# EDGAR Filing Document

**Accession Number:** 0001412665
**File Stem:** 0001412665-25-000105
**Filing Date:** 2025-7
**Character Count:** 153355
**Document Hash:** 8fe8ba4929991fd72944ff70a5d6dc30
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001412665-25-000105.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001412665-25-000105

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250722

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MidWestOne Financial Group, Inc.
- **CENTRAL INDEX KEY:** 0001412665
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 421206172
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35968
- **FILM NUMBER:** 251147195

**BUSINESS ADDRESS:**
- **STREET 1:** 102 SOUTH CLINTON ST.
- **CITY:** IOWA CITY
- **STATE:** IA
- **ZIP:** 52240
- **BUSINESS PHONE:** 319-356-5800

**MAIL ADDRESS:**
- **STREET 1:** 102 SOUTH CLINTON ST.
- **CITY:** IOWA CITY
- **STATE:** IA
- **ZIP:** 52240

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISB Financial Corp.
- **DATE OF NAME CHANGE:** 20070918

?xml version='1.0' encoding='ASCII'? mofg-20250722

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

  

**FORM 8-K** 

**Current Report** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported) July 22, 2025** 

**MidWestOne Financial Group, Inc.** 

**(Exact name of registrant as specified in its charter)** 

  

**Commission file number 001-35968** 

---

| | |
|:---|:---|
| **Iowa** | **42-1206172** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(I.R.S. Employer**<br>**Identification Number)** |

---

**102 South Clinton Street** 

**Iowa City, Iowa 52240** 

**(Address of principal executive offices, including zip code)** 

**(319) 356-5800** 

**(Registrant's telephone number, including area code)** 

**N/A** 

**(Former name or former address, if changed since last report)**

  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| Common stock, $1.00 par value | MOFG | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

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. ☐

------

**Item 2.02. &nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On July 24, 2025, MidWest*One* Financial Group, Inc. (the "Company") issued a press release announcing its earnings for the three months and six months ended June 30, 2025. The press release is furnished herewith as Exhibit 99.1. In addition, the Company is providing a financial supplement furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information in this item and the attached press release and financial supplement shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

**Item 5.02.&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On July 22, 2025, Dr. Azeemuddin Ahmed notified the Company of his decision to resign as a member of the Company's Board of Directors (the "Board") and as a member of the Board of Directors of MidWest*One* Bank, the Company's wholly owned subsidiary, effective immediately. Dr. Ahmed's resignation was not a result of a disagreement with the Company on any matter relating to the Company's operations, policies or practices. Dr. Ahmed became a director of the Company on April 25, 2024. Dr. Ahmed has been a valued presence on the Company's Board, and the Company thanks him for his service.

**Item 5.03. &nbsp;&nbsp;&nbsp;&nbsp;Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.**

On July 22, 2025, the Company's Board voted to amend the Company's Third Amended and Restated Bylaws, As Amended (the "Bylaws"). The amendments to the Bylaws were effective immediately and related to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.provided the Company with flexibility to extend a director's service beyond the fixed period currently in the Bylaws (Section 3.14 of the Bylaws)

The foregoing description of the amendments to the Third Amended and Restated Bylaws, As Amended does not purport to be complete and is qualified by reference to the full text of the Third Amended and Restated Bylaws, As Amended, which is attached as Exhibit 3.1 to this Current Report on Form 8-K and incorporated herein by reference.

**Item 8.01.&nbsp;&nbsp;&nbsp;&nbsp;Other Events.**

The Board declared a cash dividend of $0.2425 per common share on July 22, 2025. The dividend is payable September 16, 2025, to shareholders of record at the close of business on September 2, 2025.

**Item 9.01.**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits*.* 

---

| | |
|:---|:---|
| <u>[3.1](exhibit31q22025.htm)</u> | Third Amended and Restated Bylaws, As Amended on July 22, 2025 |
| <u>[99.1](financialresultsq22025.htm)</u> | MidWest*One* Financial Group, Inc. press release dated July 24, 2025 |
| <u>[99.2](ex992q22025earningsrelea.htm)</u> | MidWest*One* Financial Group, Inc. financial supplement dated July 24, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**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 hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **MIDWEST*ONE* FINANCIAL GROUP, INC.** | **MIDWEST*ONE* FINANCIAL GROUP, INC.** |
| Dated: | July 24, 2025 | By: | /s/ BARRY S. RAY |
|  |  |  | **Barry S. Ray** |
|  |  |  | **Chief Financial Officer** |

---

## Exhibit 3.1

&nbsp;&nbsp;&nbsp;&nbsp;Amended on July 22, 2025

**THIRD AMENDED AND RESTATED BYLAWS, AS AMENDED**

**OF**

**MIDWEST*ONE* FINANCIAL GROUP, INC.**

**<u>ARTICLE I.</u>**

**OFFICES**

The principal office of the corporation in the State of Iowa shall be located in the City of Iowa City, County of Johnson. The corporation may have such other offices, either within or without the State of Iowa, as the Board of Directors may designate or as the business of the corporation may require from time to time.

The registered office of the corporation required by the Iowa Business Corporation Act to be maintained in the State of Iowa may be, but need not be, identical with the principal office in the State of Iowa, and the address of the registered office may be changed from time to time by the Board of Directors.

**<u>ARTICLE II.</u>**

**SHAREHOLDERS**

<u>Section 2.1. Annual Meeting.</u> The annual meeting of the shareholders shall be held in the month of April (or such other month as determined by the Board of Directors) in each year on such day and at such time as shall be designated by the Board of Directors and stated in the notice of such meeting for the purpose of electing directors and for the transaction of such other business as may properly come before the meeting. If the election of directors shall not be held on the day designated herein for any annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.

Business to be considered by the shareholders shall be brought before an annual meeting: (i) pursuant to the corporation's notice of meeting; (ii) by or at the direction of the Board of Directors; or (iii) by any shareholder of the corporation who (A) was a shareholder of record at the time of giving of notice provided for in this Section, (B) is entitled to vote with respect thereto and (C) who complies with the notice procedures set forth in this Section. For business to be properly brought before an annual meeting by a shareholder, the shareholder must have given timely notice thereof in writing to the Secretary of the corporation and such proposed business must otherwise be a proper matter for shareholder action. To be timely, a shareholder's notice must be delivered to or mailed to and received by the Secretary at the principal executive offices of the corporation not later than the close of business on the 60th day nor earlier than the close of business on the 90th day prior to the first anniversary of the preceding year's annual meeting. Such shareholder's notice to the Secretary of the corporation shall set forth: (i) as to any business the shareholder proposed to bring before the annual meeting, (A) a brief description of the business desired to be brought before the annual meeting, (B) the reasons for conducting such business at the annual meeting, (C) any material interest in such business of such shareholder and (D) the beneficial owner, if any, on whose behalf

------

&nbsp;&nbsp;&nbsp;&nbsp;

the proposal is made; and (ii) as to the shareholder giving the notice and the beneficial owner, if any, on whose behalf the proposed business is to be brought, (A) the name and address of such shareholder, as they appear on the corporation's books, and the name and address of such beneficial owner, and (B) the class and number of shares of the corporation's capital stock that are owned beneficially and of record by such shareholder and such beneficial owner.

<u>Section 2.2. Special Meetings.</u> Special meetings of the shareholders may be called for any purpose or purposes, unless otherwise prohibited by the Iowa Business Corporation Act, other relevant law, the articles of incorporation or these bylaws. The Chairman of the Board, Chief Executive Officer or President may call a special meeting of shareholders. In addition, a special meeting shall be called in the circumstances described in Section 490.702 of the Iowa Business Corporation Act.

<u>Section 2.3. Place of Meeting and Virtual Meetings.</u> The Board of Directors may designate a place, either within or without the State of Iowa, as the place of meeting for any annual meeting or for any special meeting of the shareholders called pursuant to Section 2.2, or a meeting can be held virtually with no designated physical location. The Board of Directors, in its sole discretion, and subject to such guidelines and procedures as the Board of Directors may adopt, may allow shareholders and proxyholders not physically present at a meeting of shareholders to participate in a meeting of the shareholders and be deemed present in person and vote at a meeting of shareholders, whether such meeting is to be held at a designated place or solely by means of remote communication or both. The corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communications is a shareholder or proxyholder; provide such shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the shareholders, including an opportunity to read or hear the proceedings of the meetings substantially concurrently with such proceedings; and if any shareholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the corporation.

<u>Section 2.4. Notice of Meeting.</u> Written or printed notice stating the place, day and hour of the meeting of shareholders and, in case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered within the time period prescribed by Section 490.705 of the Iowa Business Corporation Act, either personally or by mail, by or at the direction of the Board of Directors, or, in the absence of such direction, the Chairman of the Board, Chief Executive Officer or President, or, in the absence of either such direction, by the Secretary, to each shareholder of record entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his or her address as it then appears on the stock transfer books of the corporation, with postage thereon prepaid.

Without limiting the manner by which notice otherwise may be given effectively to shareholders, any notice to shareholders given by the corporation under any provision of the Iowa Business Corporation Act, the articles of incorporation or these bylaws shall be effective if given by a form of electronic transmission consented to by the shareholder to whom notice is given and shall be deemed delivered immediately upon electronic transmission of such notice. Any such consent shall be revocable by the shareholder by written notice to the corporation or as otherwise provided by law.

------

&nbsp;&nbsp;&nbsp;&nbsp;

<u>Section 2.5. Fixing of Record Date.</u> For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than the number of days set forth in Section 490.707 of the Iowa Business Corporation Act prior to the date on which the particular action requiring such determination of shareholders is to be taken and, in case of a meeting of shareholders, not less than ten days before the date of such meeting. If no record date is fixed for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders, or shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this Section, such determination shall apply to any adjournment thereof.

<u>Section 2.6. Voting Lists.</u> The officer or agent having charge of the stock transfer books for shares of the corporation shall make a complete list of the shareholders entitled to vote at such meeting, or any adjournment thereof, arranged, in alphabetical order, by voting group and then by class or series, with the address of and the number of shares held by each shareholder. The list shall be available for inspection upon written demand by any shareholder at any time during usual business hours, at such shareholder's expense, beginning two business days after the notice of the meeting is given for which the list was prepared, and continuing through the meeting, at the corporation's principal address or at a place identified in the meeting notice in the city where the meeting will be held. Such lists shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting.

<u>Section 2.7. Quorum.</u> A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.

<u>Section 2.8. Proxies.</u> At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his or her duly authorized attorney in fact. Such proxy shall be filed with the Secretary of the corporation before or at the time of the meeting. No proxy shall be valid after eleven months from the date of its execution, unless otherwise provided in the proxy.

------

&nbsp;&nbsp;&nbsp;&nbsp;

<u>Section 2.9. Voting of Shares.</u> Subject to the articles of incorporation, each outstanding share entitled to vote shall be entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.

<u>Section 2.10. Voting of Shares by Certain Holders.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe, or, in the absence of such provision, as the Board of Directors of such corporation may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Shares held by an administrator, executor, guardian or conservator may be voted by him or her, either in person or by proxy, without a transfer of such shares into his or her name. Shares standing in the name of a trustee may be voted by him or her, either in person or by proxy, but no trustee shall be entitled to vote shares held by him or her without a transfer of such shares into his or her name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Shares standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without the transfer thereof into his or her name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Neither treasury shares nor shares held by another corporation if a majority of the shares entitled to vote for the election of directors of such other corporation is held by the corporation, shall be voted at any meeting or counted in determining the total number of outstanding shares at any given time.

<u>Section 2.11. Informal Action by Shareholders.</u> Unless otherwise provided by the articles of incorporation, any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if one or more written consents describing the action taken are signed by the holders of outstanding shares having not less than ninety percent of the votes entitled to be cast at a meeting at which all shares entitled to vote on the action were present and voted, and are delivered to the corporation for including in the minutes or filing with the corporate records and the other requirements in Section 490.704 of the Iowa Business Corporation Act are followed.

<u>Section 2.12. Meeting of all Shareholders.</u> If all of the shareholders shall meet at any time and place, either within or without the State of Iowa, and consent to the holding of a meeting at such time and place, such meeting shall be valid without call or notice, and at such meeting any corporate action may be taken.

<u>Section 2.13. Voting by Ballot.</u> Voting on any question or in any election may be by voice unless the presiding officer shall order or any shareholder shall demand that voting be by ballot.

------

&nbsp;&nbsp;&nbsp;&nbsp;

**<u>ARTICLE III.</u>**

**BOARD OF DIRECTORS**

<u>Section 3.1. General Powers.</u> The business and affairs of the corporation shall be managed by or under the direction of its Board of Directors.

<u>Section 3.2. Number, Tenure, Qualifications.</u> The number of directors constituting the entire Board of Directors shall be not less than eleven nor more than fifteen, as fixed from time to time by resolution of not less than a majority of the number of directors that, immediately prior to such proposed change, had been fixed in the manner prescribed by this Section 3.2; *provided, however*, that the number of directors shall not be reduced so as to shorten the term of any director at the time in office. Directors need not be shareholders of the corporation.

The directors shall be divided into three classes, Class I, Class II and Class III, as nearly equal in number as the then total number of directors constituting the entire board permits with the term of office of one class expiring each year. If the number of directors is increased, the additional directors may be elected by a majority of the directors then in office, although less than a quorum, and any directors so chosen shall hold office until the next election of the class for which such directors shall have been chosen and until their successors shall be elected and qualified. If the number of directors is changed, any increase or decrease in the number of directors shall be apportioned among the classes so as to maintain all classes as equal in number as possible. At each annual meeting of shareholders, the successors to the class of directors whose term shall then expire shall be elected to hold office for a term expiring at the third succeeding annual meeting.

The Board of Directors may appoint individuals to serve as honorary directors or as directors emeritus. An individual so appointed shall not vote at any meeting of the Board of Directors, shall not be counted in determining a quorum, and shall not be charged with any responsibilities or be subject to any liabilities imposed upon directors.

<u>Section 3.3. Regular Meetings.</u> A regular meeting of the Board of Directors shall be held without notice (other than this Section of these bylaws) immediately after the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Iowa, for the holding of additional regular meetings without other notice than such resolution.

