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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 001-35968
MIDWESTONE FINANCIAL GROUP, INC.
(Exact name of Registrant as specified in its charter)
 
Iowa42-1206172
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
102 South Clinton Street, Iowa City, IA 52240
(319) 356-5800
(Address of principal executive offices, including zip code) (Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par valueMOFGThe Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    x  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
x
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     ☐  Yes    x  No

As of November 1, 2022, there were 15,623,530 shares of common stock, $1.00 par value per share, outstanding.



MIDWESTONE FINANCIAL GROUP, INC.
Form 10-Q Quarterly Report



PART I – FINANCIAL INFORMATION

Glossary of Acronyms, Abbreviations, and Terms
As used in this report, references to "MidWestOne", "we", "our", "us", the "Company", and similar terms refer to the consolidated entity consisting of MidWestOne Financial Group, Inc. and its wholly-owned subsidiaries. MidWestOne Bank or the "Bank" refers to MidWestOne's bank subsidiary, MidWestOne Bank.
The acronyms, abbreviations, and terms listed below are used in various sections of this Form 10-Q, including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."
ACLAllowance for Credit LossesFHLBCFederal Home Loan Bank of Chicago
AFSAvailable for SaleFHLBDMFederal Home Loan Bank of Des Moines
AOCIAccumulated Other Comprehensive IncomeFHLMCFederal Home Loan Mortgage Corporation
ASCAccounting Standards CodificationFNBFFirst National Bank in Fairfield
ASUAccounting Standards UpdateFNBMFirst National Bank of Muscatine
ATMAutomated Teller MachineFNMAFederal National Mortgage Association
Basel III RulesA comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013FRBBoard of Governors of the Federal Reserve System
BHCABank Holding Company Act of 1956, as amendedGAAPU.S. Generally Accepted Accounting Principles
BOLIBank Owned Life InsuranceGLBAGramm-Leach-Bliley Act of 1999
CAAConsolidated Appropriations Act, 2021GNMAGovernment National Mortgage Association
CARES ActCoronavirus Aid, Relief and Economic Security ActICSInsured Cash Sweep
CDARSCertificate of Deposit Account Registry ServiceIOFBIowa First Bancshares Corp.
CECLCurrent Expected Credit LossLIBORThe London Inter-bank Offered Rate
CMOCollateralized Mortgage ObligationsMBSMortgage-Backed Securities
COVID-19Coronavirus Disease 2019PCDPurchase Credit Deteriorated
CRACommunity Reinvestment ActPPPPaycheck Protection Program
CRECommercial Real EstateROURight-of-Use
DCFDiscounted Cash FlowsRPACredit Risk Participation Agreement
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection ActRREResidential Real Estate
ECLExpected Credit LossesSBAU.S. Small Business Administration
EVEEconomic Value of EquitySECU.S. Securities and Exchange Commission
FASBFinancial Accounting Standards BoardSOFRSecured Overnight Financing Rate
FDICFederal Deposit Insurance CorporationTDRTroubled Debt Restructuring
FHLBFederal Home Loan Bank



Item 1.   Financial Statements (unaudited).

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 September 30, 2022 December 31, 2021
(unaudited) (dollars in thousands, except per share amounts) 
ASSETS
Cash and due from banks$77,513 $42,949 
Interest earning deposits in banks1,001 160,881 
Total cash and cash equivalents78,514 203,830 
Debt securities available for sale at fair value1,153,304 2,288,110 
Held to maturity securities at amortized cost1,146,583  
Total securities2,299,887 2,288,110 
Loans held for sale2,320 12,917 
Gross loans held for investment3,761,664 3,252,194 
Unearned income, net(15,375)(7,182)
Loans held for investment, net of unearned income3,746,289 3,245,012 
Allowance for credit losses(52,100)(48,700)
Total loans held for investment, net3,694,189 3,196,312 
Premises and equipment, net87,732 83,492 
Goodwill62,477 62,477 
Other intangible assets, net32,086 19,885 
Foreclosed assets, net103 357 
Other assets233,753 157,748 
Total assets$6,491,061 $6,025,128 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$1,139,694 $1,005,369 
Interest-bearing deposits4,337,088 4,109,150 
Total deposits5,476,782 5,114,519 
Short-term borrowings304,536 181,368 
Long-term debt154,190 154,879 
Other liabilities83,324 46,887 
Total liabilities6,018,832 5,497,653 
Shareholders' equity
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 15,622,825 and 15,671,147
16,581 16,581 
Additional paid-in capital301,418 300,940 
Retained earnings276,998 243,365 
Treasury stock at cost, 958,192 and 909,870 shares
(26,145)(24,546)
Accumulated other comprehensive loss(96,623)(8,865)
Total shareholders' equity472,229 527,475 
Total liabilities and shareholders' equity$6,491,061 $6,025,128 
See accompanying notes to consolidated financial statements.  
1

