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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to


			Commission file number			001-35968

MIDWESTONE FINANCIAL GROUP, INC.

(Exact name of Registrant as specified in its charter)


Iowa						42-1206172
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

102 South Clinton Street, Iowa City, IA 52240						(319) 356-5800
(Address of principal executive offices, including zip code)						(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $1.00 par value

MOFG

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes x No

As of November 3, 2025, there were 20,632,760 shares of common stock, $1.00 par value per share, outstanding.

Table of Contents

MIDWESTONE FINANCIAL GROUP, INC.

Form 10-Q Quarterly Report

Table of Contents

Page No.

PART I

Item 1.

Financial Statements (unaudited)

Consolidated Balance Sheets

Consolidated Statements of Income

Consolidated Statements of Comprehensive Income

Consolidated Statements of Shareholders' Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Item 4.

Controls and Procedures

Part II

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Item 6.

PART I – FINANCIAL INFORMATION

Glossary of Acronyms, Abbreviations, and Terms

As used in this report, references to "MidWestOne", "we", "our", "us", the "Company", and similar terms refer to the consolidated entity consisting of MidWestOne Financial Group, Inc. and its wholly-owned subsidiaries. MidWestOne Bank or the "Bank" refers to MidWestOne's bank subsidiary, MidWestOne Bank.

The acronyms, abbreviations, and terms listed below are used in various sections of this Quarterly Report on Form 10-Q ("Form 10-Q"), including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."


ACL	Allowance for Credit Losses	FASB	Financial Accounting Standards Board
AFS	Available for Sale	FDIC	Federal Deposit Insurance Corporation
AOCI	Accumulated Other Comprehensive Income	FHLB	Federal Home Loan Bank
ASC	Accounting Standards Codification	FHLBDM	Federal Home Loan Bank of Des Moines
ASU	Accounting Standards Update	FHLMC	Federal Home Loan Mortgage Corporation
ATM	Automated Teller Machine	FRB	Board of Governors of the Federal Reserve System
BHCA	Bank Holding Company Act of 1956, as amended	GAAP	U.S. Generally Accepted Accounting Principles
BOD	Bank of Denver	GLBA	Gramm-Leach-Bliley Act of 1999
BOLI	Bank Owned Life Insurance	HTM	Held to Maturity
CECL	Current Expected Credit Loss	MBS	Mortgage-Backed Securities
CMO	Collateralized Mortgage Obligations	RPA	Credit Risk Participation Agreement
CRE	Commercial Real Estate	RRE	Residential Real Estate
DNVB	Denver Bankshares, Inc.	SBA	U.S. Small Business Administration
ECL	Expected Credit Losses	SEC	U.S. Securities and Exchange Commission
EVE	Economic Value of Equity	SOFR	Secured Overnight Financing Rate

Table of Contents

Item 1. Financial Statements (unaudited).

MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS


	September 30, 2025		December 31, 2024
(unaudited) (in thousands, except per share amounts)
ASSETS
Cash and due from banks	$	67,125	$	71,803
Interest earning deposits in banks	205,116		133,092

Total cash and cash equivalents	272,241		204,895
Debt securities available for sale at fair value	1,175,656		1,328,433


Loans held for sale	12,690		749
Gross loans held for investment	4,429,359		4,328,413
Unearned income, net	(9,731)		(12,786)
Loans held for investment, net of unearned income	4,419,628		4,315,627
Allowance for credit losses	(51,900)		(55,200)
Total loans held for investment, net	4,367,728		4,260,427
Premises and equipment, net	89,552		90,851
Goodwill	69,788		69,788
Other intangible assets, net	21,216		25,019
Foreclosed assets, net	3,952		3,337
Other assets	236,929		252,830
Total assets	$	6,249,752	$	6,236,329

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest bearing deposits	$	958,080	$	951,423
Interest bearing deposits	4,520,916		4,526,559
Total deposits	5,478,996		5,477,982
Short-term borrowings	—		3,186
Long-term debt	97,973		113,376
Other liabilities	66,727		82,089
Total liabilities	5,643,696		5,676,633

Shareholders' equity
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding	—		—
Common stock, $1.00 par value; authorized 30,000,000 shares; issued shares of 21,580,067 and 21,580,067; outstanding shares of 20,632,760 and 20,777,485	21,580		21,580
Additional paid-in capital	415,061		414,987
Retained earnings	244,720		217,776
Treasury stock at cost, 947,307 and 802,582 shares	(25,929)		(21,885)
Accumulated other comprehensive loss	(49,376)		(72,762)
Total shareholders' equity	606,056		559,696
Total liabilities and shareholders' equity	$	6,249,752	$	6,236,329

See accompanying notes to consolidated financial statements.

