2020 MidWestOne Financial Group, Inc. Annual Report

CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share amounts)

FINANCIAL HIGHLIGHTS (dollars in thousands, except per share amounts)

2020

2019

2018

2017

2016

DECEMBER 31,

2020

2019

YEAR-END BALANCES Assets Investment Securities

$ 5,556,648

$ 4,653,573

$ 3,291,480

$ 3,212,271

$ 3,079,575

ASSETS

1,657,381 3,482,223 4,547,049

785,977

609,923

643,279

645,910

Cash and due from banks

$ 65,078

$ 67,174

Loans

3,451,266 3,728,655

2,398,779 2,612,929

2,286,695 2,605,319

2,165,143 2,480,448

Interest earning deposits in banks

17,409

6,112

Deposits

Federal funds sold

172

198

Shareholders’ Equity

515,250

508,982

357,067

340,304

305,456

Total cash and cash equivalents

82,659

73,484

Debt securities available for sale at fair value

1,657,381

785,977

AVERAGE BALANCES Assets Investment Securities

Loans held for sale

59,956

5,400

$ 5,135,841

$ 4,201,040

$ 3,249,718

$ 3,097,496

$ 2,993,875

Gross loans held for investment

3,496,790

3,469,236

1,139,954 3,551,945 4,184,406

669,859

636,362

641,328

551,383

Unearned income, net

(14,567)

(17,970)

Loans

3,157,127 3,362,713

2,354,354 2,608,725

2,201,364 2,503,481

2,161,376 2,445,363

Loans held for investment, net of unearned income

3,482,223

3,451,266

Total Deposits

Allowance for credit losses

(55,500)

(29,079)

Shareholders’ Equity

515,455

452,018

345,734

334,966

304,670

Total loans held for investment, net

3,426,723

3,422,187

RESULTS OF OPERATIONS Net Interest Income

Premises and equipment, net

86,401 62,477 25,242

90,723 91,918 32,218

$ 152,964

$ 143,650

$ 105,268

$ 103,781

$ 99,606

Goodwill

Credit Loss Expense Noninterest Income Noninterest Expense

28,369 38,620 149,893 13,322

7,158

7,300

17,334 22,751 80,123 29,075 18,699

7,983

Other intangible assets, net

31,246 117,535 50,203 43,630

23,215 83,215 37,968 30,351

23,434 87,806 27,251 20,391

Foreclosed assets, net

2,316

3,706

Other assets

153,493

147,960

Income Before Income Taxes

Total assets

$ 5,556,648

$ 4,653,573

Net Income

6,623

PER COMMON SHARE Net Income - Basic Net Income - Diluted

LIABILITIES AND SHAREHOLDERS’ EQUITY Noninterest bearing deposits

$

0.41 0.41 0.88

$

2.93 2.93 0.81

$

2.48 2.48 0.78

$

1.55 1.55 0.67

$

1.78 1.78 0.64

$ 910,655

$ 662,209

Interest-bearing deposits

3,636,394 4,547,049

3,066,446 3,728,655

Dividends Book Value Closing Price

Total deposits

32.17 24.50

31.49 36.23

29.32 24.83

27.85 33.53

26.71 37.60

Short-term borrowings

230,789 208,691 54,869

139,349 231,660 44,927

Long-term debt Other liabilities

ASSET QUALITY Bank Loans Past Due 30-89 Days Non-Performing Bank Loans

Total liabilities

5,041,398

4,144,591

$ 17,194

$ 12,328

$ 5,643

$ 9,252

$ 10,740

42,689

41,617

20,289

14,991 11,125

21,153

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 16,016,780 and 16,162,176

Net Charge Offs

5,265

7,386

6,052

5,560

-

-

RATIOS Return on Average Equity

1.28% 10.80% 0.13% 3.30% 56.92% 10.04%

9.65% 13.98% 1.04% 3.82% 57.56% 10.76% 0.84% 0.23% 1.21%

8.78% 11.87% 0.93% 3.60% 61.23% 10.64% 1.22% 0.26% 0.85%

5.58% 8.00% 0.60% 3.81% 58.63% 10.81% 1.23% 0.51% 0.66%

6.69% 10.13% 0.68% 3.80% 62.27% 10.18% 1.01% 0.26% 0.98%

16,581 300,137 188,191 (14,251)

16,581 297,390 201,105 (10,466)

Return on Average Tangible Equity

Additional paid-in capital

Return on Average Assets

Retained earnings

Net Interest Margin

Treasury stock at cost; 564,237 and 418,841 Accumulated other comprehensive income

Efficiency Ratio

24,592

4,372

Average Equity as a % of Average Assets Allowance for Bank Credit Losses as a % of Bank Loans (Excluding PPP Loans)

Total shareholders’ equity

515,250

508,982

Total liabilities and shareholders’ equity

$ 5,556,648

$ 4,653,573

1.72%

Net Bank Loan Charge-offs as a % of Average Bank Loans 0.15%

Non-performing Bank Loans as a % of Bank Loans

1.23%

10 MidWest One Financial Group, Inc. 2020 Annual Report

MidWest One Financial Group, Inc. 2020 Annual Report 11