FOR IMMEDIATE RELEASE October 27, 2022

MIDWESTONE FINANCIAL GROUP, INC.

REPORTS FINANCIAL RESULTS FOR THE

THIRD QUARTER OF 2022

ThirdQuarter Summary1

•Net income for the third quarter was $18.3 million, or $1.17 per diluted common share.

•Net interest margin (tax equivalent) expanded 21 basis points (bps) to 3.08%2.

•Annualized core loan growth (excluding PPP) of 15.72%2.

•Nonperforming assets ratio improved 3 bps to 0.40%; net charge-off ratio of 0.06%.

•Efficiency ratio improved to 53.67%2.

Iowa City, Iowa - MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we”, “our”, or the "Company”) today reported net income for the third quarter of 2022 of $18.3 million, or $1.17 per diluted common share, compared to net income of $12.6 million, or $0.80 per diluted common share, for the linked quarter.

CEO COMMENTARY

Len Devaisher, Interim Chief Executive Officer of the Company, commented, "We are gratified by our momentum: improving earnings driven by strengthening fundamentals. The combination of accelerated loan growth, improving credit metrics, and a balanced approach to deposit costs and retention efforts has us positioned well for the future."

FINANCIAL HIGHLIGHTS	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands, except per share amounts)	2022			2022			2021			2022			2021
Net interest income	$	45,733		$	39,725		$	40,340		$	122,794		$	117,462
Noninterest income	12,588			12,347			9,182			36,579			31,224
Total revenue, net of interest expense	58,321			52,072			49,522			159,373			148,686
Credit loss expense (benefit)	638			3,282			(1,080)			3,920			(7,958)
Noninterest expense	34,623			32,082			29,778			98,348			86,148
Income before income tax expense	23,060			16,708			20,824			57,105			70,496
Income tax expense	4,743			4,087			4,513			12,272			15,266
Net income	$	18,317		$	12,621		$	16,311		$	44,833		$	55,230
Diluted earnings per share	$	1.17		$	0.80		$	1.03		$	2.86		$	3.46
Return on average assets	1.13		%	0.83		%	1.11		%	0.97		%	1.29		%
Return on average equity	14.56		%	10.14		%	12.00		%	11.81		%	14.03		%
Return on average tangible equity(1)	19.32		%	13.13		%	15.06		%	15.28		%	17.69		%
Efficiency ratio(1)	53.67		%	56.57		%	56.34		%	56.70		%	53.95		%
(1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

1 Third Quarter Summary compares to the second quarter of 2022 (the "linked quarter") unless noted.

2 Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

IOWA FIRST BANCSHARES CORP. ACQUISITION

On June 9, 2022, we acquired Iowa First Bancshares Corp ("IOFB"). The table below summarizes the amounts recognized at the acquisition date for each major class of assets acquired and liabilities assumed:

(In thousands)	As of June 9, 2022
Merger consideration
Cash consideration			$	46,672
Identifiable net assets acquired, at fair value
Assets acquired
Cash and due from banks	$	10,192
Interest earning deposits in banks	67,855
Debt securities	119,820
Loans held for investment	281,326
Premises and equipment	7,363
Core deposit intangible	16,500
Other assets	11,628
Total assets acquired			514,684
Liabilities assumed
Deposits	(463,638)
Other liabilities	(3,117)
Total liabilities assumed			(466,755)
Identifiable net assets acquired, at fair value			47,929
Bargain purchase gain (reported in Other noninterest income)			$	1,257

INCOME STATEMENT HIGHLIGHTS

Net Interest Income

Net interest income increased to $45.7 million in the third quarter of 2022 from $39.7 million in the second quarter of 2022, due primarily to a higher volume of interest earning assets in addition to an expansion in the net interest margin.

Average interest earning assets increased $332.0 million to $6.05 billion in the third quarter of 2022, when compared to the second quarter of 2022. This increase reflected the full quarter benefit from earning assets acquired in the IOFB acquisition, as well as organic loan growth.

The Company's tax equivalent net interest margin was 3.08% in the third quarter of 2022 compared to 2.87% in the linked quarter. The increase in tax equivalent net interest margin reflected an increase in total interest earning asset yields, partially offset by increased funding costs. Total interest earning assets yield increased 37 bps from the linked quarter as loan yields increased 42 bps and taxable investment securities yields 18 bps. Sixteen basis points of the loan yield increase was attributable to loan purchase discount accretion. The cost of interest bearing liabilities increased 19 bps to 0.64%, due to interest bearing deposits costs of 0.46%, short-term borrowing costs of 1.34%, and long-term debt costs of 4.70%, which increased 15 bps, 87 bps and 25 bps respectively, from the linked quarter.

Noninterest Income

Noninterest income for the third quarter of 2022 increased $0.2 million, or 2.0%, from the linked quarter. The increase was primarily due to increases of $2.0 million and $0.4 million in other income and service charges and fees, respectively. The increase in other income stemmed primarily from a one-time settlement and the increase in service charges and fees reflected the full quarter benefit from the IOFB acquisition. Partially offsetting the increases above was a $1.8 million decline in loan revenue, which reflected a smaller increase in the fair value of our mortgage servicing rights.

2

The following table presents details of noninterest income for the periods indicated:

	Three Months Ended
Noninterest Income	September 30,		June 30,		September 30,
(In thousands)	2022		2022		2021
Investment services and trust activities	$	2,876	$	2,670	$	2,915
Service charges and fees	2,075		1,717		1,613
Card revenue	1,898		1,878		1,820
Loan revenue	1,722		3,523		1,935
Bank-owned life insurance	579		558		532
Investment securities gains, net	(163)		395		36
Other	3,601		1,606		331
Total noninterest income	$	12,588	$	12,347	$	9,182

Noninterest Expense

Noninterest expense for the third quarter of 2022 increased $2.5 million, or 7.9%, from the linked quarter, primarily due to increases of $1.1 million, $0.5 million, and $0.5 million in compensation and employee benefits, amortization of intangibles, and data processing, respectively. These increases primarily reflected a full three months of costs associated with IOFBas well as increased merger-related data processing expenses. Offsetting the increases identified above was a decline of $0.4 million in legal and professional expenses, primarily due to a decrease in legal and professional merger-related expenses.