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MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(unaudited) (in thousands, except per share amounts)	2025		2024		2025		2024
Interest income
Loans, including fees	$	63,679	$	62,521	$	185,417	$	182,111
Taxable investment securities	12,109		8,779		38,364		27,467
Tax-exempt investment securities	688		1,611		2,090		4,984
Other	2,466		785		5,230		1,445
Total interest income	78,942		73,696		231,101		216,007
Interest expense
Deposits	26,270		29,117		77,419		85,785
Short-term borrowings	19		5,043		63		15,427
Long-term debt	1,645		2,015		5,190		6,196
Total interest expense	27,934		36,175		82,672		107,408
Net interest income	51,008		37,521		148,429		108,599
Credit loss expense	2,132		1,535		15,708		7,491
Net interest income after credit loss expense	48,876		35,986		132,721		101,108
Noninterest income
Investment services and trust activities	4,059		3,410		11,308		10,417
Service charges and fees	2,423		2,170		6,744		6,470
Card revenue	1,752		1,935		5,430		5,785
Loan revenue	924		760		3,535		3,141
Bank-owned life insurance	703		879		2,437		2,207


Investment securities gains (losses), net	—		(140,182)		33		(140,113)
Other	392		640		1,151		13,009
Total noninterest income (loss)	10,253		(130,388)		30,638		(99,084)
Noninterest expense
Compensation and employee benefits	22,312		19,943		64,535		61,858
Occupancy expense of premises, net	2,690		2,443		7,818		7,691
Equipment	2,601		2,486		7,577		7,616
Legal and professional	2,067		2,261		6,446		6,573
Data processing	1,568		1,580		4,752		4,585
Marketing	624		619		1,938		1,853
Amortization of intangibles	1,143		1,470		3,803		4,700
FDIC insurance	780		923		2,548		2,916
Communications	155		159		475		546
Foreclosed assets, net	401		330		558		826

Other	3,296		3,584		9,247		7,960
Total noninterest expense	37,637		35,798		109,697		107,124
Income before income tax expense	21,492		(130,200)		53,662		(105,100)
Income tax expense (benefit)	4,477		(34,493)		11,529		(28,481)
Net income (loss)	$	17,015	$	(95,707)	$	42,133	$	(76,619)

Per common share information
Earnings (loss) - basic	$	0.82	$	(6.05)	$	2.03	$	(4.86)
Earnings (loss) - diluted	$	0.82	$	(6.05)	$	2.03	$	(4.86)
Dividends paid	$	0.2425	$	0.2425	$	0.7275	$	0.7275

See accompanying notes to consolidated financial statements.

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MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(unaudited) (in thousands)	2025		2024		2025		2024
Net income (loss)	$	17,015	$	(95,707)	$	42,133	$	(76,619)

Other comprehensive income (loss), net of tax:
Unrealized gain from AFS debt securities:
Unrealized net gain (loss) on debt securities AFS	11,204		(137,647)		32,066		(132,473)
Reclassification adjustment for (gains) losses included in net income	—		140,182		(33)		140,113
Reclassification of the change in fair value of AFS debt securities attributable to change in hedged risk	—		(687)		223		299
Income tax expense	(2,898)		(467)		(8,287)		(2,009)
Unrealized net gain on AFS debt securities, net of reclassification adjustments	8,306		1,381		23,969		5,930
Reclassification of AFS debt securities to HTM on January 1, 2022:
Amortization of the net unrealized loss from the reclassification of AFS debt securities to HTM	—		356		—		1,346
Income tax expense	—		(91)		—		(341)
Amortization of net unrealized loss from the reclassification of AFS debt securities to HTM, net	—		265		—		1,005
Unrealized loss from cash flow hedging instruments:
Unrealized net gain (loss) in cash flow hedging instruments	70		(2,388)		16		1,162
Reclassification adjustment for net gain in cash flow hedging instruments included in income	(237)		(763)		(796)		(2,338)
Income tax benefit	42		798		197		298
Unrealized net losses on cash flow hedging instruments, net of reclassification adjustment	(125)		(2,353)		(583)		(878)
Other comprehensive income (loss), net of tax	8,181		(707)		23,386		6,057
Comprehensive income (loss)	$	25,196	$	(96,414)	$	65,519	$	(70,562)

See accompanying notes to consolidated financial statements.

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MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY


Three Months Ended September 30,
	Common Stock
(unaudited) (in thousands, except per share amounts)	Par Value		Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total














Balance at June 30, 2024	$	16,581	$	300,831	$	306,030	$	(22,021)	$	(58,135)	$	543,286
Net loss	—		—		(95,707)		—		—		(95,707)
Other comprehensive loss	—		—		—		—		(707)		(707)
Issuance of common stock (4,999,050 shares), net of expenses $257	4,999		113,634		—		—		—		118,633
Release/lapse of restriction on RSUs (2,401 shares, net)	—		(87)		(8)		66		—		(29)

Share-based compensation	—		587		—		—		—		587
Dividends paid on common stock ($0.2425 per share)	—		—		(3,825)		—		—		(3,825)
Balance at September 30, 2024	$	21,580	$	414,965	$	206,490	$	(21,955)	$	(58,842)	$	562,238















Balance at June 30, 2025	$	21,580	$	414,485	$	232,718	$	(22,186)	$	(57,557)	$	589,040
Net income	—		—		17,015		—		—		17,015
Other comprehensive income	—		—		—		—		8,181		8,181

Release/lapse of restriction on RSUs (3,583 shares, net)	—		(126)		(10)		97		—		(39)
Repurchase of common stock (140,400 shares)	—		—		—		(3,840)		—		(3,840)
Share-based compensation	—		702		—		—		—		702
Dividends paid on common stock ($0.2425 per share)	—		—		(5,003)		—		—		(5,003)
Balance at September 30, 2025	$	21,580	$	415,061	$	244,720	$	(25,929)	$	(49,376)	$	606,056

