MidWestOne Financial Group Inc
MidWestOne Financial — Q2 2025 Earnings Presentation
32 slides from MidWestOne Financial's earnings presentation, Jul 25, 2025
Slide 1: Investor Presentation June 30, 2025
Investor Presentation June 30, 2025 Iowa City, Iowa Iowa City, Iowa Denver, Colorado Dubuque, Iowa Iowa City, Iowa Minneapolis, Minnesota Denver, Colorado Dubuque, Iowa
Slide 2: Forward Looking Statements & Non-GAAP Measures
2 Forward Looking Statements & Non-GAAP Measures Cautionary Note Regarding Forward-Looking Statements This presentation contains certain “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to
Slide 3: Overview of MidWestOne
3 Overview of MidWestOne Diverse & Expanding Markets: Iowa, Minnesota, Wisconsin, and Colorado Banking Offices, Financial & Market Information as of June 30, 2025. Nasdaq: MOFG Headquarters: Iowa City, IA Founded: 1934 Banking Centers: 57 Employees: 761 Dividend Yield: 3.3% $6.2B Total Assets $4.4B
Slide 4: Our History and Growth Profile
4 Our History and Growth Profile Total Assets ($ Millions) $6,442 $6,521 $6,582 $6,161 2Q22 2Q23 2Q24 2Q25 Loans and Deposits ($ Millions) $3,628 $4,031 $4,305 $4,391 $5,537 $5,445 $5,412 $5,388 Gross Loans Total Deposits 2Q22 2Q23 2Q24 2Q25 Iowa State Bank & Trust Company Founded in 1934. In 2008,
Slide 5: MOFG's Attractive and Growing Core Markets
5 MOFG's Attractive and Growing Core Markets Rural core deposit franchise that supports growing metropolitan markets 22 Banking Offices $1.7B Deposits $869M Gross Loans $72K Median HHI 9.2% Proj. '25-'30 HHI△ 18 Banking Offices $1.8B Deposits $1.5B Gross Loans $78K Median HHI 9.0% Proj. '22-'30 HHI△
Slide 6: Our Vision
6 OUR VISION To be the preeminent relationship-driven community bank where our expertise and proactive approach generate meaningful impact for our stakeholders
Slide 7: Shareholder Value Strategy
7 Shareholder Value Strategy
Slide 8: Executive Management Driving Change
8 Executive Management Driving Change Chip Reeves Chief Executive Officer Len Devaisher President and Chief Operating Officer Barry Ray Senior Executive VP and Chief Financial Officer ■ Joined MOFG as CEO in November 2022 ■ President and CEO for Beach Bancorp, Inc. from 2018-2022 ■ President and COO
Slide 9: Company Focus: Five Strategic Pillars
9 Company Focus MOFG's Five Strategic Pillars to Deliver Improved Results Exceptional Customer and Employee Engagement Strong Core Local Banking Model Sophisticated Commercial Banking and Wealth Management Specialty Business Lines Improving Operational Effectiveness and Efficiency • Top WorkplaceTM
Slide 10: 2025 Strategic Plan Updates
10 2025 Strategic Plan Updates Strong Core Local Banking Model Opened our Jordan Creek branch in West Des Moines, IA, expanding our presence in our targeted Iowa Metro region during the second quarter of 2025 Talent Transformation Hired senior CRE Bankers in the Twin Cities and Denver Hired a new Ma
Slide 11: Premium Deposit Franchise
11 Premium Deposit Franchise Noninterest Bearing, 17% Interest Checking, 22% Money Market, 18% Savings, 16% Time <$250K, 15% Brokered Time, 4% Time >$250K, 8% $5.4B Total Deposits Q2 Cost of Total Deposits MOFG 1.91% Average Account Size: $29K 88.7% Core Deposits(1) Average Services Used: 3.5 Averag