<u>Section 3.4. Special Meetings.</u> Special meetings of the Board of Directors may be called by or at the request of the Chairman of the Board or the Chief Executive Officer; special meetings shall be called by the Chairman, Chief Executive Officer or Secretary in like manner and on like notices upon the written request of a majority of the directors. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Iowa, as the place for holding any special meeting of the Board of Directors called by them.

<u>Section 3.5. Notice.</u> Notice of any special meeting of the Board of Directors shall be given at least twenty-four hours in advance by written notice delivered personally or mailed to each director at his or her business address, or by telephone, facsimile or other means of electronic transmission to the directors. If mailed, such notice shall be deposited in the U.S. mail, postage prepaid, at least four business days prior to the meeting. Any director may waive notice of any meeting. The attendance of

------

&nbsp;&nbsp;&nbsp;&nbsp;

a director at a meeting shall constitute a waiver of notice of such meeting, except when a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.

<u>Section 3.6. Quorum.</u> A majority of the number of directors designated by the Board of Directors as constituting the full Board shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.

<u>Section 3.7. Manner of Acting.</u> Except as otherwise provided in these bylaws, the act of the majority of the Board of Directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.

<u>Section 3.8. Vacancies.</u> Subject to Section 3.2, in case one or more vacancies shall occur on the Board of Directors by reason of death, resignation, an increase in the number of directors or otherwise, the vacancy may be filled by the Board of Directors, or, if the directors remaining in office constitute fewer than a quorum of the Board of Directors, by the affirmative vote of a majority of all such directors remaining in office.

<u>Section 3.9. Compensation.</u> By resolution of the Board of Directors, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.

<u>Section 3.10. Presumption of Assent.</u> A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matter is taken shall be presumed to have assented to the action taken unless his or her dissent shall be entered into the minutes of the meeting or unless he or she shall file his or her written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the Secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.

<u>Section 3.11. Informal Action by Directors.</u> Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.

<u>Section 3.12. Appointment of Certain Board Committees.</u> The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more directors of the corporation. Any such committee, to the extent provided in the resolution of the Board of Directors and permitted by the Iowa Business Corporation Act, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation and may authorize the seal of the corporation to be affixed to all papers which may require it. Each committee shall keep regular minutes of its meetings.

------

&nbsp;&nbsp;&nbsp;&nbsp;

<u>Section 3.13. Participation in Board Meetings Via Telephone and Other Communications Equipment.</u> Members of the Board of Directors, or of any committee of the Board of Directors, may participate in and act at any meeting of the Board or committee through the use of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other. Participation in such a meeting shall constitute attendance and presence in person at the meeting of the person or persons so participating.

<u>Section 3.14. Director Nominations.</u> Subject to Section 3.2, nominations of candidates for election as directors at any meeting of shareholders may be made: (i) by, or at the direction of, a majority of the Board of Directors or a designated committee thereof; or (ii) by any shareholder of record entitled to vote at such meeting; provided that only persons nominated in accordance with procedures set forth in this Section shall be eligible for election as directors. No person shall be eligible to be newly elected or appointed as a director if he or she shall have attained the age of seventy-five (75) years on or prior to the date of his or her election or appointment. Any director of the corporation who attains the age of seventy-five (75) years shall automatically cease to be a director (without any action on his or her part) at the close of business on the day of the next shareholders' meeting at which directors are to be elected, regardless of whether or not his or her term as a director would otherwise expire at such shareholders' meeting. The age restrictions otherwise applicable to a particular director may be waived each year by majority vote of the directors other than the director so affected.

Nominations, other than those made by, or at the direction of, the Board of Directors or a committee thereof, may only be made pursuant to timely notice in writing to the Secretary of the corporation as set forth in this Section. To be timely, a shareholder's notice shall be delivered to, or mailed and received by, the Secretary of the corporation: (i) for an annual meeting, not less than sixty days nor more than ninety days in advance of the first anniversary date (month and day) of the previous year's annual meeting; and (ii) for a special meeting, not less than sixty days nor more than ninety days in advance of the date (month and day) of the special meeting, regardless of any postponements or adjournments of that meeting to a later date. Such shareholder notice shall set forth: (i) as to each person whom the shareholder proposes to nominate for election as a director, (A) the name, age, business address and residential address of such person, (B) the principal occupation or employment of such person, (C) the class and number of shares of the corporation's stock which are beneficially owned by such person on the date of such shareholder notice and (D) any other information relating to such person that would be required to be disclosed on Schedule 13D pursuant to Regulation 13D-G under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in connection with the acquisition of stock, and pursuant to Regulation 14A under the Exchange Act, in connection with the solicitation of proxies with respect to nominees for election as directors; and (ii) as to the shareholder giving the notice, (A) the name and address, as they appear on the corporation's books, of such shareholder and the name and principal business or residential address of any other beneficial shareholders known by such shareholder to support such nominees, and (B) the class and number of shares of the corporation's stock which are beneficially owned by such shareholder on the date of such shareholder notice and the number of shares owned beneficially by any other record or beneficial shareholders known by such shareholder to be supporting such nominees on the date of such shareholder notice. At the request of the Board of Directors, any person nominated by, or at the request of, the Board of Directors for election as a director shall furnish to the Secretary of the corporation that information required to be set forth in a shareholder's notice of nomination which pertains to the nominee.

------

&nbsp;&nbsp;&nbsp;&nbsp;

The Board of Directors may reject any nomination by a shareholder not timely made in accordance with the requirements of this Section. If the Board of Directors, or a committee designated by the Board of Directors, determines that the information provided in a shareholder's notice does not satisfy the informational requirements of this Section in any material respect, the Secretary of the corporation shall promptly notify such shareholder of the deficiency in the notice. The shareholder may cure the deficiency by providing additional information to the Secretary within such period of time, not less than five days from the date such deficiency notice is given to the shareholder, as the Board of Directors or such committee shall determine. If the deficiency is not cured within such period, or if the Board of Directors or a designated committee determines that the additional information provided by the shareholder, together with information previously provided, does not satisfy the requirements of this Section in any material respect, then the Board of Directors may reject such shareholder's notice and the proposed nominations shall not be accepted if presented at the shareholder meeting to which the notice relates.

**<u>ARTICLE IV.</u>**

**OFFICERS**

<u>Section 4.1. Number; Titles.</u> The officers of the corporation shall be the Chief Executive Officer, the President, one or more Vice Presidents (the number thereof to be determined by the Board of Directors), a Secretary and a Treasurer. The Chief Executive Officer shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected by the Board of Directors or appointed by or pursuant to the authority of the Board of Directors. Any two or more offices may be held by the same person. The Board of Directors also shall appoint a Chairman of the Board, and may appoint one or more Vice Chairmen of the Board, but any such position shall be deemed a non-officer position of the corporation.

<u>Section 4.2. Election and Term of Office.</u> The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his or her successor shall have been duly elected and shall have qualified or until his or her death or until he or she shall resign or shall have been removed in the manner hereinafter provided.

<u>Section 4.3. Removal.</u> Unless otherwise set forth in Section 4.2, any officer or agent elected or appointed by or pursuant to authority of the Board of Directors may be removed by the Board of Directors and any officer or agent appointed other than by the Board of Directors may be removed by the officer appointing them whenever in the judgment of the Board of Directors or the appointing officer, as the case may be, the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.

------

&nbsp;&nbsp;&nbsp;&nbsp;

<u>Section 4.4. Vacancies.</u> A vacancy in any office because of death, resignation, removal, disqualification or otherwise, shall be filled in accordance with the provisions of these bylaws with respect to the original election or appointment to such office.

<u>Section 4.5. Chairman of the Board.</u> The Chairman of the Board shall, when present, preside at all meetings of the shareholders and the Board of Directors and shall see that all orders and resolutions of the Board of Directors are carried into effect, and in general shall perform all duties incident to the position of Chairman of the Board and such other duties as may be prescribed by the Board of Directors from time to time. The Vice-Chairman or Vice-Chairmen, as applicable, shall, in the absence of the Chairman of the Board or his or her inability or refusal to act, preside at all meetings of the shareholders and of the Board of Directors and perform the duties of the Chairman of the Board, and when so acting shall have all of the powers of and be subject to all the restrictions upon the Chairman.

<u>Section 4.6. Chief Executive Officer.</u> The Chief Executive Officer shall, in the absence of the Chairman of the Board and any Vice Chairmen at such time or their inability or refusal to act, preside at all meetings of the shareholders and of the Board of Directors. The Chief Executive Officer shall have general and active management of the business of the corporation and may sign, with the Secretary or any other proper officer of the corporation thereunto authorized by the Board of Directors, certificates for shares of the corporation, any deeds, mortgages, bonds, contracts, or other instruments which the Board of Directors has authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the Board of Directors or by these bylaws to some other officer or agent of the corporation, or shall be required by law to be otherwise signed or executed; and in general shall perform all duties incident to the office of Chief Executive Officer and such other duties as may be prescribed by the Board of Directors from time to time.

<u>Section 4.7. President.</u> The President shall, subject to the direction of the Chief Executive Officer, in general assist in the management of the business and affairs of the corporation. The President may sign, with the Secretary or any other proper officer of the corporation thereunto authorized by the Board of Directors, certificates for shares of the corporation, any deeds, mortgages, bonds, contracts, or other instruments which the Board of Directors has authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the Board of Directors or by these bylaws to some other officer or agent of the corporation, or shall be required by law to be otherwise signed or executed.

<u>Section 4.8. The Vice Presidents.</u> The Vice President or Vice Presidents shall perform such duties as from time to time may be assigned to him or her by the Board of Directors, Chief Executive Officer and/or President.

<u>Section 4.9. The Secretary.</u> The Secretary shall: (i) keep the minutes of the shareholders' and of the Board of Directors' meetings in one or more books provided for that purpose; (ii) see that all notices are duly given in accordance with the provisions of these bylaws or as required by law; (iii) be custodian of the corporate records; (iv) keep a register of the post office address of each shareholder which shall be furnished to the Secretary by such shareholder; (v) sign with the Chief Executive Officer, President or an authorized Vice President certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (vi) have general charge of the stock transfer books of the corporation; and (vii) in general perform all duties

------

&nbsp;&nbsp;&nbsp;&nbsp;

incident to the office of Secretary and such other duties as from time to time may be assigned to him or her by the Board of Directors, Chief Executive Officer and/or President. In the absence of the Secretary, any Vice President or the Treasurer is authorized to sign, jointly with the Chief Executive Officer or President, certificates for shares of the corporation.

<u>Section 4.10. The Treasurer.</u> If required by the Board of Directors, the Treasurer shall give a bond for the faithful discharge of his or her duties in such sum and with such surety or sureties as the Board of Directors shall determine. The Treasurer shall: (i) have charge and custody of and be responsible for all funds and securities of the corporation, receive and give receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; and (ii) in general perform all of the duties incident to the office of Treasurer and such other duties as from time to time may be assigned to him or her by the Board of Directors, the Chief Executive Officer or the President.

<u>Section 4.11. Assistant Secretaries and Assistant Treasurers.</u> The Assistant Secretaries, when authorized by the Board of Directors, may sign with the Chief Executive Officer, President or an authorized Vice President certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The Assistant Treasurers shall, respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The Assistant Secretaries and Assistant Treasurers, in general, shall perform such duties as shall be assigned to them by the Secretary or the Treasurer, respectively, or by the Board of Directors, Chief Executive Officer or President.

<u>Section 4.12. Internal Auditor</u>. The internal auditor, if appointed, shall be responsible for management and supervision of the internal audit program of the corporation and shall, each calendar year, submit a planned program for approval to the Board of Directors or a committee thereof designated by the Board of Directors, as well as periodic reports of compliance therewith to the Board of Directors or a committee thereof designated by the Board of Directors. The internal auditor shall perform such other duties as may from time to time be determined by the Board of Directors, the Chief Executive Officer and/or the President.

<u>Section 4.13. Salaries.</u> The salaries of the officers shall be fixed from time to time by the Board of Directors and no officers shall be prevented from receiving such salary by reason of the fact that he or she is also a director of the corporation.

**<u>ARTICLE V.</u>**

**CONTRACTS, LOANS, CHECKS AND DEPOSITS**

<u>Section 5.1. Contracts.</u> The Board of Directors may authorize any officer or agent to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.

------

&nbsp;&nbsp;&nbsp;&nbsp;

<u>Section 5.2. Loans.</u> No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.

<u>Section 5.3. Checks, Drafts, etc.</u> All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation, shall be signed by the Chief Executive Officer or the President or such other officer or agent of the corporation and in such manner as shall from time to time be determined by the Chief Executive Officer or the President or by resolution of the Board of Directors.

<u>Section 5.4. Deposits.</u> All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies or other depositories as the Board of Directors may select.

**<u>ARTICLE VI.</u>**

**CERTIFICATES FOR SHARES AND THEIR TRANSFER**

<u>Section 6.1. Certificates for Shares.</u> The shares of stock of the corporation shall be represented by certificates; *provided, however*, that the Board of Directors of the corporation may permit or require by resolution some or all of any class or series to be uncertificated shares. Shares represented by certificates shall be signed by, or in the name of, the corporation by the Chief Executive Officer or the President or a Vice President and by the Secretary or an Assistant Secretary, *provided* that such signatures may be facsimiles on any certificate countersigned by a transfer agent, certifying the number of shares owned by such shareholder in the corporation.

<u>Section 6.2. Transfer of Shares.</u> Stock of the corporation shall be transferable in the manner prescribed by applicable law and in these bylaws. Transfers of stock shall be made on the books of the corporation, and in the case of certificated shares of stock, only by the person named in the certificate or by such person's attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated shares of stock, upon receipt of proper transfer instructions from the registered holder of the shares or by such person's attorney lawfully constituted in writing, and upon payment of all necessary transfer taxes and compliance with appropriate procedures for transferring shares in uncertificated form; *provided, however*, that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the corporation shall determine to waive such requirement. No transfer of stock shall be valid as against the corporation for any purpose until it shall have been entered in the stock records of the corporation by an entry showing from and to whom transferred.

**<u>ARTICLE VII.</u>**

**DIVIDENDS**

The Board of Directors may from time to time declare, and the corporation may pay, dividends on its outstanding shares in the manner and upon the terms and conditions provided by law and its articles of incorporation.

------

&nbsp;&nbsp;&nbsp;&nbsp;

**<u>ARTICLE VIII.</u>**

**WAIVER OF NOTICE**

Whenever any notice is required to be given to any shareholder or director of the corporation under the provisions of the articles of incorporation or under the provisions of the Iowa Business Corporation Act, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.