Nine Months Ended September 30,
	Common Stock
(unaudited) (dollars in thousands, except per share amounts)	Par Value		Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total
Balance at December 31, 2023	$	16,581	$	302,157	$	294,784	$	(24,245)	$	(64,899)	$	524,378
Net loss	—		—		(76,619)		—		—		(76,619)
Other comprehensive income	—		—		—		—		6,057		6,057
Issuance of common stock (4,999,050 shares), net of expenses $257	4,999		113,634		—		—		—		118,633
Release/lapse of restriction on RSUs (81,563 shares, net)	—		(2,638)		(205)		2,290		—		(553)

Share-based compensation	—		1,812		—		—		—		1,812
Dividends paid on common stock ($0.7275 per share)	—		—		(11,470)		—		—		(11,470)
Balance at September 30, 2024	$	21,580	$	414,965	$	206,490	$	(21,955)	$	(58,842)	$	562,238

Balance at December 31, 2024	$	21,580	$	414,987	$	217,776	$	(21,885)	$	(72,762)	$	559,696
Net income	—		—		42,133		—		—		42,133
Other comprehensive income	—		—		—		—		23,386		23,386

Release/lapse of restriction on RSUs (59,077 shares, net)	—		(1,922)		(86)		1,549		—		(459)
Repurchase of common stock (203,802 shares)	—		—		—		(5,593)		—		(5,593)
Share-based compensation	—		1,996		—		—		—		1,996
Dividends paid on common stock ($0.7275 per share)	—		—		(15,103)		—		—		(15,103)
Balance at September 30, 2025	$	21,580	$	415,061	$	244,720	$	(25,929)	$	(49,376)	$	606,056

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MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
(unaudited) (in thousands)	2025		2024
Operating Activities:
Net income (loss)	$	42,133	$	(76,619)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Credit loss expense	15,708		7,491

Depreciation, amortization, and accretion	292		8,269


Net change in premises and equipment due to writedown or sale	224		78
Share-based compensation	1,996		1,812
Net gain on call or sale of debt securities available for sale	(33)		(247)

Impairment of debt securities	—		140,360


Net change in foreclosed assets due to writedown or sale	320		268
Net gain on sale of loans held for sale	(1,230)		(989)
Origination of loans held for sale	(64,633)		(48,313)
Proceeds from sales of loans held for sale	64,962		47,064
Decrease (increase) in cash surrender value of bank-owned life insurance	68		(2,000)
Decrease (increase) in deferred income taxes, net	8,552		(36,176)
Gain on branch sale	—		(10,949)
Change in:
Other assets	(1,312)		5,916
Other liabilities	(15,761)		(3,903)
Net cash provided by operating activities	$	51,286	$	32,062
Investing Activities:

Purchases of equity securities	$	(750)	$	(500)
Proceeds from sales of debt securities available for sale	—		52,323
Proceeds from maturities, calls and payments of debt securities available for sale	212,154		116,506
Purchases of debt securities available for sale	(23,552)		(28,376)

Proceeds from maturities, calls, and payments of debt securities held to maturity	—		36,881
Net increase in loans held for investment	(130,955)		(158,941)
Purchases of premises and equipment	(2,490)		(1,367)
Proceeds from sale of foreclosed assets	296		3,088
Proceeds from sale of premises and equipment	—		7
Net cash paid in business acquisition	—		(28,621)
Net cash received in divestiture of branches	—		43,625

Proceeds of principal and earnings from bank-owned life insurance	380		645
Net cash provided by investing activities	$	55,083	$	35,270
Financing Activities:
Net (decrease) increase in:
Deposits	$	932	$	(118,202)
Short-term borrowings	(3,186)		72,866

Redemption of subordinated debentures	(65,000)		—
Loss on extinguishment of subordinated debentures	655		—
Payments on finance lease liability	(170)		(152)
Proceeds from Federal Home Loan Bank borrowings	901		3,187
Payments of Federal Home Loan Bank borrowings	—		(6,250)
Proceeds from other long-term debt	50,000		—
Payments of other long-term debt	(2,000)		(5,250)

Taxes paid relating to the release/lapse of restriction on RSUs	(459)		(553)
Dividends paid	(15,103)		(11,470)
Proceeds from issuance of common stock	—		118,890
Payment of stock issuance costs	—		(257)
Repurchase of common stock	(5,593)		—
Net cash (used in) provided by financing activities	$	(39,023)	$	52,809
Net change in cash and cash equivalents	$	67,346	$	120,141
Cash and cash equivalents at beginning of period	204,895		81,727
Cash and cash equivalents at end of period	$	272,241	$	201,868

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	Nine Months Ended September 30,
(unaudited) (in thousands)	2025		2024
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	$	83,821	$	97,302
Cash paid during the period for income taxes, net of refunds	—		7,610
Supplemental schedule of non-cash investing and financing activities:
Transfer of loans to foreclosed assets, net	$	1,231	$	3,010
Transfer of loans held for investment to loans held for sale	11,040		—
Investment securities purchased but not settled	—		12,049

Transfer of debt securities held to maturity to available for sale	—		1,046,489
Supplemental schedule of non-cash investing activities from acquisition:
Non-cash assets acquired:
Investment securities	$	—	$	52,493
Total loans held for investment, net	—		207,095
Premises and equipment	—		11,091
Assets held for sale	—		1,979
Goodwill	—		9,041
Core deposit intangible	—		7,100

Other assets	—		4,987
Total non-cash assets acquired	$	—	$	293,786
Liabilities assumed:
Deposits	$	—	$	224,248
Short-term borrowings	—		37,500

Other liabilities	—		3,417
Total liabilities assumed	$	—	$	265,165
Supplemental schedule of non-cash investing activities from divestiture:
Non-cash assets divested:
Total loans held for investment, net	$	—	$	161,359
Premises and equipment	—		3,511
Goodwill	—		1,730
Other assets	—		375
Total non-cash assets divested	$	—	$	166,975
Liabilities divested:
Deposits	$	—	$	133,403
Other liabilities	—		231
Total liabilities divested	$	—	$	133,634

See accompanying notes to consolidated financial statements.

