MidWestOne Financial Group, Inc. Reports Financial Results for the Third Quarter of 2025

10/23/25 4:17:03 PM ET

Major Banks

Finance

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IOWA CITY, Iowa, Oct. 23, 2025 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (NASDAQ:MOFG) ("we," "our," or the "Company") today reported results for the third quarter of 2025.

Third Quarter 2025 Summary¹

Net income of $17.0 million, or $0.82 per diluted common share. Adjusted earnings of $18.1 million, or $0.87² per common share.
- Noninterest income was $10.3 million, which included a negative MSR valuation adjustment of $611 thousand.
- Noninterest expense was $37.6 million, which included a $655 thousand loss on extinguishment of debt and merger-related costs of $132 thousand.
- Efficiency ratio of 58.21%².
Net interest margin (tax equivalent) was 3.57%²; core net interest margin expanded 1 basis point ("bps") to 3.50%².
Annualized loan growth of 3.5%.
Total deposits increased 1.7% from the linked quarter.
Tangible book value per share of $24.96², an increase of 4.3%.
Criticized loans ratio improved 16 bps to 4.99% and nonperforming loans ratio improved 17 bps to 0.68%.
Common equity tier 1 ("CET1") capital ratio improved 8 bps to 11.10%.

CEO Commentary

Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, "We are absolutely thrilled with the announcement of our partnership with Nicolet Bankshares, Inc. that will create the pre-eminent Midsize bank in the Upper Midwest. We share common values with an extreme focus on our customers and team members and we look forward to the future of the combined Nicolet, and the positive impact we will have on the communities MidWestOne has served for decades."

The third quarter of 2025 saw the power of our team and their dedicated focus on our clients and the execution of our strategic initiatives come to fruition. Return on average assets reached 1.09%, driven by solid loan and deposit growth, expanded noninterest income and disciplined expense management. Three years ago, we dedicated ourselves to building a pre-eminent Commercial & Industrial ("C&I") bank in the lower middle to middle market space within our geographic footprint. That objective continues to bear fruit with year over year C&I loan growth of 10.9%, noninterest bearing deposit balances up 4.4% and treasury management revenues climbing at low double-digit rates. In addition, our complementary wealth management business, driven by talent and client acquisition and broad market gains, increased noninterest income 19.0% from the prior year.

I'm incredibly proud of our dedicated MidWestOne team who continue to focus on our customer and one another and could not be more excited as we build momentum for the remainder of 2025 and sprint to the start of 2026."

________________________

_{¹Third Quarter Summary compares to the second quarter of 2025 (the "linked quarter") unless noted.}

_{²Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.}

	As of or for the quarter ended									Nine Months Ended
(Dollars in thousands, except per share amounts and as noted)	September 30,			June 30,			September 30,			September 30,			September 30,
		2025			2025			2024			2025			2024
Financial Results
Revenue	$	61,261		$	60,231		$	(92,867	)	$	179,067		$	9,515
Credit loss expense		2,132			11,889			1,535			15,708			7,491
Noninterest expense		37,637			35,767			35,798			109,697			107,124
Net income (loss)		17,015			9,980			(95,707	)		42,133			(76,619	)
Pre-tax pre-provision net revenue⁽³⁾		23,624			24,464			(128,665	)		69,370			(97,609	)
Adjusted earnings⁽³⁾		18,054			10,176			9,141			43,532			21,762
Per Common Share
Diluted earnings (loss) per share	$	0.82		$	0.48		$	(6.05	)	$	2.03		$	(4.86	)
Adjusted earnings per share⁽³⁾		0.87			0.49			0.58			2.09			1.38
Book value		29.37			28.36			27.06			29.37			27.06
Tangible book value⁽³⁾		24.96			23.92			22.43			24.96			22.43
Balance Sheet & Credit Quality
Loans In millions	$	4,419.6		$	4,381.2		$	4,328.8		$	4,419.6		$	4,328.8
Investment securities In millions		1,175.7			1,235.0			1,623.1			1,175.7			1,623.1
Deposits In millions		5,479.0			5,388.1			5,368.7			5,479.0			5,368.7
Net loan charge-offs In millions		15.3			0.2			1.7			18.6			2.4
Allowance for credit losses ratio		1.17	%		1.50	%		1.25	%		1.17	%		1.25	%
Selected Ratios
Return on average assets		1.09	%		0.65	%	(5.78		)%		0.91	%	(1.54		)%
Net interest margin, tax equivalent⁽³⁾		3.57	%		3.57	%		2.51	%		3.53	%		2.42	%
Return on average equity		11.34	%		6.81	%	(69.05		)%		9.63	%	(19.03		)%
Return on average tangible equity⁽³⁾		14.08	%		8.84	%	(82.78		)%		12.22	%	(22.17		)%
Efficiency ratio⁽³⁾		58.21	%		56.20	%		70.32	%		57.91	%		65.20	%

_{³Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.}

REVENUE REVIEW

Revenue								Change		Change
Revenue								3Q25 vs		3Q25 vs
(Dollars in thousands)	3Q25		2Q25		3Q24			2Q25		3Q24
Net interest income	$	51,008	$	49,982	$	37,521		2	%	36	%
Noninterest income (loss)		10,253		10,249		(130,388	)	—	%	(108	)%
Total revenue, net of interest expense	$	61,261	$	60,231	$	(92,867	)	2	%	(166	)%

Total revenue for the third quarter of 2025 increased $1.0 million from the second quarter of 2025 due primarily to higher net interest income during the quarter. When compared to the third quarter of 2024, total revenue increased $154.1 million due to higher net interest income and noninterest income. Excluding the pre-tax securities impairment loss of $140.4 million recognized in the third quarter of 2024 as part of the balance sheet repositioning, total revenue increased $13.8 million.

Net interest income of $51.0 million for the third quarter of 2025 increased $1.0 million from the second quarter of 2025 due primarily to higher earning asset volumes, partially offset by higher funding volumes. When compared to the third quarter of 2024, net interest income increased $13.5 million due to higher earning asset yields and lower funding volumes and costs, partially offset by lower earning asset volumes.

The Company's tax equivalent net interest margin was 3.57%³ in both the third quarter of 2025 and the second quarter of 2025, driven by minimal change in interest bearing liability costs and earning asset yields.

The Company's tax equivalent net interest margin was 3.57%³ in the third quarter of 2025, compared to 2.51%³ in the third quarter of 2024, driven by higher earning asset yields and lower interest bearing liability costs. Total earning assets yield increased 64 bps from the third quarter of 2024, primarily due to an increase of 191 bps in total investment securities. Interest bearing liability costs decreased 47 bps to 2.40%, due to long-term debt costs of 6.33% and interest bearing deposit costs of 2.31%, which decreased 58 bps, and 27 bps, respectively, from the third quarter of 2024.