**<u>ARTICLE IX.</u>**

**FISCAL YEAR**

The fiscal year of the corporation shall begin on the first day of January and end on the last day of December in each year.

**<u>ARTICLE X.</u>**

**SEAL**

The corporation shall have a corporate seal, which shall be in the possession of the Secretary of the corporation.

**<u>ARTICLE XI.</u>**

**VOTING OF SHARES HELD BY THE CORPORATION**

Unless otherwise resolved by the Board of Directors, (i) any shares or other securities issued by any other corporation and owned or controlled by the corporation may be voted at any meeting of security holders of such other corporation by the Chief Executive Officer of the corporation if he or she is present, or in the Chief Executive Officer's absence, by the Secretary of the corporation who may be present, and (ii) whenever, in the judgment of the Chief Executive Officer, or in his or absence, of the Secretary, it is desirable for the corporation to execute an appointment of proxy or written consent in respect to any shares or other securities issued by any other corporation and owned by the corporation, such proxy appointment or consent shall be executed in the name of the corporation by the Chief Executive Officer, or the Secretary of the corporation in the order as provided in clause (i) of this Section, without necessity of any authorization by the Board of Directors or countersignature or attestation by another officer. Any person or persons designated in the manner above stated as the proxy or proxies of the corporation shall have full right, power and authority to vote the shares or other securities issued by such other corporation and owned by the corporation the same as such shares or other securities might be voted by the corporation.

------

&nbsp;&nbsp;&nbsp;&nbsp;

**<u>ARTICLE XII.</u>**

**INDEMNIFICATION OF OFFICERS AND DIRECTORS**

<u>Section 12.1. Indemnification of Officers and Directors</u>. The corporation shall indemnify and advance expenses to any person who was or is a party or witness, or is threatened to be made a party or witness, to any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative or investigative, including grand jury proceedings, by reason of the fact that such person is or was a director or officer of the corporation or, while a director or officer of the corporation is, or was serving at the request of the corporation as a member, director, trustee, officer, partner, employee or agent of another foreign or domestic corporation, or of a partnership, company, joint venture, trust or other enterprise, including service with respect to employee benefit plans, against reasonable costs, charges, expenses, attorney's fees, judgments, fines, penalties and amounts reasonably paid in settlement to the extent actually incurred by such person in connection with such claim, action, suit or proceeding, or in connection with an appeal thereof, to the full extent of and in a manner consistent with and limited by federal or state banking law and regulation or the Iowa Business Corporation Act, as the same now exists or may hereafter be amended or changed, or any successor or substitute law. No amendment to or repeal of this Article XII shall apply to or have any effect on the rights of any individual referred to in this Article XII for or with respect to acts or omissions of such individual occurring prior to such amendment or repeal.

Entitlement to indemnification under this Section 12.1 shall be conditional upon the corporation being afforded the opportunity to participate directly on behalf of such person in such claim, action, suit or proceeding or any settlement discussions relating thereto. The rights to indemnification hereunder shall be construed to be a contract between the corporation and each person who is now serving or who shall hereafter serve as a director or officer of the corporation. Each person who is now serving or who shall hereafter serve as a director or officer of the corporation shall be deemed to be serving in reliance upon the rights to identification provided hereunder, and such rights to indemnification shall continue as to any person who has ceased to serve in such capacity and shall inure to the benefit of the heirs and personal representative of such person.

<u>Section 12.2. Other Rights</u>. The indemnification provided hereunder shall not be deemed exclusive of any other rights to which the persons indemnified may be entitled under any agreement, vote of disinterested directors or otherwise, both as to activity in such person's official capacity and as to activity in another capacity while holding such office, and shall continue as to a person who has ceased to be a director of officer.

<u>Section 12.3. Insurance</u>. The corporation, at its expense, shall have the power to purchase and maintain insurance on behalf of the corporation and on behalf of its directors and officers against any liability asserted against such persons in their capacities as directors and officers or arising out of their status as directors and officers, whether or not the corporation would have the power to indemnify the director or officer against such liability hereunder or under the Iowa Business Corporation Act. The corporation's obligation to indemnify hereunder shall be in excess of any insurance purchase and maintained by the corporation, but such insurance shall be the primary source of satisfaction of such obligation of the corporation. To the extent that indemnification is paid to or on behalf of a director or officer by such insurance, such payments shall be deemed to be in satisfaction of the corporation's obligation to indemnify such director or officer.

------

&nbsp;&nbsp;&nbsp;&nbsp;

<u>Section 12.4. Indemnification of Employees and Agents</u>. The Board of Directors of the corporation by resolution may provide indemnification by the corporation to any employee or agent of the corporation, other than a director and officer, to the extent provided hereunder for directors and officers of the corporation.

**<u>ARTICLE XIII.</u>**

**AMENDMENTS**

Subject to Section 3.7, these bylaws may be altered, amended or repealed and new bylaws may be adopted at any regular or special meeting of the Board of Directors.

________________

---

| | |
|:---|:---|
| Approved this 22nd day of July, 2025. | Approved this 22nd day of July, 2025. |
| /s/ TRACY S. MCCORMICK | /s/ JOHN A. COONEY |
| Tracy S. McCormick | John A. Cooney |
| Chair | Secretary |

---

## Exhibit 99.1

![mofglogoa01.jpg](mofglogoa01.jpg)

---

| | |
|:---|:---|
| **FOR IMMEDIATE RELEASE** | **July 24, 2025** |

---

**MIDWEST*ONE* FINANCIAL GROUP, INC.** 

**REPORTS FINANCIAL RESULTS FOR THE**

**SECOND QUARTER OF 2025** 

**Iowa City, Iowa** - MidWest*One* Financial Group, Inc. (Nasdaq: MOFG) ("we," "our," or the "Company") today reported results for the second quarter of 2025.

**Second Quarter 2025 Summary**<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax, pre-provision net revenue increased 15% to $24.5 million<sup>2</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net interest margin (tax equivalent) was 3.57%<sup>2</sup>; core net interest margin expanded 13 basis points ("bps") to 3.49%.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Noninterest income was $10.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Noninterest expense was $35.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Efficiency ratio improved to 56.20%<sup>2</sup> from 59.38%<sup>2</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $10.0 million, or $0.48 per diluted common share, reflected credit loss expense of $11.9 million stemming primarily from a single commercial real estate ("CRE") office credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Criticized loans ratio improved 32 bps to 5.15%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allowance for credit losses ratio increased to 1.50%, due primarily to the single CRE office credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Annualized loan growth of 7.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tangible book value per share of $23.92,<sup>2</sup> an increase of 2.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common equity tier 1 ("CET1") capital ratio improved 5 bps to 11.02%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provided notice of redemption for all $65.0 million aggregate principal of the Company's 5.75% fixed-to-floating rate subordinated notes due 2030 set to reprice on July 30<sup>th</sup>.

**CEO Commentary**

Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, "Due to the expertise of our MidWest*One* team, we continued to execute well on our 2025 strategic initiatives. Strong loan growth and back book loan re-pricing led to tax equivalent net interest margin expansion of 13 basis points, to 3.57%<sup>2</sup>, and to 5% linked quarter net interest income growth. Investments in our relationship fee income businesses continue to bear fruit with wealth management, Small Business Administration ("SBA"), and residential mortgage revenues up quarter over quarter.

We maintained our expense discipline even as we added significant customer facing talent in Denver and the Twin Cities, as well as invested in our platforms to drive internal efficiencies and improve the customer experience.

Earnings and certain asset quality measures were unfavorably impacted by a single $24 million suburban Twin Cities CRE office credit. The loan was originated in June 2022 and previously classified, but moved to nonaccrual in the second quarter. A receiver is in place, resolution efforts have begun, and a specific reserve was established, which led to an increase in our allowance for credit losses ratio to 1.50%.

Our balance sheet, capital, and underlying earnings strength position us well for the second half of 2025 as we continue to make significant progress in building a high-performing, relationship-driven community bank."

<sup>1</sup> Second Quarter Summary compares to the first quarter of 2025 (the "linked quarter") unless noted.

<sup>2</sup> Non-GAAP measure. See the separate *Non-GAAP Measures* section for a reconciliation to the most directly comparable GAAP measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of or for the quarter ended** | **As of or for the quarter ended** | **As of or for the quarter ended** | **Six Months Ended** | **Six Months Ended** |
| **(Dollars in thousands, except per share amounts and as noted)** | **June 30,** | March 31, | June 30, | **June 30,** | June 30, |
| **(Dollars in thousands, except per share amounts and as noted)** | **2025** | 2025 | 2024 | **2025** | 2024 |
| **Financial Results** |  |  |  |  |  |
| Revenue | $**60231** | $57575 | $57901 | $**117806** | $102382 |
| Credit loss expense | **11889** | 1687 | 1267 | **13576** | 5956 |
| Noninterest expense | **35767** | 36293 | 35761 | **72060** | 71326 |
| Net income | **9980** | 15138 | 15819 | **25118** | 19088 |
| Pre-tax pre-provision net revenue<sup>(3)</sup> | **24464** | 21282 | 22140 | **45746** | 31056 |
| Adjusted earnings<sup>(3)</sup> | **10176** | 15301 | 8132 | **25479** | 12621 |
| **Per Common Share** |  |  |  |  |  |
| Diluted earnings per share | $**0.48** | $0.73 | $1.00 | $**1.20** | $1.21 |
| Adjusted earnings per share<sup>(3)</sup> | **0.49** | 0.73 | 0.52 | **1.22** | 0.80 |
| Book value | **28.36** | 27.85 | 34.44 | **28.36** | 34.44 |
| Tangible book value<sup>(3)</sup> | **23.92** | 23.36 | 28.27 | **23.92** | 28.27 |
| **Balance Sheet & Credit Quality** |  |  |  |  |  |
| Loans *In millions* | $**4381.2** | $4304.2 | $4287.2 | $**4381.2** | $4287.2 |
| Investment securities *In millions* | **1235.0** | 1305.5 | 1824.1 | **1235.0** | 1824.1 |
| Deposits *In millions* | **5388.1** | 5489.1 | 5412.4 | **5388.1** | 5412.4 |
| Net loan charge-offs *In millions* | **0.2** | 3.1 | 0.5 | **3.3** | 0.7 |
| Allowance for credit losses ratio | **1.50%** | 1.25% | 1.26% | **1.50%** | 1.26% |
| **Selected Ratios** |  |  |  |  |  |
| Return on average assets | **0.65%** | 1.00% | 0.95% | **0.82%** | 0.58% |
| Net interest margin, tax equivalent<sup>(3)</sup> | **3.57%** | 3.44% | 2.41% | **3.51%** | 2.37% |
| Return on average equity | **6.81%** | 10.74% | 11.91% | **8.74%** | 7.23% |
| Return on average tangible equity<sup>(3)</sup> | **8.84%** | 13.75% | 15.74% | **11.24%** | 9.98% |
| Efficiency ratio<sup>(3)</sup> | **56.20%** | 59.38% | 56.29% | **57.75%** | 62.83% |

---

**REVENUE REVIEW**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revenue** |  |  |  | Change | Change |
| **Revenue** |  |  |  | 2Q25 vs | 2Q25 vs |
| **(Dollars in thousands)** | **2Q25** | 1Q25 | 2Q24 | 1Q25 | 2Q24 |
| Net interest income | $**49982** | $47439 | $36347 | 5% | 38% |
| Noninterest income | **10249** | 10136 | 21554 | 1% | (52)% |
| &nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | $**60231** | $57575 | $57901 | 5% | 4% |

---

Total revenue for the second quarter of 2025 increased $2.7 million from the first quarter of 2025 due to higher net interest income and noninterest income during the quarter. When compared to the second quarter of 2024, total revenue increased $2.3 million due to higher net interest income partially offset by lower noninterest income.

Net interest income of $50.0 million for the second quarter of 2025 increased $2.5 million from the first quarter of 2025 due to higher earning asset volumes and yields and lower funding costs, partially offset by higher funding volumes. When compared to the second quarter of 2024, net interest income increased $13.6 million due to higher earning asset yields and lower funding volumes and costs, partially offset by lower earning asset volumes.

The Company's tax equivalent net interest margin was 3.57%<sup>3</sup> in the second quarter of 2025, compared to 3.44%<sup>3</sup> in the first quarter of 2025, driven by higher earning asset yields and lower interest bearing liability costs. Total earning asset yield increased 12 bps from the first quarter of 2025, primarily due to an increase of 10 bps in loan yield. Interest bearing liability costs during the second quarter of 2025 decreased 2 bps to 2.39%, primarily due to reductions in long-term debt costs and interest bearing deposits of 13 bps and 2 bps, to 6.28% and 2.29%, respectively, from the first quarter of 2025.

The Company's tax equivalent net interest margin was 3.57%<sup>3</sup> in the second quarter of 2025, compared to 2.41%<sup>3</sup> in the second quarter of 2024, driven by higher earning asset yields and lower interest bearing liability costs. Total earning assets yield increased 75 bps from the second quarter of 2024, primarily due to increases of 189 bps and 12 bps in total investment securities and loan yields, respectively. Interest bearing liability costs decreased 46 bps to 2.39%, due to long-term debt costs of 6.28% and interest bearing deposit costs of 2.29%, which decreased 67 bps, and 25 bps, respectively, from the second quarter of 2024.

<sup>3</sup> Non-GAAP measure. See the separate *Non-GAAP Measures* section for a reconciliation to the most directly comparable GAAP measure.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Noninterest Income** |  |  |  | Change | Change |
| **Noninterest Income** |  |  |  | 2Q25 vs | 2Q25 vs |
| **(Dollars in thousands)** | **2Q25** | 1Q25 | 2Q24 | 1Q25 | 2Q24 |
| Investment services and trust activities | $**3705** | $3544 | $3504 | 5% | 6% |
| Service charges and fees | **2190** | 2131 | 2156 | 3% | 2% |
| Card revenue | **1934** | 1744 | 1907 | 11% | 1% |
| Loan revenue | **1417** | 1194 | 1525 | 19% | (7)% |
| Bank-owned life insurance | **677** | 1057 | 668 | (36)% | 1% |
| Investment securities gains, net | **—** | 33 | 33 | (100)% | (100)% |
| Other | **326** | 433 | 11761 | (25)% | (97)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $**10249** | $10136 | $21554 | 1% | (52)% |
| MSR adjustment (included above in Loan revenue) | $**(264)** | $(213) | $129 | 24% | (305)% |

---

Noninterest income for the second quarter of 2025 increased $0.1 million from the linked quarter, primarily due to increases of $0.2 million each in loan revenue, card revenue, and investment services and trust activities revenue. The increase in loan revenue was due primarily to a $0.2 million increase in mortgage origination fee revenue, coupled with an increase of $0.2 million in SBA gain on sale revenue. The increase in card revenue was driven primarily by higher interchange fee income. The increase in investment services and trust activities revenue was driven by higher assets under administration. Partially offsetting these increases was a decline of $0.4 million in bank-owned life insurance revenue stemming from the death benefit recognized in the first quarter of 2025.