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MidWestOne Financial Group, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

1. Nature of Business and Significant Accounting Policies

Nature of Business

The Company, an Iowa corporation formed in 1983, is a bank holding company under the BHCA and a financial holding company under the GLBA. Our principal executive offices are located at 102 South Clinton Street, Iowa City, Iowa 52240.

The Company owns all of the outstanding common stock of MidWestOne Bank, an Iowa state non-member bank chartered in 1934 with its main office in Iowa City, Iowa. We operate primarily through MidWestOne Bank, our bank subsidiary.

On January 31, 2024, the Company completed the acquisition of DNVB, a bank holding company whose wholly-owned banking subsidiary was BOD. Immediately following completion of the acquisition, BOD was merged with and into the Bank. As consideration for the merger, the Company paid cash in the amount of $32.6 million.

On June 7, 2024, MidWestOne Bank completed the sale of its Florida banking operations for a 7.5% deposit premium, which consisted of one MidWestOne Bank branch in each of Naples and Ft. Myers, Florida.

In the first quarter of 2025, MidWestOne Bank reclassified $11.0 million of credit card receivables to loans held for sale. The sale closed in October 2025.

On October 23, 2025, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Nicolet Bankshares, Inc. ("Nicolet"), pursuant to which the Company will merge with and into Nicolet (the "Merger"), with Nicolet as the surviving entity of the Merger. Immediately following the Merger, and subject to the occurrence of the Merger, MidWestOne Bank, will merge with and into Nicolet National Bank, Nicolet's wholly-owned subsidiary bank, with Nicolet National Bank as the surviving entity of such merger. The transaction is expected to be completed in the first half of 2026 (refer to Note 17. Subsequent Events for additional information).

Basis of Presentation

The accompanying interim condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect: (1) the reported amounts of assets and liabilities, (2) the disclosure of contingent assets and liabilities at the date of the financial statements, and (3) the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. The results for the three and nine months ended September 30, 2025 may not be indicative of results for the year ending December 31, 2025, or for any other period.

All significant accounting policies followed in the preparation of the quarterly financial statements are disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025.

Segment Reporting

The Company’s activities are considered to be one reportable segment for financial reporting purposes. The Company is engaged in the business of commercial and retail banking and trust and investment management services with operations throughout central and eastern Iowa, the Minneapolis/St. Paul metropolitan area, southwestern Wisconsin, and Denver, Colorado. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments.

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Effect of New Financial Accounting Standards

Accounting Guidance Pending Adoption at September 30, 2025

On September 18, 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software. This ASU modernizes the current accounting for internal-use software costs, by removing all references to the internal-use software project development stages and adding in the probable-to-complete recognition threshold when evaluating the timing of capitalization. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted as of the beginning of an annual reporting period. The amendments should be applied using one of the following transition approaches: (1) prospective basis, (2) modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or (3) retrospective basis. The Company is currently evaluating the impact of ASU 2025-06.

On July 30, 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces a practical expedient that all entities are able to utilize when estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions that are accounted for under Topic 606. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The practical expedient, if elected, should be applied prospectively. The Company is currently evaluating the impact of ASU 2025-05.

On November 4, 2024, the FASB issued ASU 2024-03, which was updated in ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires disclosure of additional information about specific expense categories in the notes to the financial statements. This ASU does not change or remove current expense disclosure requirements, but does affect where this information appears in the notes to the financial statements. The amendments are effective for the first fiscal year period beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The amendments should be applied on a prospective or a retrospective basis, with an option to early adopt. The Company is currently evaluating the impact of ASU 2024-03 and ASU 2025-01.

On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. Additional transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information, will be required. The amendments are effective for annual periods beginning after December 15, 2024, with an option to early adopt. The amendments should be applied on a prospective basis, with retrospective application being permitted. The adoption of ASU 2023-09 is not expected to have a material impact on the Company's consolidated financial statements.

2. Business Combinations and Divestitures

Business Combinations:

On January 31, 2024, the Company acquired 100% of the equity of DNVB through a merger and acquired its wholly-owned banking subsidiary, Bank of Denver, for cash consideration of $32.6 million. The primary reason for the acquisition was to increase our presence in Denver, Colorado. Immediately following the completion of the acquisition, BOD was merged with and into the Bank.

The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of the January 31, 2024 acquisition date, net of any applicable tax effects using a methodology similar to the Company's legacy assets and liabilities (refer to Note 14. Fair Value of Financial Instruments and Fair Value Measurements for additional information regarding the fair value methodology). The excess of the consideration paid over the fair value of the net assets acquired is recorded as goodwill. This goodwill is not deductible for tax purposes. The revenue and earnings amount specific to DNVB since the acquisition date that are included in the consolidated results for the three and nine months ended September 30, 2024 are not readily determinable. The disclosures of these amounts are impracticable due to the merging of certain processes and systems at the acquisition date.

