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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 March 31, 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 May 3, 2022, there were 15,680,463 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 LossesFHLBFederal Home Loan Bank
AFSAvailable for SaleFHLBCFederal Home Loan Bank of Chicago
AOCIAccumulated Other Comprehensive IncomeFHLBDMFederal Home Loan Bank of Des Moines
ASCAccounting Standards CodificationFHLMCFederal Home Loan Mortgage Corporation
ASUAccounting Standards UpdateFNBFFirst National Bank in Fairfield
ATMAutomated Teller MachineFNBMFirst National Bank of Muscatine
Basel III RulesA comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013FNMAFederal National Mortgage Association
BHCABank Holding Company Act of 1956, as amendedFRBBoard of Governors of the Federal Reserve System
BOLIBank Owned Life InsuranceGAAPU.S. Generally Accepted Accounting Principles
CAAConsolidated Appropriations Act, 2021GLBAGramm-Leach-Bliley Act of 1999
CARES ActCoronavirus Aid, Relief and Economic Security ActGNMAGovernment National Mortgage Association
CDARSCertificate of Deposit Account Registry ServiceICSInsured Cash Sweep
CECLCurrent Expected Credit LossIOFBIowa First Bancshares Corp.
CMOCollateralized Mortgage ObligationsLIBORThe London Inter-bank Offered Rate
COVID-19Coronavirus Disease 2019MBSMortgage-Backed Securities
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



Item 1.   Financial Statements (unaudited).

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 March 31, 2022 December 31, 2021
(unaudited) (dollars in thousands, except per share amounts) 
ASSETS
Cash and due from banks$47,677 $42,949 
Interest earning deposits in banks12,152 160,881 
Total cash and cash equivalents59,829 203,830 
Debt securities available for sale at fair value1,145,638 2,288,110 
Held to maturity securities at amortized cost1,204,212 — 
Total securities2,349,850 2,288,110 
Loans held for sale6,466 12,917 
Gross loans held for investment3,256,294 3,252,194 
Unearned income, net(6,259)(7,182)
Loans held for investment, net of unearned income3,250,035 3,245,012 
Allowance for credit losses(46,200)(48,700)
Total loans held for investment, net3,203,835 3,196,312 
Premises and equipment, net82,603 83,492 
Goodwill62,477 62,477 
Other intangible assets, net18,658 19,885 
Foreclosed assets, net273 357 
Other assets176,223 157,748 
Total assets$5,960,214 $6,025,128 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest bearing deposits$1,002,415 $1,005,369 
Interest bearing deposits4,075,310 4,109,150 
Total deposits5,077,725 5,114,519 
Short-term borrowings181,193 181,368 
Long-term debt139,898 154,879 
Other liabilities56,941 46,887 
Total liabilities5,455,757 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 15,690,125 and 15,671,147
16,581 16,581 
Additional paid-in capital300,505 300,940 
Retained earnings253,500 243,365 
Treasury stock at cost, 890,892 and 909,870 shares
(24,113)(24,546)
Accumulated other comprehensive loss(42,016)(8,865)
Total shareholders' equity504,457 527,475 
Total liabilities and shareholders' equity$5,960,214 $6,025,128 
See accompanying notes to consolidated financial statements.  
1

