Charles N. Reeves

Chief Executive Officer at Midwestone Financial Group Inc (IOWA)

Board

Since November 2022

Age

57 years

Education

Earned a Bachelor of Arts degree from Miami University in Oxford, Ohio.

Tenure

Joined MOFG in November 2022 as Chief Executive Officer of both the Company and the Bank.

Also at Midwestone Financial Group Inc (IOWA)

BSR

Barry S. Ray

Senior Executive Vice President and Chief Financial Officer

GLS

Gary L. Sims

Executive Vice President and Chief Credit Officer

LDD

Len D. Devaisher

President and Chief Operating Officer

About

Charles N. Reeves is 57 years old and has built an extensive career in the financial services industry. He holds a Bachelor of Arts degree from Miami University in Oxford, Ohio, reflecting a strong educational foundation.

Over the course of his career, he has held several significant roles, including a 22-year tenure at Fifth Third Bank and leadership positions at Cascade Bancorp and Beach Bancorp, Inc., which have honed his expertise in commercial banking and regional market operations.

He joined MOFG in November 2022, stepping into the role of Chief Executive Officer for both the Company and the Bank. In this capacity, his leadership is marked by a commitment to strategic growth and operational excellence, while he also actively contributes to various industry and community organizations.

$MOFG Performance Under Charles N. Reeves

Past Roles

Organization	Role	Date Range	Details
Beach Bancorp, Inc.	President and Chief Executive Officer	Until November 2022	Joined MOFG as CEO in November 2022
Cascade Bancorp	President and Chief Operating Officer	Prior to Beach Bancorp, Inc.	N/A
Fifth Third Bank	Executive Vice President, Commercial Banking in Chicago; Chicago Market President	22-year career	Held multiple leadership roles over his tenure

External Roles

Organization	Role	Date Range
Iowa Bankers Association	Board of Directors	N/A
Iowa Association of Business & Industry	Board of Directors	N/A
Orchestra Iowa	Board of Directors	N/A

Fixed Compensation

Data from FY 2024

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$646,875	Annual	3.5% increase from 2023 salary of $625,000
Time-Based Restricted Stock Units	$160,000	Vests in three equal installments starting on the first anniversary, fully vested on the third anniversary	40% of total equity grant of $400,000 (remaining 60% allocated to PSUs)
All Other Compensation	$30,476	Annual	Includes 401(k) match of $17,250, ESOP contribution of $7,211, and Other Compensation of $6,015 (monthly $500 automobile stipend and $15 employee appreciation benefit)

Performance Compensation

Data from FY 2024

Non-Equity Incentive Plan Compensation

Metric	Value	Details
Incentive at Target	$420,469	Represents 65% of base salary
Payout Outcome	$534,039	127.0% of the target achieved
Payout Range	50%-150%	Payouts begin at 50% (threshold) and can reach up to 150% (cap) based on performance
Performance Metrics	N/A	Includes financial metrics (112% payout) and individual goals (each at 150% payout)

Performance-Based Restricted Stock Units (PSUs)

Metric	Value	Details
Grant Date	February 15, 2024
Grant Date Fair Value	$240,002
Vesting Date	February 15, 2027	Vesting occurs on the third anniversary, subject to performance thresholds
3-Year Cumulative Core EPS	Threshold: 4,902 shares, Target: 9,804 shares, Maximum: 14,706 shares	50% weighting; performance determined by straight-line interpolation between thresholds
3-Year Average ROATCE	Threshold: 4,902 shares, Target: 9,804 shares, Maximum: 14,706 shares	50% weighting; performance determined by straight-line interpolation between thresholds
Additional Conditions	N/A	Part of the 2023 Equity Incentive Plan; awards subject to forfeiture and may accelerate upon specific events