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FOR IMMEDIATE RELEASEOctober 23, 2025

MIDWESTONE FINANCIAL GROUP, INC.
REPORTS FINANCIAL RESULTS FOR THE
THIRD QUARTER OF 2025
Iowa City, Iowa - MidWestOne Financial Group, Inc. (Nasdaq: MOFG) ("we," "our," or the "Company") today reported results for the third quarter of 2025.
Third Quarter 2025 Summary1
•Net income of $17.0 million, or $0.82 per diluted common share. Adjusted earnings of $18.1 million, or $0.872 per common share.
◦Noninterest income was $10.3 million, which included a negative MSR valuation adjustment of $611 thousand.
◦Noninterest expense was $37.6 million, which included a $655 thousand loss on extinguishment of debt and merger-related costs of $132 thousand.
◦Efficiency ratio of 58.21%2.
•Net interest margin (tax equivalent) was 3.57%2; core net interest margin expanded 1 basis point ("bps") to 3.50%2.
•Annualized loan growth of 3.5%.
•Total deposits increased 1.7% from the linked quarter.
•Tangible book value per share of $24.962, an increase of 4.3%.
•Criticized loans ratio improved 16 bps to 4.99% and nonperforming loans ratio improved 17 bps to 0.68%.
•Common equity tier 1 ("CET1") capital ratio improved 8 bps to 11.10%.

CEO Commentary
Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, "We are absolutely thrilled with the announcement of our partnership with Nicolet Bankshares, Inc. that will create the pre-eminent Midsize bank in the Upper Midwest. We share common values with an extreme focus on our customers and team members and we look forward to the future of the combined Nicolet, and the positive impact we will have on the communities MidWestOne has served for decades.
The third quarter of 2025 saw the power of our team and their dedicated focus on our clients and the execution of our strategic initiatives come to fruition. Return on average assets reached 1.09%, driven by solid loan and deposit growth, expanded noninterest income and disciplined expense management. Three years ago, we dedicated ourselves to building a pre-eminent Commercial & Industrial ("C&I") bank in the lower middle to middle market space within our geographic footprint. That objective continues to bear fruit with year over year C&I loan growth of 10.9%, noninterest bearing deposit balances up 4.4% and treasury management revenues climbing at low double-digit rates. In addition, our complementary wealth management business, driven by talent and client acquisition and broad market gains, increased noninterest income 19.0% from the prior year.
I'm incredibly proud of our dedicated MidWestOne team who continue to focus on our customer and one another and could not be more excited as we build momentum for the remainder of 2025 and sprint to the start of 2026.”
1 Third Quarter Summary compares to the second quarter of 2025 (the "linked quarter") unless noted.
2 Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
                                    

As of or for the quarter endedNine Months Ended
(Dollars in thousands, except per share amounts and as noted)September 30,June 30,September 30,September 30,September 30,
20252025202420252024
Financial Results
Revenue$61,261 $60,231 $(92,867)$179,067 $9,515 
Credit loss expense 2,132 11,889 1,535 15,708 7,491 
Noninterest expense37,637 35,767 35,798 109,697 107,124 
Net income (loss)17,015 9,980 (95,707)42,133 (76,619)
Pre-tax pre-provision net revenue(3)
23,624 24,464 (128,665)69,370 (97,609)
Adjusted earnings(3)
18,054 10,176 9,141 43,532 21,762 
Per Common Share
Diluted earnings (loss) per share$0.82 $0.48 $(6.05)$2.03 $(4.86)
Adjusted earnings per share(3)
0.87 0.49 0.58 2.09 1.38 
Book value29.37 28.36 27.06 29.37 27.06 
Tangible book value(3)
24.96 23.92 22.43 24.96 22.43 
Balance Sheet & Credit Quality
Loans In millions
$4,419.6 $4,381.2 $4,328.8 $4,419.6 $4,328.8 
Investment securities In millions
1,175.7 1,235.0 1,623.1 1,175.7 1,623.1 
Deposits In millions
5,479.0 5,388.1 5,368.7 5,479.0 5,368.7 
Net loan charge-offs In millions
15.3 0.2 1.7 18.6 2.4 
Allowance for credit losses ratio1.17 %1.50 %1.25 %1.17 %1.25 %
Selected Ratios
Return on average assets1.09 %0.65 %(5.78)%0.91 %(1.54)%
Net interest margin, tax equivalent(3)
3.57 %3.57 %2.51 %3.53 %2.42 %
Return on average equity11.34 %6.81 %(69.05)%9.63 %(19.03)%
Return on average tangible equity(3)
14.08 %8.84 %(82.78)%12.22 %(22.17)%
Efficiency ratio(3)
58.21 %56.20 %70.32 %57.91 %65.20 %
REVENUE REVIEW

RevenueChangeChange
3Q25 vs3Q25 vs
(Dollars in thousands)3Q252Q253Q242Q253Q24
Net interest income$51,008 $49,982 $37,521 2 %36 %
Noninterest income (loss)10,253 10,249 (130,388)— %(108)%
Total revenue, net of interest expense$61,261 $60,231 $(92,867)2 %(166)%
Total revenue for the third quarter of 2025 increased $1.0 million from the second quarter of 2025 due primarily to higher net interest income during the quarter. When compared to the third quarter of 2024, total revenue increased $154.1 million due to higher net interest income and noninterest income. Excluding the pre-tax securities impairment loss of $140.4 million recognized in the third quarter of 2024 as part of the balance sheet repositioning, total revenue increased $13.8 million.
Net interest income of $51.0 million for the third quarter of 2025 increased $1.0 million from the second quarter of 2025 due primarily to higher earning asset volumes, partially offset by higher funding volumes. When compared to the third quarter of 2024, net interest income increased $13.5 million due to higher earning asset yields and lower funding volumes and costs, partially offset by lower earning asset volumes.
The Company's tax equivalent net interest margin was 3.57%3 in both the third quarter of 2025 and the second quarter of 2025, driven by minimal change in interest bearing liability costs and earning asset yields.
The Company's tax equivalent net interest margin was 3.57%3 in the third quarter of 2025, compared to 2.51%3 in the third quarter of 2024, driven by higher earning asset yields and lower interest bearing liability costs. Total earning assets yield increased 64 bps from the third quarter of 2024, primarily due to an increase of 191 bps in total investment securities. Interest bearing liability costs decreased 47 bps to 2.40%, due to long-term debt costs of 6.33% and interest bearing deposit costs of 2.31%, which decreased 58 bps, and 27 bps, respectively, from the third quarter of 2024.
3 Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.