Noninterest Income										Change		Change
Noninterest Income										3Q25 vs		3Q25 vs
(Dollars in thousands)	3Q25			2Q25			3Q24			2Q25		3Q24
Investment services and trust activities	$	4,059		$	3,705		$	3,410		10	%	19	%
Service charges and fees		2,423			2,190			2,170		11	%	12	%
Card revenue		1,752			1,934			1,935		(9	)%	(9	)%
Loan revenue		924			1,417			760		(35	)%	22	%
Bank-owned life insurance		703			677			879		4	%	(20	)%
Investment securities losses, net		—			—			(140,182	)	—	%	(100	)%
Other		392			326			640		20	%	(39	)%
Total noninterest income	$	10,253		$	10,249		$	(130,388	)	—	%	(108	)%

MSR adjustment (included above in Loan revenue)	$	(611	)	$	(264	)	$	(1,026	)	131	%	(40	)%

Noninterest income for the third quarter of 2025 compared to the linked quarter was stable at $10.3 million, with increases of $0.4 million and $0.2 million in investment services and trust activities revenue and service charges and fees, respectively. The increase in investment services and trust activities revenue was driven by higher assets under administration. Partially offsetting these increases was a decline in loan revenue, stemming primarily from a $0.3 million unfavorable change in the fair value of our mortgage servicing rights and a $0.3 million decline in SBA gain on sale revenue, coupled with a $0.2 million decline in card revenue.

Noninterest income for the third quarter of 2025 increased $140.6 million from the third quarter of 2024 due primarily to the balance sheet-repositioning related securities impairment recognized in the third quarter of 2024 previously noted. Also contributing to the increase was a $0.7 million increase in investment services and trust activities revenue stemming from higher assets under administration, coupled with an increase of $0.3 million in service charges and fees. Partially offsetting these increases were declines of $0.2 million each in card revenue, bank-owned life insurance, and other revenue.

EXPENSE REVIEW

Noninterest Expense							Change		Change
Noninterest Expense							3Q25 vs		3Q25 vs
(Dollars in thousands)	3Q25		2Q25		3Q24		2Q25		3Q24
Compensation and employee benefits	$	22,312	$	21,011	$	19,943	6	%	12	%
Occupancy expense of premises, net		2,690		2,540		2,443	6	%	10	%
Equipment		2,601		2,550		2,486	2	%	5	%
Legal and professional		2,067		2,153		2,261	(4	)%	(9	)%
Data processing		1,568		1,486		1,580	6	%	(1	)%
Marketing		624		762		619	(18	)%	1	%
Amortization of intangibles		1,143		1,252		1,470	(9	)%	(22	)%
FDIC insurance		780		851		923	(8	)%	(15	)%
Communications		155		161		159	(4	)%	(3	)%
Foreclosed assets, net		401		83		330	383	%	22	%
Other		3,296		2,918		3,584	13	%	(8	)%
Total noninterest expense	$	37,637	$	35,767	$	35,798	5	%	5	%

Merger-related Expenses
(Dollars in thousands)	3Q25		2Q25		3Q24
Legal and professional	$	132	$	—	$	127
Other		—		—		6
Total merger-related expenses	$	132	$	—	$	133

Noninterest expense for the third quarter of 2025 increased $1.9 million from the linked quarter, primarily due to increases of $1.3 million, $0.4 million and $0.3 million in compensation and employee benefits, other expense, and foreclosed assets, net, respectively. The increase in compensation and employee benefits stemmed primarily from the $1.1 million Employee Retention Credit claim that was received in the second quarter of 2025, which did not recur. The increase in other expense stemmed from a $0.7 million loss on the extinguishment of debt related to the redemption of the Company's subordinated notes in July 2025. The increase in foreclosed assets, net was attributable to a $0.3 million write-down. Partially offsetting these increases was a decline of $0.1 million in marketing expense.

Noninterest expense for the third quarter of 2025 compared to the same period of the prior year increased $1.8 million, primarily due to an increase of $2.4 million in compensation and employee benefits driven by wage expense increases due to headcount, medical benefits expense, and incentive expense. The increase in noninterest expense was partially offset by decreases in amortization of intangibles expense and other expense of $0.3 million each.

The Company's effective tax rate was 20.8% in the third quarter of 2025, compared to 20.6% in the linked quarter. The effective income tax rate for the full year 2025 is expected to be 21.5-22.5%.

BALANCE SHEET REVIEW

Total assets were $6.25 billion at September 30, 2025, compared to $6.16 billion at June 30, 2025 and $6.55 billion at September 30, 2024. The increase from June 30, 2025 was primarily due to higher cash and loan volumes, partially offset by lower security volumes. Compared to September 30, 2024, the decrease was primarily driven by lower security volumes, partially offset by higher loan and cash volumes.

Loans Held for Investment	September 30, 2025				June 30, 2025				September 30, 2024
(Dollars in thousands)	Balance		% of Total		Balance		% of Total		Balance		% of Total
Commercial and industrial	$	1,274,881	28.8	%	$	1,226,265	28.0	%	$	1,149,758	26.6	%
Agricultural		133,612	3.0			128,717	2.9			112,696	2.6
Commercial real estate
Construction and development		256,532	5.8			280,918	6.4			386,920	8.9
Farmland		194,921	4.4			186,494	4.3			182,164	4.2
Multifamily		451,020	10.2			438,193	10.0			409,544	9.5
Other		1,396,155	31.6			1,407,469	32.1			1,353,513	31.2
Total commercial real estate		2,298,628	52.0			2,313,074	52.8			2,332,141	53.8
Residential real estate
One-to-four family first liens		462,171	10.5			467,970	10.7			485,210	11.2
One-to-four family junior liens		196,862	4.5			188,671	4.3			176,827	4.1
Total residential real estate		659,033	15.0			656,641	15.0			662,037	15.3
Consumer		53,474	1.2			56,491	1.3			72,124	1.7
Loans held for investment, net of unearned income	$	4,419,628	100.0	%	$	4,381,188	100.0	%	$	4,328,756	100.0	%

Total commitments to extend credit	$	1,162,383			$	1,074,935			$	1,149,815

Loans held for investment, net of unearned income at September 30, 2025 were $4.42 billion, increasing $38.4 million, or 0.9%, from $4.38 billion at June 30, 2025 and increasing $90.9 million, or 2.1%, from $4.33 billion at September 30, 2024. The increases across both periods were primarily driven by organic loan growth and higher line of credit usage.

