MidWestOne Bank Annual Report 2020

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 Bank Executive, MidWest One Bank, MidWest One Bank Board Member Matthew J. Hayek: Attorney, Hayek, Moreland, Smith & Bergus, LLP Charles N. Funk: President and CEO, MidWest One Financial Group, Inc.; and President and CEO, 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: Managing Partner, Neumann Monson Architects, PC; Chairman, MidWest One Financial Group, Inc. 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 Board Member Richard R. Donohue: CFO, Acumen Advisors Kurt R. Weise: Former Executive Vice President, MidWest One Douglas H. Greeff: Greeff Advisory LLC Financial Group, Inc.

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.