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The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed:


(in thousands)	January 31, 2024

Merger consideration
Cash consideration	$	32,600
Identifiable net assets acquired, at fair value
Assets acquired
Cash and due from banks	$	462
Interest earning deposits in banks	3,517
Debt securities	52,493
Loans held for investment	207,095
Premises and equipment	12,857
Core deposit intangible	7,100
Other assets	5,200
Total assets acquired	288,724
Liabilities assumed
Deposits	$	(224,248)
Short-term borrowings	(37,500)
Other liabilities	(3,417)
Total liabilities assumed	(265,165)
Identifiable net assets acquired, at fair value	23,559
Goodwill	$	9,041

For illustrative purposes only, the following table presents certain unaudited pro forma information for the three and nine months ended September 30, 2024. This unaudited, estimated pro forma information was calculated as if DNVB had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of DNVB and the Company and includes adjustments for the estimated impact of certain fair value purchase accounting, interest expense, acquisition-related expenses, and income tax expense for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. Additionally, the Company expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented.


	Unaudited
	Three Months Ended			Nine Months Ended
	September 30,			September 30,
(in thousands, except per share amounts)		2024			2024
Total revenues		$	(93,277)		$	9,799
Net income		$	(95,887)		$	(73,226)
EPS - basic		$	(6.06)		$	(4.64)
EPS - diluted		$	(6.06)		$	(4.64)

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Divestitures:

On June 7, 2024, the Bank completed the sale of its Florida banking operations for a 7.5% deposit premium, which consisted of one bank branch in each of Naples and Ft. Myers, Florida. The sale of our Florida banking operations resulted in a gain on sale of $10.9 million that was recorded in other revenue.

The following is a summary of the assets and liabilities related to the branch sale:


(in thousands)	June 7, 2024

Assets
Cash and due from banks		$	353
Loans held for investment, net of unearned income		163,302
Allowance for credit losses		(1,943)
Total loans held for investment, net		161,359
Premises and equipment		3,511
Goodwill		1,730
Other assets		375
Total assets		$	167,328
Liabilities
Deposits		$	133,403
Other liabilities		231
Total liabilities		$	133,634

The following table summarizes acquisition and divestiture-related expenses incurred during the three and nine months ended September 30, 2025 and September 30, 2024, which are included in the respective income statement line items, for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2025		2024		2025		2024
Noninterest Expense
Compensation and employee benefits	$	—	$	—	$	—	$	314
Occupancy expense of premises, net	—		—		—		152
Equipment	—		—		—		177
Legal and professional	132		127		172		1,162
Data processing	—		—		—		312
Marketing	—		—		—		32
Communications	—		—		—		9
Other	—		6		—		143
Total acquisition and divestiture-related expenses	$	132	$	133	$	172	$	2,301

3. Debt Securities

The following tables summarize the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities AFS as of the dates indicated:


	As of September 30, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss related to Debt Securities		Fair Value

U.S. treasuries	$	20,973	$	8	$	—	$	—	$	20,981
U.S. government agencies and corporations	20,051		95		49		—		20,097
State and political subdivisions	147,590		1		19,520		—		128,071
Mortgage-backed securities	302,987		1,950		3,087		—		301,850
Collateralized loan obligations	8,564		19		1		—		8,582
Collateralized mortgage obligations	623,429		1,147		40,687		—		583,889
Corporate debt securities	118,596		268		6,678		—		112,186
Total available for sale debt securities	$	1,242,190	$	3,488	$	70,022	$	—	$	1,175,656

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	As of December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss related to Debt Securities		Fair Value

U.S. treasuries	$	50,371	$	28	$	—	$	—	$	50,399
U.S. Government agencies and corporations	10,000		—		59		—		9,941
State and political subdivisions	159,293		2		23,575		—		135,720
Mortgage-backed securities	331,956		6		8,523		—		323,439
Collateralized loan obligations	48,747		148		26		—		48,869
Collateralized mortgage obligations	702,138		83		56,112		—		646,109
Corporate debt securities	124,495		86		10,625		—		113,956
Total available for sale debt securities	$	1,427,000	$	353	$	98,920	$	—	$	1,328,433

Investment securities with a fair value of $799.8 million and $485.3 million at September 30, 2025 and December 31, 2024, respectively, were pledged on public deposits, securities sold under agreements to repurchase and for other purposes, as required or permitted by law.

Accrued interest receivable on debt securities AFS is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. At September 30, 2025 and December 31, 2024, the accrued interest receivable on debt securities AFS was $5.3 million and $5.8 million, respectively.

The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses had not been recorded as of September 30, 2025, aggregated by investment category and length of time in a continuous loss position:


		As of September 30, 2025
	Number of Securities	Less than 12 Months				12 Months or More				Total
		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
(in thousands, except number of securities)

U.S. Government agencies and corporations	1	$	4,988	$	49	$	—	$	—	$	4,988	$	49
State and political subdivisions	109	2,506		470		123,185		19,050		125,691		19,520
Mortgage-backed securities	13	39,467		323		13,474		2,764		52,941		3,087
Collateralized loan obligations	2	3,658		1		112		—		3,770		1
Collateralized mortgage obligations	45	153,327		971		179,350		39,716		332,677		40,687
Corporate debt securities	67	747		3		86,749		6,675		87,496		6,678
Total	237	$	204,693	$	1,817	$	402,870	$	68,205	$	607,563	$	70,022

As of September 30, 2025, no U.S. treasury securities and 1 U.S. government agencies and corporations security with total unrealized losses of $49 thousand was held by the Company. Management considered the explicit or implied U.S. treasury and U.S. government guarantee of this security. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses.