Noninterest income for the second quarter of 2025 decreased $11.3 million from the second quarter of 2024 primarily due to the decline 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. Also contributing to the decline in noninterest income was a $0.4 million unfavorable change in the fair value of our mortgage servicing rights, which is included in loan revenue, and a decline of $0.4 million in swap origination fee income, which is recorded in other revenue. Partially offsetting these declines was an increase of $0.2 million in investment services and trust activities revenue, driven by higher assets under administration.

**EXPENSE REVIEW**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Noninterest Expense** |  |  |  | Change | Change |
| **Noninterest Expense** |  |  |  | 2Q25 vs | 2Q25 vs |
| **(Dollars in thousands)** | **2Q25** | 1Q25 | 2Q24 | 1Q25 | 2Q24 |
| Compensation and employee benefits | $**21011** | $21212 | $20985 | (1)% | —% |
| Occupancy expense of premises, net | **2540** | 2588 | 2435 | (2)% | 4% |
| Equipment | **2550** | 2426 | 2530 | 5% | 1% |
| Legal and professional | **2153** | 2226 | 2253 | (3)% | (4)% |
| Data processing | **1486** | 1698 | 1645 | (12)% | (10)% |
| Marketing | **762** | 552 | 636 | 38% | 20% |
| Amortization of intangibles | **1252** | 1408 | 1593 | (11)% | (21)% |
| FDIC insurance | **851** | 917 | 1051 | (7)% | (19)% |
| Communications | **161** | 159 | 191 | 1% | (16)% |
| Foreclosed assets, net | **83** | 74 | 138 | 12% | (40)% |
| Other | **2918** | 3033 | 2304 | (4)% | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total noninterest expense | $**35767** | $36293 | $35761 | (1)% | —% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Merger-related Expenses** | | | |
| **Merger-related Expenses** | | | |
| **(Dollars in thousands)** | **2Q25** | 1Q25 | 2Q24 |
| Compensation and employee benefits | $**—** | $— | $73 |
| Equipment | **—** |  | 28 |
| Legal and professional | **—** | 40 | 462 |
| Data processing | **—** |  | 251 |
| Communications | **—** |  | 8 |
| Other | **—** |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total merger-related expenses | $**—** | $40 | $854 |

---

------

Noninterest expense for the second quarter of 2025 decreased $0.5 million from the linked quarter, primarily due to decreases of $0.2 million each in data processing, compensation and employee benefits, and amortization of intangibles. The decrease in data processing was primarily driven by a decrease in core banking system costs. The decrease in compensation and employee benefits reflected the receipt of $1.1 million from Employee Retention Credit claims, which was partially offset by higher wage, equity compensation and employee benefits expense.

Noninterest expense for the second quarter of 2025 compared to the prior year was stable at $35.8 million. The $0.6 million increase in other noninterest expense stemmed primarily from customer deposits costs. Further, excluding merger-related expenses, legal and professional costs increased $0.4 million due primarily to higher litigation-related legal expenses. Those increases were partially offset by lower intangible amortization and FDIC insurance costs, which decreased $0.3 million and $0.2 million, respectively.

The Company's effective tax rate was 20.6% in the second quarter of 2025, compared to 22.7% in the linked quarter. The effective income tax rate for the full year 2025 is expected to be 22-23%.

**BALANCE SHEET REVIEW**

Total assets were $6.16 billion at June 30, 2025, compared to $6.25 billion at March 31, 2025 and $6.58 billion at June 30, 2024. The decrease from March 31, 2025 was primarily due to lower cash and security volumes, partially offset by higher loan volumes. Compared to June 30, 2024, the decrease was primarily driven by lower security volumes, partially offset by higher loan volumes.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans Held for Investment** | **June 30, 2025** | **June 30, 2025** |  | March 31, 2025 | March 31, 2025 |  | June 30, 2024 | June 30, 2024 |  |
| **Loans Held for Investment** | **Balance** | **% of Total** |  | Balance | % of Total |  | Balance | % of Total |  |
| **(Dollars in thousands)** | **Balance** | **% of Total** |  | Balance | % of Total |  | Balance | % of Total |  |
| Commercial and industrial | $**1226265** | **28.0** | **%** | $1140138 | 26.5 | % | $1120983 | 26.1 | % |
| Agricultural | **128717** | **2.9** |  | 131409 | 3.1 |  | 107983 | 2.5 |  |
| Commercial real estate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction and development | **280918** | **6.4** |  | 293280 | 6.8 |  | 351646 | 8.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmland | **186494** | **4.3** |  | 180633 | 4.2 |  | 183641 | 4.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | **438193** | **10.0** |  | 421204 | 9.8 |  | 430054 | 10.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **1407469** | **32.1** |  | 1425062 | 33.0 |  | 1348515 | 31.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate | **2313074** | **52.8** |  | 2320179 | 53.8 |  | 2313856 | 54.0 |  |
| Residential real estate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-to-four family first liens | **467970** | **10.7** |  | 471688 | 11.0 |  | 492541 | 11.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-to-four family junior liens | **188671** | **4.3** |  | 182346 | 4.2 |  | 176105 | 4.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | **656641** | **15.0** |  | 654034 | 15.2 |  | 668646 | 15.6 |  |
| Consumer | **56491** | **1.3** |  | 58424 | 1.4 |  | 75764 | 1.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment, net of unearned income | $**4381188** | **100.0** | **%** | $4304184 | 100.0 | % | $4287232 | 100.0 | % |
| Total commitments to extend credit | $**1074935** |  |  | $1080300 |  |  | $1200605 |  |  |

---

Loans held for investment, net of unearned income at June 30, 2025 were $4.38 billion, increasing $77.0 million, or 1.8%, from $4.30 billion at March 31, 2025 and increasing $94.0 million, or 2.2%, from $4.29 billion at June 30, 2024. The increases across both periods were primarily driven by organic loan growth and higher line of credit usage.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Securities** | **June 30, 2025** | **June 30, 2025** |  | March 31, 2025 | March 31, 2025 |  | June 30, 2024 | June 30, 2024 |  |
| **(Dollars in thousands)** | **Balance** | **% of Total** |  | Balance | % of Total |  | Balance | % of Total |  |
| Available for sale | $**1235045** | **100.0** | **%** | $1305530 | 100.0 | % | $771034 | 42.3 | % |
| Held to maturity | **—** | **—** | **%** |  |  | % | 1053080 | 57.7 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | $**1235045** |  |  | $1305530 |  |  | $1824114 |  |  |

---

Investment securities at June 30, 2025 were $1.24 billion, decreasing $70.5 million from March 31, 2025 and decreasing $589.1 million from June 30, 2024. The decrease from the first quarter of 2025 was primarily due to principal cash flows received from scheduled payments, calls, and maturities. The decrease from the second quarter of 2024 stemmed primarily from the sale of debt securities in connection with a balance sheet repositioning, as well as principal cash flows received from scheduled payments, calls, and maturities.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Deposits** | **June 30, 2025** | **June 30, 2025** |  | March 31, 2025 | March 31, 2025 |  | June 30, 2024 | June 30, 2024 |  |
| **(Dollars in thousands)** | **Balance** | **% of Total** |  | Balance | % of Total |  | Balance | % of Total |  |
| Noninterest bearing deposits | $**910693** | **16.9** | **%** | $903714 | 16.5 | % | $882472 | 16.3 | % |
| Interest checking deposits | **1206096** | **22.5** |  | 1283328 | 23.3 |  | 1284243 | 23.7 |  |
| Money market deposits | **971048** | **18.0** |  | 1002066 | 18.3 |  | 1043376 | 19.3 |  |
| Savings deposits | **851636** | **15.8** |  | 877348 | 16.0 |  | 745639 | 13.8 |  |
| Time deposits of $250 and under | **837302** | **15.5** |  | 818012 | 14.9 |  | 803301 | 14.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total core deposits | **4776775** | **88.7** |  | 4884468 | 89.0 |  | 4759031 | 87.9 |  |
| Brokered time deposits | **200000** | **3.7** |  | 200000 | 3.6 |  | 196000 | 3.6 |  |
| Time deposits over $250 | **411323** | **7.6** |  | 404674 | 7.4 |  | 457388 | 8.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $**5388098** | **100.0** | **%** | $5489142 | 100.0 | % | $5412419 | 100.0 | % |

---

Total deposits at June 30, 2025 were $5.39 billion, decreasing $101.0 million, or 1.8%, from $5.49 billion at March 31, 2025, and decreasing $24.3 million, or 0.4%, from $5.41 billion at June 30, 2024. Noninterest bearing deposits at June 30, 2025 were $910.7 million, an increase of $7.0 million from March 31, 2025 and an increase of $28.2 million from June 30, 2024.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowed Funds** | **June 30, 2025** | **June 30, 2025** |  | March 31, 2025 | March 31, 2025 |  | June 30, 2024 | June 30, 2024 |  |
| **(Dollars in thousands)** | **Balance** | **% of Total** |  | Balance | % of Total |  | Balance | % of Total |  |
| Short-term borrowings | $**—** | **—** | **%** | $1482 | 1.3 | % | $414684 | 78.3 | % |
| Long-term debt | **112320** | **100.0** | **%** | 111398 | 98.7 | % | 114839 | 21.7 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowed funds | $**112320** |  |  | $112880 |  |  | $529523 |  |  |

---

Borrowed funds were $112.3 million at June 30, 2025, a decrease of $0.6 million from March 31, 2025 and a decrease of $417.2 million from June 30, 2024. The decrease compared to the linked quarter was due primarily to lower securities sold under agreements to repurchase. The decrease compared to June 30, 2024 was primarily due to the pay-off of $405.0 million of BTFP borrowings and scheduled payments on long-term debt.

In June 2025, the Company provided notice to the trustee of its intent to redeem all $65.0 million aggregate principal of its 5.75% fixed-to-floating rate subordinated notes due 2030. To complete the redemption, the Company expects to utilize a combination of cash on hand and proceeds from a $50.0 million senior term note. The senior term note is expected to be structured as a 5-year maturity, 7-year amortization facility, and bear interest at a floating rate of 1-month term SOFR plus 1.75%. The financing pursuant to the senior note is expected to close on July 29, 2025, and the redemption is expected to occur on July 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Capital** | **June 30,** | March 31, | June 30, |
| **(Dollars in thousands)** | **2025** <sup>(1)</sup> | 2025 | 2024 |
| Total shareholders' equity | $**589040** | $579625 | $543286 |
| Accumulated other comprehensive loss | **(57557)** | (63098) | (58135) |
| **MidWest*One* Financial Group, Inc. Consolidated** |  |  |  |
| Tier 1 leverage to average assets ratio | **9.62%** | 9.50% | 8.29% |
| Common equity tier 1 capital to risk-weighted assets ratio | **11.02%** | 10.97% | 9.56% |
| Tier 1 capital to risk-weighted assets ratio | **11.88%** | 11.84% | 10.35% |
| Total capital to risk-weighted assets ratio | **14.44%** | 14.34% | 12.62% |
| **MidWest*One* Bank** |  |  |  |
| Tier 1 leverage to average assets ratio | **10.43%** | 10.42% | 9.24% |
| Common equity tier 1 capital to risk-weighted assets ratio | **12.95%** | 13.02% | 11.55% |
| Tier 1 capital to risk-weighted assets ratio | **12.95%** | 13.02% | 11.55% |
| Total capital to risk-weighted assets ratio | **14.20%** | 14.21% | 12.61% |
| <sup>(1)</sup> Regulatory capital ratios for June 30, 2025 are preliminary |  |  |  |

---

Total shareholders' equity at June 30, 2025 increased $9.4 million from March 31, 2025, driven primarily by a decrease in accumulated other comprehensive loss and an increase in retained earnings, partially offset by an increase in treasury stock. Total shareholders' equity at June 30, 2025 increased $45.8 million from June 30, 2024, primarily due to increases in common stock and additional paid-in-capital stemming from the common equity capital raise in the third quarter of 2024, and partially offset by a decrease in retained earnings.

------

On July 22, 2025, the Board of Directors of the Company declared a cash dividend of $0.2425 per common share. The dividend is payable September 16, 2025, to shareholders of record at the close of business on September 2, 2025.

The current share repurchase program allows for the repurchase of up to $15.0 million of the Company's common shares. Under such program, the Company repurchased 63,402 shares of its common stock at an average price of $27.65 per share and a total cost of $1.8 million during the period March 31, 2025 through June 30, 2025. No shares were repurchased during the subsequent period through July 24, 2025. As of June 30, 2025, $13.2 million remained available under this program.