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Noninterest Income ChangeChange
3Q25 vs3Q25 vs
(Dollars in thousands)3Q252Q253Q242Q253Q24
Investment services and trust activities$4,059 $3,705 $3,410 10 %19 %
Service charges and fees2,423 2,190 2,170 11 %12 %
Card revenue1,752 1,934 1,935 (9)%(9)%
Loan revenue924 1,417 760 (35)%22 %
Bank-owned life insurance703 677 879 4 %(20)%
Investment securities losses, net— — (140,182)— %(100)%
Other392 326 640 20 %(39)%
Total noninterest income$10,253 $10,249 $(130,388)— %(108)%
MSR adjustment (included above in Loan revenue)$(611)$(264)$(1,026)131 %(40)%
Noninterest income for the third quarter of 2025 compared to the linked quarter was stable at $10.3 million, with increases of $0.4 million and $0.2 million in investment services and trust activities revenue and service charges and fees, respectively. The increase in investment services and trust activities revenue was driven by higher assets under administration. Partially offsetting these increases was a decline in loan revenue, stemming primarily from a $0.3 million unfavorable change in the fair value of our mortgage servicing rights and a $0.3 million decline in SBA gain on sale revenue, coupled with a $0.2 million decline in card revenue.
Noninterest income for the third quarter of 2025 increased $140.6 million from the third quarter of 2024 due primarily to the balance sheet-repositioning related securities impairment recognized in the third quarter of 2024 previously noted. Also contributing to the increase was a $0.7 million increase in investment services and trust activities revenue stemming from higher assets under administration, coupled with an increase of $0.3 million in service charges and fees. Partially offsetting these increases were declines of $0.2 million each in card revenue, bank-owned life insurance, and other revenue.
EXPENSE REVIEW
Noninterest ExpenseChangeChange
3Q25 vs3Q25 vs
(Dollars in thousands)3Q252Q253Q242Q253Q24
Compensation and employee benefits$22,312 $21,011 $19,943 6 %12 %
Occupancy expense of premises, net2,690 2,540 2,443 6 %10 %
Equipment2,601 2,550 2,486 2 %5 %
Legal and professional2,067 2,153 2,261 (4)%(9)%
Data processing1,568 1,486 1,580 6 %(1)%
Marketing624 762 619 (18)%1 %
Amortization of intangibles1,143 1,252 1,470 (9)%(22)%
FDIC insurance780 851 923 (8)%(15)%
Communications155 161 159 (4)%(3)%
Foreclosed assets, net401 83 330 383 %22 %
Other3,296 2,918 3,584 13 %(8)%
     Total noninterest expense $37,637 $35,767 $35,798 5 %5 %
Merger-related Expenses
(Dollars in thousands)3Q252Q253Q24
Legal and professional$132 $— $127 
Other— — 6 
Total merger-related expenses$132 $— $133 
Noninterest expense for the third quarter of 2025 increased $1.9 million from the linked quarter, primarily due to increases of $1.3 million, $0.4 million and $0.3 million in compensation and employee benefits, other expense, and foreclosed assets, net, respectively. The increase in compensation and employee benefits stemmed primarily from the $1.1 million Employee Retention Credit claim that was received in the second quarter of 2025, which did not recur. The increase in other expense stemmed from a $0.7 million loss on the extinguishment of debt related to the redemption of the Company's subordinated notes in July 2025. The increase in foreclosed assets, net was attributable to a $0.3 million write-down. Partially offsetting these increases was a decline of $0.1 million in marketing expense.


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Noninterest expense for the third quarter of 2025 compared to the same period of the prior year increased $1.8 million, primarily due to an increase of $2.4 million in compensation and employee benefits driven by wage expense increases due to headcount, medical benefits expense, and incentive expense. The increase in noninterest expense was partially offset by decreases in amortization of intangibles expense and other expense of $0.3 million each.
The Company's effective tax rate was 20.8% in the third quarter of 2025, compared to 20.6% in the linked quarter. The effective income tax rate for the full year 2025 is expected to be 21.5-22.5%.
BALANCE SHEET REVIEW
Total assets were $6.25 billion at September 30, 2025, compared to $6.16 billion at June 30, 2025 and $6.55 billion at September 30, 2024. The increase from June 30, 2025 was primarily due to higher cash and loan volumes, partially offset by lower security volumes. Compared to September 30, 2024, the decrease was primarily driven by lower security volumes, partially offset by higher loan and cash volumes.
Loans Held for InvestmentSeptember 30, 2025June 30, 2025September 30, 2024
Balance% of TotalBalance% of TotalBalance% of Total
(Dollars in thousands)
Commercial and industrial$1,274,881 28.8 %$1,226,265 28.0 %$1,149,758 26.6 %
Agricultural133,612 3.0 128,717 2.9 112,696 2.6 
Commercial real estate
Construction and development256,532 5.8 280,918 6.4 386,920 8.9 
Farmland194,921 4.4 186,494 4.3 182,164 4.2 
Multifamily451,020 10.2 438,193 10.0 409,544 9.5 
Other1,396,155 31.6 1,407,469 32.1 1,353,513 31.2 
Total commercial real estate2,298,628 52.0 2,313,074 52.8 2,332,141 53.8 
Residential real estate
One-to-four family first liens462,171 10.5 467,970 10.7 485,210 11.2 
One-to-four family junior liens196,862 4.5 188,671 4.3 176,827 4.1 
Total residential real estate659,033 15.0 656,641 15.0 662,037 15.3 
Consumer53,474 1.2 56,491 1.3 72,124 1.7 
Loans held for investment, net of unearned income$4,419,628 100.0 %$4,381,188 100.0 %$4,328,756 100.0 %
Total commitments to extend credit$1,162,383 $1,074,935 $1,149,815 
Loans held for investment, net of unearned income at September 30, 2025 were $4.42 billion, increasing $38.4 million, or 0.9%, from $4.38 billion at June 30, 2025 and increasing $90.9 million, or 2.1%, from $4.33 billion at September 30, 2024. The increases across both periods were primarily driven by organic loan growth and higher line of credit usage.
Investment SecuritiesSeptember 30, 2025June 30, 2025September 30, 2024
(Dollars in thousands)BalanceBalanceBalance
Available for sale$1,175,656 $1,235,045 $1,623,104 
Investment securities at September 30, 2025 were $1.18 billion, decreasing $59.4 million from June 30, 2025 and decreasing $447.4 million from September 30, 2024. The decrease from the second quarter of 2025 was primarily due to principal cash flows received from scheduled payments, calls, and maturities. The decrease from the third quarter of 2024 stemmed primarily from the sale of debt securities in connection with a balance sheet repositioning as previously discussed, as well as principal cash flows received from scheduled payments, calls, and maturities.
DepositsSeptember 30, 2025June 30, 2025September 30, 2024
(Dollars in thousands)Balance% of TotalBalance% of TotalBalance% of Total
Noninterest bearing deposits$958,080 17.5 %$910,693 16.9 %$917,715 17.1 %
Interest checking deposits1,210,637 22.1 1,206,096 22.5 1,230,605 23.0 
Money market deposits972,139 17.7 971,048 18.0 1,038,575 19.3 
Savings deposits912,879 16.7 851,636 15.8 768,298 14.3 
Time deposits of $250 and under845,104 15.4 837,302 15.5 844,298 15.7 
Total core deposits4,898,839 89.4 4,776,775 88.7 4,799,491 89.4 
Brokered time deposits200,000 3.7 200,000 3.7 200,000 3.7 
Time deposits over $250 380,157 6.9 411,323 7.6 369,236 6.9 
Total deposits$5,478,996 100.0 %$5,388,098 100.0 %$5,368,727 100.0 %


