You might also like
MidWestOne Financial Group, Inc. (MOFG) is a financial holding company headquartered in Iowa City, Iowa. It operates primarily through its subsidiary, MidWestOne Bank, offering a wide range of banking and financial services to individuals, businesses, and institutions. MOFG provides commercial and consumer loans, deposit products, wealth management services, and complementary banking solutions across the upper Midwest and Denver, Colorado.
- Net Interest Income - Generates revenue from interest earned on loans and investments, serving as the primary contributor to the company's overall income.
- Noninterest Income - Includes diverse sources such as investment services, trust activities, service charges, card revenue, loan revenue, and bank-owned life insurance.
- Investment Services and Trust Activities - Offers financial planning, investment advisory, and estate administration services.
- Service Charges and Fees - Provides income from account-related fees and transaction charges.
- Card Revenue - Earns from credit and debit card transactions.
- Loan Revenue - Includes fees from loan-related activities.
- Bank-Owned Life Insurance - Generates income from life insurance policies owned by the bank.
- Wealth Management - Administers estates, trusts, and conservatorships while offering brokerage services through a third-party arrangement.
- Deposit Products - Offers demand and interest checking accounts, savings accounts, money market accounts, and time deposits to customers.
- Complementary Banking Services - Provides treasury management, Zelle, online and mobile banking, ATMs, credit and debit cards, and safe deposit boxes.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Charles N. Reeves ExecutiveBoard | Chief Executive Officer | Board of Directors at Iowa Bankers Association; Board of Directors at Iowa Association of Business & Industry; Board of Directors at Orchestra Iowa; Member at Cedar Rapids Metro Economic Alliance | Charles N. Reeves has served as the CEO of MidWestOne Financial Group, Inc. since November 2022. He previously held leadership roles at Beach Bancorp, Inc., Bank of the Cascades, and Fifth Third Bancorp. | View Report → |
Barry S. Ray Executive | Senior Executive Vice President and Chief Financial Officer | Barry S. Ray has served as the Senior Executive Vice President and Chief Financial Officer at MOFG since June 2018, previously holding roles at Columbia State Bank, Russell Investment Group, and RSM US LLP. | ||
Gary L. Sims Executive | Executive Vice President and Chief Credit Officer | Gary L. Sims has served as Executive Vice President and Chief Credit Officer at MOFG since June 2018, overseeing credit operations and risk management. He previously held senior credit roles at NBH Bank and Regions Bank. | ||
Len D. Devaisher Executive | President and Chief Operating Officer | Len D. Devaisher is the President and Chief Operating Officer at MOFG since July 2020, and he served as interim CEO from August 12, 2022 to November 1, 2022. | ||
Paul A. Ho-Sing-Loy Executive | Vice President and Chief Information Officer | Paul A. Ho-Sing-Loy is the Vice President and Chief Information Officer at MidWestOne Financial Group, Inc. since June 2024. He also serves as the Executive Vice President and Chief Information Officer at MidWestOne Bank and brings over 30 years of IT leadership experience with previous roles at Lakeland Bank, Associated Bank, Bank of America, and Wells Fargo Bank. | ||
Azeemuddin Ahmed Board | Director of MidWestOne Financial and the Bank | Clinical Professor of Emergency Medicine at University of Iowa; Executive Vice Chair, University of Iowa Department of Emergency Medicine; Medical Director at Kinnick Stadium and Carver Hawkeye Arena; Researcher and Seminar Leader | Azeemuddin Ahmed has been serving as the Director of MidWestOne Financial and the Bank since April 25, 2024. He combines expertise in medicine, academia, and business, having held roles such as Clinical Professor of Emergency Medicine and Executive Vice Chair at the University of Iowa. | |
Carl J. Chaney Board | Director of MidWest One Financial and the Bank | Chairman of Chaney Investments; Executive Chairman of Industry Bancshares, Inc.; Board Member of JTS Capital Group | Carl J. Chaney has served as a Director at MOFG since 2024 and chairs the Audit Committee following the 2024 annual meeting. | |
Charles N. Funk Board | Director | Charles N. Funk served as CEO of MOFG from March 2008 through October 2022 and as President from November 2000 to July 2020, highlighting his longstanding leadership. He has been a Director at MOFG since November 2000 and previously held external board roles at Folience and the American Bankers Association, showcasing extensive industry expertise. | ||
Douglas H. Greeff Board | Director of MidWestOne Financial | President of Greeff Advisory LLC | Douglas H. Greeff has served as the Director of MidWestOne Financial since 2019. He contributes to the Human Capital and Compensation Committee at MOFG and has held senior finance roles including CFO of TRX until February 2024 while currently serving as President of Greeff Advisory LLC. | |
Janet E. Godwin Board | Director of MidWestOne Financial and the Bank | CEO of ACT, Inc. | Janet E. Godwin has served as a director at MidWestOne Financial and the Bank since 2019. She is the CEO of ACT, Inc. and has significant leadership experience in both educational and financial sectors. | |
Jennifer L. Hauschildt Board | Director of MidWestOne Financial and the Bank | Global Chief Human Resources Officer for Georg Fischer, Uponor division; Board member of the Minnesota High Tech Association Foundation | Jennifer L. Hauschildt has served as the Director at MOFG since 2019. She is recognized for her expertise in Human Resources and Information Technology, and she also holds the current role of Global Chief Human Resources Officer for Georg Fischer, Uponor division. | |
