FOR IMMEDIATE RELEASE November 1, 2021

MIDWESTONE FINANCIAL GROUP, INC.

REPORTS FINANCIAL RESULTS FOR THE

THIRD QUARTER OF 2021

Third Quarter Summary1

•Net income for the third quarter was $16.3 million, or $1.03 per diluted common share.

◦Total revenue, net of interest expense, of $49.5 million.

◦Credit loss benefit of $1.1 million.

◦Noninterest expense of $29.8 million.

•Excluding Paycheck Protection Program ("PPP") loans, commercial loans were $2.64 billion2, as compared to $2.61 billion2 at the end of the second quarter of 2021 (the "linked quarter"), an increase of 1.2%.

•Efficiency ratio was 56.34%2.

•Nonperforming assets declined 19.0% and the net charge-off ratio was a recovery of 10 basis points ("bps").

•Cost of average total deposits decreased 2 bps to 0.26% and cost of funds decreased 3 bps to 0.37%.

•On November 1, 2021, entered into a definitive agreement pursuant to which the Company will acquire Iowa First Bancshares Corp. and its banking subsidiaries in Muscatine and Fairfield, Iowa.

Iowa City, Iowa - MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we”, “our”, or the "Company”) today reported net income for the third quarter of 2021 of $16.3 million, or $1.03 per diluted common share, compared to net income of $17.3 million, or $1.08 per diluted common share, for the linked quarter.

CEO COMMENTARY

Charles Funk, Chief Executive Officer of the Company, commented, "We are excited to expand our footprint to Muscatine and to grow our market share in Fairfield, the seat of Jefferson County, with MidWestOne's acquisition of Iowa First Bancshares Corp. ("IOFB"). With this acquisition, we will have the number one deposit market share in both Muscatine and Jefferson counties. We believe MidWestOne's brand of banking will fit very will with IOFB's brand, and we look forward to meeting our new customers and employees over the next few months. Notably, this transaction will provide good earnings momentum for 2022 and beyond.

The third quarter of 2021 was a strong one for our Company with earnings of $1.03 per diluted common share, a 12.00% return on average equity, and a 15.06% return on average tangible equity2. In a very tough operating environment, we were able to increase our commercial loans, excluding PPP loans, by 1.2%. We are also extremely pleased with the progress being made in asset quality. The year over year decline of 15 bps in our nonperforming loans ratio to 1.03% and the 30 bps decline in the net charge-off ratio to a net recovery ratio of 10 bps are especially impressive. Our trust and investment services group continued to build its business in the third quarter of 2021 and is on track to achieve record revenues in 2021. While we saw our mortgage loan closings trail off in the third quarter of 2021, we nonetheless expect a solid fourth quarter from this business line. With respect to capital, we continue to find value in repurchasing our shares at a price just above our tangible book value per share. Finally, our bankers continue to assist our customers in working through PPP loan forgiveness. We anticipate another sizeable amount of PPP loan forgiveness in the fourth quarter."

1 Third Quarter Summary compares to the linked quarter unless noted.

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

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)						2021						2021						2020						2021						2020
Net interest income						$	40,340					$	38,505					$	37,809					$	117,462					$	113,927
Noninterest income						9,182						10,218						9,570						31,224						27,994
Total revenue, net of interest expense						49,522						48,723						47,379						148,686						141,921
Credit loss (benefit) expense						(1,080)						(2,144)						4,992						(7,958)						31,410
Noninterest expense						29,778						28,670						59,939						86,148						117,978
Income (loss) before income tax expense						20,824						22,197						(17,552)						70,496						(7,467)
Income tax expense						4,513						4,926						2,272						15,266						2,620
Net income (loss)						$	16,311					$	17,271					$	(19,824)					$	55,230					$	(10,087)
Diluted earnings (loss) per share						$	1.03					$	1.08					$	(1.23)					$	3.46					$	(0.63)
Return on average assets						1.11		%				1.18		%				(1.48)		%				1.29		%				(0.27)		%
Return on average equity						12.00		%				13.24		%				(14.88)		%				14.03		%				(2.60)		%
Return on average tangible equity(1)						15.06		%				16.75		%				12.56		%				17.69		%				8.58		%
Efficiency ratio(1)						56.34		%				54.83		%				55.37		%				53.95		%				55.95		%
(1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

COVID-19 UPDATE

Loan Modifications

As of September 30, 2021, the outstanding balance of loans modified as a result of the COVID-19 pandemic totaled $4.5 million, a decline of 78.6% from $21.0 million at June 30, 2021. The decline from the end of the second quarter of 2021 was due largely to one commercial real estate loan where the borrower resumed making payments.

PPP Loans

The following table presents PPP loan measures as of the dates indicated:

						September 30, 2021																																				June 30, 2021
						Round 1(3)												Round 2(3)												Total												Round 1(3)												Round 2(3)												Total
(Dollars in millions)						#						$						#						$						#						$						#						$						#						$						#						$
Total PPP Loans Funded						2,681						348.5						2,175						149.3						4,856						497.8						2,681						348.5						2,175						149.3						4,856						497.8
PPP Loan Forgiveness(1)						2,478						323.7						1,514						72.9						3,992						396.6						2,247						285.7						441						12.3						2,688						298.0
Outstanding PPP Loans(2)						184						16.3						661						73.1						845						89.4						416						53.9						1,734						130.5						2,150						184.4
Unearned Income						$0.1												$2.8												$2.9												$0.5												$6.0												$6.5
(1) Excluded from the PPP Loan Forgiveness is $9.1 million as of September 30, 2021 and $8.9 million as of June 30, 2021 of PPP loans that were paid off by the borrower prior to forgiveness.
(2) Outstanding loans are presented net of unearned income.
(3) Round 1 refers to PPP loan applications from the first wave of funding made available through the CARES Act, which was signed into law by President Trump in March 2020. Round 2 refers to the second wave of PPP funding made available through the Consolidated Appropriations Act, 2021, which was signed into law by President Trump in December 2020 and extended by the PPP Extension Act of 2021, which was signed into law by President Biden in March 2021.