Investment Securities	September 30, 2025		June 30, 2025		September 30, 2024
(Dollars in thousands)	Balance		Balance		Balance
Available for sale	$	1,175,656	$	1,235,045	$	1,623,104

Investment securities at September 30, 2025 were $1.18 billion, decreasing $59.4 million from June 30, 2025 and decreasing $447.4 million from September 30, 2024. The decrease from the second quarter of 2025 was primarily due to principal cash flows received from scheduled payments, calls, and maturities. The decrease from the third quarter of 2024 stemmed primarily from the sale of debt securities in connection with a balance sheet repositioning as previously discussed, as well as principal cash flows received from scheduled payments, calls, and maturities.

Deposits	September 30, 2025				June 30, 2025				September 30, 2024
(Dollars in thousands)	Balance		% of Total		Balance		% of Total		Balance		% of Total
Noninterest bearing deposits	$	958,080	17.5	%	$	910,693	16.9	%	$	917,715	17.1	%
Interest checking deposits		1,210,637	22.1			1,206,096	22.5			1,230,605	23.0
Money market deposits		972,139	17.7			971,048	18.0			1,038,575	19.3
Savings deposits		912,879	16.7			851,636	15.8			768,298	14.3
Time deposits of $250 and under		845,104	15.4			837,302	15.5			844,298	15.7
Total core deposits		4,898,839	89.4			4,776,775	88.7			4,799,491	89.4
Brokered time deposits		200,000	3.7			200,000	3.7			200,000	3.7
Time deposits over $250		380,157	6.9			411,323	7.6			369,236	6.9
Total deposits	$	5,478,996	100.0	%	$	5,388,098	100.0	%	$	5,368,727	100.0	%

Total deposits at September 30, 2025 were $5.48 billion, increasing $90.9 million, or 1.7%, from $5.39 billion at June 30, 2025, and increasing $110.3 million, or 2.1%, from $5.37 billion at September 30, 2024. Noninterest bearing deposits at September 30, 2025 were $958.1 million, an increase of $47.4 million from June 30, 2025 and an increase of $40.4 million from September 30, 2024.

Borrowed Funds	September 30, 2025				June 30, 2025				September 30, 2024
(Dollars in thousands)	Balance		% of Total		Balance		% of Total		Balance		% of Total
Short-term borrowings	$	—	—	%	$	—	—	%	$	410,630	78.1	%
Long-term debt		97,973	100.0	%		112,320	100.0	%		115,051	21.9	%
Total borrowed funds	$	97,973			$	112,320			$	525,681

Borrowed funds were $98.0 million at September 30, 2025, a decrease of $14.3 million from June 30, 2025 and a decrease of $427.7 million from September 30, 2024. The decrease compared to the linked quarter was due to the redemption of the entire $65.0 million outstanding principal of the Company's 5.75% Fixed-to-Floating Rate Subordinated Notes due 2030 on July 30, 2025, utilizing a combination of cash on hand and proceeds from a $50.0 million senior term note that closed on July 29, 2025. The senior term note is structured as a 5-year maturity, 7-year amortization facility, and bears interest at a floating rate of 1-month term SOFR plus 1.75%. The decrease compared to September 30, 2024 was primarily due to the pay-off of $405.0 million of Bank Term Funding Program borrowings and the subordinated notes redemption, partially offset by the senior term note, both as previously discussed.

Capital	September 30,			June 30,			September 30,
(Dollars in thousands)	2025⁽¹⁾				2025			2024
Total shareholders' equity	$	606,056		$	589,040		$	562,238
Accumulated other comprehensive loss		(49,376	)		(57,557	)		(58,842	)
*MidWestOneFinancial Group, Inc. Consolidated*
Tier 1 leverage to average assets ratio		9.73	%		9.62	%		8.78	%
Common equity tier 1 capital to risk-weighted assets ratio		11.10	%		11.02	%		9.91	%
Tier 1 capital to risk-weighted assets ratio		11.95	%		11.88	%		10.70	%
Total capital to risk-weighted assets ratio		13.08	%		14.44	%		12.96	%
*MidWestOneBank*
Tier 1 leverage to average assets ratio		10.38	%		10.43	%		9.69	%
Common equity tier 1 capital to risk-weighted assets ratio		12.78	%		12.95	%		11.83	%
Tier 1 capital to risk-weighted assets ratio		12.78	%		12.95	%		11.83	%
Total capital to risk-weighted assets ratio		13.92	%		14.20	%		12.88	%
_{⁽¹⁾Regulatory capital ratios for September 30, 2025 are preliminary}

Total shareholders' equity at September 30, 2025 increased $17.0 million from June 30, 2025 and increased $43.8 million from September 30, 2024, driven primarily by a decrease in accumulated other comprehensive loss and an increase in retained earnings, partially offset by an increase in treasury stock.

The current share repurchase program allows for the repurchase of up to $15.0 million of the Company's common shares. Under such program, the Company repurchased 203,802 shares of its common stock at an average price of $27.44 per share and a total cost of $5.6 million during the year-to-date period ended September 30, 2025. No shares were repurchased during the subsequent period through October 23, 2025. As of September 30, 2025, $9.4 million remained available under this program.

CREDIT QUALITY REVIEW

Credit Quality	As of or For the Three Months Ended
Credit Quality	September 30,			June 30,			September 30,
(Dollars in thousands)		2025			2025			2024
Credit loss expense related to loans	$	1,432		$	12,089		$	1,835
Net charge-offs		15,332			189			1,735
Allowance for credit losses		51,900			65,800			54,000
Pass	$	4,199,070		$	4,155,385		$	4,016,683
Special Mention		80,833			98,998			177,241
Classified		139,725			126,805			134,832
Criticized		220,558			225,803			312,073
Loans greater than 30 days past due and accruing	$	7,729		$	12,161		$	11,940
Nonperforming loans	$	29,992		$	37,192		$	21,954
Nonperforming assets		33,944			40,606			25,537
Net charge-off ratio⁽¹⁾		1.38	%		0.02	%		0.16	%
Classified loans ratio⁽²⁾		3.16	%		2.89	%		3.11	%
Criticized loans ratio⁽³⁾		4.99	%		5.15	%		7.21	%
Nonperforming loans ratio⁽⁴⁾		0.68	%		0.85	%		0.51	%
Nonperforming assets ratio⁽⁵⁾		0.54	%		0.66	%		0.39	%
Allowance for credit losses ratio⁽⁶⁾		1.17	%		1.50	%		1.25	%
Allowance for credit losses to nonaccrual loans ratio⁽⁷⁾		180.84	%		179.19	%		260.84	%
_{⁽¹⁾Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period.}
_{⁽²⁾Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period.}
_{⁽³⁾Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period.}
_{⁽⁴⁾Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.}
_{⁽⁵⁾Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period.}
_{⁽⁶⁾Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income, at the end of the period.}
_{⁽⁷⁾Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.}

Compared to the linked quarter, nonperforming loans and nonperforming assets decreased $7.2 million and $6.7 million, respectively. Special mention loan balances decreased $18.2 million, or 18%, while classified loan balances increased $12.9 million, or 10%. Compared to the same period of the prior year, nonperforming loans and nonperforming assets increased $8.0 million and $8.4 million, respectively. Special mention loan balances decreased $96.4 million, or 54%, while classified loan balances increased $4.9 million, or 4%. The net charge-off ratio increased 136 bps from the linked quarter and increased 122 bps from the same period in the prior year, primarily due to the $14.6 million charge-off on a single CRE office credit that was reserved for in the second quarter of 2025.