The increase in net interest income and noninterest income, partially offset by the increase in noninterest expense noted above, were the primary drivers of the improvement in the efficiency ratio, which decreased 2.90 percentage points to 53.67% from 56.57% in the linked quarter.

The following table presents details of noninterest expense for the periods indicated:

	Three Months Ended
Noninterest Expense	September 30,		June 30,		September 30,
(In thousands)	2022		2022		2021
Compensation and employee benefits	$	20,046	$	18,955	$	17,350
Occupancy expense of premises, net	2,577		2,253		2,547
Equipment	2,358		2,107		1,973
Legal and professional	2,012		2,435		1,272
Data processing	1,731		1,237		1,406
Marketing	1,139		1,157		1,022
Amortization of intangibles	1,789		1,283		1,264
FDIC insurance	415		420		435
Communications	302		266		275
Foreclosed assets, net	42		4		43
Other	2,212		1,965		2,191
Total noninterest expense	$	34,623	$	32,082	$	29,778

The following table presents details of merger-related expenses for the periods indicated:

	Three Months Ended
	September 30,		June 30,		September 30,
Merger-related Expenses	2022		2022		2021
(In thousands)
Compensation and employee benefits	$	132	$	150	$	—
Occupancy expense of premises, net	—		1		—
Equipment	14		6		—
Legal and professional	193		638		—
Data processing	304		38		—
Marketing	90		65		—
Communications	—		2		—
Other	30		1		—
Total merger-related expenses	$	763	$	901	$	—

3

Income Taxes

The Company's effective income tax rate decreased to 20.6% in the third quarter of 2022 compared to 24.5% in the linked quarter. The lower effective income tax rate in the third quarter of 2022 was due to the one-time income tax expense of $0.8 million recognized in the second quarter of 2022 stemming from a change in the tax law in the state of Iowa. The effective income tax rate for the full year 2022 is expected to be in the range of 20-22%.

BALANCE SHEET, LIQUIDITY AND CAPITAL HIGHLIGHTS	As of or for the Three Months Ended
	September 30,			June 30,			September 30,
(Dollars in millions, except per share amounts)	2022			2022			2021
Ending Balance Sheet
Total assets	$	6,491.1		$	6,442.5		$	5,875.4
Loans held for investment, net of unearned income	3,746.3			3,611.2			3,268.6
Total securities	2,299.9			2,402.8			2,136.9
Total deposits	5,476.8			5,537.4			4,957.8
Average Balance Sheet
Average total assets	$	6,457.6		$	6,079.0		$	5,811.2
Average total loans	3,673.4			3,326.3			3,356.7
Average total deposits	5,507.5			5,181.9			4,882.8
Funding and Liquidity
Short-term borrowings	$	304.5		$	193.9		$	187.5
Long-term debt	154.2			159.2			154.9
Loans to deposits ratio	68.40		%	65.21		%	65.93		%
Equity
Total shareholders' equity	$	472.2		$	488.8		$	530.3
Common equity ratio	7.28		%	7.59		%	9.03		%
Tangible common equity(1)	377.7			392.5			446.7
Tangible common equity ratio(1)	5.90		%	6.18		%	7.71		%
Per Share Data
Book value	$	30.23		$	31.26		$	33.71
Tangible book value(1)	$	24.17		$	25.10		$	28.40
(1) Non-GAAP Measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

Loans Held for Investment

Loans held for investment, net of unearned income, increased $135.1 million, or 3.7%, to $3.75 billion from June 30, 2022. This increase was driven by new loan production and higher volumes of line of credit usage during the third quarter of 2022.

The following table presents the composition of loans held for investment, net of unearned income, as of the dates indicated:

Loans Held for Investment	September 30, 2022				June 30, 2022				September 30, 2021
	Balance		% of Total		Balance		% of Total		Balance		% of Total
(dollars in thousands)
Commercial and industrial	$	1,041,662	27.8	%	$	986,137	27.3	%	$	927,258	28.4	%
Agricultural	116,229		3.1		110,263		3.1		106,356		3.3
Commercial real estate
Construction and development	276,941		7.4		224,470		6.2		146,417		4.5
Farmland	183,581		4.9		181,820		5.0		130,936		4.0
Multifamily	222,592		5.9		239,676		6.6		273,347		8.4
Other	1,226,983		32.8		1,213,974		33.7		1,148,658		35.0
Total commercial real estate	1,910,097		51.0		1,859,940		51.5		1,699,358		51.9
Residential real estate
One-to-four family first liens	446,373		11.9		430,157		11.9		334,267		10.2
One-to-four family junior liens	157,276		4.2		148,647		4.1		133,869		4.1
Total residential real estate	603,649		16.1		578,804		16.0		468,136		14.3
Consumer	74,652		2.0		76,008		2.1		67,536		2.1
Loans held for investment, net of unearned income	$	3,746,289	100.0	%	$	3,611,152	100.0	%	$	3,268,644	100.0	%
Total commitments to extend credit	$	1,159,323			$	1,117,754			$	950,157

4

Credit Loss Expense & Allowance for Credit Losses

The following table shows the activity in the allowance for credit losses for the periods indicated:

	Three Months Ended						Nine Months Ended
Allowance for Credit Losses Roll Forward	September 30,		June 30,		September 30,		September 30,		September 30,
(In thousands)	2022		2022		2021		2022		2021
Beginning balance	$	52,350	$	46,200	$	48,000	$	48,700	$	55,500
PCD allowance established in acquisition	—		3,371		—		3,371		—
Charge-offs	(970)		(440)		(234)		(4,041)		(2,077)
Recoveries	382		159		1,114		950		2,235
Net charge-offs	(588)		(281)		880		(3,091)		158
Credit loss (benefit) expense related to loans	338		3,060		(980)		3,120		(7,758)
Ending balance	$	52,100	$	52,350	$	47,900	$	52,100	$	47,900

As of September 30, 2022, the allowance for credit losses ("ACL") was $52.1 million, or 1.39% of loans held for investment, net of unearned income, compared with $52.4 million, or 1.45% of loans held for investment, net of unearned income, at June 30, 2022. Credit loss expense for the third quarter of 2022 was $0.6 million, compared to $3.3 million in the second quarter of 2022, and was primarily attributable to a reserve taken to support loan growth.

