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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, 2025

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)

 

Iowa						42-1206172
(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 class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $1.00 par value

MOFG

The 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 filer

☐

Accelerated filer

x

Non-accelerated filer

☐

Smaller 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 3, 2025, there were 20,632,760 shares of common stock, $1.00 par value per share, outstanding.

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Table of Contents

MIDWESTONE FINANCIAL GROUP, INC.

Form 10-Q Quarterly Report

Table of Contents

Page No.

PART I

Item 1.

Financial Statements (unaudited)

1

Consolidated Balance Sheets

1

Consolidated Statements of Income

2

Consolidated Statements of Comprehensive Income

3

Consolidated Statements of Shareholders' Equity

4

Consolidated Statements of Cash Flows

5

Notes to Consolidated Financial Statements

7

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

38

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

58

Item 4.

Controls and Procedures

61

Part II

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

62

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3.

Defaults Upon Senior Securities

65

Item 4.

Mine Safety Disclosures

65

Item 5.

Other Information

65

Item 6.

Exhibits

66

Signatures

68

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Table of Contents

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 Quarterly Report on Form 10-Q ("Form 10-Q"), including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."

ACL			Allowance for Credit Losses			FASB			Financial Accounting Standards Board
AFS			Available for Sale			FDIC			Federal Deposit Insurance Corporation
AOCI			Accumulated Other Comprehensive Income			FHLB			Federal Home Loan Bank
ASC			Accounting Standards Codification			FHLBDM			Federal Home Loan Bank of Des Moines
ASU			Accounting Standards Update			FHLMC			Federal Home Loan Mortgage Corporation
ATM			Automated Teller Machine			FRB			Board of Governors of the Federal Reserve System
BHCA			Bank Holding Company Act of 1956, as amended			GAAP			U.S. Generally Accepted Accounting Principles
BOD			Bank of Denver			GLBA			Gramm-Leach-Bliley Act of 1999
BOLI			Bank Owned Life Insurance			HTM			Held to Maturity
CECL			Current Expected Credit Loss			MBS			Mortgage-Backed Securities
CMO			Collateralized Mortgage Obligations			RPA			Credit Risk Participation Agreement
CRE			Commercial Real Estate			RRE			Residential Real Estate
DNVB			Denver Bankshares, Inc.			SBA			U.S. Small Business Administration
ECL			Expected Credit Losses			SEC			U.S. Securities and Exchange Commission
EVE			Economic Value of Equity			SOFR			Secured Overnight Financing Rate

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Table of Contents

Item 1.   Financial Statements (unaudited).

MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS

			September 30, 2025						December 31, 2024
(unaudited) (in thousands, except per share amounts)
ASSETS
Cash and due from banks			$	67,125					$	71,803
Interest earning deposits in banks			205,116						133,092
Total cash and cash equivalents			272,241						204,895
Debt securities available for sale at fair value			1,175,656						1,328,433
Loans held for sale			12,690						749
Gross loans held for investment			4,429,359						4,328,413
Unearned income, net			(9,731)						(12,786)
Loans held for investment, net of unearned income			4,419,628						4,315,627
Allowance for credit losses			(51,900)						(55,200)
Total loans held for investment, net			4,367,728						4,260,427
Premises and equipment, net			89,552						90,851
Goodwill			69,788						69,788
Other intangible assets, net			21,216						25,019
Foreclosed assets, net			3,952						3,337
Other assets			236,929						252,830
Total assets			$	6,249,752					$	6,236,329
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest bearing deposits			$	958,080					$	951,423
Interest bearing deposits			4,520,916						4,526,559
Total deposits			5,478,996						5,477,982
Short-term borrowings			—						3,186
Long-term debt			97,973						113,376
Other liabilities			66,727						82,089
Total liabilities			5,643,696						5,676,633
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 21,580,067 and 21,580,067; outstanding shares of 20,632,760 and 20,777,485			21,580						21,580
Additional paid-in capital			415,061						414,987
Retained earnings			244,720						217,776
Treasury stock at cost, 947,307 and 802,582 shares			(25,929)						(21,885)
Accumulated other comprehensive loss			(49,376)						(72,762)
Total shareholders' equity			606,056						559,696
Total liabilities and shareholders' equity			$	6,249,752					$	6,236,329

See accompanying notes to consolidated financial statements.  

1

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MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

						Three Months Ended												Nine Months Ended
						September 30,												September 30,
(unaudited) (in thousands, except per share amounts)						2025						2024						2025						2024
Interest income
Loans, including fees						$	63,679					$	62,521					$	185,417					$	182,111
Taxable investment securities						12,109						8,779						38,364						27,467
Tax-exempt investment securities						688						1,611						2,090						4,984
Other						2,466						785						5,230						1,445
Total interest income						78,942						73,696						231,101						216,007
Interest expense
Deposits						26,270						29,117						77,419						85,785
Short-term borrowings						19						5,043						63						15,427
Long-term debt						1,645						2,015						5,190						6,196
Total interest expense						27,934						36,175						82,672						107,408
Net interest income						51,008						37,521						148,429						108,599
Credit loss expense						2,132						1,535						15,708						7,491
Net interest income after credit loss expense						48,876						35,986						132,721						101,108
Noninterest income
Investment services and trust activities						4,059						3,410						11,308						10,417
Service charges and fees						2,423						2,170						6,744						6,470
Card revenue						1,752						1,935						5,430						5,785
Loan revenue						924						760						3,535						3,141
Bank-owned life insurance						703						879						2,437						2,207
Investment securities gains (losses), net						—						(140,182)						33						(140,113)
Other						392						640						1,151						13,009
Total noninterest income (loss)						10,253						(130,388)						30,638						(99,084)
Noninterest expense
Compensation and employee benefits						22,312						19,943						64,535						61,858
Occupancy expense of premises, net						2,690						2,443						7,818						7,691
Equipment						2,601						2,486						7,577						7,616
Legal and professional						2,067						2,261						6,446						6,573
Data processing						1,568						1,580						4,752						4,585
Marketing						624						619						1,938						1,853
Amortization of intangibles						1,143						1,470						3,803						4,700
FDIC insurance						780						923						2,548						2,916
Communications						155						159						475						546
Foreclosed assets, net						401						330						558						826
Other						3,296						3,584						9,247						7,960
Total noninterest expense						37,637						35,798						109,697						107,124
Income before income tax expense						21,492						(130,200)						53,662						(105,100)
Income tax expense (benefit)						4,477						(34,493)						11,529						(28,481)
Net income (loss)						$	17,015					$	(95,707)					$	42,133					$	(76,619)
Per common share information
Earnings (loss) - basic						$	0.82					$	(6.05)					$	2.03					$	(4.86)
Earnings (loss) - diluted						$	0.82					$	(6.05)					$	2.03					$	(4.86)
Dividends paid						$	0.2425					$	0.2425					$	0.7275					$	0.7275

See accompanying notes to consolidated financial statements.

2

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MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

						Three Months Ended												Nine Months Ended
						September 30,												September 30,
(unaudited) (in thousands)						2025						2024						2025						2024
Net income (loss)						$	17,015					$	(95,707)					$	42,133					$	(76,619)
Other comprehensive income (loss), net of tax:
Unrealized gain from AFS debt securities:
Unrealized net gain (loss) on debt securities AFS						11,204						(137,647)						32,066						(132,473)
Reclassification adjustment for (gains) losses included in net income						—						140,182						(33)						140,113
Reclassification of the change in fair value of AFS debt securities attributable to change in hedged risk						—						(687)						223						299
Income tax expense						(2,898)						(467)						(8,287)						(2,009)
Unrealized net gain on AFS debt securities, net of reclassification adjustments						8,306						1,381						23,969						5,930
Reclassification of AFS debt securities to HTM on January 1, 2022:
Amortization of the net unrealized loss from the reclassification of AFS debt securities to HTM						—						356						—						1,346
Income tax expense						—						(91)						—						(341)
Amortization of net unrealized loss from the reclassification of AFS debt securities to HTM, net						—						265						—						1,005
Unrealized loss from cash flow hedging instruments:
Unrealized net gain (loss) in cash flow hedging instruments						70						(2,388)						16						1,162
Reclassification adjustment for net gain in cash flow hedging instruments included in income						(237)						(763)						(796)						(2,338)
Income tax benefit						42						798						197						298
Unrealized net losses on cash flow hedging instruments, net of reclassification adjustment						(125)						(2,353)						(583)						(878)
Other comprehensive income (loss), net of tax						8,181						(707)						23,386						6,057
Comprehensive income (loss)						$	25,196					$	(96,414)					$	65,519					$	(70,562)

See accompanying notes to consolidated financial statements.

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MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended September 30,
						Common Stock
(unaudited) (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, 2024						$	16,581					$	300,831					$	306,030					$	(22,021)					$	(58,135)					$	543,286
Net loss						—						—						(95,707)						—						—						(95,707)
Other comprehensive loss						—						—						—						—						(707)						(707)
Issuance of common stock (4,999,050 shares), net of expenses $257						4,999						113,634						—						—						—						118,633
Release/lapse of restriction on RSUs (2,401 shares, net)						—						(87)						(8)						66						—						(29)
Share-based compensation						—						587						—						—						—						587
Dividends paid on common stock ($0.2425 per share)						—						—						(3,825)						—						—						(3,825)
Balance at September 30, 2024						$	21,580					$	414,965					$	206,490					$	(21,955)					$	(58,842)					$	562,238
Balance at June 30, 2025						$	21,580					$	414,485					$	232,718					$	(22,186)					$	(57,557)					$	589,040
Net income						—						—						17,015						—						—						17,015
Other comprehensive income						—						—						—						—						8,181						8,181
Release/lapse of restriction on RSUs (3,583 shares, net)						—						(126)						(10)						97						—						(39)
Repurchase of common stock (140,400 shares)						—						—						—						(3,840)						—						(3,840)
Share-based compensation						—						702						—						—						—						702
Dividends paid on common stock ($0.2425 per share)						—						—						(5,003)						—						—						(5,003)
Balance at September 30, 2025						$	21,580					$	415,061					$	244,720					$	(25,929)					$	(49,376)					$	606,056
Nine 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 December 31, 2023						$	16,581					$	302,157					$	294,784					$	(24,245)					$	(64,899)					$	524,378
Net loss						—						—						(76,619)						—						—						(76,619)
Other comprehensive income						—						—						—						—						6,057						6,057
Issuance of common stock (4,999,050 shares), net of expenses $257						4,999						113,634						—						—						—						118,633
Release/lapse of restriction on RSUs (81,563 shares, net)						—						(2,638)						(205)						2,290						—						(553)
Share-based compensation						—						1,812						—						—						—						1,812
Dividends paid on common stock ($0.7275 per share)						—						—						(11,470)						—						—						(11,470)
Balance at September 30, 2024						$	21,580					$	414,965					$	206,490					$	(21,955)					$	(58,842)					$	562,238
Balance at December 31, 2024						$	21,580					$	414,987					$	217,776					$	(21,885)					$	(72,762)					$	559,696
Net income						—						—						42,133						—						—						42,133
Other comprehensive income						—						—						—						—						23,386						23,386
Release/lapse of restriction on RSUs (59,077 shares, net)						—						(1,922)						(86)						1,549						—						(459)
Repurchase of common stock (203,802 shares)						—						—						—						(5,593)						—						(5,593)
Share-based compensation						—						1,996						—						—						—						1,996
Dividends paid on common stock ($0.7275 per share)						—						—						(15,103)						—						—						(15,103)
Balance at September 30, 2025						$	21,580					$	415,061					$	244,720					$	(25,929)					$	(49,376)					$	606,056

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MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

			Nine Months Ended September 30,
(unaudited) (in thousands)			2025						2024
Operating Activities:
Net income (loss)			$	42,133					$	(76,619)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Credit loss expense			15,708						7,491
Depreciation, amortization, and accretion			292						8,269
Net change in premises and equipment due to writedown or sale			224						78
Share-based compensation			1,996						1,812
Net gain on call or sale of debt securities available for sale			(33)						(247)
Impairment of debt securities			—						140,360
Net change in foreclosed assets due to writedown or sale			320						268
Net gain on sale of loans held for sale			(1,230)						(989)
Origination of loans held for sale			(64,633)						(48,313)
Proceeds from sales of loans held for sale			64,962						47,064
Decrease (increase) in cash surrender value of bank-owned life insurance			68						(2,000)
Decrease (increase) in deferred income taxes, net			8,552						(36,176)
Gain on branch sale			—						(10,949)
Change in:
Other assets			(1,312)						5,916
Other liabilities			(15,761)						(3,903)
Net cash provided by operating activities			$	51,286					$	32,062
Investing Activities:
Purchases of equity securities			$	(750)					$	(500)
Proceeds from sales of debt securities available for sale			—						52,323
Proceeds from maturities, calls and payments of debt securities available for sale			212,154						116,506
Purchases of debt securities available for sale			(23,552)						(28,376)
Proceeds from maturities, calls, and payments of debt securities held to maturity			—						36,881
Net increase in loans held for investment			(130,955)						(158,941)
Purchases of premises and equipment			(2,490)						(1,367)
Proceeds from sale of foreclosed assets			296						3,088
Proceeds from sale of premises and equipment			—						7
Net cash paid in business acquisition			—						(28,621)
Net cash received in divestiture of branches			—						43,625
Proceeds of principal and earnings from bank-owned life insurance			380						645
Net cash provided by investing activities			$	55,083					$	35,270
Financing Activities:
Net (decrease) increase in:
Deposits			$	932					$	(118,202)
Short-term borrowings			(3,186)						72,866
Redemption of subordinated debentures			(65,000)						—
Loss on extinguishment of subordinated debentures			655						—
Payments on finance lease liability			(170)						(152)
Proceeds from Federal Home Loan Bank borrowings			901						3,187
Payments of Federal Home Loan Bank borrowings			—						(6,250)
Proceeds from other long-term debt			50,000						—
Payments of other long-term debt			(2,000)						(5,250)
Taxes paid relating to the release/lapse of restriction on RSUs			(459)						(553)
Dividends paid			(15,103)						(11,470)
Proceeds from issuance of common stock			—						118,890
Payment of stock issuance costs			—						(257)
Repurchase of common stock			(5,593)						—
Net cash (used in) provided by financing activities			$	(39,023)					$	52,809
Net change in cash and cash equivalents			$	67,346					$	120,141
Cash and cash equivalents at beginning of period			204,895						81,727
Cash and cash equivalents at end of period			$	272,241					$	201,868

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			Nine Months Ended September 30,
(unaudited) (in thousands)			2025						2024
Supplemental disclosures of cash flow information:
Cash paid during the period for interest			$	83,821					$	97,302
Cash paid during the period for income taxes, net of refunds			—						7,610
Supplemental schedule of non-cash investing and financing activities:
Transfer of loans to foreclosed assets, net			$	1,231					$	3,010
Transfer of loans held for investment to loans held for sale			11,040						—
Investment securities purchased but not settled			—						12,049
Transfer of debt securities held to maturity to available for sale			—						1,046,489
Supplemental schedule of non-cash investing activities from acquisition:
Non-cash assets acquired:
Investment securities			$	—					$	52,493
Total loans held for investment, net			—						207,095
Premises and equipment			—						11,091
Assets held for sale			—						1,979
Goodwill			—						9,041
Core deposit intangible			—						7,100
Other assets			—						4,987
Total non-cash assets acquired			$	—					$	293,786
Liabilities assumed:
Deposits			$	—					$	224,248
Short-term borrowings			—						37,500
Other liabilities			—						3,417
Total liabilities assumed			$	—					$	265,165
Supplemental schedule of non-cash investing activities from divestiture:
Non-cash assets divested:
Total loans held for investment, net			$	—					$	161,359
Premises and equipment			—						3,511
Goodwill			—						1,730
Other assets			—						375
Total non-cash assets divested			$	—					$	166,975
Liabilities divested:
Deposits			$	—					$	133,403
Other liabilities			—						231
Total liabilities divested			$	—					$	133,634

See accompanying notes to consolidated financial statements.

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MidWestOne Financial Group, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

1.    Nature of Business and Significant Accounting Policies

Nature of Business

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.

On January 31, 2024, the Company completed the acquisition of DNVB, a bank holding company whose wholly-owned banking subsidiary was BOD. Immediately following completion of the acquisition, BOD was merged with and into the Bank. As consideration for the merger, the Company paid cash in the amount of $32.6 million.

On June 7, 2024, MidWestOne Bank completed the sale of its Florida banking operations for a 7.5% deposit premium, which consisted of one MidWestOne Bank branch in each of Naples and Ft. Myers, Florida.

In the first quarter of 2025, MidWestOne Bank reclassified $11.0 million of credit card receivables to loans held for sale. The sale closed in October 2025.

On October 23, 2025, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Nicolet Bankshares, Inc. ("Nicolet"), pursuant to which the Company will merge with and into Nicolet (the "Merger"), with Nicolet as the surviving entity of the Merger. Immediately following the Merger, and subject to the occurrence of the Merger, MidWestOne Bank, will merge with and into Nicolet National Bank, Nicolet's wholly-owned subsidiary bank, with Nicolet National Bank as the surviving entity of such merger. The transaction is expected to be completed in the first half of 2026 (refer to Note 17. Subsequent Events for additional information).

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, 2024, filed with the SEC on March 11, 2025.

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 and nine months ended September 30, 2025 may not be indicative of results for the year ending December 31, 2025, 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, 2024, filed with the SEC on March 11, 2025.

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, southwestern Wisconsin, and Denver, Colorado. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments.

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Effect of New Financial Accounting Standards

Accounting Guidance Pending Adoption at September 30, 2025

On September 18, 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software. This ASU modernizes the current accounting for internal-use software costs, by removing all references to the internal-use software project development stages and adding in the probable-to-complete recognition threshold when evaluating the timing of capitalization. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted as of the beginning of an annual reporting period. The amendments should be applied using one of the following transition approaches: (1) prospective basis, (2) modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or (3) retrospective basis. The Company is currently evaluating the impact of ASU 2025-06.

On July 30, 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces a practical expedient that all entities are able to utilize when estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions that are accounted for under Topic 606. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The practical expedient, if elected, should be applied prospectively. The Company is currently evaluating the impact of ASU 2025-05.

On November 4, 2024, the FASB issued ASU 2024-03, which was updated in ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires disclosure of additional information about specific expense categories in the notes to the financial statements. This ASU does not change or remove current expense disclosure requirements, but does affect where this information appears in the notes to the financial statements. The amendments are effective for the first fiscal year period beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The amendments should be applied on a prospective or a retrospective basis, with an option to early adopt. The Company is currently evaluating the impact of ASU 2024-03 and ASU 2025-01.

On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. Additional transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information, will be required. The amendments are effective for annual periods beginning after December 15, 2024, with an option to early adopt. The amendments should be applied on a prospective basis, with retrospective application being permitted. The adoption of ASU 2023-09 is not expected to have a material impact on the Company's consolidated financial statements.

2.    Business Combinations and Divestitures

Business Combinations:

On January 31, 2024, the Company acquired 100% of the equity of DNVB through a merger and acquired its wholly-owned banking subsidiary, Bank of Denver, for cash consideration of $32.6 million. The primary reason for the acquisition was to increase our presence in Denver, Colorado. Immediately following the completion of the acquisition, BOD was merged with and into the Bank.

The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of the January 31, 2024 acquisition date, net of any applicable tax effects using a methodology similar to the Company's legacy assets and liabilities (refer to Note 14. Fair Value of Financial Instruments and Fair Value Measurements for additional information regarding the fair value methodology). The excess of the consideration paid over the fair value of the net assets acquired is recorded as goodwill. This goodwill is not deductible for tax purposes. The revenue and earnings amount specific to DNVB since the acquisition date that are included in the consolidated results for the three and nine months ended September 30, 2024 are not readily determinable. The disclosures of these amounts are impracticable due to the merging of certain processes and systems at the acquisition date.

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The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed:

(in thousands)																		January 31, 2024
Merger consideration
Cash consideration																		$	32,600
Identifiable net assets acquired, at fair value
Assets acquired
Cash and due from banks																		$	462
Interest earning deposits in banks																		3,517
Debt securities																		52,493
Loans held for investment																		207,095
Premises and equipment																		12,857
Core deposit intangible																		7,100
Other assets																		5,200
Total assets acquired																		288,724
Liabilities assumed
Deposits																		$	(224,248)
Short-term borrowings																		(37,500)
Other liabilities																		(3,417)
Total liabilities assumed																		(265,165)
Identifiable net assets acquired, at fair value																		23,559
Goodwill																		$	9,041

For illustrative purposes only, the following table presents certain unaudited pro forma information for the three and nine months ended September 30, 2024. This unaudited, estimated pro forma information was calculated as if DNVB had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of DNVB and the Company and includes adjustments for the estimated impact of certain fair value purchase accounting, interest expense, acquisition-related expenses, and income tax expense for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. Additionally, the Company expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented.

						Unaudited
						Three Months Ended												Nine Months Ended
						September 30,												September 30,
(in thousands, except per share amounts)									2024												2024
Total revenues									$	(93,277)											$	9,799
Net income									$	(95,887)											$	(73,226)
EPS - basic									$	(6.06)											$	(4.64)
EPS - diluted									$	(6.06)											$	(4.64)

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Divestitures:

On June 7, 2024, the Bank completed the sale of its Florida banking operations for a 7.5% deposit premium, which consisted of one bank branch in each of Naples and Ft. Myers, Florida. The sale of our Florida banking operations resulted in a gain on sale of $10.9 million that was recorded in other revenue.

