MidWestOne Financial : Q3 2023 Investor Presentation

Iowa City, Iowa

Denver, Colorado

Minneapolis, Minnesota

Des Moines, Iowa

Investor Presentation September 30, 2023

Forward Looking Statements & Non-GAAPMeasures

Cautionary Note Regarding Forward-Looking Statements

This presentation contains certain "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to time, make written or oral statements that are "forward-looking" and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "should," "could," "would," "plans," "goals," "intend," "project," "estimate," "forecast," "may" or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law.

Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the risks of mergers or branch sales (including with Iowa First Bancshares Corp. and Denver Bankshares, Inc.), including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (2) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (3) the effects of recent and potential additional increases in inflation and interest rates, including on our net income and the value of our securities portfolio; (4) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (5) fluctuations in the value of our investment securities; (6) governmental monetary and fiscal policies; (7) changes in and uncertainty related to benchmark interest rates used to price loans and deposits; (8) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, including the new 1.0% excise tax on stock buybacks by publicly traded companies and any changes in response to the recent failures of other banks; (9) the ability to attract and retain key executives and employees experienced in banking and financial services; (10) the sufficiency of the allowance for credit losses to absorb the amount of actual losses inherent in our existing loan portfolio; (11) our ability to adapt successfully to technological changes to compete effectively in the marketplace; (12) credit risks and risks from concentrations (by geographic area and by industry) within our loan portfolio;

1. the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (14) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (15) volatility of rate-sensitive deposits; (16) operational risks, including data processing system failures or fraud; (17) asset/liability matching risks and liquidity risks; (18) the costs, effects and outcomes of existing or future litigation; (19) changes in general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession;

1. changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (21) war or terrorist activities, including the Israeli-Palestinian conflict and the Russian Invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (22) the occurrence of fraudulent activity, breaches, or failures of our information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; (23) the imposition of tariffs or other domestic or international governmental policies impacting the value of the agricultural or other products of our borrowers; (24) effects of the ongoing COVID-19 pandemic, including its effects on the economic environment, our customers, employees and supply chain; (25) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits; (26) the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time at other banks that resulted in failure of those institutions; and (27) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.

Non-GAAP Measures

This presentation contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, loan yield, tax equivalent, efficiency ratio, pre-tax,pre-provision earnings, return on average tangible equity, and net interest margin, tax equivalent. Management believes these measures provide investors with useful information regarding the Company's profitability, financial condition and capital adequacy, consistent with how management evaluates the Company's financial performance. A reconciliation of each non-GAAP measure to the most comparable GAAP measure is included, as necessary, in the Non-GAAP Financial Measures section.

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Overview of MidWestOne

Diverse & Expanding Markets:

Iowa, Minnesota, Wisconsin, Colorado, and Florida

Growing communities for 85+ years

Headquartered in Iowa City, IA

• 58 Banking Offices

Commercial and Consumer Banking

• • $6.5B Total Assets
• $4.1B Loans and $5.4B Deposits

Wealth Management

• $2.84B AUA

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Banking Offices & Financial Information as of September 30, 2023

Our History and Growth Profile

Iowa State Bank & Trust Company Founded in 1934.

In 2008, MidWestOne Financial Group, Inc. merged with ISB Financial Corp., with common shares listed on NASDAQ under the ticker symbol "MOFG".

In 2015, MidWestOne acquired Central Bancshares, Inc., expanding the Company into Minneapolis- St. Paul Metro and Southwest Florida.

MidWestOne expanded into Denver, Colorado in 2017 with team lift- out.

Total Assets ($ Millions)

$5,331	$5,875	$6,491	$6,468
3Q20	3Q21	3Q22	3Q23

Loans and Deposits ($ Millions)

Acquired ATBancorp in 2019, expanding MidWestOne into Dubuque and Des Moines, IA and Southwest Wisconsin.

In June 2022, MidWestOne acquired Iowa First Bancshares Corp.