Deposits

Total deposits declined $60.7 million, or 1.1%, to $5.5 billion from June 30, 2022. This decline reflected the competitive market for deposits driven by the rapid rate of increase in the federal funds target rate over the course of this year.

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

Deposit Composition	September 30, 2022				June 30, 2022				September 30, 2021
(Dollars in thousands)	Balance		% of Total		Balance		% of Total		Balance		% of Total
Noninterest bearing deposits	$	1,139,694	20.8	%	$	1,114,825	20.1	%	$	999,887	20.2	%
Interest checking deposits	1,705,289		31.2		1,749,748		31.7		1,464,389		29.5
Money market deposits	991,783		18.1		1,070,912		19.3		989,095		20.0
Savings deposits	700,843		12.8		715,829		12.9		616,924		12.4
Total non-maturity deposits	4,537,609		82.9		4,651,314		84.0		4,070,295		82.1
Time deposits of $250 and under	537,616		9.8		547,427		9.9		522,907		10.5
Time deposits over $250	401,557		7.3		338,700		6.1		364,579		7.4
Total time deposits	939,173		17.1		886,127		16.0		887,486		17.9
Total deposits	$	5,476,782	100.0	%	$	5,537,441	100.0	%	$	4,957,781	100.0	%

5

CREDIT RISK PROFILE

	As of or For the Three Months Ended
Highlights	September 30,			June 30,			September 30,
(Dollars in thousands)	2022			2022			2021
Credit loss expense (benefit) related to loans	$	338		$	3,060		$	(980)
Net charge-offs (recoveries)	$	588		$	281		$	(880)
Net charge-off (recovery) ratio(1)	0.06		%	0.03		%	(0.10)		%
At period-end
Pass	$	3,550,695		$	3,402,508		$	3,069,314
Special Mention / Watch	101,255			111,893			82,871
Classified	94,339			96,751			116,459
Total loans held for investment, net	$	3,746,289		$	3,611,152		$	3,268,644
Classified loans ratio(2)	2.52		%	2.68		%	3.56		%
Nonaccrual loans held for investment	$	25,027		$	25,978		$	33,657
Accruing loans contractually past due 90 days or more	936			1,359			51
Total nonperforming loans	25,963			27,337			33,708
Foreclosed assets, net	103			284			454
Total nonperforming assets	$	26,066		$	27,621		$	34,162
Nonperforming loans ratio(3)	0.69		%	0.76		%	1.03		%
Nonperforming assets ratio(4)	0.40		%	0.43		%	0.58		%
Allowance for credit losses	$	52,100		$	52,350		$	47,900
Allowance for credit losses ratio(5)	1.39		%	1.45		%	1.47		%
Adjusted allowance for credit losses ratio(6)	1.39		%	1.45		%	1.51		%
Allowance for credit losses to nonaccrual loans ratio(7)	208.18		%	201.52		%	142.32		%
(1) Net charge-off (recovery) ratio is calculated as annualized net charge-offs (recoveries) divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period.
(2) Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period.
(3) Nonperforming loans ratio is calculated as total nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
(4) Nonperforming assets ratio is calculated as total nonperforming assets divided by total assets at the end of the period.
(5) 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.
(6) Non-GAAP Measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
(7)Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.

During the third quarter of 2022, overall asset quality improved. The nonperforming loans ratio declined 7 bps from the linked quarter and 34 bps from the prior year to 0.69%. In addition, the classified loans ratio declined 16 bps from the linked quarter and 104 bps from the prior year to 2.52%.

The following table presents a roll forward of nonperforming loans for the period:

Nonperforming Loans	Nonaccrual		90+ Days Past Due & Still Accruing		Total
(Dollars in thousands)
Balance at June 30, 2022	$	25,978	$	1,359	$	27,337
Loans placed on nonaccrual or 90+ days past due & still accruing	1,950		520		2,470
Proceeds related to repayment or sale	(2,025)		(4)		(2,029)
Loans returned to accrual status or no longer past due	(139)		(50)		(189)
Charge-offs	(737)		(102)		(839)
Transfer to held for sale	—		(787)		(787)
Balance at September 30, 2022	$	25,027	$	936	$	25,963

6

CAPITAL

Effective March 31, 2020, we elected the 5-year phase-in option allowed under the interim final rule (IFR) issued by the federal banking regulatory agencies that delays the estimated impact on regulatory capital stemming from the implementation of the current expected credit losses (CECL) accounting standard. The IFR allows the add back of 100% of the capital effect from the day one CECL transition adjustment and 25% of the capital effect from subsequent increases in the allowance for credit losses through the two-year period ending December 31, 2021. The modified CECL transitional amount of $9.4 million is then reduced from capital over the subsequent three-year period.

Regulatory Capital Ratios	September 30,		June 30,		September 30,
	2022 (1)		2022		2021
MidWestOne Financial Group, Inc. Consolidated
Tier 1 leverage to average assets ratio	8.24	%	8.51	%	8.70	%
Common equity tier 1 capital to risk-weighted assets ratio	9.18	%	8.82	%	10.26	%
Tier 1 capital to risk-weighted assets ratio	9.97	%	9.61	%	11.20	%
Total capital to risk-weighted assets ratio	12.10	%	11.73	%	13.58	%
MidWestOne Bank
Tier 1 leverage to average assets ratio	9.31	%	9.70	%	9.41	%
Common equity tier 1 capital to risk-weighted assets ratio	11.26	%	10.99	%	12.14	%
Tier 1 capital to risk-weighted assets ratio	11.26	%	10.99	%	12.14	%
Total capital to risk-weighted assets ratio	12.17	%	11.90	%	13.05	%
(1) Capital ratios for September 30, 2022 are preliminary

CORPORATE UPDATE

Appointment of Chief Executive Officer

As previously announced on October 19, 2022, the Company's Board of Directors appointed Charles (Chip) N. Reeves to serve as the Chief Executive Officer of the Company and MidWestOne Bank effective November 1, 2022.

