Here are 1-3 brief analogies for MidWestOne Financial (MOFG):

• U.S. Bancorp for Iowa and surrounding communities.
• A community-focused Bank of America for the Midwest.

• Deposit Services: Offers a variety of checking, savings, money market, and certificate of deposit accounts for individuals and businesses to manage their finances.
• Commercial Lending: Provides loans and lines of credit to businesses for purposes such as working capital, equipment purchases, and commercial real estate.
• Residential Mortgage Lending: Originates loans for individuals to purchase or refinance homes.
• Consumer Lending: Extends personal loans, auto loans, and other installment credit products to individuals for various personal financing needs.
• Wealth Management & Trust Services: Delivers financial planning, investment management, and trust administration to help clients manage and grow their assets.

MidWestOne Financial (MOFG) is a bank holding company whose primary subsidiary is MidWestOne Bank. As a community-focused financial institution, it serves a broad and diverse customer base rather than having a few identifiable "major customers" in the traditional sense of a B2B supplier. Its revenue is generated from a wide array of banking services provided to both individuals and businesses within its operating regions.

Given the diversified nature of its customer base and the absence of a few named corporate clients making up the bulk of its revenue, MidWestOne Financial primarily serves various categories of customers. The major customer categories include:

1. Individuals/Consumers: This category includes everyday people seeking a range of personal banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit, residential mortgages, home equity loans, auto loans, personal loans, and wealth management services (trust, investment, and brokerage services).
2. Small to Medium-sized Businesses (SMBs): MidWestOne Financial provides comprehensive banking solutions to local and regional businesses. This includes commercial and industrial (C&I) loans, business checking accounts, treasury management services, lines of credit, term loans, and equipment financing. These are typically businesses operating within the communities served by the bank.
3. Commercial Real Estate Clients: This category encompasses businesses, investors, and developers seeking financing for commercial properties, including office buildings, retail centers, multi-family residential properties, and other income-producing real estate.

Charles N. Reeves Chief Executive Officer

Mr. Reeves became the Chief Executive Officer of MidWestOne Financial Group, Inc. and MidWestOne Bank in November 2022. Before joining MidWestOne, he served as President and Chief Executive Officer for Beach Bancorp, Inc. in Florida. Prior to that, Mr. Reeves was President and Chief Operating Officer at Cascade Bancorp. He also had a 22-year career at Fifth Third Bank, where his roles included Executive Vice President, Commercial Banking in Chicago.

Barry S. Ray Senior Executive Vice President, Chief Financial Officer and Treasurer

Mr. Ray was appointed Chief Financial Officer of MidWestOne Financial Group and MidWestOne Bank in May 2018. Before his role at MidWestOne, he spent twelve years as Chief Accounting Officer and Controller of Columbia State Bank, a subsidiary of Columbia Banking Systems, Inc. He also worked as a business analyst, investment operations, with Russell Investment Group for one year and spent five years with RSM US LLP as a consulting services manager and staff auditor.

Len D. Devaisher President and Chief Operating Officer

Mr. Devaisher joined MidWestOne Financial Group and MidWestOne Bank as President and Chief Operating Officer in July 2020. Prior to this, he was employed by Old National Bank, serving as Chief Executive Officer, Wisconsin Region, from 2016 to 2019. He also served as Chief Operating Officer of Young Life, Africa from 2010 to 2013.

Paul A. Ho-Sing-Loy Vice President, Chief Information Officer

Mr. Ho-Sing-Loy became Vice President, Chief Information Officer of MidWestOne Financial Group, Inc. in June 2024. He previously held the position of Executive Vice President, Chief Information Officer at Lakeland Bank (New Jersey), where he focused on digital strategies, cybersecurity initiatives, and developed the technology roadmap that helped Lakeland scale from $5 billion to $11 billion in assets. His experience also includes work with large national banks such as Wells Fargo and Bank of America.

Steve Heimermann Vice President, Head of Wealth Management

Mr. Heimermann joined MidWestOne in January 2024 as Vice President, Head of Wealth Management. Previously, he was the Midwest States Chief Investment Officer for Northern Trust, where he managed portfolio management and planning for $20 billion of assets under management across six Midwest markets. He also served as Managing Director, leading the Twin Cities region wealth team for Associated Bank for nearly four years.

The key risks to MidWestOne Financial (MOFG) primarily stem from its core banking operations and the economic environment in which it operates.

1. Credit and Lending Risks: MidWestOne Financial faces significant credit risk, particularly due to its substantial concentration in commercial real estate loans and agricultural loans. Fluctuations in real estate values, adverse weather conditions, and declines in agricultural market prices could negatively impact the value of collateral and the ability of borrowers to repay loans, leading to increased nonperforming assets.
2. Interest Rate Risk and Federal Reserve Policies: The company is exposed to interest rate risk, where changes in interest rates and monetary policies by the Federal Reserve can adversely affect its financial condition and profitability. Rising interest rates may increase nonperforming assets and reduce net interest income. For example, in 2023, the interest rate cycle and a primarily fixed-rate loan portfolio led to a decrease in the company's net interest margin, significantly reducing net income.
3. Economic and Market Risks: MidWestOne Financial's business performance is highly dependent on the economic conditions within its primary markets, specifically Iowa and Minneapolis/St. Paul. Adverse economic conditions in these regions could hinder growth rates, impact loan repayments, and diminish the value of collateral, thereby negatively affecting the company's financial results.

