10-Q

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 March 31, 2024

OR

☐ 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	x
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 May 3, 2024, there were 15,755,319 shares of common stock, $1.00 par value per share, outstanding.

MIDWESTONE FINANCIAL GROUP, INC.

Form 10-Q Quarterly Report

Table of Contents

		Page No.
PART I
Item 1.	Financial Statements (unaudited)	1
	Consolidated Balance Sheets	1
	Consolidated Statements of Income	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Shareholders' Equity	4
	Consolidated Statements of Cash Flows	5
	Notes to Consolidated Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	51
Item 4.	Controls and Procedures	53
Part II
Item 1.	Legal Proceedings	55
Item 1A.	Risk Factors	55
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
Item 3.	Defaults Upon Senior Securities	55
Item 4.	Mine Safety Disclosures	55
Item 5.	Other Information	55
Item 6.	Exhibits	56
	Signatures	57

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	FHLB	Federal Home Loan Bank
AFS	Available for Sale	FHLBC	Federal Home Loan Bank of Chicago
AOCI	Accumulated Other Comprehensive Income	FHLBDM	Federal Home Loan Bank of Des Moines
ASC	Accounting Standards Codification	FHLMC	Federal Home Loan Mortgage Corporation
ASU	Accounting Standards Update	FNBF	First National Bank in Fairfield
ATM	Automated Teller Machine	FNBM	First National Bank of Muscatine
Basel III Rules	A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013	FNMA	Federal National Mortgage Association
BHCA	Bank Holding Company Act of 1956, as amended	FRB	Board of Governors of the Federal Reserve System
BOD	Bank of Denver	GAAP	U.S. Generally Accepted Accounting Principles
BOLI	Bank Owned Life Insurance	GLBA	Gramm-Leach-Bliley Act of 1999
CAA	Consolidated Appropriations Act, 2021	GNMA	Government National Mortgage Association
CARES Act	Coronavirus Aid, Relief and Economic Security Act	ICS	Insured Cash Sweep
CDARS	Certificate of Deposit Account Registry Service	IOFB	Iowa First Bancshares Corp.
CECL	Current Expected Credit Loss	LIBOR	The London Inter-bank Offered Rate
CMO	Collateralized Mortgage Obligations	MBEFD	Loan Modification for Borrowers Experiencing Financial Difficulty
COVID-19	Coronavirus Disease 2019	MBS	Mortgage-Backed Securities
CRA	Community Reinvestment Act	PCD	Purchase Credit Deteriorated
CRE	Commercial Real Estate	PPP	Paycheck Protection Program
DCF	Discounted Cash Flows	ROU	Right-of-Use
DNVB	Denver Bankshares, Inc.	RPA	Credit Risk Participation Agreement
Dodd-Frank Act	Dodd-Frank Wall Street Reform and Consumer Protection Act	RRE	Residential Real Estate
ECL	Expected Credit Losses	SBA	U.S. Small Business Administration
EVE	Economic Value of Equity	SEC	U.S. Securities and Exchange Commission
FASB	Financial Accounting Standards Board	SOFR	Secured Overnight Financing Rate
FDIC	Federal Deposit Insurance Corporation

Item 1.   Financial Statements (unaudited).

MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS

	March 31, 2024		December 31, 2023
(unaudited) (dollars in thousands, except per share amounts)
ASSETS
Cash and due from banks	$	68,430	$	76,237
Interest earning deposits in banks	29,328		5,479
Federal funds sold	4		11
Total cash and cash equivalents	97,762		81,727
Debt securities available for sale at fair value	797,230		795,134
Held to maturity securities at amortized cost	1,064,939		1,075,190
Total securities	1,862,169		1,870,324
Loans held for sale	2,329		1,045
Gross loans held for investment	4,433,258		4,138,352
Unearned income, net	(18,612)		(11,405)
Loans held for investment, net of unearned income	4,414,646		4,126,947
Allowance for credit losses	(55,900)		(51,500)
Total loans held for investment, net	4,358,746		4,075,447
Premises and equipment, net	95,986		85,742
Goodwill	71,118		62,477
Other intangible assets, net	29,531		24,069
Foreclosed assets, net	3,897		3,929
Other assets	226,477		222,780
Total assets	$	6,748,015	$	6,427,540
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest bearing deposits	$	920,764	$	897,053
Interest bearing deposits	4,664,472		4,498,620
Total deposits	5,585,236		5,395,673
Short-term borrowings	422,988		300,264
Long-term debt	122,066		123,296
Other liabilities	89,685		83,929
Total liabilities	6,219,975		5,903,162
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 16,581,017 and 16,581,017; outstanding shares of 15,750,471 and 15,694,306	16,581		16,581
Additional paid-in capital	300,845		302,157
Retained earnings	294,066		294,784
Treasury stock at cost, 830,546 and 886,711 shares	(22,648)		(24,245)
Accumulated other comprehensive loss	(60,804)		(64,899)
Total shareholders' equity	528,040		524,378
Total liabilities and shareholders' equity	$	6,748,015	$	6,427,540

See accompanying notes to consolidated financial statements.  

1

MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

	Three Months Ended
	March 31,
(unaudited) (dollars in thousands, except per share amounts)	2024		2023
Interest income
Loans, including fees	$	57,947	$	46,490
Taxable investment securities	9,460		10,444
Tax-exempt investment securities	1,710		2,127
Other	418		244
Total interest income	69,535		59,305
Interest expense
Deposits	27,726		15,319
Short-term borrowings	4,975		1,786
Long-term debt	2,103		2,124
Total interest expense	34,804		19,229
Net interest income	34,731		40,076
Credit loss expense	4,689		933
Net interest income after credit loss expense	30,042		39,143
Noninterest income (loss)
Investment services and trust activities	3,503		2,933
Service charges and fees	2,144		2,008
Card revenue	1,943		1,748
Loan revenue	856		1,420
Bank-owned life insurance	660		602
Investment securities gains (losses), net	36		(13,170)
Other	608		413
Total noninterest income (loss)	9,750		(4,046)
Noninterest expense
Compensation and employee benefits	20,930		19,607
Occupancy expense of premises, net	2,813		2,746
Equipment	2,600		2,171
Legal and professional	2,059		1,736
Data processing	1,360		1,363
Marketing	598		986
Amortization of intangibles	1,637		1,752
FDIC insurance	942		749
Communications	196		261
Foreclosed assets, net	358		(28)
Other	2,072		1,976
Total noninterest expense	35,565		33,319
Income before income tax expense	4,227		1,778
Income tax expense	958		381
Net income	$	3,269	$	1,397
Per common share information
Earnings - basic	$	0.21	$	0.09
Earnings - diluted	$	0.21	$	0.09
Dividends paid	$	0.2425	$	0.2425

See accompanying notes to consolidated financial statements.

2

MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

	Three Months Ended
	March 31,
(unaudited) (dollars in thousands)	2024		2023
Net income	$	3,269	$	1,397
Other comprehensive income, net of tax:
Unrealized gain from AFS debt securities:
Unrealized net gain (loss) on debt securities AFS	2,151		(285)
Reclassification adjustment for (gains) losses included in net income	(36)		13,170
Reclassification of the change in fair value of AFS debt securities attributable to change in hedged risk	882		—
Income tax (expense)	(758)		(3,260)
Unrealized net gain on AFS debt securities, net of reclassification adjustments	2,239		9,625
Reclassification of AFS debt securities to HTM:
Amortization of the net unrealized loss from the reclassification of AFS debt securities to HTM	501		581
Income tax expense	(127)		(147)
Amortization of net unrealized loss from the reclassification of AFS debt securities to HTM, net	374		434
Unrealized gain from cash flow hedging instruments:
Unrealized net gains in cash flow hedging instruments	2,772		138
Reclassification adjustment for net gain in cash flow hedging instruments included in income	(788)		—
Income tax expense	(502)		(35)
Unrealized net gains on cash flow hedge instruments, net of reclassification adjustment	1,482		103
Other comprehensive income, net of tax	4,095		10,162
Comprehensive income	$	7,364	$	11,559

See accompanying notes to consolidated financial statements.

3

MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended March 31,
	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, 2022	$	16,581	$	302,085	$	289,289	$	(26,115)	$	(89,047)	$	492,793
Net income	—		—		1,397		—		—		1,397
Other comprehensive income	—		—		—		—		10,162		10,162
Release/lapse of restriction on RSUs (51,348 shares)	—		(1,767)		(118)		1,336		—		(549)
Share-based compensation	—		648		—		—		—		648
Dividends paid on common stock ($0.2425 per share)	—		—		(3,801)		—		—		(3,801)
Balance at March 31, 2023	$	16,581	$	300,966	$	286,767	$	(24,779)	$	(78,885)	$	500,650
Balance at December 31, 2023	$	16,581	$	302,157	$	294,784	$	(24,245)	$	(64,899)	$	524,378
Net income	—		—		3,269		—		—		3,269
Other comprehensive income	—		—		—		—		4,095		4,095
Release/lapse of restriction on RSUs (56,165 shares, net)	—		(1,953)		(167)		1,597		—		(523)
Share-based compensation	—		641		—		—		—		641
Dividends paid on common stock ($0.2425 per share)	—		—		(3,820)		—		—		(3,820)
Balance at March 31, 2024	$	16,581	$	300,845	$	294,066	$	(22,648)	$	(60,804)	$	528,040

4

MIDWESTONE FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

	Three Months Ended March 31,
(unaudited) (dollars in thousands)	2024		2023
Operating Activities:
Net income	$	3,269	$	1,397
Adjustments to reconcile net income to net cash provided by operating activities:
Credit loss expense	4,689		933
Depreciation, amortization, and accretion	2,992		2,891
Net change in premises and equipment due to writedown or sale	79		(19)
Share-based compensation	641		648
Net (gain) loss on call or sale of debt securities available for sale	(36)		13,170
Net change in foreclosed assets due to writedown or sale	311		(31)
Net gain on sale of loans held for sale	(181)		(75)
Origination of loans held for sale	(9,386)		(9,976)
Proceeds from sales of loans held for sale	8,283		8,110
Increase in cash surrender value of bank-owned life insurance	(661)		(602)
Increase in deferred income taxes, net	(221)		(410)
Change in:
Other assets	(2,430)		14,434
Other liabilities	2,239		(12,871)
Net cash provided by operating activities	$	9,588	$	17,599
Investing Activities:
Purchases of equity securities	$	(250)	$	—
Proceeds from sales of debt securities available for sale	52,323		218,667
Proceeds from maturities and calls of debt securities available for sale	27,951		34,746
Purchases of debt securities available for sale	(28,376)		(54,690)
Proceeds from maturities and calls of debt securities held to maturity	10,268		11,798
Net increase in loans held for investment	(79,756)		(77,890)
Purchases of premises and equipment	(519)		(404)
Proceeds from sale of foreclosed assets	2		134
Proceeds from sale of premises and equipment	—		183
Net cash paid in business acquisition	(19,980)		—
Net cash (used in) provided by investing activities	$	(38,337)	$	132,544
Financing Activities:
Net (decrease) increase in:
Deposits	$	(34,797)	$	86,175
Short-term borrowings	85,224		(247,892)
Payments on finance lease liability	(50)		(43)
Payments of other long-term debt	(1,250)		(1,250)
Taxes paid relating to the release/lapse of restriction on RSUs	(523)		(549)
Dividends paid	(3,820)		(3,801)
Net cash provided by (used in) financing activities	$	44,784	$	(167,360)
Net change in cash and cash equivalents	$	16,035	$	(17,217)
Cash and cash equivalents at beginning of period	81,727		86,435
Cash and cash equivalents at end of period	$	97,762	$	69,218

5

	Three Months Ended March 31,
(unaudited) (dollars in thousands)	2024		2023
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	$	33,369	$	16,599
Supplemental schedule of non-cash investing and financing activities:
Transfer of loans to foreclosed assets, net	$	281	$	—
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	2,379		—
Goodwill	8,641		—
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	$	—

See accompanying notes to consolidated financial statements.

6

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, we paid cash in the amount of $32.6 million.

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, 2023, filed with the SEC on March 8, 2024.

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 months ended March 31, 2024 may not be indicative of results for the year ending December 31, 2024, 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, 2023, filed with the SEC on March 8, 2024.

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, Naples and Fort Myers, Florida, and Denver, Colorado. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments.

Effect of New Financial Accounting Standards

Accounting Guidance Pending Adoption at March 31, 2024

On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASC 848 contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. Certain optional expedients and exceptions for contract modifications and hedging relationships were amended in ASU 2021-01, Reference Rate Reform (Topic 848): Scope Refinement, issued on January 7, 2021. In addition, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which time entities will no longer be permitted to apply the relief in Topic 848. The adoption of ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements.

7

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Enhanced disclosures about significant segment expenses are included within this ASU. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with an option to early adopt. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with the segment expense categories and amounts disclosed in prior periods being based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of ASU 2023-07.

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 Company is currently evaluating the impact of ASU 2023-09.

Accounting Guidance Adopted in 2024

On March 29, 2023, the FASB issued ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. Under this ASU, if certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with an option to early adopt. The amendments must be applied on either a modified retrospective or a retrospective basis, with certain exceptions for low-income-housing tax credit structures that are not accounted for using the proportional amortization method. The adoption of ASU 2023-02 was applied on a modified retrospective basis and did not have a material impact on the Company's consolidated financial statements.

2.    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). Initial accounting for the assets acquired and liabilities assumed was incomplete at March 31, 2024. Thus, such amounts recognized in the financial statements have been determined to be provisional. 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 months ended March 31, 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.

8

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	13,470
Core deposit intangible	7,100
Other assets	4,987
Total assets acquired	289,124
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	23,959
Goodwill	$	8,641

For illustrative purposes only, the following table presents certain unaudited pro forma information for the three months ended March 31, 2024 and March 31, 2023. 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, MidWestOne 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
	March 31,
(in thousands, except per share amounts)	2024		2023
Total revenues	$	45,298	$	38,963
Net income (loss)	$	6,466	$	(1,662)
EPS - basic	$	0.41	$	(0.11)
EPS - diluted	$	0.41	$	(0.11)

9

The following table summarizes the DNVB acquisition-related expenses incurred during the three months ended March 31, 2024 and IOFB acquisition-related expenses incurred during the three months ended March 31, 2023, which are included in the respective income statement line items, for the periods indicated:

	Three Months Ended
	March 31,
(in thousands)	2024		2023
Noninterest Expense
Compensation and employee benefits	$	241	$	70
Occupancy expense of premises, net	152		—
Equipment	149		—
Legal and professional	573		—
Data processing	61		65
Marketing	32		—
Communications	1		—
Other	105		1
Total acquisition-related expenses	$	1,314	$	136

3.    Debt Securities

At March 31, 2024, there was $6.6 million of net unrealized after tax loss remaining in accumulated other comprehensive loss, related to the transfer of securities classified as available for sale to held to maturity on January 1, 2022.

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

	As of March 31, 2024
(in thousands)	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss related to Debt Securities		Fair Value
Available for Sale
U.S. Treasury securities	$	247	$	—	$	—	$	—	$	247
State and political subdivisions	132,150		1		8,773		—		123,378
Mortgage-backed securities	5,347		3		151		—		5,199
Collateralized loan obligations	61,914		200		248		—		61,866
Collateralized mortgage obligations	201,242		—		22,620		—		178,622
Corporate debt securities	472,217		110		44,409		—		427,918
Total available for sale debt securities	$	873,117	$	314	$	76,201	$	—	$	797,230
Held to Maturity
State and political subdivisions	$	531,961	$	—	$	71,245	$	—	$	460,716
Mortgage-backed securities	73,668		—		12,685		—		60,983
Collateralized mortgage obligations	459,310		—		105,365		—		353,945
Total held to maturity debt securities	$	1,064,939	$	—	$	189,295	$	—	$	875,644
(1) Amortized cost for the held to maturity securities includes $231 thousand of unamortized gain in state and political subdivisions, $74 thousand of unamortized gains in mortgage-backed securities and $9.3 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022.

10

	As of December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss related to Debt Securities		Fair Value
Available for Sale
State and political subdivisions	$	139,482	$	2	$	9,345	$	—	$	130,139
Mortgage-backed securities	5,448		5		142		—		5,311
Collateralized loan obligations	50,541		135		239		—		50,437
Collateralized mortgage obligations	190,304		—		21,108		—		169,196
Corporate debt securities	487,361		57		47,367		—		440,051
Total available for sale debt securities	$	873,136	$	199	$	78,201	$	—	$	795,134
Held to Maturity
State and political subdivisions	$	532,422	$	—	$	65,932	$	—	$	466,490
Mortgage-backed securities	74,904		—		11,635		—		63,269
Collateralized mortgage obligations	467,864		—		102,360		—		365,504
Total held to maturity debt securities	$	1,075,190	$	—	$	179,927	$	—	$	895,263
(1) Amortized cost for the held to maturity securities includes $227 thousand of unamortized gain in state and political subdivisions, $58 thousand of unamortized gains in mortgage-backed securities and $9.7 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022.

Investment securities with a fair value of $1.24 billion and $1.16 billion at March 31, 2024 and December 31, 2023, 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 available for sale debt securities and held to maturity debt securities is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. At March 31, 2024 the accrued interest receivable on available for sale debt securities and held to maturity debt securities totaled $5.8 million and $3.5 million, respectively. At December 31, 2023 the accrued interest receivable on available for sale debt securities and held to maturity debt securities totaled $5.5 million and $3.7 million, respectively.

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

		As of March 31, 2024
	Number of Securities	Less than 12 Months				12 Months or More				Total
Available for Sale		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
(in thousands, except number of securities)
U.S. Treasury securities	1	$	247	$	—	$	—	$	—	$	247	$	—
State and political subdivisions	149	3,837		114		118,100		8,659		121,937		8,773
Mortgage-backed securities	21	5		—		4,808		151		4,813		151
Collateralized loan obligations	3	22,817		234		2,929		14		25,746		248
Collateralized mortgage obligations	22	54,982		718		123,640		21,902		178,622		22,620
Corporate debt securities	130	1,929		30		417,479		44,379		419,408		44,409
Total	326	$	83,817	$	1,096	$	666,956	$	75,105	$	750,773	$	76,201

As of March 31, 2024, 149 state and political subdivisions securities with total unrealized losses of $8.8 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 March 31, 2024, 21 mortgage-backed securities, and 22 collateralized mortgage obligations with unrealized losses totaling $22.8 million were held by the Company. Management evaluated the payment history of these securities. In addition, management 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 March 31, 2024, 3 collateralized loan obligations with unrealized losses of $0.2 million were held by the Company. Management evaluated these securities through a process that included consideration of credit agency ratings, priority of cash

11

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 March 31, 2024, 130 corporate debt securities with total unrealized losses of $44.4 million were held by the Company. Management evaluated these securities by considering 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.

The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2023, aggregated by investment category and length of time in a continuous loss position:

		As of December 31, 2023
Available for Sale	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)
State and political subdivisions	149	$	8,417	$	492	$	114,713	$	8,853	$	123,130	$	9,345
Mortgage-backed securities	19	—		—		4,906		142		4,906		142
Collateralized loan obligations	2	17,696		239		—		—		17,696		239
Collateralized mortgage obligations	20	6,278		90		127,792		21,018		134,070		21,108
Corporate debt securities	133	2,377		80		429,222		47,287		431,599		47,367
Total	323	$	34,768	$	901	$	676,633	$	77,300	$	711,401	$	78,201

The Company evaluates debt securities held to maturity for current expected credit losses. There were no debt securities held to maturity classified as nonaccrual or past due as of March 31, 2024. Held-to-maturity securities are evaluated on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense. Based on this evaluation, management concluded that no allowance for credit loss for these securities was required.

Proceeds and gross realized gains and losses on debt securities available for sale for the three months ended March 31, 2024 and 2023, were as follows:

	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
Proceeds from sales of debt securities available for sale	$	52,323	$	218,667
Gross realized losses from sales of debt securities available for sale(1)	—		(13,170)
Net realized loss from sales of debt securities available for sale(1)	$	—	$	(13,170)
(1) The difference in investment security gains, net reported herein as compared to the Consolidated Statements of Income is associated with the net realized gain from the call of debt securities of $36 thousand for the three months ended March 31, 2024, with no net realized gain from the call of debt securities recorded during the three months ended March 31, 2023.

The contractual maturity distribution of investment debt securities at March 31, 2024, 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.

	Available for Sale				Held to Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	60,692	$	59,887	$	2,510	$	2,484
Due after one year through five years	371,630		342,646		150,788		137,380
Due after five years through ten years	145,334		125,889		250,580		214,093
Due after ten years	26,958		23,121		128,083		106,759
	$	604,614	$	551,543	$	531,961	$	460,716
Mortgage-backed securities	5,347		5,199		73,668		60,983
Collateralized loan obligations	61,914		61,866		—		—
Collateralized mortgage obligations	201,242		178,622		459,310		353,945
Total	$	873,117	$	797,230	$	1,064,939	$	875,644

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4.    Loans Receivable and the Allowance for Credit Losses

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

	As of
(in thousands)	March 31, 2024		December 31, 2023
Agricultural	$	113,029	$	118,414
Commercial and industrial	1,105,718		1,075,003
Commercial real estate:
Construction & development	403,571		323,195
Farmland	184,109		184,955
Multifamily	409,504		383,178
Commercial real estate-other	1,440,645		1,333,982
Total commercial real estate	2,437,829		2,225,310
Residential real estate:
One- to four- family first liens	495,408		459,798
One- to four- family junior liens	182,001		180,639
Total residential real estate	677,409		640,437
Consumer	80,661		67,783
Loans held for investment, net of unearned income	4,414,646		4,126,947
Allowance for credit losses	(55,900)		(51,500)
Total loans held for investment, net	$	4,358,746	$	4,075,447

Loans with unpaid principal in the amount of $1.12 billion and $1.13 billion at March 31, 2024 and December 31, 2023, respectively, were pledged to the FHLB as collateral for borrowings.

Non-accrual and Delinquent Status

Loans are placed on non-accrual 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 an 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:

			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
March 31, 2024
Agricultural	$	112,185	$	384	$	—	$	460	$	113,029	$	—
Commercial and industrial	1,087,725		360		194		17,439		1,105,718		—
Commercial real estate:
Construction and development	403,571		—		—		—		403,571		—
Farmland	182,368		339		—		1,402		184,109		—
Multifamily	409,504		—		—		—		409,504		—
Commercial real estate-other	1,434,435		1,561		—		4,649		1,440,645		—
Total commercial real estate	2,429,878		1,900		—		6,051		2,437,829		—
Residential real estate:
One- to four- family first liens	488,382		3,362		1,279		2,385		495,408		925
One- to four- family junior liens	180,461		567		335		638		182,001		—
Total residential real estate	668,843		3,929		1,614		3,023		677,409		925
Consumer	80,306		242		71		42		80,661		42
Total	$	4,378,937	$	6,815	$	1,879	$	27,015	$	4,414,646	$	967

			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, 2023
Agricultural	$	117,852	$	338	$	—	$	224	$	118,414	$	—
Commercial and industrial	1,058,301		440		401		15,861		1,075,003		—
Commercial real estate:
Construction and development	323,165		30		—		—		323,195		—
Farmland	182,759		677		352		1,167		184,955		—
Multifamily	383,178		—		—		—		383,178		—
Commercial real estate-other	1,327,727		2,129		1,290		2,836		1,333,982		—
Total commercial real estate	2,216,829		2,836		1,642		4,003		2,225,310		—
Residential real estate:
One- to four- family first liens	453,212		3,572		1,741		1,273		459,798		468
One- to four- family junior liens	179,339		356		690		254		180,639		—
Total residential real estate	632,551		3,928		2,431		1,527		640,437		468
Consumer	67,622		118		28		15		67,783		—
Total	$	4,093,155	$	7,660	$	4,502	$	21,630	$	4,126,947	$	468

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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:

	Nonaccrual				Nonaccrual with no Allowance for Credit Losses				90 Days or More Past Due And Accruing
(in thousands)	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Agricultural	$	460	$	235	$	219	$	12	$	—	$	—
Commercial and industrial	17,966		17,770		12,455		12,549		—		—
Commercial real estate:
Construction and development	—		—		—		—		—		—
Farmland	1,538		1,654		1,390		1,490		—		—
Multifamily	—		—		—		—		—		—
Commercial real estate-other	4,926		3,441		2,486		853		—		—
Total commercial real estate	6,464		5,095		3,876		2,343		—		—
Residential real estate:
One- to four- family first liens	2,294		1,888		853		455		925		468
One- to four- family junior liens	1,078		876		124		—		—		—
Total residential real estate	3,372		2,764		977		455		925		468
Consumer	38		27		—		—		42		—
Total	$	28,300	$	25,891	$	17,527	$	15,359	$	967	$	468

The interest income recognized on loans that were on nonaccrual for the three months ended March 31, 2024 and March 31, 2023 was $129 thousand and $56 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/Watch - A special mention/watch 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/watch 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 include those loans on nonaccrual and loans greater than 90 days past due and on accrual.

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The following table sets 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 March 31, 2024. As of March 31, 2024, there were no 'loss' rated credits.

	Term Loans by Origination Year												Revolving Loans
March 31, 2024 (in thousands)	2024		2023		2022		2021		2020		Prior				Total
Agricultural
Pass	$	7,515	$	9,909	$	12,420	$	7,156	$	2,399	$	1,847	$	66,311	$	107,557
Special mention / watch	—		319		452		635		124		488		1,643		3,661
Substandard	—		39		262		285		215		214		796		1,811
Doubtful	—		—		—		—		—		—		—		—
Total	$	7,515	$	10,267	$	13,134	$	8,076	$	2,738	$	2,549	$	68,750	$	113,029
Commercial and industrial
Pass	$	27,582	$	173,057	$	200,277	$	188,288	$	112,151	$	135,262	$	175,914	$	1,012,531
Special mention / watch	58		2,896		17,886		865		3,198		2,533		15,821		43,257
Substandard	—		931		1,221		3,074		136		37,472		7,096		49,930
Doubtful	—		—		—		—		—		—		—		—
Total	$	27,640	$	176,884	$	219,384	$	192,227	$	115,485	$	175,267	$	198,831	$	1,105,718
CRE - Construction and development
Pass	$	30,069	$	123,679	$	179,633	$	49,896	$	3,346	$	2,451	$	12,132	$	401,206
Special mention / watch	623		263		—		454		—		—		467		1,807
Substandard	—		327		231		—		—		—		—		558
Doubtful	—		—		—		—		—		—		—		—
Total	$	30,692	$	124,269	$	179,864	$	50,350	$	3,346	$	2,451	$	12,599	$	403,571
CRE - Farmland
Pass	$	6,592	$	26,072	$	43,144	$	45,254	$	18,449	$	19,303	$	2,540	$	161,354
Special mention / watch	—		—		6,695		2,405		5,804		1,070		719		16,693
Substandard	—		383		382		1,285		1,186		2,796		30		6,062
Doubtful	—		—		—		—		—		—		—		—
Total	$	6,592	$	26,455	$	50,221	$	48,944	$	25,439	$	23,169	$	3,289	$	184,109
CRE - Multifamily
Pass	$	456	$	42,595	$	97,726	$	114,264	$	69,748	$	22,308	$	5,352	$	352,449
Special mention / watch	5,318		—		1,230		272		29,979		12,384		—		49,183
Substandard	—		—		—		7,532		326		14		—		7,872
Doubtful	—		—		—		—		—		—		—		—
Total	$	5,774	$	42,595	$	98,956	$	122,068	$	100,053	$	34,706	$	5,352	$	409,504
CRE - Other
Pass	$	9,484	$	202,773	$	316,522	$	271,467	$	257,023	$	200,086	$	58,986	$	1,316,341
Special mention / watch	454		8,093		6,675		3,227		4,426		7,295		3,987		34,157
Substandard	1,670		284		26,247		18,401		19,018		24,527		—		90,147
Doubtful	—		—		—		—		—		—		—		—
Total	$	11,608	$	211,150	$	349,444	$	293,095	$	280,467	$	231,908	$	62,973	$	1,440,645
RRE - One- to four- family first liens
Pass / Performing	$	17,533	$	61,643	$	137,014	$	95,695	$	53,935	$	102,592	$	16,707	$	485,119
Special mention / watch	—		722		710		35		607		1,772		—		3,846
Substandard / Nonperforming	—		1,369		190		785		104		3,995		—		6,443
Doubtful	—		—		—		—		—		—		—		—
Total	$	17,533	$	63,734	$	137,914	$	96,515	$	54,646	$	108,359	$	16,707	$	495,408
RRE - One- to four- family junior liens
Performing	$	4,210	$	21,539	$	28,673	$	17,968	$	7,254	$	9,781	$	91,497	$	180,922
Nonperforming	—		—		406		—		23		650		—		1,079
Total	$	4,210	$	21,539	$	29,079	$	17,968	$	7,277	$	10,431	$	91,497	$	182,001
Consumer
Performing	$	7,922	$	30,997	$	16,110	$	8,941	$	3,898	$	7,990	$	4,765	$	80,623
Nonperforming	—		16		21		—		—		1		—		38
Total	$	7,922	$	31,013	$	16,131	$	8,941	$	3,898	$	7,991	$	4,765	$	80,661

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	Term Loans by Origination Year												Revolving Loans
March 31, 2024 (in thousands)	2024		2023		2022		2021		2020		Prior				Total
Total by Credit Quality Indicator Category
Pass	$	99,231	$	639,728	$	986,736	$	772,020	$	517,051	$	483,849	$	337,942	$	3,836,557
Special mention / watch	6,453		12,293		33,648		7,893		44,138		25,542		22,637		152,604
Substandard	1,670		3,333		28,533		31,362		20,985		69,018		7,922		162,823
Doubtful	—		—		—		—		—		—		—		—
Performing	12,132		52,536		44,783		26,909		11,152		17,771		96,262		261,545
Nonperforming	—		16		427		—		23		651		—		1,117
Total	$	119,486	$	707,906	$	1,094,127	$	838,184	$	593,349	$	596,831	$	464,763	$	4,414,646
	Term Loans by Origination Year												Revolving Loans
March 31, 2024 (in thousands)	2024		2023		2022		2021		2020		Prior				Total
Year-to-date Current Period Gross Write-offs
Agricultural	$	—	$	—	$	—	$	4	$	—	$	—	$	—	$	4
Commercial and industrial	—		—		128		129		29		13		—		299
CRE - Construction and development	—		—		—		—		—		—		—		—
CRE - Farmland	—		—		—		—		—		—		—		—
CRE - Multifamily	—		—		—		—		—		—		—		—
CRE - Other	—		—		—		—		—		35		—		35
RRE - One-to-four-family first liens	—		—		—		19		—		—		—		19
RRE - One-to-four-family junior liens	—		—		—		—		—		—		—		—
Consumer	—		276		7		3				4		—		290
Total Current Period Gross Write-offs	$	—	$	276	$	135	$	155	$	29	$	52	$	—	$	647

17

The following table sets 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, 2023. As of December 31, 2023, there were no 'loss' rated credits.