Kevin W. Monson Board | Chair of the Board | Majority Partner in Tower Partners | Kevin W. Monson has served as the Chair of the Board at MOFG since at least March 13, 2023 after joining as a director in 2005. | |
Larry D. Albert Board | Director of MidWestOne Financial and the Bank | Larry D. Albert has served as a director of MOFG and a member of its Audit Committee since 2018. He previously held executive roles at MOFG as Executive Vice President from May 2015 to September 2015 and was CEO and director at Central Bank from 1996 to 2015. | ||
Matthew J. Hayek Board | Director | Attorney at Hayek, Moreland, Smith & Bergus, LLP | Matthew J. Hayek has been serving as a Director at MOFG since 2019 and participates in the Audit, Nominating & Corporate Governance, and Compensation Committees. He is an experienced legal professional with extensive involvement in law, public service, and community leadership. | |
Nathaniel J. Kaeding Board | Director of MidWest One Financial Group and the Bank | Director of Real Estate Development, Hodge Construction ; Small Business Owner and Real Estate Developer, Gold Cap Hospitality and Development | Nathaniel J. Kaeding has served as a Director at MOFG since 2018 and brings a diverse background from a nine‑year NFL career to extensive expertise in real estate and business management. | |
Ruth E. Heinonen Board | Director of MidWestOne Financial and the Bank | Corporate Affairs Consultant since 2008; President/Owner of Strategic Points Consulting, LLC since 2022 | Ruth E. Heinonen has served as a director of MidWestOne Financial since May 2015 and as a director of the Bank since 2016. She brings extensive corporate experience, also holding external roles as a Corporate Affairs Consultant since 2008 and as President/Owner of Strategic Points Consulting, LLC since 2022. | |
Tracy S. McCormick Board | Director | CFO and Director at Mill Creek Development Company; Board member at Folience | Tracy S. McCormick has been a Director at MOFG since 2011 and became a director of the Bank in May 2015, following the merger with Central Bank. She is also the anticipated incoming Chair of the Board, leveraging extensive investment banking experience from her career at J.P. Morgan and leadership roles outside MOFG. |
- Given the current uncertainty in capital plans noted by management, how do you plan to adjust your loan pipeline management and capital allocation if the heightened uncertainty persists into the second half of the year?
- You mentioned reviewing buyback activity in the context of your current CET1 levels; what specific profitability or capital ratio thresholds must be met before you would consider resuming share repurchases, and over what timeframe?
- With potential further rate cuts on the horizon, how do you plan to balance the tailwinds from deposit cost relief and asset repricing against the inherent volatility in interest rate environments to sustain net interest margin expansion?
- Despite improvements in several efficiency metrics, your efficiency ratio remains between 55% and 59%—what targeted initiatives will you implement to drive further cost efficiencies, particularly given rising compensation-related expenses?
- Charge-offs increased primarily due to CRE loan resolution, so what proactive measures are being considered to manage future charge-offs, and how will evolving economic forecasts be integrated into your ACL provisioning process?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
DNVB / Denver Bankshares, Inc. | 2024 | Completed on January 31, 2024, this acquisition by MidWestOne Financial Group involved a $32.6 million cash payment to acquire 100% of DNVB (including Bank of Denver), with assets valued at approximately $289.1 million and liabilities at about $265.2 million, and featured a core banking system conversion with provisional accounting of assets and liabilities. |
Iowa First Bancshares Corp. (IOFB) | 2022 | Finalized on June 9, 2022, this deal provided IOFB shareholders $42.14 in cash per share for a total consideration of $46.7 million, acquiring assets worth $514.8 million and assuming liabilities of $466.8 million while strategically adding 4 new branch offices in Iowa to expand market presence. |
Recent press releases and 8-K filings for MOFG.
- Executive officers will present to institutional investors during Q2 2025, with presentation materials attached as Exhibit 99.1 and available on the company website.
- The filing includes forward-looking statements and detailed financial and market performance information as of March 31, 2025, which are key for evaluating the company's outlook.
- The document highlights MidWestOne's diversified growth strategy, including recent acquisitions and solid Q1 2025 financial performance, such as a net income of $15.1 million.
- Q1 2025 results include a net income of $15.1M, $57.5M in revenue, adjusted EPS of $0.73, 1% ROA, and a 10 bp increase in core net interest margin driven by disciplined balance sheet management .
- Strong balance sheet metrics with total loans of $4,304.2M, deposits of $5,489.1M, and a robust capital position with a Common Equity Tier 1 ratio near 11% (targeting 11%–11.5%), alongside proactive capital allocation including potential share buybacks .
- The bank maintained solid credit quality with a 0.33% nonperforming assets ratio and a diversified CRE and loan portfolio strategy .
- Loan performance was mixed with flat growth due to elevated payoffs, yet a robust loan origination pipeline is expected to drive mid-single-digit growth in Q2 .
- Net income reached $15.1 million with diluted EPS of $0.73, indicating resilient performance in a challenging economic environment.
- The company reported a tax equivalent net interest margin of 3.44% and a core margin of 3.36%, reflecting effective management of balance sheet fundamentals.
- Tangible book value per share increased by 4.4% to $23.36, showcasing improved capital strength.
- Operational efficiency was maintained with noninterest expenses of $36.3 million and an efficiency ratio of 59.38%, supporting disciplined cost management.