The following is a summary of the assets and liabilities related to the branch sale:

(in thousands)												June 7, 2024
Assets
Cash and due from banks															$	353
Loans held for investment, net of unearned income															163,302
Allowance for credit losses															(1,943)
Total loans held for investment, net															161,359
Premises and equipment															3,511
Goodwill															1,730
Other assets															375
Total assets															$	167,328
Liabilities
Deposits															$	133,403
Other liabilities															231
Total liabilities															$	133,634

The following table summarizes acquisition and divestiture-related expenses incurred during the three and nine months ended September 30, 2025 and September 30, 2024, which are included in the respective income statement line items, for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(in thousands)			2025						2024						2025						2024
Noninterest Expense
Compensation and employee benefits			$	—					$	—					$	—					$	314
Occupancy expense of premises, net			—						—						—						152
Equipment			—						—						—						177
Legal and professional			132						127						172						1,162
Data processing			—						—						—						312
Marketing			—						—						—						32
Communications			—						—						—						9
Other			—						6						—						143
Total acquisition and divestiture-related expenses			$	132					$	133					$	172					$	2,301

3.    Debt Securities

The following tables summarize the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities AFS as of the dates indicated:

			As of September 30, 2025
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Loss related to Debt Securities						Fair Value
U.S. treasuries			$	20,973					$	8					$	—					$	—					$	20,981
U.S. government agencies and corporations			20,051						95						49						—						20,097
State and political subdivisions			147,590						1						19,520						—						128,071
Mortgage-backed securities			302,987						1,950						3,087						—						301,850
Collateralized loan obligations			8,564						19						1						—						8,582
Collateralized mortgage obligations			623,429						1,147						40,687						—						583,889
Corporate debt securities			118,596						268						6,678						—						112,186
Total available for sale debt securities			$	1,242,190					$	3,488					$	70,022					$	—					$	1,175,656

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			As of December 31, 2024
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Loss related to Debt Securities						Fair Value
U.S. treasuries			$	50,371					$	28					$	—					$	—					$	50,399
U.S. Government agencies and corporations			10,000						—						59						—						9,941
State and political subdivisions			159,293						2						23,575						—						135,720
Mortgage-backed securities			331,956						6						8,523						—						323,439
Collateralized loan obligations			48,747						148						26						—						48,869
Collateralized mortgage obligations			702,138						83						56,112						—						646,109
Corporate debt securities			124,495						86						10,625						—						113,956
Total available for sale debt securities			$	1,427,000					$	353					$	98,920					$	—					$	1,328,433

 

Investment securities with a fair value of $799.8 million and $485.3 million at September 30, 2025 and December 31, 2024, 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 debt securities AFS is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. At September 30, 2025 and December 31, 2024, the accrued interest receivable on debt securities AFS was $5.3 million and $5.8 million, respectively.

The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses had not been recorded as of September 30, 2025, aggregated by investment category and length of time in a continuous loss position:

									As of September 30, 2025
			Number of Securities						Less than 12 Months												12 Months or More												Total
									Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
(in thousands, except number of securities)
U.S. Government agencies and corporations			1						$	4,988					$	49					$	—					$	—					$	4,988					$	49
State and political subdivisions			109						2,506						470						123,185						19,050						125,691						19,520
Mortgage-backed securities			13						39,467						323						13,474						2,764						52,941						3,087
Collateralized loan obligations			2						3,658						1						112						—						3,770						1
Collateralized mortgage obligations			45						153,327						971						179,350						39,716						332,677						40,687
Corporate debt securities			67						747						3						86,749						6,675						87,496						6,678
Total			237						$	204,693					$	1,817					$	402,870					$	68,205					$	607,563					$	70,022

As of September 30, 2025, no U.S. treasury securities and 1 U.S. government agencies and corporations security with total unrealized losses of $49 thousand was held by the Company. Management considered the explicit or implied U.S. treasury and U.S. government guarantee of this security. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses.

As of September 30, 2025, 109 state and political subdivisions securities with total unrealized losses of $19.5 million were held by the Company. Management evaluated these securities through a process that included consideration of credit agency ratings and payment history. In addition, management evaluated securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses.

As of September 30, 2025, 13 mortgage-backed securities and 45 collateralized mortgage obligations with unrealized losses totaling $43.8 million were held by the Company. Management evaluated the payment history of these securities, and considered the implied U.S. government guarantee of these agency securities and the level of credit enhancement for non-agency securities. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses.

As of September 30, 2025, 2 collateralized loan obligations with unrealized losses of $1 thousand were held by the Company. Management evaluated these securities through a process that included consideration of credit agency ratings, priority of cash flows and the amount of over-collateralization. In addition, management may evaluate securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses.

As of September 30, 2025, 67 corporate debt securities with total unrealized losses of $6.7 million were held by the Company. Management evaluated these securities by considering credit agency ratings and payment history. In addition, management

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evaluated securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses.

The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses had not been recorded as of December 31, 2024, aggregated by investment category and length of time in a continuous loss position:

									As of December 31, 2024
			Number of Securities						Less than 12 Months												12 Months or More												Total
									Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
(in thousands, except number of securities)
U.S. government agencies and corporations			1						$	9,941					$	59					$	—					$	—					$	9,941					$	59
State and political subdivisions			121						839						11						127,094						23,564						127,933						23,575
Mortgage-backed securities			48						305,140						5,091						17,699						3,432						322,839						8,523
Collateralized loan obligations			2						5,014						13						2,133						13						7,147						26
Collateralized mortgage obligations			56						432,201						7,196						186,883						48,916						619,084						56,112
Corporate debt securities			83						—						—						103,496						10,625						103,496						10,625
Total			311						$	753,135					$	12,370					$	437,305					$	86,550					$	1,190,440					$	98,920

Proceeds and gross realized gains and losses on debt securities AFS for the three and nine months ended September 30, 2025 and 2024, were as follows:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(in thousands)			2025						2024						2025						2024
Proceeds from sales of debt securities available for sale			$	—					$	—					$	—					$	52,323
Gross realized losses from sales of debt securities available for sale(1)			—						—						—						—
Net realized loss from sales of debt securities available for sale(1)			$	—					$	—					$	—					$	—
(1) There was no difference in investment securities (losses) gains, net reported herein as compared to the Consolidated Statements of Income for the three months ended September 30, 2025, while the difference in investment securities (losses) gains, net for the nine months ended September 30, 2025 is associated with the net realized gain from the call of debt securities of $33 thousand. The difference in investment securities (losses) gains, net reported herein as compared to the Consolidated Statements of Income for the three and nine months ended September 30, 2024 is associated with the net realized gain from the call of debt securities of $178 thousand and $247 thousand, respectively, coupled with the securities impairment of $140.4 million recognized in the three and nine months ended September 30, 2024.

The contractual maturity distribution of debt securities AFS at September 30, 2025 is shown below. Expected maturities of MBS, CLO and CMO may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary.

(in thousands)			Amortized Cost						Fair Value
Due in one year or less			$	26,859					$	26,854
Due after one year through five years			51,262						50,294
Due after five years through ten years			203,900						182,564
Due after ten years			25,189						21,623
			$	307,210					$	281,335
Mortgage-backed securities			302,987						301,850
Collateralized loan obligations			8,564						8,582
Collateralized mortgage obligations			623,429						583,889
Total			$	1,242,190					$	1,175,656

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4.    Loans Receivable and the Allowance for Credit Losses

The composition of loans by class of receivable was as follows:

(in thousands)			As of September 30, 2025						As of December 31, 2024
Agricultural			$	133,612					$	119,051
Commercial and industrial			1,274,881						1,126,813
Commercial real estate:
Construction & development			256,532						324,896
Farmland			194,921						182,460
Multifamily			451,020						423,157
Commercial real estate-other			1,396,155						1,414,168
Total commercial real estate			2,298,628						2,344,681
Residential real estate:
One- to four- family first liens			462,171						477,150
One- to four- family junior liens			196,862						179,232
Total residential real estate			659,033						656,382
Consumer			53,474						68,700
Loans held for investment, net of unearned income			4,419,628						4,315,627
Allowance for credit losses			(51,900)						(55,200)
Total loans held for investment, net			$	4,367,728					$	4,260,427

Loans with unpaid principal in the amount of $1.08 billion and $1.19 billion at September 30, 2025 and December 31, 2024, respectively, were pledged to the FHLB as collateral for borrowings.

Non-accrual and Delinquent Status

Loans are placed on non-accrual status when (1) payment in full of principal and interest is no longer expected or (2) principal or interest has been in default for 90 days or more for all loan types, except owner occupied residential real estate, which are moved to non-accrual at 120 days or more past due, unless the loan is both well secured with marketable collateral and in the process of collection. All loans rated doubtful or worse, and certain loans rated substandard, are placed on non-accrual.

A non-accrual loan may be restored to accrual status when (1) all past due principal and interest has been paid (excluding renewals and modifications that involve the capitalizing of interest) or (2) the loan becomes well secured with marketable collateral and is in the process of collection. An established track record of performance is also considered when determining accrual status.

Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment.

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The following tables present the amortized cost basis of loans based on delinquency status at the dates indicated:

									Age Analysis of Past-Due Financial Assets																								90 Days or More Past Due And Accruing
(in thousands)			Current						30 - 59 Days Past Due						60 - 89 Days Past Due						90 Days or More Past Due						Total
September 30, 2025
Agricultural			$	133,353					$	21					$	33					$	205					$	133,612					$	—
Commercial and industrial			1,272,322						1,438						188						933						1,274,881						—
Commercial real estate:
Construction and development			256,532						—						—						—						256,532						—
Farmland			193,901						—						—						1,020						194,921						—
Multifamily			450,782						—						—						238						451,020						—
Commercial real estate-other			1,375,373						945						—						19,837						1,396,155						—
Total commercial real estate			2,276,588						945						—						21,095						2,298,628						—
Residential real estate:
One- to four- family first liens			455,163						3,633						1,099						2,276						462,171						1,228
One- to four- family junior liens			195,817						473						88						484						196,862						—
Total residential real estate			650,980						4,106						1,187						2,760						659,033						1,228
Consumer			53,248						170						43						13						53,474						64
Total			$	4,386,491					$	6,680					$	1,451					$	25,006					$	4,419,628					$	1,292

									Age Analysis of Past-Due Financial Assets																								90 Days or More Past Due And Accruing
(in thousands)			Current						30 - 59 Days Past Due						60 - 89 Days Past Due						90 Days or More Past Due						Total
December 31, 2024
Agricultural			$	118,659					$	—					$	—					$	392					$	119,051					$	—
Commercial and industrial			1,122,382						918						651						2,862						1,126,813						—
Commercial real estate:
Construction and development			324,896						—						—						—						324,896						—
Farmland			182,025						71						—						364						182,460						—
Multifamily			423,157						—						—						—						423,157						—
Commercial real estate-other			1,405,377						2,806						26						5,959						1,414,168						—
Total commercial real estate			2,335,455						2,877						26						6,323						2,344,681						—
Residential real estate:
One- to four- family first liens			470,300						2,770						1,680						2,400						477,150						49
One- to four- family junior liens			178,225						580						98						329						179,232						6
Total residential real estate			648,525						3,350						1,778						2,729						656,382						55
Consumer			68,232						239						142						87						68,700						87
Total			$	4,293,253					$	7,384					$	2,597					$	12,393					$	4,315,627					$	142

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The following table presents the amortized cost basis of loans on non-accrual status, amortized cost basis of loans on non-accrual status with no allowance for credit losses recorded, and loans past due 90 days or more and still accruing by class of loan at the dates presented:

			Nonaccrual												Nonaccrual with no Allowance for Credit Losses												90 Days or More Past Due And Accruing
(in thousands)			September 30, 2025						December 31, 2024						September 30, 2025						December 31, 2024						September 30, 2025						December 31, 2024
Agricultural			$	381					$	447					$	145					$	208					$	—					$	—
Commercial and industrial			1,349						2,986						234						1						—						—
Commercial real estate:
Construction and development			—						27						—						—						—						—
Farmland			1,930						483						1,679						352						—						—
Multifamily			238						—						238						—						—						—
Commercial real estate-other			21,434						12,982						19,661						623						—						—
Total commercial real estate			23,602						13,492						21,578						975						—						—
Residential real estate:
One- to four- family first liens			2,436						3,667						1,123						1,748						1,228						49
One- to four- family junior liens			849						1,015						110						378						—						6
Total residential real estate			3,285						4,682						1,233						2,126						1,228						55
Consumer			83						98						13						—						64						87
Total			$	28,700					$	21,705					$	23,203					$	3,310					$	1,292					$	142

There was no interest income recognized on nonaccrual loans during the three and nine months ended September 30, 2025 and September 30, 2024, as all interest accrued but not collected for loans that are placed on nonaccrual is reversed against interest income and is generally accounted for using the cost-recovery method, until qualifying for return to accrual. The interest income recognized on loans that were on nonaccrual and had subsequently been paid-off for the three months ended September 30, 2025 and September 30, 2024 was $29 thousand and $708 thousand, respectively. The interest income recognized on loans that were on nonaccrual and had subsequently been paid-off for the nine months ended September 30, 2025 and September 30, 2024 was $155 thousand and $960 thousand, respectively.

Credit Quality Information

The Company aggregates loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, and other factors. The Company analyzes loans individually to classify the loans as to credit risk. This analysis includes non-homogenous loans, such as agricultural, commercial and industrial, commercial real estate and non-owner occupied residential real estate loans. Loans not meeting the criteria described below that are analyzed individually are considered to be pass-rated. The Company uses the following definitions for risk ratings:

Special Mention - A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification.

Substandard - Substandard loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.

Loss - Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future.

Homogenous loans, including owner occupied residential real estate and consumer loans, are not individually risk rated. Instead, these loans are categorized based on performance: performing and nonperforming. Nonperforming loans primarily include those loans that are on nonaccrual or loans greater than 90 days past due and on accrual.

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The following tables set forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage, in addition to the current period gross write-offs by class of receivable and vintage, based on the most recent analysis performed, as of September 30, 2025. As of September 30, 2025, there were no 'doubtful' or 'loss' rated credits.

			Term Loans by Origination Year																																				Revolving Loans
September 30, 2025 (in thousands)			2025						2024						2023						2022						2021						Prior															Total
Agricultural
Pass			$	12,200					$	5,437					$	5,711					$	6,498					$	3,989					$	2,159					$	91,137											$	127,131
Special mention			1,560						544						113						118						179						19						3,343												5,876
Substandard			—						95						31						—						153						185						141												605
Total			$	13,760					$	6,076					$	5,855					$	6,616					$	4,321					$	2,363					$	94,621											$	133,612
Commercial and industrial
Pass			$	261,487					$	96,961					$	118,385					$	141,152					$	151,401					$	195,798					$	240,619											$	1,205,803
Special mention			318						330						336						166						987						2,316						2,092												6,545
Substandard			224						8,732						1,826						22,895						1,967						18,100						8,789												62,533
Total			$	262,029					$	106,023					$	120,547					$	164,213					$	154,355					$	216,214					$	251,500											$	1,274,881
CRE - Construction and development
Pass			$	86,102					$	51,639					$	34,351					$	36,819					$	11,790					$	4,267					$	9,738											$	234,706
Special mention			—						21,826						—						—						—						—						—												21,826
Substandard			—						—						—						—						—						—						—												—
Total			$	86,102					$	73,465					$	34,351					$	36,819					$	11,790					$	4,267					$	9,738											$	256,532
CRE - Farmland
Pass			$	39,904					$	22,982					$	20,131					$	35,595					$	36,902					$	26,482					$	3,326											$	185,322
Special mention			359						1,927						697						280						1,233						2,058						—												6,554
Substandard			1,237						—						138						993						548						129						—												3,045
Total			$	41,500					$	24,909					$	20,966					$	36,868					$	38,683					$	28,669					$	3,326											$	194,921
CRE - Multifamily
Pass			$	59,830					$	25,294					$	118,086					$	62,469					$	98,458					$	76,341					$	3,284											$	443,762
Special mention			5,626						—						—						—						—						1,395						—												7,021
Substandard			—						—						—						—						237						—						—												237
Total			$	65,456					$	25,294					$	118,086					$	62,469					$	98,695					$	77,736					$	3,284											$	451,020
CRE - Other
Pass			$	158,421					$	162,251					$	169,426					$	294,650					$	211,855					$	253,485					$	52,418											$	1,302,506
Special mention			1,582						539						754						3,641						2,909						6,745						11,786												27,956
Substandard			3,436						7,315						12,266						20,239						2,269						14,381						5,787												65,693
Total			$	163,439					$	170,105					$	182,446					$	318,530					$	217,033					$	274,611					$	69,991											$	1,396,155
RRE - One- to four- family first liens
Pass / Performing			$	46,233					$	51,943					$	46,344					$	111,700					$	79,205					$	104,565					$	11,319											$	451,309
Special mention			—						146						1,026						2,777						100						1,006						—												5,055
Substandard / Nonperforming			—						—						1,036						891						1,297						2,583						—												5,807
Total			$	46,233					$	52,089					$	48,406					$	115,368					$	80,602					$	108,154					$	11,319											$	462,171
RRE - One- to four- family junior liens
Performing			$	6,513					$	7,391					$	13,828					$	18,805					$	13,063					$	11,350					$	124,255											$	195,205
Nonperforming			253						129						205						640						105						325						—												1,657
Total			$	6,766					$	7,520					$	14,033					$	19,445					$	13,168					$	11,675					$	124,255											$	196,862
Consumer
Performing			$	13,798					$	8,548					$	10,968					$	6,777					$	3,520					$	2,446					$	7,269											$	53,326
Nonperforming			—						27						41						66						—						14						—												148
Total			$	13,798					$	8,575					$	11,009					$	6,843					$	3,520					$	2,460					$	7,269											$	53,474

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			Term Loans by Origination Year																																				Revolving Loans
September 30, 2025 (in thousands)			2025						2024						2023						2022						2021						Prior															Total
Total by Credit Quality Indicator Category
Pass			$	664,177					$	416,507					$	512,434					$	688,883					$	593,600					$	663,097					$	411,841											$	3,950,539
Special mention			9,445						25,312						2,926						6,982						5,408						13,539						17,221												80,833
Substandard			4,897						16,142						15,297						45,018						6,471						35,378						14,717												137,920
Performing			20,311						15,939						24,796						25,582						16,583						13,796						131,524												248,531
Nonperforming			253						156						246						706						105						339						—												1,805
Total			$	699,083					$	474,056					$	555,699					$	767,171					$	622,167					$	726,149					$	575,303											$	4,419,628
			Term Loans by Origination Year																																				Revolving Loans
September 30, 2025 (in thousands)			2025						2024						2023						2022						2021						Prior															Total
Year-to-date Current Period Gross Write-offs
Agricultural			$	—					$	27					$	—					$	—					$	—					$	—					$	—											$	27
Commercial and industrial			—						172						75						82						45						11						—												385
CRE - Other			—						—						—						14,622						—						2,628						—												17,250
RRE - One-to-four-family first liens			—						—						—						135						17						14						—												166
RRE - One-to-four-family junior liens			—						—						—						25						—						16						—												41
Consumer			7						508						383						203						5						24						—												1,130
Total Current Period Gross Write-offs			$	7					$	707					$	458					$	15,067					$	67					$	2,693					$	—											$	18,999

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The following tables set forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of December 31, 2024. As of December 31, 2024, there were no 'doubtful' or 'loss' rated credits.

			Term Loans by Origination Year																																				Revolving Loans
December 31, 2024 (in thousands)			2024						2023						2022						2021						2020						Prior															Total
Agricultural
Pass			$	13,364					$	7,533					$	8,405					$	5,452					$	1,772					$	1,131					$	78,123											$	115,780
Special mention			234						186						152						224						—						28						761												1,585
Substandard			30						—						209						109						211						185						942												1,686
Total			$	13,628					$	7,719					$	8,766					$	5,785					$	1,983					$	1,344					$	79,826											$	119,051
Commercial and industrial
Pass			$	132,974					$	150,944					$	168,448					$	165,044					$	95,206					$	121,761					$	211,223											$	1,045,600
Special mention			6,262						2,306						24,261						3,121						5,042						2,202						8,856												52,050
Substandard			864						545						1,859						2,977						39						20,596						2,283												29,163
Total			$	140,100					$	153,795					$	194,568					$	171,142					$	100,287					$	144,559					$	222,362											$	1,126,813
CRE - Construction and development
Pass			$	97,609					$	137,742					$	65,684					$	12,571					$	2,994					$	1,972					$	6,101											$	324,673
Special mention			—						—						27						—						—						—						—												27
Substandard			196						—						—						—						—						—						—												196
Total			$	97,805					$	137,742					$	65,711					$	12,571					$	2,994					$	1,972					$	6,101											$	324,896
CRE - Farmland
Pass			$	31,398					$	22,842					$	39,300					$	39,489					$	18,802					$	13,259					$	5,594											$	170,684
Special mention			1,684						—						2,350						960						495						1,001						478												6,968
Substandard			561						516						355						585						1,131						1,660						—												4,808
Total			$	33,643					$	23,358					$	42,005					$	41,034					$	20,428					$	15,920					$	6,072											$	182,460
CRE - Multifamily
Pass			$	32,274					$	70,843					$	99,228					$	104,206					$	82,750					$	18,663					$	122											$	408,086
Special mention			78						1,031						448						260						1,444						11,810						—												15,071
Substandard			—						—						—						—						—						—						—												—
Total			$	32,352					$	71,874					$	99,676					$	104,466					$	84,194					$	30,473					$	122											$	423,157
CRE - Other
Pass			$	192,608					$	145,595					$	322,545					$	232,349					$	191,697					$	134,798					$	60,681											$	1,280,273
Special mention			1,902						8,546						19,573						18,577						4,702						5,129						8,350												66,779
Substandard			4,517						86						24,314						1,242						17,792						19,165						—												67,116
Total			$	199,027					$	154,227					$	366,432					$	252,168					$	214,191					$	159,092					$	69,031											$	1,414,168
RRE - One- to four- family first liens
Pass / Performing			$	60,765					$	53,273					$	121,536					$	88,067					$	45,026					$	82,679					$	13,187											$	464,533
Special mention			588						1,123						1,944						197						593						991						546												5,982
Substandard / Nonperforming			—						1,302						1,019						690						102						3,522						—												6,635
Total			$	61,353					$	55,698					$	124,499					$	88,954					$	45,721					$	87,192					$	13,733											$	477,150
RRE - One- to four- family junior liens
Performing			$	10,503					$	16,894					$	22,506					$	14,906					$	6,237					$	7,481					$	99,690											$	178,217
Nonperforming			—						—						701						69						—						245						—												1,015
Total			$	10,503					$	16,894					$	23,207					$	14,975					$	6,237					$	7,726					$	99,690											$	179,232
Consumer
Performing			$	17,808					$	19,253					$	10,262					$	5,877					$	2,035					$	7,612					$	5,668											$	68,515
Nonperforming			11						63						90						—						21						—						—												185
Total			$	17,819					$	19,316					$	10,352					$	5,877					$	2,056					$	7,612					$	5,668											$	68,700

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			Term Loans by Origination Year																																				Revolving Loans
December 31, 2024 (in thousands)			2024						2023						2022						2021						2020						Prior															Total
Total by Credit Quality Indicator Category
Pass			$	560,992					$	588,772					$	825,146					$	647,178					$	438,247					$	374,263					$	375,031											$	3,809,629
Special mention			10,748						13,192						48,755						23,339						12,276						21,161						18,991												148,462
Substandard			6,168						2,449						27,756						5,603						19,275						45,128						3,225												109,604
Performing			28,311						36,147						32,768						20,783						8,272						15,093						105,358												246,732
Nonperforming			11						63						791						69						21						245						—												1,200
Total			$	606,230					$	640,623					$	935,216					$	696,972					$	478,091					$	455,890					$	502,605											$	4,315,627
			Term Loans by Origination Year																																				Revolving Loans
December 31, 2024 (in thousands)			2024						2023						2022						2021						2020						Prior															Total
Year-to-date Current Period Gross Write-offs
Agricultural			$	—					$	—					$	—					$	48					$	—					$	—					$	—											$	48
Commercial and industrial			—						59						327						145						29						1,658						—												2,218
CRE - Other			836						—						—						—						—						243						—												1,079
RRE - One-to-four-family first liens			—						—						53						22						—						—						—												75
Consumer			23						839						413						11						4						69						—												1,359
Total Current Period Gross Write-offs			$	859					$	898					$	793					$	226					$	33					$	1,970					$	—											$	4,779

Allowance for Credit Losses

The following are the economic factors utilized by the Company for its loan credit loss estimation process at September 30, 2025, and the forecast for each factor at that date: (1) national unemployment - increases over the next four forecasted quarters; (2) year-to-year change in national retail sales - increases over the next four forecasted quarters; (3) year-to-year change in CRE index - decreases over the next four forecasted quarters; and (4) year-to-year change in U.S. GDP - increases over the next four forecasted quarters. In addition, management utilized qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management’s judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions.