	Term Loans by Origination Year												Revolving Loans
December 31, 2023 (in thousands)	2023		2022		2021		2020		2019		Prior				Total
Agricultural
Pass	$	11,859	$	12,149	$	8,352	$	2,752	$	689	$	1,139	$	71,680	$	108,620
Special mention / watch	266		550		670		91		5		522		3,705		5,809
Substandard	709		193		302		208		—		224		2,349		3,985
Doubtful	—		—		—		—		—		—		—		—
Total	$	12,834	$	12,892	$	9,324	$	3,051	$	694	$	1,885	$	77,734	$	118,414
Commercial and industrial
Pass	$	176,021	$	224,924	$	193,011	$	117,326	$	25,555	$	116,661	$	147,690	$	1,001,188
Special mention / watch	2,541		416		3,209		3,385		193		272		14,692		24,708
Substandard	897		2,921		2,010		561		8,507		29,432		4,779		49,107
Doubtful	—		—		—		—		—		—		—		—
Total	$	179,459	$	228,261	$	198,230	$	121,272	$	34,255	$	146,365	$	167,161	$	1,075,003
CRE - Construction and development
Pass	$	99,803	$	163,126	$	43,189	$	3,393	$	821	$	700	$	9,552	$	320,584
Special mention / watch	1,097		—		464		—		—		—		467		2,028
Substandard	343		240		—		—		—		—		—		583
Doubtful	—		—		—		—		—		—		—		—
Total	$	101,243	$	163,366	$	43,653	$	3,393	$	821	$	700	$	10,019	$	323,195
CRE - Farmland
Pass	$	25,666	$	44,907	$	47,068	$	18,863	$	6,587	$	14,845	$	1,642	$	159,578
Special mention / watch	1,229		6,898		2,409		5,982		—		965		276		17,759
Substandard	1,830		210		1,542		1,052		926		2,029		29		7,618
Doubtful	—		—		—		—		—		—		—		—
Total	$	28,725	$	52,015	$	51,019	$	25,897	$	7,513	$	17,839	$	1,947	$	184,955
CRE - Multifamily
Pass	$	32,077	$	96,969	$	111,032	$	77,532	$	8,701	$	6,508	$	4,208	$	337,027
Special mention / watch	5,318		1,237		277		18,984		7,850		4,586		—		38,252
Substandard	—		—		7,572		327		—		—		—		7,899
Doubtful	—		—		—		—		—		—		—		—
Total	$	37,395	$	98,206	$	118,881	$	96,843	$	16,551	$	11,094	$	4,208	$	383,178
CRE - Other
Pass	$	199,698	$	295,066	$	256,718	$	250,676	$	77,509	$	90,170	$	51,827	$	1,221,664
Special mention / watch	364		1,306		3,300		4,823		4,282		2,395		3,856		20,326
Substandard	325		26,555		19,253		19,103		8,242		17,876		638		91,992
Doubtful	—		—		—		—		—		—		—		—
Total	$	200,387	$	322,927	$	279,271	$	274,602	$	90,033	$	110,441	$	56,321	$	1,333,982
RRE - One- to four- family first liens
Pass / Performing	$	62,644	$	125,777	$	92,767	$	54,028	$	19,674	$	81,660	$	13,283	$	449,833
Special mention / watch	629		716		36		620		1,827		319		—		4,147
Substandard / Nonperforming	1,156		191		738		165		164		3,404		—		5,818
Doubtful	—		—		—		—		—		—		—		—
Total	$	64,429	$	126,684	$	93,541	$	54,813	$	21,665	$	85,383	$	13,283	$	459,798
RRE - One- to four- family junior liens
Performing	$	23,551	$	29,919	$	18,733	$	7,292	$	2,590	$	7,867	$	89,810	$	179,762
Nonperforming	—		192		—		25		23		637		—		877
Total	$	23,551	$	30,111	$	18,733	$	7,317	$	2,613	$	8,504	$	89,810	$	180,639
Consumer
Performing	$	26,028	$	14,319	$	10,042	$	4,421	$	1,451	$	7,350	$	4,145	$	67,756
Nonperforming	—		22		—		—		3		2		—		27
Total	$	26,028	$	14,341	$	10,042	$	4,421	$	1,454	$	7,352	$	4,145	$	67,783

18

	Term Loans by Origination Year												Revolving Loans
December 31, 2023 (in thousands)	2023		2022		2021		2020		2019		Prior				Total
Total by Credit Quality Indicator Category
Pass	$	607,768	$	962,918	$	752,137	$	524,570	$	139,536	$	311,683	$	299,882	$	3,598,494
Special mention / watch	11,444		11,123		10,365		33,885		14,157		9,059		22,996		113,029
Substandard	5,260		30,310		31,417		21,416		17,839		52,965		7,795		167,002
Doubtful	—		—		—		—		—		—		—		—
Performing	49,579		44,238		28,775		11,713		4,041		15,217		93,955		247,518
Nonperforming	—		214		—		25		26		639		—		904
Total	$	674,051	$	1,048,803	$	822,694	$	591,609	$	175,599	$	389,563	$	424,628	$	4,126,947
	Term Loans by Origination Year												Revolving Loans
December 31, 2023 (in thousands)	2023		2022		2021		2020		2019		Prior				Total
Year-to-date Current Period Gross Write-offs
Agricultural	$	—	$	8	$	1	$	17	$	2	$	—	$	—	$	28
Commercial and industrial	239		343		223		133		464		45		—		1,447
CRE - Construction and development	—		—		—		—		—		—		—		—
CRE - Farmland	—		—		—		—		—		—		—		—
CRE - Multifamily	—		—		—		—		—		—		—		—
CRE - Other	—		—		—		—		—		2,337		—		2,337
RRE - One-to-four-family first liens	—		—		—		—		—		36		—		36
RRE - One-to-four-family junior liens	—		19		—		—		—		—		—		19
Consumer	—		621		30		12		12		10		—		685
Total Current Period Gross Write-offs	$	239	$	991	$	254	$	162	$	478	$	2,428	$	—	$	4,552

Allowance for Credit Losses

The following are the economic factors utilized by the Company for its loan credit loss estimation process at March 31, 2024, and the forecast for each factor at that date: (1) Midwest unemployment – increases over the next four forecasted quarters; (2) year-to-year change in national retail sales - increases over the next four forecasted quarters; (3) year-to-year change in CRE Index - decreases over the next four forecasted quarters; (4) year-to-year change in U.S. GDP - increases over the next four forecasted quarters; (5) year-to-year change in National Home Price Index – increases over the next four forecasted quarters; and (6) rental vacancy - increases over the next four forecasted quarters. In addition, management utilized qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management’s judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions.

The increase in the ACL between March 31, 2024 and December 31, 2023 reflects $3.1 million of day 1 credit loss expense related to acquired DNVB loans, as well as additional reserve taken to support loan growth. Net loan charge-offs were $0.2 million for the three months ended March 31, 2024 as compared to net loan charge-offs of $0.3 million for the three months ended March 31, 2023.

We have made a policy election to report interest receivable as a separate line on the balance sheet. Accrued interest receivable, which is recorded within 'Other Assets', totaled $20.6 million at March 31, 2024 and $19.7 million at December 31, 2023 and is excluded from the estimate of credit losses.

19

The changes in the allowance for credit losses by portfolio segment were as follows:

	For the Three Months Ended March 31, 2024 and 2023
(in thousands)	Agricultural		Commercial and Industrial		Commercial Real Estate		Residential Real Estate		Consumer		Total
For the Three Months Ended March 31, 2024
Beginning balance	$	613	$	21,743	$	23,759	$	4,762	$	623	$	51,500
Charge-offs	(4)		(299)		(35)		(19)		(290)		(647)
Recoveries	355		46		8		9		40		458
Credit loss expense (benefit)(1)	(316)		392		3,040		262		1,211		4,589
Ending balance	$	648	$	21,882	$	26,772	$	5,014	$	1,584	$	55,900
For the Three Months Ended March 31, 2023
Beginning balance	$	923	$	22,855	$	20,123	$	4,678	$	621	$	49,200
Charge-offs	(1)		(320)		(18)		—		(148)		(487)
Recoveries	26		75		5		4		44		154
Credit loss expense (benefit) (1)	(435)		(265)		1,723		(137)		47		933
Ending balance	$	513	$	22,345	$	21,833	$	4,545	$	564	$	49,800
(1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $0.1 million related to off-balance sheet credit exposures for the three months ended March 31, 2024, with no credit loss expense related to off-balance sheet credit exposures being recorded for the three months ended March 31, 2023.

The composition of the allowance for credit losses by portfolio segment based on evaluation method was as follows:

	As of March 31, 2024
(in thousands)	Agricultural		Commercial and Industrial		Commercial Real Estate		Residential Real Estate		Consumer		Total
Loans held for investment, net of unearned income
Individually evaluated for impairment	$	219	$	16,911	$	8,433	$	1,636	$	—	$	27,199
Collectively evaluated for impairment	112,810		1,088,807		2,429,396		675,773		80,661		4,387,447
Total	$	113,029	$	1,105,718	$	2,437,829	$	677,409	$	80,661	$	4,414,646
Allowance for credit losses:
Individually evaluated for impairment	$	—	$	2,804	$	47	$	118	$	—	$	2,969
Collectively evaluated for impairment	648		19,078		26,725		4,896		1,584		52,931
Total	$	648	$	21,882	$	26,772	$	5,014	$	1,584	$	55,900

	As of December 31, 2023
(in thousands)	Agricultural		Commercial and Industrial		Commercial Real Estate		Residential Real Estate		Consumer		Total
Loans held for investment, net of unearned income
Individually evaluated for impairment	$	11	$	17,231	$	10,932	$	983	$	—	$	29,157
Collectively evaluated for impairment	118,403		1,057,772		2,214,378		639,454		67,783		4,097,790
Total	$	118,414	$	1,075,003	$	2,225,310	$	640,437	$	67,783	$	4,126,947
Allowance for credit losses:
Individually evaluated for impairment	$	—	$	2,616	$	705	$	16	$	—	$	3,337
Collectively evaluated for impairment	613		19,127		23,054		4,746		623		48,163
Total	$	613	$	21,743	$	23,759	$	4,762	$	623	$	51,500

20

The following tables present the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:

	As of March 31, 2024
(in thousands)	Primary Type of Collateral
	Real Estate		Equipment		Other		Total		ACL Allocation
Agricultural	$	11	$	—	$	208	$	219	$	—
Commercial and industrial	16,911		—		—		16,911		2,804
Commercial real estate:
Construction and development	—		—		—		—		—
Farmland	2,334		—		1,278		3,612		—
Multifamily	—		—		—		—		—
Commercial real estate-other	4,821		—		—		4,821		47
Residential real estate:
One- to four- family first liens	853		—		—		853		—
One- to four- family junior liens	783		—		—		783		118
Consumer	—		—		—		—		—
Total	$	25,713	$	—	$	1,486	$	27,199	$	2,969

	As of December 31, 2023
(in thousands)	Primary Type of Collateral
	Real Estate		Equipment		Other		Total		ACL Allocation
Agricultural	$	11	$	—	$	—	$	11	$	—
Commercial and industrial	15,991		—		1,240		17,231		2,616
Commercial real estate:
Construction and development	—		—		—		—		—
Farmland	5,403		—		—		5,403		—
Multifamily	—		—		—		—		—
Commercial real estate-other	5,350		—		179		5,529		705
Residential real estate:
One- to four- family first liens	481		—		—		481		—
One- to four- family junior liens	—		—		502		502		16
Consumer	—		—		—		—		—
Total	$	27,236	$	—	$	1,921	$	29,157	$	3,337

Loan Modifications to Borrowers Experiencing Financial Difficulty

Occasionally, the Company may modify loans to borrowers who are experiencing financial difficulty. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, term extension, an other-than-insignificant payment delay, interest rate reduction, or combination thereof.

The following tables present the amortized cost basis of loans as of March 31, 2024 and March 31, 2023 that were modified during the three months ended March 31, 2024 and March 31, 2023 and experiencing financial difficulty at the time of the modification by class and by type of modification:

	For the Three Months Ended March 31, 2024
									Combination:
(dollars in thousands)	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Term Extension & Interest Rate Reduction		Principal Forgiveness & Term Extension		Principal Forgiveness, Term Extension, & Interest Rate Reduction		Payment Delay & Term Extension		Total Class of Financing Receivable
Three Months Ended March 31, 2024
Commercial and industrial	$	—	$	—	$	350	$	—	$	—	$	—	$	—	$	—	0.03	%
CRE - Other	—		—		202		—		—		—		—		—		0.01	%
RRE - One- to four- family first liens	—		253		—		—		—		—		—		—		0.05	%
RRE - One- to four- family junior liens	—		—		136		—		—		—		—		—		0.07	%
Total	$	—	$	253	$	688	$	—	$	—	$	—	$	—	$	—

21

	For the Three Months Ended March 31, 2023
									Combination:
(dollars in thousands)	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Term Extension & Interest Rate Reduction		Principal Forgiveness & Term Extension		Principal Forgiveness, Term Extension, & Interest Rate Reduction		Payment Delay & Term Extension		Total Class of Financing Receivable
Three Months Ended March 31, 2023
Agricultural	$	—	$	16	$	1,502	$	—	$	—	$	—	$	—	$	—	1.42	%
Commercial and industrial	—		—		50		—		120		307		—		—		0.04	%
CRE - Other	—		—		—		—		—		—		20		—		—	%
Total	$	—	$	16	$	1,552	$	—	$	120	$	307	$	20	$	—

The Company has no additional commitments to lend amounts to the borrowers included in the previous tables as of March 31, 2024 and March 31, 2023. For the three months ended March 31, 2024, the Company had 9 modified loans totaling $1.4 million to borrowers experiencing financial difficulty that redefaulted within 12 months subsequent to the modification. For the three months ended March 31, 2023, the Company had no modified loans totaling to borrowers experiencing financial difficulty that redefaulted within 12 months subsequent to the modification.

The following tables present the performance, as of March 31, 2024 and March 31, 2023, of loans that were modified while the borrower was experiencing financial difficulty at the time of modification in the last 12 months:

	As of March 31, 2024
(in thousands)	Current		30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total
Commercial and industrial	$	4,028	$	76	$	—	$	995	$	5,099
CRE - Construction and development	559		—		—		—		559
CRE - Farmland	29		—		—		352		381
CRE - Other	6,066		—		—		—		6,066
RRE - One- to four- family first liens	253		—		—		—		253
RRE - One- to four- family junior liens	149		—		—		—		149
Total	$	11,084	$	76	$	—	$	1,347	$	12,507
	As of March 31, 2023
(in thousands)	Current		30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total
Agricultural	$	1,518	$	—	$	—	$	—	$	1,518
Commercial and industrial	477		—		—		—		477
CRE - Other	—		—		—		20		20
Total	$	1,995	$	—	$	—	$	20	$	2,015

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and March 31, 2023:

(dollars in thousands)	Principal Forgiveness		Weighted Average Interest Rate Reduction		Weighted Average Term Extension (Months)
Three Months Ended March 31, 2024
Commercial and industrial	$	—	—	%	4.4
CRE - Other	—		—	%	5.4
RRE - One- to four- family junior liens	—		—	%	122.0
Total	$	—	—	%	27.9

22

(dollars in thousands)	Principal Forgiveness		Weighted Average Interest Rate Reduction		Weighted Average Term Extension (Months)
Three Months Ended March 31, 2023
Agricultural	$	—	—	%	2.37
Commercial and industrial	63		1.25		11.89
CRE - Other	18		7.00		2.47
Total	$	81	2.07	%	4.64

5.    Derivatives, Hedging Activities and Balance Sheet Offsetting

The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of the dates indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets. The fair values of the Company's derivative instrument assets and liabilities are summarized as follows:

	As of March 31, 2024						As of December 31, 2023
	Notional Amount		Fair Value				Notional Amount		Fair Value
(in thousands)			Assets		Liabilities				Assets		Liabilities
Designated as hedging instruments:
Fair value hedges:
Interest rate swaps - loans	$	50,425	$	2,529	$	601	$	41,101	$	2,071	$	902
Interest rate swaps - securities	150,000		144		90		150,000		—		821
Cash flow hedges
Interest rate swaps	200,000		2,660		—		200,000		940		264
Total	$	400,425	$	5,333	$	691	$	391,101	$	3,011	$	1,987
Not designated as hedging instruments:
Interest rate swaps	$	522,777	$	22,429	$	22,438	$	432,648	$	22,028	$	22,038
RPAs - protection sold	31,175		5		—		18,778		4		—
RPAs - protection purchased	31,089		—		4		31,145		—		9
Interest rate lock commitments	3,623		77		—		1,461		50		—
Interest rate forward loan sales contracts	3,730		—		8		2,075		—		23
Total	$	592,394	$	22,511	$	22,450	$	486,107	$	22,082	$	22,070

Derivatives Designated as Hedging Instruments

The Company uses derivative instruments to hedge its exposure to economic risks. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value or cash flow hedges.

Fair Value Hedges - Derivatives are designated as fair value hedges to limit the Company's exposure to changes in the fair value of assets or liabilities due to movements in interest rates. The Company entered into pay-fixed receive-floating interest rate swaps to manage its exposure to changes in fair value in certain fixed-rate assets, including AFS debt securities and loans. The gain or loss on the loan fair value hedge derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The change in the fair value of the available for sale securities attributable to changes in the hedged risk is recorded in accumulated other comprehensive income and subsequently reclassified into interest income, as applicable, in the same period(s) to offset the changes in the fair value of the swap, which is also recognized in interest income.

Cash Flow Hedges - Derivatives are designated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movement in interest rates. The Company has previously entered into pay-fixed receive-variable interest rate swaps to hedge against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on the Company's variable rate debt, including brokered deposits. The gain or loss on the derivatives is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense, as applicable, in the same period(s) during which the hedged transaction affects earnings. During the next 12 months, the Company estimates that an additional $2.2 million of income will be reclassified into interest expense.

23

The table below presents the effect of cash flow hedge accounting on AOCI for the three months ended March 31, 2024 and 2023:

	Amount of Gain (Loss) Recognized in AOCI on Derivative				Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended March 31,					Three Months Ended March 31,
(in thousands)	2024		2023			2024		2023
Interest rate swaps	$	2,772	$	138	Interest Expense	$	788	$	—

The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the consolidated statements of income for the periods indicated:

	Location and Amount of Gain or Loss Recognized in Income on Hedging Relationships
	For the Three Months Ended March 31,
	2024				2023
(in thousands)	Interest Income		Other Income		Interest Income		Other Income
Income and expense included in the consolidated statements of income related to the effects of fair value or cash flow hedges are recorded	$	408	$	—	$	159	$	—
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships in subtopic 815-20:
Interest contracts - loans:
Hedged items	(764)		—		562		—
Derivative designated as hedging instruments	1,023		—		(402)		—
Interest contracts - securities:
Hedged items	(882)		—		—		—
Derivative designated as hedging instruments	1,059		—		—		—

As of March 31, 2024, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:

Line Item in the Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset
(in thousands)
Loans	$	48,539	$	(1,926)
Securities	$	149,937	$	(63)

Derivatives Not Designated as Hedging Instruments

Interest Rate Swaps - The Company periodically enters into commercial loan interest rate swap agreements in order to provide commercial loan customers with the ability to convert from variable to fixed interest rates. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer, while simultaneously entering into an offsetting interest rate swap with an institutional counterparty.

Credit Risk Participation Agreements -The Company enters into RPAs to manage the credit exposure on interest rate contracts associated with a syndicated loan or participation agreement. The Company may enter into protection purchased RPAs with institutional counterparties to decrease or increase its exposure to a borrower. Under the RPA, the Company will receive or make payment if a borrower defaults on the related interest rate contract. The notional amount of the RPAs reflects the Company’s pro-rata share of the derivative instrument.

Interest Rate Forward Loan Sales Contracts & Interest Rate Lock Commitments - The Company enters into forward delivery contracts to sell residential mortgage loans at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage interest rate lock commitments.

24

The following table presents the net gains (losses) recognized on the consolidated statements of income related to the derivatives not designated as hedging instruments for the periods indicated:

	Location in the Consolidated Statements of Income	For the Three Months Ended March 31,
(in thousands)		2024		2023
Interest rate swaps	Other income	$	—	$	—
RPAs	Other income	5		69
Interest rate lock commitments	Loan revenue	27		94
Interest rate forward loan sales contracts	Loan revenue	14		(30)
Total		$	46	$	133

Offsetting of Derivatives

The Company has entered into agreements with certain counterparty financial institutions, which include master netting agreements. However, the Company has elected to account for all derivatives with counterparty institutions on a gross basis. The Company manages the risk of default by its borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures.

The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of March 31, 2024 and December 31, 2023, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets.

							Gross Amounts Not Offset in the Balance Sheet
(in thousands)	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts presented in the Balance Sheet		Financial Instruments		Cash Collateral Received / Paid		Net Assets /Liabilities
As of March 31, 2024
Asset Derivatives	$	27,844	$	—	$	27,844	$	—	$	17,998	$	9,846
Liability Derivatives	23,141		—		23,141		—		2,730		20,411
As of December 31, 2023
Asset Derivatives	$	25,093	$	—	$	25,093	$	—	$	15,549	$	9,544
Liability Derivatives	24,057		—		24,057		—		2,420		21,637

Credit-risk-related Contingent Features

The Company has an unsecured federal funds line with its institutional derivative counterparties. The Company has an agreement with its institutional derivative counterparties that contains a provision under which if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has an agreement with its derivative counterparties that contains a provision under which the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of March 31, 2024, fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $4.5 million.

6.    Goodwill and Intangible Assets

The following table presents the changes in the carrying amount of goodwill for the period indicated:

(in thousands)	As of March 31, 2024		As of December 31, 2023
Goodwill, beginning of period	$	62,477	$	62,477
Goodwill from the acquisition of DNVB	8,641		—
Total goodwill, end of period	$	71,118	$	62,477

As indicated in Note 2. Business Combinations, the Company acquired a core deposit intangible in connection with its acquisition of DNVB on January 31, 2024 with an estimated fair value of $7.1 million, which will be amortized over its estimated useful life of 10 years.

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The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets as of the dates indicated:

	As of March 31, 2024						As of December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Core deposit intangible	$	65,345	$	(43,044)	$	22,301	$	58,245	$	(41,499)	$	16,746
Customer relationship intangible	5,265		(5,092)		173		5,265		(5,008)		257
Other	2,700		(2,683)		17		2,700		(2,674)		26
	$	73,310	$	(50,819)	$	22,491	$	66,210	$	(49,181)	$	17,029
Indefinite-lived trade name intangible					7,040						7,040
Total other intangible assets, net					$	29,531					$	24,069

The following table provides the estimated future amortization expense for the remaining nine months of the year ending December 31, 2024 and the succeeding annual periods:

(in thousands)	Core Deposit Intangible		Customer Relationship Intangible		Other		Total
2024	$	4,344	$	155	$	15	$	4,514
2025	4,924		18		2		4,944
2026	3,840		—		—		3,840
2027	2,757		—		—		2,757
2028	2,110		—		—		2,110
Thereafter	4,326		—		—		4,326
Total	$	22,301	$	173	$	17	$	22,491

7.    Other Assets

The components of the Company's other assets as of March 31, 2024 and December 31, 2023 were as follows:

(in thousands)	March 31, 2024		December 31, 2023
Bank-owned life insurance	$	98,700	$	98,039
Interest receivable	30,728		29,768
FHLB stock	5,220		5,806
Mortgage servicing rights	12,965		13,333
Operating lease right-of-use assets, net	2,153		2,337
Federal and state income taxes, current	579		1,556
Federal and state income taxes, deferred	29,582		31,218
Derivative assets	27,844		25,093
Other receivables/assets	18,706		15,630
	$	226,477	$	222,780

8.    Deposits

The following table presents the composition of our deposits as of the dates indicated:

(in thousands)	March 31, 2024		December 31, 2023
Noninterest bearing deposits	$	920,764	$	897,053
Interest checking deposits	1,349,823		1,320,435
Money market deposits	1,122,717		1,105,493
Savings deposits	728,276		650,655
Time deposits of $250 and under	992,851		973,253
Time deposits over $250	470,805		448,784
Total deposits	$	5,585,236	$	5,395,673

The Company had $14.0 million and $15.2 million in reciprocal time deposits as of March 31, 2024 and December 31, 2023, respectively. Included in money market deposits at March 31, 2024 and December 31, 2023 were $132.7 million and $128.0 million, respectively, of interest-bearing reciprocal deposits. Included in noninterest bearing deposits at March 31, 2024 were $64.2 million of noninterest-bearing reciprocal deposits, with $58.0 million noninterest-bearing reciprocal deposits at

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December 31, 2023. These reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to spread deposits that exceed the FDIC insurance coverage limits out to numerous institutions in order to provide insurance coverage for all participating deposits. In addition, included within the time deposits of “$250 thousand and under” was $205.0 million of brokered deposits as of March 31, 2024 and $221.0 million as of December 31, 2023.

As of March 31, 2024 and December 31, 2023, the Company had public entity deposits, which were collateralized by investment securities balances of $285.1 million and $183.4 million, respectively.

9.    Short-Term Borrowings

The following table summarizes our short-term borrowings as of the dates indicated:

	March 31, 2024				December 31, 2023
(in thousands)	Weighted Average Rate		Balance		Weighted Average Rate		Balance
Securities sold under agreements to repurchase	0.68	%	$	4,988	0.72	%	$	5,064
Federal Home Loan Bank advances	—		—		5.64		10,200
Federal Reserve Bank borrowings	4.77		405,000		4.82		285,000
Unsecured line of credit	6.88		13,000		—		—
Total	4.79	%	$	422,988	4.78	%	$	300,264

Securities Sold Under an Agreement to Repurchase - Securities sold under agreements to repurchase are agreements in which the Company acquires funds by selling assets to another party under a simultaneous agreement to repurchase the same assets at a specified price and date. The Company enters into repurchase agreements and also offers a demand deposit account product to customers that sweeps their balances in excess of an agreed upon target amount into overnight repurchase agreements. All securities sold under agreements to repurchase are recorded on the face of the balance sheet..

Federal Home Loan Bank Advances - The Bank has a secured line of credit with the FHLBDM. Advances from the FHLBDM are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses of the notes to the consolidated financial statements.

Federal Funds Purchased - The Bank has unsecured federal funds lines totaling $155.0 million from multiple correspondent banking relationships. There were no borrowings from such lines at either March 31, 2024 or December 31, 2023.

Federal Reserve Bank Borrowing - At March 31, 2024 and December 31, 2023, the Company had no Federal Reserve Discount Window borrowings, while the borrowing capacity was $421.4 million as of March 31, 2024 and $428.8 million as of December 31, 2023. At March 31, 2024, the Company had $405.0 million of Bank Term Funding Program borrowings. The FRB announced that effective March 11, 2024, no additional loans would be made under the Bank Term Funding Program. As of March 31, 2024 and December 31, 2023, pledged to the Federal Reserve Bank of Chicago were investment securities consisting primarily of corporate debt, state and political subdivisions, mortgage backed, and collateralized mortgage obligations, with a market value of $790.3 million and $797.6 million, respectively.

Unsecured Line of Credit - The Company has a credit agreement with a correspondent bank with a revolving commitment of $25.0 million. The credit agreement was amended on September 19, 2023 such that the revolving commitment matures on September 30, 2024, with no updates made to the fee structure or the interest rate. Fees are paid on the average daily unused revolving commitment in the amount of 0.30% per annum. Interest is payable at a rate equal to the monthly reset term SOFR rate plus 1.55%. The Company had $13.0 million outstanding under this revolving credit facility as of March 31, 2024, with no amount outstanding as of December 31, 2023.

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10.    Long-Term Debt

Junior Subordinated Notes Issued to Capital Trusts

The table below summarizes the terms of each issuance of junior subordinated notes outstanding as of the dates indicated:

			March 31, 2024		December 31, 2023			March 31, 2024		December 31, 2023
(in thousands)	Face Value		Book Value				Interest Rate(1)	Rate				Maturity Date	Callable Date
ATBancorp Statutory Trust I	$	7,732	$	6,980	$	6,970	1.68% Margin	7.27	%	7.33	%	06/15/2036	06/15/2011
ATBancorp Statutory Trust II	12,372		11,051		11,034		1.65% Margin	7.24	%	7.30	%	09/15/2037	06/15/2012
Barron Investment Capital Trust I	2,062		1,868		1,861		2.15% Margin	7.73	%	7.77	%	09/23/2036	09/23/2011
Central Bancshares Capital Trust II	7,217		6,974		6,964		3.50% Margin	9.09	%	9.15	%	03/15/2038	03/15/2013
MidWestOne Statutory Trust II	15,464		15,464		15,464		1.59% Margin	7.18	%	7.24	%	12/15/2037	12/15/2012
Total	$	44,847	$	42,337	$	42,293
(1) Interest rate is equal to the Three-month CME Term SOFR + 0.26% Spread + Applicable Margin

The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated notes at the stated maturity date or upon redemption of the junior subordinated notes. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated notes. The Company’s obligation under the junior subordinated notes and other relevant trust agreements, in aggregate, constitutes a full and unconditional guarantee by the Company of each trust’s obligations under the trust preferred securities issued by each trust. The Company has the right to defer payment of interest on the junior subordinated notes and, therefore, distributions on the trust preferred securities, for up to five years, but not beyond the stated maturity date in the table above. During any such deferral period the Company may not pay cash dividends on its stock and generally may not repurchase its stock.

Subordinated Debentures

On July 28, 2020, the Company completed the private placement offering of $65.0 million of its subordinated notes, of which $63.75 million have been exchanged for subordinated notes registered under the Securities Act of 1933. The 5.75% fixed-to-floating rate subordinated notes are due July 30, 2030. At March 31, 2024, 100% of the subordinated notes qualified as Tier 2 capital. Per applicable Federal Reserve rules and regulations, the amount of the subordinated notes qualifying as Tier 2 regulatory capital will be phased-out by 20% of the amount of the subordinated notes in each of the five years beginning on the fifth anniversary preceding the maturity date of the subordinated notes. At March 31, 2024 and December 31, 2023, the Company had outstanding subordinated debentures of $64.2 million and $64.1 million, respectively.