As of September 30, 2025, the allowance for credit losses was $51.9 million and the allowance for credit losses ratio was 1.17%, compared with $65.8 million and 1.50%, respectively, at June 30, 2025. Credit loss expense of $2.1 million reflected an additional reserve taken to support organic loan growth, and a $0.7 million increase in the reserve for unfunded loan commitments.

Nonperforming Loans Roll Forward	Nonaccrual			90+ Days Past Due & Still Accruing			Total
(Dollars in thousands)	Nonaccrual			90+ Days Past Due & Still Accruing			Total
Balance atJune 30, 2025	$	36,721		$	471		$	37,192
Loans placed on nonaccrual or 90+ days past due & still accruing		10,181			1,400			11,581
Proceeds related to repayment or sale		(1,882	)		(4	)		(1,886	)
Loans returned to accrual status or no longer past due		(467	)		(154	)		(621	)
Charge-offs		(14,869	)		(421	)		(15,290	)
Transfers to foreclosed assets		(984	)		—			(984	)
Balance atSeptember 30, 2025	$	28,700		$	1,292		$	29,992

CONFERENCE CALL DETAILS

The Company will host a conference call for investors at 11:00 a.m. CT on Friday, October 24, 2025. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login?show=414319b0&confId=80379. After pre-registering for this event you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 using an access code of 482280 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until January 22, 2026, by calling 1-866-813-9403 and using the replay access code of 781952. A transcript of the call will also be available on the Company's web site (www.midwestonefinancial.com) within three business days of the call.

ABOUT MIDWESTONE FINANCIAL GROUP, INC.

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

Cautionary Note Regarding Forward-Looking Statements

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

Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the effects of changes in interest rates, including on our net income and the value of our securities portfolio; (2) fluctuations in the value of our investment securities; (3) effects on the U.S. economy resulting from the threat or implementation of, or changes to existing, policies and executive orders, including concerning tariffs, immigration, regulatory or other governmental agencies, DEI and ESG initiative trends, consumer protection policies, foreign policy and tax regulations; (4) volatility of rate-sensitive deposits; (5) asset/liability matching risks and liquidity risks; (6) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company's cost of funds; (7) the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; (8) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures and future monetary policies of the Federal Reserve in response thereto on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (9) the sufficiency of the allowance for credit losses to absorb the amount of expected losses inherent in our existing loan portfolio; (10) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (11) credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio; (12) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (13) governmental monetary and fiscal policies; (14) new or revised general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession; (15) the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and value of the agricultural or other products of our borrowers; (16) war or terrorist activities, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (17) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, and including changes in interpretation or prioritization of such laws and regulations; (18) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (19) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (20) changes in the business and economic conditions generally and in the financial services industry, and the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in prior bank failures; (21) the occurrence of fraudulent activity, breaches, or failures of our or our third party vendors' information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (22) the ability to attract and retain key executives and employees experienced in banking and financial services; (23) our ability to adapt successfully to technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (24) operational risks, including data processing system failures and fraud; (25) the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions; (26) the risks of mergers or branch sales, including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (27) the economic impacts on the Company and its customers of climate change, natural disasters and exceptional weather occurrences, such as: tornadoes, floods and blizzards; and (28) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.

MIDWESTONE FINANCIAL GROUP, INC.

FIVE QUARTER CONSOLIDATED BALANCE SHEETS

	September 30,			June 30,			March 31,			December 31,			September 30,
(Dollars in thousands)		2025			2025			2025			2024			2024
ASSETS
Cash and due from banks	$	67,125		$	78,696		$	68,545		$	71,803		$	72,173
Interest earning deposits in banks		205,116			90,749			182,360			133,092			129,695
Total cash and cash equivalents		272,241			169,445			250,905			204,895			201,868
Debt securities available for sale at fair value		1,175,656			1,235,045			1,305,530			1,328,433			1,623,104
Loans held for sale		12,690			16,812			13,836			749			3,283
Gross loans held for investment		4,429,359			4,391,426			4,315,546			4,328,413			4,344,559
Unearned income, net		(9,731	)		(10,238	)		(11,362	)		(12,786	)		(15,803	)
Loans held for investment, net of unearned income		4,419,628			4,381,188			4,304,184			4,315,627			4,328,756
Allowance for credit losses		(51,900	)		(65,800	)		(53,900	)		(55,200	)		(54,000	)
Total loans held for investment, net		4,367,728			4,315,388			4,250,284			4,260,427			4,274,756
Premises and equipment, net		89,552			89,910			90,031			90,851			90,750
Goodwill		69,788			69,788			69,788			69,788			69,788
Other intangible assets, net		21,216			22,359			23,611			25,019			26,469
Foreclosed assets, net		3,952			3,414			3,419			3,337			3,583
Other assets		236,929			238,612			246,990			252,830			258,881
Total assets	$	6,249,752		$	6,160,773		$	6,254,394		$	6,236,329		$	6,552,482
LIABILITIES
Noninterest bearing deposits	$	958,080		$	910,693		$	903,714		$	951,423		$	917,715
Interest bearing deposits		4,520,916			4,477,405			4,585,428			4,526,559			4,451,012
Total deposits		5,478,996			5,388,098			5,489,142			5,477,982			5,368,727
Short-term borrowings		—			—			1,482			3,186			410,630
Long-term debt		97,973			112,320			111,398			113,376			115,051
Other liabilities		66,727			71,315			72,747			82,089			95,836
Total liabilities		5,643,696			5,571,733			5,674,769			5,676,633			5,990,244
SHAREHOLDERS' EQUITY
Common stock		21,580			21,580			21,580			21,580			21,580
Additional paid-in capital		415,061			414,485			414,258			414,987			414,965
Retained earnings		244,720			232,718			227,790			217,776			206,490
Treasury stock		(25,929	)		(22,186	)		(20,905	)		(21,885	)		(21,955	)
Accumulated other comprehensive loss		(49,376	)		(57,557	)		(63,098	)		(72,762	)		(58,842	)
Total shareholders' equity		606,056			589,040			579,625			559,696			562,238
Total liabilities and shareholders' equity	$	6,249,752		$	6,160,773		$	6,254,394		$	6,236,329		$	6,552,482

MIDWESTONE FINANCIAL GROUP, INC.

FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended											Nine Months Ended
(Dollars in thousands, except per share data)	September 30,		June 30,		March 31,		December 31,		September 30,			September 30,		September 30,
(Dollars in thousands, except per share data)	2025		2025		2025		2024		2024			2025			2024
Interest income
Loans, including fees	$	63,679	$	62,276	$	59,462	$	62,458	$	62,521		$	185,417	$	182,111
Taxable investment securities		12,109		12,928		13,327		11,320		8,779			38,364		27,467
Tax-exempt investment securities		688		699		703		728		1,611			2,090		4,984
Other		2,466		1,517		1,247		3,761		785			5,230		1,445
Total interest income		78,942		77,420		74,739		78,267		73,696			231,101		216,007
Interest expense
Deposits		26,270		25,665		25,484		27,324		29,117			77,419		85,785
Short-term borrowings		19		19		25		115		5,043			63		15,427
Long-term debt		1,645		1,754		1,791		1,890		2,015			5,190		6,196
Total interest expense		27,934		27,438		27,300		29,329		36,175			82,672		107,408
Net interest income		51,008		49,982		47,439		48,938		37,521			148,429		108,599
Credit loss expense		2,132		11,889		1,687		1,291		1,535			15,708		7,491
Net interest income after credit loss expense		48,876		38,093		45,752		47,647		35,986			132,721		101,108
Noninterest income
Investment services and trust activities		4,059		3,705		3,544		3,779		3,410			11,308		10,417
Service charges and fees		2,423		2,190		2,131		2,159		2,170			6,744		6,470
Card revenue		1,752		1,934		1,744		1,833		1,935			5,430		5,785
Loan revenue		924		1,417		1,194		1,841		760			3,535		3,141
Bank-owned life insurance		703		677		1,057		719		879			2,437		2,207
Investment securities gains (losses), net		—		—		33		161		(140,182	)		33		(140,113	)
Other		392		326		433		345		640			1,151		13,009
Total noninterest income (loss)		10,253		10,249		10,136		10,837		(130,388	)		30,638		(99,084	)
Noninterest expense
Compensation and employee benefits		22,312		21,011		21,212		20,684		19,943			64,535		61,858
Occupancy expense of premises, net		2,690		2,540		2,588		2,772		2,443			7,818		7,691
Equipment		2,601		2,550		2,426		2,688		2,486			7,577		7,616
Legal and professional		2,067		2,153		2,226		2,534		2,261			6,446		6,573
Data processing		1,568		1,486		1,698		1,719		1,580			4,752		4,585
Marketing		624		762		552		793		619			1,938		1,853
Amortization of intangibles		1,143		1,252		1,408		1,449		1,470			3,803		4,700
FDIC insurance		780		851		917		980		923			2,548		2,916
Communications		155		161		159		154		159			475		546
Foreclosed assets, net		401		83		74		56		330			558		826
Other		3,296		2,918		3,033		3,543		3,584			9,247		7,960
Total noninterest expense		37,637		35,767		36,293		37,372		35,798			109,697		107,124
Income (loss) before income tax expense (benefit)		21,492		12,575		19,595		21,112		(130,200	)		53,662		(105,100	)
Income tax expense (benefit)		4,477		2,595		4,457		4,782		(34,493	)		11,529		(28,481	)
Net income (loss)	$	17,015	$	9,980	$	15,138	$	16,330	$	(95,707	)	$	42,133	$	(76,619	)

Earnings (loss) per common share
Basic	$	0.82	$	0.48	$	0.73	$	0.79	$	(6.05	)	$	2.03	$	(4.86	)
Diluted	$	0.82	$	0.48	$	0.73	$	0.78	$	(6.05	)	$	2.03	$	(4.86	)
Weighted average basic common shares outstanding		20,682		20,816		20,797		20,776		15,829			20,765		15,772
Weighted average diluted common shares outstanding		20,718		20,843		20,849		20,851		15,829			20,801		15,772
Dividends paid per common share	$	0.2425	$	0.2425	$	0.2425	$	0.2425	$	0.2425		$	0.7275	$	0.7275

MIDWESTONE FINANCIAL GROUP, INC.