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INCOME STATEMENT HIGHLIGHTS

Net Interest Income

Net interest income increased to $40.3 million in the third quarter of 2021 from $38.5 million in the second quarter of 2021 due primarily to increased PPP loan fee accretion stemming from loan forgiveness. Net PPP loan fee accretion was $3.6 million in the third quarter of 2021 compared to $2.5 million in the linked quarter.

Average interest earning assets decreased $32.5 million to $5.49 billion in the third quarter of 2021, compared to the second quarter of 2021, which includes a $90.4 million reduction in average PPP loan balances due to forgiveness. Adjusting for the $90.4 million in average PPP loan balance decline, average interest earning assets increased $57.9 million, primarily due to non-PPP loan growth.

The Company's tax equivalent net interest margin was 3.00% in the third quarter of 2021 compared to 2.88% in the linked quarter due to higher earning asset yields and lower funding costs. Total earning asset yields increased 9 bps from the linked quarter due primarily to the increased PPP net loan fee accretion described above. The cost of interest bearing liabilities decreased 3 bps to 0.46%, primarily as a result of interest bearing deposit costs of 0.32%, which declined 3 bps from the linked quarter.

Noninterest Income

Noninterest income for the third quarter of 2021 decreased $1.0 million, or 10.1%, from the linked quarter. The decrease was primarily due to a $1.2 million decrease in loan revenue. The decline in loan revenue included a $0.9 million reduction in mortgage origination fees stemming from lower gain on sale margins and decreased volumes of home mortgage loans as well as a $0.4 million decline in the fair value of our mortgage servicing rights.

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)			2021						2021						2020
Investment services and trust activities			$	2,915					$	2,809					$	2,361
Service charges and fees			1,613						1,475						1,491
Card revenue			1,820						1,913						1,600
Loan revenue			1,935						3,151						3,252
Bank-owned life insurance			532						538						530
Investment securities gains, net			36						42						106
Other			331						290						230
Total noninterest income			$	9,182					$	10,218					$	9,570

Noninterest Expense

Noninterest expense for the third quarter of 2021 increased $1.1 million, or 3.9%, from the linked quarter primarily due to an increase of $0.7 million in 'other' noninterest expense and a $0.3 million increase in occupancy expense of premises, net. The increase in 'other' noninterest expense was primarily due to expenses of $0.7 million related to the settlement of litigation claims. The increase in occupancy expense of premises, net was primarily attributable to the disposal and write-down of fixed assets totaling $0.3 million. The increase in noninterest expense, as well as the decline in noninterest income noted above, were the primary drivers of the increase in the efficiency ratio, which increased 1.51 percentage points to 56.34%, as compared to the linked quarter efficiency ratio of 54.83%.

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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)			2021						2021						2020
Compensation and employee benefits			$	17,350					$	17,404					$	16,460
Occupancy expense of premises, net			2,547						2,198						2,278
Equipment			1,973						1,861						1,935
Legal and professional			1,272						1,375						1,184
Data processing			1,406						1,347						1,308
Marketing			1,022						873						857
Amortization of intangibles			1,264						1,341						1,631
FDIC insurance			435						245						470
Communications			275						371						428
Foreclosed assets, net			43						136						13
Other			2,191						1,519						1,875
Total core noninterest expense			$	29,778					$	28,670					$	28,439
Goodwill impairment			—						—						31,500
Total noninterest expense			$	29,778					$	28,670					$	59,939

Income Taxes

The effective income tax rate was 21.7% in the third quarter of 2021 compared to 22.2% in the linked quarter. The effective income tax rate in the third quarter of 2021 reflected income tax expense based on the statutory rate and state income taxes, net of federal income tax benefits, primarily due to the net income earned during the quarter, offset by benefits related to tax-exempt interest and bank-owned life insurance. The effective income tax rate for the full year 2021 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)			2021						2021						2020
Ending Balance Sheet
Total assets			$	5,875.4					$	5,749.2					$	5,330.7
Loans held for investment, net of unearned income			3,268.6						3,330.2						3,537.4
Total securities held for investment			2,136.9						2,072.5						1,366.3
Total deposits			4,957.8						4,792.7						4,333.6
Average Balance Sheet
Average total assets			$	5,811.2					$	5,851.7					$	5,311.4
Average total loans			3,356.7						3,396.6						3,576.6
Average total deposits			4,882.8						4,875.3						4,317.2
Funding and Liquidity
Short-term borrowings			$	187.5					$	212.3					$	183.9
Long-term debt			154.9						169.8						245.5
Loans to deposits ratio			65.93		%				69.48		%				81.63		%
Equity
Total shareholders' equity			$	530.3					$	530.3					$	499.1
Common equity ratio			9.03		%				9.22		%				9.36		%
Tangible common equity(1)			446.7						445.4						409.8
Tangible common equity ratio(1)			7.71		%				7.86		%				7.82		%
Per Share Data
Book value			$	33.71					$	33.22					$	31.00
Tangible book value(1)			$	28.40					$	27.90					$	25.45
(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, decreased $61.5 million, or 1.8%, to $3.27 billion from June 30, 2021, driven primarily by PPP loan forgiveness and partially offset by higher revolving line of credit utilization, which increased 2% from the linked quarter to 32% at September 30, 2021 and new loan production.