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Total deposits at September 30, 2025 were $5.48 billion, increasing $90.9 million, or 1.7%, from $5.39 billion at June 30, 2025, and increasing $110.3 million, or 2.1%, from $5.37 billion at September 30, 2024. Noninterest bearing deposits at September 30, 2025 were $958.1 million, an increase of $47.4 million from June 30, 2025 and an increase of $40.4 million from September 30, 2024.

Borrowed FundsSeptember 30, 2025June 30, 2025September 30, 2024
(Dollars in thousands)Balance% of TotalBalance% of TotalBalance% of Total
Short-term borrowings$— — %$— — %$410,630 78.1 %
Long-term debt97,973 100.0 %112,320 100.0 %115,051 21.9 %
Total borrowed funds$97,973 $112,320 $525,681 

Borrowed funds were $98.0 million at September 30, 2025, a decrease of $14.3 million from June 30, 2025 and a decrease of $427.7 million from September 30, 2024. The decrease compared to the linked quarter was due to the redemption of the entire $65.0 million outstanding principal of the Company's 5.75% Fixed-to-Floating Rate Subordinated Notes due 2030 on July 30, 2025, utilizing a combination of cash on hand and proceeds from a $50.0 million senior term note that closed on July 29, 2025. The senior term note is structured as a 5-year maturity, 7-year amortization facility, and bears interest at a floating rate of 1-month term SOFR plus 1.75%. The decrease compared to September 30, 2024 was primarily due to the pay-off of $405.0 million of Bank Term Funding Program borrowings and the the subordinated notes redemption, partially offset by the senior term note, both as previously discussed.

CapitalSeptember 30,June 30,September 30,
(Dollars in thousands)
2025 (1)
20252024
Total shareholders' equity$606,056 $589,040 $562,238 
Accumulated other comprehensive loss(49,376)(57,557)(58,842)
MidWestOne Financial Group, Inc. Consolidated
Tier 1 leverage to average assets ratio9.73 %9.62 %8.78 %
Common equity tier 1 capital to risk-weighted assets ratio11.10 %11.02 %9.91 %
Tier 1 capital to risk-weighted assets ratio11.95 %11.88 %10.70 %
Total capital to risk-weighted assets ratio13.08 %14.44 %12.96 %
MidWestOne Bank
Tier 1 leverage to average assets ratio10.38 %10.43 %9.69 %
Common equity tier 1 capital to risk-weighted assets ratio12.78 %12.95 %11.83 %
Tier 1 capital to risk-weighted assets ratio12.78 %12.95 %11.83 %
Total capital to risk-weighted assets ratio13.92 %14.20 %12.88 %
(1) Regulatory capital ratios for September 30, 2025 are preliminary
Total shareholders' equity at September 30, 2025 increased $17.0 million from June 30, 2025 and increased $43.8 million from September 30, 2024, driven primarily by a decrease in accumulated other comprehensive loss and an increase in retained earnings, partially offset by an increase in treasury stock.
The current share repurchase program allows for the repurchase of up to $15.0 million of the Company's common shares. Under such program, the Company repurchased 203,802 shares of its common stock at an average price of $27.44 per share and a total cost of $5.6 million during the year-to-date period ended September 30, 2025. No shares were repurchased during the subsequent period through October 23, 2025. As of September 30, 2025, $9.4 million remained available under this program.