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 
Three Months Ended
March 31,
(unaudited) (dollars in thousands, except per share amounts)2022 2021
Interest income 
Loans, including fees$31,318  $36,542 
Taxable investment securities8,123  5,093 
Tax-exempt investment securities2,383  2,555 
Other28 14 
Total interest income41,852  44,204 
Interest expense 
Deposits2,910  3,608 
Short-term borrowings119  128 
Long-term debt1,487  1,851 
Total interest expense4,516  5,587 
Net interest income37,336  38,617 
Credit loss (benefit) expense  (4,734)
Net interest income after credit loss (benefit) expense37,336  43,351 
Noninterest income 
Investment services and trust activities3,011  2,836 
Service charges and fees1,657  1,487 
Card revenue1,650  1,536 
Loan revenue4,293  4,730 
Bank-owned life insurance531  542 
Investment securities gains, net40  27 
Other462 666 
Total noninterest income11,644  11,824 
Noninterest expense 
Compensation and employee benefits18,664  16,917 
Occupancy expense of premises, net2,779  2,318 
Equipment1,901 1,793 
Legal and professional2,353 783 
Data processing1,231 1,252 
Marketing1,029 1,006 
Amortization of intangibles1,227  1,507 
FDIC insurance420  512 
Communications272  409 
Foreclosed assets, net(112)47 
Other1,879  1,156 
Total noninterest expense31,643  27,700 
Income before income tax expense17,337  27,475 
Income tax expense 3,442  5,827 
Net income $13,895  $21,648 
Per common share information 
Earnings - basic$0.89  $1.35 
Earnings - diluted$0.88  $1.35 
Dividends paid$0.2375  $0.2250 
See accompanying notes to consolidated financial statements.
2

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Three Months Ended
March 31,
(unaudited) (dollars in thousands)20222021
Net income$13,895 $21,648 
Other comprehensive loss, net of tax:
Unrealized gain (loss) from available for sale debt securities:
Unrealized net holding loss on debt securities available for sale arising during the period
(46,221)(27,784)
Reclassification adjustment for gains included in net income
(40)(27)
Income tax benefit
12,074 7,259 
Unrealized net loss on available for sale debt securities, net of reclassification adjustments
(34,187)(20,552)
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
1,402  
Income tax expense
(366) 
Amortization of net unrealized loss from the reclassification of available for sale debt securities to held to maturity, net 1,036  
Other comprehensive loss, net of tax(33,151)(20,552)
Comprehensive (loss) income $(19,256)$1,096 
See accompanying notes to consolidated financial statements.

3

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

Three Months Ended March 31,
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 December 31, 2020$16,581 $300,137 $188,191 $(14,251)$24,592 $515,250 
Net income— — 21,648 — — 21,648 
Other comprehensive loss— — — — (20,552)(20,552)
Release/lapse of restriction on RSUs (26,896 shares)
— (774)(11)672 — (113)
Repurchase of common stock (62,588 shares)
— — — (1,699)— (1,699)
Share-based compensation— 384 — — — 384 
Dividends paid on common stock ($0.2250 per share)
— — (3,598)— — (3,598)
Balance at March 31, 2021$16,581 $299,747 $206,230 $(15,278)$4,040 $511,320 
Balance at December 31, 2021$16,581 $300,940 $243,365 $(24,546)$(8,865)$527,475 
Net income— — 13,895 — — 13,895 
Other comprehensive loss— — — — (33,151)(33,151)
Release/lapse of restriction on RSUs (30,478 shares, net)
— (995)(31)789 — (237)
Repurchase of common stock (11,500 shares)
— — — (356)— (356)
Share-based compensation— 560 — — — 560 
Dividends paid on common stock ($0.2375 per share)
— — (3,729)— — (3,729)
Balance at March 31, 2022$16,581 $300,505 $253,500 $(24,113)$(42,016)504,457 

4

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Three Months Ended March 31,
(unaudited) (dollars in thousands)2022 2021
Cash flows from operating activities:
Net income
$13,895  $21,648 
Adjustments to reconcile net income to net cash provided by operating activities:
 