Other Long-Term Debt

Other long-term borrowings were as follows as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
(in thousands)	Weighted Average Rate		Balance		Weighted Average Rate		Balance
Finance lease payable	8.89	%	$	554	8.89	%	$	604
FHLB borrowings	3.11		6,255		3.11		6,262
Note payable to unaffiliated bank	6.88		8,750		6.89		10,000
Total	5.44	%	$	15,559	5.56	%	$	16,866

On June 7, 2022, pursuant to a credit agreement with a correspondent bank, the Company entered into a $35.0 million term note payable maturing on June 30, 2027. Principal and interest are payable quarterly, and began on September 30, 2022. Interest accrues at the monthly reset term SOFR plus 1.55%. The credit agreement includes customary covenants requiring the Company to, among other things, maintain minimum levels of both regulatory capital and certain financial ratios; the Company certifies compliance with the covenants on a quarterly basis. On February 12, 2024, the credit agreement, including certain of its covenants, was amended.

As a member of the FHLBDM, the Bank may borrow funds from the FHLB, provided the Bank is able to pledge an adequate amount of qualified assets to secure the borrowings. In addition, the FHLB has established a credit capacity limit to the Bank that is equal to 45% of the Bank’s total assets. This credit capacity limit includes short-term and long-term borrowings, federal funds, letters of credit and other sources of credit exposure to the FHLB. Advances from the FHLB are collateralized primarily

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by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses of the notes to the unaudited consolidated financial statements.

As of March 31, 2024, FHLB borrowings were as follows:

(in thousands)	Weighted Average Rate		Amount
Due in 2024	3.11	%	$	6,250
Valuation adjustment from acquisition accounting			5
Total			$	6,255

11.    Earnings per Share

The following table presents the computation of basic and diluted earnings per common share for the periods indicated:

	Three Months Ended March 31,
(dollars in thousands, except per share amounts)	2024		2023
Basic Earnings Per Share:
Net income	$	3,269	$	1,397
Weighted average shares outstanding	15,722,697		15,649,651
Basic earnings per common share	$	0.21	$	0.09
Diluted Earnings Per Share:
Net income	$	3,269	$	1,397
Weighted average shares outstanding, including all dilutive potential shares	15,773,521		15,691,168
Diluted earnings per common share	$	0.21	$	0.09

12.    Regulatory Capital Requirements and Restrictions on Subsidiary Cash

Regulatory Capital and Reserve Requirement - The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

As of March 31, 2024 and December 31, 2023, the Bank was not required to maintain reserve balances in cash on hand or on deposit with Federal Reserve Banks, and therefore no amounts were held in reserve for each of these periods.

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A comparison of the Company's and the Bank's capital with the corresponding minimum regulatory requirements in effect at March 31, 2024 and December 31, 2023, is presented below:

	Actual		For Capital Adequacy Purposes With Capital Conservation Buffer(1)		To Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)	Amount	Ratio	Amount	Ratio	Amount	Ratio
At March 31, 2024
Consolidated:
Total capital/risk weighted assets	$661,448	11.97%	$580,192	10.50%	N/A	N/A
Tier 1 capital/risk weighted assets	538,756	9.75	469,679	8.50	N/A	N/A
Common equity tier 1 capital/risk weighted assets	496,419	8.98	386,795	7.00	N/A	N/A
Tier 1 leverage capital/average assets	538,756	8.16	264,001	4.00	N/A	N/A
MidWestOne Bank:
Total capital/risk weighted assets	$675,287	12.25%	$578,805	10.50%	$551,243	10.00%
Tier 1 capital/risk weighted assets	617,596	11.20	468,557	8.50	440,995	8.00
Common equity tier 1 capital/risk weighted assets	617,596	11.20	385,870	7.00	358,308	6.50
Tier 1 leverage capital/average assets	617,596	9.36	263,801	4.00	329,751	5.00
At December 31, 2023
Consolidated:
Total capital/risk weighted assets	$668,748	12.53%	$560,596	10.50%	N/A	N/A
Tier 1 capital/risk weighted assets	554,177	10.38	453,816	8.50	N/A	N/A
Common equity tier 1 capital/risk weighted assets	511,884	9.59	373,731	7.00	N/A	N/A
Tier 1 leverage capital/average assets	554,177	8.58	258,487	4.00	N/A	N/A
MidWestOne Bank:
Total capital/risk weighted assets	$656,027	12.49%	$551,658	10.50%	$525,388	10.00%
Tier 1 capital/risk weighted assets	606,456	11.54	446,580	8.50	420,310	8.00
Common equity tier 1 capital/risk weighted assets	606,456	11.54	367,772	7.00	341,502	6.50
Tier 1 leverage capital/average assets	606,456	9.39	258,339	4.00	322,924	5.00

(1) Includes a capital conservation buffer of 2.50%.

13.    Commitments and Contingencies

Credit-related financial instruments - The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, commitments to sell loans, and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets.

The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following table summarizes the Bank’s commitments as of the dates indicated:

	March 31, 2024		December 31, 2023
(in thousands)
Commitments to extend credit	$	1,230,612	$	1,203,001
Commitments to sell loans	2,329		1,045
Standby letters of credit	8,154		7,795
Total	$	1,241,095	$	1,211,841

The Bank’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the party. Collateral held varies, but may include accounts receivable, crops, livestock, inventory, property and equipment, residential real estate and income-producing commercial properties.

Commitments to sell loans are agreements to sell loans held for sale to third parties at an agreed upon price.

Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or

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less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds collateral, which may include accounts receivable, inventory, property, equipment and income-producing properties, that support those commitments, if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Bank would be required to fund the commitment. The maximum potential amount of future payments the Bank could be required to make is represented by the contractual amount shown in the summary above. If the commitment is funded, the Bank would be entitled to seek recovery from the customer.

Liability for Off-Balance Sheet Credit Losses - The Company records a liability for off-balance sheet credit losses through a charge to credit loss expense (or a reversal of credit loss expense) on the Company's consolidated statements of income and other liabilities on the Company's consolidated balance sheets. At March 31, 2024 and December 31, 2023, the liability for off-balance-sheet credit losses totaled $4.7 million and $4.6 million, respectively. For the three-months ended March 31, 2024, $0.1 million credit loss expense was recorded, with no credit loss expense recorded for the three-months ended March 31, 2023.

Litigation - In the normal course of business, the Company and its subsidiaries have been named, from time to time, as defendants in various legal actions. Certain of the actual or threatened legal actions may include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company.

Concentrations of credit risk - Substantially all of the Bank’s loans, commitments to extend credit and standby letters of credit have been granted to customers in the Bank’s market areas. Although the loan portfolio of the Bank is diversified, approximately 66% of the loans are real estate loans, excluding farmland, and approximately 7% are agriculturally related. The concentrations of credit by type of loan are set forth in Note 4. Loans Receivable and the Allowance for Credit Losses. Commitments to extend credit are primarily related to commercial loans and home equity loans. Standby letters of credit were granted primarily to commercial borrowers. Investments in securities issued by state and political subdivisions involve certain governmental entities within Iowa, California, and Minnesota. The carrying value of investment securities of Iowa, California and Minnesota political subdivisions totaled 13%, 12%, and 10%, respectively, as of March 31, 2024.

14.    Fair Value of Financial Instruments and Fair Value Measurements

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  There are three levels of inputs that may be used to measure fair values:

•Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

•Level 2 – Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

•Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

For additional information regarding the valuation methodologies used to measure the Company's assets recorded at fair value, and for estimating fair value for financial instruments not recorded at fair value, see Note 1. Nature of Business and Significant Accounting Policies and Note 20. Estimated Fair Value of Financial Instruments and Fair Value Measurements to the consolidated financial statements in the Company's 2023 Annual Report on Form 10-K, filed with the SEC on March 8, 2024.

The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily available for sale debt securities, derivatives and mortgage servicing rights. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered “nonrecurring” for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for collateral dependent individually analyzed loans and foreclosed assets.

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Recurring Basis

The following tables summarize assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, by level within the fair value hierarchy:

	Fair Value Measurement at March 31, 2024 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Assets:
Available for sale debt securities:
U.S. Treasury securities	$	247	$	—	$	247	$	—
State and political subdivisions	123,378		—		123,378		—
Mortgage-backed securities	5,199		—		5,199		—
Collateralized loan obligations	61,866		—		61,866		—
Collateralized mortgage obligations	178,622		—		178,622		—
Corporate debt securities	427,918		—		427,918		—
Derivative assets	27,844		—		27,767		77
Mortgage servicing rights	12,965		—		12,965		—
Liabilities:
Derivative liabilities	$	23,141	$	—	$	23,141	$	—

	Fair Value Measurement at December 31, 2023 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Assets:
Debt securities available for sale:
State and political subdivisions	$	130,139	$	—	$	130,139	$	—
Mortgage-backed securities	5,311		—		5,311		—
Collateralized loan obligations	50,437		—		50,437		—
Collateralized mortgage obligations	169,196		—		169,196		—
Corporate debt securities	440,051		—		440,051		—
Derivative assets	25,093		—		25,043		50
Mortgage servicing rights	13,333		—		13,333		—
Liabilities:
Derivative liabilities	$	24,057	$	—	$	24,057	$	—

There were no transfers of assets between Level 3 and other levels of the fair value hierarchy during the three months ended March 31, 2024 or the year ended December 31, 2023. Changes in the fair value of available for sale debt securities, including the changes attributable to the hedged risk, are included in other comprehensive income.

The following table presents the valuation technique, significant unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy at the dates indicated:

	Fair Value at
(dollars in thousands)	March 31, 2024		December 31, 2023		Valuation Techniques(s)	Unobservable Input	Range of Inputs			Weighted Average
Interest rate lock commitments	$	77	$	50	Quoted or published market prices of similar instruments, adjusted for factors such as pull-through rate assumptions	Pull-through rate	71%	-	100%	86%

Nonrecurring Basis

The following table presents assets measured at fair value on a nonrecurring basis at the dates indicated:

	Fair Value Measurement at March 31, 2024 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Collateral dependent individually analyzed loans	$	4,481	$	—	$	—	$	4,481
Foreclosed assets, net	3,897		—		—		3,897

	Fair Value Measurement at December 31, 2023 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Collateral dependent individually analyzed loans	$	6,524	$	—	$	—	$	6,524
Foreclosed assets, net	3,929		—		—		3,929

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The following table presents the valuation technique(s), unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy at the dates indicated:

	Fair Value at
(dollars in thousands)	March 31, 2024		December 31, 2023		Valuation Techniques(s)	Unobservable Input	Range of Inputs			Weighted Average
Collateral dependent individually analyzed loans	$	4,481	$	6,524	Fair value of collateral	Valuation adjustments	—%	-	33%	11%
Foreclosed assets, net	$	3,897	$	3,929	Fair value of collateral	Valuation adjustments	7%	-	11%	11%

Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values.

Carrying Amount and Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair value of financial instruments at March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024
(in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	97,762	$	97,762	$	97,762	$	—	$	—
Debt securities available for sale	797,230		797,230		—		797,230		—
Debt securities held to maturity	1,064,939		875,644		—		875,644		—
Loans held for sale	2,329		2,357		—		2,357		—
Loans held for investment, net	4,358,746		4,220,905		—		—		4,220,905
Interest receivable	30,728		30,728		—		30,728		—
FHLB stock	5,220		5,220		—		5,220		—
Derivative assets	27,844		27,844		—		27,767		77
Financial liabilities:
Noninterest bearing deposits	920,764		920,764		920,764		—		—
Interest bearing deposits	4,664,472		4,635,692		3,200,816		1,434,876		—
Short-term borrowings	422,988		422,988		422,988		—		—
Finance leases payable	554		554		—		554		—
FHLB borrowings	6,255		5,929		—		5,929		—
Junior subordinated notes issued to capital trusts	42,337		37,990		—		37,990		—
Subordinated debentures	64,170		60,876		—		60,876		—
Other long-term debt	8,750		8,750		—		8,750		—
Derivative liabilities	23,141		23,141		—		23,141		—

	December 31, 2023
(in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	81,727	$	81,727	$	81,727	$	—	$	—
Debt securities available for sale	795,134		795,134		—		795,134		—
Debt securities held to maturity	1,075,190		895,263		—		895,263		—
Loans held for sale	1,045		1,083		—		1,083		—
Loans held for investment, net	4,075,447		3,953,368		—		—		3,953,368
Interest receivable	29,768		29,768		—		29,768		—
FHLB stock	5,806		5,806		—		5,806		—
Derivative assets	25,093		25,093		—		25,043		50
Financial liabilities:
Noninterest bearing deposits	897,053		897,053		897,053		—		—
Interest bearing deposits	4,498,620		4,489,322		3,076,582		1,412,740		—
Short-term borrowings	300,264		300,264		300,264		—		—
Finance leases payable	604		604		—		604		—
FHLB borrowings	6,262		6,199		—		6,199		—
Junior subordinated notes issued to capital trusts	42,293		37,938		—		37,938		—
Subordinated debentures	64,137		61,940		—		61,940		—
Other long-term debt	10,000		10,000		—		10,000		—
Derivative liabilities	24,057		24,057		—		24,057		—

33

15.    Leases

The Company's lease commitments consist primarily of real estate property for banking offices and office space with terms extending through 2045. Substantially all of our leases are classified as operating leases, with the Company only holding one existing finance lease for a banking office location with a lease term through 2025.

(in thousands)	Classification	March 31, 2024			December 31, 2023
Operating lease right-of-use assets	Other assets	$	2,153		$	2,337
Finance lease right-of-use asset	Premises and equipment, net	231			255
Total right-of-use assets		$	2,384		$	2,592
Operating lease liability	Other liabilities	$	2,842		$	3,078
Finance lease liability	Long-term debt	554			604
Total lease liabilities		$	3,396		$	3,682
Weighted-average remaining lease term:	Operating leases	10.61 years			10.20 years
	Finance lease	2.42 years			2.67 years
Weighted-average discount rate:	Operating leases	4.54		%	4.43		%
	Finance lease	8.89		%	8.89		%

The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.

	Three Months Ended
	March 31,
(in thousands)	2024		2023
Lease Costs
Operating lease cost	$	388	$	292
Variable lease cost	7		7
Interest on lease liabilities(1)	13		17
Amortization of right-of-use assets	24		24
Net lease cost	$	432	$	340
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	822	$	605
Operating cash flows from finance lease	13		17
Finance cash flows from finance lease	50		43
Supplemental non-cash information on lease liabilities:
Right-of-use assets obtained in exchange for new operating lease liabilities	156		292

(1)Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net.

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more for the remaining nine-months ending December 31, 2024 and the succeeding annual periods were as follows:

(in thousands)	Finance Leases		Operating Leases
December 31, 2024	$	188	$	734
December 31, 2025	254		601
December 31, 2026	172		447
December 31, 2027	—		302
December 31, 2028	—		138
Thereafter	—		1,600
Total undiscounted lease payment	$	614	$	3,822
Amounts representing interest	(60)		(980)
Lease liability	$	554	$	2,842

34

16.    Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax:

(in thousands)	Unrealized Gain (Loss) from AFS Debt Securities		Reclassification of AFS Debt Securities to HTM		Unrealized Gain from Cash Flow Hedging Instruments		Total
Balance, December 31, 2022	$	(91,852)	$	2,805	$	—	$	(89,047)
Other comprehensive (loss) income before reclassifications	(213)		434		103		324
Amounts reclassified from AOCI	9,838		—		—		9,838
Net current-period other comprehensive income	9,625		434		103		10,162
Balance, March 31, 2023	$	(82,227)	$	3,239	$	103	$	(78,885)
Balance, December 31, 2023	$	(69,915)	$	4,511	$	505	$	(64,899)
Other comprehensive income before reclassifications	1,607		374		2,071		4,052
Amounts reclassified from AOCI	632		—		(589)		43
Net current-period other comprehensive income	2,239		374		1,482		4,095
Balance, March 31, 2024	$	(67,676)	$	4,885	$	1,987	$	(60,804)

The following table presents reclassifications out of AOCI:

	Three-Months Ended March 31,
(in thousands)	2024		2023
Investment securities (gains) losses, net	$	(36)	$	13,170
Interest income	882		—
Interest expense	(788)		—
Income tax expense	(15)		(3,332)
Net of tax	$	43	$	9,838

17.    Subsequent Events

The Company has evaluated events that have occurred subsequent to March 31, 2024 and has concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements.

On April 25, 2024, the board of directors of the Company declared a cash dividend of $0.2425 per share payable on June 17, 2024 to shareholders of record as of the close of business on June 3, 2024.

35

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q 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,” “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:

•the risks of mergers or branch sales (including the sale of our Florida branches and the recent acquisition of DNVB), 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;

•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;

•the effects of significant increases in inflation and interest rates since 2020, including on our net income and the value of our securities portfolio;

•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;

•fluctuations in the value of our investment securities;

•governmental monetary and fiscal policies;

•changes in and uncertainty related to benchmark interest rates used to price loans and deposits;

•legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, including the 1.0% excise tax on stock buybacks by publicly traded companies and any changes in response to the recent failures of other banks;

•the ability to attract and retain key executives and employees experienced in banking and financial services;

•the sufficiency of the allowance for credit losses to absorb the amount of actual losses inherent in our existing loan portfolio;

•our ability to adapt successfully to technological changes to compete effectively in the marketplace;

•credit risks and risks from concentrations (by geographic area and by industry) within our loan portfolio;

•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;

•the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities;

•volatility of rate-sensitive deposits;

•operational risks, including data processing system failures or fraud;

•asset/liability matching risks and liquidity risks;

•the costs, effects and outcomes of existing or future litigation;

•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;

•changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the FASB;

•war or terrorist activities, including the ongoing 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;

•the occurrence of fraudulent activity, breaches, or failures of our or our third-party vendors' information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools;

•the imposition of tariffs or other domestic or international governmental policies impacting the value of the agricultural or other products of our borrowers;

•potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election;

•the concentration of large deposits from certain clients who have balances above current FDIC insurance limits;

•the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in recent bank failures; and

•factors and risks described under “Risk Factors” in our Annual Report on Form 10-K and in other reports we file with the SEC.

We qualify all of our forward-looking statements by the foregoing cautionary statements. Because of these risks and other uncertainties, our actual future results, performance or achievement, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, our past results of operations are not necessarily indicative of our future results.

36

OVERVIEW

The Company provides financial services to individuals, businesses, governmental units and institutional customers located primarily in the upper Midwest through its bank subsidiary, MidWestOne Bank. The Bank has locations throughout central and eastern Iowa, the Minneapolis/St. Paul metropolitan area, southwestern Wisconsin, Naples and Fort Myers, Florida, and Denver, Colorado.

On January 31, 2024, the Company completed the acquisition of DNVB, a bank holding company headquartered in Denver, Colorado, and the parent company of BOD. Immediately following completion of the acquisition, BOD was merged with and into the Bank. As consideration for the merger, we paid cash of $32.6 million.

On September 25, 2023, the Company announced the execution of a definitive purchase and assumption agreement for the sale of its Florida operations to DFCU Financial. The transaction is an all cash deal and is expected to close in June 2024, subject to regulatory approvals.

The Bank is focused on delivering relationship-based business and personal banking products and services. The Bank provides commercial loans, real estate loans, agricultural loans, credit card loans, and consumer loans. The Bank also provides deposit products including demand and interest checking accounts, savings accounts, money market accounts, and time deposits. Complementary to our loan and deposit products, the Bank also provides products and services including treasury management, Zelle, online and mobile banking, credit and debit cards, ATMs, and safe deposit boxes. The Bank also has wealth management services through which it offers the administration of estates, trusts, and conservatorships, as well as financial planning, investment advisory, and brokerage services (the latter of which is provided through an arrangement with a third-party registered broker-dealer).

Our results of operations are significantly affected by our net interest income. Results of operations are also affected by noninterest income and expense, credit loss expense and income tax expense. Significant external factors that impact our results of operations include general economic and competitive conditions, as well as changes in market interest rates, government policies, and actions of regulatory authorities.

The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes and the statistical information and financial data appearing in this report as well as our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024. Results of operations for the three months ended March 31, 2024 are not necessarily indicative of results to be attained for any other period.

FINANCIAL SUMMARY

The Company reported net income for the three months ended March 31, 2024 of $3.3 million, an increase of $1.9 million, compared to $1.4 million of net income for the three months ended March 31, 2023, with diluted earnings per share of $0.21 and $0.09, respectively.

The period as of and for the three months ended March 31, 2024 was also highlighted by the following results:

Balance Sheet:

•Total assets increased to $6.75 billion at March 31, 2024 from $6.43 billion at December 31, 2023, driven primarily by the assets acquired from the acquisition of DNVB and organic loan growth.

•At March 31, 2024 the total amount of the held to maturity debt securities was $1.06 billion and the total amount of the debt securities available for sale was $797.2 million. There were $1.08 billion of held to maturity debt securities at December 31, 2023, while the total amount of the debt securities available for sale was $795.1 million at that date.

•Gross loans held for investment increased $294.9 million, from $4.14 billion at December 31, 2023, to $4.43 billion at March 31, 2024. This increase was primarily driven by acquired DNVB loans and organic loan growth.

•The allowance for credit losses was $55.9 million, or 1.27% of total loans at March 31, 2024, compared with $51.5 million, or 1.25% of total loans, at December 31, 2023. The increase in the ACL primarily reflected the $3.1 million of day 1 credit loss expense related to acquired DNVB loans, as well as reserve taken to support organic loan growth.

•Nonperforming assets increased $2.9 million, from $30.3 million at December 31, 2023, to $33.2 million at March 31, 2024.

•Total deposits increased $189.6 million, from $5.40 billion at December 31, 2023, to $5.59 billion at March 31, 2024, primarily due to deposits assumed in the DNVB acquisition.

•Short-term borrowings increased to $423.0 million at March 31, 2024, from $300.3 million at December 31, 2023, and long-term debt decreased to $122.1 million at March 31, 2024, from $123.3 million at December 31, 2023.

•The Company is well-capitalized with a total risk-based capital ratio of 11.97% at March 31, 2024.

37

Income Statement:

•Tax equivalent net interest income (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent) was $36.0 million for the first quarter of 2024, a decrease of $5.3 million, from $41.3 million in the first quarter of 2023. The decrease in tax equivalent net interest income was due primarily to an increase in interest expense on interest-bearing deposits and borrowed funds of $12.4 million and $3.2 million, respectively, in addition to a decrease of $1.5 million in interest income earned from investment securities. Partially offsetting these identified decreases in tax equivalent net interest income was an increase of $11.7 million in loan interest income.

•Credit loss expense of $4.7 million was recorded during the first quarter of 2024, compared to $0.9 million credit loss expense recorded in the first quarter of 2023. Credit loss expense in the current quarter reflected $3.2 million of day 1 credit loss expense related to the DNVB acquisition and reserve taken to support organic loan growth.

•Noninterest income increased $13.8 million, from a loss of $4.0 million in the first quarter of 2023 to income of $9.8 million in the first quarter of 2024, primarily due to investment securities losses, net, of $13.2 million recorded in the first quarter of 2023 as part of a balance sheet repositioning, which did not recur in the first quarter of 2024.

•Noninterest expense increased $2.2 million, from $33.3 million in the first quarter of 2023, to $35.6 million in the first quarter of 2024, primarily due to increases of $1.3 million, $0.4 million, and $0.4 million in compensation and employee benefits, equipment, and foreclosed assets, net, respectively, partially offset by a decline of $0.4 million in marketing.

Critical Accounting Estimates

Management has identified the accounting policies related to the ACL, fair value of assets acquired and liabilities assumed in a business combination, and the annual impairment testing of goodwill and other intangible assets to be critical accounting policies. Information about our critical accounting estimates is included under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024, and there have been no material changes in these critical accounting policies since December 31, 2023.

RESULTS OF OPERATIONS

Comparison of Operating Results for the Three Months Ended March 31, 2024 and March 31, 2023

Summary

	As of or for the Three Months Ended March 31,
(dollars in thousands, except per share amounts)	2024			2023
Net Interest Income	$	34,731		$	40,076
Noninterest Income	9,750			(4,046)
Total Revenue, Net of Interest Expense	44,481			36,030
Credit Loss Expense	4,689			933
Noninterest Expense	35,565			33,319
Income Before Income Tax Expense	4,227			1,778
Income Tax Expense	958			381
Net Income	3,269			1,397
Diluted Earnings Per Share	$	0.21		$	0.09
Return on Average Assets	0.20		%	0.09		%
Return on Average Equity	2.49			1.14
Return on Average Tangible Equity(1)	4.18			2.70
Efficiency Ratio(1)	71.28			62.32
Dividend Payout Ratio	115.48			269.44
Common Equity Ratio	7.83			7.81
Tangible Common Equity Ratio(1)	6.43			6.48
Book Value per Share	$	33.53		$	31.94
Tangible Book Value per Share(1)	27.14			26.13
(1) A non-GAAP financial measure. See "Non-GAAP Financial Measures" for a reconciliation to the most comparable GAAP equivalents.

38

Net Interest Income

The following table shows consolidated average balance sheets, detailing the major categories of assets and liabilities, the interest income earned on interest-earning assets, the interest expense paid for interest-bearing liabilities, and the related yields and costs for the periods indicated:

	Three Months Ended March 31,
	2024						2023
	Average Balance		Interest Income/ Expense		Average Yield/ Cost		Average Balance		Interest Income/ Expense		Average Yield/ Cost
(dollars in thousands)
ASSETS
Loans, including fees (1)(2)(3)	$	4,298,216	$	58,867	5.51	%	$	3,867,110	$	47,206	4.95	%
Taxable investment securities	1,557,603		9,460		2.44		1,811,388		10,444		2.34
Tax-exempt investment securities (2)(4)	328,736		2,097		2.57		397,110		2,649		2.71
Total securities held for investment (2)	1,886,339		11,557		2.46		2,208,498		13,093		2.40
Other	30,605		418		5.49		24,848		244		3.98
Total interest earning assets (2)	$	6,215,160	$	70,842	4.58	%	$	6,100,456	$	60,543	4.02	%
Other assets	420,219						423,609
Total assets	$	6,635,379					$	6,524,065
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest checking deposits	$	1,301,470	$	2,890	0.89	%	$	1,515,845	$	1,849	0.49	%
Money market deposits	1,102,543		8,065		2.94		930,543		3,269		1.42
Savings deposits	694,143		2,047		1.19		653,043		272		0.17
Time deposits	1,446,981		14,724		4.09		1,417,688		9,929		2.84
Total interest bearing deposits	4,545,137		27,726		2.45		4,517,119		15,319		1.38
Securities sold under agreements to repurchase	5,330		11		0.83		145,809		450		1.25
Other short-term borrowings	409,525		4,964		4.88		111,306		1,336		4.87
Total short-term borrowings	414,855		4,975		4.82		257,115		1,786		2.82
Long-term debt	123,266		2,103		6.86		139,208		2,124		6.19
Total borrowed funds	538,121		7,078		5.29		396,323		3,910		4.00
Total interest bearing liabilities	$	5,083,258	$	34,804	2.75	%	$	4,913,442	$	19,229	1.59	%
Noninterest bearing deposits	935,977						1,029,575
Other liabilities	88,611						82,501
Shareholders’ equity	527,533						498,547
Total liabilities and shareholders’ equity	$	6,635,379					$	6,524,065
Net interest income (2)			$	36,038					$	41,314
Net interest spread(2)					1.83	%					2.43	%
Net interest margin(2)					2.33	%					2.75	%
Total deposits(5)	$	5,481,114	$	27,726	2.03	%	$	5,546,694	$	15,319	1.12	%
Cost of funds(6)					2.33	%					1.31	%

(1)	Average balance includes nonaccrual loans.
(2)	Tax equivalent (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent). The federal statutory tax rate utilized was 21%.
(3)	Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $237 thousand and $95 thousand for the three months ended March 31, 2024 and March 31, 2023, respectively. Loan purchase discount accretion was $1.2 million and $1.2 million for the three months ended March 31, 2024 and March 31, 2023, respectively. Tax equivalent adjustments were $920 thousand and $716 thousand for the three months ended March 31, 2024 and March 31, 2023, respectively. The federal statutory tax rate utilized was 21%.
(4)	Interest income includes tax equivalent adjustments of $387 thousand and $522 thousand for the three months ended March 31, 2024 and March 31, 2023, respectively. The federal statutory tax rate utilized was 21%.
(5)	Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
(6)	Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.

39

The following table shows changes to tax equivalent net interest income (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent) attributable to (i) changes in volume and (ii) changes in rate. Changes attributable to both rate and volume have been allocated proportionately to the change due to volume and the change due to rate.

	Three Months Ended March 31,
	2024 Compared to 2023
	Change due to
(in thousands)	Volume		Yield/Cost		Net
Increase (decrease) in interest income:
Loans, including fees (1)	$	5,788	$	5,873	$	11,661
Taxable investment securities	(1,444)		460		(984)
Tax-exempt investment securities (1)	(425)		(127)		(552)
Total securities held for investment (1)	(1,869)		333		(1,536)
Other	66		108		174
Change in interest income (1)	3,985		6,314		10,299
Increase (decrease) in interest expense:
Interest checking deposits	(291)		1,332		1,041
Money market deposits	706		4,090		4,796
Savings deposits	18		1,757		1,775
Time deposits	215		4,580		4,795
Total interest-bearing deposits	648		11,759		12,407
Securities sold under agreements to repurchase	(326)		(113)		(439)
Other short-term borrowings	3,625		3		3,628
Total short-term borrowings	3,299		(110)		3,189
Long-term debt	(249)		228		(21)
Total borrowed funds	3,050		118		3,168
Change in interest expense	3,698		11,877		15,575
Change in net interest income	$	287	$	(5,563)	$	(5,276)
Percentage increase in net interest income over prior period					(12.8)		%
(1) Tax equivalent, using a federal statutory tax rate of 21%.

Our tax equivalent net interest income for the first quarter of 2024 was $36.0 million, a decrease of $5.3 million, or 12.8%, as compared to $41.3 million for the first quarter of 2023. The decrease in tax equivalent net interest income in the first quarter of 2024 as compared to the first quarter of 2023 was due primarily to an increase in interest expense on interest bearing deposits and borrowed funds of $12.4 million and $3.2 million, respectively, due to higher costs and volumes. The decrease in tax equivalent net interest income was also due to a decrease of $1.5 million, or 11.7%, in interest income earned from investment securities, which stemmed from lower volumes. Partially offsetting these decreases was an increase of $11.7 million, or 24.7%, in loan interest income due to the acquired DNVB loan portfolio, organic loan growth and an increase in loan yield.

The tax equivalent net interest margin for the first quarter of 2024 declined to 2.33% from 2.75% for the first quarter of 2023, driven by higher funding costs and volumes, partially offset by higher interest earning asset volumes and yields. The cost of interest bearing liabilities increased 116 bps to 2.75%, due to interest bearing deposit costs of 2.45%, short-term borrowing costs of 4.82%, and long-term debt costs of 6.86%, which increased 107 bps, 200 bps and 67 bps, respectively from the first quarter of 2023. Total interest earning assets yield increased 56 bps from the first quarter of 2023, primarily as a result of the increase in loan yield of 56 bps.