IOFB Integration Update

During the third quarter of 2022, core banking system conversions were completed for the former First National Bank in Fairfield and the former First National Bank of Muscatine. Also during the third quarter of 2022, we closed and consolidated the operations of two MidWestOne banking offices located in Fairfield, IA into the former First National Bank in Fairfield banking office.

Share Repurchase Program

Under our current repurchase program, common shares repurchased by the Company during the third quarter of 2022 totaled 14,586 shares. These shares were repurchased at an average price of $29.51 per share and a total cost of $0.4 million in the third quarter of 2022. At September 30, 2022, the total amount available under the Company's current share repurchase program was $3.0 million.

CONFERENCE CALL DETAILS

The Company will host a conference call for investors at 11:00 a.m. CT on Friday, October 28, 2022. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login?show=5495738f&confId=42438. 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 1-833-927-1758, using an access code of 483853 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until January 26, 2023, by calling 1-866-813-9403 and using the replay access code of 684318. A transcript of the call will also be available on the Company’s web site (www.midwestonefinancial.com) within three business days of the call.

ABOUT MIDWESTONE FINANCIAL GROUP, INC.

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

7

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 risks of mergers (including with IOFB), 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; (2) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures 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; (3) the effects of actual and expected increases in inflation and interest rates, including on our net income and the value of our securities portfolio; (4) 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; (5) fluctuations in the value of our investment securities; (6) governmental monetary and fiscal policies; (7) changes in and uncertainty related to benchmark interest rates used to price loans and deposits, including the expected elimination of LIBOR and the adoption of a substitute; (8) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, including the new 1.0% excise tax on stock buybacks by publicly traded companies; (9) the ability to attract and retain key executives and employees experienced in banking and financial services; (10) the sufficiency of the allowance for credit losses to absorb the amount of actual losses inherent in our existing loan portfolio; (11) our ability to adapt successfully to technological changes to compete effectively in the marketplace; (12) credit risks and risks from concentrations (by geographic area and by industry) within our loan portfolio; (13) 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; (14) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (15) volatility of rate-sensitive deposits; (16) operational risks, including data processing system failures or fraud; (17) asset/liability matching risks and liquidity risks; (18) the costs, effects and outcomes of existing or future litigation; (19) changes in general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business; (20) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (21) war or terrorist activities, including the war in Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (22) the effects of cyber-attacks; (23) the imposition of tariffs or other domestic or international governmental policies impacting the value of the agricultural or other products of our borrowers; (24) effects of the ongoing COVID-19 pandemic, including its effects on the economic environment, our customers, employees and supply chain; and (25) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.

8

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES

FIVE QUARTER CONSOLIDATED BALANCE SHEETS

	September 30,		June 30,		March 31,		December 31,		September 30,
(In thousands)	2022		2022		2022		2021		2021
ASSETS
Cash and due from banks	$	77,513	$	60,622	$	47,677	$	42,949	$	53,562
Interest earning deposits in banks	1,001		23,242		12,152		160,881		84,952
Total cash and cash equivalents	78,514		83,864		59,829		203,830		138,514
Debt securities available for sale at fair value	1,153,304		1,234,789		1,145,638		2,288,110		2,136,902
Held to maturity securities at amortized cost	1,146,583		1,168,042		1,204,212		—		—
Total securities	2,299,887		2,402,831		2,349,850		2,288,110		2,136,902
Loans held for sale	2,320		4,991		6,466		12,917		58,679
Gross loans held for investment	3,761,664		3,627,728		3,256,294		3,252,194		3,278,150
Unearned income, net	(15,375)		(16,576)		(6,259)		(7,182)		(9,506)
Loans held for investment, net of unearned income	3,746,289		3,611,152		3,250,035		3,245,012		3,268,644
Allowance for credit losses	(52,100)		(52,350)		(46,200)		(48,700)		(47,900)
Total loans held for investment, net	3,694,189		3,558,802		3,203,835		3,196,312		3,220,744
Premises and equipment, net	87,732		89,048		82,603		83,492		84,130
Goodwill	62,477		62,477		62,477		62,477		62,477
Other intangible assets, net	32,086		33,874		18,658		19,885		21,130
Foreclosed assets, net	103		284		273		357		454
Other assets	233,753		206,320		176,223		157,748		152,393
Total assets	$	6,491,061	$	6,442,491	$	5,960,214	$	6,025,128	$	5,875,423
LIABILITIES
Noninterest bearing deposits	$	1,139,694	$	1,114,825	$	1,002,415	$	1,005,369	$	999,887
Interest bearing deposits	4,337,088		4,422,616		4,075,310		4,109,150		3,957,894
Total deposits	5,476,782		5,537,441		5,077,725		5,114,519		4,957,781
Short-term borrowings	304,536		193,894		181,193		181,368		187,508
Long-term debt	154,190		159,168		139,898		154,879		154,860
Other liabilities	83,324		63,156		56,941		46,887		45,010
Total liabilities	6,018,832		5,953,659		5,455,757		5,497,653		5,345,159
SHAREHOLDERS' EQUITY
Common stock	16,581		16,581		16,581		16,581		16,581
Additional paid-in capital	301,418		300,859		300,505		300,940		300,327
Retained earnings	276,998		262,395		253,500		243,365		232,639
Treasury stock	(26,145)		(25,772)		(24,113)		(24,546)		(22,735)
Accumulated other comprehensive (loss) income	(96,623)		(65,231)		(42,016)		(8,865)		3,452
Total shareholders' equity	472,229		488,832		504,457		527,475		530,264
Total liabilities and shareholders' equity	$	6,491,061	$	6,442,491	$	5,960,214	$	6,025,128	$	5,875,423