	$4,334	$4,958	$5,477	$5,363
$3,556	$3,278	$3,762	$4,078
3Q20	3Q21	3Q22	3Q23
		Gross Loans	Total Deposits

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MOFG's Attractive and Growing Core Markets

Rural core deposit franchise that supports growing metropolitan markets

Iowa Community

$1,742M Deposits and $902M Gross Loans

23 Banking Offices

• Significant agriculture, education, healthcare, and manufacturing industries
• Pella Corporation was ranked #1 on Forbes "2022 Best-In-State Employers List"
• Stable deposit franchise
• Lower unemployment rate than the national rate

Iowa Metro

$1,867M Deposits and $1,344M Gross Loans

17 Banking Offices

• Significant education, healthcare, manufacturing, and retail industries
• Iowa City, Iowa was ranked by Forbes as One of the Top 25 "Best Places to Retire in 2023"
• Lower unemployment rates than the national rate

Twin Cities

$1,253M Deposits and $1,204M Gross Loans

15 Banking Offices

• Significant healthcare, manufacturing, and retail industries
• General Mills was ranked by Forbes as #22 on "America's Best Large Employers List 2022: The Top 100"
• Lower unemployment rates than the national rate

Denver

$134M Deposits and $431M Gross Loans

1 Banking Office

• Significant healthcare, transportation, and telecommunication industries
• Ranked #1 out of 25 by Forbes as "America's best city to buy a home in 2022"
• Lower unemployment rates and higher projected household income change and population growth than the national rate

		Iowa Community	Iowa Metro	Twin Cities	Denver	National
Median HHI		$65,535	$72,375	$93,724	$96,990	$73,503
2023 - 2028	Projected HHI Change	12.58%	10.97%	12.37%	15.91%	13.37%
2023 - 2028	Projected Pop. Growth	(0.90)%	2.54%	3.00%	4.65%	3.21%
August 2023 Unemployment Rate	3.5%	3.5%	3.2%	3.6%	3.8%

Source: S&P Capital IQ for Median HHI, 2023 - 2028 Projected HHI, and 2023-2028 Projected Population Growth) & Bureau of Labor Statistics - August 2023 Unemployment Rate

Note: Markets are representative of the following metropolitan areas (combined as applicable):

• Iowa Community- Muscatine, Fairfield, Fort Madison IA / Keokuk IA, Oskaloosa, Pella, Platteville, WI.
• Iowa Metro- Cedar Rapids, Des Moines, Dubuque, Iowa City, and Waterloo/Cedar Falls.
• Twin Cities- Minneapolis/St. Paul/Bloomington, MN - WI.

•	Denver- Denver, Colorado	5
Note: Banking offices, deposits ($ Millions) and loans ($ Millions) as of September 30, 2023. Deposit balance excludes brokered time deposits of $220.1

million.

OUR VISION

To be the preeminent relationship-driven community bank where our expertise and

proactive approach generate meaningful impact for our stakeholders

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Shareholder Value Strategy

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Executive Management Driving Change

Chip Reeves

Chief Executive Officer

Len Devaisher

President and Chief Operating

Officer

Barry Ray

Senior Executive VP and Chief

Financial Officer

• Joined MOFG as CEO in November 2022
• President and CEO for Beach Bancorp, Inc. from 2018-2022
• President and COO of Cascade Bancorp from 2012-2017
• Worked at Fifth Third Bank for 22 years, serving as Executive Vice President, Commercial Banking in Chicago and Chicago Market President
• Joined MOFG as President and COO in July of 2020
• Served as the Wisconsin Region CEO of Old National Bank from 2016-2019
• Worked at Old National Bank beginning in 2000 in Commercial Banking and then in various line of business leadership roles from 2013-2016
• Joined MOFG as CFO in June of 2018
• Served in various roles at Columbia State Bank from 2006-2018, most recently as Chief Accounting Officer and Controller

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MOFG's Five Strategic Pillars to Deliver Improved Results

Exceptional Customer and Employee Engagement

Strong Core Local Banking Model

Sophisticated Commercial Banking and Wealth Management

Specialty Business Lines

Improving our Efficiency and Operations

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Enhance MOFG's award winning culture with a renewed focus on performance and financial results

Protect and enhance MOFG's dominant community bank franchise through product expansion

Continue to hire exceptional relationship bankers and wealth management professionals

Develop specialty commercial banking verticals by attracting experienced professionals

Identify and execute on opportunities for efficiency gains and cost reduction

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Strategic Pillar #1: Exceptional Customer and Employee Engagement

Build Upon MOFG's Award-Winning Culture

Results Driven Performance

Results Driven Talent Development

Reward Driven Performance Metrics

Integrate Employee Insights to Improve

• Measurable goals aligned to MidWestOne's financial results

• Invest in capabilities to achieve a successful transformation

• Incentivize financial results focused performance metrics

• Leverage employee feedback to drive improvements

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