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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, 2021												June 30, 2021												September 30, 2020
			Balance						% of Total						Balance						% of Total						Balance						% of Total
(dollars in thousands)
Commercial and industrial			$	927,258					28.4			%			$	982,092					29.5			%			$	1,103,102					31.2			%
Agricultural			106,356						3.3						107,834						3.2						129,453						3.7
Commercial real estate
Construction and development			146,417						4.5						168,070						5.0						191,423						5.4
Farmland			130,936						4.0						134,877						4.1						152,362						4.3
Multifamily			273,347						8.4						255,826						7.7						235,241						6.7
Other			1,148,658						35.0						1,147,016						34.4						1,128,009						31.8
Total commercial real estate			1,699,358						51.9						1,705,789						51.2						1,707,035						48.2
Residential real estate
One-to-four family first liens			334,267						10.2						332,117						10.0						371,390						10.5
One-to-four family junior liens			133,869						4.1						136,464						4.1						150,180						4.2
Total residential real estate			468,136						14.3						468,581						14.1						521,570						14.7
Consumer			67,536						2.1						65,860						2.0						76,272						2.2
Loans held for investment, net of unearned income			$	3,268,644					100.0			%			$	3,330,156					100.0			%			$	3,537,432					100.0			%
Total commitments to extend credit			$	950,157											$	959,696											$	893,147

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)			2021						2021						2020						2021						2020
Beginning balance			$	48,000					$	50,650					$	55,644					$	55,500					$	29,079
Cumulative effect of change in accounting principle - CECL			—						—						—						—						3,984
Charge-offs			(234)						(840)						(2,188)						(2,077)						(5,788)
Recoveries			1,114						434						347						2,235						882
Net recoveries (charge-offs)			880						(406)						(1,841)						158						(4,906)
Credit loss (benefit) expense related to loans			(980)						(2,244)						4,697						(7,758)						30,343
Ending balance			$	47,900					$	48,000					$	58,500					$	47,900					$	58,500

As of September 30, 2021, the allowance for credit losses ("ACL") was $47.9 million, or 1.47% of loans held for investment, net of unearned income, compared with $48.0 million, or 1.44% of loans held for investment, net of unearned income, at June 30, 2021. After excluding net PPP loans, the ACL as a percentage of loans held for investment, net of unearned income, decreased to 1.51%(1) as of September 30, 2021, from 1.53%(1) at June 30, 2021. The decline in the ACL during the third quarter reflected overall improvements in the economic forecast and stabilization of the credit profile outlook when compared to the linked quarter.

(1)Non-GAAP Measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

Deposits

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

Deposit Composition			September 30, 2021												June 30, 2021												September 30, 2020
(dollars in thousands)			Balance						% of Total						Balance						% of Total						Balance						% of Total
Noninterest bearing deposits			$	999,887					20.2			%			$	952,764					19.9			%			$	864,504					19.9			%
Interest checking deposits			1,464,389						29.5						1,414,942						29.6						1,230,146						28.5
Money market deposits			989,095						20.0						936,683						19.5						871,336						20.1
Savings deposits			616,924						12.4						596,199						12.4						486,876						11.2
Total non-maturity deposits			4,070,295						82.1						3,900,588						81.4						3,452,862						79.7
Time deposits of $250 and under			522,907						10.5						538,331						11.2						617,229						14.2
Time deposits over $250			364,579						7.4						353,747						7.4						263,550						6.1
Total time deposits			887,486						17.9						892,078						18.6						880,779						20.3
Total deposits			$	4,957,781					100.0			%			$	4,792,666					100.0			%			$	4,333,641					100.0			%

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CREDIT RISK PROFILE

			As of or For the Three Months Ended
Highlights			September 30,						June 30,						September 30,
(dollars in thousands)			2021						2021						2020
Credit loss (benefit) expense related to loans			$	(980)					$	(2,244)					$	4,697
Net (recoveries) charge-offs			$	(880)					$	406					$	1,841
Net (recovery) charge-off ratio(1)			(0.10)		%				0.05		%				0.20		%
At period-end
Pass			$	3,069,314					$	3,102,688					$	3,230,611
Special Mention / Watch			82,871						115,414						176,702
Classified			116,459						112,054						130,119
Total loans held for investment, net			$	3,268,644					$	3,330,156					$	3,537,432
Classified loans ratio(2)			3.56		%				3.36		%				3.68		%
Nonaccrual loans held for investment			$	33,657					$	40,764					$	39,071
Accruing loans contractually past due 90 days or more			51						665						2,593
Total nonperforming loans			33,708						41,429						41,664
Foreclosed assets, net			454						755						724
Total nonperforming assets			$	34,162					$	42,184					$	42,388
Nonperforming loans ratio(3)			1.03		%				1.24		%				1.18		%
Nonperforming assets ratio(4)			0.58		%				0.73		%				0.80		%
Allowance for credit losses			$	47,900					$	48,000					$	58,500
Allowance for credit losses ratio(5)			1.47		%				1.44		%				1.65		%
Adjusted allowance for credit losses ratio(6)			1.51		%				1.53		%				1.82		%
(1) Net (recovery) charge-off ratio is calculated as annualized net (recoveries) charge-offs divided by average loans held for investment, net of unearned income, 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.

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

Nonperforming Loans
(dollars in thousands)			Nonaccrual						90+ Days Past Due & Still Accruing						Total
Balance at June 30, 2021			$	40,764					$	665					$	41,429
Loans placed on nonaccrual or 90+ days past due & still accruing			574						105						679
Repayments (including interest applied to principal)			(5,370)						—						(5,370)
Loans returned to accrual status or no longer past due			(2,256)						(666)						(2,922)
Charge-offs			(50)						(53)						(103)
Transfers to foreclosed assets			(5)						—						(5)
Balance at September 30, 2021			$	33,657					$	51					$	33,708

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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. This cumulative amount will then be reduced from capital over the subsequent three-year period.