Credit loss (benefit) expense
  (4,734)
Depreciation, amortization, and accretion
2,469  (342)
         Net change in premises and equipment due to writedown or sale410  
Share-based compensation
560  384 
Net gain on sale or call of debt securities available for sale
(40) (27)
Net change in foreclosed assets due to writedown or sale(112)(1)
Net gain on sale of loans held for sale(817)(3,089)
Origination of loans held for sale
(32,564) (82,898)
Proceeds from sales of loans held for sale
43,232 87,610 
Increase in cash surrender value of bank-owned life insurance(531)(541)
Decrease in deferred income taxes, net1,441 810 
Change in:
Other assets
(7,514) 4,871 
Other liabilities
5,747 (8,666)
Net cash provided by operating activities
$26,176  $15,025 
Cash flows from investing activities: 
Proceeds from maturities and calls of debt securities available for sale
$45,174  $109,003 
Purchases of debt securities available for sale
(198,857) (369,754)
Proceeds from maturities and calls of debt securities held to maturity
49,839   
Net (increase) decrease in loans held for investment
(9,239) 128,164 
Purchases of premises and equipment
(938) (349)
Proceeds from sale of foreclosed assets
196 1,010 
Proceeds from sale of premises and equipment
8   
Net cash used in investing activities
$(113,817) $(131,926)
Cash flows from financing activities: 
Net (decrease) increase in:
Deposits
$(36,825) $247,469 
Short-term borrowings
(175)(55,004)
         Payments of subordinated debt issuance costs (9)
         Payments on finance lease liability(39)(35)
Payments of Federal Home Loan Bank borrowings
(15,000)(7,000)
Taxes paid relating to the release/lapse of restriction on RSUs
(236)(113)
Dividends paid
(3,729) (3,598)
Repurchase of common stock
(356)(1,699)
Net cash used in (provided by) financing activities
$(56,360) $180,011 
Net (decrease) increase in cash and cash equivalents
$(144,001) $63,110 
Cash and cash equivalents:
        Beginning of Period203,830  82,659 
        Ending balance$59,829  $145,769 
Supplemental disclosures of cash flow information: 
Cash paid during the period for interest
$5,466  $6,835 
Supplemental schedule of non-cash investing and financing activities:
Transfer of loans to foreclosed assets, net
$  $180 
Transfer of loans held for investment to loans held for sale3,400  
Investment securities purchased but not settled 6,509 7,945 
Transfer of premises and equipment to assets held for sale628  
Transfer of debt securities available for sale to debt securities held to maturity    1,253,179  
See accompanying notes to consolidated financial statements.
5

MidWestOne Financial Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

1.    Nature of Business and Significant Accounting Policies
Nature of Business
MidWestOne Financial Group, Inc. (the "Company"), an Iowa corporation formed in 1983, is a bank holding company under the BHCA and a financial holding company under the GLBA. Our principal executive offices are located at 102 South Clinton Street, Iowa City, Iowa 52240.
The Company owns all of the outstanding common stock of MidWestOne Bank, an Iowa state non-member bank chartered in 1934 with its main office in Iowa City, Iowa. We operate primarily through MidWestOne Bank, our bank subsidiary.
Basis of Presentation
The accompanying interim condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2021, filed with the SEC on March 10, 2022.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect: (1) the reported amounts of assets and liabilities, (2) the disclosure of contingent assets and liabilities at the date of the financial statements, and (3) the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. The results for the three months ended March 31, 2022 may not be indicative of results for the year ending December 31, 2022, or for any other period.

All significant accounting policies followed in the preparation of the quarterly financial statements are disclosed in the Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 10, 2022, except for the policy related to held to maturity debt securities.
Held to Maturity Debt Securities - Certain debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost.
A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income.
The Company evaluates debt securities held to maturity for current expected credit losses. Held-to-maturity securities are evaluated on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense. The Company's mortgage-backed securities and collateralized mortgage obligations are issued by U.S. government agencies and U.S. government-sponsored enterprises and are implicitly guaranteed by the U.S. government, and as such are excluded from the credit loss evaluation.

Accrued interest receivable on held to maturity debt securities is recorded within 'Other Assets,' and is excluded from the estimate of credit losses.