As of September 30, 2025, 109 state and political subdivisions securities with total unrealized losses of $19.5 million were held by the Company. Management evaluated these securities through a process that included consideration of credit agency ratings and payment history. In addition, management evaluated securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses.

As of September 30, 2025, 13 mortgage-backed securities and 45 collateralized mortgage obligations with unrealized losses totaling $43.8 million were held by the Company. Management evaluated the payment history of these securities, and considered the implied U.S. government guarantee of these agency securities and the level of credit enhancement for non-agency securities. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses.

As of September 30, 2025, 2 collateralized loan obligations with unrealized losses of $1 thousand were held by the Company. Management evaluated these securities through a process that included consideration of credit agency ratings, priority of cash flows and the amount of over-collateralization. In addition, management may evaluate securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses.

As of September 30, 2025, 67 corporate debt securities with total unrealized losses of $6.7 million were held by the Company. Management evaluated these securities by considering credit agency ratings and payment history. In addition, management

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evaluated securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses.

The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses had not been recorded as of December 31, 2024, aggregated by investment category and length of time in a continuous loss position:


		As of December 31, 2024
	Number of Securities	Less than 12 Months				12 Months or More				Total
		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
(in thousands, except number of securities)
U.S. government agencies and corporations	1	$	9,941	$	59	$	—	$	—	$	9,941	$	59
State and political subdivisions	121	839		11		127,094		23,564		127,933		23,575
Mortgage-backed securities	48	305,140		5,091		17,699		3,432		322,839		8,523
Collateralized loan obligations	2	5,014		13		2,133		13		7,147		26
Collateralized mortgage obligations	56	432,201		7,196		186,883		48,916		619,084		56,112
Corporate debt securities	83	—		—		103,496		10,625		103,496		10,625
Total	311	$	753,135	$	12,370	$	437,305	$	86,550	$	1,190,440	$	98,920

Proceeds and gross realized gains and losses on debt securities AFS for the three and nine months ended September 30, 2025 and 2024, were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2025		2024		2025		2024
Proceeds from sales of debt securities available for sale	$	—	$	—	$	—	$	52,323


Gross realized losses from sales of debt securities available for sale(1)	—		—		—		—
Net realized loss from sales of debt securities available for sale(1)	$	—	$	—	$	—	$	—

(1) There was no difference in investment securities (losses) gains, net reported herein as compared to the Consolidated Statements of Income for the three months ended September 30, 2025, while the difference in investment securities (losses) gains, net for the nine months ended September 30, 2025 is associated with the net realized gain from the call of debt securities of $33 thousand. The difference in investment securities (losses) gains, net reported herein as compared to the Consolidated Statements of Income for the three and nine months ended September 30, 2024 is associated with the net realized gain from the call of debt securities of $178 thousand and $247 thousand, respectively, coupled with the securities impairment of $140.4 million recognized in the three and nine months ended September 30, 2024.

The contractual maturity distribution of debt securities AFS at September 30, 2025 is shown below. Expected maturities of MBS, CLO and CMO may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary.



(in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	26,859	$	26,854
Due after one year through five years	51,262		50,294
Due after five years through ten years	203,900		182,564
Due after ten years	25,189		21,623
	$	307,210	$	281,335
Mortgage-backed securities	302,987		301,850
Collateralized loan obligations	8,564		8,582
Collateralized mortgage obligations	623,429		583,889
Total	$	1,242,190	$	1,175,656

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4. Loans Receivable and the Allowance for Credit Losses

The composition of loans by class of receivable was as follows:



(in thousands)	As of September 30, 2025		As of December 31, 2024
Agricultural	$	133,612	$	119,051
Commercial and industrial	1,274,881		1,126,813
Commercial real estate:
Construction & development	256,532		324,896
Farmland	194,921		182,460
Multifamily	451,020		423,157
Commercial real estate-other	1,396,155		1,414,168
Total commercial real estate	2,298,628		2,344,681
Residential real estate:
One- to four- family first liens	462,171		477,150
One- to four- family junior liens	196,862		179,232
Total residential real estate	659,033		656,382
Consumer	53,474		68,700
Loans held for investment, net of unearned income	4,419,628		4,315,627
Allowance for credit losses	(51,900)		(55,200)
Total loans held for investment, net	$	4,367,728	$	4,260,427

Loans with unpaid principal in the amount of $1.08 billion and $1.19 billion at September 30, 2025 and December 31, 2024, respectively, were pledged to the FHLB as collateral for borrowings.

Non-accrual and Delinquent Status

Loans are placed on non-accrual status when (1) payment in full of principal and interest is no longer expected or (2) principal or interest has been in default for 90 days or more for all loan types, except owner occupied residential real estate, which are moved to non-accrual at 120 days or more past due, unless the loan is both well secured with marketable collateral and in the process of collection. All loans rated doubtful or worse, and certain loans rated substandard, are placed on non-accrual.

A non-accrual loan may be restored to accrual status when (1) all past due principal and interest has been paid (excluding renewals and modifications that involve the capitalizing of interest) or (2) the loan becomes well secured with marketable collateral and is in the process of collection. An established track record of performance is also considered when determining accrual status.

Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment.