Slide 12: Diversified and Granular Loan Portfolio
12 Diversified and Granular Loan Portfolio Loans Held for Investment Agricultural, 3% C&I, 28% Construction & Development, 7% Farmland, 4% Multifamily, 10% CRE-Other, 32% Residential Real Estate, 15% Consumer, 1% $4.38 billion 5.81% Yield(1) $821K Avg. Commercial Loan Size(2) Financial Information a
Slide 13: Focusing on Growth in Wealth Management
13 Focusing on Growth in Wealth Management Wealth Management Revenue ($MM) $11.7 $11.2 $12.2 $14.2 $7.0 $7.2 $4.2 $3.9 $3.8 $4.7 $2.3 $2.3 $7.5 $7.3 $8.4 $9.5 $4.7 $4.9 Investment Services Private Wealth 2021 2022 2023 2024 YTD Q2.24 YTD Q2.25 $5.0 $10.0 $15.0 Wealth Management Assets Under Administ
Slide 14: Strategic Enabler: Enhancing our Digital Capabilities
14 Strategic Enabler: Enhancing our Digital Capabilities Ever-changing customer expectations and technology advancements require continuous investment in digital experiences, technology, and automation. We intend to meet these demands through continued investment in new technology platforms, archite
Slide 15: Digital Banking Trends
15 Digital Banking Trends Digital Money Movement (%) Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 23% 24% 25% 26% 27% M ill io ns Digital Money Movement ($) Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 $80.0 $82.5 $85.0 $87.5 Retail Digital Money Movement Transactions 36% 39% 17% 8% Highly Regularly Monthly Not Engaged (no login
Slide 16: What does this mean for our Stakeholders?
16 What does this mean for our Stakeholders? Small Enough to Care, Big Enough to Deliver • Vast array of Advanced Products and Technology • Proactive Service • Industry Expertise Enabling more people to flourish • Strong Businesses Make Strong Communities • Philanthropic Giving, Economic Development
Slide 17: MidWestOne-
= A q MidWestOne- FINANCIAL GROUP, INC. 7
Slide 18: 2Q25 Financial Highlights
18 Financial Highlights Total assets $ 6,160.8 (1.5) % (6.4) % Total loans held for investment, net 4,381.2 1.8 2.2 Total deposits 5,388.1 (1.8) (0.4) Balance Sheet Equity to assets ratio 9.56 % 29 bps 131 bps Tangible common equity ratio(2) 8.19 30 131 CET1 risk-based capital ratio 11.02 5 146 Tota
Slide 19: Balance Sheet
19 Balance Sheet 2Q25 vs. 1Q25 2Q25 vs. 2Q24 Period end balances, $ in millions 2Q25 $ Change % Change $ Change % Change Loans $4,381.2 $77.0 2 % $94.0 2 % Investment securities $1,235.0 $(70.5) (5) % $(589.1) (32) % Interest earning deposits in banks $90.7 $(91.7) (50) % $55.4 157 % Deposits $5,388
Slide 20: Balance Sheet - Debt Securities Portfolio
20 Balance Sheet - Debt Securities Portfolio Portfolio Mix 3.7 Year Duration 4.35% Yield (2Q25) U.S. Treasury, 3% U.S. Agency, 1% Municipals, 10% MBS, 25% CLO, 3% CMO, 49% Corporate, 9% $1.24 billion Total Securities Yield 2.46% 2.37% 4.08% 4.38% 4.35% 2Q24 3Q24 4Q24 1Q25 2Q25
Slide 21: Credit Risk Profile
21 Credit Risk Profile $ m ill io ns Nonperforming Assets $31.2 $25.5 $25.2 $20.9 $40.6 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 $ m ill io ns Net Charge-Offs $0.5 $1.7 $0.7 $3.1 $0.2 2Q24 3Q24 4Q24 1Q25 2Q25 Credit Quality Metrics $ in millions 2Q24 3Q24 4Q24 1Q25 2Q25 Nonperforming asset
Slide 22: Commercial Real Estate