Regulatory Capital Ratios			September 30,						June 30,						September 30,
			2021 (1)						2021						2020
MidWestOne Financial Group, Inc. Consolidated
Tier 1 leverage ratio			8.70		%				8.50		%				8.52		%
Common equity tier 1 capital ratio			10.26		%				10.26		%				9.72		%
Tier 1 capital ratio			11.20		%				11.21		%				10.73		%
Total capital ratio			13.58		%				13.63		%				13.56		%
MidWestOne Bank
Tier 1 leverage ratio			9.41		%				9.15		%				9.26		%
Common equity tier 1 capital ratio			12.14		%				12.09		%				11.75		%
Tier 1 capital ratio			12.14		%				12.09		%				11.75		%
Total capital ratio			13.05		%				13.02		%				12.95		%
(1) Capital ratios for September 30, 2021 are preliminary

CORPORATE UPDATE

Iowa First Bancshares Corp. Pending Acquisition

On November 1, 2021, the Company and IOFB, the holding company of First National Bank of Muscatine (“FNBM”) and First National Bank in Fairfield (“FNBF”), jointly announced the signing of a definitive agreement pursuant to which the Company will acquire IOFB, FNBM, and FNBF. The acquisition will add to the Company's existing presence in Fairfield, Iowa and will expand the Company's footprint into Muscatine, Iowa.

Share Repurchase Program

Under the current repurchase program, the Company repurchased 235,277 shares of its common stock at an average price of $29.24 per share and a total cost of $6.9 million in the third quarter of 2021. At September 30, 2021, the total amount available under the Company's current share repurchase program was $7.6 million.

Banking Office Consolidation

Effective January 27, 2022, the Company plans to consolidate its 32nd Street banking office into the nearby Main Street banking office in Dubuque, Iowa. This banking office consolidation is part of the Company's strategy to improve operating efficiency. The Company estimates the banking office consolidation will reduce its annual operating expenses by approximately $309 thousand.

Wealth Management Update

Subsequent to September 30, 2021, the Company strengthened its wealth management capabilities with the addition of an experienced wealth management team in Eastern Iowa. The team collectively has more than 120 years of experience providing wealth management services to clients and is led by an experienced wealth professional with a focus on planning services who was most recently with a super-regional bank. The team is a strong cultural fit and strategically aligns with our measured pursuit of growth in noninterest income streams.

CONFERENCE CALL DETAILS

The Company will host a conference call for investors at 11:00 a.m. CT on Tuesday, November 2, 2021. To participate, please dial 866-233-3483 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until February 1, 2022, by calling 877-344-7529 and using the replay access code of 10159709. 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.

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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”.

8

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) effects of the COVID-19 pandemic, including its effects on the economic environment, our customers and our operations, including due to supply chain disruptions, as well as any changes to federal, state, or local government laws, regulations, or orders in connection with the pandemic; (2) government intervention in the U.S. financial system in response to the COVID-19 pandemic, including the effects of recent legislative, tax, accounting and regulatory actions and reforms; (3) the impact of the COVID-19 pandemic on our financial results, including possible lost revenue and increased expenses (including the cost of capital), as well as possible goodwill impairment charges; (4) 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; (5) credit quality deterioration or pronounced and sustained reduction in real estate market values causing an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (6) the effects of interest rates, including on our net income and the value of our securities portfolio; (7) 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; (8) fluctuations in the value of our investment securities; (9) governmental monetary and fiscal policies; (10) 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; (11) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators; (12) the ability to attract and retain key executives and employees experienced in banking and financial services; (13) the sufficiency of the allowance for credit losses to absorb the amount of actual losses inherent in our existing loan portfolio; (14) our ability to adapt successfully to technological changes to compete effectively in the marketplace; (15) credit risks and risks from concentrations (by geographic area and by industry) within our loan portfolio; (16) 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; (17) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (18) volatility of rate-sensitive deposits; (19) operational risks, including data processing system failures or fraud; (20) asset/liability matching risks and liquidity risks; (21) the costs, effects and outcomes of existing or future litigation; (22) changes in general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business; (23) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (24) war or terrorist activities, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (25) the effects of cyber-attacks; (26) the imposition of tariffs or other domestic or international governmental policies impacting the value of the agricultural or other products of our borrowers; and (27) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.