The ACL as of September 30, 2025 was $51.9 million, a decrease from $55.2 million at December 31, 2024. The decrease reflected credit loss expense related to loans of $15.3 million during the first nine months of 2025, which primarily reflected the specific reserve established in the second quarter of 2025 in connection with a single CRE office credit, which was subsequently charged-off in the third quarter of 2025 and included in the offsetting net loan charge-offs of $15.3 million and $18.6 million for the three and nine months ended September 30, 2025, respectively, as compared to net loan charge-offs of $1.7 million and $2.4 million for the three and nine months ended September 30, 2024, respectively.

We have made a policy election to report interest receivable as a separate line on the balance sheet. Accrued interest receivable, which is recorded within 'Other Assets', totaled $23.7 million at September 30, 2025 and $20.2 million at December 31, 2024, and is excluded from the estimate of credit losses.

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The changes in the allowance for credit losses by portfolio segment were as follows for the periods indicated:

			Three Months Ended September 30, 2025 and 2024
(in thousands)			Agricultural						Commercial and Industrial						Commercial Real Estate						Residential Real Estate						Consumer						Total
For the Three Months Ended September 30, 2025
Beginning balance			$	419					$	22,768					$	36,076					$	5,266					$	1,271					$	65,800
Charge-offs			—						(199)						(14,614)						(135)						(455)						(15,403)
Recoveries			2						38						3						—						28						71
Credit loss expense (benefit)(1)			47						1,840						(1,235)						429						351						1,432
Ending balance			$	468					$	24,447					$	20,230					$	5,560					$	1,195					$	51,900
For the Three Months Ended September 30, 2024
Beginning balance			$	402					$	23,008					$	24,324					$	4,659					$	1,507					$	53,900
Charge-offs			—						(1,575)						—						—						(363)						(1,938)
Recoveries			1						168						4						4						26						203
Credit loss expense (benefit)(1)			(45)						(746)						1,787						463						376						1,835
Ending balance			$	358					$	20,855					$	26,115					$	5,126					$	1,546					$	54,000
(1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $0.7 million and credit loss expense of $0.3 million related to off-balance sheet credit exposures for the three months ended September 30, 2025 and September 30, 2024, respectively.

			Nine Months Ended September 30, 2025 and 2024
(in thousands)			Agricultural						Commercial and Industrial						Commercial Real Estate						Residential Real Estate						Consumer						Total
For the Nine Months Ended September 30, 2025
Beginning balance			$	249					$	21,040					$	27,641					$	4,929					$	1,341					$	55,200
Charge-offs			(27)						(385)						(17,250)						(207)						(1,130)						(18,999)
Recoveries			4						92						178						13						104						391
Credit loss expense(1)			242						3,700						9,661						825						880						15,308
Ending balance			$	468					$	24,447					$	20,230					$	5,560					$	1,195					$	51,900
For the Nine Months Ended September 30, 2024
Beginning balance			$	613					$	21,743					$	23,759					$	4,762					$	623					$	51,500
Allocated to banking office sale			—						(51)						(1,795)						(94)						(3)						(1,943)
Charge-offs			(4)						(2,343)						(35)						(75)						(913)						(3,370)
Recoveries			356						437						18						17						94						922
Credit loss expense (benefit)(1)			(607)						1,069						4,168						516						1,745						6,891
Ending balance			$	358					$	20,855					$	26,115					$	5,126					$	1,546					$	54,000
(1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $0.4 million related to off-balance sheet credit exposure for the nine months ended September 30, 2025 and $0.6 million of expense for the nine months ended September 30, 2024.

The composition of the allowance for credit losses by portfolio segment based on evaluation method was as follows:

			As of September 30, 2025
(in thousands)			Agricultural						Commercial and Industrial						Commercial Real Estate						Residential Real Estate						Consumer						Total
Loans held for investment, net of unearned income
Individually evaluated for impairment			$	146					$	622					$	24,777					$	1,375					$	29					$	26,949
Collectively evaluated for impairment			133,466						1,274,259						2,273,851						657,658						53,445						4,392,679
Total			$	133,612					$	1,274,881					$	2,298,628					$	659,033					$	53,474					$	4,419,628
Allowance for credit losses:
Individually evaluated for impairment			$	—					$	216					$	78					$	53					$	5					$	352
Collectively evaluated for impairment			468						24,231						20,152						5,507						1,190						51,548
Total			$	468					$	24,447					$	20,230					$	5,560					$	1,195					$	51,900

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			As of December 31, 2024
(in thousands)			Agricultural						Commercial and Industrial						Commercial Real Estate						Residential Real Estate						Consumer						Total
Loans held for investment, net of unearned income
Individually evaluated for impairment			$	208					$	2,488					$	15,334					$	2,710					$	21					$	20,761
Collectively evaluated for impairment			118,843						1,124,325						2,329,347						653,672						68,679						4,294,866
Total			$	119,051					$	1,126,813					$	2,344,681					$	656,382					$	68,700					$	4,315,627
Allowance for credit losses:
Individually evaluated for impairment			$	—					$	406					$	4,011					$	164					$	8					$	4,589
Collectively evaluated for impairment			249						20,634						23,630						4,765						1,333						50,611
Total			$	249					$	21,040					$	27,641					$	4,929					$	1,341					$	55,200

The following tables present the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:

						As of September 30, 2025
						Primary Type of Collateral
(in thousands)						Real Estate												Equipment						Other						Total						ACL Allocation
Agricultural						$	—											$	146					$	—					$	146					$	—
Commercial and industrial						111												359						152						622						216
Commercial real estate:
Farmland						3,470												—						—						3,470						—
Multifamily						238												—						—						238						—
Commercial real estate-other						21,069												—						—						21,069						78
Residential real estate:
One- to four- family first liens						1,123												—						—						1,123						—
One- to four- family junior liens						252												—						—						252						53
Consumer						—												29						—						29						5
Total						$	26,263											$	534					$	152					$	26,949					$	352

						As of December 31, 2024
						Primary Type of Collateral
(in thousands)						Real Estate												Equipment						Other						Total						ACL Allocation
Agricultural						$	208											$	—					$	—					$	208					$	—
Commercial and industrial						203												—						2,285						2,488						406
Commercial real estate:
Farmland						2,449												70						—						2,519						—
Commercial real estate-other						12,815												—						—						12,815						4,011
Residential real estate:
One- to four- family first liens						2,189												—						—						2,189						79
One- to four- family junior liens						521												—						—						521						85
Consumer						—												21						—						21						8
Total						$	18,385											$	91					$	2,285					$	20,761					$	4,589

Loan Modifications to Borrowers Experiencing Financial Difficulty

Occasionally, the Company may modify loans to borrowers who are experiencing financial difficulty. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, term extension, other-than-insignificant payment delays, interest rate reduction, or a combination thereof.

The following tables present the amortized cost basis of loans as of September 30, 2025 and September 30, 2024 that were modified during the three and nine months ended September 30, 2025 and September 30, 2024 and experiencing financial difficulty at the time of the modification by class and by type of modification:

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						For the Three Months and Nine Months Ended September 30, 2025
																														Combination:
(in thousands)						Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction						Term Extension & Interest Rate Reduction						Principal Forgiveness & Term Extension												Payment Delay & Term Extension						Term Extension, Interest Rate Reduction, & Payment Delay						Total Class of Financing Receivable
Three Months Ended September 30, 2025
Agricultural						$	—					$	—					$	121					$	—					$	—					$	—											$	—					$	—					0.09		%
Commercial and industrial						—						—						985						—						—						—												400						—						0.11		%
CRE - Other						—						—						2,698						—						—						—												67						—						0.20		%
RRE - One- to four- family first liens						—						—						—						—						—						—												56						11						0.01		%
Total						$	—					$	—					$	3,804					$	—					$	—					$	—											$	523					$	11
Nine Months Ended September 30, 2025
Agricultural						$	—					$	—					$	121					$	—					$	—					$	—											$	—					$	—					0.09		%
Commercial and industrial						—						111						1,199						—						15						—												465						—						0.14		%
CRE - Farmland						—						—						470						—						—						—												—						—						0.24		%
CRE - Other						—						596						3,300						—						—						—												447						—						0.31		%
RRE - One- to four- family first liens						—						—						—						—						—						—												343						11						0.08		%
Total						$	—					$	707					$	5,090					$	—					$	15					$	—											$	1,255					$	11

						For the Three Months and Nine Months Ended September 30, 2024
																														Combination:
(in thousands)						Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction						Term Extension & Interest Rate Reduction						Principal Forgiveness & Term Extension						Payment Delay & Term Extension						Term Extension, Interest Rate Reduction, & Payment Delay												Total Class of Financing Receivable
Three Months Ended September 30, 2024
Agricultural						$	—					$	—					$	56					$	—					$	—					$	—					$	—					$	—											0.05		%
Commercial and industrial						—						—						552						—						—						—						—						—												0.05		%
CRE - Other						—						—						1,892						—						—						—						—						—												0.14		%
RRE - One- to four- family first liens						—						—						—						—						—						—						—						86												0.02		%
Consumer						—						—						14						—						—						—						—						—												0.02		%
Total						$	—					$	—					$	2,514					$	—					$	—					$	—					$	—					$	86
Nine Months Ended September 30, 2024
Agricultural						$	—					$	—					$	56					$	—					$	—					$	—					$	—					$	—											0.05		%
Commercial and industrial						—						—						621						—						—						—						—						—												0.05		%
CRE - Construction and development						—						—						224						—						—						—						—						—												0.06		%
CRE - Farmland						—						—						378						—						—						—						—						—												0.21		%
CRE - Other						—						—						6,786						—						—						—						—						—												0.50		%
RRE - One- to four- family first liens						—						251						—						—						—						—						386						86												0.15		%
RRE - One- to four- family junior liens						—						—						—						—						—						—						134						—												0.08		%
Consumer						—						—						14						—						—						—						—						—												0.02		%
Total						$	—					$	251					$	8,079					$	—					$	—					$	—					$	520					$	86

The Company had no additional commitments to lend amounts to the borrowers included in the previous tables as of both September 30, 2025 and September 30, 2024. For the three and nine months ended September 30, 2025, the Company had 11 modified loans totaling $1.3 million and 20 modified loans totaling $1.9 million, respectively, to borrowers experiencing financial difficulty that redefaulted within 12 months subsequent to the modification. For the three and nine months ended September 30, 2024, the Company had 4 modified loans totaling $5.4 million and 16 modified loans totaling $6.6 million, respectively, to borrowers experiencing financial difficulty that redefaulted within 12 months subsequent to the modification.

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The following tables present the performance based upon delinquency status, as of September 30, 2025 and September 30, 2024, of loans that were modified while the borrower was experiencing financial difficulty and modified in the last 12 months:

			As of September 30, 2025
(in thousands)			Current						30 - 59 Days Past Due						60 - 89 Days Past Due						90 Days or More Past Due						Total
Agricultural			$	121					$	—					$	—					$	—					$	121
Commercial and industrial			1,171						619						—						—						1,790
CRE - Farmland			470						—						—						—						470
CRE - Other			4,600						596						—						—						5,196
RRE - One- to four- family first liens			354						—						—						—						354
Total			$	6,716					$	1,215					$	—					$	—					$	7,931
			As of September 30, 2024
(in thousands)			Current						30 - 59 Days Past Due						60 - 89 Days Past Due						90 Days or More Past Due						Total
Agricultural			$	56					$	—					$	—					$	—					$	56
Commercial and industrial			621						—						—						—						621
CRE - Construction and development			296						—						224						—						520
CRE - Farmland			378						—						—						352						730
CRE - Other			6,989						—						—						5,310						12,299
RRE - One- to four- family first liens			723						—						—						—						723
RRE - One- to four- family junior liens			148						—						—						—						148
Consumer			14						—						—						—						14
Total			$	9,225					$	—					$	224					$	5,662					$	15,111

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three and nine months ended September 30, 2025 and September 30, 2024:

(in thousands)									Principal Forgiveness						Weighted Average Interest Rate Reduction						Weighted Average Term Extension (Months)
Three Months Ended September 30, 2025
Agricultural									$	—					—		%				1.5
Commercial and industrial									—						—						3.6
CRE - Other									—						—						5.0
RRE - One- to four- family first liens									—						0.37						197.5
Total									$	—					0.37		%				7.4
Nine Months Ended September 30, 2025
Agricultural									$	—					—		%				2.0
Commercial and industrial									—						6.75						7.0
CRE - Farmland									—						—						57.7
CRE - Other									—						—						9.2
RRE - One- to four- family first liens									—						0.37						179.6
Total									$	—					4.09		%				22.6

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(in thousands)									Principal Forgiveness						Weighted Average Interest Rate Reduction						Weighted Average Term Extension (Months)
Three Months Ended September 30, 2024
Agricultural									$	—					—		%				2.87
Commercial and industrial									—						—						12.0
CRE - Other									—						—						10.8
RRE - One- to four- family first liens									—						1.25						244.5
Consumer									—						—						18.3
Total									$	—					1.25		%				18.7
Nine Months Ended September 30, 2024
Agricultural									$	—					—		%				2.9
Commercial and industrial									—						—						10.0
CRE - Construction and development									—						—						0.8
CRE - Farmland									—						—						5.4
CRE - Other									—						—						8.1
RRE - One- to four- family first liens									—						1.25						216.3
RRE - One- to four- family junior liens									—						—						122.0
Consumer									—						—						20.2
Total									$	—					1.25		%				20.2

5.    Derivatives, Hedging Activities and Balance Sheet Offsetting

The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of the dates indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets. The fair values of the Company's derivative instrument assets and liabilities are summarized as follows:

						As of September 30, 2025																		As of December 31, 2024
						Notional Amount						Fair Value												Notional Amount						Fair Value
(in thousands)												Assets						Liabilities												Assets						Liabilities
Designated as hedging instruments:
Fair value hedges:
Interest rate swaps - loans						$	55,648					$	1,484					$	1,362					$	49,486					$	2,416					$	294
Interest rate swaps - securities						—						—						—						150,000						—						239
Cash flow hedges
Interest rate swaps						150,000						93						85						200,000						813						26
Total						$	205,648					$	1,577					$	1,447					$	399,486					$	3,229					$	559
Not designated as hedging instruments:
Interest rate swaps						$	750,277					$	19,160					$	19,178					$	697,969					$	21,145					$	21,153
RPAs - participated out contracts						55,444						10						—						55,088						4						—
RPAs - participated in contracts						29,000						—						—						29,982						—						—
Interest rate lock commitments						3,639						48						—						912						10						—
Interest rate forward loan sales contracts						4,569						1						—						1,312						9						—
Total						$	842,929					$	19,219					$	19,178					$	785,263					$	21,168					$	21,153

Derivatives Designated as Hedging Instruments

The Company uses derivative instruments to hedge its exposure to economic risks. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value or cash flow hedges.

Fair Value Hedges - Derivatives are designated as fair value hedges to limit the Company's exposure to changes in the fair value of assets or liabilities due to movements in interest rates. The Company entered into pay-fixed receive-floating interest rate swaps to manage its exposure to changes in fair value in certain fixed-rate assets, including AFS debt securities and loans. As of September 30, 2025, the Company no longer holds any pay-fixed receive-floating interest rate swaps on the securities portfolio as these swaps have matured and no new swaps have been entered into. The gain or loss on the loan fair value hedge derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The change in the fair value of the available for sale securities attributable to changes in the hedged risk was recorded in accumulated other comprehensive income and subsequently reclassified into interest income, as applicable, in the same period(s) to offset the changes in the fair value of the swap, which was also recognized in interest income.

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Cash Flow Hedges - Derivatives are designated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movement in interest rates. The Company has previously entered into pay-fixed receive-floating interest rate swaps to hedge against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on the Company's variable rate debt, including brokered deposits. The gain or loss on the derivatives is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense, as applicable, in the same period(s) during which the hedged transaction affects earnings. During the 12 months following September 30, 2025, the Company estimates that an additional $14 thousand of income will be reclassified into interest expense.

The table below presents the effect of cash flow hedge accounting on AOCI for the three and nine months ended September 30, 2025 and 2024:

						Amount of Gain (Loss) Recognized in AOCI on Derivative												Location of Gain (Loss) Reclassified from AOCI into Income						Amount of Gain Reclassified from AOCI into Income
						Three Months Ended September 30,																		Three Months Ended September 30,
(in thousands)						2025						2024												2025						2024
Interest rate swaps						$	70					$	(2,388)					Interest Expense						$	237					$	763
						Nine Months Ended September 30,																		Nine Months Ended September 30,
(in thousands)						2025						2024												2025						2024
Interest rate swaps						$	16					$	1,162					Interest Expense						$	796					$	2,338

The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the consolidated statements of income for the periods indicated:

			Location and Amount of Gain or Loss Recognized in Income on Hedging Relationships
			For the Three Months Ended September 30,																								For the Nine Months Ended September 30,
			2025												2024												2025												2024
(in thousands)			Interest Income						Other Income						Interest Income						Other Income						Interest Income						Other Income						Interest Income						Other Income
Income and expense included in the consolidated statements of income related to the effects of fair value hedges are recorded			$	164					$	—					$	446					$	—					$	285					$	—					$	1,336					$	—
The effects of fair value hedging:
Gain (loss) on fair value hedging relationships in subtopic 815-20:
Interest contracts - loans:
Hedged items			308						—						2,135						—						2,007						—						1,139						—
Derivative designated as hedging instruments			(145)						—						(1,852)						—						(1,527)						—						(322)						—
Interest contracts - securities:
Hedged items			—						—						687						—						(224)						—						(299)						—
Derivative designated as hedging instruments			—						—						(524)						—						31						—						819						—

As of September 30, 2025, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:

Line Item in the Balance Sheet in Which the Hedged Item is Included						Carrying Amount of the Hedged Assets						Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset
(in thousands)
Loans						$	55,580					$	(121)

Derivatives Not Designated as Hedging Instruments

Interest Rate Swaps - The Company periodically enters into commercial loan interest rate swap agreements in order to provide commercial loan customers with the ability to convert from variable to fixed interest rates. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer, while simultaneously entering into an offsetting interest rate swap with an institutional counterparty.

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Credit Risk Participation Agreements -The Company enters into RPAs to manage the credit exposure on interest rate contracts associated with a syndicated loan or participation agreement. The Company may enter into protection purchased RPAs with institutional counterparties to decrease or increase its exposure to a borrower. Under the RPA, the Company will receive or make payment if a borrower defaults on the related interest rate contract. The notional amount of the RPAs reflects the Company’s pro-rata share of the derivative instrument.

Interest Rate Forward Loan Sales Contracts & Interest Rate Lock Commitments - The Company enters into forward delivery contracts to sell residential mortgage loans at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage interest rate lock commitments.

The following table presents the net gains (losses) recognized on the consolidated statements of income related to the derivatives not designated as hedging instruments for the periods indicated:

						Location in the Consolidated Statements of Income						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in thousands)												2025						2024						2025						2024
Interest rate swaps						Other income						$	—					$	(6)					$	(10)					$	(5)
RPAs						Other income						2						5						6						12
Interest rate lock commitments						Loan revenue						(1)						(10)						38						(10)
Interest rate forward loan sales contracts						Loan revenue						21						(14)						(8)						21
Total												$	22					$	(25)					$	26					$	18

Offsetting of Derivatives

The Company has entered into agreements with certain counterparty financial institutions, which include master netting agreements. However, the Company has elected to account for all derivatives with counterparty financial institutions on a gross basis. The Company manages the risk of default by its borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures.

The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of September 30, 2025 and December 31, 2024, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets.

																					Gross Amounts Not Offset in the Balance Sheet
(in thousands)			Gross Amounts Recognized						Gross Amounts Offset in the Balance Sheet						Net Amounts presented in the Balance Sheet						Financial Instruments						Cash Collateral Received / Paid						Net Assets /Liabilities
As of September 30, 2025
Asset Derivatives			$	20,796					$	—					$	20,796					$	—					$	10,737					$	10,059
Liability Derivatives			20,625						—						20,625						—						8,200						12,425
As of December 31, 2024
Asset Derivatives			$	24,397					$	—					$	24,397					$	—					$	17,011					$	7,386
Liability Derivatives			21,712						—						21,712						—						110						21,602

Credit-risk-related Contingent Features

The Company has an unsecured federal funds line with its institutional derivative counterparties. The Company has an agreement with its institutional derivative counterparties that contains a provision under which, if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has an agreement with its derivative counterparties that contains a provision under which the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of September 30, 2025, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $9.8 million.

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6.    Goodwill and Intangible Assets

The following table presents the changes in the carrying amount of goodwill as of the dates indicated:

(in thousands)			September 30, 2025						December 31, 2024
Goodwill, beginning of period			$	69,788					$	62,477
Established in acquisition			—						9,041
Allocated to divestiture			—						(1,730)
Total goodwill, end of period			$	69,788					$	69,788

As indicated in Note 2. Business Combinations, the Company acquired a core deposit intangible in connection with its acquisition of DNVB on January 31, 2024 with an estimated fair value of $7.1 million, which will be amortized over its estimated useful life of 10 years.