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 
Three Months EndedNine Months Ended
September 30,September 30,
(unaudited) (dollars in thousands, except per share amounts)2022 202120222021
Interest income 
Loans, including fees$40,451  $36,115 $104,515 $107,393 
Taxable investment securities10,635  6,655 28,334 18,231 
Tax-exempt investment securities2,326  2,428 7,076 7,532 
Other9 21 77 54 
Total interest income53,421  45,219 140,002 133,210 
Interest expense 
Deposits5,035  3,150 11,118 10,167 
Short-term borrowings767  132 1,115 421 
Long-term debt1,886  1,597 4,975 5,160 
Total interest expense7,688  4,879 17,208  15,748 
Net interest income45,733  40,340 122,794 117,462 
Credit loss expense (benefit)638  (1,080)3,920 (7,958)
Net interest income after credit loss expense (benefit)45,095  41,420 118,874 125,420 
Noninterest income 
Investment services and trust activities2,876  2,915 8,557 8,560 
Service charges and fees2,075  1,613 5,449 4,575 
Card revenue1,898  1,820 5,426 5,269 
Loan revenue1,722  1,935 9,538 9,816 
Bank-owned life insurance579  532 1,668 1,612 
Investment securities gains, net(163) 36 272 105 
Other3,601 331 5,669 1,287 
Total noninterest income12,588  9,182 36,579 31,224 
Noninterest expense 
Compensation and employee benefits20,046  17,350 57,665 51,671 
Occupancy expense of premises, net2,577  2,547 7,609 7,063 
Equipment2,358 1,973 6,366 5,627 
Legal and professional2,012 1,272 6,800 3,430 
Data processing1,731 1,406 4,199 4,005 
Marketing1,139 1,022 3,325 2,901 
Amortization of intangibles1,789  1,264 4,299 4,112 
FDIC insurance415  435 1,255 1,192 
Communications302  275 840 1,055 
Foreclosed assets, net42 43 (66)226 
Other2,212  2,191 6,056 4,866 
Total noninterest expense34,623  29,778 98,348 86,148 
Income before income tax expense23,060  20,824 57,105 70,496 
Income tax expense 4,743  4,513 12,272 15,266 
Net income $18,317  $16,311 $44,833 $55,230 
Per common share information 
Earnings - basic$1.17  $1.03 $2.86 $3.47 
Earnings - diluted$1.17  $1.03 $2.86 $3.46 
Dividends paid$0.2375  $0.2250 $0.7125 $0.6750 
See accompanying notes to consolidated financial statements.
2