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The following tables present the amortized cost basis of loans based on delinquency status at the dates indicated:


			Age Analysis of Past-Due Financial Assets								90 Days or More Past Due And Accruing
(in thousands)	Current		30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total
September 30, 2025
Agricultural	$	133,353	$	21	$	33	$	205	$	133,612	$	—
Commercial and industrial	1,272,322		1,438		188		933		1,274,881		—
Commercial real estate:
Construction and development	256,532		—		—		—		256,532		—
Farmland	193,901		—		—		1,020		194,921		—
Multifamily	450,782		—		—		238		451,020		—
Commercial real estate-other	1,375,373		945		—		19,837		1,396,155		—
Total commercial real estate	2,276,588		945		—		21,095		2,298,628		—
Residential real estate:
One- to four- family first liens	455,163		3,633		1,099		2,276		462,171		1,228
One- to four- family junior liens	195,817		473		88		484		196,862		—
Total residential real estate	650,980		4,106		1,187		2,760		659,033		1,228
Consumer	53,248		170		43		13		53,474		64
Total	$	4,386,491	$	6,680	$	1,451	$	25,006	$	4,419,628	$	1,292























			Age Analysis of Past-Due Financial Assets								90 Days or More Past Due And Accruing
(in thousands)	Current		30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total
December 31, 2024
Agricultural	$	118,659	$	—	$	—	$	392	$	119,051	$	—
Commercial and industrial	1,122,382		918		651		2,862		1,126,813		—
Commercial real estate:
Construction and development	324,896		—		—		—		324,896		—
Farmland	182,025		71		—		364		182,460		—
Multifamily	423,157		—		—		—		423,157		—
Commercial real estate-other	1,405,377		2,806		26		5,959		1,414,168		—
Total commercial real estate	2,335,455		2,877		26		6,323		2,344,681		—
Residential real estate:
One- to four- family first liens	470,300		2,770		1,680		2,400		477,150		49
One- to four- family junior liens	178,225		580		98		329		179,232		6
Total residential real estate	648,525		3,350		1,778		2,729		656,382		55
Consumer	68,232		239		142		87		68,700		87
Total	$	4,293,253	$	7,384	$	2,597	$	12,393	$	4,315,627	$	142

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The following table presents the amortized cost basis of loans on non-accrual status, amortized cost basis of loans on non-accrual status with no allowance for credit losses recorded, and loans past due 90 days or more and still accruing by class of loan at the dates presented:


	Nonaccrual				Nonaccrual with no Allowance for Credit Losses				90 Days or More Past Due And Accruing
(in thousands)	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024

Agricultural	$	381	$	447	$	145	$	208	$	—	$	—
Commercial and industrial	1,349		2,986		234		1		—		—
Commercial real estate:
Construction and development	—		27		—		—		—		—
Farmland	1,930		483		1,679		352		—		—
Multifamily	238		—		238		—		—		—
Commercial real estate-other	21,434		12,982		19,661		623		—		—
Total commercial real estate	23,602		13,492		21,578		975		—		—
Residential real estate:
One- to four- family first liens	2,436		3,667		1,123		1,748		1,228		49
One- to four- family junior liens	849		1,015		110		378		—		6
Total residential real estate	3,285		4,682		1,233		2,126		1,228		55
Consumer	83		98		13		—		64		87
Total	$	28,700	$	21,705	$	23,203	$	3,310	$	1,292	$	142

There was no interest income recognized on nonaccrual loans during the three and nine months ended September 30, 2025 and September 30, 2024, as all interest accrued but not collected for loans that are placed on nonaccrual is reversed against interest income and is generally accounted for using the cost-recovery method, until qualifying for return to accrual. The interest income recognized on loans that were on nonaccrual and had subsequently been paid-off for the three months ended September 30, 2025 and September 30, 2024 was $29 thousand and $708 thousand, respectively. The interest income recognized on loans that were on nonaccrual and had subsequently been paid-off for the nine months ended September 30, 2025 and September 30, 2024 was $155 thousand and $960 thousand, respectively.

Credit Quality Information

The Company aggregates loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, and other factors. The Company analyzes loans individually to classify the loans as to credit risk. This analysis includes non-homogenous loans, such as agricultural, commercial and industrial, commercial real estate and non-owner occupied residential real estate loans. Loans not meeting the criteria described below that are analyzed individually are considered to be pass-rated. The Company uses the following definitions for risk ratings:

Special Mention - A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification.

Substandard - Substandard loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.

Loss - Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future.

Homogenous loans, including owner occupied residential real estate and consumer loans, are not individually risk rated. Instead, these loans are categorized based on performance: performing and nonperforming. Nonperforming loans primarily include those loans that are on nonaccrual or loans greater than 90 days past due and on accrual.

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The following tables set forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage, in addition to the current period gross write-offs by class of receivable and vintage, based on the most recent analysis performed, as of September 30, 2025. As of September 30, 2025, there were no 'doubtful' or 'loss' rated credits.