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CREDIT QUALITY REVIEW

Credit QualityAs of or For the Three Months Ended
September 30,June 30,September 30,
(Dollars in thousands)202520252024
Credit loss expense related to loans$1,432 $12,089 $1,835 
Net charge-offs15,332 189 1,735 
Allowance for credit losses51,900 65,800 54,000 
Pass$4,199,070 $4,155,385 $4,016,683 
Special Mention80,833 98,998 177,241 
Classified139,725 126,805 134,832 
Criticized220,558 225,803 312,073 
Loans greater than 30 days past due and accruing$7,729 $12,161 $11,940 
Nonperforming loans$29,992 $37,192 $21,954 
Nonperforming assets33,944 40,606 25,537 
Net charge-off ratio(1)
1.38 %0.02 %0.16 %
Classified loans ratio(2)
3.16 %2.89 %3.11 %
Criticized loans ratio(3)
4.99 %5.15 %7.21 %
Nonperforming loans ratio(4)
0.68 %0.85 %0.51 %
Nonperforming assets ratio(5)
0.54 %0.66 %0.39 %
Allowance for credit losses ratio(6)
1.17 %1.50 %1.25 %
Allowance for credit losses to nonaccrual loans ratio(7)
180.84 %179.19 %260.84 %
(1) Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period.
(2) Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period.
(3) Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period.
(4) Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
(5) Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period.
(6) Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income, at the end of the period.
(7) Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.
Compared to the linked quarter, nonperforming loans and nonperforming assets decreased $7.2 million and $6.7 million, respectively. Special mention loan balances decreased $18.2 million, or 18%, while classified loan balances increased $12.9 million, or 10%. Compared to the same period of the prior year, nonperforming loans and nonperforming assets increased $8.0 million and $8.4 million, respectively. Special mention loan balances decreased $96.4 million, or 54%, while classified loan balances increased $4.9 million, or 4%. The net charge-off ratio increased 136 bps from the linked quarter and increased 122 bps from the same period in the prior year, primarily due to the $14.6 million charge-off on a single CRE office credit that was reserved for in the second quarter of 2025.
As of September 30, 2025, the allowance for credit losses was $51.9 million and the allowance for credit losses ratio was 1.17%, compared with $65.8 million and 1.50%, respectively, at June 30, 2025. Credit loss expense of $2.1 million reflected an additional reserve taken to support organic loan growth, and a $0.7 million increase in the reserve for unfunded loan commitments.
Nonperforming Loans Roll ForwardNonaccrual90+ Days Past Due & Still AccruingTotal
(Dollars in thousands)
Balance at June 30, 2025
$36,721 $471 $37,192 
Loans placed on nonaccrual or 90+ days past due & still accruing10,181 1,400 11,581 
Proceeds related to repayment or sale(1,882)(4)(1,886)
Loans returned to accrual status or no longer past due(467)(154)(621)
Charge-offs(14,869)(421)(15,290)
Transfers to foreclosed assets(984)— (984)
Balance at September 30, 2025
$28,700 $1,292 $29,992 



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CONFERENCE CALL DETAILS
The Company will host a conference call for investors at 11:00 a.m. CT on Friday, October 24, 2025. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login?show=414319b0&confId=80379. After pre-registering for this event you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 using an access code of 482280 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until January 22, 2026 by calling 1-866-813-9403 and using the replay access code of 781952. A transcript of the call will also be available on the Company’s web site (www.midwestonefinancial.com) within three business days of the call.

ABOUT MIDWESTONE FINANCIAL GROUP, INC.
MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol “MOFG”.
Cautionary Note Regarding Forward-Looking Statements
This release 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 time, make written or oral statements that are “forward-looking” and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “should,” “could,” “would,” “plans,” “goals,” “intend,” “project,” “estimate,” “forecast,” “may” or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law.
Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the effects of changes in interest rates, including on our net income and the value of our securities portfolio; (2) fluctuations in the value of our investment securities; (3) effects on the U.S. economy resulting from the threat or implementation of, or changes to existing, policies and executive orders, including concerning tariffs, immigration, regulatory or other governmental agencies, DEI and ESG initiative trends, consumer protection policies, foreign policy and tax regulations; (4) volatility of rate-sensitive deposits; (5) asset/liability matching risks and liquidity risks; (6) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (7) the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; (8) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures and future monetary policies of the Federal Reserve in response thereto on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (9) the sufficiency of the allowance for credit losses to absorb the amount of expected losses inherent in our existing loan portfolio; (10) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (11) credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio; (12) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (13) governmental monetary and fiscal policies; (14) new or revised general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession; (15) the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and value of the agricultural or other products of our borrowers; (16) war or terrorist activities, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (17) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, and including changes in interpretation or prioritization of such laws and regulations; (18) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (19) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (20) changes in the business and economic conditions generally and in the financial services industry, and the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in prior bank failures; (21) the occurrence of fraudulent activity, breaches, or failures of our or our third party vendors' information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (22) the ability to


7

attract and retain key executives and employees experienced in banking and financial services; (23) our ability to adapt successfully to technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (24) operational risks, including data processing system failures and fraud; (25) the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions; (26) the risks of mergers or branch sales, including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (27) the economic impacts on the Company and its customers of climate change, natural disasters and exceptional weather occurrences, such as: tornadoes, floods and blizzards; and (28) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.


8

MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED BALANCE SHEETS
 September 30,June 30,March 31,December 31,September 30,
(Dollars in thousands)20252025202520242024
ASSETS
Cash and due from banks$67,125 $78,696 $68,545 $71,803 $72,173 
Interest earning deposits in banks205,116 90,749 182,360 133,092 129,695 
Total cash and cash equivalents272,241 169,445 250,905 204,895 201,868 
Debt securities available for sale at fair value1,175,656 1,235,045 1,305,530 1,328,433 1,623,104 
Loans held for sale12,690 16,812 13,836 749 3,283 
Gross loans held for investment4,429,359 4,391,426 4,315,546 4,328,413 4,344,559 
Unearned income, net(9,731)(10,238)(11,362)(12,786)(15,803)
Loans held for investment, net of unearned income4,419,628 4,381,188 4,304,184 4,315,627 4,328,756 
Allowance for credit losses(51,900)(65,800)(53,900)(55,200)(54,000)
Total loans held for investment, net4,367,728 4,315,388 4,250,284 4,260,427 4,274,756 
Premises and equipment, net89,552 89,910 90,031 90,851 90,750 
Goodwill69,788 69,788 69,788 69,788 69,788 
Other intangible assets, net21,216 22,359 23,611 25,019 26,469 
Foreclosed assets, net3,952 3,414 3,419 3,337 3,583 
Other assets236,929 238,612 246,990 252,830 258,881 
Total assets$6,249,752 $6,160,773 $6,254,394 $6,236,329 $6,552,482 
LIABILITIES          
Noninterest bearing deposits$958,080 $910,693 $903,714 $951,423 $917,715 
Interest bearing deposits4,520,916 4,477,405 4,585,428 4,526,559 4,451,012 
Total deposits5,478,996 5,388,098 5,489,142 5,477,982 5,368,727 
Short-term borrowings— — 1,482 3,186 410,630 
Long-term debt97,973 112,320 111,398 113,376 115,051 
Other liabilities66,727 71,315 72,747 82,089 95,836 
Total liabilities5,643,696 5,571,733 5,674,769 5,676,633 5,990,244 
SHAREHOLDERS' EQUITY          
Common stock21,580 21,580 21,580 21,580 21,580 
Additional paid-in capital415,061 414,485 414,258 414,987 414,965 
Retained earnings244,720 232,718 227,790 217,776 206,490 
Treasury stock(25,929)(22,186)(20,905)(21,885)(21,955)
Accumulated other comprehensive loss(49,376)(57,557)(63,098)(72,762)(58,842)
Total shareholders' equity606,056 589,040 579,625 559,696 562,238 
Total liabilities and shareholders' equity$6,249,752 $6,160,773 $6,254,394 $6,236,329 $6,552,482 