9

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES

FIVE QUARTER CONSOLIDATED BALANCE SHEETS

			September 30,						June 30,						March 31,						December 31,						September 30,
(In thousands)			2021						2021						2021						2020						2020
ASSETS
Cash and due from banks			$	53,562					$	52,297					$	57,154					$	65,078					$	71,901
Interest earning deposits in banks			84,952						11,124						80,924						17,409						55,421
Federal funds sold			—						13						7,691						172						7,540
Total cash and cash equivalents			138,514						63,434						145,769						82,659						134,862
Debt securities available for sale at fair value			2,136,902						2,072,452						1,896,894						1,657,381						1,366,344
Loans held for sale			58,679						6,149						58,333						59,956						13,096
Gross loans held for investment			3,278,150						3,344,156						3,374,076						3,496,790						3,555,969
Unearned income, net			(9,506)						(14,000)						(15,915)						(14,567)						(18,537)
Loans held for investment, net of unearned income			3,268,644						3,330,156						3,358,161						3,482,223						3,537,432
Allowance for credit losses			(47,900)						(48,000)						(50,650)						(55,500)						(58,500)
Total loans held for investment, net			3,220,744						3,282,156						3,307,511						3,426,723						3,478,932
Premises and equipment, net			84,130						84,667						85,581						86,401						87,955
Goodwill			62,477						62,477						62,477						62,477						62,477
Other intangible assets, net			21,130						22,394						23,735						25,242						26,811
Foreclosed assets, net			454						755						1,487						2,316						724
Other assets			152,393						154,731						155,525						153,493						159,507
Total assets			$	5,875,423					$	5,749,215					$	5,737,312					$	5,556,648					$	5,330,708
LIABILITIES
Noninterest bearing deposits			$	999,887					$	952,764					$	958,526					$	910,655					$	864,504
Interest bearing deposits			3,957,894						3,839,902						3,836,037						3,636,394						3,469,137
Total deposits			4,957,781						4,792,666						4,794,563						4,547,049						4,333,641
Short-term borrowings			187,508						212,261						175,785						230,789						183,893
Long-term debt			154,860						169,839						201,696						208,691						245,481
Other liabilities			45,010						44,156						53,948						54,869						68,612
Total liabilities			5,345,159						5,218,922						5,225,992						5,041,398						4,831,627
SHAREHOLDERS' EQUITY
Common stock			16,581						16,581						16,581						16,581						16,581
Additional paid-in capital			300,327						299,888						299,747						300,137						299,939
Retained earnings			232,639						219,884						206,230						188,191						175,017
Treasury stock			(22,735)						(15,888)						(15,278)						(14,251)						(12,272)
Accumulated other comprehensive income			3,452						9,828						4,040						24,592						19,816
Total shareholders' equity			530,264						530,293						511,320						515,250						499,081
Total liabilities and shareholders' equity			$	5,875,423					$	5,749,215					$	5,737,312					$	5,556,648					$	5,330,708

10

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)			2021						2021						2021						2020						2020						2021						2020
Interest income
Loans, including fees			$	36,115					$	34,736					$	36,542					$	38,239					$	38,191					$	107,393					$	120,417
Taxable investment securities			6,655						6,483						5,093						4,673						4,574						18,231						12,937
Tax-exempt investment securities			2,428						2,549						2,555						2,529						2,360						7,532						5,730
Other			21						19						14						29						29						54						233
Total interest income			45,219						43,787						44,204						45,470						45,154						133,210						139,317
Interest expense
Deposits			3,150						3,409						3,608						4,265						5,296						10,167						19,654
Short-term borrowings			132						161						128						142						175						421						772
Long-term debt			1,597						1,712						1,851						2,026						1,874						5,160						4,964
Total interest expense			4,879						5,282						5,587						6,433						7,345						15,748						25,390
Net interest income			40,340						38,505						38,617						39,037						37,809						117,462						113,927
Credit loss (benefit) expense			(1,080)						(2,144)						(4,734)						(3,041)						4,992						(7,958)						31,410
Net interest income after credit loss (benefit) expense			41,420						40,649						43,351						42,078						32,817						125,420						82,517
Noninterest income
Investment services and trust activities			2,915						2,809						2,836						2,518						2,361						8,560						7,114
Service charges and fees			1,613						1,475						1,487						1,571						1,491						4,575						4,607
Card revenue			1,820						1,913						1,536						1,517						1,600						5,269						4,202
Loan revenue			1,935						3,151						4,730						3,900						3,252						9,816						6,285
Bank-owned life insurance			532						538						542						541						530						1,612						1,685
Investment securities gains, net			36						42						27						30						106						105						154
Other			331						290						666						549						230						1,287						3,947
Total noninterest income			9,182						10,218						11,824						10,626						9,570						31,224						27,994
Noninterest expense
Compensation and employee benefits			17,350						17,404						16,917						17,638						16,460						51,671						48,759
Occupancy expense of premises, net			2,547						2,198						2,318						2,476						2,278						7,063						6,872
Equipment			1,973						1,861						1,793						2,040						1,935						5,627						5,825
Legal and professional			1,272						1,375						783						2,052						1,184						3,430						4,101
Data processing			1,406						1,347						1,252						1,460						1,308						4,005						3,902
Marketing			1,022						873						1,006						986						857						2,901						2,829
Amortization of intangibles			1,264						1,341						1,507						1,569						1,631						4,112						5,407
FDIC insurance			435						245						512						495						470						1,192						1,363
Communications			275						371						409						412						428						1,055						1,334
Foreclosed assets, net			43						136						47						(35)						13						226						185
Goodwill impairment			—						—						—						—						31,500						—						31,500
Other			2,191						1,519						1,156						2,822						1,875						4,866						5,901
Total noninterest expense			29,778						28,670						27,700						31,915						59,939						86,148						117,978
Income (loss) before income tax expense			20,824						22,197						27,475						20,789						(17,552)						70,496						(7,467)
Income tax expense			4,513						4,926						5,827						4,079						2,272						15,266						2,620
Net income (loss)			$	16,311					$	17,271					$	21,648					$	16,710					$	(19,824)					$	55,230					$	(10,087)
Earnings (loss) per common share
Basic			$	1.03					$	1.08					$	1.35					$	1.04					$	(1.23)					$	3.47					$	(0.63)
Diluted			$	1.03					$	1.08					$	1.35					$	1.04					$	(1.23)					$	3.46					$	(0.63)
Weighted average basic common shares outstanding			15,841						15,987						15,991						16,074						16,099						15,939						16,112
Weighted average diluted common shares outstanding			15,863						16,012						16,021						16,092						16,099						15,963						16,112
Dividends paid per common share			$	0.2250					$	0.2250					$	0.2250					$	0.2200					$	0.2200					$	0.6750					$	0.6600