**CREDIT QUALITY REVIEW**

---

| | | | |
|:---|:---|:---|:---|
| **Credit Quality** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** |
| **Credit Quality** | **June 30,** | March 31, | June 30, |
| **(Dollars in thousands)** | **2025** | 2025 | 2024 |
| Credit loss expense related to loans | $**12089** | $1787 | $467 |
| Net charge-offs | **189** | 3087 | 524 |
| Allowance for credit losses | **65800** | 53900 | 53900 |
| Pass | $**4155385** | $4068707 | $3991692 |
| Special Mention | **98998** | 121494 | 146253 |
| Classified | **126805** | 113983 | 149287 |
| Criticized | **225803** | 235477 | 295540 |
| Loans greater than 30 days past due and accruing | $**12161** | $6119 | $9358 |
| Nonperforming loans | $**37192** | $17470 | $25128 |
| Nonperforming assets | **40606** | 20889 | 31181 |
| Net charge-off ratio<sup>(1)</sup> | **0.02%** | 0.29% | 0.05% |
| Classified loans ratio<sup>(2)</sup> | **2.89%** | 2.65% | 3.48% |
| Criticized loans ratio<sup>(3)</sup> | **5.15%** | 5.47% | 6.89% |
| Nonperforming loans ratio<sup>(4)</sup> | **0.85%** | 0.41% | 0.59% |
| Nonperforming assets ratio<sup>(5)</sup> | **0.66%** | 0.33% | 0.47% |
| Allowance for credit losses ratio<sup>(6)</sup> | **1.50%** | 1.25% | 1.26% |
| Allowance for credit losses to nonaccrual loans ratio<sup>(7)</sup> | **179.19%** | 309.47% | 218.26% |
| <sup>(1)</sup> Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period. | <sup>(1)</sup> Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period. | <sup>(1)</sup> Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period. | <sup>(1)</sup> Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period. |
| <sup>(2)</sup> Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period. | <sup>(2)</sup> Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period. | <sup>(2)</sup> Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period. | <sup>(2)</sup> Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period. |
| <sup>(3)</sup> Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period. | <sup>(3)</sup> Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period. | <sup>(3)</sup> Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period. | <sup>(3)</sup> Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period. |
| <sup>(4)</sup> Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period. | <sup>(4)</sup> Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period. | <sup>(4)</sup> Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period. | <sup>(4)</sup> Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period. |
| <sup>(5)</sup> Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period. | <sup>(5)</sup> Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period. | <sup>(5)</sup> Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period. | <sup>(5)</sup> Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period. |
| <sup>(6)</sup> 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. | <sup>(6)</sup> 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. | <sup>(6)</sup> 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. | <sup>(6)</sup> 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. |
| <sup>(7)</sup> 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. | <sup>(7)</sup> 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. | <sup>(7)</sup> 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. | <sup>(7)</sup> Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period. |

---

Compared to the linked quarter, both nonperforming loans and nonperforming assets increased $19.7 million, primarily due to a single $24.0 million CRE office credit, partially offset by the sale of a $3.9 million CRE office credit. Special mention loan balances decreased $22.5 million, or 19%, while classified loan balances increased $12.8 million, or 11%. Compared to the prior year period, nonperforming loans and nonperforming assets increased $12.1 million and $9.4 million, respectively. Special mention loan balances decreased $47.3 million, or 32%, while classified loan balances decreased $22.5 million, or 15%. The net charge-off ratio declined 27 bps from the linked quarter and 3 bps from the same period in the prior year.

As of June 30, 2025, the allowance for credit losses was $65.8 million and the allowance for credit losses ratio was 1.50%, compared with $53.9 million and 1.25%, respectively, at March 31, 2025. Credit loss expense of $11.9 million in the second quarter of 2025 primarily reflected the specific reserve established in connection with the single CRE office credit previously discussed.

------

---

| | | | |
|:---|:---|:---|:---|
| **Nonperforming Loans Roll Forward** | **Nonaccrual** | **90+ Days Past Due & Still Accruing** | **Total** |
| **(Dollars in thousands)** | **Nonaccrual** | **90+ Days Past Due & Still Accruing** | **Total** |
| **Balance at March 31, 2025** | $**17417** | $**53** | $**17470** |
| Loans placed on nonaccrual or 90+ days past due & still accruing | 25279 | 569 | 25848 |
| Proceeds related to repayment or sale | (4973) |  | (4973) |
| Loans returned to accrual status or no longer past due | (632) |  | (632) |
| Charge-offs | (187) | (151) | (338) |
| Transfers to foreclosed assets | (183) |  | (183) |
| **Balance at June 30, 2025** | $**36721** | $**471** | $**37192** |

---

**CONFERENCE CALL DETAILS**

The Company will host a conference call for investors at 11:00 a.m. CT on Friday, July 25, 2025. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login?show=a6070726&confId=80381. After pre-registering for this event you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 using an access code of 293794 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until October 23, 2025 by calling 1-866-813-9403 and using the replay access code of 763204. A transcript of the call will also be available on the Company's web site (www.midwestonefinancial.com) within three business days of the call.

**ABOUT MIDWEST*ONE* FINANCIAL GROUP, INC.**

MidWest*One* Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWest*One* is the parent company of MidWest*One* Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWest*One* provides electronic delivery of financial services through its website, MidWest*One*.bank. MidWest*One* Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol "MOFG".

***Cautionary Note Regarding Forward-Looking Statements***

*This release contains certain "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to time, make written or oral statements that are "forward-looking" and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "should," "could," "would," "plans," "goals," "intend," "project," "estimate," "forecast," "may" or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law.*

*Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the effects of changes in interest rates, including on our net income and the value of our securities portfolio; (2) fluctuations in the value of our investment securities; (3) effects on the U.S. economy resulting from the implementation of proposed policies and executive orders, including the imposition of tariffs, changes in immigration policy, changes to regulatory or other governmental agencies, DEI and ESG initiative trends, changes in consumer protection policies, changes in foreign policy and tax regulations; (4) volatility of rate-sensitive deposits; (5) asset/liability matching risks and liquidity risks; (6) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company's cost of funds; (7) the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; (8) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures and future monetary policies of the Federal Reserve in response thereto on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (9) the sufficiency of the allowance for credit losses to absorb the amount of expected losses inherent in our existing loan portfolio; (10) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (11) credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio; (12) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (13) governmental monetary and fiscal policies; (14) new or revised general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession; (15) the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and value of the agricultural or other products of our borrowers; (16) war or terrorist activities, including ongoing conflicts in the Middle East and* 

------

*the Russian invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (17) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, and including changes in interpretation or prioritization of such laws and regulations; (18) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (19) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (20)* c*hanges in the business and economic conditions generally and in the financial services industry, and the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in prior bank failures; (21) the occurrence of fraudulent activity, breaches, or failures of our or our third party vendors' information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (22) the ability to attract and retain key executives and employees experienced in banking and financial services; (23) our ability to adapt successfully to technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (24) operational risks, including data processing system failures and fraud; (25) the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions; (26) the risks of mergers or branch sales (including the sale of our Florida banking operations and the acquisition of Denver Bankshares, Inc.), including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (27) the economic impacts on the Company and its customers of climate change, natural disasters and exceptional weather occurrences, such as: tornadoes, floods and blizzards; and (28) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.* 

------

**MIDWEST*ONE* FINANCIAL GROUP, INC.** 

**FIVE QUARTER CONSOLIDATED BALANCE SHEETS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30,** | March 31, | December 31, | September 30, | June 30, |
| **(Dollars in thousands)** | **2025** | 2025 | 2024 | 2024 | 2024 |
| **ASSETS** |  |  |  |  |  |
| Cash and due from banks | $**78696** | $68545 | $71803 | $72173 | $66228 |
| Interest earning deposits in banks | **90749** | 182360 | 133092 | 129695 | 35340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | **169445** | 250905 | 204895 | 201868 | 101568 |
| Debt securities available for sale at fair value | **1235045** | 1305530 | 1328433 | 1623104 | 771034 |
| Held to maturity securities at amortized cost | **—** |  |  |  | 1053080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities | **1235045** | 1305530 | 1328433 | 1623104 | 1824114 |
| Loans held for sale | **16812** | 13836 | 749 | 3283 | 2850 |
| Gross loans held for investment | **4391426** | 4315546 | 4328413 | 4344559 | 4304619 |
| Unearned income, net | **(10238)** | (11362) | (12786) | (15803) | (17387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment, net of unearned income | **4381188** | 4304184 | 4315627 | 4328756 | 4287232 |
| Allowance for credit losses | **(65800)** | (53900) | (55200) | (54000) | (53900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans held for investment, net | **4315388** | 4250284 | 4260427 | 4274756 | 4233332 |
| Premises and equipment, net | **89910** | 90031 | 90851 | 90750 | 91793 |
| Goodwill | **69788** | 69788 | 69788 | 69788 | 69388 |
| Other intangible assets, net | **22359** | 23611 | 25019 | 26469 | 27939 |
| Foreclosed assets, net | **3414** | 3419 | 3337 | 3583 | 6053 |
| Other assets | **238612** | 246990 | 252830 | 258881 | 224621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**6160773** | $6254394 | $6236329 | $6552482 | $6581658 |
| **LIABILITIES** |  |  |  |  |  |
| Noninterest bearing deposits | $**910693** | $903714 | $951423 | $917715 | $882472 |
| Interest bearing deposits | **4477405** | 4585428 | 4526559 | 4451012 | 4529947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **5388098** | 5489142 | 5477982 | 5368727 | 5412419 |
| Short-term borrowings | **—** | 1482 | 3186 | 410630 | 414684 |
| Long-term debt | **112320** | 111398 | 113376 | 115051 | 114839 |
| Other liabilities | **71315** | 72747 | 82089 | 95836 | 96430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **5571733** | 5674769 | 5676633 | 5990244 | 6038372 |
| **SHAREHOLDERS' EQUITY** |  |  |  |  |  |
| Common stock | **21580** | 21580 | 21580 | 21580 | 16581 |
| Additional paid-in capital | **414485** | 414258 | 414987 | 414965 | 300831 |
| Retained earnings | **232718** | 227790 | 217776 | 206490 | 306030 |
| Treasury stock | **(22186)** | (20905) | (21885) | (21955) | (22021) |
| Accumulated other comprehensive loss | **(57557)** | (63098) | (72762) | (58842) | (58135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | **589040** | 579625 | 559696 | 562238 | 543286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $**6160773** | $6254394 | $6236329 | $6552482 | $6581658 |

---

------

**MIDWEST*ONE* FINANCIAL GROUP, INC.** 

**FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | March 31, | December 31, | September 30, | June 30, | **June 30,** | June 30, |
| **(Dollars in thousands, except per share data)** | **2025** | 2025 | 2024 | 2024 | 2024 | **2025** | 2024 |
| Interest income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, including fees | $**62276** | $59462 | $62458 | $62521 | $61643 | $**121738** | $119590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable investment securities | **12928** | 13327 | 11320 | 8779 | 9228 | **26255** | 18688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt investment securities | **699** | 703 | 728 | 1611 | 1663 | **1402** | 3373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **1517** | 1247 | 3761 | 785 | 242 | **2764** | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest income** | **77420** | 74739 | 78267 | 73696 | 72776 | **152159** | 142311 |
| Interest expense |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | **25665** | 25484 | 27324 | 29117 | 28942 | **51149** | 56668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | **19** | 25 | 115 | 5043 | 5409 | **44** | 10384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | **1754** | 1791 | 1890 | 2015 | 2078 | **3545** | 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest expense** | **27438** | 27300 | 29329 | 36175 | 36429 | **54738** | 71233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest income** | **49982** | 47439 | 48938 | 37521 | 36347 | **97421** | 71078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit loss expense | **11889** | 1687 | 1291 | 1535 | 1267 | **13576** | 5956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest income after credit loss expense** | **38093** | 45752 | 47647 | 35986 | 35080 | **83845** | 65122 |
| Noninterest income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment services and trust activities | **3705** | 3544 | 3779 | 3410 | 3504 | **7249** | 7007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service charges and fees | **2190** | 2131 | 2159 | 2170 | 2156 | **4321** | 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card revenue | **1934** | 1744 | 1833 | 1935 | 1907 | **3678** | 3850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan revenue | **1417** | 1194 | 1841 | 760 | 1525 | **2611** | 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank-owned life insurance | **677** | 1057 | 719 | 879 | 668 | **1734** | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities gains (losses), net | **—** | 33 | 161 | (140182) | 33 | **33** | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **326** | 433 | 345 | 640 | 11761 | **759** | 12369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest income (loss)** | **10249** | 10136 | 10837 | (130388) | 21554 | **20385** | 31304 |
| Noninterest expense |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and employee benefits | **21011** | 21212 | 20684 | 19943 | 20985 | **42223** | 41915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy expense of premises, net | **2540** | 2588 | 2772 | 2443 | 2435 | **5128** | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment | **2550** | 2426 | 2688 | 2486 | 2530 | **4976** | 5130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal and professional | **2153** | 2226 | 2534 | 2261 | 2253 | **4379** | 4312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data processing | **1486** | 1698 | 1719 | 1580 | 1645 | **3184** | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing | **762** | 552 | 793 | 619 | 636 | **1314** | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | **1252** | 1408 | 1449 | 1470 | 1593 | **2660** | 3230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FDIC insurance | **851** | 917 | 980 | 923 | 1051 | **1768** | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | **161** | 159 | 154 | 159 | 191 | **320** | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreclosed assets, net | **83** | 74 | 56 | 330 | 138 | **157** | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **2918** | 3033 | 3543 | 3584 | 2304 | **5951** | 4376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest expense** | **35767** | 36293 | 37372 | 35798 | 35761 | **72060** | 71326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income (loss) before income tax expense (benefit)** | **12575** | 19595 | 21112 | (130200) | 20873 | **32170** | 25100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | **2595** | 4457 | 4782 | (34493) | 5054 | **7052** | 6012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | $**9980** | $15138 | $16330 | $(95707) | $15819 | $**25118** | $19088 |
| Earnings (loss) per common share |  |  |  |  |  |  |  |
| Basic | $**0.48** | $0.73 | $0.79 | $(6.05) | $1.00 | $**1.21** | $1.21 |
| Diluted | $**0.48** | $0.73 | $0.78 | $(6.05) | $1.00 | $**1.20** | $1.21 |
| Weighted average basic common shares outstanding | **20816** | 20797 | 20776 | 15829 | 15763 | **20807** | 15743 |
| Weighted average diluted common shares outstanding | **20843** | 20849 | 20851 | 15829 | 15781 | **20846** | 15775 |
| Dividends paid per common share | $**0.2425** | $0.2425 | $0.2425 | $0.2425 | $0.2425 | $**0.4850** | $0.4850 |