9

MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME
 Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
(Dollars in thousands, except per share data)202520252025202420242025 2024
Interest income
Loans, including fees$63,679 $62,276 $59,462 $62,458 $62,521 $185,417 $182,111 
Taxable investment securities12,109 12,928 13,327 11,320 8,779 38,364 27,467 
Tax-exempt investment securities688 699 703 728 1,611 2,090 4,984 
Other2,466 1,517 1,247 3,761 785 5,230 1,445 
Total interest income78,942 77,420 74,739 78,267 73,696 231,101 216,007 
Interest expense
Deposits26,270 25,665 25,484 27,324 29,117 77,419 85,785 
Short-term borrowings19 19 25 115 5,043 63 15,427 
Long-term debt1,645 1,754 1,791 1,890 2,015 5,190 6,196 
Total interest expense27,934 27,438 27,300 29,329 36,175 82,672 107,408 
Net interest income51,008 49,982 47,439 48,938 37,521 148,429 108,599 
Credit loss expense 2,132 11,889 1,687 1,291 1,535 15,708 7,491 
Net interest income after credit loss expense48,876 38,093 45,752 47,647 35,986 132,721 101,108 
Noninterest income
Investment services and trust activities4,059 3,705 3,544 3,779 3,410 11,308 10,417 
Service charges and fees2,423 2,190 2,131 2,159 2,170 6,744 6,470 
Card revenue1,752 1,934 1,744 1,833 1,935 5,430 5,785 
Loan revenue924 1,417 1,194 1,841 760 3,535 3,141 
Bank-owned life insurance703 677 1,057 719 879 2,437 2,207 
Investment securities gains (losses), net— — 33 161 (140,182)33 (140,113)
Other392 326 433 345 640 1,151 13,009 
Total noninterest income (loss)10,253 10,249 10,136 10,837 (130,388)30,638 (99,084)
Noninterest expense
Compensation and employee benefits22,312 21,011 21,212 20,684 19,943 64,535 61,858 
Occupancy expense of premises, net2,690 2,540 2,588 2,772 2,443 7,818 7,691 
Equipment2,601 2,550 2,426 2,688 2,486 7,577 7,616 
Legal and professional2,067 2,153 2,226 2,534 2,261 6,446 6,573 
Data processing1,568 1,486 1,698 1,719 1,580 4,752 4,585 
Marketing624 762 552 793 619 1,938 1,853 
Amortization of intangibles1,143 1,252 1,408 1,449 1,470 3,803 4,700 
FDIC insurance780 851 917 980 923 2,548 2,916 
Communications155 161 159 154 159 475 546 
Foreclosed assets, net401 83 74 56 330 558 826 
Other3,296 2,918 3,033 3,543 3,584 9,247 7,960 
Total noninterest expense37,637 35,767 36,293 37,372 35,798 109,697 107,124 
Income (loss) before income tax expense (benefit)21,492 12,575 19,595 21,112 (130,200)53,662 (105,100)
Income tax expense (benefit) 4,477 2,595 4,457 4,782 (34,493)11,529 (28,481)
Net income (loss)$17,015 $9,980 $15,138 $16,330 $(95,707)$42,133 $(76,619)
Earnings (loss) per common share
Basic$0.82 $0.48 $0.73 $0.79 $(6.05)$2.03 $(4.86)
Diluted$0.82 $0.48 $0.73 $0.78 $(6.05)$2.03 $(4.86)
Weighted average basic common shares outstanding20,682 20,816 20,797 20,776 15,829 20,765 15,772 
Weighted average diluted common shares outstanding20,718 20,843 20,849 20,851 15,829 20,801 15,772 
Dividends paid per common share$0.2425 $0.2425 $0.2425 $0.2425 $0.2425 $0.7275 $0.7275 