Segment Reporting
The Company’s activities are considered to be one reportable segment for financial reporting purposes. The Company is engaged in the business of commercial and retail banking and trust and investment management services with operations throughout central and eastern Iowa, the Minneapolis/St. Paul metropolitan area of Minnesota, southwestern Wisconsin, Naples
6

and Fort Myers, Florida, and Denver, Colorado. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments.
Effect of New Financial Accounting Standards

Accounting Guidance Pending Adoption at March 31, 2022

On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASC 848 contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. Certain optional expedients and exceptions for contract modifications and hedging relationships were amended in ASU 2021-01, Reference Rate Reform (Topic 848): Scope Refinement, issued on January 7, 2021. Entities may apply the provision as of the beginning of the reporting period when the election is made and are available until December 31, 2022. The adoption of ASU ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements.

On March 31, 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. For creditors that have adopted the CECL accounting guidance within ASU 2016-13, the amendments eliminate the accounting guidance for TDRs within ASC 310-40, while also enhancing the disclosure requirements for certain loan refinancings and restructurings when a borrower is experiencing financial difficulty. In addition, public business entities must also disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The amendments are effective for fiscal years beginning after December 15, 2022 and should be applied prospectively, with an option to apply a modified retrospective transition approach for the recognition and measurement of TDRs. The Company is currently evaluating the impact of ASU 2022-02.


7

2.    Debt Securities
On January 1, 2022, the Company transferred, at fair value, $1.25 billion of mortgage-backed securities, collateralized mortgage obligations, and securities issued by state and political subdivisions from the available for sale classification to the held to maturity classification. The net unrealized after tax loss of $11.5 million associated with those re-classified securities remained in accumulated other comprehensive loss and will be amortized over the remaining life of the securities. No gains or losses were recognized in earnings at the time of the transfer.

The following tables summarize the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities for the periods indicated. There were no held to maturity debt securities as of December 31, 2021.
 As of March 31, 2022
(in thousands)
Amortized
Cost (1)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit Loss related to Debt SecuritiesFair Value
Available for Sale
State and political subdivisions$294,697 $1,019 $6,728 $ $288,988 
Mortgage-backed securities
7,059 49 7  7,101 
Collateralized mortgage obligations180,229 66 8,798  171,497 
Corporate debt securities706,373 2,002 30,323  678,052 
Total available for sale debt securities
$1,188,358 $3,136 $45,856 $ $1,145,638 
Held to Maturity
State and political subdivisions$541,801 $1 $52,139 $ $489,663 
Mortgage-backed securities
88,281  5,901  82,380 
Collateralized mortgage obligations574,130  40,359  533,771 
Total held to maturity debt securities
$1,204,212 $1 $98,399 $ $1,105,814 
(1) Amortized cost for the held to maturity securities includes $0.3 million of unamortized gain in state and political subdivisions, $22 thousand of unamortized losses in mortgage-backed securities and $14.4 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from from available for sale to held to maturity on January 1, 2022.

 
 As of December 31, 2021
(in thousands)
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit Loss related to Debt Securities
Fair Value
Available for Sale
U.S. Government agencies and corporations$265 $1 $ $ $266 
State and political subdivisions760,894 10,484 5,636  765,742 
Mortgage-backed securities
100,325 932 631  100,626 
Collateralized mortgage obligations785,945 1,274 18,320  768,899 
Corporate debt securities652,677 6,305 6,405  652,577 
Total debt securities
$2,300,106 $18,996 $30,992 $ $2,288,110 
 
Investment securities with a fair value of $519.1 million and $582.2 million at March 31, 2022 and December 31, 2021, respectively, were pledged on public deposits, securities sold under agreements to repurchase and for other purposes, as required or permitted by law.

Accrued interest receivable on available for sale debt securities and held to maturity debt securities is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. At March 31, 2022 the accrued interest receivable on available for sale debt securities and held to maturity debt securities totaled $6.4 million and $3.8 million, respectively. At December 31, 2021 the accrued interest receivable on available for sale debt securities totaled $9.5 million. There was no accrued interest receivable on held to maturity debt security at December 31, 2021.
8

The following table presents debt securities AFS in an unrealized loss position for which an allowance for