Credit Loss Expense

Credit loss expense of $4.7 million was recorded during the first quarter of 2024, with $0.9 million credit loss expense recorded in the first quarter of 2023. Credit loss expense in the current quarter reflected $3.2 million of day 1 credit loss expense related to the DNVB acquisition, as well as additional reserve taken to support organic loan growth. Net charge-offs were $0.2 million in the first quarter of 2024, as compared to net charge-offs of $0.3 million in the first quarter of 2023. The estimation model utilized by the Company is sensitive to changes in the following forecast inputs: (1) Midwest unemployment, (2) year-to-year change in national retail sales, (3) year-to-year change in the CRE Index, (4) year-to-year change in U.S. GDP, (5) year-to-year change in the National Home Price Index, and (6) rental vacancy. In addition, management utilized qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management’s judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions.

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Noninterest Income (Loss)

The following table presents significant components of noninterest income and the related dollar and percentage change from period to period:

	Three Months Ended March 31,
(dollars in thousands)	2024		2023		$ Change		% Change
Investment services and trust activities	$	3,503	$	2,933	$	570	19.4	%
Service charges and fees	2,144		2,008		136		6.8
Card revenue	1,943		1,748		195		11.2
Loan revenue	856		1,420		(564)		(39.7)
Bank-owned life insurance	660		602		58		9.6
Investment securities gains (losses), net	36		(13,170)		13,206		n/m
Other	608		413		195		47.2
Total noninterest income (loss)	$	9,750	$	(4,046)	$	13,796	n/m
Results are not meaningful (n/m)

Total noninterest income for the first quarter of 2024 increased $13.8 million to $9.8 million, compared to a loss of $4.0 million in the first quarter of 2023, primarily due to investment securities losses, net, of $13.2 million recorded in the first quarter of 2023 as part of a balance sheet repositioning, which did not recur in the first quarter of 2024. In addition, investment services and trust activities income increased $0.6 million compared to the first quarter of 2023, due to growth in assets under administration. Partially offsetting these identified increases was a decline of $0.6 million in loan revenue, which primarily reflected the unfavorable year-over-year change in the fair value of our mortgage servicing rights, from a positive adjustment of $315 thousand in the first quarter of 2023 to a negative adjustment of $368 thousand in the first quarter of 2024.

Noninterest Expense

The following tables present significant components of noninterest expense and the related dollar and percentage change from period to period:

	Three Months Ended March 31,
(dollars in thousands)	2024		2023		$ Change		% Change
Compensation and employee benefits	$	20,930	$	19,607	$	1,323	6.7	%
Occupancy expense of premises, net	2,813		2,746		67		2.4
Equipment	2,600		2,171		429		19.8
Legal and professional	2,059		1,736		323		18.6
Data processing	1,360		1,363		(3)		(0.2)
Marketing	598		986		(388)		(39.4)
Amortization of intangibles	1,637		1,752		(115)		(6.6)
FDIC insurance	942		749		193		25.8
Communications	196		261		(65)		(24.9)
Foreclosed assets, net	358		(28)		386		n/m
Other	2,072		1,976		96		4.9
Total noninterest expense	$	35,565	$	33,319	$	2,246	6.7	%
Results are not meaningful (n/m)

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The following table summarizes the DNVB acquisition-related expenses incurred during the three months ended March 31, 2024 and IOFB acquisition-related expenses incurred during the three months ended March 31, 2023, which are included in the respective income statement line items, for the periods indicated:

	Three Months Ended March 31,
Merger-related expenses:	2024		2023
(dollars in thousands)
Compensation and employee benefits	$	241	$	70
Occupancy expense of premises, net	152		—
Equipment	149		—
Legal and professional	573		—
Data processing	61		65
Marketing	32		—
Communications	1		—
Other	105		1
Total merger-related expenses	$	1,314	$	136

Noninterest expense for the first quarter of 2024 increased $2.2 million, or 6.7%, to $35.6 million from $33.3 million for the first quarter of 2023, primarily due to increases of $1.3 million, $0.4 million, and $0.4 million in compensation and employee benefits, equipment, and foreclosed assets, net, respectively. The increase in compensation and employee benefits was primarily driven by annual compensation adjustments, increased headcount as a result of the DNVB acquisition, increased incentive and commission expense, and merger-related expenses. The increase in equipment reflected higher software costs and merger-related expenses. The increase in foreclosed assets, net, was due to a $0.3 million write-down of other real estate owned. Partially offsetting these increases was a decline of $0.4 million in marketing.

Income Tax Expense

Our effective income tax rate, or income taxes divided by income before taxes, was 22.7% for the three months ended March 31, 2024, as compared to an effective tax rate of 21.4% for the three months ended March 31, 2023. The effective tax rate for the full year 2024 is expected to be in the range of 21 to 23%.

FINANCIAL CONDITION

The table below presents the major categories of the Company's balance sheet as of the dates indicated:

(dollars in thousands)	March 31, 2024		December 31, 2023		$ Change		% Change
ASSETS
Cash and cash equivalents	$	97,762	$	81,727	$	16,035	19.6	%
Loans held for sale	2,329		1,045		1,284		122.9
Debt securities available for sale at fair value	797,230		795,134		2,096		0.3
Held to maturity securities at amortized cost	1,064,939		1,075,190		(10,251)		(1.0)
Loans held for investment, net of unearned income	4,414,646		4,126,947		287,699		7.0
Allowance for credit losses	(55,900)		(51,500)		(4,400)		8.5
Total loans held for investment, net	4,358,746		4,075,447		283,299		7.0
Other assets	427,009		398,997		28,012		7.0
Total assets	$	6,748,015	$	6,427,540	$	320,475	5.0	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Total deposits	$	5,585,236	$	5,395,673	$	189,563	3.5	%
Total borrowings	545,054		423,560		121,494		28.7
Other liabilities	89,685		83,929		5,756		6.9
Total shareholders' equity	528,040		524,378		3,662		0.7
Total liabilities and shareholders' equity	$	6,748,015	$	6,427,540	$	320,475	5.0	%

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Debt Securities

The composition of debt securities available for sale and held to maturity as of the dates indicated was as follows:

	March 31, 2024				December 31, 2023
(dollars in thousands)	Balance		% of Total		Balance		% of Total
Available for Sale
U.S. Treasuries	$	247	—	%	$	—	—	%
States and political subdivisions	123,378		15.5		130,139		16.4
Mortgage-backed securities	5,199		0.7		5,311		0.7
Collateralized loan obligations	61,866		7.8		50,437		6.3
Collateralized mortgage obligations	178,622		22.4		169,196		21.3
Corporate debt securities	427,918		53.6		440,051		55.3
Fair value of debt securities available for sale	$	797,230	100.0	%	$	795,134	100.0	%
Held to Maturity
States and political subdivisions	$	531,961	50.0		$	532,422	49.5	%
Mortgage-backed securities	73,668		6.9		74,904		7.0	%
Collateralized mortgage obligations	459,310		43.1		467,864		43.5	%
Amortized cost of debt securities held to maturity	$	1,064,939	100.0	%	$	1,075,190	100.0	%

As of March 31, 2024, there was $314 thousand of gross unrealized gains and $76.2 million of gross unrealized losses in our debt securities available for sale portfolio for a net unrealized loss of $75.9 million. As of March 31, 2024 there were no gross unrealized gains and $189.3 million of gross unrealized losses in our held to maturity debt securities.

See Note 3. Debt Securities to our consolidated financial statements for additional information related to debt securities.

Loans

The composition of our loan portfolio by type of loan was as follows, as of the dates indicated:

	March 31, 2024				December 31, 2023
(dollars in thousands)	Balance		% of Total		Balance		% of Total
Agricultural	$	113,029	2.6	%	$	118,414	2.9	%
Commercial and industrial	1,105,718		25.0		1,075,003		26.0
Commercial real estate	2,437,829		55.3		2,225,310		54.0
Residential real estate	677,409		15.3		640,437		15.5
Consumer	80,661		1.8		67,783		1.6
Loans held for investment, net of unearned income	$	4,414,646	100.0	%	$	4,126,947	100.0	%
Loans held for sale	$	2,329			$	1,045

Loans held for investment, net of unearned income, at March 31, 2024, increased $287.7 million, or 7.0%, from December 31, 2023 to $4.41 billion, driven primarily by loans acquired in the DNVB acquisition, organic loan growth, and higher line of credit usage. See Note 4. Loans Receivable and the Allowance for Credit Losses to our consolidated financial statements for additional information related to our loan portfolio. Our loan to deposit ratio increased to 79.04% as of March 31, 2024 as compared to 76.49% as of December 31, 2023.

Commitments under standby letters of credit, unused lines of credit and other conditionally approved credit lines totaled approximately $1.24 billion and $1.21 billion as of March 31, 2024 and December 31, 2023, respectively.

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The composition of our commercial real estate loan portfolio as of March 31, 2024 was as follows:

(dollars in thousands)	Amount		% of Total Loans
Construction & Development	$	403,571	9.1	%
Farmland	184,109		4.2
Multifamily	409,504		9.3
CRE Other:
NOO CRE Office	166,115		3.8
OO CRE Office	91,259		2.1
Industrial and Warehouse	429,080		9.7
Retail	285,020		6.5
Hotel	126,229		2.9
Other	342,942		7.8
Total CRE	$	2,437,829	55.2	%

Nonperforming Assets

The following table sets forth information concerning nonperforming loans by class of receivable and our nonperforming assets at March 31, 2024 and December 31, 2023:

(in thousands)	March 31, 2024			December 31, 2023
Nonaccrual loans held for investment	$	28,300		$	25,891
Accruing loans contractually past due 90 days or more	967			468
Total nonperforming loans	29,267			26,359
Foreclosed assets, net	3,897			3,929
Total nonperforming assets	33,164			30,288
Nonaccrual loans ratio (1)	0.64		%	0.63		%
Nonperforming loans ratio (2)	0.66		%	0.64		%
Nonperforming assets ratio (3)	0.49		%	0.47		%
(1) Nonaccrual loans ratio is calculated as nonaccrual loans divided by loans held for investment, net of unearned income, at the end of the period.
(2) Nonperforming loans ratio is calculated as total nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
(3) Nonperforming assets ratio is calculated as total nonperforming assets divided by total assets at the end of the period.

Compared to December 31, 2023, nonperforming loans and asset ratios remained stable, with slight increases in both ratios of 2 basis points.

Loan Review and Classification Process for Agricultural, Commercial and Industrial, and Commercial Real Estate Loans:

The Bank maintains a loan review and classification process which involves multiple officers of the Bank and is designed to assess the general quality of credit underwriting and to promote early identification of potential problem loans. All commercial and agricultural loan officers are charged with the responsibility of risk rating all loans in their portfolios and updating the ratings, positively or negatively, on an ongoing basis as conditions warrant. Risk ratings are selected from an 8-point scale with ratings as follows: ratings 1- 4 Satisfactory (pass), rating 5 Special Mention/Watch (potential weakness), rating 6 Substandard (well-defined weakness), rating 7 Doubtful, and rating 8 Loss.

When a loan officer originates a new loan, based upon proper loan authorization, they document the credit file with an offering sheet summary, supplemental underwriting analysis, relevant financial information and collateral evaluations. This information is used in the determination of the initial loan risk rating. Segregation of owner-occupied and non-owner occupied residential real estate loans is made at the time of origination. The Bank’s loan review department undertakes independent credit reviews of relationships based on either criteria established by loan policy, risk-focused sampling, or random sampling. Credit relationships with larger exposure may pose incrementally higher risks. As a result, the Bank's loan review department is required to review all credit relationships with total exposure of $7.5 million or more at least annually. In addition, the individual loan reviews consider such items as: loan type; nature, type and estimated value of collateral; borrower and/or guarantor estimated financial strength; most recently available financial information; related loans and total borrower exposure; and current and anticipated performance of the loan. The results of such reviews are presented to both executive management and the audit committee of the Company's board of directors.

Through the review of delinquency reports, updated financial statements or other relevant information, the lending officer and/or loan review personnel may determine that a loan relationship has weakened to the point that a Special Mention/Watch (risk

44

rating 5) or Classified (risk ratings 6 through 8) status is warranted. At least quarterly, the loan strategy committee will meet to discuss loan relationships with total exposure of $1.0 million or above that are Special Mention/Watch rated credits, loan relationships with total exposure of $500 thousand and above that are Substandard or worse rated credits, as well as loan relationships with total exposure of $250 thousand and above that are on non-accrual. Loan relationships outside these designated thresholds are reviewed upon request. The lending officer is charged with preparing a loan strategy summary worksheet that outlines the background of the credit problem, current repayment status of the loans, current collateral evaluation and a workout plan of action. This plan may include goals to improve the credit rating, assist the borrower in moving the loans to another institution and/or collateral liquidation. All such reports are presented to the loan strategy committee. The minutes of the loan strategy committee meetings are provided to the board of directors of the Bank.

Depending upon the individual facts and circumstances and the result of the classified/watch review process, loan officers and/or loan review personnel may categorize a loan relationship as requiring an individual analysis. Once that determination has occurred, the credit analyst will complete an individually analyzed worksheet that contains an evaluation of the collateral (for collateral-dependent loans) based upon the estimated collateral value, adjusting for current market conditions and other local factors that may affect collateral value. Loan review personnel may also complete an independent individual analysis when deemed necessary. These judgmental evaluations may produce an initial specific allowance for recognition in the Company’s allowance for credit losses calculation. An analysis for the underlying collateral value of each individually analyzed loan relationship is completed in the last month of the quarter. The individually analyzed worksheets are reviewed by the Credit Administration department prior to quarter-end. The board of directors of the Bank on a quarterly basis reviews the classified/watch reports including changes in credit grades of 5 or higher as well as all individually analyzed loans, the related allowances and foreclosed assets, net.

The review process also provides for the upgrade of loans that show improvement since the last review. All requests for an upgrade of a credit are approved by the proper authority based upon the aggregate credit exposure before the rating can be changed.

Loan Modifications for Borrowers Experiencing Financial Difficulty

Infrequently, the Company makes modification to certain loans in order to alleviate temporary difficulties in the borrower's financial condition and/or constraints on the borrower's ability to repay a loan, and to minimize potential losses to the Company. GAAP requires that certain types of modifications be reported, including:

•Principal forgiveness.

•Interest rate reduction.

•An other than-insignificant payment delay.

•Term extension.

During the three months ended March 31, 2024, the amortized cost of the loans that were modified to borrowers in financial distress was $0.9 million, which represented 0.02% of total loans held for investment, net of unearned income.

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Allowance for Credit Losses

The following table sets forth the allowance for credit losses by loan portfolio segments compared to the percentage of loans to total loans by loan portfolio segment for the periods indicated:

	March 31, 2024					December 31, 2023
(dollars in thousands)	Allowance for Credit Losses			% of Loans in Each Segment to Total Loans		Allowance for Credit Losses			% of Loans in Each Segment to Total Loans
Agricultural	$	648		2.6	%	$	613		2.9	%
Commercial and industrial	21,882			25.0	%	21,743			26.0	%
Commercial real estate	26,772			55.3	%	23,759			54.0	%
Residential real estate	5,014			15.3	%	4,762			15.5	%
Consumer	1,584			1.8	%	623			1.6	%
Total	$	55,900		100.0	%	$	51,500		100.0	%
Allowance for credit losses ratio(1)	1.27		%			1.25		%
Allowance for credit losses to nonaccrual loans ratio(2)	197.53		%			198.91		%
(1) Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income at the end of the period.
(2) Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.

The following table sets forth the net (charge-offs) recoveries by loan portfolio segments for the periods indicated:

	For the Three Months Ended March 31, 2024 and 2023
(in thousands)	Agricultural			Commercial and Industrial			Commercial Real Estate			Residential Real Estate			Consumer			Total
For the Three Months Ended March 31, 2024
Charge-offs	$	(4)		$	(299)		$	(35)		$	(19)		$	(290)		$	(647)
Recoveries	355			46			8			9			40			458
Net (charge-offs) recoveries	$	351		$	(253)		$	(27)		$	(10)		$	(250)		$	(189)
Net (charge-off) recovery ratio(1)	0.03		%	(0.02)		%	—		%	—		%	(0.02)		%	(0.02)		%
For the Three Months Ended March 31, 2023
Charge-offs	$	(1)		$	(320)		$	(18)		$	—		$	(148)		$	(487)
Recoveries	26			75			5			4			44			154
Net (charge-offs) recoveries	$	25		$	(245)		$	(13)		$	4		$	(104)		$	(333)
Net (charge-off) recovery ratio(1)	—		%	(0.03)		%	—		%	—		%	(0.01)		%	(0.03)		%
(1) Net (charge-off) recovery ratio is calculated as the annualized net (charge-offs) recoveries divided by average loans held for investment, net of unearned income and average loans held for sale, during the period.

Actual Results: Our ACL as of March 31, 2024 was $55.9 million, which was 1.27% of loans held for investment, net of unearned income as of that date. This compares with an ACL of $51.5 million as of December 31, 2023, which was 1.25% of loans held for investment, net of unearned income. The increase in the ACL primarily reflected the $3.1 million of day 1 credit loss expense related to the acquired DNVB loans, as well as an additional reserve taken to support organic loan growth. The liability for off-balance sheet credit exposures totaled $4.7 million as of March 31, 2024 and $4.6 million as of December 31, 2023, and is included in 'Other liabilities' on the balance sheet.

The Company recorded a credit loss expense related to loans of $4.6 million for the three months ended March 31, 2024, as compared to credit loss expense related to loans of $0.9 million for the three months ended March 31, 2023. Gross charge-offs for the first three months of 2024 totaled $0.6 million, while there were $0.5 million in gross recoveries of previously charged-off loans. The ratio of annualized net charge-offs to average loans for the first three months of 2024 was 0.02% compared to 0.03% for the three months ended March 31, 2023.

Economic Forecast: At March 31, 2024, the economic forecast used by the Company showed the following: (1) Midwest unemployment – increases over the next four forecasted quarters; (2) year-to-year change in national retail sales - increases over the next four forecasted quarters; (3) year-to-year change in CRE Index - decreases over the next four forecasted quarters; (4) year-to-year change in U.S. GDP - increases over the next four forecasted quarters; (5) year-to-year change in National Home Price Index – increases over the next four forecasted quarters; and (6) rental vacancy - increases over the next four forecasted quarters. In addition, management utilized qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are

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based on management’s judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions.

Loan Policy: We review all nonaccrual relationships greater than $250 thousand individually on a quarterly basis to measure any amount to be recognized in the Company's allowance for credit losses by analyzing the borrower's ability to repay amounts owed, collateral deficiencies, and other relevant factors. We review loans 90 days or more past due that are still accruing interest no less than quarterly to determine if the asset is both well secured and in the process of collection. If not, such loans are placed on non-accrual status. Upon the Company's determination that a loan balance has been deemed uncollectible, the uncollectible balance is charged-off.

Based on the inherent risk in the loan portfolio, management believed that as of March 31, 2024, the ACL was adequate; however, there is no assurance losses will not exceed the ACL. In addition, growth in the loan portfolio or general economic deterioration may require the recognition of additional credit loss expense in future periods. See Note 4. Loans Receivable and the Allowance for Credit Losses to our unaudited consolidated financial statements for additional information related to the allowance for credit losses.

Deposits

The composition of deposits was as follows:

	As of March 31, 2024				As of December 31, 2023
(in thousands)	Balance		% of Total		Balance		% of Total
Noninterest bearing deposits	$	920,764	16.5	%	$	897,053	16.6	%
Interest checking deposits	1,349,823		24.2		1,320,435		24.5
Money market deposits	1,122,717		20.1		1,105,493		20.5
Savings deposits	728,276		13.0		650,655		12.1
Total non-maturity deposits	4,121,580		73.8		3,973,636		73.7
Time deposits of $250 and under	992,851		17.8		973,253		18.0
Time deposits over $250	470,805		8.4		448,784		8.3
Total time deposits	$	1,463,656	26.2	%	$	1,422,037	26.3	%
Total deposits	$	5,585,236	100.0	%	$	5,395,673	100.0	%

Deposits increased $189.6 million from December 31, 2023, or 3.5%, primarily due to the $224.2 million of deposits assumed in the DNVB acquisition. Included within time deposits of “$250 thousand and under” is $205.0 million of brokered deposits at March 31, 2024, compared with $221.0 million as of December 31, 2023. Approximately 87.9% of our total deposits were considered “core” deposits as of March 31, 2024, compared to 87.6% at December 31, 2023. We consider core deposits to be the total of all deposits other than time deposits greater than $250 thousand and non-reciprocal brokered deposits. See Note 8. Deposits to our consolidated financial statements for additional information related to our deposits.

Short-Term Borrowings and Long-Term Debt

The following table sets forth the composition of short-term borrowings and long-term debt as of the dates presented:

(dollars in thousands)	March 31, 2024		December 31, 2023
Securities sold under agreements to repurchase	$	4,988	$	5,064
Federal Home Loan Bank advances	—		10,200
Federal Reserve Bank borrowings	405,000		285,000
Line of credit	13,000		—
Total short-term borrowings	$	422,988	$	300,264
Junior subordinated notes issued to capital trusts	42,337		42,293
Subordinated debentures	64,170		64,137
Finance lease payable	554		604
Federal Home Loan Bank borrowings	6,255		6,262
Other long-term debt	8,750		10,000
Total long-term debt	$	122,066	$	123,296

See Note 9. Short-Term Borrowings and Note 10. Long-Term Debt to our unaudited consolidated financial statements for additional information related to short-term borrowings and long-term debt.

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Capital Resources

Shareholders' Equity and Capital Adequacy

The following table summarizes certain equity capital ratios and book value per share amounts of the Company at the dates presented:

	March 31, 2024			December 31, 2023
Common equity ratio	7.83		%	8.16		%
Tangible common equity ratio(1)	6.43		%	6.90		%
Total risk-based capital ratio	11.97		%	12.53		%
Tier 1 risk-based capital ratio	9.75		%	10.38		%
Common equity tier 1 risk-based capital ratio	8.98		%	9.59		%
Tier 1 leverage ratio	8.16		%	8.58		%
Book value per share	$	33.53		$	33.41
Tangible book value per share(1)	$	27.14		$	27.90
(1)A non-GAAP financial measure - see the “Non-GAAP Presentations” section for a reconciliation to the most comparable GAAP equivalent.

Shareholders' Equity: Total shareholders’ equity was $528.0 million as of March 31, 2024, compared to $524.4 million as of December 31, 2023, an increase of $3.7 million, or 0.7%, driven by a decrease in the unrealized loss on available for sale debt securities, which decreased the negative balance included in AOCI, coupled with decrease in treasury stock, partially offset by a decline in additional paid-in capital and retained earnings.

Capital Adequacy: Risk-based capital guidelines require the classification of assets and some off-balance-sheet items in terms of credit-risk exposure and the measuring of capital as a percentage of the risk-adjusted asset totals. Management believed that, as of March 31, 2024, the Company and the Bank met all capital adequacy requirements to which we were subject. As of that date, the Bank was “well capitalized” under regulatory prompt corrective action provisions. See Note 12. Regulatory Capital Requirements and Restrictions on Subsidiary Cash to our unaudited consolidated financial statements for additional information related to our capital.

Stock Compensation

Restricted stock units were granted to certain officers of the Company on February 15, 2024, in the aggregate amount of 104,326. Additionally, during the first three months of 2024, 77,443 shares of common stock were issued in connection with the vesting of previously awarded grants of restricted stock units, of which 21,278 shares were surrendered by grantees to satisfy tax requirements, and 582 unvested restricted stock units were forfeited.

Liquidity

Liquidity management involves meeting the cash flow requirements of depositors and borrowers. We conduct liquidity management on both a daily and long-term basis, and adjust our investments in liquid assets based on expected loan demand, projected loan maturities and payments, expected deposit flows, yields available on interest-bearing deposits, and the objectives of our asset/liability management program. Excess liquidity is invested generally in short-term U.S. government and agency securities, short- and medium-term state and political subdivision securities, and other investment securities. Our most liquid assets are cash and due from banks, interest-bearing bank deposits, and federal funds sold. The balances of these assets are dependent on our operating, investing, and financing activities during any given period.

Cash and cash equivalents are summarized in the table below.

(dollars in thousands)	As of March 31, 2024		As of December 31, 2023
Cash and due from banks	$	68,430	$	76,237
Interest-bearing deposits	29,328		5,479
Federal funds sold	4		11
Total	$	97,762	$	81,727

Generally, our principal sources of funds are deposits, advances from the FHLB, principal repayments on loans, proceeds from the sale of loans, proceeds from the maturity and sale of investment securities, our federal funds lines, and funds provided by operations. While scheduled loan amortization and maturing interest-bearing deposits are relatively predictable sources of funds, deposit flows and loan prepayments are greatly influenced by economic conditions, the general level of interest rates,

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and competition. We utilized particular sources of funds based on comparative costs and availability. The Bank maintains unsecured lines of credit with several correspondent banks and secured lines with the Federal Reserve Bank of Chicago and the FHLB that would allow us to borrow funds on a short-term basis, if necessary. We also hold debt securities classified as available for sale that could be sold to meet liquidity needs if necessary.

Net cash provided by operations was another major source of liquidity. The net cash provided by operating activities was $9.6 million for the three-months ended March 31, 2024 and $17.6 million for the three-months ended March 31, 2023.

Inflation

The effects of price changes and inflation can vary substantially for most financial institutions. While management believes that inflation affects the growth of total assets, it is difficult to assess its overall impact on the Company. The price of one or more of the components of the Consumer Price Index may fluctuate considerably and thereby influence the overall Consumer Price Index without having a corresponding effect on interest rates or upon the cost of those goods and services normally purchased by us. Inflation and related increases in market rates by the Federal Reserve generally decrease the market value of investments and loans held and may adversely affect liquidity, earnings and shareholders' equity. Ongoing higher inflation levels and higher interest rates could have a negative impact on both our consumer and commercial borrowers. We anticipate our noninterest income may be adversely affected in future periods as a result of increasing interest rates and inflationary pressure, which has begun to and will continue to adversely affect mortgage originations and mortgage banking revenue. Additionally, the economic impact of the recent rise in inflation and rising interest rates could place increased demand on our liquidity if we experience significant credit deterioration and as we meet borrowers' needs. There is also a risk that interest rate increases to fight inflation could lead to a recession.

Off-Balance-Sheet Arrangements

During the normal course of business, we are a party to financial instruments with off-balance-sheet risk in order to meet the financing needs of our customers. These financial instruments include commitments to extend credit, commitments to sell loans, and standby letters of credit. We follow the same credit policy (including requiring collateral, if deemed appropriate) to make such commitments as is followed for those loans that are recorded in our financial statements.

Our exposure to credit losses in the event of nonperformance is represented by the contractual amount of the commitments. Management does not expect any significant losses as a result of these commitments, and also expects to have sufficient liquidity available to cover these off-balance-sheet instruments. Off-balance-sheet transactions are more fully discussed in Note 13. Commitments and Contingencies to our unaudited consolidated financial statements.

Contractual Obligations

There have been no material changes to the Company's contractual obligations existing at December 31, 2023, as disclosed in the Annual Report on Form 10-K, filed with the SEC on March 8, 2024.

Non-GAAP Financial Measures

Certain ratios and amounts not in conformity with GAAP are provided to evaluate and measure the Company’s operating performance and financial condition, including return on average tangible equity, tangible common equity, tangible book value per share, tangible common equity ratio, efficiency ratio, net interest margin (tax equivalent), and core net interest margin. Management believes these ratios and amounts 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.

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The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent:

	Three Months Ended
Return on Average Tangible Equity	March 31, 2024			March 31, 2023
(Dollars in thousands)
Net income	$	3,269		$	1,397
Intangible amortization, net of tax (1)	1,228			1,314
Tangible net income	$	4,497		$	2,711
Average shareholders' equity	$	527,533		$	498,547
Average intangible assets, net	(95,296)			(92,002)
Average tangible equity	$	432,237		$	406,545
Return on average equity	2.49		%	1.14		%
Return on average tangible equity (2)	4.18		%	2.70		%
(1) Computed assuming a combined marginal income tax rate of 25%.
(2) Annualized tangible net income divided by average tangible equity.

Tangible Common Equity/Tangible Book Value per Share / Tangible Common Equity Ratio	March 31, 2024			December 31, 2023
(Dollars in thousands, except per share data)
Total shareholders’ equity	$	528,040		$	524,378
Intangible assets, net	(100,649)			(86,546)
Tangible common equity	$	427,391		$	437,832
Total assets	$	6,748,015		$	6,427,540
Intangible assets, net	(100,649)			(86,546)
Tangible assets	$	6,647,366		$	6,340,994
Book value per share	$	33.53		$	33.41
Tangible book value per share (1)	$	27.14		$	27.90
Shares outstanding	15,750,471			15,694,306
Equity to assets ratio	7.83		%	8.16		%
Tangible common equity ratio (2)	6.43		%	6.90		%
(1) Tangible common equity divided by shares outstanding.
(2) Tangible common equity divided by tangible assets.

	Three Months Ended
Efficiency Ratio	March 31, 2024			March 31, 2023
(dollars in thousands)
Total noninterest expense	$	35,565		$	33,319
Amortization of intangibles	(1,637)			(1,752)
Merger-related expenses	(1,314)			(136)
Noninterest expense used for efficiency ratio	$	32,614		$	31,431
Net interest income, tax equivalent(1)	$	36,038		$	41,314
Noninterest income (loss)	9,750			(4,046)
Investment security (gains) losses, net	(36)			13,170
Net revenues used for efficiency ratio	$	45,752		$	50,438
Efficiency ratio(2)	71.28		%	62.32		%
(1) The federal statutory tax rate utilized was 21%.
(2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.

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	Three Months Ended
Net Interest Margin, Tax Equivalent/Core Net Interest Margin	March 31, 2024			March 31, 2023
(dollars in thousands)
Net interest income	$	34,731		$	40,076
Tax equivalent adjustments:
Loans (1)	920			716
Securities (1)	387			522
Net interest income, tax equivalent	$	36,038		$	41,314
Loan purchase discount accretion	(1,152)			(1,189)
Core net interest income	$	34,886		$	40,125
Net interest margin	2.25		%	2.66		%
Net interest margin, tax equivalent (2)	2.33		%	2.75		%
Core net interest margin (3)	2.26		%	2.67		%
Average interest earning assets	$	6,215,160		$	6,100,456
(1) The federal statutory tax rate utilized was 21%.
(2) Annualized tax equivalent net interest income divided by average interest earning assets.
(3) Annualized core net interest income divided by average interest earning assets.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

In general, market risk is the risk of change in asset values due to movements in underlying market rates and prices. Interest rate risk is the risk to earnings and capital arising from movements in interest rates. Interest rate risk is the most significant market risk affecting us as other types of market risk, such as foreign currency exchange rate risk and commodity price risk, do not arise in the normal course of our business activities.