FINANCIAL STATISTICS

	As of or for the Three Months Ended									As of or for the Nine Months Ended
(Dollars in thousands, except per share amounts)	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands, except per share amounts)		2025			2025			2024			2025			2024
Earnings:
Net interest income	$	51,008		$	49,982		$	37,521		$	148,429		$	108,599
Noninterest income (loss)		10,253			10,249			(130,388	)		30,638			(99,084	)
Total revenue, net of interest expense		61,261			60,231			(92,867	)		179,067			9,515
Credit loss expense		2,132			11,889			1,535			15,708			7,491
Noninterest expense		37,637			35,767			35,798			109,697			107,124
Income (loss) before income tax expense		21,492			12,575			(130,200	)		53,662			(105,100	)
Income tax expense (benefit)		4,477			2,595			(34,493	)		11,529			(28,481	)
Net income (loss)	$	17,015		$	9,980		$	(95,707	)	$	42,133		$	(76,619	)
Pre-tax pre-provision net revenue⁽¹⁾	$	23,624		$	24,464		$	(128,665	)	$	69,370		$	(97,609	)
Adjusted earnings⁽¹⁾		18,054			10,176			9,141			43,532			21,762
Per Share Data:
Diluted earnings (loss)	$	0.82		$	0.48		$	(6.05	)	$	2.03		$	(4.86	)
Adjusted earnings⁽¹⁾		0.87			0.49			0.58			2.09			1.38
Book value		29.37			28.36			27.06			29.37			27.06
Tangible book value⁽¹⁾		24.96			23.92			22.43			24.96			22.43
Ending Balance Sheet:
Total assets	$	6,249,752		$	6,160,773		$	6,552,482		$	6,249,752		$	6,552,482
Loans held for investment, net of unearned income		4,419,628			4,381,188			4,328,756			4,419,628			4,328,756
Total securities		1,175,656			1,235,045			1,623,104			1,175,656			1,623,104
Total deposits		5,478,996			5,388,098			5,368,727			5,478,996			5,368,727
Short-term borrowings		—			—			410,630			—			410,630
Long-term debt		97,973			112,320			115,051			97,973			115,051
Total shareholders' equity		606,056			589,040			562,238			606,056			562,238
Average Balance Sheet:
Average total assets	$	6,219,871		$	6,172,649		$	6,583,404		$	6,187,210		$	6,643,897
Average total loans		4,392,991			4,370,196			4,311,693			4,351,665			4,343,087
Average total deposits		5,448,064			5,398,916			5,402,634			5,415,447			5,465,993
Financial Ratios:
Return on average assets		1.09	%		0.65	%	(5.78		)%		0.91	%	(1.54		)%
Return on average equity		11.34	%		6.81	%	(69.05		)%		9.63	%	(19.03		)%
Return on average tangible equity⁽¹⁾		14.08	%		8.84	%	(82.78		)%		12.22	%	(22.17		)%
Efficiency ratio⁽¹⁾		58.21	%		56.20	%		70.32	%		57.91	%		65.20	%
Net interest margin, tax equivalent⁽¹⁾		3.57	%		3.57	%		2.51	%		3.53	%		2.42	%
Loans to deposits ratio		80.66	%		81.31	%		80.63	%		80.66	%		80.63	%
CET1 Ratio		11.10	%		11.02	%		9.91	%		11.10	%		9.91	%
Common equity ratio		9.70	%		9.56	%		8.58	%		9.70	%		8.58	%
Tangible common equity ratio⁽¹⁾		8.36	%		8.19	%		7.22	%		8.36	%		7.22	%
Credit Risk Profile:
Total nonperforming loans	$	29,992		$	37,192		$	21,954		$	29,992		$	21,954
Nonperforming loans ratio		0.68	%		0.85	%		0.51	%		0.68	%		0.51	%
Total nonperforming assets	$	33,944		$	40,606		$	25,537		$	33,944		$	25,537
Nonperforming assets ratio		0.54	%		0.66	%		0.39	%		0.54	%		0.39	%
Net charge-offs	$	15,332		$	189		$	1,735		$	18,608		$	2,448
Net charge-off ratio		1.38	%		0.02	%		0.16	%		0.57	%		0.08	%
Allowance for credit losses	$	51,900		$	65,800		$	54,000		$	51,900		$	54,000
Allowance for credit losses ratio		1.17	%		1.50	%		1.25	%		1.17	%		1.25	%
Allowance for credit losses to nonaccrual ratio		180.84	%		179.19	%		260.84	%		180.84	%		260.84	%

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

MIDWESTONE FINANCIAL GROUP, INC.

AVERAGE BALANCE SHEET AND YIELD ANALYSIS

	Three Months Ended
	September 30, 2025						June 30, 2025						September 30, 2024
(Dollars in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Cost		Average Balance		Interest Income/ Expense		Average Yield/ Cost		Average Balance		Interest Income/ Expense		Average Yield/ Cost
ASSETS
Loans, including fees^(1)(2)(3)	$	4,392,991	$	64,732	5.85	%	$	4,370,196	$	63,298	5.81	%	$	4,311,693	$	63,472	5.86	%
Taxable investment securities		1,098,771		12,109	4.37	%		1,168,048		12,928	4.44	%		1,489,843		8,779	2.34	%
Tax-exempt investment securities⁽²⁾⁽⁴⁾		103,321		846	3.25	%		102,792		859	3.35	%		313,935		1,976	2.50	%
Total securities held for investment⁽²⁾		1,202,092		12,955	4.28	%		1,270,840		13,787	4.35	%		1,803,778		10,755	2.37	%
Other		212,544		2,466	4.60	%		104,628		1,517	5.82	%		52,054		785	6.00	%
Total interest earning assets⁽²⁾	$	5,807,627	$	80,153	5.48	%	$	5,745,664	$	78,602	5.49	%	$	6,167,525	$	75,012	4.84	%
Other assets		412,244						426,985						415,879
Total assets	$	6,219,871					$	6,172,649					$	6,583,404
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest checking deposits	$	1,208,957	$	2,065	0.68	%	$	1,221,266	$	2,101	0.69	%	$	1,243,327	$	3,041	0.97	%
Money market deposits		981,896		6,187	2.50	%		986,029		6,057	2.46	%		1,047,081		7,758	2.95	%
Savings deposits		882,572		3,533	1.59	%		843,223		3,161	1.50	%		761,922		3,128	1.63	%
Time deposits		1,440,704		14,485	3.99	%		1,436,301		14,346	4.01	%		1,430,723		15,190	4.22	%
Total interest bearing deposits		4,514,129		26,270	2.31	%		4,486,819		25,665	2.29	%		4,483,053		29,117	2.58	%
Securities sold under agreements to repurchase		—		—	—	%		896		1	0.45	%		5,812		12	0.82	%
Other short-term borrowings		—		19	—	%		—		18	—	%		415,961		5,031	4.81	%
Total short-term borrowings		—		19	—	%		896		19	8.51	%		421,773		5,043	4.76	%
Long-term debt		103,044		1,645	6.33	%		112,035		1,754	6.28	%		116,032		2,015	6.91	%
Total borrowed funds		103,044		1,664	6.41	%		112,931		1,773	6.30	%		537,805		7,058	5.22	%
Total interest bearing liabilities	$	4,617,173	$	27,934	2.40	%	$	4,599,750	$	27,438	2.39	%	$	5,020,858	$	36,175	2.87	%
Noninterest bearing deposits		933,935						912,097						919,581
Other liabilities		73,707						73,094						91,551
Shareholders' equity		595,056						587,708						551,414
Total liabilities and shareholders' equity	$	6,219,871					$	6,172,649					$	6,583,404
Net interest income⁽²⁾			$	52,219					$	51,164					$	38,837
Net interest spread⁽²⁾					3.08	%					3.10	%					1.97	%
Net interest margin⁽²⁾					3.57	%					3.57	%					2.51	%

Total deposits⁽⁵⁾	$	5,448,064	$	26,270	1.91	%	$	5,398,916	$	25,665	1.91	%	$	5,402,634	$	29,117	2.14	%
Cost of funds⁽⁶⁾					2.00	%					2.00	%					2.42	%

_{⁽¹⁾Average balance includes nonaccrual loans.}

_{⁽²⁾Tax equivalent. The federal statutory tax rate utilized was 21%.}

_{⁽³⁾Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $381 thousand, $272 thousand, and $378 thousand for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. Loan purchase discount accretion was $1.0 million, $1.1 million, and $1.4 million for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. Tax equivalent adjustments were $1.1 million, $1.0 million, and $951 thousand for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.}

_{⁽⁴⁾Interest income includes tax equivalent adjustments of $158 thousand, $160 thousand, and $365 thousand for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.}

_{⁽⁵⁾Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.}

_{⁽⁶⁾Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.}

MIDWESTONE FINANCIAL GROUP, INC.

