United States

Profile: Midwestone Financial Group Inc (MOFG.O)

MOFG.O on Nasdaq

23 Mar 2017
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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 approximately three agencies located in central and east-central Iowa. The Company's segments include Commercial Banking and All Other. MidWestOne Bank and Central Bank provide service retail banking in the communities in which their respective branch offices are located. Deposit products offered include checking and other demand deposit accounts, negotiable order of withdrawal (NOW) accounts, savings accounts, certificates of deposit, individual retirement accounts and other time deposits. Its deposit products also include non-interest-bearing and interest-bearing demand deposits, and money market accounts. The deposit products are offered to individuals, nonprofit organizations, partnerships, small businesses, corporations and public entities. MidWestOne Bank and Central Bank offer 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. MidWestOne Bank also has a trust and investment department through which it offers a range of trust and investment services, including 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. MidWestOne Bank operates approximately 20 branch locations and specialized Home Mortgage Center, in over 10 counties throughout central and east-central Iowa. MidWestOne Insurance Services, Inc. offers property and casualty insurance products to individuals and small businesses. Central Bank operates approximately 20 offices, primarily in the Twin Cities metro area with offices in Minnesota and western Wisconsin. Additionally, Central Bank operates over two Florida offices in Naples and Fort Myers.

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. Its total loan portfolio is approximately $2.15 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 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. Its total securities available for sale with fair value are approximately $427.2 million. Its total securities held to maturity with fair value are approximately $118.23 million. Its investment securities portfolio totaled approximately $545.7 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. Its total deposits amounted to approximately $2.46 billion. Its FHLB borrowings totaled approximately $87.0 million.

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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