically in 2022,
led by home equity at $30.3 million. We have ample
opportunity to increase revenue and customer loyalty as
we continue to increase product penetrations across our
granular deposit franchise.
Mortgage originations were impacted significantly by
the rise in mortgage rates and low levels of inventories
in the markets we serve. We have opportunity to
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
260
240
220
200
180
160
140
120
100
80
60
4
MidWestOne Financial Group, Inc. 2022 Annual Report manage costs further in this business line even as we see
opportunity to hire quality mortgage loan officers for the
first time in two years.
Technology Platform and Talent Investment
Technology within MidWestOne enables not only a
seamless digital customer experience, but automation and
efficiency gains for the inner workings of our institution. As
mentioned, we have hired a head of digital innovation to
steer our customer facing digital roadmap and internally
we have created an Enterprise Project Manager Office, as
well as the role of business automation engineer to focus
on internal efficiency projects. Projects completed in 2022
or “green lighted” for 2023 include:
• Enterprise workflow for Audit and Legal Departments
• Streamlined small business platform
• New Trust Department platform
• Digital account opening
• Bank Secrecy Act/Anti-Money Laundering financial
crime management platform
• Commercial loan origination end-to-end system
Our foundation and our talent level are strong. We
continue to attract key employees from larger institutions
due to our culture, our emphasis on team empowerment
to make a difference, and the opportunity to build
MidWestOne into a high performing company. These
individuals are spread throughout our organization, from
client facing bankers to risk management professionals to
operational gurus.
Our annual employee Rally Day was held in October
and Charlie was able to present the CEO Award to ten
individuals for their contributions to the company.
They were Tasha Fowler, Second Vice President, LPL
Registered Investment Services; Susan Koehn, Second
Vice President, Retail Manager, North English; Brad Nevers,
Vice President, Director of Enterprise Project Management
Office, Information Services; Torry O’Brien, Second Vice
President, Portfolio Manager Team Lead, Twin Cities
Commercial and Industrial; Nikki Swancutt, Second Vice
President, Senior Compliance Specialist, Compliance;
Suzanne Hughes, Commercial Loan Processing Manager,
Loan Operations; Karey McCrea, Systems Administrator,
Information Services; Dana Priebusch, Assistant Retail
Managing Officer, Platteville; Stephanie Smith, Assistant
Retail Manager, North Liberty; Joe Thornburg, Treasury
Management Implementation Specialist, Treasury
Management Operations.
We thank our Board of Directors for their guidance and
support in 2022 and for navigating a chief executive officer
transition with great expertise and care. We’d like to
extend special recognition to Doug True, Retired Senior
Vice President and Treasurer at the University of Iowa, who
stepped down from the MidWestOne Board of Directors in
2022. We thank Doug for his many years of leadership and
wise counsel, and we wish him well.
I’m inspired by the talent and conviction of our
employees and excited about the future opportunities
in front of MidWestOne. We will honor our legacy and
principles, while embarking on our journey to build a high
performing company.
It is a great privilege to write this letter for the first time and
to serve you, our loyal shareholders. Thank you for your
faithful support.
Very sincerely yours,
Charles N. “Chip” Reeves—Chief Executive Officer
Kevin W. Monson—Chairman of the Board
Len D. Devaisher—President & Chief Operating Officer
5
MidWestOne Financial Group, Inc. 2022 Annual Report One Exceptional Journey
Charles N. Funk led MidWestOne Bank with distinction
for over two decades as its President and Chief Executive
Officer until his retirement in 2022. It was 2000 when Dick
Summerwill chose his successor and hired Charlie Funk
to become the new President of Iowa State Bank & Trust.
Charlie and Connie moved their family from Des Moines
and quickly became involved in the Iowa City community‒
and what a difference they made.