The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets as of the dates indicated:

						As of September 30, 2025																		As of December 31, 2024
(in thousands)						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Core deposit intangible						$	65,345					$	(51,169)					$	14,176					$	65,345					$	(47,388)					$	17,957
Customer relationship intangible						5,265						(5,265)						—						5,265						(5,243)						22
						$	70,610					$	(56,434)					$	14,176					$	70,610					$	(52,631)					$	17,979
Indefinite-lived trade name intangible																		7,040																		7,040
Total other intangible assets, net																		$	21,216																	$	25,019

The following table provides the estimated future amortization expense for the remaining three months of the year ending December 31, 2025 and the succeeding annual periods:

(in thousands)			Core Deposit Intangible
2025			$	1,143
2026			3,840
2027			2,757
2028			2,110
2029			1,681
Thereafter			2,645
Total			$	14,176

7.    Other Assets

The components of the Company's other assets as of September 30, 2025 and December 31, 2024 were as follows:

(in thousands)			September 30, 2025						December 31, 2024
Bank-owned life insurance			$	99,362					$	99,810
Interest receivable			29,707						26,467
FHLB stock			5,205						5,156
Mortgage servicing rights			11,144						12,232
Operating lease right-of-use assets, net			2,205						1,576
Federal and state income taxes, current			5,518						8,282
Federal and state income taxes, deferred			41,483						58,127
Derivative assets			20,796						24,397
Other receivables/assets			21,509						16,783
			$	236,929					$	252,830

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8.    Deposits

The following table presents the composition of our deposits as of the dates indicated:

(in thousands)			September 30, 2025						December 31, 2024
Noninterest bearing deposits			$	958,080					$	951,423
Interest checking deposits			1,210,637						1,258,191
Money market deposits			972,139						1,053,988
Savings deposits			912,879						820,549
Time deposits of $250 and under			1,045,104						1,026,793
Time deposits over $250			380,157						367,038
Total deposits			$	5,478,996					$	5,477,982

The Company had $24.4 million and $25.3 million in reciprocal time deposits as of September 30, 2025 and December 31, 2024, respectively. Included in money market deposits at September 30, 2025 and December 31, 2024 were $134.1 million and $156.2 million, respectively, of interest-bearing reciprocal deposits. Included in noninterest bearing deposits at September 30, 2025 and December 31, 2024 were $100.1 million and $95.0 million, respectively, of noninterest-bearing reciprocal deposits. These reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to distribute deposits that exceed the FDIC insurance coverage limits to numerous institutions in order to provide insurance coverage for all participating deposits. In addition, included within the time deposits of $250 thousand and under was $200.0 million of brokered deposits as of both September 30, 2025 and December 31, 2024.

As of September 30, 2025 and December 31, 2024, the Company had public entity deposits, which were collateralized by investment securities balances of $12.9 million and $19.9 million, respectively. As of September 30, 2025 and December 31, 2024, the public entity deposits were also collateralized by FHLB letters of credit totaling $134.1 million and $116.1 million, respectively.

9.    Short-Term Borrowings

The following table summarizes the Company's short-term borrowings as of the dates indicated:

						September 30, 2025												December 31, 2024
(in thousands)						Weighted Average Rate						Balance						Weighted Average Rate						Balance
Securities sold under agreements to repurchase						—		%				$	—					0.70		%				$	3,186

Securities Sold Under an Agreement to Repurchase: Securities sold under agreements to repurchase were agreements in which the Company acquired funds by selling assets to another party under a simultaneous agreement to repurchase the same assets at a specified price and date. The Company entered into repurchase agreements and also offered a demand deposit account product to customers that swept their balances in excess of an agreed upon target amount into overnight repurchase agreements. All securities sold under agreements to repurchase are recorded on the face of the balance sheet.

Federal Home Loan Bank Advances: The Bank has a secured line of credit with the FHLBDM. At September 30, 2025 and December 31, 2024, the Company had FHLB borrowing capacity of $909.8 million and $624.0 million, respectively. Advances from the FHLBDM are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses.

Federal Funds Purchased: The Bank has unsecured federal funds lines totaling $135.0 million from multiple correspondent banking relationships. There were no borrowings from such lines outstanding at either September 30, 2025 or December 31, 2024.

Federal Reserve Bank Borrowing: At both September 30, 2025 and December 31, 2024, the Company had no Federal Reserve Discount Window borrowings outstanding, while its borrowing capacity was $274.7 million as of September 30, 2025 and $330.1 million as of December 31, 2024. As of September 30, 2025 and December 31, 2024, the bank had pledged debt securities with a market value of $289.0 million and $353.9 million, respectively.

Unsecured Line of Credit: The Company has a credit agreement with a correspondent bank with a revolving commitment of $25.0 million. The credit agreement was amended on July 29, 2025 such that the revolving commitment matures on September 30, 2026, with no other alterations made to the fee structure or interest rate. Fees are paid on the average daily unused revolving commitment in the amount of 0.30% per annum. Interest is payable at a rate equal to the monthly reset term SOFR rate plus 1.55%. The Company had no borrowings outstanding under this revolving credit facility as of both September 30, 2025 and December 31, 2024.

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10.    Long-Term Debt

Junior Subordinated Notes Issued to Capital Trusts

The table below summarizes the terms of each issuance of junior subordinated notes outstanding as of the dates indicated:

												September 30,						December 31,												September 30,						December 31,
												2025						2024												2025						2024
(in thousands)						Face Value						Book Value												Interest Rate(1)						Rate												Maturity Date						Callable Date
ATBancorp Statutory Trust I						$	7,732					$	7,050					$	7,014					1.68% Margin						5.98		%				6.30		%				06/15/2036						06/15/2011
ATBancorp Statutory Trust II						12,372						11,156						11,103						1.65% Margin						5.95		%				6.27		%				09/15/2037						06/15/2012
Barron Investment Capital Trust I						2,062						1,907						1,888						2.15% Margin						6.42		%				6.75		%				09/23/2036						09/23/2011
Central Bancshares Capital Trust II						7,217						7,028						7,002						3.50% Margin						7.80		%				8.12		%				03/15/2038						03/15/2013
MidWestOne Statutory Trust II						15,464						15,464						15,464						1.59% Margin						5.89		%				6.21		%				12/15/2037						12/15/2012
Total						$	44,847					$	42,605					$	42,471
(1) Interest rate is equal to the Three-month CME Term SOFR + 0.26% Spread + Applicable Margin

The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated notes at the stated maturity date or upon redemption of the junior subordinated notes. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated notes. The Company’s obligation under the junior subordinated notes and other relevant trust agreements, in aggregate, constitutes a full and unconditional guarantee by the Company of each trust’s obligations under the trust preferred securities issued by each trust. The Company has the right to defer payment of interest on the junior subordinated notes and, therefore, distributions on the trust preferred securities, for up to five years, but not beyond the stated maturity date in the table above. During any such deferral period the Company may not pay cash dividends on its stock and generally may not repurchase its stock.

Subordinated Debentures

On July 28, 2020, the Company completed the private placement offering of $65.0 million of its 5.75% Fixed-to-Floating Rate Subordinated Notes due July 30, 2030, of which $63.75 million had been exchanged for subordinated notes registered under the Securities Act of 1933. On June 24, 2025, the Company provided notice to the trustee of its intent to redeem all $65.0 million aggregate principal of the subordinated notes, which were set to reprice on July 30, 2025 at a floating rate of three-month term SOFR plus 5.68%. The redemption was completed on July 30, 2025. The Company had no outstanding subordinated debentures at September 30, 2025 and $65.0 million aggregate principal of subordinated debentures at December 31, 2024.

Other Long-Term Debt

Other long-term borrowings were as follows as of September 30, 2025 and December 31, 2024:

			September 30, 2025												December 31, 2024
(in thousands)			Weighted Average Rate						Balance						Weighted Average Rate						Balance
Finance lease payable			8.89		%				$	228					8.89		%				$	398
FHLB borrowings			—						5,140						—						4,239
Note payable to unaffiliated bank			6.03						50,000						6.10						2,000
Total			5.48		%				$	55,368					2.37		%				$	6,637

On July 29, 2025, the Company entered into a $50.0 million senior term note structured as a 5-year maturity, 7-year amortization facility, bearing interest at a floating rate of 1-month term SOFR plus 1.75%. Principal and interest are payable quarterly, with interest payments beginning September 30, 2025 and principal installments beginning December 30, 2025. The credit agreement includes customary covenants requiring the Company to, among other things, maintain minimum levels of both regulatory capital and certain financial ratios; the Company certifies compliance with the covenants on a quarterly basis.

As a member of the FHLBDM, the Bank may borrow funds from the FHLB, provided the Bank is able to pledge an adequate amount of qualified assets to secure the borrowings. In addition, the FHLB has established a credit capacity limit to the Bank that is equal to 45% of the Bank’s total assets. This credit capacity limit includes short-term and long-term borrowings, federal funds, letters of credit and other sources of credit exposure to the FHLB. Advances from the FHLB are collateralized primarily

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by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses.

As of September 30, 2025, the Company had outstanding FHLB borrowings of $4.2 million due in 2029 with a 0% fixed interest rate and $0.9 million due in 2030 with a 0% fixed interest rate.

11.    Earnings per Share

The following table presents the computation of basic and diluted earnings (loss) per common share for the periods indicated:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands, except per share amounts)			2025						2024						2025						2024
Basic Earnings (Loss) Per Share:
Net income (loss)			$	17,015					$	(95,707)					$	42,133					$	(76,619)
Weighted average shares outstanding			20,681,991						15,829,032						20,764,581						15,771,924
Basic earnings (loss) per common share			$	0.82					$	(6.05)					$	2.03					$	(4.86)
Diluted Earnings (Loss) Per Share:
Net income (loss)			$	17,015					$	(95,707)					$	42,133					$	(76,619)
Weighted average shares outstanding, including all dilutive potential shares			20,718,431						15,829,032						20,800,812						15,771,924
Diluted earnings (loss) per common share			$	0.82					$	(6.05)					$	2.03					$	(4.86)

The weighted average shares that have an antidilutive effect in the calculation of diluted (loss) earnings per common share and have been excluded from the computation above were as follows:

			Three Months Ended September 30												Nine Months Ended September 30
			2025						2024						2025						2024
Dilutive shares(1)			—						42,195						—						33,643
(1) Dilutive potential shares that were excluded from the computation of diluted (loss) earnings per common share for the three and nine months ended September 30, 2024 as a result of the reported net loss available to common shareholders.

12.    Regulatory Capital Requirements and Restrictions on Subsidiary Cash

Regulatory Capital and Reserve Requirement: The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

As of both September 30, 2025 and December 31, 2024, the Bank was not required to maintain reserve balances in cash on hand or on deposit with Federal Reserve Banks, and therefore no amounts were held in reserve for each of these periods.

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A comparison of the Company's and the Bank's capital, with the corresponding minimum regulatory requirements in effect at September 30, 2025 and December 31, 2024, is presented below:

			Actual												For Capital Adequacy Purposes With Capital Conservation Buffer(1)												To Be Well Capitalized Under Prompt Corrective Action Provisions
(in thousands)			Amount						Ratio						Amount						Ratio						Amount						Ratio
At September 30, 2025
Consolidated:
Total capital/risk weighted assets			$658,273						13.08%						$528,498						10.50%						N/A						N/A
Tier 1 capital/risk weighted assets			601,387						11.95						427,832						8.50						N/A						N/A
Common equity tier 1 capital/risk weighted assets			558,782						11.10						352,332						7.00						N/A						N/A
Tier 1 leverage capital/average assets			601,387						9.73						247,243						4.00						N/A						N/A
MidWestOne Bank:
Total capital/risk weighted assets			$697,758						13.92%						$526,472						10.50%						$501,402						10.00%
Tier 1 capital/risk weighted assets			640,872						12.78						426,191						8.50						401,121						8.00
Common equity tier 1 capital/risk weighted assets			640,872						12.78						350,981						7.00						325,911						6.50
Tier 1 leverage capital/average assets			640,872						10.38						247,017						4.00						308,771						5.00
At December 31, 2024
Consolidated:
Total capital/risk weighted assets			$692,834						14.07%						$517,026						10.50%						N/A						N/A
Tier 1 capital/risk weighted assets			570,896						11.59						418,545						8.50						N/A						N/A
Common equity tier 1 capital/risk weighted assets			528,425						10.73						344,684						7.00						N/A						N/A
Tier 1 leverage capital/average assets			570,896						9.15						249,689						4.00						N/A						N/A
MidWestOne Bank:
Total capital/risk weighted assets			$688,190						14.02%						$515,575						10.50%						$491,024						10.00%
Tier 1 capital/risk weighted assets			631,252						12.86						417,370						8.50						392,819						8.00
Common equity tier 1 capital/risk weighted assets			631,252						12.86						343,717						7.00						319,166						6.50
Tier 1 leverage capital/average assets			631,252						10.12						249,584						4.00						311,980						5.00

(1) Includes a capital conservation buffer of 2.50%.

13.    Commitments and Contingencies

Credit-related financial instruments: The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, commitments to sell loans, and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets.

The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following table summarizes the Bank’s commitments as of the dates indicated:

			September 30, 2025						December 31, 2024
(in thousands)
Commitments to extend credit			$	1,125,039					$	1,073,297
Commitments to sell loans			12,690						749
Standby letters of credit			37,344						7,440
Total			$	1,175,073					$	1,081,486

The Bank’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the party. Collateral held varies, but may include accounts receivable, crops, livestock, inventory, property and equipment, residential real estate and income-producing commercial properties.

Commitments to sell loans are agreements to sell loans held for sale to third parties at an agreed upon price.

Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to

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customers. The Bank holds collateral, which may include accounts receivable, inventory, property, equipment and income-producing properties, that support those commitments, if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Bank would be required to fund the commitment. The maximum potential amount of future payments the Bank could be required to make is represented by the contractual amount shown in the summary above. If the commitment is funded, the Bank would be entitled to seek recovery from the customer.

Liability for Off-Balance Sheet Credit Losses: The Company records a liability for off-balance sheet credit losses through a charge to credit loss expense (or a reversal of credit loss expense) on the Company's consolidated statements of income and other liabilities on the Company's consolidated balance sheets. At September 30, 2025 and December 31, 2024, the liability for off-balance-sheet credit losses totaled $5.0 million and $4.6 million, respectively. For the nine months ended September 30, 2025, $0.4 million of credit loss expense was recorded, with $0.6 million of credit loss expense recorded for the nine months ended September 30, 2024.

Litigation: In the normal course of business, the Company and its subsidiaries have been named, from time to time, as defendants in various legal actions. Certain of the actual or threatened legal actions may include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company.

Concentrations of Credit Risk: Substantially all of the Bank’s loans, commitments to extend credit and standby letters of credit have been granted to customers in the Bank’s market areas. Although the loan portfolio of the Bank is diversified, approximately 63% of the loans were real estate loans, excluding farmland, and approximately 7% were agriculturally related as of September 30, 2025. The concentrations of credit by type of loan are set forth in Note 4. Loans Receivable and the Allowance for Credit Losses. Commitments to extend credit are primarily related to commercial loans and home equity loans. Standby letters of credit were granted primarily to commercial borrowers. Investments in securities issued by state and political subdivisions involve certain governmental entities within Iowa and Minnesota. The carrying value of investment securities of Iowa and Minnesota political subdivisions totaled 25% and 16%, respectively, as of September 30, 2025.

14.    Fair Value of Financial Instruments and Fair Value Measurements

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  There are three levels of inputs that may be used to measure fair values:

•Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

•Level 2 – Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

•Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

For additional information regarding the valuation methodologies used to measure the Company's assets recorded at fair value, and for estimating fair value for financial instruments not recorded at fair value, see Note 1. Nature of Business and Significant Accounting Policies and Note 20. Estimated Fair Value of Financial Instruments and Fair Value Measurements to the consolidated financial statements in the Company's 2024 Annual Report on Form 10-K, filed with the SEC on March 11, 2025.

The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily available for sale debt securities, derivatives and mortgage servicing rights. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered “nonrecurring” for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for collateral dependent individually analyzed loans and foreclosed assets.

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Recurring Basis

The following tables summarize assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, by level within the fair value hierarchy:

			Fair Value Measurement at September 30, 2025 Using
(in thousands)			Total						Level 1						Level 2						Level 3
Assets:
Available for sale debt securities:
U.S. Treasury securities			$	20,981					$	—					$	20,981					$	—
U.S. Government agencies and corporations			20,097						—						20,097						—
State and political subdivisions			128,071						—						128,071						—
Mortgage-backed securities			301,850						—						301,850						—
Collateralized loan obligations			8,582						—						8,582						—
Collateralized mortgage obligations			583,889						—						583,889						—
Corporate debt securities			112,186						—						112,186						—
Derivative assets			20,796						—						20,748						48
Mortgage servicing rights			11,144						—						11,144						—
Liabilities:
Derivative liabilities			$	20,625					$	—					$	20,625					$	—

			Fair Value Measurement at December 31, 2024 Using
(in thousands)			Total						Level 1						Level 2						Level 3
Assets:
Available for sale debt securities:
U.S. Treasury securities			$	50,399					$	—					$	50,399					$	—
U.S. Government agencies and corporations			9,941						—						9,941						—
State and political subdivisions			135,720						—						135,720						—
Mortgage-backed securities			323,439						—						323,439						—
Collateralized loan obligations			48,869						—						48,869						—
Collateralized mortgage obligations			646,109						—						646,109						—
Corporate debt securities			113,956						—						113,956						—
Derivative assets			24,397						—						24,387						10
Mortgage servicing rights			12,232						—						12,232						—
Liabilities:
Derivative liabilities			$	21,712					$	—					$	21,712					$	—

There were no transfers of assets between Level 3 and other levels of the fair value hierarchy during the nine months ended September 30, 2025 or the year ended December 31, 2024. Changes in the fair value of available for sale debt securities, including the changes attributable to the hedged risk, are included in other comprehensive income.

The following table presents the valuation technique, significant unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy at the dates indicated:

			Fair Value at
(in thousands)			September 30, 2025						December 31, 2024						Valuation Techniques(s)						Unobservable Input						Range of Inputs												Weighted Average
Interest rate lock commitments			$	48					$	10					Quoted or published market prices of similar instruments, adjusted for factors such as pull-through rate assumptions						Pull-through rate						73%			-			100%						83%

Nonrecurring Basis

The following table presents assets measured at fair value on a nonrecurring basis at the dates indicated:

			Fair Value Measurement at September 30, 2025 Using
(in thousands)			Total						Level 1						Level 2						Level 3
Collateral dependent individually analyzed loans			$	11,067					$	—					$	—					$	11,067
Foreclosed assets, net			3,952						—						—						3,952

			Fair Value Measurement at December 31, 2024 Using
(in thousands)			Total						Level 1						Level 2						Level 3
Collateral dependent individually analyzed loans			$	10,697					$	—					$	—					$	10,697
Foreclosed assets, net			3,337						—						—						3,337

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The following table presents the valuation technique(s), unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy at the dates indicated:

			Fair Value at
(in thousands)			September 30, 2025						December 31, 2024						Valuation Techniques(s)						Unobservable Input						Range of Inputs												Weighted Average
Collateral dependent individually analyzed loans			$	11,067					$	10,697					Fair value of collateral						Valuation adjustments						7%			-			55%						30%
Foreclosed assets, net			$	3,952					$	3,337					Fair value of collateral						Valuation adjustments						8%			-			50%						15%

Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values.

Carrying Amount and Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair value of financial instruments at September 30, 2025 and December 31, 2024 were as follows:

			September 30, 2025
(in thousands)			Carrying Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents			$	272,241					$	272,241					$	272,241					$	—					$	—
Debt securities available for sale			1,175,656						1,175,656						—						1,175,656						—
Loans held for sale			12,690						14,017						—						14,017						—
Loans held for investment, net			4,367,728						4,315,524						—						—						4,315,524
Interest receivable			29,707						29,707						—						29,707						—
FHLB stock			5,205						5,205						—						5,205						—
Derivative assets			20,796						20,796						—						20,748						48
Financial liabilities:
Noninterest bearing deposits			958,080						958,080						958,080						—						—
Interest bearing deposits			4,520,916						4,481,025						3,095,655						1,385,370						—
Finance leases payable			228						228						—						228						—
FHLB borrowings			5,140						4,942						—						4,942						—
Junior subordinated notes issued to capital trusts			42,605						37,975						—						37,975						—
Other long-term debt			50,000						50,000						—						50,000						—
Derivative liabilities			20,625						20,625						—						20,625						—

			December 31, 2024
(in thousands)			Carrying Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents			$	204,895					$	204,895					$	204,895					$	—					$	—
Debt securities available for sale			1,328,433						1,328,433						—						1,328,433						—
Loans held for sale			749						758						—						758						—
Loans held for investment, net			4,260,427						4,156,142						—						—						4,156,142
Interest receivable			26,467						26,467						—						26,467						—
FHLB stock			5,156						5,156						—						5,156						—
Derivative assets			24,397						24,397						—						24,387						10
Financial liabilities:
Noninterest bearing deposits			951,423						951,423						951,423						—						—
Interest bearing deposits			4,526,559						4,508,773						3,132,728						1,376,045						—
Short-term borrowings			3,186						3,186						3,186						—						—
Finance leases payable			398						398						—						398						—
FHLB borrowings			4,239						4,064						—						4,064						—
Junior subordinated notes issued to capital trusts			42,471						37,845						—						37,845						—
Subordinated debentures			64,268						63,469						—						63,469						—
Other long-term debt			2,000						2,000						—						2,000						—
Derivative liabilities			21,712						21,712						—						21,712						—

15.    Leases

The Company's lease commitments consist primarily of real estate property for banking offices and office space with terms extending through 2045. Substantially all of the Company's leases are classified as operating leases, with the Company holding only one existing finance lease for a banking office location with a lease term through 2026.

