Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Information

Parent Company Only Financial Information

The following are condensed balance sheets of MidWestOne Financial Group, Inc. as of December 31, 2023 and December 31, 2022 (parent company only):

	As of December 31,
(in thousands)	2023		2022
Assets
Cash	$	19,818	$	11,749
Investment in subsidiaries	618,950		600,826
Other assets	4,094		3,364
Total assets	$	642,862	$	615,939
Liabilities and Shareholders’ Equity
Long-term debt	$	116,430	$	121,122
Other liabilities	2,054		2,024
Total liabilities	118,484		123,146
Total shareholders’ equity	524,378		492,793
Total liabilities and shareholders’ equity	$	642,862	$	615,939

The following are condensed statements of income of MidWestOne Financial Group, Inc. for the years ended December 31, 2023, 2022, and 2021 (parent company only):

	Year Ended December 31,
(in thousands)	2023		2022		2021
Income
Dividends received from subsidiaries	$	36,500	$	36,000	$	40,750
Interest and other income	153		3,349		247
Total income	36,653		39,349		40,997
Expense
Interest expense	(8,268)		(6,342)		(5,306)
Compensation and employee benefits	(2,860)		(2,976)		(2,523)
Other	(1,214)		(2,960)		(1,139)
Total expenses	(12,342)		(12,278)		(8,968)
Income before income taxes and equity in subsidiaries’ undistributed income	24,311		27,071		32,029
Income tax benefit	2,573		1,768		1,764
Equity in subsidiaries’ undistributed income	(6,025)		31,996		35,693
Net income	$	20,859	$	60,835	$	69,486

The following are condensed statements of cash flows of MidWestOne Financial Group, Inc. for the years ended December 31, 2023, 2022, and 2021 (parent company only):

	Year Ended December 31,
(in thousands)	2023		2022		2021
Operating Activities:
Net income	$	20,859	$	60,835	$	69,486
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	6,025		(31,996)		(35,693)
Share-based compensation	2,403		2,541		2,153
Net change in other assets and other liabilities	732		(433)		327
Net cash provided by operating activities	$	30,019	$	30,947	$	36,273
Investing Activities:
Proceeds from sales of equity securities	$	—	$	14	$	70
Purchases of equity securities	(1,125)		(1,250)		(3)
Proceeds from intercompany sale of bank-owned life insurance	—		—		5,252
Net cash paid in business acquisition	—		(44,955)		—
Net cash (used in) provided by investing activities	$	(1,125)	$	(46,191)	$	5,319
Financing Activities:
Payments of subordinated debt issuance costs	$	—	$	—	$	(9)
Redemption of subordinated debentures	—		—		(10,835)
Proceeds from other long-term debt	—		25,000		—
Payments of other long-term debt	(5,000)		(10,000)		—
Taxes paid relating to the release/lapse of restriction on RSUs	(609)		(281)		(121)
Dividends paid	(15,216)		(14,870)		(14,282)
Repurchase of common stock	—		(2,725)		(11,554)
Net cash used in by financing activities	$	(20,825)	$	(2,876)	$	(36,801)
Net (decrease) increase in cash	$	8,069	$	(18,120)	$	4,791
Cash and cash equivalents at beginning of year	11,749		29,869		25,078
Cash and cash equivalents at end of year	$	19,818	$	11,749	$	29,869