9

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES

FIVE QUARTER AND YEAR TO DATE CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended										Nine Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
(In thousands, except per share data)	2022		2022		2022		2021		2021		2022		2021
Interest income
Loans, including fees	$	40,451	$	32,746	$	31,318	$	33,643	$	36,115	$	104,515	$	107,393
Taxable investment securities	10,635		9,576		8,123		7,461		6,655		28,334		18,231
Tax-exempt investment securities	2,326		2,367		2,383		2,415		2,428		7,076		7,532
Other	9		40		28		37		21		77		54
Total interest income	53,421		44,729		41,852		43,556		45,219		140,002		133,210
Interest expense
Deposits	5,035		3,173		2,910		3,031		3,150		11,118		10,167
Short-term borrowings	767		229		119		130		132		1,115		421
Long-term debt	1,886		1,602		1,487		1,576		1,597		4,975		5,160
Total interest expense	7,688		5,004		4,516		4,737		4,879		17,208		15,748
Net interest income	45,733		39,725		37,336		38,819		40,340		122,794		117,462
Credit loss expense (benefit)	638		3,282		—		622		(1,080)		3,920		(7,958)
Net interest income after credit loss expense (benefit)	45,095		36,443		37,336		38,197		41,420		118,874		125,420
Noninterest income
Investment services and trust activities	2,876		2,670		3,011		3,115		2,915		8,557		8,560
Service charges and fees	2,075		1,717		1,657		1,684		1,613		5,449		4,575
Card revenue	1,898		1,878		1,650		1,746		1,820		5,426		5,269
Loan revenue	1,722		3,523		4,293		3,132		1,935		9,538		9,816
Bank-owned life insurance	579		558		531		550		532		1,668		1,612
Investment securities gains, net	(163)		395		40		137		36		272		105
Other	3,601		1,606		462		865		331		5,669		1,287
Total noninterest income	12,588		12,347		11,644		11,229		9,182		36,579		31,224
Noninterest expense
Compensation and employee benefits	20,046		18,955		18,664		18,266		17,350		57,665		51,671
Occupancy expense of premises, net	2,577		2,253		2,779		2,211		2,547		7,609		7,063
Equipment	2,358		2,107		1,901		2,189		1,973		6,366		5,627
Legal and professional	2,012		2,435		2,353		1,826		1,272		6,800		3,430
Data processing	1,731		1,237		1,231		1,211		1,406		4,199		4,005
Marketing	1,139		1,157		1,029		1,121		1,022		3,325		2,901
Amortization of intangibles	1,789		1,283		1,227		1,245		1,264		4,299		4,112
FDIC insurance	415		420		420		380		435		1,255		1,192
Communications	302		266		272		277		275		840		1,055
Foreclosed assets, net	42		4		(112)		7		43		(66)		226
Other	2,212		1,965		1,879		1,711		2,191		6,056		4,866
Total noninterest expense	34,623		32,082		31,643		30,444		29,778		98,348		86,148
Income before income tax expense	23,060		16,708		17,337		18,982		20,824		57,105		70,496
Income tax expense	4,743		4,087		3,442		4,726		4,513		12,272		15,266
Net income	$	18,317	$	12,621	$	13,895	$	14,256	$	16,311	$	44,833	$	55,230
Earnings per common share
Basic	$	1.17	$	0.81	$	0.89	$	0.91	$	1.03	$	2.86	$	3.47
Diluted	$	1.17	$	0.80	$	0.88	$	0.91	$	1.03	$	2.86	$	3.46
Weighted average basic common shares outstanding	15,623		15,668		15,683		15,692		15,841		15,658		15,939
Weighted average diluted common shares outstanding	15,654		15,688		15,718		15,734		15,863		15,686		15,963
Dividends paid per common share	$	0.2375	$	0.2375	$	0.2375	$	0.2250	$	0.2250	$	0.7125	$	0.6750

