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Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed.
(in thousands)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 banks67,855 
Debt securities119,820 
Loans held for investment281,326 
Premises and equipment7,363 
Core deposit intangible16,500 
Other assets
14,140 
Total assets acquired
517,196 
Liabilities assumed
Deposits
$(463,638)
Other liabilities
(3,117)
Total liabilities assumed
(466,755)
Identifiable net assets acquired, at fair value50,441 
Bargain Purchase Gain$3,769 
Schedule of Business Acquisitions, Integration, Restructuring and Other Related Costs The following table provides a summary of these PCD loans at acquisition:
(in thousands)June 9, 2022
Par value of PCD loans acquired
$15,396 
PCD ACL at acquisition
(3,371)
Non-credit discount on PCD loans
(1,005)
Purchase price of PCD loans
$11,020 
The following table summarizes DNVB acquisition-related expenses incurred in the year ended December 31, 2023, and IOFB acquisition-related expenses incurred in the years ended December 31, 2022 and December 30, 2021:
Years Ended
December 31,
(in thousands)202320222021
Noninterest Expense
Compensation and employee benefits$70 $471 $— 
Occupancy expense of premises, net— 1 — 
Equipment— 29 18 
Legal and professional191 948 202 
Data processing65 511 — 
Marketing38 164 2 
Communications— 3 — 
Other28 74 2 
Total acquisition-related expenses$392 $2,201 $224 
Schedule of Business Acquisition, Pro Forma Information
For illustrative purposes only, the following table presents certain unaudited pro forma information for the years ended December 31, 2022 and 2021. This unaudited, estimated pro forma information was calculated as if IOFB had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of IOFB and the Company and includes adjustments for the estimated impact of certain fair value purchase accounting, interest expense, acquisition-related expenses, and income tax expense for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. Additionally, MidWestOne expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented.
Unaudited Pro Forma for the
Years Ended December 31,
(in thousands, except per share amounts)20222021
Total revenues$217,157 $223,317 
Net Income$61,451 $71,376 
EPS - basic$3.93 $4.50 
EPS - diluted$3.91 $4.49