AVERAGE BALANCE SHEET AND YIELD ANALYSIS

	Nine Months Ended
	September 30, 2025						September 30, 2024
(Dollars in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Cost		Average Balance		Interest Income/ Expense		Average Yield/ Cost
ASSETS
Loans, including fees^(1)(2)(3)	$	4,351,665	$	188,473	5.79	%	$	4,343,087	$	184,920	5.69	%
Taxable investment securities		1,157,821		38,364	4.43	%		1,522,447		27,467	2.41	%
Tax-exempt investment securities⁽²⁾⁽⁴⁾		103,884		2,570	3.31	%		321,560		6,113	2.54	%
Total securities held for investment⁽²⁾		1,261,705		40,934	4.34	%		1,844,007		33,580	2.43	%
Other		147,426		5,230	4.74	%		34,435		1,445	5.61	%
Total interest earning assets⁽²⁾	$	5,760,796	$	234,637	5.45	%	$	6,221,529	$	219,945	4.72	%
Other assets		426,414						422,368
Total assets	$	6,187,210					$	6,643,897
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest checking deposits	$	1,223,487	$	6,293	0.69	%	$	1,280,581	$	9,076	0.95	%
Money market deposits		990,146		18,577	2.51	%		1,074,006		23,644	2.94	%
Savings deposits		854,014		9,751	1.53	%		731,724		7,848	1.43	%
Time deposits		1,425,025		42,798	4.02	%		1,449,485		45,217	4.17	%
Total interest bearing deposits		4,492,672		77,419	2.30	%		4,535,796		85,785	2.53	%
Securities sold under agreements to repurchase		1,190		6	0.67	%		5,482		33	0.80	%
Other short-term borrowings		—		57	—	%		422,653		15,394	4.87	%
Total short-term borrowings		1,190		63	7.08	%		428,135		15,427	4.81	%
Long-term debt		109,443		5,190	6.34	%		119,837		6,196	6.91	%
Total borrowed funds		110,633		5,253	6.35	%		547,972		21,623	5.27	%
Total interest bearing liabilities	$	4,603,305	$	82,672	2.40	%	$	5,083,768	$	107,408	2.82	%
Noninterest bearing deposits		922,775						930,197
Other liabilities		76,329						92,235
Shareholders' equity		584,801						537,697
Total liabilities and shareholders' equity	$	6,187,210					$	6,643,897
Net interest income⁽²⁾			$	151,965					$	112,537
Net interest spread⁽²⁾					3.05	%					1.90	%
Net interest margin⁽²⁾					3.53	%					2.42	%

Total deposits⁽⁵⁾	$	5,415,447	$	77,419	1.91	%	$	5,465,993	$	85,785	2.10	%
Cost of funds⁽⁶⁾					2.00	%					2.39	%

_{⁽¹⁾Average balance includes nonaccrual loans.}

_{⁽²⁾Tax equivalent. The federal statutory tax rate utilized was 21%.}

_{⁽³⁾Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $909 thousand and $952 thousand for the nine months ended September 30, 2025 and September 30, 2024, respectively. Loan purchase discount accretion was $3.3 million and $3.8 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. Tax equivalent adjustments were $3.1 million and $2.8 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.}

_{⁽⁴⁾Interest income includes tax equivalent adjustments of $480 thousand and $1.1 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.}

_{⁽⁵⁾Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.}

_{⁽⁶⁾Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.}

Non-GAAP Measures

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

Tangible Common Equity/Tangible Book Value per Share/Tangible Common Equity Ratio	September 30,			June 30,			March 31,			December 31,			September 30,
(Dollars in thousands, except per share data)	2025			2025			2025			2024			2024
Total shareholders' equity	$	606,056		$	589,040		$	579,625		$	559,696		$	562,238
Intangible assets, net		(91,004	)		(92,147	)		(93,399	)		(94,807	)		(96,257	)
Tangible common equity	$	515,052		$	496,893		$	486,226		$	464,889		$	465,981

Total assets	$	6,249,752		$	6,160,773		$	6,254,394		$	6,236,329		$	6,552,482
Intangible assets, net		(91,004	)		(92,147	)		(93,399	)		(94,807	)		(96,257	)
Tangible assets	$	6,158,748		$	6,068,626		$	6,160,995		$	6,141,522		$	6,456,225

Book value per share	$	29.37		$	28.36		$	27.85		$	26.94		$	27.06
Tangible book value per share⁽¹⁾	$	24.96		$	23.92		$	23.36		$	22.37		$	22.43
Shares outstanding		20,632,760			20,769,577			20,815,715			20,777,485			20,774,919

Common equity ratio		9.70	%		9.56	%		9.27	%		8.97	%		8.58	%
Tangible common equity ratio⁽²⁾		8.36	%		8.19	%		7.89	%		7.57	%		7.22	%

_{⁽¹⁾Tangible common equity divided by shares outstanding.}

_{⁽²⁾Tangible common equity divided by tangible assets.}

	Three Months Ended									Nine Months Ended
Return on Average Tangible Equity	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands)	2025			2025			2024			2025			2024
Net income (loss)	$	17,015		$	9,980		$	(95,707	)	$	42,133		$	(76,619	)
Intangible amortization, net of tax⁽¹⁾		850			931			1,090			2,828			3,487
Tangible net income (loss)	$	17,865		$	10,911		$	(94,617	)	$	44,961		$	(73,132	)

Average shareholders' equity	$	595,056		$	587,708		$	551,414		$	584,801		$	537,697
Average intangible assets, net		(91,571	)		(92,733	)		(96,706	)		(92,815	)		(97,102	)
Average tangible equity	$	503,485		$	494,975		$	454,708		$	491,986		$	440,595

Return on average equity		11.34	%		6.81	%	(69.05		)%		9.63	%	(19.03		)%
Return on average tangible equity⁽²⁾		14.08	%		8.84	%	(82.78		)%		12.22	%	(22.17		)%