	Term Loans by Origination Year												Revolving Loans
September 30, 2025 (in thousands)	2025		2024		2023		2022		2021		Prior				Total
Agricultural
Pass	$	12,200	$	5,437	$	5,711	$	6,498	$	3,989	$	2,159	$	91,137		$	127,131
Special mention	1,560		544		113		118		179		19		3,343			5,876
Substandard	—		95		31		—		153		185		141			605

Total	$	13,760	$	6,076	$	5,855	$	6,616	$	4,321	$	2,363	$	94,621		$	133,612



Commercial and industrial
Pass	$	261,487	$	96,961	$	118,385	$	141,152	$	151,401	$	195,798	$	240,619		$	1,205,803
Special mention	318		330		336		166		987		2,316		2,092			6,545
Substandard	224		8,732		1,826		22,895		1,967		18,100		8,789			62,533

Total	$	262,029	$	106,023	$	120,547	$	164,213	$	154,355	$	216,214	$	251,500		$	1,274,881



CRE - Construction and development
Pass	$	86,102	$	51,639	$	34,351	$	36,819	$	11,790	$	4,267	$	9,738		$	234,706
Special mention	—		21,826		—		—		—		—		—			21,826
Substandard	—		—		—		—		—		—		—			—

Total	$	86,102	$	73,465	$	34,351	$	36,819	$	11,790	$	4,267	$	9,738		$	256,532



CRE - Farmland
Pass	$	39,904	$	22,982	$	20,131	$	35,595	$	36,902	$	26,482	$	3,326		$	185,322
Special mention	359		1,927		697		280		1,233		2,058		—			6,554
Substandard	1,237		—		138		993		548		129		—			3,045

Total	$	41,500	$	24,909	$	20,966	$	36,868	$	38,683	$	28,669	$	3,326		$	194,921



CRE - Multifamily
Pass	$	59,830	$	25,294	$	118,086	$	62,469	$	98,458	$	76,341	$	3,284		$	443,762
Special mention	5,626		—		—		—		—		1,395		—			7,021
Substandard	—		—		—		—		237		—		—			237

Total	$	65,456	$	25,294	$	118,086	$	62,469	$	98,695	$	77,736	$	3,284		$	451,020



CRE - Other
Pass	$	158,421	$	162,251	$	169,426	$	294,650	$	211,855	$	253,485	$	52,418		$	1,302,506
Special mention	1,582		539		754		3,641		2,909		6,745		11,786			27,956
Substandard	3,436		7,315		12,266		20,239		2,269		14,381		5,787			65,693

Total	$	163,439	$	170,105	$	182,446	$	318,530	$	217,033	$	274,611	$	69,991		$	1,396,155




RRE - One- to four- family first liens
Pass / Performing	$	46,233	$	51,943	$	46,344	$	111,700	$	79,205	$	104,565	$	11,319		$	451,309
Special mention	—		146		1,026		2,777		100		1,006		—			5,055
Substandard / Nonperforming	—		—		1,036		891		1,297		2,583		—			5,807

Total	$	46,233	$	52,089	$	48,406	$	115,368	$	80,602	$	108,154	$	11,319		$	462,171







RRE - One- to four- family junior liens
Performing	$	6,513	$	7,391	$	13,828	$	18,805	$	13,063	$	11,350	$	124,255		$	195,205
Nonperforming	253		129		205		640		105		325		—			1,657
Total	$	6,766	$	7,520	$	14,033	$	19,445	$	13,168	$	11,675	$	124,255		$	196,862



Consumer
Performing	$	13,798	$	8,548	$	10,968	$	6,777	$	3,520	$	2,446	$	7,269		$	53,326
Nonperforming	—		27		41		66		—		14		—			148
Total	$	13,798	$	8,575	$	11,009	$	6,843	$	3,520	$	2,460	$	7,269		$	53,474

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	Term Loans by Origination Year												Revolving Loans
September 30, 2025 (in thousands)	2025		2024		2023		2022		2021		Prior				Total
Total by Credit Quality Indicator Category
Pass	$	664,177	$	416,507	$	512,434	$	688,883	$	593,600	$	663,097	$	411,841		$	3,950,539
Special mention	9,445		25,312		2,926		6,982		5,408		13,539		17,221			80,833
Substandard	4,897		16,142		15,297		45,018		6,471		35,378		14,717			137,920

Performing	20,311		15,939		24,796		25,582		16,583		13,796		131,524			248,531
Nonperforming	253		156		246		706		105		339		—			1,805
Total	$	699,083	$	474,056	$	555,699	$	767,171	$	622,167	$	726,149	$	575,303		$	4,419,628

	Term Loans by Origination Year												Revolving Loans
September 30, 2025 (in thousands)	2025		2024		2023		2022		2021		Prior				Total
Year-to-date Current Period Gross Write-offs
Agricultural	$	—	$	27	$	—	$	—	$	—	$	—	$	—		$	27
Commercial and industrial	—		172		75		82		45		11		—			385



CRE - Other	—		—		—		14,622		—		2,628		—			17,250
RRE - One-to-four-family first liens	—		—		—		135		17		14		—			166
RRE - One-to-four-family junior liens	—		—		—		25		—		16		—			41
Consumer	7		508		383		203		5		24		—			1,130
Total Current Period Gross Write-offs	$	7	$	707	$	458	$	15,067	$	67	$	2,693	$	—		$	18,999

Table of Contents

The following tables set forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of December 31, 2024. As of December 31, 2024, there were no 'doubtful' or 'loss' rated credits.


	Term Loans by Origination Year												Revolving Loans
December 31, 2024 (in thousands)	2024		2023		2022		2021		2020		Prior				Total
Agricultural


Pass	$	13,364	$	7,533	$	8,405	$	5,452	$	1,772	$	1,131	$	78,123		$	115,780
Special mention	234		186		152		224		—		28		761			1,585
Substandard	30		—

MidWestOne Financial Group, Inc. 10-Q