10

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES

FINANCIAL STATISTICS

	As of or for the Three Months Ended									As of or for the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands, except per share amounts)	2022			2022			2021			2022			2021
Earnings:
Net interest income	$	45,733		$	39,725		$	40,340		$	122,794		$	117,462
Noninterest income	12,588			12,347			9,182			36,579			31,224
Total revenue, net of interest expense	58,321			52,072			49,522			159,373			148,686
Credit loss expense (benefit)	638			3,282			(1,080)			3,920			(7,958)
Noninterest expense	34,623			32,082			29,778			98,348			86,148
Income before income tax expense	23,060			16,708			20,824			57,105			70,496
Income tax expense	4,743			4,087			4,513			12,272			15,266
Net income	$	18,317		$	12,621		$	16,311		$	44,833		$	55,230
Per Share Data:
Diluted earnings	$	1.17		$	0.80		$	1.03		$	2.86		$	3.46
Book value	30.23			31.26			33.71			30.23			33.71
Tangible book value(1)	24.17			25.10			28.40			24.17			28.40
Ending Balance Sheet:
Total assets	$	6,491,061		$	6,442,491		$	5,875,423		$	6,491,061		$	5,875,423
Loans held for investment, net of unearned income	3,746,289			3,611,152			3,268,644			3,746,289			3,268,644
Total securities	2,299,887			2,402,831			2,136,902			2,299,887			2,136,902
Total deposits	5,476,782			5,537,441			4,957,781			5,476,782			4,957,781
Short-term borrowings	304,536			193,894			187,508			304,536			187,508
Long-term debt	154,190			159,168			154,860			154,190			154,860
Total shareholders' equity	472,229			488,832			530,264			472,229			530,264
Average Balance Sheet:
Average total assets	$	6,457,647		$	6,078,950		$	5,811,228		$	6,152,390		$	5,728,822
Average total loans	3,673,379			3,326,269			3,356,680			3,416,600			3,394,066
Average total deposits	5,507,482			5,181,927			4,882,835			5,246,183			4,778,484
Financial Ratios:
Return on average assets	1.13		%	0.83		%	1.11		%	0.97		%	1.29		%
Return on average equity	14.56		%	10.14		%	12.00		%	11.81		%	14.03		%
Return on average tangible equity(1)	19.32		%	13.13		%	15.06		%	15.28		%	17.69		%
Efficiency ratio(1)	53.67		%	56.57		%	56.34		%	56.70		%	53.95		%
Net interest margin, tax equivalent(1)	3.08		%	2.87		%	3.00		%	2.92		%	2.99		%
Loans to deposits ratio	68.40		%	65.21		%	65.93		%	68.40		%	65.93		%
Common equity ratio	7.28		%	7.59		%	9.03		%	7.28		%	9.03		%
Tangible common equity ratio(1)	5.90		%	6.18		%	7.71		%	5.90		%	7.71		%
Credit Risk Profile:
Total nonperforming loans	$	25,963		$	27,337		$	33,708		$	25,963		$	33,708
Nonperforming loans ratio	0.69		%	0.76		%	1.03		%	0.69		%	1.03		%
Total nonperforming assets	$	26,066		$	27,621		$	34,162		$	26,066		$	34,162
Nonperforming assets ratio	0.40		%	0.43		%	0.58		%	0.40		%	0.58		%
Net charge-offs (recoveries)	$	588		$	281		$	(880)		$	3,091		$	(158)
Net charge-off (recovery) ratio	0.06		%	0.03		%	(0.10)		%	0.12		%	(0.01)		%
Allowance for credit losses	$	52,100		$	52,350		$	47,900		$	52,100		$	47,900
Allowance for credit losses ratio	1.39		%	1.45		%	1.47		%	1.39		%	1.47		%
Adjusted allowance for credit losses ratio(1)	1.39		%	1.45		%	1.51		%	1.39		%	1.51		%
Allowance for credit losses to nonaccrual ratio	208.18		%	201.52		%	142.32		%	208.18		%	142.32		%
PPP Loans:
Average PPP loans	$	373		$	1,061		$	143,628		$	5,649		$	160,708
Fee Income	8			59			3,593			864			9,735
(1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

11

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEET AND YIELD ANALYSIS

	Three Months Ended
	September 30, 2022						June 30, 2022						September 30, 2021
(Dollars in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Cost		Average Balance		Interest Income/ Expense		Average Yield/ Cost		Average Balance		Interest Income/ Expense		Average Yield/ Cost
ASSETS
Loans, including fees (1)(2)(3)	$	3,673,379	$	41,124	4.44	%	$	3,326,269	$	33,315	4.02	%	$	3,356,680	$	36,622	4.33	%
Taxable investment securities	1,939,517		10,635		2.18	%	1,923,155		9,576		2.00	%	1,628,605		6,655		1.62	%
Tax-exempt investment securities (2)(4)	431,898		2,922		2.68	%	439,385		2,975		2.72	%	459,717		3,043		2.63	%
Total securities held for investment(2)	2,371,415		13,557		2.27	%	2,362,540		12,551		2.13	%	2,088,322		9,698		1.84	%
Other	6,070		9		0.59	%	30,016		40		0.53	%	44,915		21		0.19	%
Total interest earning assets(2)	$	6,050,864	54,690		3.59	%	$	5,718,825	45,906		3.22	%	$	5,489,917	46,341		3.35	%
Other assets	406,783						360,125						321,311
Total assets	$	6,457,647					$	6,078,950					$	5,811,228
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest checking deposits	$	1,725,000	$	1,463	0.34	%	$	1,641,337	$	1,189	0.29	%	$	1,434,560	$	1,056	0.29	%
Money market deposits	1,016,005		1,268		0.50	%	1,003,386		571		0.23	%	955,174		506		0.21	%
Savings deposits	710,836		297		0.17	%	662,449		287		0.17	%	606,449		316		0.21	%
Time deposits	913,307		2,007		0.87	%	836,143		1,126		0.54	%	890,866		1,272		0.57	%
Total interest bearing deposits	4,365,148		5,035		0.46	%	4,143,315		3,173		0.31	%	3,887,049		3,150		0.32	%
Securities sold under agreements to repurchase	144,628		228		0.63	%	154,107		111		0.29	%	170,384		104		0.24	%
Other short-term borrowings	83,086		539		2.57	%	41,859		118		1.13	%	12,100		28		0.92	%
Short-term borrowings	227,714		767		1.34	%	195,966		229		0.47	%	182,484		132		0.29	%
Long-term debt	159,125		1,886		4.70	%	144,440		1,602		4.45	%	163,817		1,597		3.87	%
Total borrowed funds	386,839		2,653		2.72	%	340,406		1,831		2.16	%	346,301		1,729		1.98	%
Total interest bearing liabilities	$	4,751,987	$	7,688	0.64	%	$	4,483,721	$	5,004	0.45	%	$	4,233,350	$	4,879	0.46	%
Noninterest bearing deposits	1,142,334						1,038,612						995,786
Other liabilities	64,063						57,157						43,040
Shareholders’ equity	499,263						499,460						539,052
Total liabilities and shareholders’ equity	$	6,457,647					$	6,078,950					$	5,811,228
Net interest income(2)			$	47,002					$	40,902					$	41,462
Net interest spread(2)					2.95	%					2.77	%					2.89	%
Net interest margin(2)					3.08	%					2.87	%					3.00	%
Total deposits(5)	$	5,507,482	$	5,035	0.36	%	$	5,181,927	$	3,173	0.25	%	$	4,882,835	$	3,150	0.26	%
Cost of funds(6)					0.52	%					0.36	%					0.37	%

(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 $35 thousand, $(31) thousand, and $3.5 million for the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, respectively. Loan purchase discount accretion was $2.0 million, $528 thousand, and $774 thousand for the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, respectively. Tax equivalent adjustments were $673 thousand, $569 thousand, and $507 thousand for the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, respectively. The federal statutory tax rate utilized was 21%.