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Three Months EndedNine Months Ended
September 30,September 30,
(unaudited) (dollars in thousands)2022202120222021
Net income$18,317 $16,311 $44,833 $55,230 
Other comprehensive loss, net of tax:
Unrealized loss from available for sale debt securities:
Unrealized net holding loss on debt securities available for sale arising during the period
(42,935)(8,591)(121,179)(28,501)
Reclassification adjustment for losses (gains) included in net income
163 (36)(272)(105)
Income tax benefit
10,823 2,251 31,358 7,466 
Unrealized net loss on available for sale debt securities, net of reclassification adjustments
(31,949)(6,376)(90,093)(21,140)
Reclassification of available for sale debt securities to held to maturity:
Amortization of the net unrealized loss from the reclassification of available for sale debt securities to held to maturity
746  3,152  
Income tax expense
(189) (817) 
Amortization of net unrealized loss from the reclassification of available for sale debt securities to held to maturity, net 557  2,335  
Other comprehensive loss, net of tax(31,392)(6,376)(87,758)(21,140)
Comprehensive (loss) income $(13,075)$9,935 $(42,925)$34,090 
See accompanying notes to consolidated financial statements.

3

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended September 30,
Common Stock
(unaudited)
(dollars in thousands, except per share amounts)
Par Value
Additional
Paid-in
Capital
Retained Earnings Treasury Stock
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance at June 30, 2021$16,581 $299,888 $219,884 $(15,888)$9,828 $530,293 
Net Income— — 16,311 — — 16,311 
Other comprehensive loss— — — — (6,376)(6,376)
Release/lapse of restriction on RSUs (1,260 shares, net)
— (32)(1)33 —  
Repurchase of common stock (235,277 shares)
— — — (6,880)— (6,880)
Share-based compensation— 471 — — — 471 
Dividends paid on common stock ($0.2250 per share)
— — (3,555)— — (3,555)
Balance at September 30, 2021$16,581 $300,327 $232,639 $(22,735)$3,452 $530,264 
Balance at June 30, 2022$16,581 $300,859 $262,395 $(25,772)$(65,231)$488,832 
Net Income— — 18,317 — — 18,317 
Other comprehensive loss— — — — (31,392)(31,392)
Release/lapse of restriction on RSUs (2,280 shares, net)
— (81)(4)58 — (27)
Repurchase of common stock (14,586 shares)
— — — (431)— (431)
Share-based compensation— 640 — — — 640 
Dividends paid on common stock ($0.2375 per share)
— — (3,710)— — (3,710)
Balance at September 30, 2022$16,581 $301,418 $276,998 $(26,145)$(96,623)$472,229 
Nine Months Ended September 30,
Common Stock
(unaudited)
(dollars in thousands, except per share amounts)
Par Value
Additional
Paid-in
Capital
Retained EarningsTreasury Stock
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance at December 31, 2020$16,581 $300,137 $188,191 $(14,251)$24,592 $515,250 
Net income— — 55,230 — — 55,230 
Other comprehensive loss— — — — (21,140)(21,140)
Release/lapse of restriction on RSUs (49,311 shares, net)
— (1,332)(29)1,243 — (118)
Repurchase of common stock (336,640 shares)
— — — (9,727)— (9,727)
Share-based compensation— 1,522 — — — 1,522 
Dividends paid on common stock ($0.6750 per share)
— — (10,753)— — (10,753)
Balance at September 30, 2021$16,581 $300,327 $232,639 $(22,735)$3,452 $530,264 
Balance at December 31, 2021$16,581 $300,940 $243,365 $(24,546)$(8,865)$527,475 
Net income— — 44,833 — — 44,833 
Other comprehensive loss— — — — (87,758)(87,758)
Release/lapse of restriction on RSUs (43,079 shares, net)
— (1,359)(42)1,131 — (270)
Repurchase of common stock (91,401 shares)
— — — (2,730)— (2,730)
Share-based compensation— 1,837 — — — 1,837 
Dividends paid on common stock ($0.7125 per share)
— — (11,158)— — (11,158)
Balance at September 30, 2022$16,581 $301,418 $276,998 $(26,145)$(96,623)$472,229 

4

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Nine Months Ended September 30,
(unaudited) (dollars in thousands)2022 2021
Cash flows from operating activities:
Net income
$44,833  $55,230 
Adjustments to reconcile net income to net cash provided by operating activities:
 
Credit loss expense (benefit)
3,920  (7,958)
Depreciation, amortization, and accretion
7,511  71 
         Net change in premises and equipment due to wr