10

MIDWESTONE FINANCIAL GROUP, INC.
FINANCIAL STATISTICS
As of or for the Three Months EndedAs of or for the Nine Months Ended
September 30,June 30,September 30,September 30,September 30,
(Dollars in thousands, except per share amounts)20252025202420252024
Earnings:
Net interest income$51,008 $49,982 $37,521 $148,429 $108,599 
Noninterest income (loss)10,253 10,249 (130,388)30,638 (99,084)
     Total revenue, net of interest expense61,261 60,231 (92,867)179,067 9,515 
Credit loss expense2,132 11,889 1,535 15,708 7,491 
Noninterest expense37,637 35,767 35,798 109,697 107,124 
     Income (loss) before income tax expense 21,492 12,575 (130,200)53,662 (105,100)
Income tax expense (benefit)4,477 2,595 (34,493)11,529 (28,481)
     Net income (loss)$17,015 $9,980 $(95,707)$42,133 $(76,619)
Pre-tax pre-provision net revenue(1)
$23,624 $24,464 $(128,665)$69,370 $(97,609)
Adjusted earnings(1)
18,054 10,176 9,141 43,532 21,762 
Per Share Data:
Diluted earnings (loss)$0.82 $0.48 $(6.05)$2.03 $(4.86)
Adjusted earnings(1)
0.87 0.49 0.58 2.09 1.38 
Book value29.37 28.36 27.06 29.37 27.06 
Tangible book value(1)
24.96 23.92 22.43 24.96 22.43 
Ending Balance Sheet:
Total assets$6,249,752 $6,160,773 $6,552,482 $6,249,752 $6,552,482 
Loans held for investment, net of unearned income4,419,628 4,381,188 4,328,756 4,419,628 4,328,756 
Total securities1,175,656 1,235,045 1,623,104 1,175,656 1,623,104 
Total deposits5,478,996 5,388,098 5,368,727 5,478,996 5,368,727 
Short-term borrowings— — 410,630 — 410,630 
Long-term debt97,973 112,320 115,051 97,973 115,051 
Total shareholders' equity606,056 589,040 562,238 606,056 562,238 
Average Balance Sheet:
Average total assets$6,219,871 $6,172,649 $6,583,404 $6,187,210 $6,643,897 
Average total loans4,392,991 4,370,196 4,311,693 4,351,665 4,343,087 
Average total deposits5,448,064 5,398,916 5,402,634 5,415,447 5,465,993 
Financial Ratios:
Return on average assets1.09 %0.65 %(5.78)%0.91 %(1.54)%
Return on average equity11.34 %6.81 %(69.05)%9.63 %(19.03)%
Return on average tangible equity(1)
14.08 %8.84 %(82.78)%12.22 %(22.17)%
Efficiency ratio(1)
58.21 %56.20 %70.32 %57.91 %65.20 %
Net interest margin, tax equivalent(1)
3.57 %3.57 %2.51 %3.53 %2.42 %
Loans to deposits ratio80.66 %81.31 %80.63 %80.66 %80.63 %
CET1 Ratio11.10 %11.02 %9.91 %11.10 %9.91 %
Common equity ratio9.70 %9.56 %8.58 %9.70 %8.58 %
Tangible common equity ratio(1)
8.36 %8.19 %7.22 %8.36 %7.22 %
Credit Risk Profile:
Total nonperforming loans$29,992 $37,192 $21,954 $29,992 $21,954 
Nonperforming loans ratio0.68 %0.85 %0.51 %0.68 %0.51 %
Total nonperforming assets$33,944 $40,606 $25,537 $33,944 $25,537 
Nonperforming assets ratio0.54 %0.66 %0.39 %0.54 %0.39 %
Net charge-offs$15,332 $189 $1,735 $18,608 $2,448 
Net charge-off ratio1.38 %0.02 %0.16 %0.57 %0.08 %
Allowance for credit losses$51,900 $65,800 $54,000 $51,900 $54,000 
Allowance for credit losses ratio1.17 %1.50 %1.25 %1.17 %1.25 %
Allowance for credit losses to nonaccrual ratio180.84 %179.19 %260.84 %180.84 %260.84 %
(1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.




11

MIDWESTONE FINANCIAL GROUP, INC.
AVERAGE BALANCE SHEET AND YIELD ANALYSIS
 Three Months Ended
 September 30, 2025June 30, 2025September 30, 2024
(Dollars in thousands)Average
Balance		Interest
Income/
Expense		 Average
Yield/
Cost		 
Average
Balance
Interest
Income/
Expense
 Average
Yield/
Cost		Average BalanceInterest
Income/
Expense		 Average
Yield/
Cost
ASSETS   
Loans, including fees (1)(2)(3)
$4,392,991 $64,732  5.85 % $4,370,196 $63,298 5.81 %$4,311,693 $63,472  5.86 %
Taxable investment securities1,098,771 12,109  4.37 % 1,168,048 12,928 4.44 %1,489,843 8,779  2.34 %
Tax-exempt investment securities (2)(4)
103,321 846  3.25 % 102,792 859 3.35 %313,935 1,976  2.50 %
Total securities held for investment(2)
1,202,092 12,955 4.28 %1,270,840 13,787 4.35 %1,803,778 10,755 2.37 %
Other212,544 2,466  4.60 % 104,628 1,517 5.82 %52,054 785  6.00 %
Total interest earning assets(2)
$5,807,627 $80,153  5.48 % $5,745,664 $78,602 5.49 %$6,167,525 $75,012  4.84 %
Other assets412,244   426,985 415,879  
Total assets$6,219,871   $6,172,649 $6,583,404  
LIABILITIES AND SHAREHOLDERS’ EQUITY   
Interest checking deposits$1,208,957 $2,065 0.68 %$1,221,266 $2,101 0.69 %$1,243,327 $3,041 0.97 %
Money market deposits981,896 6,187 2.50 %986,029 6,057 2.46 %1,047,081 7,758 2.95 %
Savings deposits882,572 3,533  1.59 % 843,223 3,161 1.50 %761,922 3,128  1.63 %
Time deposits1,440,704 14,485  3.99 % 1,436,301 14,346 4.01 %1,430,723 15,190  4.22 %
Total interest bearing deposits4,514,129 26,270  2.31 % 4,486,819 25,665 2.29 %4,483,053 29,117  2.58 %
Securities sold under agreements to repurchase— — — %896 1 0.45 %5,812 12 0.82 %
Other short-term borrowings— 19 — %— 18 — %415,961 5,031 4.81 %
Total short-term borrowings— 19  — % 896 19 8.51 %421,773 5,043  4.76 %
Long-term debt103,044 1,645  6.33 % 112,035 1,754 6.28 %116,032 2,015  6.91 %
Total borrowed funds103,044 1,664 6.41 %112,931 1,773 6.30 %537,805 7,058 5.22 %
Total interest bearing liabilities$4,617,173 $27,934  2.40 % $4,599,750 $27,438 2.39 %$5,020,858 $36,175  2.87 %
Noninterest bearing deposits933,935   912,097 919,581  
Other liabilities73,707   73,094 91,551  
Shareholders’ equity595,056 587,708 551,414 
Total liabilities and shareholders’ equity$6,219,871   $6,172,649 $6,583,404  
Net interest income(2)
$52,219 $51,164 $38,837 
Net interest spread(2)
 3.08 %  3.10 % 1.97 %
Net interest margin(2)
3.57 %3.57 %2.51 %
Total deposits(5)
$5,448,064 $26,270 1.91 %$5,398,916 $25,665 1.91 %$5,402,634 $29,117 2.14 %
Cost of funds(6)
2.00 %2.00 %2.42 %
(1) Average balance includes nonaccrual loans.
(2) Tax equivalent. The federal statutory tax rate utilized was 21%.
(3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $381 thousand, $272 thousand, and $378 thousand for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. Loan purchase discount accretion was $1.0 million, $1.1 million, and $1.4 million for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. Tax equivalent adjustments were $1.1 million, $1.0 million, and $951 thousand for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
(4) Interest income includes tax equivalent adjustments of $158 thousand, $160 thousand, and $365 thousand for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
(5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
(6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.