---

------

**MIDWEST*ONE* FINANCIAL GROUP, INC.** 

**FINANCIAL STATISTICS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of or for the Three Months Ended** | **As of or for the Three Months Ended** | **As of or for the Three Months Ended** | **As of or for the Six Months Ended** | **As of or for the Six Months Ended** |
| | **June 30,** | March 31, | June 30, | **June 30,** | June 30, |
| **(Dollars in thousands, except per share amounts)** | **2025** | 2025 | 2024 | **2025** | 2024 |
| **<u>Earnings:</u>** |  |  |  |  |  |
| Net interest income | $**49982** | $47439 | $36347 | $**97421** | $71078 |
| Noninterest income | **10249** | 10136 | 21554 | **20385** | 31304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenue, net of interest expense | **60231** | 57575 | 57901 | **117806** | 102382 |
| Credit loss expense | **11889** | 1687 | 1267 | **13576** | 5956 |
| Noninterest expense | **35767** | 36293 | 35761 | **72060** | 71326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before income tax expense | **12575** | 19595 | 20873 | **32170** | 25100 |
| Income tax expense | **2595** | 4457 | 5054 | **7052** | 6012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | $**9980** | $15138 | $15819 | $**25118** | $19088 |
| Pre-tax pre-provision net revenue<sup>(1)</sup> | $**24464** | $21282 | $22140 | $**45746** | $31056 |
| Adjusted earnings<sup>(1)</sup> | **10176** | 15301 | 8132 | **25479** | 12621 |
| **<u>Per Share Data:</u>** |  |  |  |  |  |
| Diluted earnings | $**0.48** | $0.73 | $1.00 | $**1.20** | $1.21 |
| Adjusted earnings<sup>(1)</sup> | **0.49** | 0.73 | 0.52 | **1.22** | 0.80 |
| Book value | **28.36** | 27.85 | 34.44 | **28.36** | 34.44 |
| Tangible book value<sup>(1)</sup> | **23.92** | 23.36 | 28.27 | **23.92** | 28.27 |
| **<u>Ending Balance Sheet:</u>** |  |  |  |  |  |
| Total assets | $**6160773** | $6254394 | $6581658 | $**6160773** | $6581658 |
| Loans held for investment, net of unearned income | **4381188** | 4304184 | 4287232 | **4381188** | 4287232 |
| Total securities | **1235045** | 1305530 | 1824114 | **1235045** | 1824114 |
| Total deposits | **5388098** | 5489142 | 5412419 | **5388098** | 5412419 |
| Short-term borrowings | **—** | 1482 | 414684 | **—** | 414684 |
| Long-term debt | **112320** | 111398 | 114839 | **112320** | 114839 |
| Total shareholders' equity | **589040** | 579625 | 543286 | **589040** | 543286 |
| **<u>Average Balance Sheet:</u>** |  |  |  |  |  |
| Average total assets | $**6172649** | $6168546 | $6713573 | $**6170609** | $6674476 |
| Average total loans | **4370196** | 4290710 | 4419697 | **4330659** | 4358957 |
| Average total deposits | **5398916** | 5398819 | 5514924 | **5398868** | 5498020 |
| **<u>Financial Ratios:</u>** |  |  |  |  |  |
| Return on average assets | **0.65%** | 1.00% | 0.95% | **0.82%** | 0.58% |
| Return on average equity | **6.81%** | 10.74% | 11.91% | **8.74%** | 7.23% |
| Return on average tangible equity<sup>(1)</sup> | **8.84%** | 13.75% | 15.74% | **11.24%** | 9.98% |
| Efficiency ratio<sup>(1)</sup> | **56.20%** | 59.38% | 56.29% | **57.75%** | 62.83% |
| Net interest margin, tax equivalent<sup>(1)</sup> | **3.57%** | 3.44% | 2.41% | **3.51%** | 2.37% |
| Loans to deposits ratio | **81.31%** | 78.41% | 79.21% | **81.31%** | 79.21% |
| CET1 Ratio | **11.02%** | 10.97% | 9.56% | **11.02%** | 9.56% |
| Common equity ratio | **9.56%** | 9.27% | 8.25% | **9.56%** | 8.25% |
| Tangible common equity ratio<sup>(1)</sup> | **8.19%** | 7.89% | 6.88% | **8.19%** | 6.88% |
| **<u>Credit Risk Profile:</u>** |  |  |  |  |  |
| Total nonperforming loans | $**37192** | $17470 | $25128 | $**37192** | $25128 |
| Nonperforming loans ratio | **0.85%** | 0.41% | 0.59% | **0.85%** | 0.59% |
| Total nonperforming assets | $**40606** | $20889 | $31181 | $**40606** | $31181 |
| Nonperforming assets ratio | **0.66%** | 0.33% | 0.47% | **0.66%** | 0.47% |
| Net charge-offs | $**189** | $3087 | $524 | $**3276** | $713 |
| Net charge-off ratio | **0.02%** | 0.29% | 0.05% | **0.15%** | 0.03% |
| Allowance for credit losses | $**65800** | $53900 | $53900 | $**65800** | $53900 |
| Allowance for credit losses ratio | **1.50%** | 1.25% | 1.26% | **1.50%** | 1.26% |
| Allowance for credit losses to nonaccrual ratio | **179.19%** | 309.47% | 218.26% | **179.19%** | 218.26% |
| <sup>(1)</sup> Non-GAAP measure. See the *Non-GAAP Measures* section for a reconciliation to the most directly comparable GAAP measure. | <sup>(1)</sup> Non-GAAP measure. See the *Non-GAAP Measures* section for a reconciliation to the most directly comparable GAAP measure. | <sup>(1)</sup> Non-GAAP measure. See the *Non-GAAP Measures* section for a reconciliation to the most directly comparable GAAP measure. | <sup>(1)</sup> Non-GAAP measure. See the *Non-GAAP Measures* section for a reconciliation to the most directly comparable GAAP measure. | <sup>(1)</sup> Non-GAAP measure. See the *Non-GAAP Measures* section for a reconciliation to the most directly comparable GAAP measure. | <sup>(1)</sup> Non-GAAP measure. See the *Non-GAAP Measures* section for a reconciliation to the most directly comparable GAAP measure. |

---

------

**MIDWEST*ONE* FINANCIAL GROUP, INC.** 

**AVERAGE BALANCE SHEET AND YIELD ANALYSIS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| **(Dollars in thousands)** | **Average<br>Balance** | **Interest<br>Income/<br>Expense** | **Average<br>Yield/<br>Cost** | **Average**<br>**Balance** | **Interest**<br>**Income/**<br>**Expense** | **Average<br>Yield/<br>Cost** | **Average Balance** | **Interest<br>Income/<br>Expense** | **Average<br>Yield/<br>Cost** |
| **ASSETS** | | | | | | | | | |
| Loans, including fees <sup>(1)(2)(3)</sup> | $**4370196** | $**63298** | **5.81%** | $4290710 | $60443 | 5.71% | $4419697 | $62581 | 5.69% |
| Taxable investment securities | **1168048** | **12928** | **4.44%** | 1207844 | 13327 | 4.47% | 1520253 | 9228 | 2.44% |
| Tax-exempt investment securities <sup>(2)(4)</sup> | **102792** | **859** | **3.35%** | 105563 | 865 | 3.32% | 322092 | 2040 | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities held for investment<sup>(2)</sup> | **1270840** | **13787** | **4.35%** | 1313407 | 14192 | 4.38% | 1842345 | 11268 | 2.46% |
| Other | **104628** | **1517** | **5.82%** | 124133 | 1247 | 4.07% | 20452 | 242 | 4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest earning assets<sup>(2)</sup> | $**5745664** | $**78602** | **5.49%** | $5728250 | $75882 | 5.37% | $6282494 | $74091 | 4.74% |
| Other assets | **426985** |  |  | 440296 |  |  | 431079 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**6172649** |  |  | $6168546 |  |  | $6713573 |  |  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Interest checking deposits | $**1221266** | $**2101** | **0.69%** | $1240586 | $2127 | 0.70% | $1297356 | $3145 | 0.97% |
| Money market deposits | **986029** | **6057** | **2.46%** | 1002743 | 6333 | 2.56% | 1072688 | 7821 | 2.93% |
| Savings deposits | **843223** | **3161** | **1.50%** | 835731 | 3057 | 1.48% | 738773 | 2673 | 1.46% |
| Time deposits | **1436301** | **14346** | **4.01%** | 1397595 | 13967 | 4.05% | 1470956 | 15303 | 4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing deposits | **4486819** | **25665** | **2.29%** | 4476655 | 25484 | 2.31% | 4579773 | 28942 | 2.54% |
| Securities sold under agreements to repurchase | **896** | **1** | **0.45%** | 2705 | 5 | 0.75% | 5300 | 10 | 0.76% |
| Other short-term borrowings | **—** | **18** | **— %** |  | 20 | —% | 442546 | 5399 | 4.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short-term borrowings | **896** | **19** | **8.51%** | 2705 | 25 | 3.75% | 447846 | 5409 | 4.86% |
| Long-term debt | **112035** | **1754** | **6.28%** | 113364 | 1791 | 6.41% | 120256 | 2078 | 6.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowed funds | **112931** | **1773** | **6.30%** | 116069 | 1816 | 6.35% | 568102 | 7487 | 5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing liabilities | $**4599750** | $**27438** | **2.39%** | $4592724 | $27300 | 2.41% | $5147875 | $36429 | 2.85% |
| Noninterest bearing deposits | **912097** |  |  | 922164 |  |  | 935151 |  |  |
| Other liabilities | **73094** |  |  | 82280 |  |  | 96553 |  |  |
| Shareholders' equity | **587708** |  |  | 571378 |  |  | 533994 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $**6172649** |  |  | $6168546 |  |  | $6713573 |  |  |
| Net interest income<sup>(2)</sup> |  | $**51164** |  |  | $48582 |  |  | $37662 |  |
| Net interest spread<sup>(2)</sup> |  |  | **3.10%** |  |  | 2.96% |  |  | 1.89% |
| Net interest margin<sup>(2)</sup> |  |  | **3.57%** |  |  | 3.44% |  |  | 2.41% |
| Total deposits<sup>(5)</sup> | $**5398916** | $**25665** | **1.91%** | $5398819 | $25484 | 1.91% | $5514924 | $28942 | 2.11% |
| Cost of funds<sup>(6)</sup> |  |  | **2.00%** |  |  | 2.01% |  |  | 2.41% |

---

(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 $272 thousand, $256 thousand, and $337 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Loan purchase discount accretion was $1.1 million, $1.2 million, and $1.3 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Tax equivalent adjustments were $1.0 million, $981 thousand, and $938 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.

(4) Interest income includes tax equivalent adjustments of $160 thousand, $162 thousand, and $377 thousand for the three months ended June 30, 2025, March 31, 2025, and June 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.

------

**MIDWEST*ONE* FINANCIAL GROUP, INC.** 

**AVERAGE BALANCE SHEET AND YIELD ANALYSIS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| **(Dollars in thousands)** | **Average**<br>**Balance** | **Interest**<br>**Income/**<br>**Expense** | **Average**<br>**Yield/**<br>**Cost** | **Average**<br>**Balance** | **Interest**<br>**Income/**<br>**Expense** | **Average**<br>**Yield/**<br>**Cost** |
| **ASSETS** | | | | | | |
| Loans, including fees <sup>(1)(2)(3)</sup> | $**4330659** | $**123741** | **5.76%** | $4358957 | $121448 | 5.60% |
| Taxable investment securities | **1187836** | **26255** | **4.46%** | 1538928 | 18688 | 2.44% |
| Tax-exempt investment securities <sup>(2)(4)</sup> | **104170** | **1724** | **3.34%** | 325414 | 4137 | 2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities held for investment<sup>(2)</sup> | **1292006** | **27979** | **4.37%** | 1864342 | 22825 | 2.46% |
| Other | **114327** | **2764** | **4.88%** | 25529 | 660 | 5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest earning assets<sup>(2)</sup> | $**5736992** | $**154484** | **5.43%** | $6248828 | $144933 | 4.66% |
| Other assets | **433617** |  |  | 425648 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**6170609** |  |  | $6674476 |  |  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |
| Interest checking deposits | $**1230873** | $**4228** | **0.69%** | $1299413 | $6035 | 0.93% |
| Money market deposits | **994340** | **12390** | **2.51%** | 1087616 | 15886 | 2.94% |
| Savings deposits | **839498** | **6218** | **1.49%** | 716458 | 4720 | 1.32% |
| Time deposits | **1417054** | **28313** | **4.03%** | 1458969 | 30027 | 4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing deposits | **4481765** | **51149** | **2.30%** | 4562456 | 56668 | 2.50% |
| Securities sold under agreements to repurchase | **1795** | **6** | **0.67%** | 5315 | 21 | 0.79% |
| Other short-term borrowings | **—** | **38** | **— %** | 426036 | 10363 | 4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total short-term borrowings | **1795** | **44** | **4.94%** | 431351 | 10384 | 4.84% |
| Long-term debt | **112696** | **3545** | **6.34%** | 121761 | 4181 | 6.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowed funds | **114491** | **3589** | **6.32%** | 553112 | 14565 | 5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing liabilities | $**4596256** | $**54738** | **2.40%** | $5115568 | $71233 | 2.80% |
| Noninterest bearing deposits | **917103** |  |  | 935564 |  |  |
| Other liabilities | **77662** |  |  | 92581 |  |  |
| Shareholders' equity | **579588** |  |  | 530763 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $**6170609** |  |  | $6674476 |  |  |
| Net interest income<sup>(2)</sup> |  | $**99746** |  |  | $73700 |  |
| Net interest spread<sup>(2)</sup> |  |  | **3.03%** |  |  | 1.86% |
| Net interest margin<sup>(2)</sup> |  |  | **3.51%** |  |  | 2.37% |
| Total deposits<sup>(5)</sup> | $**5398868** | $**51149** | **1.91%** | $5498020 | $56668 | 2.07% |
| Cost of funds<sup>(6)</sup> |  |  | **2.00%** |  |  | 2.37% |

---

(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 $528 thousand and $574 thousand for the six months ended June 30, 2025 and June 30, 2024, respectively. Loan purchase discount accretion was $2.3 million and $2.4 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Tax equivalent adjustments were $2.0 million and $1.9 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.

(4) Interest income includes tax equivalent adjustments of $0.3 million and $0.8 million for the six months ended June 30, 2025 and June 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.

