United States

Profile: Midwestone Financial Group Inc (MOFG.O)

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MidWestOne Financial Group, Inc., incorporated on May 9, 1983, is a bank holding and financial holding company. The Company operates through its bank subsidiaries, MidWestOne Bank, Central Bank and MidWestOne Insurance Services, Inc. that operates through three agencies located in central and east-central Iowa. As of December 31, 2016, the Bank operated a total of 43 banking offices in Iowa, Minnesota, Wisconsin, and Florida. It provides full service retail banking in the communities in which its branch offices are located and also offers trust and investment management services.

The Bank offers deposit products, including 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. 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 range of trust and investment services, including administering estates, personal trusts, and conservatorships and providing property management, farm management, custodial, financial planning, investment management and retail brokerage services.

Lending Activities

The Company provides a range of commercial and retail lending services to businesses, individuals and government agencies. Its credit activities include commercial, industrial and agricultural loans; real estate construction loans; commercial and residential real estate loans, and consumer loans. It markets its services to qualified lending customers. It offers loans both to individuals 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. It offers residential, commercial and agricultural mortgage loans. It also 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.

The Company's commercial and industrial loan portfolio includes loans to wholesalers, manufacturers, contractors, business services companies and retailers. It provides a range of business loans, including lines of credit for working capital and operational purposes and term loans for the acquisition of equipment. Its consumer lending department provides various types of consumer loans, including personal loans (secured or unsecured) and automobile loans. Its agricultural loans include loans made to finance agricultural production and other loans to farmers and farming operations. As of December 31, 2016, its total loan portfolio was $2.17 billion.

Investment Activities

The composition of securities available for sale includes the United States treasury, the United States government agency securities and corporations, states and political subdivisions, mortgage-backed securities, collateralized mortgage obligations, collateralized debt obligations, corporate debt securities and other equity securities. The composition of securities held to maturity includes states and political subdivisions, mortgage-backed securities, collateralized mortgage obligations and corporate debt securities. The Company's mortgage-backed and collateralized mortgage obligations portfolios consist of securities backed by one- to four-family mortgage loans and underwritten to the standards of and guaranteed by the government-sponsored agencies, such as Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Government National Mortgage Association. As of December 31, 2016, its total securities available for sale with fair value were approximately $479.3 million. As of December 31, 2016, its total securities held to maturity with fair value were $168.3 million. As of December 31, 2016, its investment securities portfolio totaled $645.9 million.

Sources of Funds

Its primary sources of funds consist of cash from operations, investment maturities and sales, deposits and funds from sales of capital securities. Its principal sources of funds are deposits, advances from the Federal Home Loan Banks (FHLB), principal repayments on loans, proceeds from the sale of loans, proceeds from the maturity and sale of investment securities, its federal funds lines of credit and funds provided by operations. As of December 31, 2016, its total deposits amounted to $2.48 billion.

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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