Iowa State Bank was a $400 million bank that had served
the Iowa City Community since 1934. Charlie would be the
first president that was not a member of the Summerwill
family. Following in the footsteps of his predecessors, the
bank’s mission statement, “Take care of our customers
and those who should be”, was emphasized as Charlie
grew the bank with great success. Three historic operating
principles were also retained:
• Hire excellent employees
• Take care of your customers, and
• Conduct yourself with utmost integrity
To these, with leadership from Charlie, two additional
operating principles were formalized and practiced:
• Work as one team, and
• Learn constantly so we can continuously improve
Charles N. “Charlie” Funk
Charlie had the vision to use the excellent foundation
of a great community bank and its staff to reach more
communities and customers. With growth came
advancement opportunities for employees, expanded
banking products to serve customers better, and support
and leadership for additional communities.
In 2008, Charlie led the first major expansion of the bank
when the Summerwill and Howard families merged their
banks together as one. Iowa State Bank was the surviving
corporation and changed its name to MidWestOne Bank
using the acquired bank’s name. This was no easy task
given the economic downturn to come. Yet the tenacity
and leadership provided by Charlie quickly proved that it
was a critical step to provide a stable base and the ability
of the bank to grow in the future.
That next step of growth came in 2014 when it was
announced that MidWestOne Financial Group (MOFG)
would acquire Central Bancshares, based in Minneapolis.
That bank’s footprint included branches in Minnesota,
Wisconsin, and Florida. With acquisitions come new
challenges and opportunities, and it takes a steady hand
and fortitude to see the process through to completion.
Charlie was up to the task. He and his staff grew MOFG
to $3 billion in assets and established it as a regional
community bank.
6
MidWestOne Financial Group, Inc. 2022 Annual Report
and continues to do so today. It is hard to estimate the
true value of his tremendous volunteer efforts which have
made our community a better place to live and work.
Charlie has served the Iowa City Area Chamber of
Commerce as a director and then as president. He has
provided guidance and leadership in the work of the
Iowa City Area Development (ICAD) group, serving as a
director and then as president. His entrepreneurial spirit
continues to be pressed into action as he is often sought
for advice and counsel by the leadership of ICAD as they
look to build a better future. Charlie served a key role in
promoting and passing the “Yes for Kids” Iowa City School
District bond. He has worked tirelessly for the kids of our
community through his work on the Iowa City School
District Foundation and was always the “go to” member of
that board. He has served on United Way campaigns and
has encouraged others to become involved in the United
Way and other community-minded fundraising campaigns
too numerous to mention. Not only does he support these
organizations with his time, but he also supports them
with financial help and sets an example for others.
This community has benefited from Charlie’s high impact
touches, sharing his leadership with so very many groups.
He has earned the respect and admiration of many for
his resilience and thoughtful vision for how we can work
together to make this the best community it can be. He is a
very effective leader.
In 2017, Charlie was able to leverage the positive work
culture he had nurtured at the bank to hire an excellent
team of business bankers in Denver looking for a new
home. It was another home run for the company. The new
bankers were delighted with the team they joined and
produced results immediately.
Charlie positioned the bank for another acquisition,
expanding its footprint in Iowa and Wisconsin when in
2019 it acquired ATBancorp. Now with $4.7 billion in
assets, the MidWestOne franchise added new markets
in Dubuque and Des Moines, Iowa, and Grant County in
Southwest Wisconsin. The Trust department tripled in size
and added more services to the MidWestOne portfolio.
One more expansion was completed in 2022 with the
acquisition of Iowa First Bancshares with locations in
Muscatine and Fairfield. This was a strategic purchase that
will again produce excellent results built on MidWestOne’s
community banking strengths.
Charlie has served the banking profession in Iowa and
nationally in positions of leadership with great distinction.
He has been called upon to testify in congressional
hearings representing the banking industry. He taught
banking skills to many at the Stonier and Colorado
Graduate School(s) of Banking, and the Iowa and
Nebraska School(s) of Banking. He was a favorite instructor
for many years.
There is not a bank president in Iowa who would not
recognize Charlie and appreciate his accomplishments.
In 2021, Charlie was honored with the highest award
bestowed by the Iowa Bankers Association, the James A.
Leach Leadership Award. He has earned the respect and
admiration of many for his service, leadership, mentoring,
counsel, and vision.
