2020 MidWestOne Financial Group, Inc. Annual Report

ON THE COVER Mylene Vargas Espin and Adrian Velasco Pacheco and their children Ariana and Adrian safely enjoy a movie at FilmScene. It all started with a MidWest One Checking account. Now they have a full relationship with MidWest One . Banker Karina Beltran helped both to build their credit, buy their first car, and buy their first home.

INSIDE

MIDWEST ONE FINANCIAL GROUP, INC. AND MIDWEST ONE BANK BOARDS OF DIRECTORS

Ruth E. Stanoch: Corporate Affairs Consultant Nathaniel J. Kaeding: Director, Business Development and Client Relations, Build to Suit, Inc. Larry D. Albert: Retired Executive Vice President, MidWest One Financial Group, Inc. Matthew J. Hayek: Attorney & Partner, Hayek, Moreland, Smith & Bergus, LLP. Charles N. Funk: Chief Executive Officer and Director, MidWest One Financial Group, Inc., and Chief Executive Officer, MidWest One Bank Richard J. Hartig: Chairman, Hartig Drug Stores Douglas K. True: Retired Senior Vice President and Treasurer, University of Iowa Janet Godwin: CEO, ACT, Inc. Kevin W. Monson: Founder and Chairman Emeritus, Neumann Monson Architects: Chairman of the Board, MidWest One Financial Group, Inc. and MidWest One Bank Tracy S. McCormick: CFO and Director, Mill Creek Development Company Jennifer Leigh Hauschildt: Vice President of Human Resources, Uponor Charles J. Schrup III: Retired Bank Executive, American Trust; MidWest One Bank Board Member Richard R. Donohue: CFO, Acumen Advisors Kurt R. Weise: Retired Executive Vice President, MidWest On e Financial Group, Inc. Douglas H. Greeff: President, Greeff Advisory LLC; MidWest One Financial Group, Inc. Board Member

4 To Our Shareholders 10 Financial Highlights 11 Consolidated Balance Sheets 12 Consolidated Statements of Income 13 Consolidated Statements of Shareholders’ Equity 13 Share Price 14 Leaning in to Len 16 Navigating Turbulent Times 18 Taking Care of Customers 20 Paycheck Protection Program 22 Adaptation and Resilience 24 Taking Care of Communities 26 New Trust Team in Twin Cities

RIGHT Robert and Kelly McClean dreamed of

opening their own business. Robert’s zest for Jamaican fare grew into their family rasta-rant. MidWest One Bank helped “Island Vybz” food and catering get on the road to success.