In addition to interest rate risk, economic conditions in recent years have made liquidity risk (namely, funding liquidity risk) a more prevalent concern among financial institutions. In general, liquidity risk is the risk of being unable to fund an entity’s obligations to creditors (including, in the case of banks, obligations to depositors) as such obligations become due and/or fund its acquisition of assets.

Liquidity Risk

Liquidity refers to our ability to fund operations, to meet depositor withdrawals, to provide for our customers’ credit needs, and to meet maturing obligations and existing commitments. Our liquidity principally depends on cash flows from operating activities, investment in and maturity of assets, changes in balances of deposits and borrowings, and our ability to borrow funds.

Net cash inflows from operating activities were $9.6 million in the first three months of 2024, compared with $17.6 million in the first three months of 2023. Net cash outflows from investing activities were $38.3 million in the first three months of 2024, compared to net cash inflows of $132.5 million in the comparable three-month period of 2023. Net cash inflows from financing activities in the first three months of 2024 were $44.8 million, compared with net cash outflows of $167.4 million for the same period of 2023.

To manage liquidity risk, the Bank has several sources of liquidity in place to maximize funding availability and increase the diversification of funding sources. The criteria for evaluating the use of these sources include volume concentration (percentage of liabilities), cost, volatility, and the fit with the current asset/liability management plan. These acceptable sources of liquidity include:

•Federal Funds Lines

•Federal Reserve Bank Discount Window/Bank Term Funding Program

•Federal Home Loan Bank Advances

•Brokered Deposits

•Brokered Repurchase Agreements

Federal Funds Lines - Federal funds positions provide a source of short-term liquidity funding for the Bank. Unsecured federal funds purchased lines are viewed as a volatile liability and are not used as a long-term funding solution, especially when used to fund long-term assets. The current federal funds purchased limit is 10% of total assets, or the amount of established federal funds lines, whichever is smaller. As of March 31, 2024, the Bank maintains several unsecured federal funds lines totaling $155.0 million, which lines are tested annually to ensure availability.

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Federal Reserve Bank Discount Window and Bank Term Funding Program - The Federal Reserve Bank Discount Window and the BTFP are additional sources of liquidity, particularly during periods of economic uncertainty or stress. Effective March 11, 2024, no new loans will be made under the BTFP. As of March 31, 2024, the Bank had investment securities consisting primarily of corporate debt, state and political subdivisions, mortgage backed, and collateralized mortgage obligations, with an approximate market value of $790.3 million pledged to the Federal Reserve Bank of Chicago for liquidity purposes and had additional borrowing capacity of $421.4 million. There were no outstanding borrowings through the FRB Discount Window at March 31, 2024. There were $405.0 million of Bank Term Funding Program borrowings outstanding at March 31, 2024.

Federal Home Loan Bank Advances - FHLB advances provide both a source of liquidity and long-term funding for the Bank. All credit exposure, including advances and federal funds borrowings from the FHLBDM are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. The current credit limit established by the FHLBDM is equal to 45% of the Bank's total assets. This credit capacity limit includes short-term and long-term borrowings, federal funds, letters of credit, and other sources of credit exposure to the FHLB. As of March 31, 2024, the Bank had no short-term FHLB advances and $6.3 million in long-term FHLB borrowings and additional borrowing capacity of $795.9 million.

Brokered Deposits and Reciprocal Deposits - The Bank has brokered time deposit and non-maturity deposit relationships available to diversify its funding sources. Brokered deposits offer several benefits relative to other funding sources, such as: maturity structures which cannot be duplicated in the current retail market, deposit gathering which does not cannibalize the existing deposit base, the unsecured nature of these liabilities, and the ability to quickly generate funds. The Bank’s internal policy limits the use of brokered deposits as a funding source to no more than 20% of total assets. Board approval is required to exceed this limit. The Bank must maintain a “well capitalized” rating to access brokered deposits without FDIC waiver. An “adequately capitalized” rating requires an FDIC waiver to access brokered deposits and an “undercapitalized” rating prohibits the Bank from using brokered deposits. The Company had brokered deposits of $205.0 million as of March 31, 2024 and $221.0 million as of December 31, 2023.

Under a final rule that was issued by the FDIC in December 2018, financial institutions that are considered "well capitalized" qualify for the exemption of certain reciprocal deposits from being considered brokered deposits. Such exemption is limited to the lesser of 20 percent of total liabilities or $5.00 billion, with some exceptions for financial institutions that do not meet such criteria. At March 31, 2024, the Company had $14.0 million of reciprocal time deposits, $132.7 million of reciprocal interest bearing non-maturity deposits, and $64.2 million non-interest bearing non-maturity deposits that qualified for the brokered deposit exemption. These reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to spread deposits that exceed the FDIC insurance coverage limits out to numerous institutions in order to provide insurance coverage for all participating deposits.

Brokered Repurchase Agreements - Brokered repurchase agreements may be established with approved brokerage firms and banks. Repurchase agreements create rollover risk (the risk that a broker will discontinue the relationship due to market factors) and are not used as a long-term funding solution, especially when used to fund long-term assets. Collateral requirements and availability are evaluated and monitored. The current policy limit for brokered repurchase agreements is 15% of total assets. There were no outstanding brokered repurchase agreements at March 31, 2024.

Interest Rate Risk

Interest rate risk is defined as the exposure of net interest income and fair value of financial instruments (interest-earning assets, deposits and borrowings) to movements in interest rates. The Company’s results of operations depend to a large degree on its net interest income and its ability to manage interest rate risk. The Company considers interest rate risk to be a significant market risk. The major sources of the Company’s interest rate risk are timing differences in the maturity and re-pricing characteristics of assets and liabilities, changes in the shape of the yield curve, changes in customer behavior and changes in relationships between rate indices (basis risk). Management measures these risks and their impact in various ways, including through the use of income simulation and valuation analyses. Multiple interest rate scenarios are used in this analysis which include changes in interest rates, spread narrowing and widening, yield curve twists and changes in assumptions about customer behavior in various interest rate scenarios. A mismatch between maturities, interest rate sensitivities and prepayment characteristics of assets and liabilities results in interest-rate risk. Like most financial institutions, we have material interest-rate risk exposure to changes in both short-term and long-term interest rates, as well as variable interest rate indices (e.g., the prime rate or SOFR).

The Bank’s asset and liability committee meets regularly and is responsible for reviewing its interest rate sensitivity position and establishing policies to monitor and limit exposure to interest rate risk. Our asset and liability committee seeks to manage interest rate risk under a variety of rate environments by structuring our balance sheet and off-balance-sheet positions in such a

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way that changes in interest rates do not have a large negative impact. The risk is monitored and managed within approved policy limits.

We use a third-party service to model and measure our exposure to potential interest rate changes. For various assumed hypothetical changes in market interest rates, numerous other assumptions are made, such as prepayment speeds on loans and securities backed by mortgages, the slope of the Treasury yield-curve, the rates and volumes of our deposits, and the rates and volumes of our loans. There are two primary tools used to evaluate interest rate risk: net interest income simulation and economic value of equity ("EVE"). In addition, interest rate gap is reviewed to monitor asset and liability repricing over various time periods.

Net Interest Income Simulation - Management utilizes net interest income simulation models to estimate the near-term effects of changing interest rates on its net interest income. Net interest income simulation involves projecting net interest income under a variety of scenarios, which include varying the level of interest rates and shifts in the shape of the yield curve. Management exercises its best judgment in making assumptions regarding events that management can influence, such as non-contractual deposit re-pricings, and events outside management’s control, such as customer behavior on loan and deposit activity and the effect that competition has on both loan and deposit pricing. These assumptions are subjective and, as a result, net interest income simulation results will differ from actual results due to the timing, magnitude and frequency of interest rate changes, changes in market conditions, customer behavior and management strategies, among other factors. We perform various sensitivity analyses on assumptions of deposit attrition and deposit re-pricing.

The following table presents the anticipated effect on net interest income over a twelve month period if short- and long-term interest rates were to sustain an immediate decrease of 100 basis points or 200 basis points, or an immediate increase of 100 basis points or 200 basis points:

	Immediate Change in Rates
(dollars in thousands)	-200			-100			+100			+200
March 31, 2024
Dollar change	$	2,832		$	1,273		$	(2,220)		$	(4,634)
Percent change	1.9		%	0.9		%	(1.5)		%	(3.1)		%
December 31, 2023
Dollar change	$	1,280		$	(347)		$	229		$	111
Percent change	0.9		%	(0.2)		%	0.2		%	0.1		%

As of March 31, 2024, 33.9% of the Company’s earning asset balances will reprice or are expected to pay down in the next twelve months, and 40.7% of the Company’s deposit balances are low cost or no cost deposits.

Economic Value of Equity - Management also uses EVE to measure risk in the balance sheet that might not be taken into account in the net interest income simulation analysis. Net interest income simulation highlights exposure over a relatively short time period, while EVE analysis incorporates all cash flows over the estimated remaining life of all balance sheet positions. The valuation of the balance sheet, at a point in time, is defined as the discounted present value of asset cash flows minus the discounted present value of liability cash flows. EVE analysis addresses only the current balance sheet and does not incorporate the run-off replacement assumptions that are used in the net interest income simulation model. As with the net interest income simulation model, EVE analysis is based on key assumptions about the timing and variability of balance sheet cash flows and does not take into account any potential responses by management to anticipated changes in interest rates.

Interest Rate Gap - The interest rate gap is the difference between interest-earning assets and interest-bearing liabilities re-pricing within a given period and represents the net asset or liability sensitivity at a point in time. An interest rate gap measure could be significantly affected by external factors such as loan prepayments, early withdrawals of deposits, changes in the correlation of various interest-bearing instruments, competition, or a rise or decline in interest rates.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

The Company’s management, including the Chief Executive Officer, the Chief Financial Officer, and the Chief Accounting Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer, the Chief Financial Officer, and the Chief Accounting Officer,

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to allow timely decisions regarding required disclosure. Based on this evaluation, the Chief Executive Officer, the Chief Financial Officer, and the Chief Accounting Officer, have concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2024.

The effectiveness of our or any system of disclosure controls and procedures is subject to certain limitations, including the exercise of judgment in designing, implementing, and evaluating the controls and procedures, the assumptions used in identifying the likelihood of future events, and the inability to eliminate misconduct completely. As a result, there can be no assurance that our disclosure controls and procedures will prevent all errors or fraud or ensure that all material information will be made known to appropriate management in a timely fashion. By their nature, our or any system of disclosure controls and procedures can provide only reasonable assurance regarding management’s control objectives.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal controls over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2024 that have materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We and our subsidiaries are from time to time parties to various legal actions arising in the normal course of business. We believe that there is no threatened or pending proceeding, other than ordinary routine litigation incidental to the Company’s business, against us or our subsidiaries or of which our property is the subject, which, if determined adversely, would have a material adverse effect on our consolidated business or financial condition.

Item 1A. Risk Factors.

There have been no material changes to the risk factors set forth under Part I, Item 1A "Risk Factors" in the Company's Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 8, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Repurchase of Equity Securities

The following table sets forth information about the Company’s purchases of its common stock during the first quarter of 2024:

	Total Number of Shares Purchased(1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs(2)	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program
January 1 - 31, 2024	—	$	—	—	$	15,000,000
February 1 - 29, 2024	21,278	24.48		—	15,000,000
March 1 - 31, 2024	—	—		—	15,000,000
Total	21,278	$	24.48	—	$	15,000,000

(1) During the three months ended March 31, 2024, no shares were repurchased by the Company under the current share repurchase program, while 21,278 shares were surrendered by employees of the Company to pay withholding taxes on vesting of restricted stock unit awards.

(2) On April 27, 2023, the Board of Directors of the Company approved the current share repurchase program, allowing for the repurchase of up to $15.0 million of the Company's common stock through December 31, 2025. Since April 28, 2023 and through March 31, 2024, the Company repurchased no shares of common stock, leaving $15.0 million available to be repurchased.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

During the fiscal quarter ended March 31, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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Item 6. Exhibits.

Exhibit Number	Description	Incorporated by Reference to:
3.1	Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc. filed with the Secretary of State of the State of Iowa on March 14, 2008	Exhibit 3.3 to the Company’s Amendment No. 1 to Registration Statement on Form S-4 (File No. 333-147628) filed with the SEC on January 14, 2008
3.2	Articles of Amendment (First Amendment) to the Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc. filed with the Secretary of State of the State of Iowa on January 23, 2009	Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 23, 2009
3.3	Articles of Amendment (Second Amendment) to the Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc. filed with the Secretary of State of the State of Iowa on February 4, 2009 (containing the Certificate of Designations for the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A)	Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 6, 2009
3.4	Articles of Amendment (Third Amendment) to the Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc., filed with the Secretary of State of the State of Iowa on April 21, 2017	Exhibit 3.1 to the Company’s Form 10-Q for the quarter ended March 31, 2017, filed with the SEC on May 4, 2017
3.5	Third Amended and Restated Bylaws, as Amended of MidWestOne Financial Group, Inc. as of October 18, 2022	Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 19, 2022
4.1	Form of MidWestOne Financial Group, Inc. 2023 Equity Incentive Plan Restricted Stock Unit Award Agreement	Exhibit 4.7 to the Company’s Form S-8 filed with the SEC on May 5, 2023
4.2	Form of MidWestOne Financial Group, Inc. 2023 Equity Incentive Plan Performance-Based Restricted Stock Unit Award Agreement	Exhibit 4.8 to the Company’s Form S-8 filed with the SEC on May 5, 2023
10.1	Third Amendment to the Credit Agreement by and between MidWestOne Financial Group, Inc. and U.S. Bank National Association dated February 12, 2024	Exhibit 10.11 to the Company's Annual Report on Form 10-K filed with the SEC on March 8, 2024
31.1	Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)	Filed herewith
31.2	Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)	Filed herewith
31.3	Certification of Principal Accounting Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)	Filed herewith
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.3	Certification of Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
101	The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Shareholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.	Filed herewith
101.SCH	Inline XBRL Taxonomy Extension Schema Document	Filed herewith
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document	Filed herewith
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document	Filed herewith
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document	Filed herewith
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document	Filed herewith
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)	Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

		MIDWESTONE FINANCIAL GROUP, INC.
Dated:	May 7, 2024	By:	/s/ CHARLES N. REEVES
			Charles N. Reeves
			Chief Executive Officer
			(Principal Executive Officer)
		By:	/s/ BARRY S. RAY
			Barry S. Ray
			Chief Financial Officer
			(Principal Financial Officer)
		By:	/s/ JOHN J. RUPPEL
			John J. Ruppel
			Chief Accounting Officer
			(Principal Accounting Officer)

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EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO EXCHANGE ACT RULE 13a - 14(a) / 15d - 14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Charles N. Reeves, Chief Executive Officer of MidWestOne Financial Group, Inc., certify that:

1)	I have reviewed this Quarterly Report on Form 10-Q of MidWestOne Financial Group, Inc.;
2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)	The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
		a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
		b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
		d)	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5)	The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
		a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
		b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ CHARLES N. REEVES
Charles N. Reeves
Chief Executive Officer
Date:	May 7, 2024

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO EXCHANGE ACT RULE 13a - 14(a) / 15d - 14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Barry S. Ray, Chief Financial Officer of MidWestOne Financial Group, Inc., certify that:

1)	I have reviewed this Quarterly Report on Form 10-Q of MidWestOne Financial Group, Inc.;
2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)	The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
		a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
		b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
		d)	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5)	The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
		a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
		b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ BARRY S. RAY
Barry S. Ray
Chief Financial Officer
Date:	May 7, 2024

EX-31.3

Exhibit 31.3

CERTIFICATION OF PRINCIPAL ACCOUNTING OFFICER

PURSUANT TO EXCHANGE ACT RULE 13a - 14(a) / 15d - 14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John J. Ruppel, Chief Accounting Officer of MidWestOne Financial Group, Inc., certify that:

1)	I have reviewed this Quarterly Report on Form 10-Q of MidWestOne Financial Group, Inc.;
2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)	The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
		a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
		b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
		d)	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5)	The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
		a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
		b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ JOHN J. RUPPEL
John J. Ruppel
Chief Accounting Officer
Date:	May 7, 2024

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of MidWestOne Financial Group, Inc. on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Charles N. Reeves, the Chief Executive Officer of MidWestOne Financial Group, Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(a)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(b)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of MidWestOne Financial Group, Inc.

/s/ CHARLES N. REEVES
Charles N. Reeves
Chief Executive Officer
Date:	May 7, 2024

This certification accompanies this Form 10-Q and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of MidWestOne Financial Group, Inc. on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Barry S. Ray, the Chief Financial Officer of MidWestOne Financial Group, Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(a)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(b)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of MidWestOne Financial Group, Inc.

/s/ BARRY S. RAY
Barry S. Ray
Chief Financial Officer
Date:	May 7, 2024

This certification accompanies this Form 10-Q and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section.

EX-32.3

Exhibit 32.3

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of MidWestOne Financial Group, Inc. on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John J. Ruppel, the Chief Accounting Officer of MidWestOne Financial Group, Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(a)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(b)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of MidWestOne Financial Group, Inc.

/s/ JOHN J. RUPPEL
John J. Ruppel
Chief Accounting Officer
Date:	May 7, 2024

This certification accompanies this Form 10-Q and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section.

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35968
Entity Registrant Name	MIDWESTONE FINANCIAL GROUP, INC.
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	42-1206172
Entity Address, Address Line One	102 South Clinton Street
Entity Address, City or Town	Iowa City
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52240
City Area Code	319
Local Phone Number	356-5800
Title of 12(b) Security	Common stock, $1.00 par value
Trading Symbol	MOFG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,755,319
Entity Central Index Key	0001412665
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 68,430	$ 76,237
Interest earning deposits in banks	29,328	5,479
Federal funds sold	4	11
Total cash and cash equivalents	97,762	81,727
Debt securities available for sale at fair value	797,230	795,134
Held to maturity securities at amortized cost	1,064,939	1,075,190
Total securities	1,862,169	1,870,324
Loans held for sale	2,329	1,045
Gross loans held for investment	4,433,258	4,138,352
Unearned income, net	(18,612)	(11,405)
Loans held for investment, net of unearned income	4,414,646	4,126,947
Allowance for credit losses	(55,900)	(51,500)
Total loans held for investment, net	4,358,746	4,075,447
Premises and equipment, net	95,986	85,742
Goodwill	71,118	62,477
Other intangible assets, net	29,531	24,069
Foreclosed assets, net	3,897	3,929
Other assets	226,477	222,780
Total assets	6,748,015	6,427,540
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest bearing deposits	920,764	897,053
Interest bearing deposits	4,664,472	4,498,620
Total deposits	5,585,236	5,395,673
Short-term borrowings	422,988	300,264
Long-term debt	122,066	123,296
Other liabilities	89,685	83,929
Total liabilities	6,219,975	5,903,162
Shareholders' equity
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding	0	0
Common stock, $1.00 par value; authorized 30,000,000 shares; issued shares of 16,581,017 and 16,581,017; outstanding shares of 15,750,471 and 15,694,306	16,581	16,581
Additional paid-in capital	300,845	302,157
Retained earnings	294,066	294,784
Treasury stock at cost, 830,546 and 886,711 shares	(22,648)	(24,245)
Accumulated other comprehensive loss	(60,804)	(64,899)
Total shareholders' equity	528,040	524,378
Total liabilities and shareholders' equity	$ 6,748,015	$ 6,427,540

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	16,581,017	16,581,017
Common stock, shares outstanding (in shares)	15,750,471	15,694,306
Treasury stock (in shares)	830,546	886,711

XML

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income
Loans, including fees	$ 57,947	$ 46,490
Taxable investment securities	9,460	10,444
Tax-exempt investment securities	1,710	2,127
Other	418	244
Total interest income	69,535	59,305
Interest expense
Deposits	27,726	15,319
Short-term borrowings	4,975	1,786
Long-term debt	2,103	2,124
Total interest expense	34,804	19,229
Net interest income	34,731	40,076
Credit loss expense	4,689	933
Net interest income after credit loss expense	30,042	39,143
Noninterest income (loss)
Investment services and trust activities	3,503	2,933
Service charges and fees	2,144	2,008
Card revenue	1,943	1,748
Loan revenue	856	1,420
Bank-owned life insurance	660	602
Investment securities gains (losses), net	36	(13,170)
Other	608	413
Total noninterest income (loss)	9,750	(4,046)
Noninterest expense
Compensation and employee benefits	20,930	19,607
Occupancy expense of premises, net	2,813	2,746
Equipment	2,600	2,171
Legal and professional	2,059	1,736
Data processing	1,360	1,363
Marketing	598	986
Amortization of intangibles	1,637	1,752
FDIC insurance	942	749
Communications	196	261
Foreclosed assets, net	358	(28)
Other	2,072	1,976
Total noninterest expense	35,565	33,319
Income before income tax expense	4,227	1,778
Income tax expense	958	381
Net income	$ 3,269	$ 1,397
Per common share information
Earnings - basic (in dollars per share)	$ 0.21	$ 0.09
Earnings - diluted (in dollars per share)	0.21	0.09
Dividends paid (in dollars per share)	$ 0.2425	$ 0.2425

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 3,269	$ 1,397
Unrealized gain from AFS debt securities:
Unrealized net gain (loss) on debt securities AFS	2,151	(285)
Reclassification adjustment for (gains) losses included in net income	(36)	13,170
Reclassification of the change in fair value of AFS debt securities attributable to change in hedged risk	882	0
Income tax (expense)	(758)	(3,260)
Unrealized net gain on AFS debt securities, net of reclassification adjustments	2,239	9,625
Reclassification of AFS debt securities to HTM:
Amortization of the net unrealized loss from the reclassification of AFS debt securities to HTM	501	581
Income tax expense	(127)	(147)
Amortization of net unrealized loss from the reclassification of AFS debt securities to HTM, net	374	434
Unrealized gain from cash flow hedging instruments:
Unrealized net gains in cash flow hedging instruments	2,772	138
Reclassification adjustment for net gain in cash flow hedging instruments included in income	(788)	0
Income tax expense	(502)	(35)
Unrealized net gains on cash flow hedge instruments, net of reclassification adjustment	1,482	103
Other comprehensive income, net of tax	4,095	10,162
Comprehensive income	$ 7,364	$ 11,559

XML

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2022	$ 492,793	$ 16,581	$ 302,085	$ 289,289	$ (26,115)	$ (89,047)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,397			1,397
Other comprehensive income	10,162					10,162
Release/lapse of restriction on RSUs	(549)		(1,767)	(118)	1,336
Share-based compensation	648		648
Dividends paid on common stock	(3,801)			(3,801)
Ending balance at Mar. 31, 2023	500,650	16,581	300,966	286,767	(24,779)	(78,885)
Beginning balance at Dec. 31, 2023	524,378	16,581	302,157	294,784	(24,245)	(64,899)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,269			3,269
Other comprehensive income	4,095					4,095
Release/lapse of restriction on RSUs	(523)		(1,953)	(167)	1,597
Share-based compensation	641		641
Dividends paid on common stock	(3,820)			(3,820)
Ending balance at Mar. 31, 2024	$ 528,040	$ 16,581	$ 300,845	$ 294,066	$ (22,648)	$ (60,804)

XML

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Release/lapse of restriction on RSUs (in shares)	56,165	51,348
Dividends paid on common stock (in dollars per share)	$ 0.2425	$ 0.2425

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net income	$ 3,269	$ 1,397
Adjustments to reconcile net income to net cash provided by operating activities:
Credit loss expense	4,689	933
Depreciation, amortization, and accretion	2,992	2,891
Net change in premises and equipment due to writedown or sale	79	(19)
Share-based compensation	641	648
Net (gain) loss on call or sale of debt securities available for sale	(36)	13,170
Net change in foreclosed assets due to writedown or sale	311	(31)
Net gain on sale of loans held for sale	(181)	(75)
Origination of loans held for sale	(9,386)	(9,976)
Proceeds from sales of loans held for sale	8,283	8,110
Increase in cash surrender value of bank-owned life insurance	(661)	(602)
Increase in deferred income taxes, net	(221)	(410)
Change in:
Other assets	(2,430)	14,434
Other liabilities	2,239	(12,871)
Net cash provided by operating activities	9,588	17,599
Investing Activities:
Purchases of equity securities	(250)	0
Proceeds from sales of debt securities available for sale	52,323	218,667
Proceeds from maturities and calls of debt securities available for sale	27,951	34,746
Purchases of debt securities available for sale	(28,376)	(54,690)
Proceeds from maturities and calls of debt securities held to maturity	10,268	11,798
Net increase in loans held for investment	(79,756)	(77,890)
Purchases of premises and equipment	(519)	(404)
Proceeds from sale of foreclosed assets	2	134
Proceeds from sale of premises and equipment	0	183
Net cash paid in business acquisition	(19,980)	0
Net cash (used in) provided by investing activities	(38,337)	132,544
Financing Activities:
Deposits	(34,797)	86,175
Short-term borrowings	85,224	(247,892)
Payments on finance lease liability	(50)	(43)
Payments of other long-term debt	(1,250)	(1,250)
Taxes paid relating to the release/lapse of restriction on RSUs	(523)	(549)
Dividends paid	(3,820)	(3,801)
Net cash provided by (used in) financing activities	44,784	(167,360)
Net change in cash and cash equivalents	16,035	(17,217)
Cash and cash equivalents at beginning of period	81,727	86,435
Cash and cash equivalents at end of period	97,762	69,218
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	33,369	16,599
Supplemental schedule of non-cash investing and financing activities:
Transfer of loans to foreclosed assets, net	281
Non-cash assets acquired:
Goodwill	71,118
DNVB
Non-cash assets acquired:
Investment securities	52,493	0
Total loans held for investment, net	207,095	0
Premises and equipment	11,091	0
Assets held for sale	2,379	0
Goodwill	8,641	0
Core deposit intangible	7,100	0
Other assets	4,987	0
Total non-cash assets acquired	293,786	0
Liabilities assumed:
Deposits	224,248	0
Short-term borrowings	37,500	0
Other liabilities	3,417	0
Total liabilities assumed	$ 265,165	$ 0

XML

Nature of Business and Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Significant Accounting Policies

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, we paid cash in the amount of $32.6 million.

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, 2023, filed with the SEC on March 8, 2024.

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 months ended March 31, 2024 may not be indicative of results for the year ending December 31, 2024, 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, 2023, filed with the SEC on March 8, 2024.

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, Naples and Fort Myers, Florida, and Denver, Colorado. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments.

Effect of New Financial Accounting Standards

Accounting Guidance Pending Adoption at March 31, 2024

On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASC 848 contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. Certain optional expedients and exceptions for contract modifications and hedging relationships were amended in ASU 2021-01, Reference Rate Reform (Topic 848): Scope Refinement, issued on January 7, 2021. In addition, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which time entities will no longer be permitted to apply the relief in Topic 848. The adoption of ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements.

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Enhanced disclosures about significant segment expenses are included within this ASU. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with an option to early adopt. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with the segment expense categories and amounts disclosed in prior periods being based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of ASU 2023-07.

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 Company is currently evaluating the impact of ASU 2023-09.

Accounting Guidance Adopted in 2024

On March 29, 2023, the FASB issued ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. Under this ASU, if certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with an option to early adopt. The amendments must be applied on either a modified retrospective or a retrospective basis, with certain exceptions for low-income-housing tax credit structures that are not accounted for using the proportional amortization method. The adoption of ASU 2023-02 was applied on a modified retrospective basis and did not have a material impact on the Company's consolidated financial statements.

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Business Combinations

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Business Combinations

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). Initial accounting for the assets acquired and liabilities assumed was incomplete at March 31, 2024. Thus, such amounts recognized in the financial statements have been determined to be provisional. 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 months ended March 31, 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.

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	13,470
Core deposit intangible	7,100
Other assets	4,987
Total assets acquired	289,124
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	23,959
Goodwill	$	8,641

For illustrative purposes only, the following table presents certain unaudited pro forma information for the three months ended March 31, 2024 and March 31, 2023. 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, MidWestOne 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
	March 31,
(in thousands, except per share amounts)	2024		2023
Total revenues	$	45,298	$	38,963
Net income (loss)	$	6,466	$	(1,662)
EPS - basic	$	0.41	$	(0.11)
EPS - diluted	$	0.41	$	(0.11)

The following table summarizes the DNVB acquisition-related expenses incurred during the three months ended March 31, 2024 and IOFB acquisition-related expenses incurred during the three months ended March 31, 2023, which are included in the respective income statement line items, for the periods indicated:

	Three Months Ended
	March 31,
(in thousands)	2024		2023
Noninterest Expense
Compensation and employee benefits	$	241	$	70
Occupancy expense of premises, net	152		—
Equipment	149		—
Legal and professional	573		—
Data processing	61		65
Marketing	32		—
Communications	1		—
Other	105		1
Total acquisition-related expenses	$	1,314	$	136

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Debt Securities

3 Months Ended

Mar. 31, 2024

Debt Securities [Abstract]

Debt Securities

Debt Securities

At March 31, 2024, there was $6.6 million of net unrealized after tax loss remaining in accumulated other comprehensive loss, related to the transfer of securities classified as available for sale to held to maturity on January 1, 2022.

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

	As of March 31, 2024
(in thousands)	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss related to Debt Securities		Fair Value
Available for Sale
U.S. Treasury securities	$	247	$	—	$	—	$	—	$	247
State and political subdivisions	132,150		1		8,773		—		123,378
Mortgage-backed securities	5,347		3		151		—		5,199
Collateralized loan obligations	61,914		200		248		—		61,866
Collateralized mortgage obligations	201,242		—		22,620		—		178,622
Corporate debt securities	472,217		110		44,409		—		427,918
Total available for sale debt securities	$	873,117	$	314	$	76,201	$	—	$	797,230
Held to Maturity
State and political subdivisions	$	531,961	$	—	$	71,245	$	—	$	460,716
Mortgage-backed securities	73,668		—		12,685		—		60,983
Collateralized mortgage obligations	459,310		—		105,365		—		353,945
Total held to maturity debt securities	$	1,064,939	$	—	$	189,295	$	—	$	875,644
(1) Amortized cost for the held to maturity securities includes $231 thousand of unamortized gain in state and political subdivisions, $74 thousand of unamortized gains in mortgage-backed securities and $9.3 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022.