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(in thousands)						Classification						September 30, 2025						December 31, 2024
Operating lease right-of-use assets						Other assets						$	2,205					$	1,576
Finance lease right-of-use asset						Premises and equipment, net						88						159
Total right-of-use assets												$	2,293					$	1,735
Operating lease liability						Other liabilities						$	2,727					$	2,179
Finance lease liability						Long-term debt						228						398
Total lease liabilities												$	2,955					$	2,577
Weighted-average remaining lease term:						Operating leases						11.73 years						12.26 years
						Finance lease						0.92 years						1.67 years
Weighted-average discount rate:						Operating leases						4.76		%				4.92		%
						Finance lease						8.89		%				8.89		%

The following table represents lease costs and other lease information for the periods indicated. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(in thousands)			2025						2024						2025						2024
Lease Costs
Operating lease cost			$	165					$	192					$	510					$	813
Variable lease cost			20						16						47						29
Interest on lease liabilities(1)			6						10						20						35
Amortization of right-of-use assets			24						24						72						72
Net lease cost			$	215					$	242					$	649					$	949
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	344					$	379					$	1,085					$	1,895
Operating cash flows from finance lease			6						10						20						35
Finance cash flows from finance lease			58						52						170						152
Supplemental non-cash information on lease liabilities:
Right-of-use assets obtained in exchange for new operating lease liabilities			—						58						1,009						253

(1)Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net.

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more for the remaining three months ending December 31, 2025 and the succeeding annual periods were as follows:

(in thousands)			Finance Leases						Operating Leases
December 31, 2025			$	65					$	192
December 31, 2026			172						685
December 31, 2027			—						519
December 31, 2028			—						360
December 31, 2029			—						325
Thereafter			—						1,555
Total undiscounted lease payment			$	237					$	3,636
Amounts representing interest			(9)						(909)
Lease liability			$	228					$	2,727

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16.    Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in accumulated other comprehensive income (loss) by component, net of tax for the periods indicated:

Three Months Ended September 30,
(in thousands)						Unrealized Gain (Loss) from AFS Debt Securities						Reclassification of AFS Debt Securities to HTM						Unrealized Gain (Loss) from Cash Flow Hedging Instruments						Total
Balance, June 30, 2024						$	(65,366)					$	5,251					$	1,980					$	(58,135)
Other comprehensive (loss) income before reclassifications						(102,822)						265						(1,783)						(104,340)
Amounts reclassified from AOCI						104,203						—						(570)						103,633
Net current-period other comprehensive (loss) income						1,381						265						(2,353)						(707)
Reclassification of HTM securities to AFS						5,516						(5,516)						—						—
Balance, September 30, 2024						$	(58,469)					$	—					$	(373)					$	(58,842)
Balance, June 30, 2025						$	(57,687)					$	—					$	130					$	(57,557)
Other comprehensive income before reclassifications						8,306						—						52						8,358
Amounts reclassified from AOCI						—						—						(177)						(177)
Net current-period other comprehensive income (loss)						8,306						—						(125)						8,181
Balance, September 30, 2025						$	(49,381)					$	—					$	5					$	(49,376)
Nine Months Ended September 30,
(in thousands)						Unrealized Gain (Loss) from AFS Debt Securities						Reclassification of AFS Debt Securities to HTM						Unrealized Gain (Loss) from Cash Flow Hedging Instruments						Total
Balance, December 31, 2023						$	(69,915)					$	4,511					$	505					$	(64,899)
Other comprehensive (loss) income before reclassifications						(98,958)						1,005						868						(97,085)
Amounts reclassified from AOCI						104,888						—						(1,746)						103,142
Net current-period other comprehensive income (loss)						5,930						1,005						(878)						6,057
Reclassification of HTM securities to AFS						5,516						(5,516)						—						—
Balance, September 30, 2024						$	(58,469)					$	—					$	(373)					$	(58,842)
Balance, December 31, 2024						$	(73,350)					$	—					$	588					$	(72,762)
Other comprehensive income before reclassifications						23,827						—						12						23,839
Amounts reclassified from AOCI						142						—						(595)						(453)
Net current-period other comprehensive income (loss)						23,969						—						(583)						23,386
Balance, September 30, 2025						$	(49,381)					$	—					$	5					$	(49,376)

The following table presents reclassifications out of AOCI for the periods indicated:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2025						2024						2025						2024
Investment securities (gains) losses, net			$	—					$	140,182					$	(33)					$	140,113
Interest income			—						—						223						299
Interest expense			(237)						(1,450)						(796)						(2,338)
Income tax benefit (expense)			60						(35,099)						153						(34,932)
Net of tax			$	(177)					$	103,633					$	(453)					$	103,142

17.    Subsequent Events

On October 28, 2025, the board of directors of the Company declared a cash dividend of $0.2425 per share, payable on December 15, 2025 to shareholders of record as of the close of business on December 1, 2025.

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On October 23, 2025, the Company entered into a Merger Agreement with Nicolet, pursuant to which the Company will merge with and into Nicolet, with Nicolet as the surviving entity of the Merger. Immediately following the Merger, and subject to the occurrence of the Merger, MidWestOne Bank, will merge with and into Nicolet National Bank, Nicolet's wholly-owned subsidiary bank, with Nicolet National Bank as the surviving entity of such Merger. Nicolet will exchange shares of its common stock for all of the issued and outstanding shares of MidWestOne common stock, in an all-stock transaction. MidWestOne shareholders will be entitled to receive 0.3175 of a share of Nicolet common stock for each share of MidWestOne common stock they own upon the effective time of the Merger, for aggregate merger consideration valued at approximately $864 million, or $41.37 per share, based on Nicolet’s closing stock price of $130.31 as of October 22, 2025, the trading day immediately prior to the announcement of the transaction. Upon completion of the Merger, the shares issued to MidWestOne shareholders are expected to comprise 30% of the outstanding shares of the combined company.

The Company has evaluated events that have occurred subsequent to September 30, 2025, and has concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q 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,” “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:

•the effects of changes in interest rates, including on our net income, the volatility of our rate-sensitive deposits, and the value of our securities portfolio;

•fluctuations in the value of our investment securities;

•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, fiscal policies, and foreign policy and tax regulations;

•asset/liability matching risks and liquidity risks;

•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;

•the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits;

•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, which may result in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings;

•the sufficiency of the allowance for credit losses to absorb the amount of expected losses inherent in our existing loan portfolio;

•the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities;

•credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio;

•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;

•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;

•the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of the agricultural or other products of our borrowers;

•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;

•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;

•changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the FASB;

•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;

•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;

•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;

•the ability to attract and retain key executives and employees experienced in banking and financial services;

•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;

•operational risks, including data processing system failures and fraud;

•the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions;

•the risks of mergers or and other strategic transactions (including our previously-announced transaction with Nicolet), 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;

•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

•factors and risks described under “Risk Factors” in our Annual Report on Form 10-K and in other reports we file with the SEC.

We qualify all of our forward-looking statements by the foregoing cautionary statements. Because of these risks and other uncertainties, our actual future results, performance or achievement, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, our past results of operations are not necessarily indicative of our future results.

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OVERVIEW

The Company provides financial services to individuals, businesses, governmental units and institutional customers located primarily in the upper Midwest through its bank subsidiary, MidWestOne Bank. The Bank has locations throughout central and eastern Iowa, the Minneapolis/St. Paul metropolitan area, southwestern Wisconsin, and Denver, Colorado.

On January 31, 2024, the Company completed the acquisition of DNVB, a bank holding company headquartered in Denver, Colorado, and the parent company of BOD. Immediately following completion of the acquisition, BOD was merged with and into the Bank. As consideration for the merger, we paid cash of $32.6 million.

On June 7, 2024, the Bank completed the sale of its Florida banking operations for a 7.5% deposit premium, which consisted of one bank branch in each of Naples and Ft. Myers, Florida.

In the first quarter of 2025, MidWestOne Bank reclassified $11.0 million of credit card receivables to loans held for sale. The sale closed in October 2025.

On October 23, 2025, the Company entered into a Merger Agreement with Nicolet, pursuant to which the Company will merge with and into Nicolet, with Nicolet as the surviving entity of the Merger. Immediately following the Merger, and subject to the occurrence of the Merger, MidWestOne Bank, will merge with and into Nicolet National Bank, Nicolet's wholly-owned subsidiary bank, with Nicolet National Bank as the surviving entity of such merger. The transaction is expected to be completed in the first half of 2026.

The Bank is focused on delivering relationship-based banking products and services to its customers. The Bank offers commercial, real estate, agricultural, credit card, and consumer loans as well as transaction, savings, and time deposit accounts. Complementary to our loan and deposit products, the Bank provides products and services including treasury management, Zelle, online and mobile banking, credit and debit cards, ATMs, and safe deposit boxes. The Bank also provides expertise in specialty business lines, such as: public finance, sponsor finance, SBA, and agribusiness. Further, the Bank offers wealth management services including the administration of estates, trusts, and conservatorships, as well as financial planning, investment advisory, and brokerage services (the latter of which is provided through an arrangement with a third-party registered broker-dealer).

Our results of operations are significantly affected by our net interest income. Results of operations are also affected by noninterest income and expense, credit loss expense and income tax expense. Significant external factors that impact our results of operations include general economic and competitive conditions, as well as changes in market interest rates, government policies, and actions of regulatory authorities.

The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes and the statistical information and financial data appearing in this report as well as our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025. Results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of results to be attained for any other period.

FINANCIAL SUMMARY

The Company reported net income for the three months ended September 30, 2025 of $17.0 million, an increase of $112.7 million, compared to net loss of $95.7 million for the three months ended September 30, 2024, with diluted earnings (loss) per share of $0.82 and $(6.05) for the three months ended September 30, 2025 and 2024, respectively. Adjusted earnings (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent) for the three months ended September 30, 2025 were $18.1 million, compared to $9.1 million for the three months ended September 30, 2024, with adjusted earnings per share (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent) of $0.87 and $0.58 for the three months ended September 30, 2025 and 2024, respectively.

For the nine months ended September 30, 2025, the Company reported net income of $42.1 million, an increase of $118.8 million, compared to net loss of $76.6 million for the nine months ended September 30, 2024, with diluted earnings (loss) per share of $2.03 and $(4.86) for the nine months ended September 30, 2025 and 2024, respectively. Adjusted earnings (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent) for the nine months ended September 30, 2025 were $43.5 million, compared to $21.8 million for the nine months ended September 30, 2024, with adjusted earnings per share (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent) of $2.09 and $1.38 for the nine months ended September 30, 2025 and 2024, respectively.

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The periods as of and for the three and nine months ended September 30, 2025 were also highlighted by the following results:

Balance Sheet:

•Total assets increased to $6.25 billion at September 30, 2025 from $6.24 billion at December 31, 2024, primarily driven by higher cash and loan volumes, partially offset by lower security volumes.

•Total debt securities AFS at September 30, 2025 were $1.18 billion, as compared to $1.33 billion at December 31, 2024.

•Gross loans held for investment increased $100.9 million, from $4.33 billion at December 31, 2024 to $4.43 billion at September 30, 2025, primarily due to organic loan growth and higher line of credit usage, partially offset by the reclassification of $11.0 million of credit card receivables to loans held for sale in the first quarter of 2025.

•Nonperforming assets increased $8.8 million, from $25.2 million at December 31, 2024, to $33.9 million at September 30, 2025.

•The allowance for credit losses was $51.9 million, or 1.17% of total loans, at September 30, 2025, compared with $55.2 million, or 1.28% of total loans, at December 31, 2024.

•Total deposits increased $1.0 million to $5.48 billion at September 30, 2025 when compared to December 31, 2024.

•There were no short-term borrowings at September 30, 2025, compared to $3.2 million of short-term borrowings at December 31, 2024. Long-term debt decreased to $98.0 million at September 30, 2025, from $113.4 million at December 31, 2024, primarily due to the redemption of the entire $65.0 million outstanding principal of the Company's 5.75% Fixed-to-Floating Rate Subordinated Notes 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 Company was well-capitalized with a total risk-based capital ratio of 13.08% at September 30, 2025.

Income Statement:

Three Months Ended September 30, 2025 and 2024:

•Tax equivalent net interest income (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent) was $52.2 million for the third quarter of 2025, an increase of $13.4 million, from $38.8 million in the third quarter of 2024. The increase in tax equivalent net interest income was primarily due to a decrease in interest expense on borrowed funds and interest-bearing deposits of $5.4 million and $2.8 million, respectively, coupled with increases of $2.2 million, $1.3 million, and $1.7 million in investment securities income, loan interest income, and other interest income, respectively.

•Credit loss expense of $2.1 million was recorded during the third quarter of 2025, compared to credit loss expense of $1.5 million recorded in the third quarter of 2024.

•Noninterest income increased $140.6 million, from noninterest loss of $130.4 million in the third quarter of 2024, to noninterest income of $10.3 million in the third quarter of 2025, primarily due to the balance sheet-repositioning related securities impairment of $140.4 million recognized in the third quarter of 2024, coupled with an increase of $0.7 million in investment services and trust activities revenue.

•Noninterest expense increased $1.8 million, from $35.8 million in the third quarter of 2024, to $37.6 million in the third quarter of 2025, primarily due to an increase of $2.4 million in compensation and employee benefits.

Nine Months Ended September 30, 2025 and 2024:

•Tax equivalent net interest income (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent) was $152.0 million for the nine months ended September 30, 2025, an increase of $39.4 million from the nine months ended September 30, 2024. The increase in tax equivalent net interest income was due primarily to declines in interest expense on borrowed funds and interest bearing deposits of $16.4 million and $8.4 million, respectively, coupled with an increase of $7.4 million in interest income earned from investment securities, an increase of $3.6 million in loan interest income, and an increase of $3.8 million in other interest income.

•Credit loss expense of $15.7 million was recorded in the first nine months of 2025, as compared to credit loss expense of $7.5 million for the first nine months of 2024. Credit loss expense in the first nine months of 2025 primarily reflected the specific reserve established in connection with a single CRE office credit, coupled with an increase of $0.4 million in the reserve for unfunded loan commitments.

•Noninterest income increased $129.7 million, from noninterest loss of $99.1 million for the nine months ended September 30, 2024, to noninterest income of $30.6 million in the first nine months of 2025, primarily due to the balance sheet-repositioning related securities impairment of $140.4 million recognized in the third quarter of 2024. Also contributing to the increase were increases of $0.9 million and $0.4 million in investment services and trust activities revenue and loan revenue, respectively. Partially offsetting these increases was a decline in other revenue stemming primarily from the $11.1 million gain realized in connection with the sale of our Florida banking operations in the second quarter of 2024.

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•Noninterest expense increased $2.6 million, from $107.1 million for the nine months ended September 30, 2024, to $109.7 million in the first nine months of 2025, and was largely driven by increases of $2.7 million and $1.3 million in compensation and employee benefits and other expense, respectively. These increases were partially offset by lower intangible amortization, FDIC insurance costs, and foreclosed assets, net costs, which decreased $0.9 million, $0.4 million, and $0.3 million, respectively.

Critical Accounting Estimates

Management has identified the accounting policies related to the ACL to be critical accounting policies. Information about our critical accounting estimates is included under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025, and there have been no material changes in these critical accounting policies since December 31, 2024.

RESULTS OF OPERATIONS

Comparison of Operating Results for the Three Months Ended September 30, 2025 and September 30, 2024

Summary

			As of or for the Three Months Ended September 30,
(in thousands, except per share amounts)			2025						2024
Net Interest Income			$	51,008					$	37,521
Noninterest Income (Loss)			10,253						(130,388)
Total Revenue, Net of Interest Expense			61,261						(92,867)
Credit Loss Expense			2,132						1,535
Noninterest Expense			37,637						35,798
Income (Loss) Before Income Tax Expense			21,492						(130,200)
Income Tax Expense (Benefit)			4,477						(34,493)
Net Income (Loss)			17,015						(95,707)
Adjusted Earnings(1)			$	18,054					$	9,141
Diluted Earnings (Loss) Per Share			$	0.82					$	(6.05)
Adjusted Earnings Per Share(1)			0.87						0.58
Return on Average Assets			1.09		%				(5.78)		%
Return on Average Equity			11.34						(69.05)
Return on Average Tangible Equity(1)			14.08						(82.78)
Efficiency Ratio(1)			58.21						70.32
Dividend Payout Ratio			29.57						(n/m)
Common Equity Ratio			9.70						8.58
Tangible Common Equity Ratio(1)			8.36						7.22
Book Value per Share			$	29.37					$	27.06
Tangible Book Value per Share(1)			24.96						22.43
(1) A non-GAAP financial measure. See "Non-GAAP Financial Measures" for a reconciliation to the most comparable GAAP equivalents.
(n/m) - Not meaningful

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Net Interest Income

The following table shows consolidated average balance sheets, detailing the major categories of assets and liabilities, the interest income earned on interest-earning assets, the interest expense paid for interest-bearing liabilities, and the related yields and costs for the periods indicated:

			Three Months Ended September 30,
			2025																		2024
			Average Balance						Interest Income/ Expense						Average Yield/ Cost						Average Balance						Interest Income/ Expense						Average Yield/ Cost
(in thousands)
ASSETS
Loans, including fees (1)(2)(3)			$	4,392,991					$	64,732					5.85		%				$	4,311,693					$	63,472					5.86		%
Taxable investment securities			1,098,771						12,109						4.37						1,489,843						8,779						2.34
Tax-exempt investment securities (2)(4)			103,321						846						3.25						313,935						1,976						2.50
Total securities held for investment (2)			1,202,092						12,955						4.28						1,803,778						10,755						2.37
Other			212,544						2,466						4.60						52,054						785						6.00
Total interest earning assets (2)			$	5,807,627					$	80,153					5.48		%				$	6,167,525					$	75,012					4.84		%
Other assets			412,244																		415,879
Total assets			$	6,219,871																	$	6,583,404
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest checking deposits			$	1,208,957					$	2,065					0.68		%				$	1,243,327					$	3,041					0.97		%
Money market deposits			981,896						6,187						2.50						1,047,081						7,758						2.95
Savings deposits			882,572						3,533						1.59						761,922						3,128						1.63
Time deposits			1,440,704						14,485						3.99						1,430,723						15,190						4.22
Total interest bearing deposits			4,514,129						26,270						2.31						4,483,053						29,117						2.58
Securities sold under agreements to repurchase			—						—						—						5,812						12						0.82
Other short-term borrowings			—						19						—						415,961						5,031						4.81
Total short-term borrowings			—						19						—						421,773						5,043						4.76
Long-term debt			103,044						1,645						6.33						116,032						2,015						6.91
Total borrowed funds			103,044						1,664						6.41						537,805						7,058						5.22
Total interest bearing liabilities			$	4,617,173					$	27,934					2.40		%				$	5,020,858					$	36,175					2.87		%
Noninterest bearing deposits			933,935																		919,581
Other liabilities			73,707																		91,551
Shareholders’ equity			595,056																		551,414
Total liabilities and shareholders’ equity			$	6,219,871																	$	6,583,404
Net interest income (2)									$	52,219																	$	38,837
Net interest spread(2)															3.08		%																1.97		%
Net interest margin(2)															3.57		%																2.51		%
Total deposits(5)			$	5,448,064					$	26,270					1.91		%				$	5,402,634					$	29,117					2.14		%
Cost of funds(6)															2.00		%																2.42		%

(1)			Average balance includes nonaccrual loans.
(2)			Tax equivalent (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP 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 and $378 thousand for the three months ended September 30, 2025 and September 30, 2024, respectively. Loan purchase discount accretion was $1.0 million and $1.4 million for the three months ended September 30, 2025 and September 30, 2024, respectively. Tax equivalent adjustments were $1.1 million and $951 thousand for the three 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 $158 thousand and $365 thousand for the three 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.

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The following table shows changes to tax equivalent net interest income (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent) attributable to (i) changes in volume and (ii) changes in rate. Changes attributable to both rate and volume have been allocated proportionately to the change due to volume and the change due to rate.

			Three Months Ended September 30,
			2025 Compared to 2024
			Change due to
(in thousands)			Volume						Yield/Cost						Net
Increase (decrease) in interest income:
Loans, including fees (1)			$	1,355					$	(95)					$	1,260
Taxable investment securities			(2,768)						6,098						3,330
Tax-exempt investment securities (1)			(1,601)						471						(1,130)
Total securities held for investment (1)			(4,369)						6,569						2,200
Other			1,905						(224)						1,681
Change in interest income (1)			(1,109)						6,250						5,141
Increase (decrease) in interest expense:
Interest checking deposits			(83)						(893)						(976)
Money market deposits			(455)						(1,116)						(1,571)
Savings deposits			484						(79)						405
Time deposits			108						(813)						(705)
Total interest-bearing deposits			54						(2,901)						(2,847)
Securities sold under agreements to repurchase			(6)						(6)						(12)
Other short-term borrowings			(5,012)						—						(5,012)
Total short-term borrowings			(5,018)						(6)						(5,024)
Long-term debt			(211)						(159)						(370)
Total borrowed funds			(5,229)						(165)						(5,394)
Change in interest expense			(5,175)						(3,066)						(8,241)
Change in net interest income			$	4,066					$	9,316					$	13,382
Percentage increase in net interest income over prior period															34.5		%
(1) Tax equivalent, using a federal statutory tax rate of 21%.

Our tax equivalent net interest income for the third quarter of 2025 was $52.2 million, an increase of $13.4 million, or 34.5%, compared to $38.8 million for the third quarter of 2024. The increase in tax equivalent net interest income in the third quarter of 2025 compared to the third quarter of 2024 was partially due to an increase of $2.2 million, or 20.5%, in interest income earned from investment securities, which stemmed from higher asset yields, partially offset by lower volumes of securities. The increase in tax equivalent net interest income was also due to an increase of $1.3 million, or 2.0%, in loan interest income stemming from higher volumes of loans, partially offset by a decrease in loan yields. Also contributing to the increase was the $1.7 million increase in other interest income, coupled with decreases in interest expense on borrowed funds and interest bearing deposits of $5.4 million and $2.8 million, respectively, stemming primarily from lower costs and volumes of borrowed funds and lower interest bearing deposit costs.

The tax equivalent net interest margin for the third quarter of 2025 improved to 3.57% from 2.51% in the third quarter of 2024, driven by higher earning asset yields and lower interest bearing liability costs. Total earning asset yields increased 64 basis points ("bps") from the third quarter of 2024, primarily due to an increase of 191 bps in investment securities yields. Interest bearing liability costs decreased 47 bps to 2.40%, due to decreases in interest-bearing deposits, short-term borrowings, and long-term debt costs which decreased 27 bps, 476, and 58 bps, respectively, from the third quarter of 2024.

Credit Loss Expense

Credit loss expense of $2.1 million was recorded during the third quarter of 2025, compared to $1.5 million of credit loss expense recorded in the third quarter of 2024. Credit loss expense in the third quarter of 2025 primarily reflected an additional reserve taken to support organic loan growth, and a $0.7 million increase in the reserve for unfunded loan commitments. Net charge-offs were $15.3 million in the third quarter of 2025, compared to net charge-offs of $1.7 million in the third quarter of 2024, which was 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. The estimation model utilized by the Company is sensitive to changes in the following forecast inputs: (1) national unemployment; (2) year-to-year change in national retail sales; (3) year-to-year change in CRE index; and (4) year-to-year change in U.S. GDP. In addition, management utilized qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management’s judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions.