12

MIDWESTONE FINANCIAL GROUP, INC.
AVERAGE BALANCE SHEET AND YIELD ANALYSIS
 Nine Months Ended
 September 30, 2025September 30, 2024
(Dollars in thousands)
Average
Balance
Interest
Income/
Expense
 
Average
Yield/
Cost
 
Average
Balance
Interest
Income/
Expense
 
Average
Yield/
Cost
ASSETS  
Loans, including fees (1)(2)(3)
$4,351,665 $188,473 5.79 %$4,343,087 $184,920 5.69 %
Taxable investment securities1,157,821 38,364 4.43 %1,522,447 27,467 2.41 %
Tax-exempt investment securities (2)(4)
103,884 2,570 3.31 %321,560 6,113 2.54 %
Total securities held for investment(2)
1,261,705 40,934 4.34 %1,844,007 33,580 2.43 %
Other147,426 5,230  4.74 % 34,435 1,445 5.61 %
Total interest earning assets(2)
$5,760,796 $234,637  5.45 % $6,221,529 $219,945 4.72 %
Other assets426,414   422,368 
Total assets$6,187,210   $6,643,897 
LIABILITIES AND SHAREHOLDERS’ EQUITY
  
Interest checking deposits$1,223,487 $6,293 0.69 %$1,280,581 $9,076 0.95 %
Money market deposits990,146 18,577 2.51 %1,074,006 23,644 2.94 %
Savings deposits854,014 9,751 1.53 %731,724 7,848 1.43 %
Time deposits1,425,025 42,798 4.02 %1,449,485 45,217 4.17 %
Total interest bearing deposits4,492,672 77,419  2.30 % 4,535,796 85,785 2.53 %
Securities sold under agreements to repurchase1,190 6 0.67 %5,482 33 0.80 %
Other short-term borrowings— 57 — %422,653 15,394 4.87 %
Total short-term borrowings1,190 63  7.08 % 428,135 15,427 4.81 %
Long-term debt109,443 5,190  6.34 % 119,837 6,196 6.91 %
Total borrowed funds110,633 5,253 6.35 %547,972 21,623 5.27 %
Total interest bearing liabilities$4,603,305 $82,672  2.40 % $5,083,768 $107,408 2.82 %
Noninterest bearing deposits922,775   930,197 
Other liabilities76,329   92,235 
Shareholders’ equity584,801 537,697 
Total liabilities and shareholders’ equity$6,187,210   $6,643,897 
Net interest income(2)
$151,965 $112,537 
Net interest spread(2)
 3.05 %  1.90 %
Net interest margin(2)
3.53 %2.42 %
Total deposits(5)
$5,415,447 $77,419 1.91 %$5,465,993 $85,785 2.10 %
Cost of funds(6)
2.00 %2.39 %
(1) Average balance includes nonaccrual loans.
(2) Tax equivalent. The federal statutory tax rate utilized was 21%.
(3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $909 thousand and $952 thousand for the nine months ended September 30, 2025 and September 30, 2024, respectively. Loan purchase discount accretion was $3.3 million and $3.8 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. Tax equivalent adjustments were $3.1 million and $2.8 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
(4) Interest income includes tax equivalent adjustments of $480 thousand and $1.1 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
(5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
(6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.


13

Non-GAAP Measures
This earnings release contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, return on average tangible equity, net interest margin (tax equivalent), core net interest margin, loan yield (tax equivalent), core yield on loans, efficiency ratio, adjusted earnings and adjusted earnings per share, and pre-tax pre-provision net revenue. Management believes these measures provide investors with useful information regarding the Company’s profitability, financial condition and capital adequacy, consistent with how management evaluates the Company’s financial performance. The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP measure.
Tangible Common Equity/Tangible Book Value
per Share/Tangible Common Equity RatioSeptember 30,June 30,March 31,December 31,September 30,
(Dollars in thousands, except per share data)20252025202520242024
Total shareholders’ equity$606,056 $589,040 $579,625 $559,696 $562,238 
Intangible assets, net
(91,004)(92,147)(93,399)(94,807)(96,257)
Tangible common equity$515,052 $496,893 $486,226 $464,889 $465,981 
Total assets$6,249,752 $6,160,773 $6,254,394 $6,236,329 $6,552,482 
Intangible assets, net
(91,004)(92,147)(93,399)(94,807)(96,257)
Tangible assets$6,158,748 $6,068,626 $6,160,995 $6,141,522 $6,456,225 
Book value per share$29.37 $28.36 $27.85 $26.94 $27.06 
Tangible book value per share(1)
$24.96 $23.92 $23.36 $22.37 $22.43 
Shares outstanding20,632,760 20,769,577 20,815,715 20,777,485 20,774,919 
Common equity ratio9.70 %9.56 %9.27 %8.97 %8.58 %
Tangible common equity ratio(2)
8.36 %8.19 %7.89 %7.57 %7.22 %
(1) Tangible common equity divided by shares outstanding.
(2) Tangible common equity divided by tangible assets.
Three Months EndedNine Months Ended
Return on Average Tangible EquitySeptember 30,June 30,September 30,September 30,September 30,
(Dollars in thousands)20252025202420252024
Net income (loss)$17,015 $9,980 $(95,707)$42,133 $(76,619)
Intangible amortization, net of tax(1)
850 931 1,090 2,828 3,487 
Tangible net income (loss) $17,865 $10,911 $(94,617)$44,961 $(73,132)
Average shareholders’ equity$595,056 $587,708 $551,414 $584,801 $537,697 
Average intangible assets, net
(91,571)(92,733)(96,706)(92,815)(97,102)
Average tangible equity$503,485 $494,975 $454,708 $491,986 $440,595 
Return on average equity
11.34 %6.81 %(69.05)%9.63 %(19.03)%
Return on average tangible equity(2)
14.08 %8.84 %(82.78)%12.22 %(22.17)%
(1) The income tax rate utilized was the blended marginal tax rate.
(2) Annualized tangible net income divided by average tangible equity.