(4) Interest income includes tax equivalent adjustments of $596 thousand, $608 thousand, and $615 thousand for the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, respectively. The federal statutory tax rate utilized was 21%.

(5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.

(6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.

12

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEET AND YIELD ANALYSIS

	Nine Months Ended
	September 30, 2022						September 30, 2021
(Dollars in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Cost		Average Balance		Interest Income/ Expense		Average Yield/ Cost
ASSETS
Loans, including fees (1)(2)(3)	$	3,416,600	$	106,297	4.16	%	$	3,394,066	$	108,950	4.29	%
Taxable investment securities	1,899,907		28,334		1.99	%	1,501,252		18,231		1.62	%
Tax-exempt investment securities (2)(4)	440,542		8,895		2.70	%	466,209		9,442		2.71	%
Total securities held for investment(2)	2,340,449		37,229		2.13	%	1,967,461		27,673		1.88	%
Other	25,972		77		0.40	%	43,250		54		0.17	%
Total interest earning assets(2)	$	5,783,021	143,603		3.32	%	$	5,404,777	136,677		3.38	%
Other assets	369,369						324,045
Total assets	$	6,152,390					$	5,728,822
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest checking deposits	$	1,642,849	$	3,713	0.30	%	$	1,418,339	$	3,142	0.30	%
Money market deposits	991,338		2,338		0.32	%	936,932		1,486		0.21	%
Savings deposits	671,917		863		0.17	%	585,334		926		0.21	%
Time deposits	877,923		4,204		0.64	%	875,027		4,613		0.70	%
Total interest bearing deposits	4,184,027		11,118		0.36	%	3,815,632		10,167		0.36	%
Securities sold under agreements to repurchase	152,663		435		0.38	%	171,848		321		0.25	%
Other short-term borrowings	42,952		680		2.12	%	20,235		100		0.66	%
Short-term borrowings	195,615		1,115		0.76	%	192,083		421		0.29	%
Long-term debt	148,053		4,975		4.49	%	186,323		5,160		3.70	%
Total borrowed funds	343,668		6,090		2.37	%	378,406		5,581		1.97	%
Total interest bearing liabilities	$	4,527,695	$	17,208	0.51	%	$	4,194,038	$	15,748	0.50	%
Noninterest bearing deposits	1,062,156						962,852
Other liabilities	54,775						45,671
Shareholders’ equity	507,764						526,261
Total liabilities and shareholders’ equity	$	6,152,390					$	5,728,822
Net interest income(2)			$	126,395					$	120,929
Net interest spread(2)					2.81	%					2.88	%
Net interest margin(2)					2.92	%					2.99	%
Total deposits(5)	$	5,246,183	$	11,118	0.28	%	$	4,778,484	$	10,167	0.28	%
Cost of funds(6)					0.41	%					0.41	%

(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 $0.7 million and $9.3 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. Loan purchase discount accretion was $3.3 million and $2.7 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. Tax equivalent adjustments were $1.8 million and $1.6 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. The federal statutory tax rate utilized was 21%.

(4)Interest income includes tax equivalent adjustments of $1.8 million and $1.9 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. The federal statutory tax rate utilized was 21%.

(5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.

(6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.

13

Non-GAAP Measures

This earnings release contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, return on average tangible equity, net interest margin (tax equivalent), core net interest margin, loan yield (tax equivalent), core yield on loans, efficiency ratio, adjusted allowance for credit losses ratio, core loans, and core commercial loans. 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	September 30,			June 30,			March 31,			December 31,			September 30,
(Dollars in thousands, except per share data)	2022			2022			2022			2021			2021
Total shareholders’ equity	$	472,229		$	488,832		$	504,457		$	527,475		$	530,264
Intangible assets, net	(94,563)			(96,351)			(81,135)			(82,362)			(83,607)
Tangible common equity	$	377,666		$	392,481		$	423,322		$	445,113		$	446,657
Total assets	$	6,491,061		$	6,442,491		$	5,960,214		$	6,025,128		$	5,875,423
Intangible assets, net	(94,563)			(96,351)			(81,135)			(82,362)			(83,607)
Tangible assets	$	6,396,498		$	6,346,140		$	5,879,079		$	5,942,766		$	5,791,816
Book value per share	$	30.23		$	31.26		$	32.15		$	33.66		$	33.71
Tangible book value per share(1)	$	24.17		$	25.10		$	26.98		$	28.40		$	28.40
Shares outstanding	15,622,825			15,635,131			15,690,125			15,671,147			15,729,451
Common equity ratio	7.28		%	7.59		%	8.46		%	8.75		%	9.03		%
Tangible common equity ratio(2)	5.90		%	6.18		%	7.20		%	7.49		%	7.71		%

(1) Tangible common equity divided by shares outstanding.

(2)Tangible common equity divided by tangible assets.

	Three Months Ended									Nine Months Ended
Return on Average Tangible Equity	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands)	2022			2022			2021			2022			2021
Net income	$	18,317		$	12,621		$	16,311		$	44,833		$	55,230
Intangible amortization, net of tax(1)	1,342			962			948			3,224			3,084
Tangible net income	$	19,659		$	13,583		$	17,259		$	48,057		$	58,314
Average shareholders’ equity	$	499,263		$	499,460		$	539,052		$	507,764		$	526,261
Average intangible assets, net	(95,499)			(84,540)			(84,288)			(87,318)			(85,579)
Average tangible equity	$	403,764		$	414,920		$	454,764		$	420,446		$	440,682
Return on average equity	14.56		%	10.14		%	12.00		%	11.81		%	14.03		%
Return on average tangible equity(2)	19.32		%	13.13		%	15.06		%	15.28		%	17.69		%

(1) The combined income tax rate utilized was 25%.