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Noninterest Income

The following table presents significant components of noninterest income and the related dollar and percentage change from period to period:

			Three Months Ended September 30,
(in thousands)			2025						2024						$ Change						% Change
Investment services and trust activities			$	4,059					$	3,410					$	649					19.0		%
Service charges and fees			2,423						2,170						253						11.7
Card revenue			1,752						1,935						(183)						(9.5)
Loan revenue			924						760						164						21.6
Bank-owned life insurance			703						879						(176)						(20.0)
Investment securities gains (losses), net			—						(140,182)						140,182						(100.0)
Other			392						640						(248)						(38.8)
Total noninterest income (loss)			$	10,253					$	(130,388)					$	140,641					(107.9)		%

Total noninterest income for the third quarter of 2025 increased $140.6 million to $10.3 million, from total noninterest loss of $130.4 million in the third quarter of 2024, primarily due to the balance sheet-repositioning related securities impairment of $140.4 million recognized in the third quarter of 2024. 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.

Noninterest Expense

The following table presents significant components of noninterest expense and the related dollar and percentage change from period to period:

			Three Months Ended September 30,
(in thousands)			2025						2024						$ Change						% Change
Compensation and employee benefits			$	22,312					$	19,943					$	2,369					11.9		%
Occupancy expense of premises, net			2,690						2,443						247						10.1
Equipment			2,601						2,486						115						4.6
Legal and professional			2,067						2,261						(194)						(8.6)
Data processing			1,568						1,580						(12)						(0.8)
Marketing			624						619						5						0.8
Amortization of intangibles			1,143						1,470						(327)						(22.2)
FDIC insurance			780						923						(143)						(15.5)
Communications			155						159						(4)						(2.5)
Foreclosed assets, net			401						330						71						21.5
Other			3,296						3,584						(288)						(8.0)
Total noninterest expense			$	37,637					$	35,798					$	1,839					5.1		%

The following table summarizes acquisition and divestiture-related expenses incurred during the three months ended September 30, 2025 and September 30, 2024, which are included in the respective income statement line items, for the periods indicated:

			Three Months Ended September 30,
Merger-related expenses:			2025						2024
(in thousands)
Legal and professional			$	132					$	127
Other			—						6
Total merger-related expenses			$	132					$	133

Noninterest expense for the third quarter of 2025 increased $1.8 million to $37.6 million, from $35.8 million in the third quarter of 2024, 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 also partially offset by decreases in amortization of intangibles expense and other expense of $0.3 million each.

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Income Tax Expense

Our effective income tax rate, or income tax expense divided by income before income tax expense, was 20.8% for the three months ended September 30, 2025 and 26.5% for the three months ended September 30, 2024. The effective tax rate for the full year 2025 is expected to be in the range of 21.5% to 22.5%.

Comparison of Operating Results for the Nine Months Ended September 30, 2025 and September 30, 2024

Summary

			As of and for the Nine Months Ended September 30,
(dollars in thousands, except per share amounts)			2025						2024
Net Interest Income			$	148,429					$	108,599
Noninterest Income (Loss)			30,638						(99,084)
Total Revenue, Net of Interest Expense			179,067						9,515
Credit Loss Expense			15,708						7,491
Noninterest Expense			109,697						107,124
Income (Loss) Before Income Tax Expense			53,662						(105,100)
Income Tax Expense (Benefit)			11,529						(28,481)
Net Income (Loss)			42,133						(76,619)
Adjusted Earnings(1)			$	43,532					$	21,762
Diluted Earnings (Loss) Per Share			$	2.03					$	(4.86)
Adjusted Earnings Per Share(1)			2.09						1.38
Return on Average Assets			0.91		%				(1.54)		%
Return on Average Equity			9.63						(19.03)
Return on Average Tangible Equity(1)			12.22						(22.17)
Efficiency Ratio (1)			57.91						65.20
Dividend Payout Ratio			35.84						(n/m)
Common Equity Ratio			9.70						8.58
Tangible Common Equity Ratio(1)			8.36						7.22
Book Value per Share			$	29.37					$	27.06
Tangible Book Value per Share(1)			24.96						22.43
(1) A non-GAAP financial measure. See "Non-GAAP Financial Measures" for a reconciliation to the most comparable GAAP equivalents.
(n/m) - Not meaningful

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Net Interest Income

The following table shows consolidated average balance sheets, detailing the major categories of assets and liabilities, the interest income earned on interest-earning assets, the interest expense paid for interest-bearing liabilities, and the related yields and costs for the periods indicated:

			Nine Months Ended September 30,
			2025																		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 securities			1,157,821						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
Other			147,426						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 assets			426,414																		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 deposits			990,146						18,577						2.51						1,074,006						23,644						2.94
Savings deposits			854,014						9,751						1.53						731,724						7,848						1.43
Time deposits			1,425,025						42,798						4.02						1,449,485						45,217						4.17
Total interest-bearing deposits			4,492,672						77,419						2.30						4,535,796						85,785						2.53
Securities sold under agreements to repurchase			1,190						6						0.67						5,482						33						0.80
Other short-term borrowings			—						57						—						422,653						15,394						4.87
Total short-term borrowings			1,190						63						7.08						428,135						15,427						4.81
Long-term debt			109,443						5,190						6.34						119,837						6,196						6.91
Total borrowed funds			110,633						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 deposits			922,775																		930,197
Other liabilities			76,329																		92,235
Shareholders' equity			584,801																		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.

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The following table shows changes to tax equivalent net interest income attributable to (i) changes in volume and (ii) changes in rate. Changes attributable to both rate and volume have been allocated proportionately to the change due to volume and the change due to rate.

			Nine Months Ended September 30,
			2025 Compared to 2024
			Change due to
(in thousands)			Volume						Yield/Cost						Net
Increase (decrease) in interest income:
Loans, including fees (1)			$	359					$	3,194					$	3,553
Taxable investment securities			(7,802)						18,699						10,897
Tax-exempt investment securities(1)			(5,005)						1,462						(3,543)
Total securities held for investment(1)			(12,807)						20,161						7,354
Other			4,042						(257)						3,785
Change in interest income (1)			(8,406)						23,098						14,692
Increase (decrease) in interest expense:
Interest checking deposits			(390)						(2,393)						(2,783)
Money market deposits			(1,764)						(3,303)						(5,067)
Savings deposits			1,342						561						1,903
Time deposits			(773)						(1,646)						(2,419)
Total interest-bearing deposits			(1,585)						(6,781)						(8,366)
Securities sold under agreements to repurchase			(23)						(4)						(27)
Other short-term borrowings			(15,337)						—						(15,337)
Total short-term borrowings			(15,360)						(4)						(15,364)
Long-term debt			(515)						(491)						(1,006)
Total borrowed funds			(15,875)						(495)						(16,370)
Change in interest expense			(17,460)						(7,276)						(24,736)
Change in net interest income			$	9,054					$	30,374					$	39,428
Percentage increase in net interest income over prior period															35.0		%
(1) Tax equivalent, using a federal statutory tax rate of 21%.

Our tax equivalent net interest income for the nine months ended September 30, 2025 was $152.0 million, an increase of $39.4 million, or 35.0%, compared to $112.5 million for the nine months ended September 30, 2024. This increase in tax equivalent net interest income was due to an increase of $7.4 million, or 21.9%, in interest income earned from investment securities, which stemmed from higher securities yields, partially offset by lower volumes of securities. The increase was also due to an increase of $3.6 million, or 1.9%, in loan interest income stemming from higher yields and loan volume, an increase of $3.8 million in other interest income, coupled with decreases in interest expense on borrowed funds and interest bearing deposits of $16.4 million and $8.4 million, respectively, stemming from lower costs and volumes in all interest expense categories, except savings deposits.

The tax equivalent net interest margin for the nine months ended September 30, 2025 was 3.53%, or 111 bps higher than the tax equivalent net interest margin of 2.42% for the nine months ended September 30, 2024. Total earning asset yield increased 73 bps compared to the nine months ended September 30, 2024, primarily due to increases of 191 bps and 10 bps in total investment securities and loan yields, respectively. Interest bearing liability costs decreased 42 bps to 2.40%, due to a decline in long-term debt costs and interest bearing deposit costs of 57 bps and 23 bps, to 6.34% and 2.30%, respectively, compared to the nine months ended September 30, 2024.

Credit Loss Expense

Credit loss expense of $15.7 million was recorded in the first nine months of 2025, as compared to credit loss expense of $7.5 million for the first nine months of 2024. Credit loss expense in the first nine months of 2025 primarily reflected the specific reserve established in connection with a single $24.0 million CRE office credit, coupled with an increase of $0.4 million in the reserve for unfunded loan commitments. Net charge-offs in the first nine months of 2025 were $18.6 million, as compared to net charge-offs of $2.4 million in the first nine months of 2024. The estimation model utilized by the Company is sensitive to changes in the following forecast inputs: (1) national unemployment; (2) year-to-year change in national retail sales; (3) year-to-year change in CRE index; and (4) year-to-year change in U.S. GDP. In addition, management utilized qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management’s judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions.

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Noninterest Income

The following table presents the significant components of noninterest income and the related dollar and percentage change from period to period:

			Nine Months Ended September 30,
(dollars in thousands)			2025						2024						$ Change						% Change
Investment services and trust activities			$	11,308					$	10,417					$	891					8.6		%
Service charges and fees			6,744						6,470						274						4.2
Card revenue			5,430						5,785						(355)						(6.1)
Loan revenue			3,535						3,141						394						12.5
Bank-owned life insurance			2,437						2,207						230						10.4
Investment securities gains (losses), net			33						(140,113)						140,146						(100.0)
Other			1,151						13,009						(11,858)						(91.2)
Total noninterest income (loss)			$	30,638					$	(99,084)					$	129,722					(130.9)		%

Total noninterest income for the first nine months of 2025 increased $129.7 million to $30.6 million, from noninterest loss of $99.1 million during the same period of 2024, primarily due to the the balance sheet-repositioning related securities impairment of $140.4 million recognized in the third quarter of 2024. Also contributing to the increase were increases of $0.9 million and $0.4 million in investment services and trust activities revenue and loan revenue, respectively. The increase in investment services and trust activities revenue was driven by higher assets under administration, while the increase in loan revenue was due primarily to higher mortgage origination fee income, a favorable change in the fair value of our mortgage servicing rights and an increase in SBA gain on sale revenue. Partially offsetting these increases was the decline of $11.9 million in other revenue stemming from the $11.1 million gain realized in connection with the sale of our Florida banking operations in the second quarter of 2024 and a $0.6 million decrease in swap origination fee income, coupled with a decline of $0.4 million in card revenue.

Noninterest Expense

The following table presents the significant components of noninterest expense and the related dollar and percentage change from period to period:

			Nine Months Ended September 30,
(dollars in thousands)			2025						2024						$ Change						% Change
Compensation and employee benefits			$	64,535					$	61,858					$	2,677					4.3		%
Occupancy expense of premises, net			7,818						7,691						127						1.7
Equipment			7,577						7,616						(39)						(0.5)
Legal and professional			6,446						6,573						(127)						(1.9)
Data processing			4,752						4,585						167						3.6
Marketing			1,938						1,853						85						4.6
Amortization of intangibles			3,803						4,700						(897)						(19.1)
FDIC insurance			2,548						2,916						(368)						(12.6)
Communications			475						546						(71)						(13.0)
Foreclosed assets, net			558						826						(268)						(32.4)
Other			9,247						7,960						1,287						16.2
Total noninterest expense			$	109,697					$	107,124					$	2,573					2.4		%

The following table summarizes the acquisition and divestiture-related expenses incurred during the nine months ended September 30, 2025 and September 30, 2024, which are included in the respective income statement line items, for the periods indicated:

Merger-related expenses:			Nine Months Ended September 30,
(dollars in thousands)			2025						2024
Compensation and employee benefits			$	—					$	314
Occupancy expense of premises, net			—						152
Equipment			—						177
Legal and professional			172						1,162
Data processing			—						312
Marketing			—						32
Communications			—						9
Other			—						143
Total merger-related expenses			$	172					$	2,301

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Noninterest expense for the nine months ended September 30, 2025 was $109.7 million, an increase of $2.6 million, or 2.4%, from $107.1 million for the nine months ended September 30, 2024 and was largely driven by increases of $2.7 million and $1.3 million in compensation and employee benefits and other expense, respectively. The increase in compensation and employee benefits was driven by wage expense increases due to headcount and annual compensation adjustments, increased incentives and commission and employee benefits expenses, partially offset by the receipt of $1.1 million from Employee Retention Tax Credit claims. The increase in other expense stemmed primarily from customer deposit costs and a loss on extinguishment of debt of $0.7 million, partially offset by a decline of $1.9 million in fraud and operating losses. Further, excluding merger-related expenses, legal and professional costs increased $0.9 million due primarily to higher litigation-related legal expenses, coupled with increases in consulting and audit fees. These increases were partially offset by lower intangible amortization, FDIC insurance costs, and foreclosed assets, net costs, which decreased $0.9 million, $0.4 million, and $0.3 million, respectively.

Income Tax Expense

Our effective income tax rate, or income tax expense divided by income before tax expense, was 21.5% for the first nine months of 2025, compared to an effective tax rate of 27.1% for the first nine months of 2024. The effective tax rate for the full year 2025 is expected to be in the range of 21.5 to 22.5%.

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FINANCIAL CONDITION

The table below presents the major categories of the Company's balance sheet as of the dates indicated:

(in thousands)			September 30, 2025						December 31, 2024						$ Change						% Change
ASSETS
Cash and cash equivalents			$	272,241					$	204,895					$	67,346					32.9		%
Loans held for sale			12,690						749						11,941						(n/m)
Debt securities available for sale at fair value			1,175,656						1,328,433						(152,777)						(11.5)
Loans held for investment, net of unearned income			4,419,628						4,315,627						104,001						2.4
Allowance for credit losses			(51,900)						(55,200)						3,300						(6.0)
Total loans held for investment, net			4,367,728						4,260,427						107,301						2.5
Other assets			421,437						441,825						(20,388)						(4.6)
Total assets			$	6,249,752					$	6,236,329					$	13,423					0.2		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Total deposits			$	5,478,996					$	5,477,982					$	1,014					0.0		%
Total borrowings			97,973						116,562						(18,589)						(15.9)
Other liabilities			66,727						82,089						(15,362)						(18.7)
Total shareholders' equity			606,056						559,696						46,360						8.3
Total liabilities and shareholders' equity			$	6,249,752					$	6,236,329					$	13,423					0.2		%
(n/m) - Not Meaningful

Debt Securities

The composition of debt securities available for sale as of the dates indicated was as follows:

			September 30, 2025												December 31, 2024
(in thousands)			Balance						% of Total						Balance						% of Total
Available for Sale
U.S. Treasuries			$	20,981					1.8		%				$	50,399					3.8		%
U.S. Government agencies and corporations			20,097						1.7						9,941						0.7
States and political subdivisions			128,071						10.9						135,720						10.2
Mortgage-backed securities			301,850						25.7						323,439						24.3
Collateralized loan obligations			8,582						0.7						48,869						3.7
Collateralized mortgage obligations			583,889						49.7						646,109						48.7
Corporate debt securities			112,186						9.5						113,956						8.6
Fair value of debt securities available for sale			$	1,175,656					100.0		%				$	1,328,433					100.0		%

Total investment securities at September 30, 2025 decreased $152.8 million, or 11.5%, from December 31, 2024 to $1.18 billion. This decrease stemmed from principal cash flows received from scheduled payments, calls, and maturities. As of September 30, 2025, there was $3.5 million of gross unrealized gains and $70.0 million of gross unrealized losses in our debt securities available for sale portfolio for a net unrealized loss of $66.5 million.

See Note 3. Debt Securities to our consolidated financial statements for additional information related to debt securities.

Loans

The composition of our loan portfolio by type of loan was as follows, as of the dates indicated:

			September 30, 2025												December 31, 2024
(in thousands)			Balance						% of Total						Balance						% of Total
Agricultural			$	133,612					3.0		%				$	119,051					2.8		%
Commercial and industrial			1,274,881						28.8						1,126,813						26.1
Commercial real estate			2,298,628						52.0						2,344,681						54.2
Residential real estate			659,033						15.0						656,382						15.3
Consumer			53,474						1.2						68,700						1.6
Loans held for investment, net of unearned income			$	4,419,628					100.0		%				$	4,315,627					100.0		%
Loans held for sale			$	12,690											$	749

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Loans held for investment, net of unearned income, at September 30, 2025, increased $104.0 million, or 2.4%, from December 31, 2024 to $4.42 billion, primarily driven by organic loan growth and higher line of credit usage, partially offset by the reclassification of $11.0 million of credit card receivables to loans held for sale in the first quarter of 2025. The credit card portfolio sale closed in October 2025. Our loan to deposit ratio increased to 80.66% as of September 30, 2025, as compared to 78.78% as of December 31, 2024. See Note 4. Loans Receivable and the Allowance for Credit Losses to our consolidated financial statements for additional information related to our loan portfolio.

Commitments under standby letters of credit, unused lines of credit and other conditionally approved credit lines totaled approximately $1.16 billion and $1.08 billion as of September 30, 2025 and December 31, 2024, respectively.

The composition of our CRE loan portfolio as of September 30, 2025 was as follows:

(in thousands)			Amount						% of Total Loans
Construction & Development			$	256,532					5.8		%
Farmland			194,921						4.4
Multifamily			451,020						10.2
CRE Other:
NOO CRE Office			111,399						2.5
OO CRE Office			69,130						1.6
Industrial and Warehouse			440,389						10.0
Retail			288,512						6.5
Hotel			131,789						3.0
Other			354,936						8.0
Total CRE			$	2,298,628					52.0		%

Nonperforming Assets

The following table sets forth information concerning nonperforming loans by class of receivable and our nonperforming assets at September 30, 2025 and December 31, 2024:

(in thousands)						September 30, 2025									December 31, 2024
Nonaccrual loans held for investment						$	28,700								$	21,705
Accruing loans contractually past due 90 days or more						1,292									142
Total nonperforming loans						29,992									21,847
Foreclosed assets, net						3,952									3,337
Total nonperforming assets						33,944									25,184
Nonaccrual loans ratio (1)						0.65		%							0.50		%
Nonperforming loans ratio (2)						0.68		%							0.51		%
Nonperforming assets ratio (3)						0.54		%							0.40		%
(1) Nonaccrual loans ratio is calculated as nonaccrual loans divided by loans held for investment, net of unearned income, at the end of the period.
(2) Nonperforming loans ratio is calculated as total nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
(3) Nonperforming assets ratio is calculated as total nonperforming assets divided by total assets at the end of the period.

Compared to December 31, 2024, nonperforming loans and asset ratios increased 17 and 14 bps, respectively.

Loan Review and Classification Process for Agricultural, Commercial and Industrial, and Commercial Real Estate Loans

The Bank maintains a loan review and classification process which involves multiple officers of the Bank and is designed to assess the general quality of credit underwriting and to promote early identification of potential problem loans. All commercial and agricultural loan officers are charged with the responsibility of risk rating all loans in their portfolios and updating the ratings, positively or negatively, on an ongoing basis as conditions warrant. Risk ratings are selected from a 9-point scale with ratings as follows: ratings 1- 5 Satisfactory (pass), rating 6 Special Mention (potential weakness), rating 7 Substandard (well-defined weakness), rating 8 Doubtful, and rating 9 Loss.

When a loan officer originates a new loan, based upon proper loan authorization, they document the credit file with an offering sheet summary, supplemental underwriting analysis, relevant financial information and collateral evaluations. This information is used in the determination of the initial loan risk rating. Segregation of owner-occupied and non-owner occupied residential real estate loans is made at the time of origination. The Bank’s loan review department undertakes independent credit reviews of relationships based on either criteria established by loan policy, risk-focused sampling, or random sampling. Credit relationships with larger exposure may pose incrementally higher risks. As a result, the Bank's loan review department is

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required to review all credit relationships with total exposure of $7.5 million or more at least annually. In addition, the individual loan reviews consider such items as: loan type; nature, type and estimated value of collateral; borrower and/or guarantor estimated financial strength; most recently available financial information; related loans and total borrower exposure; and current and anticipated performance of the loan. The results of such reviews are presented to both executive management and the Audit Committee.

Through the review of delinquency reports, updated financial statements or other relevant information, the lending officer and/or loan review personnel may determine that a loan relationship has weakened to the point that either a Special Mention (risk rating 6) or Classified (risk ratings 7 through 9) rating is warranted. At least quarterly, the loan strategy committee meets to discuss Special Mention rated credits with total relationship exposure of $1.0 million and above, Substandard or worse rated credits with total relationship exposure of $500 thousand and above, as well as non-accrual credits with total relationships exposure of $250 thousand and above. Loan relationships outside these designated thresholds are reviewed upon request. The lending officer is charged with preparing a loan strategy summary worksheet that outlines the background of the credit problem, current repayment status of the loans, current collateral evaluation and a workout plan of action. This plan may include goals to improve the credit rating, assist the borrower in moving the loans to another institution and/or collateral liquidation. All such reports are presented to the loan strategy committee. Further, a report on all Pass (risk rating 5) loans with total exposure of $2.0 million and above is made verbally to the loan strategy committee, with loan relationships outside this threshold being reviewed upon request. The minutes of the loan strategy committee meetings are provided to the board of directors of the Bank.

Depending upon the individual facts and circumstances and the result of the loan strategy review process, loan officers and/or loan review personnel may categorize a loan relationship as requiring an individual analysis. Once that determination has occurred, the credit analyst will complete an individually analyzed worksheet that contains an evaluation of the collateral (for collateral-dependent loans) based upon the estimated collateral value, adjusting for current market conditions and other local factors that may affect collateral value. Loan review personnel may also complete an independent individual analysis when deemed necessary. These judgmental evaluations may produce an initial specific reserve for recognition in the Company’s allowance for credit losses calculation. An analysis for the underlying collateral value of each individually analyzed loan relationship is completed in the last month of the quarter. The individually analyzed worksheets are reviewed by the Credit Administration department prior to quarter-end. The board of directors of the Bank on a quarterly basis reviews the special mention/classified reports including changes in credit grades of 6 or higher as well as all individually analyzed loans, the related allowances and foreclosed assets, net.