22 Commercial Real Estate Non-Owner Occupied (NOO) CRE Office June 30, 2025 $ in millions 2Q25 1Q25 2Q24 Construction & Development $ 280.9 $ 293.3 $ 351.6 Farmland 186.5 180.6 183.6 Multifamily 438.2 421.2 430.1 CRE Other: NOO CRE Office 126.9 131.4 157.1 OO CRE Office 72.3 70.8 84.6 Industrial and
Slide 23: Income Statement
23 Income Statement % Change 2Q25 vs. $ in millions 2Q25 1Q25 2Q24 1Q25 2Q24 Net interest income $50.0 $47.4 $36.3 5 % 38 % Noninterest income 10.2 10.1 21.6 1 % (53) % Total revenue 60.2 57.5 57.9 5 % 4 % Noninterest expense 35.8 36.3 35.8 (1) % — % Pre-tax pre-provision net revenue(1) $24.4 $21.2
Slide 24: MidWestOne
MidWestOne FINANCIAL GROUP, INC. S 24
Slide 25: Our Mission and Our Operating Principles
25 Our Mission and Our Operating Principles Take care of our customers … and those who should be. Since our company was founded during the Great Depression, it has been our belief that the communities we serve are the purpose behind our existence. We passionately pursue success for our neighbors and
Slide 26: Leadership within the Community
26 Leadership within the Community $101 $1,201 Employee Company Company and Employee Giving $ thousands Note: Volunteer Hours and Company and Employee Giving are for the LTM Q2.25. Volunteer Hours 8,318 Hours $1,302 Members of the Lancaster, WI branch volunteered at the Grant County Dairy Breakfast.
Slide 27: Long-term Shareholder Return
27 Long-term Shareholder Return Source: S&P Capital IQ Total Return Performance 286.0 240.8 MidWestOne Financial Group, Inc. S&P U.S. BMI Banks - Midwest Region Index 04/01/08 06/30/09 06/30/10 06/30/11 06/30/12 06/30/13 06/30/14 06/30/15 06/30/16 06/30/17 06/30/18 06/30/19 06/30/20 06/30/21 06/30/2
Slide 28: Non-GAAP Financial Measures
28 Non-GAAP Financial Measures
Slide 29: Non-GAAP Financial Measures: Tangible Common Equity
29 Non-GAAP Financial Measures Tangible Common Equity / Tangible Book Value per Share / Tangible Common Equity Ratio June 30, 2024 March 31, 2025 June 30, 2025 dollars in thousands Total shareholders' equity $ 543,286 $ 579,625 $ 589,040 Intangible assets, net (97,327) (93,399) (92,147) Tangible com
Slide 30: Non-GAAP Financial Measures: Efficiency Ratio
30 Non-GAAP Financial Measures Efficiency Ratio For the Three Months Ended June 30, 2024 March 31, 2025 June 30, 2025 dollars in thousands Total noninterest expense $ 35,761 $ 36,293 $ 35,767 Amortization of intangibles (1,593) (1,408) (1,252) Merger-related expenses (854) (40) — Noninterest expense
Slide 31: Non-GAAP Financial Measures: Return on Average Tangible Equity
31 Non-GAAP Financial Measures Return on Average Tangible Equity For the Three Months Ended June 30, 2024 March 31, 2025 June 30, 2025 dollars in thousands Net income $ 15,819 $ 15,138 $ 9,980 Intangible amortization, net of tax (1) 1,195 1,047 931 Tangible net income $ 17,014 $ 16,185 $ 10,911 Aver
Slide 32: Non-GAAP Financial Measures: Adjusted Earnings
32 Non-GAAP Financial Measures Adjusted Earnings / Adjusted Earnings Per Share For the Three Months Ended June 30, 2024 March 31, 2025 June 30, 2025 dollars in thousands Net income $ 15,819 $ 15,138 $ 9,980 Less: Investment securities gains, net of tax(1) 24 25 — Less: Mortgage servicing rights (los
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