11

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)			2021						2021						2020						2021						2020
Earnings:
Net interest income			$	40,340					$	38,505					$	37,809					$	117,462					$	113,927
Noninterest income			9,182						10,218						9,570						31,224						27,994
Total revenue, net of interest expense			49,522						48,723						47,379						148,686						141,921
Credit loss (benefit) expense			(1,080)						(2,144)						4,992						(7,958)						31,410
Noninterest expense			29,778						28,670						59,939						86,148						117,978
Income (loss) before income tax expense			20,824						22,197						(17,552)						70,496						(7,467)
Income tax expense			4,513						4,926						2,272						15,266						2,620
Net income (loss)			$	16,311					$	17,271					$	(19,824)					$	55,230					$	(10,087)
Per Share Data:
Diluted earnings (loss)			$	1.03					$	1.08					$	(1.23)					$	3.46					$	(0.63)
Book value			33.71						33.22						31.00						33.71						31.00
Tangible book value(1)			28.40						27.90						25.45						28.40						25.45
Ending Balance Sheet:
Total assets			$	5,875,423					$	5,749,215					$	5,330,708					$	5,875,423					$	5,330,708
Loans held for investment, net of unearned income			3,268,644						3,330,156						3,537,432						3,268,644						3,537,432
Total securities held for investment			2,136,902						2,072,452						1,366,344						2,136,902						1,366,344
Total deposits			4,957,781						4,792,666						4,333,641						4,957,781						4,333,641
Short-term borrowings			187,508						212,261						183,893						187,508						183,893
Long-term debt			154,860						169,839						245,481						154,860						245,481
Total shareholders' equity			530,264						530,293						499,081						530,264						499,081
Average Balance Sheet:
Average total assets			$	5,811,228					$	5,851,736					$	5,311,386					$	5,728,822					$	5,027,692
Average total loans			3,356,680						3,396,575						3,576,642						3,394,066						3,548,968
Average total deposits			4,882,835						4,875,324						4,317,172						4,778,484						4,081,782
Financial Ratios:
Return on average assets			1.11		%				1.18		%				(1.48)		%				1.29		%				(0.27)		%
Return on average equity			12.00		%				13.24		%				(14.88)		%				14.03		%				(2.60)		%
Return on average tangible equity(1)			15.06		%				16.75		%				12.56		%				17.69		%				8.58		%
Efficiency ratio(1)			56.34		%				54.83		%				55.37		%				53.95		%				55.95		%
Net interest margin, tax equivalent(1)			3.00		%				2.88		%				3.14		%				2.99		%				3.36		%
Loans to deposits ratio			65.93		%				69.48		%				81.63		%				65.93		%				81.63		%
Common equity ratio			9.03		%				9.22		%				9.36		%				9.03		%				9.36		%
Tangible common equity ratio(1)			7.71		%				7.86		%				7.82		%				7.71		%				7.82		%
Credit Risk Profile:
Total nonperforming loans			$	33,708					$	41,429					$	41,664					$	33,708					$	41,664
Nonperforming loans ratio			1.03		%				1.24		%				1.18		%				1.03		%				1.18		%
Total nonperforming assets			$	34,162					$	42,184					$	42,388					$	34,162					$	42,388
Nonperforming assets ratio			0.58		%				0.73		%				0.80		%				0.58		%				0.80		%
Net (recoveries) charge-offs			$	(880)					$	406					$	1,841					$	(158)					$	4,906
Net (recovery) charge-off ratio			(0.10)		%				0.05		%				0.20		%				(0.01)		%				0.18		%
Allowance for credit losses			$	47,900					$	48,000					$	58,500					$	47,900					$	58,500
Allowance for credit losses ratio			1.47		%				1.44		%				1.65		%				1.47		%				1.65		%
Adjusted allowance for credit losses ratio(1)			1.51		%				1.53		%				1.82		%				1.51		%				1.82		%
PPP Loans:
Average PPP loans			$	143,628					$	233,982					$	330,969					$	160,708					$	146,607
Fee Income			3,593						2,469						1,312						9,735						2,374
(1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

12

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEET AND YIELD ANALYSIS

			Three Months Ended
			September 30, 2021																		June 30, 2021																		September 30, 2020
(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)			$	3,356,680					$	36,622					4.33		%				$	3,396,575					$	35,255					4.16		%				$	3,576,642					$	38,727					4.31		%
Taxable investment securities			1,628,605						6,655						1.62		%				1,604,463						6,483						1.62		%				864,864						4,574						2.10		%
Tax-exempt investment securities (2)(4)			459,717						3,043						2.63		%				473,181						3,196						2.71		%				405,517						2,968						2.91		%
Total securities held for investment(2)			2,088,322						9,698						1.84		%				2,077,644						9,679						1.87		%				1,270,381						7,542						2.36		%
Other			44,915						21						0.19		%				48,208						19						0.16		%				88,152						29						0.13		%
Total interest earning assets(2)			$	5,489,917					46,341						3.35		%				$	5,522,427					44,953						3.26		%				$	4,935,175					46,298						3.73		%
Other assets			321,311																		329,309																		376,211
Total assets			$	5,811,228																	$	5,851,736																	$	5,311,386
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest checking deposits			$	1,434,560					$	1,056					0.29		%				$	1,469,853					$	1,095					0.30		%				$	1,174,033					$	1,049					0.36		%
Money market deposits			955,174						506						0.21		%				942,072						502						0.21		%				847,059						622						0.29		%
Savings deposits			606,449						316						0.21		%				595,150						324						0.22		%				473,000						351						0.30		%
Time deposits			890,866						1,272						0.57		%				896,169						1,488						0.67		%				931,655						3,274						1.40		%
Total interest bearing deposits			3,887,049						3,150						0.32		%				3,903,244						3,409						0.35		%				3,425,747						5,296						0.62		%
Short-term borrowings			182,484						132						0.29		%				218,491						161						0.30		%				165,840						175						0.42		%
Long-term debt			163,817						1,597						3.87		%				189,644						1,712						3.62		%				231,406						1,874						3.22		%
Total borrowed funds			346,301						1,729						1.98		%				408,135						1,873						1.84		%				397,246						2,049						2.05		%
Total interest bearing liabilities			$	4,233,350					$	4,879					0.46		%				$	4,311,379					$	5,282					0.49		%				$	3,822,993					$	7,345					0.76		%
Noninterest bearing deposits			995,786																		972,080																		891,425
Other liabilities			43,040																		45,035																		67,111
Shareholders’ equity			539,052																		523,242																		529,857
Total liabilities and shareholders’ equity			$	5,811,228																	$	5,851,736																	$	5,311,386
Net interest income(2)									$	41,462																	$	39,671																	$	38,953
Net interest spread(2)															2.89		%																2.77		%																2.97		%
Net interest margin(2)															3.00		%																2.88		%																3.14		%
Total deposits(5)			$	4,882,835					$	3,150					0.26		%				$	4,875,324					$	3,409					0.28		%				$	4,317,172					$	5,296					0.49		%
Cost of funds(6)															0.37		%																0.40		%																0.62		%