The review process also provides for the upgrade of loans that show improvement since the last review. All requests for an upgrade of a credit are approved by the proper authority based upon the aggregate credit exposure before the rating can be changed.

Loan Modifications for Borrowers Experiencing Financial Difficulty

Infrequently, the Company makes modification to certain loans in order to alleviate temporary difficulties in the borrower's financial condition and/or constraints on the borrower's ability to repay a loan, and to minimize potential losses to the Company. GAAP requires that certain types of modifications be reported, including:

•Principal forgiveness.

•Interest rate reduction.

•An other than-insignificant payment delay.

•Term extension.

For the three months ended September 30, 2025, the amortized cost of the loans that were modified to borrowers in financial distress was $4.3 million, which represented 0.10% of total loans held for investment, net of unearned income. For the nine months ended September 30, 2025, the amortized cost of the loans that were modified to borrowers in financial distress was $7.1 million, which represented 0.16% of total loans held for investment, net of unearned income.

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Allowance for Credit Losses

The following table sets forth the allowance for credit losses by loan portfolio segment compared to the percentage of loans to total loans by loan portfolio segment for the periods indicated:

			September 30, 2025												December 31, 2024
(in thousands)			Allowance for Credit Losses						% of Loans in Each Segment to Total Loans						Allowance for Credit Losses						% of Loans in Each Segment to Total Loans
Agricultural			$	468					3.0		%				$	249					2.8		%
Commercial and industrial			24,447						28.8						21,040						26.1
Commercial real estate			20,230						52.0						27,641						54.2
Residential real estate			5,560						15.0						4,929						15.3
Consumer			1,195						1.2						1,341						1.6
Total			$	51,900					100.0		%				$	55,200					100.0		%
Allowance for credit losses ratio(1)			1.17		%										1.28		%
Allowance for credit losses to nonaccrual loans ratio(2)			180.84		%										254.32		%
(1) 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.
(2) 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.

The following table sets forth the net (charge-offs) recoveries by loan portfolio segments for the periods indicated:

			Three Months Ended September 30, 2025 and 2024
(in thousands)			Agricultural						Commercial and Industrial						Commercial Real Estate						Residential Real Estate						Consumer						Total
For the Three Months Ended September 30, 2025
Charge-offs			$	—					$	(199)					$	(14,614)					$	(135)					$	(455)					$	(15,403)
Recoveries			2						38						3						—						28						71
Net (charge-offs) recoveries			$	2					$	(161)					$	(14,611)					$	(135)					$	(427)					$	(15,332)
Net (charge-off) recovery ratio(1)			—		%				(0.01)		%				(1.32)		%				(0.01)		%				(0.04)		%				(1.38)		%
For the Three Months Ended September 30, 2024
Charge-offs			$	—					$	(1,575)					$	—					$	—					$	(363)					$	(1,938)
Recoveries			1						168						4						4						26						203
Net (charge-offs) recoveries			$	1					$	(1,407)					$	4					$	4					$	(337)					$	(1,735)
Net (charge-off) recovery ratio(1)			—		%				(0.13)		%				—		%				—		%				(0.03)		%				(0.16)		%
(1) Net (charge-off) recovery ratio is calculated as the annualized net (charge-offs) recoveries divided by average loans held for investment, net of unearned income and average loans held for sale, during the period.

			Nine Months Ended September 30, 2025 and 2024
(in thousands)			Agricultural						Commercial and Industrial						Commercial Real Estate						Residential Real Estate						Consumer						Total
For the Nine Months Ended September 30, 2025
Charge-offs			$	(27)					$	(385)					$	(17,250)					$	(207)					$	(1,130)					$	(18,999)
Recoveries			4						92						178						13						104						391
Net (charge-offs) recoveries			$	(23)					$	(293)					$	(17,072)					$	(194)					$	(1,026)					$	(18,608)
Net (charge-off) recovery ratio(1)			—		%				(0.01)		%				(0.52)		%				(0.01)		%				(0.03)		%				(0.57)		%
For the Nine Months Ended September 30, 2024
Charge-offs			$	(4)					$	(2,343)					$	(35)					$	(75)					$	(913)					$	(3,370)
Recoveries			356						437						18						17						94						922
Net (charge-offs) recoveries			$	352					$	(1,906)					$	(17)					$	(58)					$	(819)					$	(2,448)
Net (charge-off) recovery ratio(1)			0.01		%				(0.06)		%				—		%				—		%				(0.03)		%				(0.08)		%
(1) Net (charge-off) recovery ratio is calculated as the annualized net (charge-offs) recoveries divided by average loans held for investment, net of unearned income and average loans held for sale, during the period.

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Actual Results: Our ACL as of September 30, 2025 was $51.9 million, which was 1.17% of loans held for investment, net of unearned income as of that date. This compares with an ACL of $55.2 million as of December 31, 2024, which was 1.28% of loans held for investment, net of unearned income as of that date. The liability for off-balance sheet credit exposures totaled $5.0 million as of September 30, 2025 and $4.6 million as of December 31, 2024, and is included in 'Other liabilities' on the balance sheet.

The Company recorded a credit loss expense related to loans of $15.3 million for the nine months ended September 30, 2025, compared to credit loss expense related to loans of $6.9 million for the nine months ended September 30, 2024. Gross charge-offs for the first nine months of 2025 totaled $19.0 million, while there were $0.4 million in gross recoveries of previously charged-off loans. The ratio of annualized net charge-offs to average loans for the first nine months of 2025 was 0.57% compared to 0.08% for the nine months ended September 30, 2024. This increase was 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.

Economic Forecast: At September 30, 2025, the economic forecast used by the Company showed the following: (1) national unemployment - increases over the next four forecasted quarters; (2) year-to-year change in national retail sales - increases over the next four forecasted quarters; (3) year-to-year change in CRE index - decreases over the next four forecasted quarters; and (4) year-to-year change in U.S. GDP - increases over the next four forecasted quarters. In addition, management utilized qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management’s judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions.

Loan Policy: We review all nonaccrual relationships greater than $250 thousand individually on a quarterly basis to measure any amount to be recognized in the Company's allowance for credit losses by analyzing the borrower's ability to repay amounts owed, collateral deficiencies, and other relevant factors. We review loans 90 days or more past due that are still accruing interest no less than quarterly to determine if the asset is both well secured and in the process of collection. If not, such loans are placed on non-accrual status. Upon the Company's determination that a loan balance has been deemed uncollectible, the uncollectible balance is charged-off.

Management believed that, as of September 30, 2025, the ACL was adequate; however, there is no assurance losses will not exceed the ACL. In addition, growth in the loan portfolio or general economic deterioration may require the recognition of additional credit loss expense in future periods. See Note 4. Loans Receivable and the Allowance for Credit Losses to our consolidated financial statements for additional information related to the allowance for credit losses.

Deposits

The composition of deposits was as follows:

			As of September 30, 2025												As of December 31, 2024
(in thousands)			Balance						% of Total						Balance						% of Total
Noninterest bearing deposits			$	958,080					17.5		%				$	951,423					17.4		%
Interest checking deposits			1,210,637						22.1						1,258,191						22.9
Money market deposits			972,139						17.7						1,053,988						19.2
Savings deposits			912,879						16.7						820,549						15.0
Total non-maturity deposits			4,053,735						74.0						4,084,151						74.5
Time deposits of $250 and under			845,104						15.4						826,793						15.1
Brokered deposits			200,000						3.7						200,000						3.7
Time deposits over $250			380,157						6.9						367,038						6.7
Total time deposits			$	1,425,261					26.0		%				$	1,393,831					25.5		%
Total deposits			$	5,478,996					100.0		%				$	5,477,982					100.0		%

Deposits as of September 30, 2025 increased $1.0 million from December 31, 2024 to $5.48 billion. Brokered time deposits were $200.0 million at September 30, 2025 and December 31, 2024. Core deposits, which include the total of all deposits other than time deposits greater than $250 thousand and brokered deposits, were approximately 89.4% of our total deposits as of September 30, 2025, compared to 89.6% as of December 31, 2024. See Note 8. Deposits to our consolidated financial statements for additional information related to our deposits.

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Short-Term Borrowings and Long-Term Debt

The following table sets forth the composition of short-term borrowings and long-term debt as of the dates presented:

(in thousands)			September 30, 2025						December 31, 2024
Securities sold under agreements to repurchase			$	—					$	3,186
Junior subordinated notes issued to capital trusts			$	42,605					$	42,471
Subordinated debentures			—						64,268
Finance lease payable			228						398
Federal Home Loan Bank borrowings			5,140						4,239
Other long-term debt			50,000						2,000
Total long-term debt			$	97,973					$	113,376

The Company redeemed the entire $65.0 million outstanding principal of its 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, bearing interest at a floating rate of 1-month term SOFR plus 1.75%.

See Note 9. Short-Term Borrowings and Note 10. Long-Term Debt to our consolidated financial statements for additional information related to short-term borrowings and long-term debt.

Capital Resources

Shareholders' Equity and Capital Adequacy

The following table summarizes certain equity capital ratios and book value per share amounts of the Company at the dates presented:

						September 30, 2025						December 31, 2024
Common equity ratio						9.70		%				8.97		%
Tangible common equity ratio(1)						8.36		%				7.57		%
Total risk-based capital ratio						13.08		%				14.07		%
Tier 1 risk-based capital ratio						11.95		%				11.59		%
Common equity tier 1 risk-based capital ratio						11.10		%				10.73		%
Tier 1 leverage ratio						9.73		%				9.15		%
Book value per share						$	29.37					$	26.94
Tangible book value per share(1)						$	24.96					$	22.37
(1)A non-GAAP financial measure - see the “Non-GAAP Presentations” section for a reconciliation to the most comparable GAAP equivalent.

Shareholders' Equity: Total shareholders’ equity was $606.1 million as of September 30, 2025, compared to $559.7 million as of December 31, 2024, an increase of $46.4 million, or 8.3%, due primarily to a decrease in accumulated other comprehensive loss and an increase in retained earnings.

Capital Adequacy: Risk-based capital guidelines require the classification of assets and some off-balance-sheet items in terms of credit-risk exposure and the measuring of capital as a percentage of the risk-adjusted asset totals. Management believed that, as of September 30, 2025, the Company and the Bank met all capital adequacy requirements to which we were subject. As of that date, the Bank was “well capitalized” under regulatory prompt corrective action provisions. See Note 12. Regulatory Capital Requirements and Restrictions on Subsidiary Cash to our consolidated financial statements for additional information related to our capital.

Stock Compensation

Restricted stock units were granted to certain officers of the Company on February 15, 2025, in the aggregate amount of 99,284. A total of 14,183 restricted stock units were also granted to directors of the Company and the Bank on May 15, 2025, while a total of 8,248 restricted stock units were also granted to directors of the Company and the Bank on August 15, 2025. Additionally, during the first nine months of 2025, 73,446 shares of common stock were issued in connection with the vesting of previously awarded grants of restricted stock units, of which 14,369 shares were surrendered by grantees to satisfy tax requirements, and 6,718 unvested restricted stock units were forfeited.

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Liquidity

Liquidity risk management involves meeting the cash flow requirements of depositors and borrowers. We conduct liquidity risk management on both a daily and long-term basis, and adjust our investments in liquid assets based on expected loan demand, projected loan maturities and payments, expected deposit flows, yields available on interest-bearing deposits, and the objectives of our asset/liability management program. Generally, excess liquidity is invested in short-term U.S. government and agency securities, short- and medium-term state and political subdivision securities, and other investment securities. Our most liquid assets are cash and due from banks, interest-bearing bank deposits, and federal funds sold. The balances of these assets are dependent on our operating, investing, and financing activities during any given period.

Cash and cash equivalents are summarized in the table below:

(in thousands)			As of September 30, 2025						As of December 31, 2024
Cash and due from banks			$	67,125					$	71,803
Interest-bearing deposits			205,116						133,092
Total			$	272,241					$	204,895

Generally, our principal sources of funds are deposits, advances from the FHLB, principal repayments on loans, proceeds from the sale of loans, proceeds from the maturity and sale of investment securities, our federal funds lines, and funds provided by operations. While scheduled loan amortization and maturing interest-bearing deposits are relatively predictable sources of funds, deposit flows and loan prepayments are greatly influenced by economic conditions, the general level of interest rates, and competition. We utilized particular sources of funds based on comparative costs and availability. The Bank maintains unsecured lines of credit with several correspondent banks and secured lines with the Federal Reserve Bank of Chicago and the FHLB that would allow us to borrow funds on a short-term basis, if necessary. We also hold debt securities classified as available for sale that could be sold to meet liquidity needs if necessary.

Net cash provided by operations was another major source of liquidity. The net cash provided by operating activities was $51.3 million for the nine months ended September 30, 2025 and the net cash provided by operating activities was $32.1 million for the nine months ended September 30, 2024.

Inflation

The effects of price changes and inflation can vary substantially for most financial institutions. While management believes that inflation affects the growth of total assets, it is difficult to assess its overall impact on the Company. The price of one or more of the components of the Consumer Price Index may fluctuate considerably and thereby influence the overall Consumer Price Index without having a corresponding effect on interest rates or upon the cost of those goods and services normally purchased by us. Inflation and related increases in market rates by the Federal Reserve generally decrease the market value of investments and loans held and may adversely affect liquidity, earnings and shareholders' equity. Ongoing higher inflation levels and higher interest rates could have a negative impact on both our consumer and commercial borrowers. We anticipate our noninterest income may be adversely affected in future periods as a result of sustained high interest rates and inflationary pressure, which negatively impact mortgage originations and mortgage banking revenue. Additionally, the economic impact of the sustained higher levels of inflation and higher interest rates could place increased demand on our liquidity if we experience significant credit deterioration and as we meet borrowers' needs. There is also a risk that additional interest rate increases to fight inflation could lead to a recession.

Off-Balance-Sheet Arrangements

During the normal course of business, we are a party to financial instruments with off-balance-sheet risk in order to meet the financing needs of our customers. These financial instruments include commitments to extend credit, commitments to sell loans, and standby letters of credit. We follow the same credit policy (including requiring collateral, if deemed appropriate) to make such commitments as is followed for those loans that are recorded in our financial statements.

Our exposure to credit losses in the event of nonperformance is represented by the contractual amount of the commitments. Management does not expect any significant losses as a result of these commitments, and also expects to have sufficient liquidity available to cover these off-balance-sheet instruments. Off-balance-sheet transactions are more fully discussed in Note 13. Commitments and Contingencies to our consolidated financial statements.

Contractual Obligations

There have been no material changes to the Company's contractual obligations existing at December 31, 2024, as disclosed in the Annual Report on Form 10-K, filed with the SEC on March 11, 2025.

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Non-GAAP Financial Measures

Certain ratios and amounts not in conformity with GAAP are provided to evaluate and measure the Company’s operating performance and financial condition, including return on average tangible equity, tangible common equity, tangible book value per share, tangible common equity ratio, efficiency ratio, net interest margin (tax equivalent), core net interest margin, adjusted earnings, and adjusted earnings per share. Management believes these ratios and amounts 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 equivalent:

						Three Months Ended												Nine Months Ended
(in thousands)						September 30,												September 30,
Return on Average Tangible Equity						2025						2024						2025						2024
Net income (loss)						$	17,015					$	(95,707)					$	42,133					$	(76,619)
Intangible amortization, net of tax (1)						850						1,090						2,828						3,487
Tangible net income (loss)						$	17,865					$	(94,617)					$	44,961					$	(73,132)
Average shareholders' equity						$	595,056					$	551,414					$	584,801					$	537,697
Average intangible assets, net						(91,571)						(96,706)						(92,815)						(97,102)
Average tangible equity						$	503,485					$	454,708					$	491,986					$	440,595
Return on average equity						11.34		%				(69.05)		%				9.63		%				(19.03)		%
Return on average tangible equity (2)						14.08		%				(82.78)		%				12.22		%				(22.17)		%
(1) The income tax rate utilized was the blended marginal rate.
(2) Annualized tangible net income divided by average tangible equity.

(in thousands, except per share data)
Tangible Common Equity/Tangible Book Value per Share / Tangible Common Equity Ratio						September 30, 2025						December 31, 2024
Total shareholders’ equity						$	606,056					$	559,696
Intangible assets, net						(91,004)						(94,807)
Tangible common equity						$	515,052					$	464,889
Total assets						$	6,249,752					$	6,236,329
Intangible assets, net						(91,004)						(94,807)
Tangible assets						$	6,158,748					$	6,141,522
Book value per share						$	29.37					$	26.94
Tangible book value per share (1)						$	24.96					$	22.37
Shares outstanding						20,632,760						20,777,485
Equity to assets ratio						9.70		%				8.97		%
Tangible common equity ratio (2)						8.36		%				7.57		%
(1) Tangible common equity divided by shares outstanding.
(2) Tangible common equity divided by tangible assets.

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						Three Months Ended												Nine Months Ended
(in thousands)						September 30,												September 30,
Net Interest Margin, Tax Equivalent/Core Net Interest Margin						2025						2024						2025						2024
Net interest income						$	51,008					$	37,521					$	148,429					$	108,599
Tax equivalent adjustments:
Loans (1)						1,053						951						3,056						2,809
Securities (1)						158						365						480						1129
Net interest income, tax equivalent						$	52,219					$	38,837					$	151,965					$	112,537
Loan purchase discount accretion						(962)						(1,426)						(3,270)						(3,839)
Core net interest income						$	51,257					$	37,411					$	148,695					$	108,698
Net interest margin						3.48		%				2.42		%				3.44		%				2.33		%
Net interest margin, tax equivalent (2)						3.57		%				2.51		%				3.53		%				2.42		%
Core net interest margin (3)						3.50		%				2.41		%				3.45		%				2.33		%
Average interest earning assets						$	5,807,627					$	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 Ended												Nine Months Ended
(in thousands)						September 30,												September 30,
Efficiency Ratio						2025						2024						2025						2024
Total noninterest expense						$	37,637					$	35,798					$	109,697					$	107,124
Amortization of intangibles						(1,143)						(1,470)						(3,803)						(4,700)
Merger-related expenses						(132)						(133)						(172)						(2,301)
Noninterest expense used for efficiency ratio						$	36,362					$	34,195					$	105,722					$	100,123
Net interest income, tax equivalent(1)						$	52,219					$	38,837					$	151,965					$	112,537
Noninterest income (loss)						10,253						(130,388)						30,638						(99,084)
Investment security (gains) losses, net						—						140,182						(33)						140,113
Net revenues used for efficiency ratio						$	62,472					$	48,631					$	182,570					$	153,566
Efficiency ratio(2)						58.21		%				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.

						Three Months Ended												Nine Months Ended
(in thousands, except per share data)						September 30,												September 30,
Adjusted Earnings						2025						2024						2025						2024
Net income (loss)						$	17,015					$	(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, net of tax(1)						(454)						(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						(487)						—						(487)						—
Less: Gain on branch sale, net of tax(1)						—						—						—						8,201
Adjusted earnings						$	18,054					$	9,141					$	43,532					$	21,762
Weighted average diluted common shares outstanding						20,718,431						15,829,032						20,800,812						15,771,924
Earnings (loss) per common share
Earnings (loss) per common share - diluted						$	0.82					$	(6.05)					$	2.03					$	(4.86)
Adjusted earnings per common share(2)						$	0.87					$	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.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

In general, market risk is the risk of change in asset values due to movements in underlying market rates and prices. Interest rate risk is the risk to earnings and capital arising from movements in interest rates. Interest rate risk is the most significant market

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risk affecting us as other types of market risk, such as foreign currency exchange rate risk and commodity price risk, do not arise in the normal course of our business activities.

In addition to interest rate risk, economic conditions in recent years have made liquidity risk (namely, funding liquidity risk) a more prevalent concern among financial institutions. In general, liquidity risk is the risk of being unable to fund an entity’s obligations to creditors (including, in the case of banks, obligations to depositors) as such obligations become due and/or fund its acquisition of assets.

Liquidity Risk

Liquidity refers to our ability to fund operations, to meet depositor withdrawals, to provide for our customers’ credit needs, and to meet maturing obligations and existing commitments. Our liquidity principally depends on cash flows from operating activities, investment in and maturity of assets, changes in balances of deposits and borrowings, and our ability to borrow funds.

Net cash inflows from operating activities were $51.3 million in the first nine months of 2025, compared with net cash inflows from operating activities of $32.1 million in the first nine months of 2024. Net cash inflows from investing activities were $55.1 million in the first nine months of 2025, compared to net cash inflows from investing activities of $35.3 million in the comparable nine month period of 2024. Net cash outflows from financing activities in the first nine months of 2025 were $39.0 million, compared with net cash inflows from financing activities of $52.8 million for the same period of 2024.

To manage liquidity risk, the Bank has several sources of liquidity in place to maximize funding availability and increase the diversification of funding sources. The criteria for evaluating the use of these sources include volume concentration (percentage of liabilities), cost, volatility, and the fit with the current asset/liability management plan. These acceptable sources of liquidity include:

•Federal Funds Lines;

•Federal Reserve Bank Discount Window;

•Federal Home Loan Bank Advances;

•Brokered Deposits; and

•Brokered Repurchase Agreements

Federal Funds Lines: Federal funds positions provide a source of short-term liquidity funding for the Bank. Unsecured federal funds purchased lines are viewed as a volatile liability and are not used as a long-term funding solution, especially when used to fund long-term assets. The current federal funds purchased limit is 10% of total assets, or the amount of established federal funds lines, whichever is smaller. As of September 30, 2025, the Bank maintains several unsecured federal funds lines totaling $135.0 million, which lines are tested annually to ensure availability. There were no amounts outstanding under such lines at September 30, 2025.

Federal Reserve Bank Discount Window: The Federal Reserve Bank Discount Window is an additional source of liquidity, particularly during periods of economic uncertainty or stress. As of September 30, 2025, the Bank had investment securities consisting primarily of corporate debt, state and political subdivisions, mortgage backed, collateralized loan obligations and collateralized mortgage obligations, with an approximate market value of $289.0 million, pledged to the Federal Reserve Bank of Chicago for liquidity purposes and had additional borrowing capacity of $274.7 million. There were no outstanding borrowings through the FRB Discount Window at September 30, 2025.

Federal Home Loan Bank Advances: FHLB advances provide both a source of liquidity and long-term funding for the Bank. All credit exposure, including advances and federal funds borrowings from the FHLBDM are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. The current credit limit established by the FHLBDM is equal to 45% of the Bank's total assets. This credit capacity limit includes short-term and long-term borrowings, federal funds, letters of credit, and other sources of credit exposure to the FHLB. As of September 30, 2025, the Bank had no short-term FHLB advances and $5.1 million in long-term FHLB borrowings and additional borrowing capacity of $909.8 million.