	As of December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss related to Debt Securities		Fair Value
Available for Sale
State and political subdivisions	$	139,482	$	2	$	9,345	$	—	$	130,139
Mortgage-backed securities	5,448		5		142		—		5,311
Collateralized loan obligations	50,541		135		239		—		50,437
Collateralized mortgage obligations	190,304		—		21,108		—		169,196
Corporate debt securities	487,361		57		47,367		—		440,051
Total available for sale debt securities	$	873,136	$	199	$	78,201	$	—	$	795,134
Held to Maturity
State and political subdivisions	$	532,422	$	—	$	65,932	$	—	$	466,490
Mortgage-backed securities	74,904		—		11,635		—		63,269
Collateralized mortgage obligations	467,864		—		102,360		—		365,504
Total held to maturity debt securities	$	1,075,190	$	—	$	179,927	$	—	$	895,263
(1) Amortized cost for the held to maturity securities includes $227 thousand of unamortized gain in state and political subdivisions, $58 thousand of unamortized gains in mortgage-backed securities and $9.7 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022.

Investment securities with a fair value of $1.24 billion and $1.16 billion at March 31, 2024 and December 31, 2023, 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 available for sale debt securities and held to maturity debt securities is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. At March 31, 2024 the accrued interest receivable on available for sale debt securities and held to maturity debt securities totaled $5.8 million and $3.5 million, respectively. At December 31, 2023 the accrued interest receivable on available for sale debt securities and held to maturity debt securities totaled $5.5 million and $3.7 million, respectively.

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

		As of March 31, 2024
	Number of Securities	Less than 12 Months				12 Months or More				Total
Available for Sale		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
(in thousands, except number of securities)
U.S. Treasury securities	1	$	247	$	—	$	—	$	—	$	247	$	—
State and political subdivisions	149	3,837		114		118,100		8,659		121,937		8,773
Mortgage-backed securities	21	5		—		4,808		151		4,813		151
Collateralized loan obligations	3	22,817		234		2,929		14		25,746		248
Collateralized mortgage obligations	22	54,982		718		123,640		21,902		178,622		22,620
Corporate debt securities	130	1,929		30		417,479		44,379		419,408		44,409
Total	326	$	83,817	$	1,096	$	666,956	$	75,105	$	750,773	$	76,201

As of March 31, 2024, 149 state and political subdivisions securities with total unrealized losses of $8.8 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 March 31, 2024, 21 mortgage-backed securities, and 22 collateralized mortgage obligations with unrealized losses totaling $22.8 million were held by the Company. Management evaluated the payment history of these securities. In addition, management 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 March 31, 2024, 3 collateralized loan obligations with unrealized losses of $0.2 million 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 March 31, 2024, 130 corporate debt securities with total unrealized losses of $44.4 million were held by the Company. Management evaluated these securities by considering 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.

The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2023, aggregated by investment category and length of time in a continuous loss position:

		As of December 31, 2023
Available for Sale	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)
State and political subdivisions	149	$	8,417	$	492	$	114,713	$	8,853	$	123,130	$	9,345
Mortgage-backed securities	19	—		—		4,906		142		4,906		142
Collateralized loan obligations	2	17,696		239		—		—		17,696		239
Collateralized mortgage obligations	20	6,278		90		127,792		21,018		134,070		21,108
Corporate debt securities	133	2,377		80		429,222		47,287		431,599		47,367
Total	323	$	34,768	$	901	$	676,633	$	77,300	$	711,401	$	78,201

The Company evaluates debt securities held to maturity for current expected credit losses. There were no debt securities held to maturity classified as nonaccrual or past due as of March 31, 2024. Held-to-maturity securities are evaluated on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense. Based on this evaluation, management concluded that no allowance for credit loss for these securities was required.

Proceeds and gross realized gains and losses on debt securities available for sale for the three months ended March 31, 2024 and 2023, were as follows:

	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
Proceeds from sales of debt securities available for sale	$	52,323	$	218,667
Gross realized losses from sales of debt securities available for sale(1)	—		(13,170)
Net realized loss from sales of debt securities available for sale(1)	$	—	$	(13,170)
(1) The difference in investment security gains, net reported herein as compared to the Consolidated Statements of Income is associated with the net realized gain from the call of debt securities of $36 thousand for the three months ended March 31, 2024, with no net realized gain from the call of debt securities recorded during the three months ended March 31, 2023.

The contractual maturity distribution of investment debt securities at March 31, 2024, 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.

	Available for Sale				Held to Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	60,692	$	59,887	$	2,510	$	2,484
Due after one year through five years	371,630		342,646		150,788		137,380
Due after five years through ten years	145,334		125,889		250,580		214,093
Due after ten years	26,958		23,121		128,083		106,759
	$	604,614	$	551,543	$	531,961	$	460,716
Mortgage-backed securities	5,347		5,199		73,668		60,983
Collateralized loan obligations	61,914		61,866		—		—
Collateralized mortgage obligations	201,242		178,622		459,310		353,945
Total	$	873,117	$	797,230	$	1,064,939	$	875,644

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Loans Receivable and the Allowance for Credit Losses

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Loans Receivable and the Allowance for Credit Losses

Loans Receivable and the Allowance for Credit Losses

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

	As of
(in thousands)	March 31, 2024		December 31, 2023
Agricultural	$	113,029	$	118,414
Commercial and industrial	1,105,718		1,075,003
Commercial real estate:
Construction & development	403,571		323,195
Farmland	184,109		184,955
Multifamily	409,504		383,178
Commercial real estate-other	1,440,645		1,333,982
Total commercial real estate	2,437,829		2,225,310
Residential real estate:
One- to four- family first liens	495,408		459,798
One- to four- family junior liens	182,001		180,639
Total residential real estate	677,409		640,437
Consumer	80,661		67,783
Loans held for investment, net of unearned income	4,414,646		4,126,947
Allowance for credit losses	(55,900)		(51,500)
Total loans held for investment, net	$	4,358,746	$	4,075,447

Loans with unpaid principal in the amount of $1.12 billion and $1.13 billion at March 31, 2024 and December 31, 2023, respectively, were pledged to the FHLB as collateral for borrowings.

Non-accrual and Delinquent Status

Loans are placed on non-accrual 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 an 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.

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

			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
March 31, 2024
Agricultural	$	112,185	$	384	$	—	$	460	$	113,029	$	—
Commercial and industrial	1,087,725		360		194		17,439		1,105,718		—
Commercial real estate:
Construction and development	403,571		—		—		—		403,571		—
Farmland	182,368		339		—		1,402		184,109		—
Multifamily	409,504		—		—		—		409,504		—
Commercial real estate-other	1,434,435		1,561		—		4,649		1,440,645		—
Total commercial real estate	2,429,878		1,900		—		6,051		2,437,829		—
Residential real estate:
One- to four- family first liens	488,382		3,362		1,279		2,385		495,408		925
One- to four- family junior liens	180,461		567		335		638		182,001		—
Total residential real estate	668,843		3,929		1,614		3,023		677,409		925
Consumer	80,306		242		71		42		80,661		42
Total	$	4,378,937	$	6,815	$	1,879	$	27,015	$	4,414,646	$	967

			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, 2023
Agricultural	$	117,852	$	338	$	—	$	224	$	118,414	$	—
Commercial and industrial	1,058,301		440		401		15,861		1,075,003		—
Commercial real estate:
Construction and development	323,165		30		—		—		323,195		—
Farmland	182,759		677		352		1,167		184,955		—
Multifamily	383,178		—		—		—		383,178		—
Commercial real estate-other	1,327,727		2,129		1,290		2,836		1,333,982		—
Total commercial real estate	2,216,829		2,836		1,642		4,003		2,225,310		—
Residential real estate:
One- to four- family first liens	453,212		3,572		1,741		1,273		459,798		468
One- to four- family junior liens	179,339		356		690		254		180,639		—
Total residential real estate	632,551		3,928		2,431		1,527		640,437		468
Consumer	67,622		118		28		15		67,783		—
Total	$	4,093,155	$	7,660	$	4,502	$	21,630	$	4,126,947	$	468

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:

	Nonaccrual				Nonaccrual with no Allowance for Credit Losses				90 Days or More Past Due And Accruing
(in thousands)	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Agricultural	$	460	$	235	$	219	$	12	$	—	$	—
Commercial and industrial	17,966		17,770		12,455		12,549		—		—
Commercial real estate:
Construction and development	—		—		—		—		—		—
Farmland	1,538		1,654		1,390		1,490		—		—
Multifamily	—		—		—		—		—		—
Commercial real estate-other	4,926		3,441		2,486		853		—		—
Total commercial real estate	6,464		5,095		3,876		2,343		—		—
Residential real estate:
One- to four- family first liens	2,294		1,888		853		455		925		468
One- to four- family junior liens	1,078		876		124		—		—		—
Total residential real estate	3,372		2,764		977		455		925		468
Consumer	38		27		—		—		42		—
Total	$	28,300	$	25,891	$	17,527	$	15,359	$	967	$	468

The interest income recognized on loans that were on nonaccrual for the three months ended March 31, 2024 and March 31, 2023 was $129 thousand and $56 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/Watch - A special mention/watch 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/watch 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 include those loans on nonaccrual and loans greater than 90 days past due and on accrual.

The following table sets 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 March 31, 2024. As of March 31, 2024, there were no 'loss' rated credits.

	Term Loans by Origination Year												Revolving Loans
March 31, 2024 (in thousands)	2024		2023		2022		2021		2020		Prior				Total
Agricultural
Pass	$	7,515	$	9,909	$	12,420	$	7,156	$	2,399	$	1,847	$	66,311	$	107,557
Special mention / watch	—		319		452		635		124		488		1,643		3,661
Substandard	—		39		262		285		215		214		796		1,811
Doubtful	—		—		—		—		—		—		—		—
Total	$	7,515	$	10,267	$	13,134	$	8,076	$	2,738	$	2,549	$	68,750	$	113,029
Commercial and industrial
Pass	$	27,582	$	173,057	$	200,277	$	188,288	$	112,151	$	135,262	$	175,914	$	1,012,531
Special mention / watch	58		2,896		17,886		865		3,198		2,533		15,821		43,257
Substandard	—		931		1,221		3,074		136		37,472		7,096		49,930
Doubtful	—		—		—		—		—		—		—		—
Total	$	27,640	$	176,884	$	219,384	$	192,227	$	115,485	$	175,267	$	198,831	$	1,105,718
CRE - Construction and development
Pass	$	30,069	$	123,679	$	179,633	$	49,896	$	3,346	$	2,451	$	12,132	$	401,206
Special mention / watch	623		263		—		454		—		—		467		1,807
Substandard	—		327		231		—		—		—		—		558
Doubtful	—		—		—		—		—		—		—		—
Total	$	30,692	$	124,269	$	179,864	$	50,350	$	3,346	$	2,451	$	12,599	$	403,571
CRE - Farmland
Pass	$	6,592	$	26,072	$	43,144	$	45,254	$	18,449	$	19,303	$	2,540	$	161,354
Special mention / watch	—		—		6,695		2,405		5,804		1,070		719		16,693
Substandard	—		383		382		1,285		1,186		2,796		30		6,062
Doubtful	—		—		—		—		—		—		—		—
Total	$	6,592	$	26,455	$	50,221	$	48,944	$	25,439	$	23,169	$	3,289	$	184,109
CRE - Multifamily
Pass	$	456	$	42,595	$	97,726	$	114,264	$	69,748	$	22,308	$	5,352	$	352,449
Special mention / watch	5,318		—		1,230		272		29,979		12,384		—		49,183
Substandard	—		—		—		7,532		326		14		—		7,872
Doubtful	—		—		—		—		—		—		—		—
Total	$	5,774	$	42,595	$	98,956	$	122,068	$	100,053	$	34,706	$	5,352	$	409,504
CRE - Other
Pass	$	9,484	$	202,773	$	316,522	$	271,467	$	257,023	$	200,086	$	58,986	$	1,316,341
Special mention / watch	454		8,093		6,675		3,227		4,426		7,295		3,987		34,157
Substandard	1,670		284		26,247		18,401		19,018		24,527		—		90,147
Doubtful	—		—		—		—		—		—		—		—
Total	$	11,608	$	211,150	$	349,444	$	293,095	$	280,467	$	231,908	$	62,973	$	1,440,645
RRE - One- to four- family first liens
Pass / Performing	$	17,533	$	61,643	$	137,014	$	95,695	$	53,935	$	102,592	$	16,707	$	485,119
Special mention / watch	—		722		710		35		607		1,772		—		3,846
Substandard / Nonperforming	—		1,369		190		785		104		3,995		—		6,443
Doubtful	—		—		—		—		—		—		—		—
Total	$	17,533	$	63,734	$	137,914	$	96,515	$	54,646	$	108,359	$	16,707	$	495,408
RRE - One- to four- family junior liens
Performing	$	4,210	$	21,539	$	28,673	$	17,968	$	7,254	$	9,781	$	91,497	$	180,922
Nonperforming	—		—		406		—		23		650		—		1,079
Total	$	4,210	$	21,539	$	29,079	$	17,968	$	7,277	$	10,431	$	91,497	$	182,001
Consumer
Performing	$	7,922	$	30,997	$	16,110	$	8,941	$	3,898	$	7,990	$	4,765	$	80,623
Nonperforming	—		16		21		—		—		1		—		38
Total	$	7,922	$	31,013	$	16,131	$	8,941	$	3,898	$	7,991	$	4,765	$	80,661

	Term Loans by Origination Year												Revolving Loans
March 31, 2024 (in thousands)	2024		2023		2022		2021		2020		Prior				Total
Total by Credit Quality Indicator Category
Pass	$	99,231	$	639,728	$	986,736	$	772,020	$	517,051	$	483,849	$	337,942	$	3,836,557
Special mention / watch	6,453		12,293		33,648		7,893		44,138		25,542		22,637		152,604
Substandard	1,670		3,333		28,533		31,362		20,985		69,018		7,922		162,823
Doubtful	—		—		—		—		—		—		—		—
Performing	12,132		52,536		44,783		26,909		11,152		17,771		96,262		261,545
Nonperforming	—		16		427		—		23		651		—		1,117
Total	$	119,486	$	707,906	$	1,094,127	$	838,184	$	593,349	$	596,831	$	464,763	$	4,414,646
	Term Loans by Origination Year												Revolving Loans
March 31, 2024 (in thousands)	2024		2023		2022		2021		2020		Prior				Total
Year-to-date Current Period Gross Write-offs
Agricultural	$	—	$	—	$	—	$	4	$	—	$	—	$	—	$	4
Commercial and industrial	—		—		128		129		29		13		—		299
CRE - Construction and development	—		—		—		—		—		—		—		—
CRE - Farmland	—		—		—		—		—		—		—		—
CRE - Multifamily	—		—		—		—		—		—		—		—
CRE - Other	—		—		—		—		—		35		—		35
RRE - One-to-four-family first liens	—		—		—		19		—		—		—		19
RRE - One-to-four-family junior liens	—		—		—		—		—		—		—		—
Consumer	—		276		7		3				4		—		290
Total Current Period Gross Write-offs	$	—	$	276	$	135	$	155	$	29	$	52	$	—	$	647

The following table sets 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, 2023. As of December 31, 2023, there were no 'loss' rated credits.

	Term Loans by Origination Year												Revolving Loans
December 31, 2023 (in thousands)	2023		2022		2021		2020		2019		Prior				Total
Agricultural
Pass	$	11,859	$	12,149	$	8,352	$	2,752	$	689	$	1,139	$	71,680	$	108,620
Special mention / watch	266		550		670		91		5		522		3,705		5,809
Substandard	709		193		302		208		—		224		2,349		3,985
Doubtful	—		—		—		—		—		—		—		—
Total	$	12,834	$	12,892	$	9,324	$	3,051	$	694	$	1,885	$	77,734	$	118,414
Commercial and industrial
Pass	$	176,021	$	224,924	$	193,011	$	117,326	$	25,555	$	116,661	$	147,690	$	1,001,188
Special mention / watch	2,541		416		3,209		3,385		193		272		14,692		24,708
Substandard	897		2,921		2,010		561		8,507		29,432		4,779		49,107
Doubtful	—		—		—		—		—		—		—		—
Total	$	179,459	$	228,261	$	198,230	$	121,272	$	34,255	$	146,365	$	167,161	$	1,075,003
CRE - Construction and development
Pass	$	99,803	$	163,126	$	43,189	$	3,393	$	821	$	700	$	9,552	$	320,584
Special mention / watch	1,097		—		464		—		—		—		467		2,028
Substandard	343		240		—		—		—		—		—		583
Doubtful	—		—		—		—		—		—		—		—
Total	$	101,243	$	163,366	$	43,653	$	3,393	$	821	$	700	$	10,019	$	323,195
CRE - Farmland
Pass	$	25,666	$	44,907	$	47,068	$	18,863	$	6,587	$	14,845	$	1,642	$	159,578
Special mention / watch	1,229		6,898		2,409		5,982		—		965		276		17,759
Substandard	1,830		210		1,542		1,052		926		2,029		29		7,618
Doubtful	—		—		—		—		—		—		—		—
Total	$	28,725	$	52,015	$	51,019	$	25,897	$	7,513	$	17,839	$	1,947	$	184,955
CRE - Multifamily
Pass	$	32,077	$	96,969	$	111,032	$	77,532	$	8,701	$	6,508	$	4,208	$	337,027
Special mention / watch	5,318		1,237		277		18,984		7,850		4,586		—		38,252
Substandard	—		—		7,572		327		—		—		—		7,899
Doubtful	—		—		—		—		—		—		—		—
Total	$	37,395	$	98,206	$	118,881	$	96,843	$	16,551	$	11,094	$	4,208	$	383,178
CRE - Other
Pass	$	199,698	$	295,066	$	256,718	$	250,676	$	77,509	$	90,170	$	51,827	$	1,221,664
Special mention / watch	364		1,306		3,300		4,823		4,282		2,395		3,856		20,326
Substandard	325		26,555		19,253		19,103		8,242		17,876		638		91,992
Doubtful	—		—		—		—		—		—		—		—
Total	$	200,387	$	322,927	$	279,271	$	274,602	$	90,033	$	110,441	$	56,321	$	1,333,982
RRE - One- to four- family first liens
Pass / Performing	$	62,644	$	125,777	$	92,767	$	54,028	$	19,674	$	81,660	$	13,283	$	449,833
Special mention / watch	629		716		36		620		1,827		319		—		4,147
Substandard / Nonperforming	1,156		191		738		165		164		3,404		—		5,818
Doubtful	—		—		—		—		—		—		—		—
Total	$	64,429	$	126,684	$	93,541	$	54,813	$	21,665	$	85,383	$	13,283	$	459,798
RRE - One- to four- family junior liens
Performing	$	23,551	$	29,919	$	18,733	$	7,292	$	2,590	$	7,867	$	89,810	$	179,762
Nonperforming	—		192		—		25		23		637		—		877
Total	$	23,551	$	30,111	$	18,733	$	7,317	$	2,613	$	8,504	$	89,810	$	180,639
Consumer
Performing	$	26,028	$	14,319	$	10,042	$	4,421	$	1,451	$	7,350	$	4,145	$	67,756
Nonperforming	—		22		—		—		3		2		—		27
Total	$	26,028	$	14,341	$	10,042	$	4,421	$	1,454	$	7,352	$	4,145	$	67,783

	Term Loans by Origination Year												Revolving Loans
December 31, 2023 (in thousands)	2023		2022		2021		2020		2019		Prior				Total
Total by Credit Quality Indicator Category
Pass	$	607,768	$	962,918	$	752,137	$	524,570	$	139,536	$	311,683	$	299,882	$	3,598,494
Special mention / watch	11,444		11,123		10,365		33,885		14,157		9,059		22,996		113,029
Substandard	5,260		30,310		31,417		21,416		17,839		52,965		7,795		167,002
Doubtful	—		—		—		—		—		—		—		—
Performing	49,579		44,238		28,775		11,713		4,041		15,217		93,955		247,518
Nonperforming	—		214		—		25		26		639		—		904
Total	$	674,051	$	1,048,803	$	822,694	$	591,609	$	175,599	$	389,563	$	424,628	$	4,126,947
	Term Loans by Origination Year												Revolving Loans
December 31, 2023 (in thousands)	2023		2022		2021		2020		2019		Prior				Total
Year-to-date Current Period Gross Write-offs
Agricultural	$	—	$	8	$	1	$	17	$	2	$	—	$	—	$	28
Commercial and industrial	239		343		223		133		464		45		—		1,447
CRE - Construction and development	—		—		—		—		—		—		—		—
CRE - Farmland	—		—		—		—		—		—		—		—
CRE - Multifamily	—		—		—		—		—		—		—		—
CRE - Other	—		—		—		—		—		2,337		—		2,337
RRE - One-to-four-family first liens	—		—		—		—		—		36		—		36
RRE - One-to-four-family junior liens	—		19		—		—		—		—		—		19
Consumer	—		621		30		12		12		10		—		685
Total Current Period Gross Write-offs	$	239	$	991	$	254	$	162	$	478	$	2,428	$	—	$	4,552

Allowance for Credit Losses

The following are the economic factors utilized by the Company for its loan credit loss estimation process at March 31, 2024, and the forecast for each factor at that date: (1) Midwest unemployment – increases over the next four forecasted quarters; (2) year-to-year change in national retail sales - increases over the next four forecasted quarters; (3) year-to-year change in CRE Index - decreases over the next four forecasted quarters; (4) year-to-year change in U.S. GDP - increases over the next four forecasted quarters; (5) year-to-year change in National Home Price Index – increases over the next four forecasted quarters; and (6) rental vacancy - increases over the next four forecasted quarters. In addition, management utilized qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management’s judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions.

The increase in the ACL between March 31, 2024 and December 31, 2023 reflects $3.1 million of day 1 credit loss expense related to acquired DNVB loans, as well as additional reserve taken to support loan growth. Net loan charge-offs were $0.2 million for the three months ended March 31, 2024 as compared to net loan charge-offs of $0.3 million for the three months ended March 31, 2023.

We have made a policy election to report interest receivable as a separate line on the balance sheet. Accrued interest receivable, which is recorded within 'Other Assets', totaled $20.6 million at March 31, 2024 and $19.7 million at December 31, 2023 and is excluded from the estimate of credit losses.

The changes in the allowance for credit losses by portfolio segment were as follows:

	For the Three Months Ended March 31, 2024 and 2023
(in thousands)	Agricultural		Commercial and Industrial		Commercial Real Estate		Residential Real Estate		Consumer		Total
For the Three Months Ended March 31, 2024
Beginning balance	$	613	$	21,743	$	23,759	$	4,762	$	623	$	51,500
Charge-offs	(4)		(299)		(35)		(19)		(290)		(647)
Recoveries	355		46		8		9		40		458
Credit loss expense (benefit)(1)	(316)		392		3,040		262		1,211		4,589
Ending balance	$	648	$	21,882	$	26,772	$	5,014	$	1,584	$	55,900
For the Three Months Ended March 31, 2023
Beginning balance	$	923	$	22,855	$	20,123	$	4,678	$	621	$	49,200
Charge-offs	(1)		(320)		(18)		—		(148)		(487)
Recoveries	26		75		5		4		44		154
Credit loss expense (benefit) (1)	(435)		(265)		1,723		(137)		47		933
Ending balance	$	513	$	22,345	$	21,833	$	4,545	$	564	$	49,800
(1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $0.1 million related to off-balance sheet credit exposures for the three months ended March 31, 2024, with no credit loss expense related to off-balance sheet credit exposures being recorded for the three months ended March 31, 2023.

The composition of the allowance for credit losses by portfolio segment based on evaluation method was as follows:

	As of March 31, 2024
(in thousands)	Agricultural		Commercial and Industrial		Commercial Real Estate		Residential Real Estate		Consumer		Total
Loans held for investment, net of unearned income
Individually evaluated for impairment	$	219	$	16,911	$	8,433	$	1,636	$	—	$	27,199
Collectively evaluated for impairment	112,810		1,088,807		2,429,396		675,773		80,661		4,387,447
Total	$	113,029	$	1,105,718	$	2,437,829	$	677,409	$	80,661	$	4,414,646
Allowance for credit losses:
Individually evaluated for impairment	$	—	$	2,804	$	47	$	118	$	—	$	2,969
Collectively evaluated for impairment	648		19,078		26,725		4,896		1,584		52,931
Total	$	648	$	21,882	$	26,772	$	5,014	$	1,584	$	55,900

	As of December 31, 2023
(in thousands)	Agricultural		Commercial and Industrial		Commercial Real Estate		Residential Real Estate		Consumer		Total
Loans held for investment, net of unearned income
Individually evaluated for impairment	$	11	$	17,231	$	10,932	$	983	$	—	$	29,157
Collectively evaluated for impairment	118,403		1,057,772		2,214,378		639,454		67,783		4,097,790
Total	$	118,414	$	1,075,003	$	2,225,310	$	640,437	$	67,783	$	4,126,947
Allowance for credit losses:
Individually evaluated for impairment	$	—	$	2,616	$	705	$	16	$	—	$	3,337
Collectively evaluated for impairment	613		19,127		23,054		4,746		623		48,163
Total	$	613	$	21,743	$	23,759	$	4,762	$	623	$	51,500

The following tables present the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:

	As of March 31, 2024
(in thousands)	Primary Type of Collateral
	Real Estate		Equipment		Other		Total		ACL Allocation
Agricultural	$	11	$	—	$	208	$	219	$	—
Commercial and industrial	16,911		—		—		16,911		2,804
Commercial real estate:
Construction and development	—		—		—		—		—
Farmland	2,334		—		1,278		3,612		—
Multifamily	—		—		—		—		—
Commercial real estate-other	4,821		—		—		4,821		47
Residential real estate:
One- to four- family first liens	853		—		—		853		—
One- to four- family junior liens	783		—		—		783		118
Consumer	—		—		—		—		—
Total	$	25,713	$	—	$	1,486	$	27,199	$	2,969

	As of December 31, 2023
(in thousands)	Primary Type of Collateral
	Real Estate		Equipment		Other		Total		ACL Allocation
Agricultural	$	11	$	—	$	—	$	11	$	—
Commercial and industrial	15,991		—		1,240		17,231		2,616
Commercial real estate:
Construction and development	—		—		—		—		—
Farmland	5,403		—		—		5,403		—
Multifamily	—		—		—		—		—
Commercial real estate-other	5,350		—		179		5,529		705
Residential real estate:
One- to four- family first liens	481		—		—		481		—
One- to four- family junior liens	—		—		502		502		16
Consumer	—		—		—		—		—
Total	$	27,236	$	—	$	1,921	$	29,157	$	3,337

Loan Modifications to Borrowers Experiencing Financial Difficulty

Occasionally, the Company may modify loans to borrowers who are experiencing financial difficulty. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, term extension, an other-than-insignificant payment delay, interest rate reduction, or combination thereof.

The following tables present the amortized cost basis of loans as of March 31, 2024 and March 31, 2023 that were modified during the three months ended March 31, 2024 and March 31, 2023 and experiencing financial difficulty at the time of the modification by class and by type of modification:

	For the Three Months Ended March 31, 2024
									Combination:
(dollars in thousands)	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Term Extension & Interest Rate Reduction		Principal Forgiveness & Term Extension		Principal Forgiveness, Term Extension, & Interest Rate Reduction		Payment Delay & Term Extension		Total Class of Financing Receivable
Three Months Ended March 31, 2024
Commercial and industrial	$	—	$	—	$	350	$	—	$	—	$	—	$	—	$	—	0.03	%
CRE - Other	—		—		202		—		—		—		—		—		0.01	%
RRE - One- to four- family first liens	—		253		—		—		—		—		—		—		0.05	%
RRE - One- to four- family junior liens	—		—		136		—		—		—		—		—		0.07	%
Total	$	—	$	253	$	688	$	—	$	—	$	—	$	—	$	—

	For the Three Months Ended March 31, 2023
									Combination:
(dollars in thousands)	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Term Extension & Interest Rate Reduction		Principal Forgiveness & Term Extension		Principal Forgiveness, Term Extension, & Interest Rate Reduction		Payment Delay & Term Extension		Total Class of Financing Receivable
Three Months Ended March 31, 2023
Agricultural	$	—	$	16	$	1,502	$	—	$	—	$	—	$	—	$	—	1.42	%
Commercial and industrial	—		—		50		—		120		307		—		—		0.04	%
CRE - Other	—		—		—		—		—		—		20		—		—	%
Total	$	—	$	16	$	1,552	$	—	$	120	$	307	$	20	$	—

The Company has no additional commitments to lend amounts to the borrowers included in the previous tables as of March 31, 2024 and March 31, 2023. For the three months ended March 31, 2024, the Company had 9 modified loans totaling $1.4 million to borrowers experiencing financial difficulty that redefaulted within 12 months subsequent to the modification. For the three months ended March 31, 2023, the Company had no modified loans totaling to borrowers experiencing financial difficulty that redefaulted within 12 months subsequent to the modification.

The following tables present the performance, as of March 31, 2024 and March 31, 2023, of loans that were modified while the borrower was experiencing financial difficulty at the time of modification in the last 12 months:

	As of March 31, 2024
(in thousands)	Current		30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total
Commercial and industrial	$	4,028	$	76	$	—	$	995	$	5,099
CRE - Construction and development	559		—		—		—		559
CRE - Farmland	29		—		—		352		381
CRE - Other	6,066		—		—		—		6,066
RRE - One- to four- family first liens	253		—		—		—		253
RRE - One- to four- family junior liens	149		—		—		—		149
Total	$	11,084	$	76	$	—	$	1,347	$	12,507
	As of March 31, 2023
(in thousands)	Current		30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total
Agricultural	$	1,518	$	—	$	—	$	—	$	1,518
Commercial and industrial	477		—		—		—		477
CRE - Other	—		—		—		20		20
Total	$	1,995	$	—	$	—	$	20	$	2,015

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and March 31, 2023:

(dollars in thousands)	Principal Forgiveness		Weighted Average Interest Rate Reduction		Weighted Average Term Extension (Months)
Three Months Ended March 31, 2024
Commercial and industrial	$	—	—	%	4.4
CRE - Other	—		—	%	5.4
RRE - One- to four- family junior liens	—		—	%	122.0
Total	$	—	—	%	27.9

(dollars in thousands)	Principal Forgiveness		Weighted Average Interest Rate Reduction		Weighted Average Term Extension (Months)
Three Months Ended March 31, 2023
Agricultural	$	—	—	%	2.37
Commercial and industrial	63		1.25		11.89
CRE - Other	18		7.00		2.47
Total	$	81	2.07	%	4.64

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Derivatives, Hedging Activities and Balance Sheet Offsetting

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives, Hedging Activities and Balance Sheet Offsetting

Derivatives, Hedging Activities and Balance Sheet Offsetting

The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of the dates indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets. The fair values of the Company's derivative instrument assets and liabilities are summarized as follows:

	As of March 31, 2024						As of December 31, 2023
	Notional Amount		Fair Value				Notional Amount		Fair Value
(in thousands)			Assets		Liabilities				Assets		Liabilities
Designated as hedging instruments:
Fair value hedges:
Interest rate swaps - loans	$	50,425	$	2,529	$	601	$	41,101	$	2,071	$	902
Interest rate swaps - securities	150,000		144		90		150,000		—		821
Cash flow hedges
Interest rate swaps	200,000		2,660		—		200,000		940		264
Total	$	400,425	$	5,333	$	691	$	391,101	$	3,011	$	1,987
Not designated as hedging instruments:
Interest rate swaps	$	522,777	$	22,429	$	22,438	$	432,648	$	22,028	$	22,038
RPAs - protection sold	31,175		5		—		18,778		4		—
RPAs - protection purchased	31,089		—		4		31,145		—		9
Interest rate lock commitments	3,623		77		—		1,461		50		—
Interest rate forward loan sales contracts	3,730		—		8		2,075		—		23
Total	$	592,394	$	22,511	$	22,450	$	486,107	$	22,082	$	22,070

Derivatives Designated as Hedging Instruments

The Company uses derivative instruments to hedge its exposure to economic risks. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value or cash flow hedges.