(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 $3.5 million, $2.3 million, and $1.1 million for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, respectively. Loan purchase discount accretion was $774 thousand, $873 thousand, and $1.9 million for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, respectively. Tax equivalent adjustments were $507 thousand, $519 thousand, and $536 thousand for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, respectively. The federal statutory tax rate utilized was 21%.

(4) Interest income includes tax equivalent adjustments of $615 thousand, $647 thousand, and $608 thousand for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, 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

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEET AND YIELD ANALYSIS

			Nine Months Ended
			September 30, 2021																		September 30, 2020
(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)			$	3,394,066					$	108,950					4.29		%				$	3,548,968					$	121,957					4.59		%
Taxable investment securities			1,501,252						18,231						1.62		%				721,266						12,937						2.40		%
Tax-exempt investment securities (2)(4)			466,209						9,442						2.71		%				305,514						7,215						3.15		%
Total securities held for investment(2)			1,967,461						27,673						1.88		%				1,026,780						20,152						2.62		%
Other			43,250						54						0.17		%				70,983						233						0.44		%
Total interest earning assets(2)			$	5,404,777					136,677						3.38		%				$	4,646,731					142,342						4.09		%
Other assets			324,045																		380,961
Total assets			$	5,728,822																	$	5,027,692
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest checking deposits			$	1,418,339					$	3,142					0.30		%				$	1,052,816					$	3,477					0.44		%
Money market deposits			936,932						1,486						0.21		%				814,669						3,152						0.52		%
Savings deposits			585,334						926						0.21		%				435,612						1,107						0.34		%
Time deposits			875,027						4,613						0.70		%				973,044						11,918						1.64		%
Total interest bearing deposits			3,815,632						10,167						0.36		%				3,276,141						19,654						0.80		%
Short-term borrowings			192,083						421						0.29		%				149,041						772						0.69		%
Long-term debt			186,323						5,160						3.70		%				219,455						4,964						3.02		%
Total borrowed funds			378,406						5,581						1.97		%				368,496						5,736						2.08		%
Total interest bearing liabilities			$	4,194,038					$	15,748					0.50		%				$	3,644,637					$	25,390					0.93		%
Noninterest bearing deposits			962,852																		805,641
Other liabilities			45,671																		58,618
Shareholders’ equity			526,261																		518,796
Total liabilities and shareholders’ equity			$	5,728,822																	$	5,027,692
Net interest income(2)									$	120,929																	$	116,952
Net interest spread(2)															2.88		%																3.16		%
Net interest margin(2)															2.99		%																3.36		%
Total deposits(5)			$	4,778,484					$	10,167					0.28		%				$	4,081,782					$	19,654					0.64		%
Cost of funds(6)															0.41		%																0.76		%

(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 $9.3 million and $1.8 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. Loan purchase discount accretion was $2.7 million and $7.6 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. Tax equivalent adjustments were $1.6 million and $1.5 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. The federal statutory tax rate utilized was 21%.

(4) Interest income includes tax equivalent adjustments of $1.9 million and $1.5 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. The federal statutory tax rate utilized was 21%.

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

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

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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)									2021						2021						2021						2020						2020
Total shareholders’ equity									$	530,264					$	530,293					$	511,320					$	515,250					$	499,081
Intangible assets, net									(83,607)						(84,871)						(86,212)						(87,719)						(89,288)
Tangible common equity									$	446,657					$	445,422					$	425,108					$	427,531					$	409,793
Total assets									$	5,875,423					$	5,749,215					$	5,737,312					$	5,556,648					$	5,330,708
Intangible assets, net									(83,607)						(84,871)						(86,212)						(87,719)						(89,288)
Tangible assets									$	5,791,816					$	5,664,344					$	5,651,100					$	5,468,929					$	5,241,420
Book value per share									$	33.71					$	33.22					$	32.00					$	32.17					$	31.00
Tangible book value per share(1)									$	28.40					$	27.90					$	26.60					$	26.69					$	25.45
Shares outstanding									15,729,451						15,963,468						15,981,088						16,016,780						16,099,324
Common equity ratio									9.03		%				9.22		%				8.91		%				9.27		%				9.36		%
Tangible common equity ratio(2)									7.71		%				7.86		%				7.52		%				7.82		%				7.82		%