------

*Non-GAAP Measures* 

*This earnings release contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, return on average tangible equity, net interest margin (tax equivalent), core net interest margin, loan yield (tax equivalent), core yield on loans, efficiency ratio, adjusted earnings and adjusted earnings per share, and pre-tax pre-provision net revenue. Management believes these measures provide investors with useful information regarding the Company's profitability, financial condition and capital adequacy, consistent with how management evaluates the Company's financial performance. The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP measure.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tangible Common Equity/Tangible Book Value** | | | | | |
| **per Share/Tangible Common Equity Ratio** | **June 30,** | March 31, | December 31, | September 30, | June 30, |
| **(Dollars in thousands, except per share data)** | **2025** | 2025 | 2024 | 2024 | 2024 |
| Total shareholders' equity | $**589040** | $579625 | $559696 | $562238 | $543286 |
| Intangible assets, net | **(92147)** | (93399) | (94807) | (96257) | (97327) |
| &nbsp;&nbsp;&nbsp;Tangible common equity | $**496893** | $486226 | $464889 | $465981 | $445959 |
| Total assets | $**6160773** | $6254394 | $6236329 | $6552482 | $6581658 |
| Intangible assets, net  | **(92147)** | (93399) | (94807) | (96257) | (97327) |
| &nbsp;&nbsp;&nbsp;Tangible assets | $**6068626** | $6160995 | $6141522 | $6456225 | $6484331 |
| Book value per share | $**28.36** | $27.85 | $26.94 | $27.06 | $34.44 |
| Tangible book value per share<sup>(1)</sup> | $**23.92** | $23.36 | $22.37 | $22.43 | $28.27 |
| Shares outstanding | **20769577** | 20815715 | 20777485 | 20774919 | 15773468 |
| Common equity ratio | **9.56%** | 9.27% | 8.97% | 8.58% | 8.25% |
| Tangible common equity ratio<sup>(2)</sup> | **8.19%** | 7.89% | 7.57% | 7.22% | 6.88% |

---

(1) Tangible common equity divided by shares outstanding.

(2) Tangible common equity divided by tangible assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **Return on Average Tangible Equity** | **June 30,** | March 31, | June 30, | **June 30,** | June 30, |
| **(Dollars in thousands)** | **2025** | 2025 | 2024 | **2025** | 2024 |
| Net income | $**9980** | $15138 | $15819 | $**25118** | $19088 |
| Intangible amortization, net of tax<sup>(1)</sup> | **931** | 1047 | 1195 | **1978** | 2423 |
| &nbsp;&nbsp;&nbsp;Tangible net income | $**10911** | $16185 | $17014 | $**27096** | $21511 |
| Average shareholders' equity | $**587708** | $571378 | $533994 | $**579588** | $530763 |
| Average intangible assets, net  | **(92733)** | (94169) | (99309) | **(93447)** | (97302) |
| &nbsp;&nbsp;&nbsp;Average tangible equity | $**494975** | $477209 | $434685 | $**486141** | $433461 |
| Return on average equity | **6.81%** | 10.74% | 11.91% | **8.74%** | 7.23% |
| Return on average tangible equity<sup>(2)</sup> | **8.84%** | 13.75% | 15.74% | **11.24%** | 9.98% |

---

(1) The income tax rate utilized was the blended marginal tax rate.

(2) Annualized tangible net income divided by average tangible equity.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Interest Margin, Tax Equivalent/<br>Core Net Interest Margin** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **Net Interest Margin, Tax Equivalent/<br>Core Net Interest Margin** | **June 30,** | March 31, | June 30, | **June 30,** | June 30, |
| **(Dollars in thousands)** | **2025** | 2025 | 2024 | **2025** | 2024 |
| Net interest income | $**49982** | $47439 | $36347 | $**97421** | $71078 |
| Tax equivalent adjustments: |  |  |  |  |  |
| Loans<sup>(1)</sup> | **1022** | 981 | 938 | **2003** | 1858 |
| Securities<sup>(1)</sup> | **160** | 162 | 377 | **322** | 764 |
| &nbsp;&nbsp;&nbsp;Net interest income, tax equivalent | $**51164** | $48582 | $37662 | $**99746** | $73700 |
| Loan purchase discount accretion | **(1142)** | (1166) | (1261) | **(2308)** | (2413) |
| &nbsp;&nbsp;&nbsp;Core net interest income | $**50022** | $47416 | $36401 | $**97438** | $71287 |
| Net interest margin | **3.49%** | 3.36% | 2.33% | **3.42%** | 2.29% |
| Net interest margin, tax equivalent<sup>(2)</sup> | **3.57%** | 3.44% | 2.41% | **3.51%** | 2.37% |
| Core net interest margin<sup>(3)</sup> | **3.49%** | 3.36% | 2.33% | **3.42%** | 2.29% |
| Average interest earning assets | $**5745664** | $5728250 | $6282494 | $**5736992** | $6248828 |

---

(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.&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **Loan Yield, Tax Equivalent / Core Yield on Loans** | **June 30,** | March 31, | June 30, | **June 30,** | June 30, |
| **(Dollars in thousands)** | **2025** | 2025 | 2024 | **2025** | 2024 |
| Loan interest income, including fees | $**62276** | $59462 | $61643 | $**121738** | $119590 |
| Tax equivalent adjustment<sup>(1)</sup> | **1022** | 981 | 938 | **2003** | 1858 |
| &nbsp;&nbsp;&nbsp;Tax equivalent loan interest income | $**63298** | $60443 | $62581 | $**123741** | $121448 |
| Loan purchase discount accretion | **(1142)** | (1166) | (1261) | **(2308)** | (2413) |
| &nbsp;&nbsp;&nbsp;Core loan interest income | $**62156** | $59277 | $61320 | $**121433** | $119035 |
| Yield on loans | **5.72%** | 5.62% | 5.61% | **5.67%** | 5.52% |
| Yield on loans, tax equivalent<sup>(2)</sup> | **5.81%** | 5.71% | 5.69% | **5.76%** | 5.60% |
| Core yield on loans<sup>(3)</sup> | **5.70%** | 5.60% | 5.58% | **5.65%** | 5.49% |
| Average loans | $**4370196** | $4290710 | $4419697 | $**4330659** | $4358957 |

---

(1) The federal statutory tax rate utilized was 21%.

(2) Annualized tax equivalent loan interest income divided by average loans.

(3) Annualized core loan interest income divided by average loans.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **Efficiency Ratio** | **June 30,** | March 31, | June 30, | **June 30,** | June 30, |
| **(Dollars in thousands)** | **2025** | 2025 | 2024 | **2025** | 2024 |
| Total noninterest expense | $**35767** | $36293 | $35761 | $**72060** | $71326 |
| Amortization of intangibles | **(1252)** | (1408) | (1593) | **(2660)** | (3230) |
| Merger-related expenses | **—** | (40) | (854) | **(40)** | (2168) |
| &nbsp;&nbsp;&nbsp;Noninterest expense used for efficiency ratio | $**34515** | $34845 | $33314 | $**69360** | $65928 |
| Net interest income, tax equivalent<sup>(1)</sup> | $**51164** | $48582 | $37662 | $**99746** | $73700 |
| Plus: Noninterest income | **10249** | 10136 | 21554 | **20385** | 31304 |
| Less: Investment securities gains, net | **—** | 33 | 33 | **33** | 69 |
| &nbsp;&nbsp;&nbsp;Net revenues used for efficiency ratio | $**61413** | $58685 | $59183 | $**120098** | $104935 |
| Efficiency ratio <sup>(2)</sup> | **56.20%** | 59.38% | 56.29% | **57.75%** | 62.83% |

---

(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** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **Adjusted Earnings** | **June 30,** | March 31, | June 30, | **June 30,** | June 30, |
| **(Dollars in thousands, except per share data)** | **2025** | 2025 | 2024 | **2025** | 2024 |
| Net income | $**9980** | $15138 | $15819 | $**25118** | $19088 |
| Less: Investment securities gains, net of tax<sup>(1)</sup> | **—** | 25 | 24 | **24** | 51 |
| Less: Mortgage servicing rights (loss) gain, net of tax<sup>(1)</sup> | **(196)** | (158) | 96 | **(355)** | (177) |
| Plus: Merger-related expenses, net of tax<sup>(1)</sup> | **—** | 30 | 634 | **30** | 1608 |
| Less: Gain on branch sale, net of tax<sup>(1)</sup> | **—** | **—** | 8201 | **—** | 8201 |
| &nbsp;&nbsp;&nbsp;Adjusted earnings | $**10176** | $15301 | $8132 | $**25479** | $12621 |
| Weighted average diluted common shares outstanding | **20843** | 20849 | 15781 | **20846** | 15775 |
| Earnings per common share - diluted | $**0.48** | $0.73 | $1.00 | $**1.20** | $1.21 |
| Adjusted earnings per common share<sup>(2)</sup> | $**0.49** | $0.73 | $0.52 | $**1.22** | $0.80 |

---

(1) The income tax rate utilized was the blended marginal tax rate.

(2) Adjusted earnings divided by weighted average diluted common shares outstanding.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **Year Ended** | **Year Ended** |
| **Pre-tax Pre-provision Net Revenue** | **June 30,** | March 31, | June 30, | **June 30,** | June 30, |
| **(Dollars in thousands)** | **2025** | 2025 | 2024 | **2025** | 2024 |
| Net interest income | $**49982** | $47439 | $36347 | $**97421** | $71078 |
| Noninterest income | **10249** | 10136 | 21554 | **20385** | 31304 |
| Noninterest expense | **(35767)** | (36293) | (35761) | **(72060)** | (71326) |
| Pre-tax Pre-provision Net Revenue | $**24464** | $21282 | $22140 | $**45746** | $31056 |

---

---

| | | |
|:---|:---|:---|
| **Contact:** | **Contact:** | |
| | Charles N. Reeves | Barry S. Ray |
| | Chief Executive Officer | Chief Financial Officer |
| | 319.356.5800 | 319.356.5800 |

---

## Exhibit 99.2

![](ex992q22025earningsrelea001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter 2025 Earnings Conference Call July 25, 2025

------

![](ex992q22025earningsrelea002.jpg)

2 Forward Looking Statements & Non-GAAP Measures This presentation contains certain "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to time, make written or oral statements that are "forward-looking" and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "should," "could," "would," "plans," "goals," "intend," "project," "estimate," "forecast," "may" or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the effects of changes in interest rates, including on our net income and the value of our securities portfolio; (2) fluctuations in the value of our investment securities; (3) effects on the U.S. economy resulting from the implementation of proposed policies and executive orders, including the imposition of tariffs, changes in immigration policy, changes to regulatory or other governmental agencies, DEI and ESG initiative trends, changes in consumer protection policies, changes in foreign policy and tax regulations; (4) volatility of rate-sensitive deposits; (5) asset/liability matching risks and liquidity risks; (6) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company's cost of funds; (7) the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; (8) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures and future monetary policies of the Federal Reserve in response thereto on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (9) the sufficiency of the allowance for credit losses to absorb the amount of expected losses inherent in our existing loan portfolio; (10) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (11) credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio; (12) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (13) governmental monetary and fiscal policies; (14) new or revised general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession; (15) the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of the agricultural or other products of our borrowers; (16) war or terrorist activities, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (17) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, and including changes in interpretation or prioritization of such laws and regulations; (18) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (19) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (20) changes in the business and economic conditions generally and in the financial services industry, and the effects of recent developments and events in the financial services industry, including the large- scale deposit withdrawals over a short period of time that resulted in prior bank failures; (21) the occurrence of fraudulent activity, breaches, or failures of our or our third party vendors' information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (22) the ability to attract and retain key executives and employees experienced in banking and financial services; (23) our ability to adapt successfully to technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (24) operational risks, including data processing system failures and fraud; (25) the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions; (26) the risks of mergers or branch sales (including the sale of our Florida banking operations and the acquisition of Denver Bankshares, Inc.), including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (27) the economic impacts on the Company and its customers of climate change, natural disasters and exceptional weather occurrences, such as: tornadoes, floods and blizzards; and (28) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company. Non-GAAP Measures This presentation contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, loan yield, tax equivalent, efficiency ratio, pre-tax, pre-provision earnings, return on average tangible equity, net interest margin, tax equivalent, adjusted earnings, and adjusted earnings per share. Management believes these measures provide investors with useful information regarding the Company's profitability, financial condition and capital adequacy, consistent with how management evaluates the Company's financial performance. A reconciliation of each non-GAAP measure to the most comparable GAAP measure is included, as necessary, in the Non-GAAP Financial Measures section.

------

![](ex992q22025earningsrelea003.jpg)

3 Financial Highlights Total assets $6,160.8 (1.5) % (6.4) % Loans held for investment, net of unearned income 4,381.2 1.8 2.2 Total deposits 5,388.1 (1.8) (0.4) Balance Sheet Equity to assets ratio 9.56 % 29 bps 131 bps Tangible common equity ratio(1) 8.19 30 131 CET1 risk-based capital ratio 11.02 5 146 Total risk-based capital ratio 14.44 10 182 Loans to deposits ratio 81.31 290 210 Capital and Liquidity Net interest margin, tax equivalent(1) 3.57 % 13 bps 116 bps Cost of total deposits 1.91 0 (20) Return on average assets 0.65 (35) (30) Efficiency ratio(1) 56.20 (318) (9) Diluted EPS $0.48 (34) % (52) % Adjusted EPS(1) 0.49 (33) (6) Profitability Nonperforming loans ratio 0.85 % 44 bps 26 bps Nonperforming assets ratio 0.66 33 19 Net charge-off ratio 0.02 (27) (3) Allowance for credit losses ratio 1.50 25 24 Credit Risk Profile 2Q25 Financial Highlights(2) (1) Non-GAAP financial measure. See the "Non-GAAP Financial measures" section. (2) Note: Financial metrics as of or for the quarter ended June 30, 2025. Change vs. Dollars in millions, except per share amounts 2Q25 1Q25 2Q24

------

![](ex992q22025earningsrelea004.jpg)

4 Company Focus MOFG's Five Strategic Pillars to Deliver Improved Results Exceptional Customer and Employee Engagement Strong Core Local Banking Model Sophisticated Commercial Banking and Wealth Management Specialty Business Lines Improving Operational Effectiveness and Efficiency • Top WorkplaceTM award-winning culture since 2013(1) • Sharpened results focus with voice of customer and financial metrics driving employee reward and recognition • Larger bank offerings delivered via local bank personalization • Established distribution network generates reach and stability with strong retention ◦ 81%(2) loan-to-deposit ratio and $29K(2) average account size ◦ QTD cost of total deposits of 1.91%(2) • Focused on recruiting exceptional talent, including team lift outs • Segmentation model targeting high-single-digit loan growth and double-digit wealth fee income growth • Talent and technology expansion of Treasury Management platform to bolster noninterest bearing deposits and fee income • Expertise powered vehicles: C&I, CRE, Public Finance, Sponsor Finance, SBA and Agri-Business • Targeted recruitment for vertical expansion including deposit and capital finance • Benchmark-driven expense discipline • Technology roadmap including expanded digital capabilities, operational efficiency through automation and sophisticated data use cases (1) Source: https://topworkplaces.com. (2) Financial data is updated through June 30, 2025.

