Midwestone Financial Group (MOFG) Registration Filing summary

Company overview and business model

• Financial holding company headquartered in Iowa City, Iowa, with principal assets in its bank subsidiary, MidWestOne Bank.

• As of June 30, 2024, reported total assets of $6.58 billion, deposits of $5.41 billion, and shareholders' equity of $543.3 million.

• Operates as an independent community bank with branches in Iowa, Minnesota, Wisconsin, and Colorado, offering full-service retail banking, commercial and consumer loans, and wealth management.

• Focuses on core deposit generation, quality loan growth, and disciplined pricing to compete for high-quality loans.

Financial performance and metrics

• Consolidated financial statements as of December 31, 2023 and 2022, and for the three years ended December 31, 2023, audited by RSM US LLP.

• Effectiveness of internal control over financial reporting as of December 31, 2023, confirmed by independent auditors.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including investments in subsidiaries, working capital, capital expenditures, stock repurchases, debt repayment, or acquisitions.

• Pending use, proceeds may be temporarily invested or held in deposit accounts.