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

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Net Interest Margin, Tax Equivalent/ Core Net Interest Margin	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands)	2022			2022			2021			2022			2021
Net interest income	$	45,733		$	39,725		$	40,340		$	122,794		$	117,462
Tax equivalent adjustments:
Loans(1)	673			569			507			1,782			1,557
Securities(1)	596			608			615			1,819			1,910
Net interest income, tax equivalent	$	47,002		$	40,902		$	41,462		$	126,395		$	120,929
Loan purchase discount accretion	(2,015)			(528)			(774)			(3,275)			(2,745)
Core net interest income	$	44,987		$	40,374		$	40,688		$	123,120		$	118,184
Net interest margin	3.00		%	2.79		%	2.92		%	2.84		%	2.91		%
Net interest margin, tax equivalent(2)	3.08		%	2.87		%	3.00		%	2.92		%	2.99		%
Core net interest margin(3)	2.95		%	2.83		%	2.94		%	2.85		%	2.92		%
Average interest earning assets	$	6,050,864		$	5,718,825		$	5,489,917		$	5,783,021		$	5,404,777

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

(2)Annualized tax equivalent net interest income divided by average interest earning assets.

(3) Annualized core net interest income divided by average interest earning assets.

	Three Months Ended									Nine Months Ended
Loan Yield, Tax Equivalent / Core Yield on Loans	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands)	2022			2022			2021			2022			2021
Loan interest income, including fees	$	40,451		$	32,746		$	36,115		$	104,515		$	107,393
Tax equivalent adjustment(1)	673			569			507			1,782			1,557
Tax equivalent loan interest income	$	41,124		$	33,315		$	36,622		$	106,297		$	108,950
Loan purchase discount accretion	(2,015)			(528)			(774)			(3,275)			(2,745)
Core loan interest income	$	39,109		$	32,787		$	35,848		$	103,022		$	106,205
Yield on loans	4.37		%	3.95		%	4.27		%	4.09		%	4.23		%
Yield on loans, tax equivalent(2)	4.44		%	4.02		%	4.33		%	4.16		%	4.29		%
Core yield on loans(3)	4.22		%	3.95		%	4.24		%	4.03		%	4.18		%
Average loans	$	3,673,379		$	3,326,269		$	3,356,680		$	3,416,600		$	3,394,066

(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									Nine Months Ended
Efficiency Ratio	September 30,			June 30,			September 30,			September 30,			September 30,
(Dollars in thousands)	2022			2022			2021			2022			2021
Total noninterest expense	$	34,623		$	32,082		$	29,778		$	98,348		$	86,148
Amortization of intangibles	(1,789)			(1,283)			(1,264)			(4,299)			(4,112)
Merger-related expenses	(763)			(901)			—			(1,792)			—
Noninterest expense used for efficiency ratio	$	32,071		$	29,898		$	28,514		$	92,257		$	82,036
Net interest income, tax equivalent(1)	$	47,002		$	40,902		$	41,462		$	126,395		$	120,929
Noninterest income	12,588			12,347			9,182			36,579			31,224
Investment securities gains, net	163			(395)			(36)			(272)			(105)
Net revenues used for efficiency ratio	$	59,753		$	52,854		$	50,608		$	162,702		$	152,048
Efficiency ratio (2)	53.67		%	56.57		%	56.34		%	56.70		%	53.95		%

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

(2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.

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Adjusted Allowance for Credit Losses Ratio	September 30,			June 30,			March 31,			December 31,			September 30,
(Dollars in thousands)	2022			2022			2022			2021			2021
Loans held for investment, net of unearned income	$	3,746,289		$	3,611,152		$	3,250,035		$	3,245,012		$	3,268,644
PPP loans	(195)			(402)			(3,037)			(30,841)			(89,354)
Core loans	$	3,746,094		$	3,610,750		$	3,246,998		$	3,214,171		$	3,179,290
Allowance for credit losses	$	52,100		$	52,350		$	46,200		$	48,700		$	47,900
Allowance for credit losses ratio	1.39		%	1.45		%	1.42		%	1.50		%	1.47		%
Adjusted allowance for credit losses ratio(1)	1.39		%	1.45		%	1.42		%	1.52		%	1.51		%

(1) Allowance for credit losses divided by core loans.

Core Loans/Core Commercial Loans	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in thousands)	2022		2022		2022		2021		2021
Commercial loans:
Commercial and industrial	$	1,041,662	$	986,137	$	898,942	$	902,314	$	927,258
Agricultural	116,229		110,263		94,649		103,417		106,356
Commercial real estate	1,910,097		1,859,940		1,723,891		1,704,541		1,699,358
Total commercial loans	$	3,067,988	$	2,956,340	$	2,717,482	$	2,710,272	$	2,732,972
Consumer loans:
Residential real estate	$	603,649	$	578,804	$	463,676	$	466,322	$	468,136
Other consumer	74,652		76,008		68,877		68,418		67,536
Total consumer loans	$	678,301	$	654,812	$	532,553	$	534,740	$	535,672
Loans held for investment, net of unearned income	$	3,746,289	$	3,611,152	$	3,250,035	$	3,245,012	$	3,268,644
PPP loans	$	195	$	402	$	3,037	$	30,841	$	89,354
Acquired IOFB loan portfolio	$	281,326	$	281,470	$	—	$	—	$	—
Core loans(1)	$	3,746,094	$	3,610,750	$	3,246,998	$	3,214,171	$	3,179,290
Adjusted core loans(2)	$	3,464,768	$	3,329,280	$	3,246,998	$	3,214,171	$	3,179,290
Core commercial loans(3)	$	3,067,793	$	2,955,938	$	2,714,445	$	2,679,431	$	2,643,618

(1) Core loans are calculated as loans held for investment, net of unearned income less PPP loans.

(2) Adjusted core loans are calculated as loans held for investment, net of unearned income, less PPP loans and the acquired IOFB loan portfolio.

(3)Core commercial loans are calculated as total commercial loans less PPP loans.

Contact:
	Len D. Devaisher	Barry S. Ray
	Interim Chief Executive Officer	Chief Financial Officer
	319.356.5800	319.356.5800

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