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Brokered Deposits and Reciprocal Deposits: The Bank has brokered time deposit and non-maturity deposit relationships available to diversify its funding sources. Brokered deposits offer several benefits relative to other funding sources, such as: maturity structures which cannot be duplicated in the current retail market, deposit gathering which does not cannibalize the existing deposit base, the unsecured nature of these liabilities, and the ability to quickly generate funds. The Bank’s internal policy limits the use of brokered deposits as a funding source to no more than 20% of total assets. Board approval is required to exceed this limit. The Bank must maintain a “well capitalized” rating to access brokered deposits without FDIC waiver. An “adequately capitalized” rating requires an FDIC waiver to access brokered deposits and an “undercapitalized” rating prohibits the Bank from using brokered deposits. The Company had brokered deposits of $200.0 million as of September 30, 2025 and December 31, 2024.

Under a final rule that was issued by the FDIC in December 2018, financial institutions that are considered "well capitalized" qualify for the exemption of certain reciprocal deposits from being considered brokered deposits. Such exemption is limited to the lesser of 20 percent of total liabilities or $5.00 billion, with some exceptions for financial institutions that do not meet such criteria. At September 30, 2025, the Company had $24.4 million of reciprocal time deposits, $134.1 million of reciprocal interest bearing non-maturity deposits, and $100.1 million noninterest bearing non-maturity deposits that qualified for the brokered deposit exemption. These reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to spread deposits that exceed the FDIC insurance coverage limits out to numerous institutions in order to provide insurance coverage for all participating deposits.

Brokered Repurchase Agreements: Brokered repurchase agreements may be established with approved brokerage firms and banks. Repurchase agreements create rollover risk (the risk that a broker will discontinue the relationship due to market factors) and are not used as a long-term funding solution, especially when used to fund long-term assets. Collateral requirements and availability are evaluated and monitored. The current policy limit for brokered repurchase agreements is 15% of total assets. There were no outstanding brokered repurchase agreements at September 30, 2025.

Interest Rate Risk

Interest rate risk is defined as the exposure of net interest income and fair value of financial instruments (interest-earning assets, deposits and borrowings) to movements in interest rates. The Company’s results of operations depend to a large degree on its net interest income and its ability to manage interest rate risk. The Company considers interest rate risk to be a significant market risk. The major sources of the Company’s interest rate risk are timing differences in the maturity and re-pricing characteristics of assets and liabilities, changes in the shape of the yield curve, changes in customer behavior and changes in relationships between rate indices (basis risk). Management measures these risks and their impact in various ways, including through the use of income simulation and valuation analyses. Multiple interest rate scenarios are used in this analysis which include changes in interest rates, spread narrowing and widening, yield curve twists and changes in assumptions about customer behavior in various interest rate scenarios. A mismatch between maturities, interest rate sensitivities and prepayment characteristics of assets and liabilities results in interest rate risk. Like most financial institutions, we have material interest rate risk exposure to changes in both short-term and long-term interest rates, as well as variable interest rate indices (e.g., the prime rate or SOFR).

The Bank’s asset and liability committee meets regularly and is responsible for reviewing its interest rate sensitivity position and establishing policies to monitor and limit exposure to interest rate risk. Our asset and liability committee seeks to manage interest rate risk under a variety of rate environments by structuring our balance sheet and off-balance-sheet positions in such a way that changes in interest rates do not have a large negative impact. The risk is monitored and managed within approved policy limits.

We use a third party service to model and measure our exposure to potential interest rate changes. For various assumed hypothetical changes in market interest rates, numerous other assumptions are made, such as prepayment speeds on loans and securities backed by mortgages, the slope of the Treasury yield-curve, the rates and volumes of our deposits, and the rates and volumes of our loans. There are two primary tools used to evaluate interest rate risk: net interest income simulation and EVE. In addition, interest rate gap is reviewed to monitor asset and liability repricing over various time periods.

Net Interest Income Simulation: Management utilizes net interest income simulation models to estimate the near-term effects of changing interest rates on its net interest income. Net interest income simulation involves projecting net interest income under a variety of scenarios, which include varying the level of interest rates and shifts in the shape of the yield curve. Management exercises its best judgment in making assumptions regarding events that management can influence, such as non-contractual deposit re-pricings, and events outside management’s control, such as customer behavior on loan and deposit activity and the effect that competition has on both loan and deposit pricing. These assumptions are subjective and, as a result, net interest income simulation results will differ from actual results due to the timing, magnitude and frequency of interest rate changes,

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changes in market conditions, customer behavior and management strategies, among other factors. We perform various sensitivity analyses on assumptions of deposit attrition and deposit re-pricing.

The following table presents the anticipated effect on net interest income over a twelve month period if short- and long-term interest rates were to sustain an immediate decrease of 100 bps or 200 bps, or an immediate increase of 100 bps or 200 bps:

						Immediate Change in Rates
			(in thousands)			-200						-100						+100						+200
			September 30, 2025
			Dollar change			$	(10,655)					$	(4,529)					$	4,327					$	8,390
			Percent change			(4.9)		%				(2.1)		%				2.0		%				3.9		%
			December 31, 2024
			Dollar change			$	(16,026)					$	(7,283)					$	6,707					$	13,028
			Percent change			(7.8)		%				(3.5)		%				3.2		%				6.3		%

As of September 30, 2025, 45.4% of the Company’s earning asset balances will reprice or are expected to pay down in the next twelve months, and 39.6% of the Company’s deposit balances are low cost or no cost deposits.

Economic Value of Equity: Management also uses EVE to measure risk in the balance sheet that might not be taken into account in the net interest income simulation analysis. Net interest income simulation highlights exposure over a relatively short time period, while EVE analysis incorporates all cash flows over the estimated remaining life of all balance sheet positions. The valuation of the balance sheet, at a point in time, is defined as the discounted present value of asset cash flows minus the discounted present value of liability cash flows. EVE analysis addresses only the current balance sheet and does not incorporate the run-off replacement assumptions that are used in the net interest income simulation model. As with the net interest income simulation model, EVE analysis is based on key assumptions about the timing and variability of balance sheet cash flows and does not take into account any potential responses by management to anticipated changes in interest rates.

Interest Rate Gap: The interest rate gap is the difference between interest-earning assets and interest-bearing liabilities re-pricing within a given period and represents the net asset or liability sensitivity at a point in time. An interest rate gap measure could be significantly affected by external factors such as loan prepayments, early withdrawals of deposits, changes in the correlation of various interest-bearing instruments, competition, or a rise or decline in interest rates.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

The Company’s management, including the Chief Executive Officer, the Chief Financial Officer, and the Chief Accounting Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer, the Chief Financial Officer, and the Chief Accounting Officer, to allow timely decisions regarding required disclosure. Based on this evaluation, the Chief Executive Officer, the Chief Financial Officer, and the Chief Accounting Officer, have concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2025.

The effectiveness of our or any system of disclosure controls and procedures is subject to certain limitations, including the exercise of judgment in designing, implementing, and evaluating the controls and procedures, the assumptions used in identifying the likelihood of future events, and the inability to eliminate misconduct completely. As a result, there can be no assurance that our disclosure controls and procedures will prevent all errors or fraud or ensure that all material information will be made known to appropriate management in a timely fashion. By their nature, our or any system of disclosure controls and procedures can provide only reasonable assurance regarding management’s control objectives.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal controls over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2025 that have materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We and our subsidiaries are from time to time parties to various legal actions arising in the normal course of business. We believe that there is no threatened or pending proceeding, other than ordinary routine litigation incidental to the Company’s business, against us or our subsidiaries or of which our property is the subject, which, if determined adversely, would have a material adverse effect on our consolidated business or financial condition.

Item 1A. Risk Factors.

As previously announced, we entered into an Agreement and Plan of Merger (the “Merger Agreement”), dated October 23, 2025, with Nicolet Bankshares, Inc. (“Nicolet”), pursuant to which the Company will merge with and into Nicolet, with Nicolet as the surviving entity of such merger (the “Merger”). Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, our shareholders will have the right to receive 0.3175 (the “exchange ratio”) of a share of Nicolet common stock for each share of common stock of the Company. The Merger Agreement was unanimously approved by the board of directors of each of the Company and Nicolet. The Merger Agreement contains customary representations and warranties of both parties and customary conditions to the parties’ obligations to close the transaction, as well as agreements to cooperate in the process of consummating the transaction.

Other than as set forth below, there have been no material changes to the risk factors set forth in Part I, Item 1A “Risk Factors” of the Company’s Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025.

Risks Related to the Proposed Merger

The Value of the Merger Consideration Will Fluctuate Based on the Trading Price of Nicolet Common Stock.

The exchange ratio determining the number of shares of Nicolet common stock to be issued in the Merger in exchange for each share of the Company’s common stock will not automatically adjust based on the trading price of Nicolet common stock, and the market value of those shares may vary from the closing price of Nicolet common stock on the date the Merger was announced, on the date of the special meeting of the Company’s shareholders to approve the Merger Agreement, on the date the Merger is consummated and thereafter. Any change in the market price of Nicolet common stock prior to consummation of the Merger will affect the amount of and the market value of the Merger consideration that the Company’s shareholders will receive upon consummation of the Merger. Accordingly, at the time of the special meeting of the Company’s shareholders, shareholders will not know or be able to calculate with certainty the market value of the Nicolet common stock to be issued to the Company’s shareholders upon consummation of the Merger. Stock price changes may result from a variety of factors, including general market and economic conditions, changes in business, operations and prospects, and regulatory considerations. Many of these factors are beyond Nicolet’s or the Company’s control. The Company’s shareholders should obtain current market quotations of both Nicolet common stock and the Company’s common stock before they vote.

Regulatory Approvals May Not be Received, May Take Longer than Expected or May Impose Conditions that are Not Presently Anticipated or Cannot be Met.

Before the transactions contemplated in the Merger Agreement can be consummated, including the Merger, various approvals must be obtained from the bank regulatory and other governmental authorities. In deciding whether to grant regulatory clearances, the relevant governmental entities will consider a variety of factors, including the regulatory standing of each of the parties. An adverse condition or development in either party’s regulatory standing or other factors could result in an inability to obtain one or more of the required regulatory approvals, or delay their receipt. The terms and conditions of the approvals that are granted may impose requirements, limitations or costs, or may place restrictions on the conduct of the combined company’s business.

The Company believes that the Merger should not raise significant regulatory concerns, and that the parties will be able to obtain all requisite regulatory approvals in a timely manner. Despite the parties’ commitments to use their reasonable best efforts to comply with conditions imposed by regulatory entities, under the terms of the Merger Agreement, Nicolet and the Company will not be required to consummate the Merger if any such approvals would reasonably be expected to materially restrict or burden Nicolet following the Merger. There can be no assurance that regulators will not impose conditions, terms, obligations or restrictions, or that such conditions, terms, obligations or restrictions will not have the effect of delaying the consummation of the Merger, imposing additional material costs on or materially limiting the revenues of the combined company following the Merger or otherwise reduce the anticipated benefits of the Merger if the Merger were consummated successfully within the expected timeframe. In addition, the Company cannot provide assurance that any such conditions, terms, obligations or restrictions will not result in the delay or abandonment of the Merger. The consummation of the Merger is further conditioned on the absence of certain orders, injunctions or decrees by any court or regulatory agency of competent jurisdiction that would prohibit or make illegal the consummation of the Merger.

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The Merger Agreement May be Terminated in Accordance with its Terms and the Merger May Not be Consummated.

The Merger Agreement is subject to a number of conditions which must be fulfilled in order to consummate the Merger. Those conditions include, among other things: approval of the Merger Agreement and the transactions contemplated therein by the Company’s shareholders; receipt of certain requisite regulatory approvals; absence of orders prohibiting consummation of the Merger; effectiveness of the registration statement including the proxy statement/prospectus to solicit approval of the shareholders of the Company; nonobjection of the issuance of Nicolet common stock, as applicable, for listing on NYSE; the accuracy of the representations and warranties by both parties (subject to the materiality standards set forth in the Merger Agreement); the performance by both parties of their covenants and agreements as set forth in the Merger Agreement; and the receipt by both parties of legal opinions from their respective tax counsels. These conditions to the closing of the Merger may not be fulfilled in a timely manner or at all, and, accordingly, the Merger may not be consummated. In addition, the parties can mutually decide to terminate the Merger Agreement at any time, before or after receipt of the approval by the Company’s shareholders, or Nicolet or the Company may elect to terminate the Merger Agreement in certain other circumstances.

Termination of the Merger Agreement Could Negatively Impact the Company.

If the Merger is not consummated for any reason, including as a result of shareholders the Company declining to approve the Merger Agreement and the transactions contemplated therein, the ongoing business of the Company may be adversely impacted and, without realizing any of the anticipated benefits of completing the Merger, the Company would be subject to a number of risks, including the following:

•the Company may experience negative reactions from its customers, vendors and employees;

•the Company will have incurred substantial expenses and will be required to pay certain costs relating to the Merger, whether or not the Merger is consummated;

•the Merger Agreement places certain restrictions on the conduct of the Company’s business prior to consummation of the Merger. Such restrictions, the waiver of which is subject to the consent of the other party (not to be unreasonably withheld, conditioned or delayed), may prevent the Company from making certain acquisitions or taking certain other specified actions during the pendency of the Merger; and

•matters relating to the Merger (including integration planning) will require substantial commitments of time and resources by the Company’s management team, which would otherwise have been devoted to other opportunities that may have been beneficial to the Company as an independent company.

If the Merger Agreement is terminated and the Company’s board of directors seeks another merger or business combination, the Company’s shareholders cannot be certain that the Company will be able to find a party willing to offer equivalent or more attractive consideration than the consideration Nicolet has agreed to provide in the Merger, or that such other merger or business combination will be consummated. Additionally, if the Merger Agreement is terminated under certain circumstances, the terminating party may be required to pay a termination fee to the non-terminating party of $35.0 million.

The Company Will be Subject to Business Uncertainties and Contractual Restrictions While the Merger is Pending.

Uncertainty about the effect of the Merger on employees and customers may have an adverse effect on the Company. These uncertainties may impair the Company’s ability to attract, retain and motivate key personnel until the Merger is consummated, and could cause customers and others that deal with the Company to seek to change existing business relationships with the Company. Retention of certain employees may be challenging during the pendency of the Merger, as certain employees may experience uncertainty about their future roles. If key employees depart because of issues relating to the uncertainty and difficulty of integration or a desire not to remain with the business, Nicolet’s business following the Merger could be negatively impacted. In addition, the Merger Agreement restricts the Company from making certain transactions and taking other specified actions without the consent of Nicolet until the Merger occurs. These restrictions may prevent the Company from pursuing attractive business opportunities that may arise prior to the consummation of the Merger.

The Merger Agreement Contains Provisions that May Discourage Other Companies from Trying to Acquire the Company for Greater Merger Consideration.

The Merger Agreement contains provisions that may discourage a third party from submitting a business combination proposal to the Company that might result in greater value to the Company’s shareholders than the proposed transaction with Nicolet, or that may result in a potential competing acquiror proposing to pay a lower per share price to acquire the Company than it might otherwise have proposed to pay absent such provisions. These provisions include a general prohibition on the Company from soliciting, or, subject to certain exceptions relating to the exercise of fiduciary duties by the Company’s board of directors, entering into discussions with any third party regarding any acquisition proposal or offers for competing transactions. In addition, the Company may be required to pay Nicolet a termination fee of $35.0 million upon termination of the Merger Agreement in certain circumstances involving acquisition proposals for competing transactions.

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The Company Will Incur Transaction Costs in Connection with the Merger.

The Company has incurred and expects that it will incur significant, non-recurring costs in connection with consummating the Merger. The Company may also incur additional costs to maintain employee morale and to retain key employees. The Company will also incur significant legal, financial advisor, accounting, banking and consulting fees, fees relating to regulatory filings and notices, regulatory filing fees, printing and mailing fees and other costs associated with the Merger.

There are many factors beyond our control that could affect the total amount of expenses relating to the Merger. Moreover, many of the expenses that will be incurred are, by their nature, difficult to estimate accurately. Our future operating results and financial condition may be materially adversely affected by transaction expenses. Additionally, many of these expenses will be payable by the Company regardless of whether the Merger is completed. The future operating results and financial condition of the Company and the combined company may be materially adversely affected by transaction expenses.

Litigation may be Filed Against Nicolet or the Company (or their Respective Boards of Directors) that Could Prevent or Delay the Consummation of the Merger or Result in the Payment of Damages Following Consummation of the Merger.

It is possible that, in connection with the Merger, shareholders may file demands or putative class action lawsuits against Nicolet or the Company (or their respective boards of directors). Among other remedies, these shareholders could seek financial damages or to enjoin the Merger. The outcome of any such litigation is uncertain. Additionally, one of the conditions to the closing of the Merger is that there must be no order, injunction or decree issued by any court or governmental entity of competent jurisdiction or other legal restraint or prohibition preventing the consummation of the Merger. If a dismissal is not granted or a settlement is not reached and any plaintiff were successful in obtaining an injunction prohibiting Nicolet or the Company from completing the Merger or any of the other transactions contemplated by the Merger Agreement, then such injunction may delay or prevent the effectiveness of the Merger and could result in significant costs to Nicolet or the Company, including any cost associated with the indemnification of directors and officers of each company. The defense or settlement of any lawsuit or claim that remains unresolved at the time the Merger is consummated may adversely affect the combined company’s business, financial condition, results of operations and cash flows and the market price of the combined company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Repurchase of Equity Securities

The following table sets forth information about the Company’s purchases of its common stock during the third quarter of 2025:

						Total Number of Shares Purchased(1)						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Programs(2)						Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program
July 1 - 31, 2025						43,303						$	27.87					43,303						$	12,040,209
August 1 - 31, 2025						98,452						27.14						97,097						9,407,132
September 1 - 30, 2025						—						—						—						9,407,132
Total						141,755						$	27.36					140,400						$	9,407,132

(1) During the three months ended September 30, 2025, 140,400 shares of common stock were repurchased by the Company under the current share repurchase program, with 1,355 shares surrendered by employees of the Company to pay withholding taxes on vesting of restricted stock unit awards.

(2) On April 27, 2023, the Board of Directors of the Company approved a share repurchase program, allowing for the repurchase of up to $15.0 million of the Company's common stock through December 31, 2025. Since April 28, 2023 and through September 30, 2025, the Company has repurchased 203,802 shares of common stock, leaving $9.4 million available to be repurchased. The Company expects to acquire shares of common stock under the program through open market or private transactions as may be deemed advisable from time to time (including, without limitation, pursuant to one or more 10b5-1 trading plans which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions). The program does not obligate the Company to repurchase any shares of its common stock, and other than repurchases that have been completed to date, there is no assurance that the Company will do so or that the Company will repurchase shares at favorable prices. The program may be suspended or terminated at any time and, even if fully implemented, the program may not enhance long-term shareholder value.

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Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

During the fiscal quarter ended September 30, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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Item 6. Exhibits.

Exhibit Number

Description

Incorporated by Reference to:

2.1

Agreement and Plan of Merger dated October 23, 2025, by and between Nicolet Bankshares, Inc. and MidWestOne Financial Group, Inc.

Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the SEC on October 23, 2025

3.1

Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc. filed with the Secretary of State of the State of Iowa on March 14, 2008

Exhibit 3.3 to the Company’s Amendment No. 1 to Registration Statement on Form S-4 (File No. 333-147628) filed with the SEC on January 14, 2008

3.2

Articles of Amendment (First Amendment) to the Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc. filed with the Secretary of State of the State of Iowa on January 23, 2009

Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 23, 2009

3.3

Articles of Amendment (Second Amendment) to the Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc. filed with the Secretary of State of the State of Iowa on February 4, 2009 (containing the Certificate of Designations for the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A)

Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 6, 2009

3.4

Articles of Amendment (Third Amendment) to the Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc., filed with the Secretary of State of the State of Iowa on April 21, 2017

Exhibit 3.1 to the Company’s Form 10-Q for the quarter ended March 31, 2017, filed with the SEC on May 4, 2017

3.5

Third Amended and Restated Bylaws, as Amended of MidWestOne Financial Group, Inc. as of July 22, 2025

Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 24, 2025

4.1

Form of MidWestOne Financial Group, Inc. 2023 Equity Incentive Plan Restricted Stock Unit Award Agreement

Exhibit 4.7 to the Company’s Form S-8 filed with the SEC on May 5, 2023

4.2

Form of MidWestOne Financial Group, Inc. 2023 Equity Incentive Plan Performance-Based Restricted Stock Unit Award Agreement

Exhibit 4.8 to the Company’s Form S-8 filed with the SEC on May 5, 2023

4.3

Amended Form of MidWestOne Financial Group, Inc. 2023 Equity Incentive Plan Restricted Stock Unit Award Agreement

Exhibit 10.19 to the Company’s Form 10-K filed with the SEC on March 11, 2025

4.4

Amended Form of MidWestOne Financial Group, Inc. 2023 Equity Incentive Plan Performance-Based Restricted Stock Unit Award Agreement

Exhibit 10.20 to the Company’s Form 10-K filed with the SEC on March 11, 2025

10.1

Third Amendment to the Credit Agreement by and between MidWestOne Financial Group, Inc. and U.S. Bank National Association dated February 12, 2024

Exhibit 10.11 to the Company's Annual Report on Form 10-K filed with the SEC on March 8, 2024

10.2

Amended and Restated Credit Agreement by and between MidWestOne Financial Group, Inc. and U.S. Bank National Association dated July 29, 2025

Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on July 31, 2025

31.1

Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)

Filed herewith

31.2

Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)

Filed herewith

31.3

Certification of Principal Accounting Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)

Filed herewith

32.1

Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.2

Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.3

Certification of Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

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Exhibit Number

Description

Incorporated by Reference to:

101

The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Shareholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.

Filed herewith

101.SCH

Inline XBRL Taxonomy Extension Schema Document

Filed herewith

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

Filed herewith

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

Filed herewith

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

Filed herewith

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

Filed herewith

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

MIDWESTONE FINANCIAL GROUP, INC.

Dated:

November 5, 2025

By:

/s/ CHARLES N. REEVES

Charles N. Reeves

Chief Executive Officer

(Principal Executive Officer)

By:

/s/ BARRY S. RAY

Barry S. Ray

Chief Financial Officer

(Principal Financial Officer)

By:

/s/ JOHN J. RUPPEL

John J. Ruppel

Chief Accounting Officer

(Principal Accounting Officer)

 

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