While growing MidWestOne Bank from a $400 million
bank to over $6 billion bank (the largest community bank
headquartered in Iowa), Charlie always found time to
make an impact for the betterment of all. When Charlie
moved to Iowa City, he immediately stepped up to provide
his leadership skills to a variety of community activities
7
MidWestOne Financial Group, Inc. 2022 Annual Report Financial Highlights
(dollars in thousands, except per share amounts)
YEAR-END BALANCES
Total Assets
Total Securities
Loans Held for Investment, Net of Unearned Income
Total Deposits
Total Shareholders' Equity
AVERAGE BALANCES
Total Assets
Total Securities
Total Loans
Total Deposits
Total Shareholders' Equity
EARNINGS
Net Interest Income
Credit Loss Expense (Benefit)
Noninterest Income
Noninterest Expense
Income Before Income Taxes
Net Income
PER COMMON SHARE
Earnings - Basic
Earnings - Diluted
Dividends
Book Value
Year-End Closing Price
2022
2021
2020
2019
2018
$
6,577,876
2,282,968
3,840,524
5,468,942
492,783
$
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
$
6,244,284
2,327,141
3,511,192
5,309,049
500,471
$
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
$
166,358
4,492
47,519
132,788
76,597
60,835
$
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
$
3.89
3.87
0.95
31.54
31.75
$
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
CREDIT RISK PROFILE
Non-Performing Loans
Net Charge-Offs (Recoveries)
Allowance for Credit Losses Ratio (Excluding PPP Loans)
Net Charge-Off (Recovery) Ratio
Nonperforming Loans Ratio
$
15,821
6,563
1.28%
0.19%
0.41%
$
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%
FINANCIAL RATIOS
Return on Average Equity
Return on Average Tangible Equity(1)
Return on Average Assets
Net Interest Margin, Tax Equivalent(1)
Efficiency Ratio(1)
Common Equity Ratio
12.16%
15.89%
0.97%
2.92%
56.98%
7.49%
13.18%
16.63%
1.20%
2.95%
54.65%
8.75%
1.28%
10.80%
0.13%
3.30%
56.92%
9.27%
9.65%
13.98%
1.04%
3.82%
57.56%
10.94%
8.78%
11.87%
0.93%
3.60%
61.23%
10.85%
(1) Non-GAAP Financial Measure. Refer to the "Non-GAAP Presentations" section of the applicable Form 10-K for a reconciliation to the most
directly comparable GAAP measure.
8
MidWestOne Financial Group, Inc. 2022 Annual Report
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
ASSETS
Cash and due from banks
Interest earning deposits in banks
Total cash and cash equivalents
Debt securities available for sale at fair value
Held to maturity securities at amortized cost
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
December 31,
2022
2021
$
83,990
2,445
86,435
1,153,547
1,129,421
612
3,854,791
(14,267)
3,840,524
(49,200)
3,791,324
87,125
62,477
30,315
103
236,517
6,577,876
1,053,450
4,415,492
5,468,942
391,873
139,210
85,058
6,085,083
$
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
$
$
$
$
$
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 15,623,977 and 15,671,147
Additional paid-in capital
Retained earnings
Treasury stock at cost; 957,040 and 909,870
Accumulated other comprehensive loss
Total shareholders' equity
Total liabilities and shareholders' equity
-
-
16,581
302,085
289,289
(26,115)
(89,047)
492,793
6,577,876
$
16,581
300,940
243,365
(24,546)
(8,865)
527,475
6,025,128
$
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, 2022.
9
MidWestOne Financial Group, Inc. 2022 Annual Report
Consolidated Statements of Income
(dollars in thousands, except per share amounts)
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 expense (benefit)
Net interest income after credit loss expense (benefit)
Noninterest income:
Investment services and trust activities
Service charges and fees
Card revenue
Loan revenue
Bank-owned life insurance
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
Total noninterest expense
Income before income tax expense
Income tax expense
Net income
Earnings per Common Share:
Basic
Diluted
Years Ended December 31,
2021
2020
2022
$
148,284
39,019
9,379
77
196,759
$
141,036
25,692
9,947
91
176,766
$
158,656
17,610
8,259
262
184,787
20,245
3,070
7,086
30,401
166,358
4,492
161,866
11,223
7,477
7,210
10,504
2,305
271
8,529
47,519
78,103
10,272
8,693
8,646
5,574
4,272
6,069
1,660
1,125
(18)
-
8,392
132,788
76,597
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
15,762
60,835
$
19,992
69,486
$
6,699
6,623
$
$
$
3.89
3.87
$
$
4.38
4.37
$
$
0.41
0.41
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, 2022.
