2019 Annual Report

CONSOLIDATED STATEMENTS OF income (dollars in thousands, except per share amounts)

YEARs ENDED DECEMBER 31,

2019

2018

Interest income

Loans, including fees

$ 163,163

$ 111,193

Taxable investment securities Tax-exempt investment securities

13,132

11,027

5,696

5,827

Other

450

62

Total interest income

182,441

128,109

Interest expense Deposits

29,927

17,331

Short-term borrowings

1,847 7,017

1,315 4,195

Long-term debt

Total interest expense Net interest income

38,791 143,650

22,841 105,268

Provision for Loan Losses

7,158

7,300

Net interest income after provision for loan losses

136,492

97,968

Noninterest income

Investment services and trust activities

8,040 7,452 5,594 3,789 1,877

4,953 6,157 4,223 3,622 1,610 1,284

Service charges and fees

Card revenue Loan revenue

Bank-owned life insurance Insurance commissions Investment securities gains, net

734

90

193

Other

3,670

1,173

Total noninterest income

31,246

23,215

Noninterest expense

Compensation and employee benefits Occupancy expense of premises, net

65,660

49,758

8,647 7,717 8,049 4,579 3,789 5,906

7,597 5,565 4,641 2,951 2,660 2,296 1,533 1,353

Equipment

Legal and professional

Data processing

Marketing

Amortization of intangibles

FDIC insurance Communications

690

1,701

Foreclosed assets, net

580

21

Other

10,217

4,840

Total noninterest expense Income before income taxes

117,535 50,203

83,215 37,968

Income taxes

6,573

7,617

Net income

$ 43,630

$ 30,351

Earnings per Common Share Basic

$ 2.93 $ 2.93

$ 2.48 $ 2.48

Diluted

12 MidWest One Financial Group, Inc. 2019 Annual Report