Fair Value Hedges - Derivatives are designated as fair value hedges to limit the Company's exposure to changes in the fair value of assets or liabilities due to movements in interest rates. The Company entered into pay-fixed receive-floating interest rate swaps to manage its exposure to changes in fair value in certain fixed-rate assets, including AFS debt securities and loans. The gain or loss on the loan fair value hedge derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The change in the fair value of the available for sale securities attributable to changes in the hedged risk is recorded in accumulated other comprehensive income and subsequently reclassified into interest income, as applicable, in the same period(s) to offset the changes in the fair value of the swap, which is also recognized in interest income.

Cash Flow Hedges - Derivatives are designated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movement in interest rates. The Company has previously entered into pay-fixed receive-variable interest rate swaps to hedge against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on the Company's variable rate debt, including brokered deposits. The gain or loss on the derivatives is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense, as applicable, in the same period(s) during which the hedged transaction affects earnings. During the next 12 months, the Company estimates that an additional $2.2 million of income will be reclassified into interest expense.

The table below presents the effect of cash flow hedge accounting on AOCI for the three months ended March 31, 2024 and 2023:

	Amount of Gain (Loss) Recognized in AOCI on Derivative				Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended March 31,					Three Months Ended March 31,
(in thousands)	2024		2023			2024		2023
Interest rate swaps	$	2,772	$	138	Interest Expense	$	788	$	—

The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the consolidated statements of income for the periods indicated:

	Location and Amount of Gain or Loss Recognized in Income on Hedging Relationships
	For the Three Months Ended March 31,
	2024				2023
(in thousands)	Interest Income		Other Income		Interest Income		Other Income
Income and expense included in the consolidated statements of income related to the effects of fair value or cash flow hedges are recorded	$	408	$	—	$	159	$	—
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships in subtopic 815-20:
Interest contracts - loans:
Hedged items	(764)		—		562		—
Derivative designated as hedging instruments	1,023		—		(402)		—
Interest contracts - securities:
Hedged items	(882)		—		—		—
Derivative designated as hedging instruments	1,059		—		—		—

As of March 31, 2024, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:

Line Item in the Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset
(in thousands)
Loans	$	48,539	$	(1,926)
Securities	$	149,937	$	(63)

Derivatives Not Designated as Hedging Instruments

Interest Rate Swaps - The Company periodically enters into commercial loan interest rate swap agreements in order to provide commercial loan customers with the ability to convert from variable to fixed interest rates. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer, while simultaneously entering into an offsetting interest rate swap with an institutional counterparty.

Credit Risk Participation Agreements -The Company enters into RPAs to manage the credit exposure on interest rate contracts associated with a syndicated loan or participation agreement. The Company may enter into protection purchased RPAs with institutional counterparties to decrease or increase its exposure to a borrower. Under the RPA, the Company will receive or make payment if a borrower defaults on the related interest rate contract. The notional amount of the RPAs reflects the Company’s pro-rata share of the derivative instrument.

Interest Rate Forward Loan Sales Contracts & Interest Rate Lock Commitments - The Company enters into forward delivery contracts to sell residential mortgage loans at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage interest rate lock commitments.

The following table presents the net gains (losses) recognized on the consolidated statements of income related to the derivatives not designated as hedging instruments for the periods indicated:

	Location in the Consolidated Statements of Income	For the Three Months Ended March 31,
(in thousands)		2024		2023
Interest rate swaps	Other income	$	—	$	—
RPAs	Other income	5		69
Interest rate lock commitments	Loan revenue	27		94
Interest rate forward loan sales contracts	Loan revenue	14		(30)
Total		$	46	$	133

Offsetting of Derivatives

The Company has entered into agreements with certain counterparty financial institutions, which include master netting agreements. However, the Company has elected to account for all derivatives with counterparty institutions on a gross basis. The Company manages the risk of default by its borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures.

The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of March 31, 2024 and December 31, 2023, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets.

							Gross Amounts Not Offset in the Balance Sheet
(in thousands)	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts presented in the Balance Sheet		Financial Instruments		Cash Collateral Received / Paid		Net Assets /Liabilities
As of March 31, 2024
Asset Derivatives	$	27,844	$	—	$	27,844	$	—	$	17,998	$	9,846
Liability Derivatives	23,141		—		23,141		—		2,730		20,411
As of December 31, 2023
Asset Derivatives	$	25,093	$	—	$	25,093	$	—	$	15,549	$	9,544
Liability Derivatives	24,057		—		24,057		—		2,420		21,637

Credit-risk-related Contingent Features

The Company has an unsecured federal funds line with its institutional derivative counterparties. The Company has an agreement with its institutional derivative counterparties that contains a provision under which if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has an agreement with its derivative counterparties that contains a provision under which the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of March 31, 2024, fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $4.5 million.

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The following table presents the changes in the carrying amount of goodwill for the period indicated:

(in thousands)	As of March 31, 2024		As of December 31, 2023
Goodwill, beginning of period	$	62,477	$	62,477
Goodwill from the acquisition of DNVB	8,641		—
Total goodwill, end of period	$	71,118	$	62,477

As indicated in Note 2. Business Combinations, the Company acquired a core deposit intangible in connection with its acquisition of DNVB on January 31, 2024 with an estimated fair value of $7.1 million, which will be amortized over its estimated useful life of 10 years.

The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets as of the dates indicated:

	As of March 31, 2024						As of December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Core deposit intangible	$	65,345	$	(43,044)	$	22,301	$	58,245	$	(41,499)	$	16,746
Customer relationship intangible	5,265		(5,092)		173		5,265		(5,008)		257
Other	2,700		(2,683)		17		2,700		(2,674)		26
	$	73,310	$	(50,819)	$	22,491	$	66,210	$	(49,181)	$	17,029
Indefinite-lived trade name intangible					7,040						7,040
Total other intangible assets, net					$	29,531					$	24,069

The following table provides the estimated future amortization expense for the remaining nine months of the year ending December 31, 2024 and the succeeding annual periods:

(in thousands)	Core Deposit Intangible		Customer Relationship Intangible		Other		Total
2024	$	4,344	$	155	$	15	$	4,514
2025	4,924		18		2		4,944
2026	3,840		—		—		3,840
2027	2,757		—		—		2,757
2028	2,110		—		—		2,110
Thereafter	4,326		—		—		4,326
Total	$	22,301	$	173	$	17	$	22,491

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Other Assets

3 Months Ended

Mar. 31, 2024

Other Assets [Abstract]

Other Assets

Other Assets

The components of the Company's other assets as of March 31, 2024 and December 31, 2023 were as follows:

(in thousands)	March 31, 2024		December 31, 2023
Bank-owned life insurance	$	98,700	$	98,039
Interest receivable	30,728		29,768
FHLB stock	5,220		5,806
Mortgage servicing rights	12,965		13,333
Operating lease right-of-use assets, net	2,153		2,337
Federal and state income taxes, current	579		1,556
Federal and state income taxes, deferred	29,582		31,218
Derivative assets	27,844		25,093
Other receivables/assets	18,706		15,630
	$	226,477	$	222,780

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Deposits

3 Months Ended

Mar. 31, 2024

Deposits [Abstract]

Deposits

Deposits

The following table presents the composition of our deposits as of the dates indicated:

(in thousands)	March 31, 2024		December 31, 2023
Noninterest bearing deposits	$	920,764	$	897,053
Interest checking deposits	1,349,823		1,320,435
Money market deposits	1,122,717		1,105,493
Savings deposits	728,276		650,655
Time deposits of $250 and under	992,851		973,253
Time deposits over $250	470,805		448,784
Total deposits	$	5,585,236	$	5,395,673

The Company had $14.0 million and $15.2 million in reciprocal time deposits as of March 31, 2024 and December 31, 2023, respectively. Included in money market deposits at March 31, 2024 and December 31, 2023 were $132.7 million and $128.0 million, respectively, of interest-bearing reciprocal deposits. Included in noninterest bearing deposits at March 31, 2024 were $64.2 million of noninterest-bearing reciprocal deposits, with $58.0 million noninterest-bearing reciprocal deposits at

December 31, 2023. These reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to spread deposits that exceed the FDIC insurance coverage limits out to numerous institutions in order to provide insurance coverage for all participating deposits. In addition, included within the time deposits of “$250 thousand and under” was $205.0 million of brokered deposits as of March 31, 2024 and $221.0 million as of December 31, 2023.

As of March 31, 2024 and December 31, 2023, the Company had public entity deposits, which were collateralized by investment securities balances of $285.1 million and $183.4 million, respectively.

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Short-Term Borrowings

3 Months Ended

Mar. 31, 2024

Short-Term Debt [Abstract]

Short-Term Borrowings

Short-Term Borrowings

The following table summarizes our short-term borrowings as of the dates indicated:

	March 31, 2024				December 31, 2023
(in thousands)	Weighted Average Rate		Balance		Weighted Average Rate		Balance
Securities sold under agreements to repurchase	0.68	%	$	4,988	0.72	%	$	5,064
Federal Home Loan Bank advances	—		—		5.64		10,200
Federal Reserve Bank borrowings	4.77		405,000		4.82		285,000
Unsecured line of credit	6.88		13,000		—		—
Total	4.79	%	$	422,988	4.78	%	$	300,264

Securities Sold Under an Agreement to Repurchase - Securities sold under agreements to repurchase are agreements in which the Company acquires funds by selling assets to another party under a simultaneous agreement to repurchase the same assets at a specified price and date. The Company enters into repurchase agreements and also offers a demand deposit account product to customers that sweeps their balances in excess of an agreed upon target amount into overnight repurchase agreements. All securities sold under agreements to repurchase are recorded on the face of the balance sheet..

Federal Home Loan Bank Advances - The Bank has a secured line of credit with the FHLBDM. Advances from the FHLBDM are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses of the notes to the consolidated financial statements.

Federal Funds Purchased - The Bank has unsecured federal funds lines totaling $155.0 million from multiple correspondent banking relationships. There were no borrowings from such lines at either March 31, 2024 or December 31, 2023.

Federal Reserve Bank Borrowing - At March 31, 2024 and December 31, 2023, the Company had no Federal Reserve Discount Window borrowings, while the borrowing capacity was $421.4 million as of March 31, 2024 and $428.8 million as of December 31, 2023. At March 31, 2024, the Company had $405.0 million of Bank Term Funding Program borrowings. The FRB announced that effective March 11, 2024, no additional loans would be made under the Bank Term Funding Program. As of March 31, 2024 and December 31, 2023, pledged to the Federal Reserve Bank of Chicago were investment securities consisting primarily of corporate debt, state and political subdivisions, mortgage backed, and collateralized mortgage obligations, with a market value of $790.3 million and $797.6 million, respectively.

Unsecured Line of Credit - The Company has a credit agreement with a correspondent bank with a revolving commitment of $25.0 million. The credit agreement was amended on September 19, 2023 such that the revolving commitment matures on September 30, 2024, with no updates made to the fee structure or the interest rate. Fees are paid on the average daily unused revolving commitment in the amount of 0.30% per annum. Interest is payable at a rate equal to the monthly reset term SOFR rate plus 1.55%. The Company had $13.0 million outstanding under this revolving credit facility as of March 31, 2024, with no amount outstanding as of December 31, 2023.

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Long-Term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

Junior Subordinated Notes Issued to Capital Trusts

The table below summarizes the terms of each issuance of junior subordinated notes outstanding as of the dates indicated:

			March 31, 2024		December 31, 2023			March 31, 2024		December 31, 2023
(in thousands)	Face Value		Book Value				Interest Rate(1)	Rate				Maturity Date	Callable Date
ATBancorp Statutory Trust I	$	7,732	$	6,980	$	6,970	1.68% Margin	7.27	%	7.33	%	06/15/2036	06/15/2011
ATBancorp Statutory Trust II	12,372		11,051		11,034		1.65% Margin	7.24	%	7.30	%	09/15/2037	06/15/2012
Barron Investment Capital Trust I	2,062		1,868		1,861		2.15% Margin	7.73	%	7.77	%	09/23/2036	09/23/2011
Central Bancshares Capital Trust II	7,217		6,974		6,964		3.50% Margin	9.09	%	9.15	%	03/15/2038	03/15/2013
MidWestOne Statutory Trust II	15,464		15,464		15,464		1.59% Margin	7.18	%	7.24	%	12/15/2037	12/15/2012
Total	$	44,847	$	42,337	$	42,293
(1) Interest rate is equal to the Three-month CME Term SOFR + 0.26% Spread + Applicable Margin

The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated notes at the stated maturity date or upon redemption of the junior subordinated notes. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated notes. The Company’s obligation under the junior subordinated notes and other relevant trust agreements, in aggregate, constitutes a full and unconditional guarantee by the Company of each trust’s obligations under the trust preferred securities issued by each trust. The Company has the right to defer payment of interest on the junior subordinated notes and, therefore, distributions on the trust preferred securities, for up to five years, but not beyond the stated maturity date in the table above. During any such deferral period the Company may not pay cash dividends on its stock and generally may not repurchase its stock.

Subordinated Debentures

On July 28, 2020, the Company completed the private placement offering of $65.0 million of its subordinated notes, of which $63.75 million have been exchanged for subordinated notes registered under the Securities Act of 1933. The 5.75% fixed-to-floating rate subordinated notes are due July 30, 2030. At March 31, 2024, 100% of the subordinated notes qualified as Tier 2 capital. Per applicable Federal Reserve rules and regulations, the amount of the subordinated notes qualifying as Tier 2 regulatory capital will be phased-out by 20% of the amount of the subordinated notes in each of the five years beginning on the fifth anniversary preceding the maturity date of the subordinated notes. At March 31, 2024 and December 31, 2023, the Company had outstanding subordinated debentures of $64.2 million and $64.1 million, respectively.

Other Long-Term Debt

Other long-term borrowings were as follows as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
(in thousands)	Weighted Average Rate		Balance		Weighted Average Rate		Balance
Finance lease payable	8.89	%	$	554	8.89	%	$	604
FHLB borrowings	3.11		6,255		3.11		6,262
Note payable to unaffiliated bank	6.88		8,750		6.89		10,000
Total	5.44	%	$	15,559	5.56	%	$	16,866

On June 7, 2022, pursuant to a credit agreement with a correspondent bank, the Company entered into a $35.0 million term note payable maturing on June 30, 2027. Principal and interest are payable quarterly, and began on September 30, 2022. Interest accrues at the monthly reset term SOFR plus 1.55%. The credit agreement includes customary covenants requiring the Company to, among other things, maintain minimum levels of both regulatory capital and certain financial ratios; the Company certifies compliance with the covenants on a quarterly basis. On February 12, 2024, the credit agreement, including certain of its covenants, was amended.

As a member of the FHLBDM, the Bank may borrow funds from the FHLB, provided the Bank is able to pledge an adequate amount of qualified assets to secure the borrowings. In addition, the FHLB has established a credit capacity limit to the Bank that is equal to 45% of the Bank’s total assets. This credit capacity limit includes short-term and long-term borrowings, federal funds, letters of credit and other sources of credit exposure to the FHLB. Advances from the FHLB are collateralized primarily

by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses of the notes to the unaudited consolidated financial statements.

As of March 31, 2024, FHLB borrowings were as follows:

(in thousands)	Weighted Average Rate		Amount
Due in 2024	3.11	%	$	6,250
Valuation adjustment from acquisition accounting			5
Total			$	6,255

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Earnings per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

The following table presents the computation of basic and diluted earnings per common share for the periods indicated:

	Three Months Ended March 31,
(dollars in thousands, except per share amounts)	2024		2023
Basic Earnings Per Share:
Net income	$	3,269	$	1,397
Weighted average shares outstanding	15,722,697		15,649,651
Basic earnings per common share	$	0.21	$	0.09
Diluted Earnings Per Share:
Net income	$	3,269	$	1,397
Weighted average shares outstanding, including all dilutive potential shares	15,773,521		15,691,168
Diluted earnings per common share	$	0.21	$	0.09

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Regulatory Capital Requirements and Restrictions on Subsidiary Cash

3 Months Ended

Mar. 31, 2024

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Regulatory Capital Requirements and Restrictions on Subsidiary Cash

Regulatory Capital Requirements and Restrictions on Subsidiary Cash

Regulatory Capital and Reserve Requirement - The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

As of March 31, 2024 and December 31, 2023, the Bank was not required to maintain reserve balances in cash on hand or on deposit with Federal Reserve Banks, and therefore no amounts were held in reserve for each of these periods.

A comparison of the Company's and the Bank's capital with the corresponding minimum regulatory requirements in effect at March 31, 2024 and December 31, 2023, is presented below:

	Actual		For Capital Adequacy Purposes With Capital Conservation Buffer(1)		To Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)	Amount	Ratio	Amount	Ratio	Amount	Ratio
At March 31, 2024
Consolidated:
Total capital/risk weighted assets	$661,448	11.97%	$580,192	10.50%	N/A	N/A
Tier 1 capital/risk weighted assets	538,756	9.75	469,679	8.50	N/A	N/A
Common equity tier 1 capital/risk weighted assets	496,419	8.98	386,795	7.00	N/A	N/A
Tier 1 leverage capital/average assets	538,756	8.16	264,001	4.00	N/A	N/A
MidWestOne Bank:
Total capital/risk weighted assets	$675,287	12.25%	$578,805	10.50%	$551,243	10.00%
Tier 1 capital/risk weighted assets	617,596	11.20	468,557	8.50	440,995	8.00
Common equity tier 1 capital/risk weighted assets	617,596	11.20	385,870	7.00	358,308	6.50
Tier 1 leverage capital/average assets	617,596	9.36	263,801	4.00	329,751	5.00
At December 31, 2023
Consolidated:
Total capital/risk weighted assets	$668,748	12.53%	$560,596	10.50%	N/A	N/A
Tier 1 capital/risk weighted assets	554,177	10.38	453,816	8.50	N/A	N/A
Common equity tier 1 capital/risk weighted assets	511,884	9.59	373,731	7.00	N/A	N/A
Tier 1 leverage capital/average assets	554,177	8.58	258,487	4.00	N/A	N/A
MidWestOne Bank:
Total capital/risk weighted assets	$656,027	12.49%	$551,658	10.50%	$525,388	10.00%
Tier 1 capital/risk weighted assets	606,456	11.54	446,580	8.50	420,310	8.00
Common equity tier 1 capital/risk weighted assets	606,456	11.54	367,772	7.00	341,502	6.50
Tier 1 leverage capital/average assets	606,456	9.39	258,339	4.00	322,924	5.00

(1) Includes a capital conservation buffer of 2.50%.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Credit-related financial instruments - The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, commitments to sell loans, and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets.

The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following table summarizes the Bank’s commitments as of the dates indicated:

	March 31, 2024		December 31, 2023
(in thousands)
Commitments to extend credit	$	1,230,612	$	1,203,001
Commitments to sell loans	2,329		1,045
Standby letters of credit	8,154		7,795
Total	$	1,241,095	$	1,211,841

The Bank’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the party. Collateral held varies, but may include accounts receivable, crops, livestock, inventory, property and equipment, residential real estate and income-producing commercial properties.

Commitments to sell loans are agreements to sell loans held for sale to third parties at an agreed upon price.

Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or

less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds collateral, which may include accounts receivable, inventory, property, equipment and income-producing properties, that support those commitments, if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Bank would be required to fund the commitment. The maximum potential amount of future payments the Bank could be required to make is represented by the contractual amount shown in the summary above. If the commitment is funded, the Bank would be entitled to seek recovery from the customer.

Liability for Off-Balance Sheet Credit Losses - The Company records a liability for off-balance sheet credit losses through a charge to credit loss expense (or a reversal of credit loss expense) on the Company's consolidated statements of income and other liabilities on the Company's consolidated balance sheets. At March 31, 2024 and December 31, 2023, the liability for off-balance-sheet credit losses totaled $4.7 million and $4.6 million, respectively. For the three-months ended March 31, 2024, $0.1 million credit loss expense was recorded, with no credit loss expense recorded for the three-months ended March 31, 2023.

Litigation - In the normal course of business, the Company and its subsidiaries have been named, from time to time, as defendants in various legal actions. Certain of the actual or threatened legal actions may include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company.

Concentrations of credit risk - Substantially all of the Bank’s loans, commitments to extend credit and standby letters of credit have been granted to customers in the Bank’s market areas. Although the loan portfolio of the Bank is diversified, approximately 66% of the loans are real estate loans, excluding farmland, and approximately 7% are agriculturally related. The concentrations of credit by type of loan are set forth in Note 4. Loans Receivable and the Allowance for Credit Losses. Commitments to extend credit are primarily related to commercial loans and home equity loans. Standby letters of credit were granted primarily to commercial borrowers. Investments in securities issued by state and political subdivisions involve certain governmental entities within Iowa, California, and Minnesota. The carrying value of investment securities of Iowa, California and Minnesota political subdivisions totaled 13%, 12%, and 10%, respectively, as of March 31, 2024.

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Fair Value of Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments and Fair Value Measurements

Fair Value of Financial Instruments and Fair Value Measurements

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  There are three levels of inputs that may be used to measure fair values:

•Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

•Level 2 – Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

•Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

For additional information regarding the valuation methodologies used to measure the Company's assets recorded at fair value, and for estimating fair value for financial instruments not recorded at fair value, see Note 1. Nature of Business and Significant Accounting Policies and Note 20. Estimated Fair Value of Financial Instruments and Fair Value Measurements to the consolidated financial statements in the Company's 2023 Annual Report on Form 10-K, filed with the SEC on March 8, 2024.

The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily available for sale debt securities, derivatives and mortgage servicing rights. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered “nonrecurring” for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for collateral dependent individually analyzed loans and foreclosed assets.

Recurring Basis

The following tables summarize assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, by level within the fair value hierarchy:

	Fair Value Measurement at March 31, 2024 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Assets:
Available for sale debt securities:
U.S. Treasury securities	$	247	$	—	$	247	$	—
State and political subdivisions	123,378		—		123,378		—
Mortgage-backed securities	5,199		—		5,199		—
Collateralized loan obligations	61,866		—		61,866		—
Collateralized mortgage obligations	178,622		—		178,622		—
Corporate debt securities	427,918		—		427,918		—
Derivative assets	27,844		—		27,767		77
Mortgage servicing rights	12,965		—		12,965		—
Liabilities:
Derivative liabilities	$	23,141	$	—	$	23,141	$	—

	Fair Value Measurement at December 31, 2023 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Assets:
Debt securities available for sale:
State and political subdivisions	$	130,139	$	—	$	130,139	$	—
Mortgage-backed securities	5,311		—		5,311		—
Collateralized loan obligations	50,437		—		50,437		—
Collateralized mortgage obligations	169,196		—		169,196		—
Corporate debt securities	440,051		—		440,051		—
Derivative assets	25,093		—		25,043		50
Mortgage servicing rights	13,333		—		13,333		—
Liabilities:
Derivative liabilities	$	24,057	$	—	$	24,057	$	—

There were no transfers of assets between Level 3 and other levels of the fair value hierarchy during the three months ended March 31, 2024 or the year ended December 31, 2023. Changes in the fair value of available for sale debt securities, including the changes attributable to the hedged risk, are included in other comprehensive income.

The following table presents the valuation technique, significant unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy at the dates indicated:

	Fair Value at
(dollars in thousands)	March 31, 2024		December 31, 2023		Valuation Techniques(s)	Unobservable Input	Range of Inputs			Weighted Average
Interest rate lock commitments	$	77	$	50	Quoted or published market prices of similar instruments, adjusted for factors such as pull-through rate assumptions	Pull-through rate	71%	-	100%	86%

Nonrecurring Basis

The following table presents assets measured at fair value on a nonrecurring basis at the dates indicated:

	Fair Value Measurement at March 31, 2024 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Collateral dependent individually analyzed loans	$	4,481	$	—	$	—	$	4,481
Foreclosed assets, net	3,897		—		—		3,897

	Fair Value Measurement at December 31, 2023 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Collateral dependent individually analyzed loans	$	6,524	$	—	$	—	$	6,524
Foreclosed assets, net	3,929		—		—		3,929

The following table presents the valuation technique(s), unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy at the dates indicated:

	Fair Value at
(dollars in thousands)	March 31, 2024		December 31, 2023		Valuation Techniques(s)	Unobservable Input	Range of Inputs			Weighted Average
Collateral dependent individually analyzed loans	$	4,481	$	6,524	Fair value of collateral	Valuation adjustments	—%	-	33%	11%
Foreclosed assets, net	$	3,897	$	3,929	Fair value of collateral	Valuation adjustments	7%	-	11%	11%

Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values.

Carrying Amount and Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair value of financial instruments at March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024
(in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	97,762	$	97,762	$	97,762	$	—	$	—
Debt securities available for sale	797,230		797,230		—		797,230		—
Debt securities held to maturity	1,064,939		875,644		—		875,644		—
Loans held for sale	2,329		2,357		—		2,357		—
Loans held for investment, net	4,358,746		4,220,905		—		—		4,220,905
Interest receivable	30,728		30,728		—		30,728		—
FHLB stock	5,220		5,220		—		5,220		—
Derivative assets	27,844		27,844		—		27,767		77
Financial liabilities:
Noninterest bearing deposits	920,764		920,764		920,764		—		—
Interest bearing deposits	4,664,472		4,635,692		3,200,816		1,434,876		—
Short-term borrowings	422,988		422,988		422,988		—		—
Finance leases payable	554		554		—		554		—
FHLB borrowings	6,255		5,929		—		5,929		—
Junior subordinated notes issued to capital trusts	42,337		37,990		—		37,990		—
Subordinated debentures	64,170		60,876		—		60,876		—
Other long-term debt	8,750		8,750		—		8,750		—
Derivative liabilities	23,141		23,141		—		23,141		—

	December 31, 2023
(in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	81,727	$	81,727	$	81,727	$	—	$	—
Debt securities available for sale	795,134		795,134		—		795,134		—
Debt securities held to maturity	1,075,190		895,263		—		895,263		—
Loans held for sale	1,045		1,083		—		1,083		—
Loans held for investment, net	4,075,447		3,953,368		—		—		3,953,368
Interest receivable	29,768		29,768		—		29,768		—
FHLB stock	5,806		5,806		—		5,806		—
Derivative assets	25,093		25,093		—		25,043		50
Financial liabilities:
Noninterest bearing deposits	897,053		897,053		897,053		—		—
Interest bearing deposits	4,498,620		4,489,322		3,076,582		1,412,740		—
Short-term borrowings	300,264		300,264		300,264		—		—
Finance leases payable	604		604		—		604		—
FHLB borrowings	6,262		6,199		—		6,199		—
Junior subordinated notes issued to capital trusts	42,293		37,938		—		37,938		—
Subordinated debentures	64,137		61,940		—		61,940		—
Other long-term debt	10,000		10,000		—		10,000		—
Derivative liabilities	24,057		24,057		—		24,057		—

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Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Leases

The Company's lease commitments consist primarily of real estate property for banking offices and office space with terms extending through 2045. Substantially all of our leases are classified as operating leases, with the Company only holding one existing finance lease for a banking office location with a lease term through 2025.

(in thousands)	Classification	March 31, 2024			December 31, 2023
Operating lease right-of-use assets	Other assets	$	2,153		$	2,337
Finance lease right-of-use asset	Premises and equipment, net	231			255
Total right-of-use assets		$	2,384		$	2,592
Operating lease liability	Other liabilities	$	2,842		$	3,078
Finance lease liability	Long-term debt	554			604
Total lease liabilities		$	3,396		$	3,682
Weighted-average remaining lease term:	Operating leases	10.61 years			10.20 years
	Finance lease	2.42 years			2.67 years
Weighted-average discount rate:	Operating leases	4.54		%	4.43		%
	Finance lease	8.89		%	8.89		%

The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.

	Three Months Ended
	March 31,
(in thousands)	2024		2023
Lease Costs
Operating lease cost	$	388	$	292
Variable lease cost	7		7
Interest on lease liabilities(1)	13		17
Amortization of right-of-use assets	24		24
Net lease cost	$	432	$	340
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	822	$	605
Operating cash flows from finance lease	13		17
Finance cash flows from finance lease	50		43
Supplemental non-cash information on lease liabilities:
Right-of-use assets obtained in exchange for new operating lease liabilities	156		292

(1)Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net.

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more for the remaining nine-months ending December 31, 2024 and the succeeding annual periods were as follows:

(in thousands)	Finance Leases		Operating Leases
December 31, 2024	$	188	$	734
December 31, 2025	254		601
December 31, 2026	172		447
December 31, 2027	—		302
December 31, 2028	—		138
Thereafter	—		1,600
Total undiscounted lease payment	$	614	$	3,822
Amounts representing interest	(60)		(980)
Lease liability	$	554	$	2,842

Leases

Leases

The Company's lease commitments consist primarily of real estate property for banking offices and office space with terms extending through 2045. Substantially all of our leases are classified as operating leases, with the Company only holding one existing finance lease for a banking office location with a lease term through 2025.

(in thousands)	Classification	March 31, 2024			December 31, 2023
Operating lease right-of-use assets	Other assets	$	2,153		$	2,337
Finance lease right-of-use asset	Premises and equipment, net	231			255
Total right-of-use assets		$	2,384		$	2,592
Operating lease liability	Other liabilities	$	2,842		$	3,078
Finance lease liability	Long-term debt	554			604
Total lease liabilities		$	3,396		$	3,682
Weighted-average remaining lease term:	Operating leases	10.61 years			10.20 years
	Finance lease	2.42 years			2.67 years
Weighted-average discount rate:	Operating leases	4.54		%	4.43		%
	Finance lease	8.89		%	8.89		%

The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.

