Profile: MidWestOne Financial Group Inc (MOFG.O)

MOFG.O on Nasdaq

26 May 2015
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MidWestOne Financial Group, Inc. (MidWestOne), incorporated on May 9, 1983, is a bank holding company. The Company operates primarily through its bank subsidiary, MidWestOne Bank (the Bank) with its main office in Iowa City, Iowa, and MidWestOne Insurance Services, Inc., its wholly owned subsidiary that operates through three agencies located in central and east-central Iowa. As of December 31, 2013, the Company had total consolidated assets of $1.8 billion and total deposits of $1.4 billion. The Bank operates a total of 25 branch locations, plus its specialized Home Mortgage Center, in 15 counties throughout central and east-central Iowa. The Bank provides full-service retail banking in the communities in which its branch offices are located. Deposit products offered include checking and other demand deposit accounts, negotiable order of withdrawal (NOW) accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts and other time deposits. As of December 31, 2013, the Bank owned 40 automated teller machines (ATMs).

The Bank offers commercial and industrial, agricultural, real estate mortgage and consumer loans. Other products and services include debit cards, automated teller machines, online banking, mobile banking, and safe deposit boxes. The principal service consists of making loans to and accepting deposits from individuals, businesses, governmental units and institutional customers. The Bank also has a trust and investment department through which it offers a variety of trust and investment services, including administering estates, personal trusts, conservatorships, pension and profit-sharing funds and providing property management, farm management, custodial services, financial planning, investment management and retail brokerage (through an agreement with a third-party registered broker-dealer).

Lending Activities

The Company provides a range of commercial and retail lending services to businesses, individuals and government agencies. These credit activities include commercial, industrial and agricultural loans; real estate construction loans; commercial and residential real estate loans, and consumer loans. The Company offers loans both to individuals who are constructing personal residences and to real estate developers and building contractors for the acquisition of land for development and the construction of homes and commercial properties. Construction loans generally have a short term, such as one to two years. As of December 31, 2013, construction loans constituted approximately 6.6% of its total loan portfolio. It offers residential, commercial and agricultural mortgage loans. As of December 31, 2013, the Company had $708.6 million in combined residential, commercial and agricultural mortgage loans outstanding, which represented approximately 65.1% of its total loan portfolio.

The Company offers mortgage loans to its commercial and agricultural customers for the acquisition of real estate used in their business, such as offices, farmland, warehouses and production facilities, and to real estate investors for the acquisition of apartment buildings, retail centers, office buildings and other commercial buildings. As of December 31, 2013, commercial and agricultural real estate mortgage loans constituted approximately 39.9% of its total loan portfolio. Its loan portfolio includes loans to wholesalers, manufacturers, contractors, business services companies and retailers. The Company provides a range of business loans, including lines of credit for working capital and operational purposes and term loans for the acquisition of equipment. As of December 31, 2013, commercial and industrial loans represented approximately 24.1% of its total loan portfolio.

Agricultural loans include loans made to finance agricultural production and other loans to farmers and farming operations. Agricultural loans represented approximately 8.9% of its total loan portfolio at December 31, 2013. The Company’s consumer lending department provides all types of consumer loans, including personal loans (secured or unsecured) and automobile loans. As of December 31, 2013, consumer loans consisted only 1.7% of its total loan portfolio.

Investment Activities

As of December 31, 2013, the Company’s securities portfolio totaled $528.8 million. As of December 31, 2013, it had $230.7 million of municipal securities, which represented 43.6% of its total securities portfolio. As of December 31, 2013, the composition of securities available-for-sale included the United States Treasury, the United States Government agency securities and corporations, States and political subdivisions, mortgage-backed and collateralized mortgage obligations, and other securities.

Sources of Funds

The deposit products are offered to individuals, nonprofit organizations, partnerships, small businesses, corporations and public entities. These products include noninterest bearing and interest bearing demand deposits, savings accounts, money market accounts and certificates of deposit.

Other Products and Services

The Company offers trust and investment services in its market areas. Its services include administering estates, personal trusts, conservatorships, pension and profit-sharing funds and providing property management, farm management, investment advisory, retail securities brokerage, financial planning and custodial services. Licensed brokers serve selected branches and provide investment-related services including securities trading, financial planning, mutual funds sales, fixed and variable annuities and tax-exempt and conventional unit trusts. Through its insurance subsidiary, MidWestOne Insurance Services, Inc., it offers property and casualty insurance products to individuals and small businesses in markets that it services.

The Company competes with Wells Fargo Bank, U.S. Bank, Hills Bank & Trust, University of Iowa Community Credit Union, Two Rivers Bank & Trust, Veridian Credit Union and Farm Credit Services.

Company Address

MidWestOne Financial Group Inc

102 S Clinton St
IOWA CITY   IA   52240-4065
P: +1319.3565800
F: +1319.3565849

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