2022 Annual Report

Consolidated Statements of Income (dollars in thousands, except per share amounts)

Years Ended December 31,

2022

2021

2020

Interest income: Loans, including fees

148,284 $

141,036 $

158,656 $

Taxable investment securities Tax-exempt investment securities

39,019

25,692

17,610

9,379

9,947

8,259

Other

77

91

262

Total interest income

196,759

176,766

184,787

Interest expense: Deposits

20,245

13,198

23,919

Short-term borrowings

3,070 7,086

551

914

Long-term debt

6,736

6,990

Total interest expense Net interest income

30,401 166,358

20,485 156,281

31,823 152,964 28,369 124,595

Credit loss expense (benefit)

4,492

(7,336)

Net interest income after credit loss expense (benefit)

161,866

163,617

Noninterest income: Investment services and trust activities

11,223

11,675

9,632 6,178 5,719

Service charges and fees

7,477 7,210

6,259 7,015

Card revenue Loan revenue

10,504

12,948

10,185

Bank-owned life insurance Investment securities gains, net

2,305

2,162

2,226

271

242

184

Other

8,529

2,152

4,496

Total noninterest income

47,519

42,453

38,620

Noninterest expense: Compensation and employee benefits Occupancy expense of premises, net

78,103 10,272

69,937

66,397

9,274 7,816 5,256 5,216 4,022 5,357 1,572 1,332

9,348 7,865 6,153 5,362 3,815 6,976 1,858 1,746

Equipment

8,693 8,646 5,574 4,272 6,069 1,660 1,125

Legal and professional

Data processing

Marketing

Amortization of intangibles

FDIC insurance Communications

Foreclosed assets, net Goodwill impairment

(18)

233

150

-

-

31,500

Other

8,392

6,577

8,723

Total noninterest expense

132,788 76,597 15,762 60,835

116,592 89,478 19,992 69,486

149,893 13,322

Income before income tax expense

Income tax expense

6,699 6,623

Net income

$

$

$

Earnings per Common Share: Basic

$ $

3.89 3.87

$ $

4.38 4.37

$ $

0.41 0.41

Diluted

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

MidWest One Financial Group, Inc. 2022 Annual Report