_{⁽¹⁾The income tax rate utilized was the blended marginal tax rate.}

_{⁽²⁾Annualized tangible net income divided by average tangible equity.}

Net Interest Margin, Tax Equivalent/ Core Net Interest Margin	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands)	2025			2025			2024			2025			2024
Net interest income	$	51,008		$	49,982		$	37,521		$	148,429		$	108,599
Tax equivalent adjustments:
Loans⁽¹⁾		1,053			1,022			951			3,056			2,809
Securities⁽¹⁾		158			160			365			480			1,129
Net interest income, tax equivalent	$	52,219		$	51,164		$	38,837		$	151,965		$	112,537
Loan purchase discount accretion		(962	)		(1,142	)		(1,426	)		(3,270	)		(3,839	)
Core net interest income	$	51,257		$	50,022		$	37,411		$	148,695		$	108,698

Net interest margin		3.48	%		3.49	%		2.42	%		3.44	%		2.33	%
Net interest margin, tax equivalent⁽²⁾		3.57	%		3.57	%		2.51	%		3.53	%		2.42	%
Core net interest margin⁽³⁾		3.50	%		3.49	%		2.41	%		3.45	%		2.33	%
Average interest earning assets	$	5,807,627		$	5,745,664		$	6,167,525		$	5,760,796		$	6,221,529

_{⁽¹⁾The federal statutory tax rate utilized was 21%.}

_{⁽²⁾Annualized tax equivalent net interest income divided by average interest earning assets.}

_{⁽³⁾Annualized core net interest income divided by average interest earning assets.}

Loan Yield, Tax Equivalent / Core Yield on Loans	Three Months Ended									Nine Months Ended
Loan Yield, Tax Equivalent / Core Yield on Loans	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands)	2025			2025			2024			2025			2024
Loan interest income, including fees	$	63,679		$	62,276		$	62,521		$	185,417		$	182,111
Tax equivalent adjustment⁽¹⁾		1,053			1,022			951			3,056			2,809
Tax equivalent loan interest income	$	64,732		$	63,298		$	63,472		$	188,473		$	184,920
Loan purchase discount accretion		(962	)		(1,142	)		(1,426	)		(3,270	)		(3,839	)
Core loan interest income	$	63,770		$	62,156		$	62,046		$	185,203		$	181,081

Yield on loans		5.75	%		5.72	%		5.77	%		5.70	%		5.60	%
Yield on loans, tax equivalent⁽²⁾		5.85	%		5.81	%		5.86	%		5.79	%		5.69	%
Core yield on loans⁽³⁾		5.76	%		5.70	%		5.72	%		5.69	%		5.57	%
Average loans	$	4,392,991		$	4,370,196		$	4,311,693		$	4,351,665		$	4,343,087

_{⁽¹⁾The federal statutory tax rate utilized was 21%.}

_{⁽²⁾Annualized tax equivalent loan interest income divided by average loans.}

_{⁽³⁾Annualized core loan interest income divided by average loans.}

	Three Months Ended									Nine Months Ended
Efficiency Ratio	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands)	2025			2025			2024			2025			2024
Total noninterest expense	$	37,637		$	35,767		$	35,798		$	109,697		$	107,124
Amortization of intangibles		(1,143	)		(1,252	)		(1,470	)		(3,803	)		(4,700	)
Merger-related expenses		(132	)		—			(133	)		(172	)		(2,301	)
Noninterest expense used for efficiency ratio	$	36,362		$	34,515		$	34,195		$	105,722		$	100,123

Net interest income, tax equivalent⁽¹⁾	$	52,219		$	51,164		$	38,837		$	151,965		$	112,537
Plus: Noninterest income (loss)		10,253			10,249			(130,388	)		30,638			(99,084	)
Less: Investment securities gains (losses), net		—			—			(140,182	)		33			(140,113	)
Net revenues used for efficiency ratio	$	62,472		$	61,413		$	48,631		$	182,570		$	153,566

Efficiency ratio⁽²⁾		58.21	%		56.20	%		70.32	%		57.91	%		65.20	%

_{⁽¹⁾The federal statutory tax rate utilized was 21%.}

_{⁽²⁾Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.}

	Three Months Ended									Nine Months Ended
Adjusted Earnings	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands, except per share data)	2025			2025			2024			2025			2024
Net income (loss)	$	17,015		$	9,980		$	(95,707	)	$	42,133		$	(76,619	)
Less: Investment securities gains (losses), net of tax⁽¹⁾		—			—			(103,988	)		25			(103,937	)
Less: Mortgage servicing rights (loss) gain, net of tax⁽¹⁾		(454	)		(196	)		(761	)		(809	)		(938	)
Plus: Merger-related expenses, net of tax⁽¹⁾		98			—			99			128			1,707
Less: (Loss) on extinguishment of debt, net of tax⁽¹⁾		(487	)		—			—			(487	)		—
Less: Gain on branch sale, net of tax⁽¹⁾		—			—			—			—			8,201
Adjusted earnings	$	18,054		$	10,176		$	9,141		$	43,532		$	21,762

Weighted average diluted common shares outstanding		20,718			20,843			15,829			20,801			15,772

Earnings per common share - diluted	$	0.82		$	0.48		$	(6.05	)	$	2.03		$	(4.86	)
Adjusted earnings per common share⁽²⁾	$	0.87		$	0.49		$	0.58		$	2.09		$	1.38

_{⁽¹⁾The income tax rate utilized was the blended marginal tax rate.}

_{⁽²⁾Adjusted earnings divided by weighted average diluted common shares outstanding.}

	For the Three Months Ended									Year Ended
Pre-tax Pre-provision Net Revenue	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands)	2025			2025			2024			2025			2024
Net interest income	$	51,008		$	49,982		$	37,521		$	148,429		$	108,599
Noninterest income (loss)		10,253			10,249			(130,388	)		30,638			(99,084	)
Noninterest expense		(37,637	)		(35,767	)		(35,798	)		(109,697	)		(107,124	)
Pre-tax Pre-provision Net Revenue	$	23,624		$	24,464		$	(128,665	)	$	69,370		$	(97,609	)

Category: Earnings

This news release may be downloaded from Corporate Overview | MidWestOne Financial Group, Inc.

Source: MidWestOne Financial Group, Inc.

Industry: Banks

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

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Date	Price Target	Rating	Analyst
1/27/2025	$30.00 → $33.50	Market Perform	Hovde Group
12/17/2024	$34.00 → $39.00	Mkt Perform → Outperform	Keefe Bruyette
4/26/2024	$23.50 → $21.50	Market Perform	Hovde Group
3/13/2024	$24.00	Neutral	Piper Sandler
3/4/2024		Market Perform	Hovde Group
6/12/2023		Outperform	Hovde Group
12/13/2022	$37.00	Outperform → Mkt Perform	Keefe Bruyette

MidWestOne Financial Group, Inc. Reports Financial Results for the Third Quarter of 2025

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