The increasing market penetration and innovation from financial technology (fintech) companies and large technology firms ("Big Tech") offering banking and financial services. These digital-first competitors leverage advanced technology, data analytics, and often lower operational costs to provide more convenient, personalized, and sometimes cheaper alternatives for traditional banking services such as payments, lending, and deposits, threatening to erode MidWestOne Financial's customer base and traditional revenue streams.

MidWestOne Financial (MOFG) offers a range of financial products and services, primarily focused on community banking within the United States, specifically in Iowa, Minnesota, Wisconsin, Colorado, and Florida. The main products and services include various types of loans, deposit products, and wealth management services.

Addressable Markets for MidWestOne Financial's Main Products and Services:

• Commercial Lending: The global commercial lending market was valued at approximately USD 11.87 trillion in 2024 and is projected to reach nearly USD 25.27 trillion by 2032. The U.S. holds approximately 75% of the market share in North America for commercial lending. While a precise U.S.-specific figure for the entire commercial lending market is not explicitly provided, given the global size and the U.S. share in North America, this represents a multi-trillion dollar market within the U.S.
• Retail Banking (including Deposit Products and Consumer Loans): The U.S. community banking market, which is highly relevant to MidWestOne Financial's operations, was valued at USD 6.35 billion in 2024. This market is projected to grow with a compound annual growth rate (CAGR) of 3.8%.
• Wealth Management and Investment Services: The United States private banking market was valued at approximately USD 108.96 billion in 2024 and is expected to grow to USD 180.65 billion by 2030, with a CAGR of 8.79%. The broader global wealth management market was valued at around USD 1.64 trillion in 2024, with North America being a dominant region.
• Property and Casualty Insurance: Information on the specific market size for property and casualty insurance directly related to MidWestOne Financial's regional operations or through its subsidiary, MidWestOne Insurance Services, Inc., is not available in the provided search results.

Therefore, the addressable market sizes are as follows:

• Commercial Lending: Multi-trillion dollar market (U.S.)
• Retail Banking (Community Banking segment): USD 6.35 billion in 2024 (U.S.)
• Wealth Management and Investment Services (Private Banking segment): USD 108.96 billion in 2024 (U.S.)
• Property and Casualty Insurance: null

Here are 3-5 expected drivers of future revenue growth for MidWestOne Financial (MOFG) over the next 2-3 years:

1. Loan Growth: MidWestOne Financial anticipates continued growth in its loan portfolio. The company reported annualized loan growth of 3.5% in the third quarter of 2025 and a 7.4% increase in loan growth in the second quarter of 2025. Notably, the commercial and industrial loan portfolio experienced a 10.9% year-over-year growth. The company expects further loan growth in 2025.
2. Net Interest Margin (NIM) Expansion: The company foresees opportunities for expanding its net interest margin, driven by new loan originations at higher interest rates and the repricing of existing loans. MidWestOne Financial reported a stable net interest margin of 3.57% in Q3 2025 and an expansion of 13 basis points in Q2 2025.
3. Growth in Noninterest Income: MidWestOne Financial is focused on expanding its noninterest income streams. This includes strong performance and increases in wealth management revenue, card revenue, mortgage origination fees, and Small Business Administration (SBA) loan originations and sales.
4. Strategic Initiatives and Market Expansion: The company is pursuing strategic initiatives, including operational streamlining and growth in core areas, which analysts believe will enhance margin expansion and resilience. A significant driver is the announced partnership with Nicolet Bankshares, Inc., which MidWestOne's CEO describes as creating a "pre-eminent Midsize bank in the Upper Midwest". Additionally, the company is expanding its presence by hiring new commercial bankers in regions like the Twin Cities and Denver.

Share Repurchases

• A current share repurchase program authorizes the repurchase of up to $15.0 million of the Company's common shares.
• For the year-to-date period ended September 30, 2025, the Company repurchased 203,802 shares of common stock at an average price of $27.44 per share, totaling $5.6 million.
• As of September 30, 2025, $9.4 million remained available under the current share repurchase program.

Share Issuance

• MidWestOne Financial Group is being acquired by Nicolet Bankshares, Inc. in an all-stock transaction valued at approximately $864 million.
• MidWestOne shareholders will receive 0.3175 shares of Nicolet common stock for each MidWestOne share owned.
• The implied per share purchase price is $41.37 for MidWestOne, based on Nicolet's closing price of $130.31 as of October 22, 2025.

Inbound Investments

• Nicolet Bankshares, Inc. has agreed to acquire MidWestOne Financial Group, Inc. in an all-stock transaction valued at approximately $864 million.
• Upon completion of the merger, MidWestOne shareholders are expected to own approximately 30% of the combined company.

Outbound Investments

• MidWestOne completed the acquisition of Denver Bankshares, Inc. in the first quarter of 2024, adding approximately $275 million in assets and expanding its presence in the Denver metropolitan area.
• In the second quarter of 2024, MidWestOne completed the sale of its Florida-based branches, which included $133 million of deposits.

Capital Expenditures

• The Company has made ongoing investments in growth and operational efficiency.
• Investments have been made in platforms to drive internal growth.
• Management's strategies include investments in talent and technology to reduce costs and boost productivity.