10
MidWestOne Financial Group, Inc. 2022 Annual Report
Consolidated Statements of Shareholders' Equity
(dollars in thousands, except per share amounts)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance at December 31, 2019
$
16,581
$
297,390
$
201,105
$
(10,466)
$
4,372
$
508,982
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
Net income
Other comprehensive loss
Release/lapse of restriction on RSUs (44,231 shares, net)
Repurchase of common stock (91,401 shares)
Share-based compensation
Dividends paid on common stock ($0.9500 per share)
Balance at December 31, 2022
-
-
-
-
-
-
-
-
16,581
$
-
-
-
-
-
-
16,581
$
-
-
-
-
-
-
16,581
$
-
-
-
2,355
(988)
-
1,380
-
300,137
$
-
-
(1,350)
-
2,153
-
300,940
$
-
-
(1,396)
-
2,541
-
302,085
$
(5,362)
6,623
-
-
-
-
-
(14,175)
188,191
$
69,486
-
(30)
-
-
(14,282)
243,365
$
60,835
-
(41)
-
-
(14,870)
289,289
$
-
-
-
-
839
(4,624)
-
-
(14,251)
$
-
-
1,259
(11,554)
-
-
(24,546)
$
-
-
1,156
(2,725)
-
-
(26,115)
$
-
-
20,220
-
-
-
-
-
24,592
$
-
(33,457)
-
-
-
-
(8,865)
$
-
(80,182)
-
-
-
-
(89,047)
$
(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
$
60,835
(80,182)
(281)
(2,725)
2,541
(14,870)
492,793
$
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, 2022.
Share Price
2021
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
2022
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
High
Low
$32.93
$32.14
$30.80
$34.33
$33.74
$33.32
$33.29
$35.20
$24.50
$28.52
$27.52
$30.07
$29.52
$28.21
$27.29
$27.30
Cash Dividend
Declared
$
$
$
$
0.2250
0.2250
0.2250
0.2250
$
$
$
$
0.2375
0.2375
0.2375
0.2375
2020
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
High
Low
Cash Dividend
Declared
$35.88
$22.71
$21.24
$25.47
$16.57
$16.20
$16.80
$17.78
$
$
$
$
0.2200
0.2200
0.2200
0.2200
11
MidWestOne Financial Group, Inc. 2022 Annual Report
Company Leadership
Jim M. Cantrell—Senior Executive Vice President & Chief Investment Officer, Treasurer
Heather M. DeStefano—Senior Vice President, Director of Digital Innovation
Len D. Devaisher—President & Chief Operating Officer
Barb A. Finney—Senior Vice President & Chief Operations Officer
John J. Henk—Senior Vice President & Chief Information Officer
Timothy M. Heth—Senior Vice President & Chief Human Resources Officer
Peggy L. Hudson—Senior Vice President & Chief Marketing Officer
David E. Lindstrom—Executive Vice President, Consumer Banking
Susan M. Moore—Executive Vice President & Chief Risk Officer
Barry S. Ray—Senior Executive Vice President & Chief Financial Officer
Charles N. Reeves—Chief Executive 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
12
MidWestOne Financial Group, Inc. 2022 Annual Report Take care of our customers...
and those who should be.
Kimberlin, Ben, and family enjoy
a treat at business customer
Almost Famous Popcorn Company
13
MidWestOne Financial Group, Inc. 2022 Annual Report
Business client, Life Line
Emergency Vehicles
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
©2023 MidWestOne Financial Group, Inc.
MidWestOne Financial Group, Inc. 2022 Annual Report