------

![](ex992q22025earningsrelea005.jpg)

5 2025 Strategic Plan Updates Strong Core Local Banking Model Opened our Jordan Creek branch in West Des Moines, IA, expanding our presence in our targeted Iowa Metro region during the second quarter of 2025 Talent Transformation Hired senior CRE Bankers in the Twin Cities and Denver Hired a new Market President in Denver Added a private wealth team in the Twin Cities ☑ Operational Efficiency Recent investments include: 1. Upgraded teller system with streamlined navigation and advanced integration 2. Enterprise-wide workflow and automation platform 3. Commercial digital banking platform ☑ Commercial Banking & Wealth Annualized commercial loan growth of 9% for the second quarter of 2025 Continued momentum in Wealth Management, with revenue up 6% (2Q25 compared to 2Q24) ☑ Specialty Business Lines Lift-out of an established sponsor finance team in the Twin Cities during the second quarter of 2025 SBA gain on sale revenue up 149% (2Q25 compared to 2Q24) ☑☑

------

![](ex992q22025earningsrelea006.jpg)

6 Diversified and Granular Loan Portfolio Loans Held for Investment Agricultural, 3% C&I, 28% Construction & Development, 7% Farmland, 4% Multifamily, 10% CRE-Other, 32% Residential Real Estate, 15% Consumer, 1% $4.38 billion 5.81% Yield(1) <$821K Avg. Commercial Loan Size(2) Financial Information as of June 30, 2025. (1) Non-GAAP financial measure. See the "Non-GAAP Financial measures" section. (2)Average net nonaccrual active principal balance of the commercial loan portfolio.

------

![](ex992q22025earningsrelea007.jpg)

7 Credit Risk Profile $ m ill io ns Nonperforming Assets $31.2 $25.5 $25.2 $20.9 $40.6 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 $ m ill io ns Net Charge-Offs $0.5 $1.7 $0.7 $3.1 $0.2 2Q24 3Q24 4Q24 1Q25 2Q25 Credit Quality Metrics $ in millions 2Q24 3Q24 4Q24 1Q25 2Q25 Nonperforming assets ratio 0.47 % 0.39 % 0.40 % 0.33 % 0.66 % Classified loans ratio 3.48 % 3.11 % 2.57 % 2.65 % 2.89 % Criticized loans ratio 6.89 % 7.21 % 6.01 % 5.47 % 5.15 % Net charge-off ratio 0.05 % 0.16 % 0.06 % 0.29 % 0.02 % Loans greater than 30 days past due and accruing $9.4 $11.9 $9.4 $6.1 $12.2 Allowance for credit losses ratio 1.26 % 1.25 % 1.28 % 1.25 % 1.50 %

------

![](ex992q22025earningsrelea008.jpg)

8 Commercial Real Estate Non-Owner Occupied (NOO) CRE Office June 30, 2025 $ in millions 2Q25 1Q25 2Q24 Construction & Development $280.9 $293.3 $351.6 Farmland 186.5 180.6 183.6 Multifamily 438.2 421.2 430.1 CRE Other: NOO CRE Office 126.9 131.4 157.1 OO CRE Office 72.3 70.8 84.6 Industrial and Warehouse 421.0 426.6 407.3 Retail 299.4 294.1 262.0 Hotel 121.4 128.2 112.8 Other 366.4 373.8 324.7 Total Commercial Real Estate $2,313.0 $2,320.0 $2,313.8 Commercial Real Estate Portfolio June 30, 2025 Portfolio Highlights June 30, 2025 CRE Concentration (% of Bank Total Capital): 2Q25 1Q25 2Q24 Regulatory Threshold Construction, land development and other land (CLD) loans 39 % 41 % 52 % 100 % CLD, Multifamily, and NOO CRE loans 209 % 216 % 237 % 300 % Pass, 71% Special Mention, 1% Classified (nonaccrual), 19% Classified (accrual), 9% Loan count: 2 Loan total: $24.1 million Loan count: 98 Loan total: $90.1 million Loan count: 1 Loan total: $1.1 million Avg Loan Size $1.2 million Portfolio count: 103 Portfolio total: $126.9 million (2.9% of total loans) Loan count: 2 Loan total: $11.6 million

------

![](ex992q22025earningsrelea009.jpg)

9 Focusing on Growth in Wealth Management $2.74 $2.73 $3.01 $3.15 $3.28 2021 2022 2023 2024 2025 $— $2.00 $4.00 Investment Services and Private Wealth Revenue • Asset amounts presented are in billions of dollars. • Revenue amounts presented are in millions of dollars. $11.7 $11.2 $12.2 $14.2 $7.2 $4.2 $3.9 $3.8 $4.7 $2.3 $7.5 $7.3 $8.4 $9.5 $4.9 Investment Services Private Wealth 2021 2022 2023 2024 2Q25 $5.0 $10.0 $15.0 Wealth Management Assets Under Administration Private Banking • Designed wealth management lending products to attract high net- worth business owners • Leveraging Private Bankers in key prospecting roles to improve pipeline Private Wealth • Signed contract with a third-party to gain access to top tier investment managers and enhanced reporting • Improved client service efficiency through a small account initiative • Launched fee initiatives to improve revenue • Implemented accountable pipeline process to drive up-tier client acquisition • Added a private wealth team to the east side of the Twin Cities; we now offer a full complement of all wealth disciplines in this growth market Investment Services • Net new asset growth YTD 2Q25 of $13 million • Improving internal referral education and payouts to drive cross-team collaboration • Re-negotiated key vendor contract to optimize revenue share

------

![](ex992q22025earningsrelea010.jpg)

10 Financial Performance

------

![](ex992q22025earningsrelea011.jpg)

11 Balance Sheet 2Q25 vs. 1Q25 2Q25 vs. 2Q24 Period end balances, $ in millions 2Q25 $ Change % Change $ Change % Change Loans $4,381.2 $77.0 2 % $94.0 2 % Investment securities $1,235.0 $(70.5) (5) % $(589.1) (32) % Interest earning deposits in banks $90.7 $(91.7) (50) % $55.4 157 % Deposits $5,388.1 $(101.0) (2) % $(24.3) — % Borrowed funds $112.3 $(0.6) (1) % $(417.2) (79) % Shareholders' equity $589.0 $9.4 2 % $45.7 8 % 2Q25 2Q25 Period end, $ in millions (except per share amounts) 2Q25 1Q25 vs. 1Q25 2Q24 vs. 2Q24 Tangible book value per share(1) $23.92 $23.36 2 % $28.27 (15) % Common equity Tier 1 capital ratio 11.02 % 10.97 % 5 bps 9.56 % 146 bps AOCI $(57.6) $(63.1) 9 % $(58.1) 1 % Return on average tangible equity(1) 8.84 % 13.75 % (491) bps 15.74 % (690) bps (1) Non-GAAP financial measure. See the "Non-GAAP Financial measures" section.

------

![](ex992q22025earningsrelea012.jpg)

12 Balance Sheet - Debt Securities Portfolio Total Securities Yield 3.7 Year Duration 4.35% Yield (2Q25) U.S. Treasury, 3% U.S. Agency, 1% Municipals, 10% MBS, 25% CLO, 3% CMO, 49% Corporate, 9% $1.24 billion 2.46% 2.37% 4.08% 4.38% 4.35% 2Q24 3Q24 4Q24 1Q25 2Q25 Portfolio Mix

------

![](ex992q22025earningsrelea013.jpg)

13 Income Statement % Change 2Q25 vs. $ in millions 2Q25 1Q25 2Q24 1Q25 2Q24 Net interest income $50.0 $47.4 $36.3 5 % 38 % Noninterest income 10.2 10.1 21.6 1 % (53) % Total revenue 60.2 57.5 57.9 5 % 4 % Noninterest expense 35.8 36.3 35.8 (1) % — % Pre-tax pre-provision net revenue(1) $24.4 $21.2 $22.1 15 % 10 % Credit loss expense $11.9 $1.7 $1.3 600 % 815 % Income tax expense $2.6 $4.5 $5.1 (42) % (49) % Net income $10.0 $15.1 $15.8 (34) % (37) % Adjusted earnings(1) $10.2 $15.3 $8.1 (33) % 26 % 2Q25 1Q25 2Q24 vs. 1Q25 vs. 2Q24 Net interest margin(1) 3.57 % 3.44 % 2.41 % 13 bps 116 bps Efficiency ratio(1) 56.20 % 59.38 % 56.29 % (318) bps (9) bps Diluted EPS $0.48 $0.73 $1.00 (34) % (52) % Adjusted EPS(1) $0.49 $0.73 $0.52 (33) % (6) % (1) Non-GAAP Measure. See the "Non-GAAP Financial Measures" section.

------

![](ex992q22025earningsrelea014.jpg)

14 Non-GAAP Financial Measures

------

![](ex992q22025earningsrelea015.jpg)

15 Non-GAAP Financial Measures Tangible Common Equity / Tangible Book Value per Share / Tangible Common Equity Ratio June 30, 2024 March 31, 2025 June 30, 2025 dollars in thousands Total shareholders' equity $543,286 $579,625 $589,040 Intangible assets, net (97,327) (93,399) (92,147) Tangible common equity $445,959 $486,226 $496,893 Total assets $6,581,658 $6,254,394 $6,160,773 Intangible assets, net (97,327) (93,399) (92,147) Tangible assets $6,484,331 $6,160,995 $6,068,626 Book value per share $34.44 $27.85 $28.36 Tangible book value per share (1) $28.27 $23.36 $23.92 Shares outstanding 15,773,468 20,815,715 20,769,577 Tangible common equity ratio (2) 6.88 % 7.89 % 8.19 % (1) Tangible common equity divided by shares outstanding. (2) Tangible common equity divided by tangible assets. Loan Yield, Tax Equivalent For the Three Months Ended June 30, 2024 March 31, 2025 June 30, 2025 dollars in thousands Loan interest income, including fees $61,643 $59,462 $62,276 Tax equivalent adjustment (1) 938 981 1,022 Tax equivalent loan interest income $62,581 $60,443 $63,298 Yield on loans, tax equivalent (2) 5.69 % 5.71 % 5.81 % Average Loans $4,419,697 $4,290,710 $4,370,196 (1) The federal statutory tax rate utilized was 21%. (2) Annualized tax equivalent loan interest income divided by average loans.

------

![](ex992q22025earningsrelea016.jpg)

16 Non-GAAP Financial Measures Efficiency Ratio For the Three Months Ended June 30, 2024 March 31, 2025 June 30, 2025 dollars in thousands Total noninterest expense $35,761 $36,293 $35,767 Amortization of intangibles (1,593) (1,408) (1,252) Merger-related expenses (854) (40) — Noninterest expense used for efficiency ratio $33,314 $34,845 $34,515 Net interest income, tax equivalent (1) $37,662 $48,582 $51,164 Noninterest income 21,554 10,136 10,249 Investment securities gains, net 33 33 — Net revenues used for efficiency ratio $59,183 $58,685 $61,413 Efficiency ratio (2) 56.29 % 59.38 % 56.20 % (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. Pre-tax Pre-provision Net Revenue For the Three Months Ended June 30, 2024 March 31, 2025 June 30, 2025 dollars in thousands Net interest income $36,347 $47,439 $49,982 Noninterest income 21,554 10,136 10,249 Noninterest expense (35,761) (36,293) (35,767) Pre-tax Pre-provision Net Revenue $22,140 $21,282 $24,464

------

![](ex992q22025earningsrelea017.jpg)

17 Non-GAAP Financial Measures Return on Average Tangible Equity For the Three Months Ended June 30, 2024 March 31, 2025 June 30, 2025 dollars in thousands Net income $15,819 $15,138 $9,980 Intangible amortization, net of tax (1) 1,195 1,047 931 Tangible net income $17,014 $16,185 $10,911 Average shareholders' equity $533,994 $571,378 $587,708 Average intangible assets, net (99,309) (94,169) (92,733) Average tangible equity $434,685 $477,209 $494,975 Return on average equity 11.91 % 10.74 % 6.81 % Return on average tangible equity (2) 15.74 % 13.75 % 8.84 % (1) The income tax rate utilized was the blended marginal tax rate. (2) Annualized tangible net income (loss) divided by average tangible equity. Net Interest Margin, Tax Equivalent For the Three Months Ended June 30, 2024 March 31, 2025 June 30, 2025 dollars in thousands Net interest Income $36,347 $47,439 $49,982 Tax equivalent adjustments: Loans (1) 938 981 1,022 Securities (1) 377 162 160 Net Interest Income, tax equivalent $37,662 $48,582 $51,164 Average interest earning assets $6,282,494 $5,728,250 $5,745,664 Net interest margin, tax equivalent (2) 2.41 % 3.44 % 3.57 % (1) The federal statutory tax rate utilized was 21%. (2) Annualized tax equivalent net interest income divided by average interest earning assets.

------

![](ex992q22025earningsrelea018.jpg)

18 Non-GAAP Financial Measures Adjusted Earnings / Adjusted Earnings Per Share For the Three Months Ended June 30, 2024 March 31, 2025 June 30, 2025 dollars in thousands Net income $15,819 $15,138 $9,980 Less: Investment securities gains, net of tax(1) 24 25 — Less: Mortgage servicing rights (loss) gain, net of tax(1) 96 (158) (196) Plus: Merger-related expenses, net of tax(1) 634 30 — Less: Gain on branch sale, net of tax(1) 8,201 — — Adjusted earnings $8,132 $15,301 $10,176 Weighted average diluted common shares outstanding 15,780,935 20,849,255 20,843,471 Earnings per common share - diluted $1.00 $0.73 $0.48 Adjusted earnings per common share(2) $0.52 $0.73 $0.49 (1) The income tax rate utilized was the blended marginal tax rate. (2) Adjusted earnings divided by weighted average diluted common shares outstanding.

------