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Net Interest Margin, Tax Equivalent/
Core Net Interest Margin		Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,September 30,
(Dollars in thousands)20252025202420252024
Net interest income$51,008 $49,982 $37,521 $148,429 $108,599 
Tax equivalent adjustments:
Loans(1)
1,053 1,022 951 3,056 2,809 
Securities(1)
158 160 365 480 1,129 
Net interest income, tax equivalent$52,219 $51,164 $38,837 $151,965 $112,537 
Loan purchase discount accretion(962)(1,142)(1,426)(3,270)(3,839)
Core net interest income$51,257 $50,022 $37,411 $148,695 $108,698 
Net interest margin3.48 %3.49 %2.42 %3.44 %2.33 %
Net interest margin, tax equivalent(2)
3.57 %3.57 %2.51 %3.53 %2.42 %
Core net interest margin(3)
3.50 %3.49 %2.41 %3.45 %2.33 %
Average interest earning assets$5,807,627 $5,745,664 $6,167,525 $5,760,796 $6,221,529 
(1) The federal statutory tax rate utilized was 21%.
(2) Annualized tax equivalent net interest income divided by average interest earning assets.
(3) Annualized core net interest income divided by average interest earning assets.    
Three Months EndedNine Months Ended
Loan Yield, Tax Equivalent / Core Yield on LoansSeptember 30,June 30,September 30,September 30,September 30,
(Dollars in thousands)20252025202420252024
Loan interest income, including fees$63,679 $62,276 $62,521 $185,417 $182,111 
Tax equivalent adjustment(1)
1,053 1,022 951 3,056 2,809 
Tax equivalent loan interest income$64,732 $63,298 $63,472 $188,473 $184,920 
Loan purchase discount accretion(962)(1,142)(1,426)(3,270)(3,839)
Core loan interest income$63,770 $62,156 $62,046 $185,203 $181,081 
Yield on loans5.75 %5.72 %5.77 %5.70 %5.60 %
Yield on loans, tax equivalent(2)
5.85 %5.81 %5.86 %5.79 %5.69 %
Core yield on loans(3)
5.76 %5.70 %5.72 %5.69 %5.57 %
Average loans$4,392,991 $4,370,196 $4,311,693 $4,351,665 $4,343,087 
(1) The federal statutory tax rate utilized was 21%.
(2) Annualized tax equivalent loan interest income divided by average loans.
(3) Annualized core loan interest income divided by average loans.
Three Months EndedNine Months Ended
Efficiency RatioSeptember 30,June 30,September 30,September 30,September 30,
(Dollars in thousands)20252025202420252024
Total noninterest expense$37,637 $35,767 $35,798 $109,697 $107,124 
Amortization of intangibles(1,143)(1,252)(1,470)(3,803)(4,700)
Merger-related expenses(132)— (133)(172)(2,301)
Noninterest expense used for efficiency ratio$36,362 $34,515 $34,195 $105,722 $100,123 
Net interest income, tax equivalent(1)
$52,219 $51,164 $38,837 $151,965 $112,537 
Plus: Noninterest income (loss)10,253 10,249 (130,388)30,638 (99,084)
Less: Investment securities gains (losses), net— — (140,182)33 (140,113)
Net revenues used for efficiency ratio$62,472 $61,413 $48,631 $182,570 $153,566 
Efficiency ratio (2)
58.21 %56.20 %70.32 %57.91 %65.20 %
(1) The federal statutory tax rate utilized was 21%.
(2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.



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Three Months EndedNine Months Ended
Adjusted Earnings September 30,June 30,September 30,September 30,September 30,
(Dollars in thousands, except per share data)20252025202420252024
Net income (loss)$17,015 $9,980 $(95,707)$42,133 $(76,619)
Less: Investment securities gains (losses), net of tax(1)
— — (103,988)25 (103,937)
Less: Mortgage servicing rights (loss) gain, net of tax(1)
(454)(196)(761)(809)(938)
Plus: Merger-related expenses, net of tax(1)
98 — 99 128 1,707 
Less: (Loss) on extinguishment of debt, net of tax(1)
(487)— — (487)— 
Less: Gain on branch sale, net of tax(1)
— — — — 8,201 
Adjusted earnings$18,054 $10,176 $9,141 $43,532 $21,762 
Weighted average diluted common shares outstanding20,718 20,843 15,829 20,801 15,772 
Earnings per common share - diluted$0.82 $0.48 $(6.05)$2.03 $(4.86)
Adjusted earnings per common share(2)
$0.87 $0.49 $0.58 $2.09 $1.38 
(1) The income tax rate utilized was the blended marginal tax rate.
(2) Adjusted earnings divided by weighted average diluted common shares outstanding.


For the Three Months EndedYear Ended
Pre-tax Pre-provision Net RevenueSeptember 30,June 30,September 30,September 30,September 30,
(Dollars in thousands)20252025202420252024
Net interest income$51,008 $49,982 $37,521 $148,429 $108,599 
Noninterest income (loss)10,253 10,249 (130,388)30,638 (99,084)
Noninterest expense(37,637)(35,767)(35,798)(109,697)(107,124)
Pre-tax Pre-provision Net Revenue$23,624 $24,464 $(128,665)$69,370 $(97,609)

Contact:
Charles N. ReevesBarry S. Ray
Chief Executive OfficerChief Financial Officer
319.356.5800319.356.5800


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