(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)									2021						2021						2020						2021						2020
Net income (loss)									$	16,311					$	17,271					$	(19,824)					$	55,230					$	(10,087)
Intangible amortization, net of tax(1)									948						1,006						1,223						3,084						4,055
Goodwill impairment									—						—						31,500						—						31,500
Tangible net income									$	17,259					$	18,277					$	12,899					$	58,314					$	25,468
Average shareholders’ equity									$	539,052					$	523,242					$	529,857					$	526,261					$	518,796
Average intangible assets, net									(84,288)						(85,518)						(121,306)						(85,579)						(122,518)
Average tangible equity									$	454,764					$	437,724					$	408,551					$	440,682					$	396,278
Return on average equity									12.00		%				13.24		%				(14.88)		%				14.03		%				(2.60)		%
Return on average tangible equity(2)									15.06		%				16.75		%				12.56		%				17.69		%				8.58		%

(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)									2021						2021						2020						2021						2020
Net interest income									$	40,340					$	38,505					$	37,809					$	117,462					$	113,927
Tax equivalent adjustments:
Loans(1)									507						519						536						1,557						1,540
Securities(1)									615						647						608						1,910						1,485
Net interest income, tax equivalent									$	41,462					$	39,671					$	38,953					$	120,929					$	116,952
Loan purchase discount accretion									(774)						(873)						(1,923)						(2,745)						(7,556)
Core net interest income									$	40,688					$	38,798					$	37,030					$	118,184					$	109,396
Net interest margin									2.92		%				2.80		%				3.05		%				2.91		%				3.27		%
Net interest margin, tax equivalent(2)									3.00		%				2.88		%				3.14		%				2.99		%				3.36		%
Core net interest margin(3)									2.94		%				2.82		%				2.99		%				2.92		%				3.14		%
Average interest earning assets									$	5,489,917					$	5,522,427					$	4,935,175					$	5,404,777					$	4,646,731

(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)						2021						2021						2020						2021						2020
Loan interest income, including fees						$	36,115					$	34,736					$	38,191					$	107,393					$	120,417
Tax equivalent adjustment(1)						507						519						536						1,557						1,540
Tax equivalent loan interest income						$	36,622					$	35,255					$	38,727					$	108,950					$	121,957
Loan purchase discount accretion						(774)						(873)						(1,923)						(2,745)						(7,556)
Core loan interest income						$	35,848					$	34,382					$	36,804					$	106,205					$	114,401
Yield on loans						4.27		%				4.10		%				4.25		%				4.23		%				4.53		%
Yield on loans, tax equivalent(2)						4.33		%				4.16		%				4.31		%				4.29		%				4.59		%
Core yield on loans(3)						4.24		%				4.06		%				4.09		%				4.18		%				4.31		%
Average loans						$	3,356,680					$	3,396,575					$	3,576,642					$	3,394,066					$	3,548,968

(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)						2021						2021						2020						2021						2020
Total noninterest expense						$	29,778					$	28,670					$	59,939					$	86,148					$	117,978
Amortization of intangibles						(1,264)						(1,341)						(1,631)						(4,112)						(5,407)
Merger-related expenses						—						—						—						—						(61)
Goodwill impairment						—						—						(31,500)						—						(31,500)
Noninterest expense used for efficiency ratio						$	28,514					$	27,329					$	26,808					$	82,036					$	81,010
Net interest income, tax equivalent(1)						$	41,462					$	39,671					$	38,953					$	120,929					$	116,952
Noninterest income						9,182						10,218						9,570						31,224						27,994
Investment securities gains, net						(36)						(42)						(106)						(105)						(154)
Net revenues used for efficiency ratio						$	50,608					$	49,847					$	48,417					$	152,048					$	144,792
Efficiency ratio (2)						56.34		%				54.83		%				55.37		%				53.95		%				55.95		%

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

(2) Noninterest expense adjusted for amortization of intangibles, merger-related expenses, and goodwill impairment 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)						2021						2021						2021						2020						2020
Loans held for investment, net of unearned income						$	3,268,644					$	3,330,156					$	3,358,161					$	3,482,223					$	3,537,432
PPP loans						(89,354)						(184,390)						(248,682)						(259,260)						(331,703)
Core loans						$	3,179,290					$	3,145,766					$	3,109,479					$	3,222,963					$	3,205,729
Allowance for credit losses						$	47,900					$	48,000					$	50,650					$	55,500					$	58,500
Allowance for credit losses ratio						1.47		%				1.44		%				1.51		%				1.59		%				1.65		%
Adjusted allowance for credit losses ratio(1)						1.51		%				1.53		%				1.63		%				1.72		%				1.82		%

(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)						2021						2021						2021						2020						2020
Commercial loans:
Commercial and industrial						$	927,258					$	982,092					$	993,770					$	1,055,488					$	1,103,102
Agricultural						106,356						107,834						117,099						116,392						129,453
Commercial real estate						1,699,358						1,705,789						1,693,592						1,732,361						1,707,035
Total commercial loans						$	2,732,972					$	2,795,715					$	2,804,461					$	2,904,241					$	2,939,590
Consumer loans:
Residential real estate						$	468,136					$	468,581					$	474,433					$	499,106					$	521,570
Other consumer						67,536						65,860						79,267						78,876						76,272
Total consumer loans						$	535,672					$	534,441					$	553,700					$	577,982					$	597,842
Loans held for investment, net of unearned income						$	3,268,644					$	3,330,156					$	3,358,161					$	3,482,223					$	3,537,432
PPP loans						$	89,354					$	184,390					$	248,682					$	259,260					$	331,703
Core loans(1)						$	3,179,290					$	3,145,766					$	3,109,479					$	3,222,963					$	3,205,729
Core commercial loans(2)						$	2,643,618					$	2,611,325					$	2,555,779					$	2,644,981					$	2,607,887

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

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

Contact:
			Charles N. Funk						Barry S. Ray
			Chief Executive Officer						Senior Executive Vice President and Chief Financial Officer
			319.356.5800						319.356.5800

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