	Three Months Ended
	March 31,
(in thousands)	2024		2023
Lease Costs
Operating lease cost	$	388	$	292
Variable lease cost	7		7
Interest on lease liabilities(1)	13		17
Amortization of right-of-use assets	24		24
Net lease cost	$	432	$	340
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	822	$	605
Operating cash flows from finance lease	13		17
Finance cash flows from finance lease	50		43
Supplemental non-cash information on lease liabilities:
Right-of-use assets obtained in exchange for new operating lease liabilities	156		292

(1)Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net.

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more for the remaining nine-months ending December 31, 2024 and the succeeding annual periods were as follows:

(in thousands)	Finance Leases		Operating Leases
December 31, 2024	$	188	$	734
December 31, 2025	254		601
December 31, 2026	172		447
December 31, 2027	—		302
December 31, 2028	—		138
Thereafter	—		1,600
Total undiscounted lease payment	$	614	$	3,822
Amounts representing interest	(60)		(980)
Lease liability	$	554	$	2,842

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax:

(in thousands)	Unrealized Gain (Loss) from AFS Debt Securities		Reclassification of AFS Debt Securities to HTM		Unrealized Gain from Cash Flow Hedging Instruments		Total
Balance, December 31, 2022	$	(91,852)	$	2,805	$	—	$	(89,047)
Other comprehensive (loss) income before reclassifications	(213)		434		103		324
Amounts reclassified from AOCI	9,838		—		—		9,838
Net current-period other comprehensive income	9,625		434		103		10,162
Balance, March 31, 2023	$	(82,227)	$	3,239	$	103	$	(78,885)
Balance, December 31, 2023	$	(69,915)	$	4,511	$	505	$	(64,899)
Other comprehensive income before reclassifications	1,607		374		2,071		4,052
Amounts reclassified from AOCI	632		—		(589)		43
Net current-period other comprehensive income	2,239		374		1,482		4,095
Balance, March 31, 2024	$	(67,676)	$	4,885	$	1,987	$	(60,804)

The following table presents reclassifications out of AOCI:

	Three-Months Ended March 31,
(in thousands)	2024		2023
Investment securities (gains) losses, net	$	(36)	$	13,170
Interest income	882		—
Interest expense	(788)		—
Income tax expense	(15)		(3,332)
Net of tax	$	43	$	9,838

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated events that have occurred subsequent to March 31, 2024 and has concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements.

On April 25, 2024, the board of directors of the Company declared a cash dividend of $0.2425 per share payable on June 17, 2024 to shareholders of record as of the close of business on June 3, 2024.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 3,269	$ 1,397

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Nature of Business and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

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, 2023, filed with the SEC on March 8, 2024.

Use of Estimates

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 months ended March 31, 2024 may not be indicative of results for the year ending December 31, 2024, 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, 2023, filed with the SEC on March 8, 2024.

Segment Reporting

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, Naples and Fort Myers, Florida, and Denver, Colorado. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments.

Effect of New Financial Accounting Standards

Effect of New Financial Accounting Standards

Accounting Guidance Pending Adoption at March 31, 2024

On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASC 848 contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. Certain optional expedients and exceptions for contract modifications and hedging relationships were amended in ASU 2021-01, Reference Rate Reform (Topic 848): Scope Refinement, issued on January 7, 2021. In addition, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which time entities will no longer be permitted to apply the relief in Topic 848. The adoption of ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements.

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Enhanced disclosures about significant segment expenses are included within this ASU. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with an option to early adopt. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with the segment expense categories and amounts disclosed in prior periods being based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of ASU 2023-07.

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 Company is currently evaluating the impact of ASU 2023-09.

Accounting Guidance Adopted in 2024

On March 29, 2023, the FASB issued ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. Under this ASU, if certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with an option to early adopt. The amendments must be applied on either a modified retrospective or a retrospective basis, with certain exceptions for low-income-housing tax credit structures that are not accounted for using the proportional amortization method. The adoption of ASU 2023-02 was applied on a modified retrospective basis and did not have a material impact on the Company's consolidated financial statements.

Derivatives Designated as Hedging Instruments

Derivatives Designated as Hedging Instruments

The Company uses derivative instruments to hedge its exposure to economic risks. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value or cash flow hedges.

Fair Value Hedges - Derivatives are designated as fair value hedges to limit the Company's exposure to changes in the fair value of assets or liabilities due to movements in interest rates. The Company entered into pay-fixed receive-floating interest rate swaps to manage its exposure to changes in fair value in certain fixed-rate assets, including AFS debt securities and loans. The gain or loss on the loan fair value hedge derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The change in the fair value of the available for sale securities attributable to changes in the hedged risk is recorded in accumulated other comprehensive income and subsequently reclassified into interest income, as applicable, in the same period(s) to offset the changes in the fair value of the swap, which is also recognized in interest income.

Cash Flow Hedges - Derivatives are designated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movement in interest rates. The Company has previously entered into pay-fixed receive-variable interest rate swaps to hedge against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on the Company's variable rate debt, including brokered deposits. The gain or loss on the derivatives is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense, as applicable, in the same period(s) during which the hedged transaction affects earnings. During the next 12 months, the Company estimates that an additional $2.2 million of income will be reclassified into interest expense.

The table below presents the effect of cash flow hedge accounting on AOCI for the three months ended March 31, 2024 and 2023:

	Amount of Gain (Loss) Recognized in AOCI on Derivative				Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended March 31,					Three Months Ended March 31,
(in thousands)	2024		2023			2024		2023
Interest rate swaps	$	2,772	$	138	Interest Expense	$	788	$	—

Fair Value Measurements

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  There are three levels of inputs that may be used to measure fair values:

•Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

•Level 2 – Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

•Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

For additional information regarding the valuation methodologies used to measure the Company's assets recorded at fair value, and for estimating fair value for financial instruments not recorded at fair value, see Note 1. Nature of Business and Significant Accounting Policies and Note 20. Estimated Fair Value of Financial Instruments and Fair Value Measurements to the consolidated financial statements in the Company's 2023 Annual Report on Form 10-K, filed with the SEC on March 8, 2024.

The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily available for sale debt securities, derivatives and mortgage servicing rights. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered “nonrecurring” for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for collateral dependent individually analyzed loans and foreclosed assets.

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Business Combinations (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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	13,470
Core deposit intangible	7,100
Other assets	4,987
Total assets acquired	289,124
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	23,959
Goodwill	$	8,641

Schedule of Business Acquisition, Pro Forma Information

For illustrative purposes only, the following table presents certain unaudited pro forma information for the three months ended March 31, 2024 and March 31, 2023. 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, MidWestOne 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
	March 31,
(in thousands, except per share amounts)	2024		2023
Total revenues	$	45,298	$	38,963
Net income (loss)	$	6,466	$	(1,662)
EPS - basic	$	0.41	$	(0.11)
EPS - diluted	$	0.41	$	(0.11)

Schedule of Business Acquisition Information

The following table summarizes the DNVB acquisition-related expenses incurred during the three months ended March 31, 2024 and IOFB acquisition-related expenses incurred during the three months ended March 31, 2023, which are included in the respective income statement line items, for the periods indicated:

	Three Months Ended
	March 31,
(in thousands)	2024		2023
Noninterest Expense
Compensation and employee benefits	$	241	$	70
Occupancy expense of premises, net	152		—
Equipment	149		—
Legal and professional	573		—
Data processing	61		65
Marketing	32		—
Communications	1		—
Other	105		1
Total acquisition-related expenses	$	1,314	$	136

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Debt Securities (Tables)

3 Months Ended

Mar. 31, 2024

Debt Securities [Abstract]

Schedule of Debt Securities, Available-for-sale

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

	As of March 31, 2024
(in thousands)	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss related to Debt Securities		Fair Value
Available for Sale
U.S. Treasury securities	$	247	$	—	$	—	$	—	$	247
State and political subdivisions	132,150		1		8,773		—		123,378
Mortgage-backed securities	5,347		3		151		—		5,199
Collateralized loan obligations	61,914		200		248		—		61,866
Collateralized mortgage obligations	201,242		—		22,620		—		178,622
Corporate debt securities	472,217		110		44,409		—		427,918
Total available for sale debt securities	$	873,117	$	314	$	76,201	$	—	$	797,230
Held to Maturity
State and political subdivisions	$	531,961	$	—	$	71,245	$	—	$	460,716
Mortgage-backed securities	73,668		—		12,685		—		60,983
Collateralized mortgage obligations	459,310		—		105,365		—		353,945
Total held to maturity debt securities	$	1,064,939	$	—	$	189,295	$	—	$	875,644
(1) Amortized cost for the held to maturity securities includes $231 thousand of unamortized gain in state and political subdivisions, $74 thousand of unamortized gains in mortgage-backed securities and $9.3 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022.

	As of December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss related to Debt Securities		Fair Value
Available for Sale
State and political subdivisions	$	139,482	$	2	$	9,345	$	—	$	130,139
Mortgage-backed securities	5,448		5		142		—		5,311
Collateralized loan obligations	50,541		135		239		—		50,437
Collateralized mortgage obligations	190,304		—		21,108		—		169,196
Corporate debt securities	487,361		57		47,367		—		440,051
Total available for sale debt securities	$	873,136	$	199	$	78,201	$	—	$	795,134
Held to Maturity
State and political subdivisions	$	532,422	$	—	$	65,932	$	—	$	466,490
Mortgage-backed securities	74,904		—		11,635		—		63,269
Collateralized mortgage obligations	467,864		—		102,360		—		365,504
Total held to maturity debt securities	$	1,075,190	$	—	$	179,927	$	—	$	895,263
(1) Amortized cost for the held to maturity securities includes $227 thousand of unamortized gain in state and political subdivisions, $58 thousand of unamortized gains in mortgage-backed securities and $9.7 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022.

Schedule of Debt Securities, Held-to-maturity

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

	As of March 31, 2024
(in thousands)	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss related to Debt Securities		Fair Value
Available for Sale
U.S. Treasury securities	$	247	$	—	$	—	$	—	$	247
State and political subdivisions	132,150		1		8,773		—		123,378
Mortgage-backed securities	5,347		3		151		—		5,199
Collateralized loan obligations	61,914		200		248		—		61,866
Collateralized mortgage obligations	201,242		—		22,620		—		178,622
Corporate debt securities	472,217		110		44,409		—		427,918
Total available for sale debt securities	$	873,117	$	314	$	76,201	$	—	$	797,230
Held to Maturity
State and political subdivisions	$	531,961	$	—	$	71,245	$	—	$	460,716
Mortgage-backed securities	73,668		—		12,685		—		60,983
Collateralized mortgage obligations	459,310		—		105,365		—		353,945
Total held to maturity debt securities	$	1,064,939	$	—	$	189,295	$	—	$	875,644
(1) Amortized cost for the held to maturity securities includes $231 thousand of unamortized gain in state and political subdivisions, $74 thousand of unamortized gains in mortgage-backed securities and $9.3 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022.

	As of December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss related to Debt Securities		Fair Value
Available for Sale
State and political subdivisions	$	139,482	$	2	$	9,345	$	—	$	130,139
Mortgage-backed securities	5,448		5		142		—		5,311
Collateralized loan obligations	50,541		135		239		—		50,437
Collateralized mortgage obligations	190,304		—		21,108		—		169,196
Corporate debt securities	487,361		57		47,367		—		440,051
Total available for sale debt securities	$	873,136	$	199	$	78,201	$	—	$	795,134
Held to Maturity
State and political subdivisions	$	532,422	$	—	$	65,932	$	—	$	466,490
Mortgage-backed securities	74,904		—		11,635		—		63,269
Collateralized mortgage obligations	467,864		—		102,360		—		365,504
Total held to maturity debt securities	$	1,075,190	$	—	$	179,927	$	—	$	895,263
(1) Amortized cost for the held to maturity securities includes $227 thousand of unamortized gain in state and political subdivisions, $58 thousand of unamortized gains in mortgage-backed securities and $9.7 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022.

Schedule of Debt Securities, Available-for-sale, in Unrealized Loss Position

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

		As of March 31, 2024
	Number of Securities	Less than 12 Months				12 Months or More				Total
Available for Sale		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
(in thousands, except number of securities)
U.S. Treasury securities	1	$	247	$	—	$	—	$	—	$	247	$	—
State and political subdivisions	149	3,837		114		118,100		8,659		121,937		8,773
Mortgage-backed securities	21	5		—		4,808		151		4,813		151
Collateralized loan obligations	3	22,817		234		2,929		14		25,746		248
Collateralized mortgage obligations	22	54,982		718		123,640		21,902		178,622		22,620
Corporate debt securities	130	1,929		30		417,479		44,379		419,408		44,409
Total	326	$	83,817	$	1,096	$	666,956	$	75,105	$	750,773	$	76,201

The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2023, aggregated by investment category and length of time in a continuous loss position:

		As of December 31, 2023
Available for Sale	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)
State and political subdivisions	149	$	8,417	$	492	$	114,713	$	8,853	$	123,130	$	9,345
Mortgage-backed securities	19	—		—		4,906		142		4,906		142
Collateralized loan obligations	2	17,696		239		—		—		17,696		239
Collateralized mortgage obligations	20	6,278		90		127,792		21,018		134,070		21,108
Corporate debt securities	133	2,377		80		429,222		47,287		431,599		47,367
Total	323	$	34,768	$	901	$	676,633	$	77,300	$	711,401	$	78,201

Schedule of Proceeds and Realized Gains (Losses)

Proceeds and gross realized gains and losses on debt securities available for sale for the three months ended March 31, 2024 and 2023, were as follows:

	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
Proceeds from sales of debt securities available for sale	$	52,323	$	218,667
Gross realized losses from sales of debt securities available for sale(1)	—		(13,170)
Net realized loss from sales of debt securities available for sale(1)	$	—	$	(13,170)
(1) The difference in investment security gains, net reported herein as compared to the Consolidated Statements of Income is associated with the net realized gain from the call of debt securities of $36 thousand for the three months ended March 31, 2024, with no net realized gain from the call of debt securities recorded during the three months ended March 31, 2023.

Schedule of Investments Classified by Contractual Maturity Date

The contractual maturity distribution of investment debt securities at March 31, 2024, 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.

	Available for Sale				Held to Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	60,692	$	59,887	$	2,510	$	2,484
Due after one year through five years	371,630		342,646		150,788		137,380
Due after five years through ten years	145,334		125,889		250,580		214,093
Due after ten years	26,958		23,121		128,083		106,759
	$	604,614	$	551,543	$	531,961	$	460,716
Mortgage-backed securities	5,347		5,199		73,668		60,983
Collateralized loan obligations	61,914		61,866		—		—
Collateralized mortgage obligations	201,242		178,622		459,310		353,945
Total	$	873,117	$	797,230	$	1,064,939	$	875,644

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Loans Receivable and the Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Loans by Lending Classification

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

	As of
(in thousands)	March 31, 2024		December 31, 2023
Agricultural	$	113,029	$	118,414
Commercial and industrial	1,105,718		1,075,003
Commercial real estate:
Construction & development	403,571		323,195
Farmland	184,109		184,955
Multifamily	409,504		383,178
Commercial real estate-other	1,440,645		1,333,982
Total commercial real estate	2,437,829		2,225,310
Residential real estate:
One- to four- family first liens	495,408		459,798
One- to four- family junior liens	182,001		180,639
Total residential real estate	677,409		640,437
Consumer	80,661		67,783
Loans held for investment, net of unearned income	4,414,646		4,126,947
Allowance for credit losses	(55,900)		(51,500)
Total loans held for investment, net	$	4,358,746	$	4,075,447

Schedule of Loans Based on Delinquency Status

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

			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
March 31, 2024
Agricultural	$	112,185	$	384	$	—	$	460	$	113,029	$	—
Commercial and industrial	1,087,725		360		194		17,439		1,105,718		—
Commercial real estate:
Construction and development	403,571		—		—		—		403,571		—
Farmland	182,368		339		—		1,402		184,109		—
Multifamily	409,504		—		—		—		409,504		—
Commercial real estate-other	1,434,435		1,561		—		4,649		1,440,645		—
Total commercial real estate	2,429,878		1,900		—		6,051		2,437,829		—
Residential real estate:
One- to four- family first liens	488,382		3,362		1,279		2,385		495,408		925
One- to four- family junior liens	180,461		567		335		638		182,001		—
Total residential real estate	668,843		3,929		1,614		3,023		677,409		925
Consumer	80,306		242		71		42		80,661		42
Total	$	4,378,937	$	6,815	$	1,879	$	27,015	$	4,414,646	$	967

			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, 2023
Agricultural	$	117,852	$	338	$	—	$	224	$	118,414	$	—
Commercial and industrial	1,058,301		440		401		15,861		1,075,003		—
Commercial real estate:
Construction and development	323,165		30		—		—		323,195		—
Farmland	182,759		677		352		1,167		184,955		—
Multifamily	383,178		—		—		—		383,178		—
Commercial real estate-other	1,327,727		2,129		1,290		2,836		1,333,982		—
Total commercial real estate	2,216,829		2,836		1,642		4,003		2,225,310		—
Residential real estate:
One- to four- family first liens	453,212		3,572		1,741		1,273		459,798		468
One- to four- family junior liens	179,339		356		690		254		180,639		—
Total residential real estate	632,551		3,928		2,431		1,527		640,437		468
Consumer	67,622		118		28		15		67,783		—
Total	$	4,093,155	$	7,660	$	4,502	$	21,630	$	4,126,947	$	468

Schedule of Amortized Cost Basis on Nonaccrual Status

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:

	Nonaccrual				Nonaccrual with no Allowance for Credit Losses				90 Days or More Past Due And Accruing
(in thousands)	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Agricultural	$	460	$	235	$	219	$	12	$	—	$	—
Commercial and industrial	17,966		17,770		12,455		12,549		—		—
Commercial real estate:
Construction and development	—		—		—		—		—		—
Farmland	1,538		1,654		1,390		1,490		—		—
Multifamily	—		—		—		—		—		—
Commercial real estate-other	4,926		3,441		2,486		853		—		—
Total commercial real estate	6,464		5,095		3,876		2,343		—		—
Residential real estate:
One- to four- family first liens	2,294		1,888		853		455		925		468
One- to four- family junior liens	1,078		876		124		—		—		—
Total residential real estate	3,372		2,764		977		455		925		468
Consumer	38		27		—		—		42		—
Total	$	28,300	$	25,891	$	17,527	$	15,359	$	967	$	468

Schedule of Credit Quality Indicator

The following table sets 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 March 31, 2024. As of March 31, 2024, there were no 'loss' rated credits.

	Term Loans by Origination Year												Revolving Loans
March 31, 2024 (in thousands)	2024		2023		2022		2021		2020		Prior				Total
Agricultural
Pass	$	7,515	$	9,909	$	12,420	$	7,156	$	2,399	$	1,847	$	66,311	$	107,557
Special mention / watch	—		319		452		635		124		488		1,643		3,661
Substandard	—		39		262		285		215		214		796		1,811
Doubtful	—		—		—		—		—		—		—		—
Total	$	7,515	$	10,267	$	13,134	$	8,076	$	2,738	$	2,549	$	68,750	$	113,029
Commercial and industrial
Pass	$	27,582	$	173,057	$	200,277	$	188,288	$	112,151	$	135,262	$	175,914	$	1,012,531
Special mention / watch	58		2,896		17,886		865		3,198		2,533		15,821		43,257
Substandard	—		931		1,221		3,074		136		37,472		7,096		49,930
Doubtful	—		—		—		—		—		—		—		—
Total	$	27,640	$	176,884	$	219,384	$	192,227	$	115,485	$	175,267	$	198,831	$	1,105,718
CRE - Construction and development
Pass	$	30,069	$	123,679	$	179,633	$	49,896	$	3,346	$	2,451	$	12,132	$	401,206
Special mention / watch	623		263		—		454		—		—		467		1,807
Substandard	—		327		231		—		—		—		—		558
Doubtful	—		—		—		—		—		—		—		—
Total	$	30,692	$	124,269	$	179,864	$	50,350	$	3,346	$	2,451	$	12,599	$	403,571
CRE - Farmland
Pass	$	6,592	$	26,072	$	43,144	$	45,254	$	18,449	$	19,303	$	2,540	$	161,354
Special mention / watch	—		—		6,695		2,405		5,804		1,070		719		16,693
Substandard	—		383		382		1,285		1,186		2,796		30		6,062
Doubtful	—		—		—		—		—		—		—		—
Total	$	6,592	$	26,455	$	50,221	$	48,944	$	25,439	$	23,169	$	3,289	$	184,109
CRE - Multifamily
Pass	$	456	$	42,595	$	97,726	$	114,264	$	69,748	$	22,308	$	5,352	$	352,449
Special mention / watch	5,318		—		1,230		272		29,979		12,384		—		49,183
Substandard	—		—		—		7,532		326		14		—		7,872
Doubtful	—		—		—		—		—		—		—		—
Total	$	5,774	$	42,595	$	98,956	$	122,068	$	100,053	$	34,706	$	5,352	$	409,504
CRE - Other
Pass	$	9,484	$	202,773	$	316,522	$	271,467	$	257,023	$	200,086	$	58,986	$	1,316,341
Special mention / watch	454		8,093		6,675		3,227		4,426		7,295		3,987		34,157
Substandard	1,670		284		26,247		18,401		19,018		24,527		—		90,147
Doubtful	—		—		—		—		—		—		—		—
Total	$	11,608	$	211,150	$	349,444	$	293,095	$	280,467	$	231,908	$	62,973	$	1,440,645
RRE - One- to four- family first liens
Pass / Performing	$	17,533	$	61,643	$	137,014	$	95,695	$	53,935	$	102,592	$	16,707	$	485,119
Special mention / watch	—		722		710		35		607		1,772		—		3,846
Substandard / Nonperforming	—		1,369		190		785		104		3,995		—		6,443
Doubtful	—		—		—		—		—		—		—		—
Total	$	17,533	$	63,734	$	137,914	$	96,515	$	54,646	$	108,359	$	16,707	$	495,408
RRE - One- to four- family junior liens
Performing	$	4,210	$	21,539	$	28,673	$	17,968	$	7,254	$	9,781	$	91,497	$	180,922
Nonperforming	—		—		406		—		23		650		—		1,079
Total	$	4,210	$	21,539	$	29,079	$	17,968	$	7,277	$	10,431	$	91,497	$	182,001
Consumer
Performing	$	7,922	$	30,997	$	16,110	$	8,941	$	3,898	$	7,990	$	4,765	$	80,623
Nonperforming	—		16		21		—		—		1		—		38
Total	$	7,922	$	31,013	$	16,131	$	8,941	$	3,898	$	7,991	$	4,765	$	80,661

	Term Loans by Origination Year												Revolving Loans
March 31, 2024 (in thousands)	2024		2023		2022		2021		2020		Prior				Total
Total by Credit Quality Indicator Category
Pass	$	99,231	$	639,728	$	986,736	$	772,020	$	517,051	$	483,849	$	337,942	$	3,836,557
Special mention / watch	6,453		12,293		33,648		7,893		44,138		25,542		22,637		152,604
Substandard	1,670		3,333		28,533		31,362		20,985		69,018		7,922		162,823
Doubtful	—		—		—		—		—		—		—		—
Performing	12,132		52,536		44,783		26,909		11,152		17,771		96,262		261,545
Nonperforming	—		16		427		—		23		651		—		1,117
Total	$	119,486	$	707,906	$	1,094,127	$	838,184	$	593,349	$	596,831	$	464,763	$	4,414,646
	Term Loans by Origination Year												Revolving Loans
March 31, 2024 (in thousands)	2024		2023		2022		2021		2020		Prior				Total
Year-to-date Current Period Gross Write-offs
Agricultural	$	—	$	—	$	—	$	4	$	—	$	—	$	—	$	4
Commercial and industrial	—		—		128		129		29		13		—		299
CRE - Construction and development	—		—		—		—		—		—		—		—
CRE - Farmland	—		—		—		—		—		—		—		—
CRE - Multifamily	—		—		—		—		—		—		—		—
CRE - Other	—		—		—		—		—		35		—		35
RRE - One-to-four-family first liens	—		—		—		19		—		—		—		19
RRE - One-to-four-family junior liens	—		—		—		—		—		—		—		—
Consumer	—		276		7		3				4		—		290
Total Current Period Gross Write-offs	$	—	$	276	$	135	$	155	$	29	$	52	$	—	$	647

The following table sets 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, 2023. As of December 31, 2023, there were no 'loss' rated credits.

	Term Loans by Origination Year												Revolving Loans
December 31, 2023 (in thousands)	2023		2022		2021		2020		2019		Prior				Total
Agricultural
Pass	$	11,859	$	12,149	$	8,352	$	2,752	$	689	$	1,139	$	71,680	$	108,620
Special mention / watch	266		550		670		91		5		522		3,705		5,809
Substandard	709		193		302		208		—		224		2,349		3,985
Doubtful	—		—		—		—		—		—		—		—
Total	$	12,834	$	12,892	$	9,324	$	3,051	$	694	$	1,885	$	77,734	$	118,414
Commercial and industrial
Pass	$	176,021	$	224,924	$	193,011	$	117,326	$	25,555	$	116,661	$	147,690	$	1,001,188
Special mention / watch	2,541		416		3,209		3,385		193		272		14,692		24,708
Substandard	897		2,921		2,010		561		8,507		29,432		4,779		49,107
Doubtful	—		—		—		—		—		—		—		—
Total	$	179,459	$	228,261	$	198,230	$	121,272	$	34,255	$	146,365	$	167,161	$	1,075,003
CRE - Construction and development
Pass	$	99,803	$	163,126	$	43,189	$	3,393	$	821	$	700	$	9,552	$	320,584
Special mention / watch	1,097		—		464		—		—		—		467		2,028
Substandard	343		240		—		—		—		—		—		583
Doubtful	—		—		—		—		—		—		—		—
Total	$	101,243	$	163,366	$	43,653	$	3,393	$	821	$	700	$	10,019	$	323,195
CRE - Farmland
Pass	$	25,666	$	44,907	$	47,068	$	18,863	$	6,587	$	14,845	$	1,642	$	159,578
Special mention / watch	1,229		6,898		2,409		5,982		—		965		276		17,759
Substandard	1,830		210		1,542		1,052		926		2,029		29		7,618
Doubtful	—		—		—		—		—		—		—		—
Total	$	28,725	$	52,015	$	51,019	$	25,897	$	7,513	$	17,839	$	1,947	$	184,955
CRE - Multifamily
Pass	$	32,077	$	96,969	$	111,032	$	77,532	$	8,701	$	6,508	$	4,208	$	337,027
Special mention / watch	5,318		1,237		277		18,984		7,850		4,586		—		38,252
Substandard	—		—		7,572		327		—		—		—		7,899
Doubtful	—		—		—		—		—		—		—		—
Total	$	37,395	$	98,206	$	118,881	$	96,843	$	16,551	$	11,094	$	4,208	$	383,178
CRE - Other
Pass	$	199,698	$	295,066	$	256,718	$	250,676	$	77,509	$	90,170	$	51,827	$	1,221,664
Special mention / watch	364		1,306		3,300		4,823		4,282		2,395		3,856		20,326
Substandard	325		26,555		19,253		19,103		8,242		17,876		638		91,992
Doubtful	—		—		—		—		—		—		—		—
Total	$	200,387	$	322,927	$	279,271	$	274,602	$	90,033	$	110,441	$	56,321	$	1,333,982
RRE - One- to four- family first liens
Pass / Performing	$	62,644	$	125,777	$	92,767	$	54,028	$	19,674	$	81,660	$	13,283	$	449,833
Special mention / watch	629		716		36		620		1,827		319		—		4,147
Substandard / Nonperforming	1,156		191		738		165		164		3,404		—		5,818
Doubtful	—		—		—		—		—		—		—		—
Total	$	64,429	$	126,684	$	93,541	$	54,813	$	21,665	$	85,383	$	13,283	$	459,798
RRE - One- to four- family junior liens
Performing	$	23,551	$	29,919	$	18,733	$	7,292	$	2,590	$	7,867	$	89,810	$	179,762
Nonperforming	—		192		—		25		23		637		—		877
Total	$	23,551	$	30,111	$	18,733	$	7,317	$	2,613	$	8,504	$	89,810	$	180,639
Consumer
Performing	$	26,028	$	14,319	$	10,042	$	4,421	$	1,451	$	7,350	$	4,145	$	67,756
Nonperforming	—		22		—		—		3		2		—		27
Total	$	26,028	$	14,341	$	10,042	$	4,421	$	1,454	$	7,352	$	4,145	$	67,783

	Term Loans by Origination Year												Revolving Loans
December 31, 2023 (in thousands)	2023		2022		2021		2020		2019		Prior				Total
Total by Credit Quality Indicator Category
Pass	$	607,768	$	962,918	$	752,137	$	524,570	$	139,536	$	311,683	$	299,882	$	3,598,494
Special mention / watch	11,444		11,123		10,365		33,885		14,157		9,059		22,996		113,029
Substandard	5,260		30,310		31,417		21,416		17,839		52,965		7,795		167,002
Doubtful	—		—		—		—		—		—		—		—
Performing	49,579		44,238		28,775		11,713		4,041		15,217		93,955		247,518
Nonperforming	—		214		—		25		26		639		—		904
Total	$	674,051	$	1,048,803	$	822,694	$	591,609	$	175,599	$	389,563	$	424,628	$	4,126,947
	Term Loans by Origination Year												Revolving Loans
December 31, 2023 (in thousands)	2023		2022		2021		2020		2019		Prior				Total
Year-to-date Current Period Gross Write-offs
Agricultural	$	—	$	8	$	1	$	17	$	2	$	—	$	—	$	28
Commercial and industrial	239		343		223		133		464		45		—		1,447
CRE - Construction and development	—		—		—		—		—		—		—		—
CRE - Farmland	—		—		—		—		—		—		—		—
CRE - Multifamily	—		—		—		—		—		—		—		—
CRE - Other	—		—		—		—		—		2,337		—		2,337
RRE - One-to-four-family first liens	—		—		—		—		—		36		—		36
RRE - One-to-four-family junior liens	—		19		—		—		—		—		—		19
Consumer	—		621		30		12		12		10		—		685
Total Current Period Gross Write-offs	$	239	$	991	$	254	$	162	$	478	$	2,428	$	—	$	4,552

Schedule of Changes in Allowance for Credit Losses

The changes in the allowance for credit losses by portfolio segment were as follows:

	For the Three Months Ended March 31, 2024 and 2023
(in thousands)	Agricultural		Commercial and Industrial		Commercial Real Estate		Residential Real Estate		Consumer		Total
For the Three Months Ended March 31, 2024
Beginning balance	$	613	$	21,743	$	23,759	$	4,762	$	623	$	51,500
Charge-offs	(4)		(299)		(35)		(19)		(290)		(647)
Recoveries	355		46		8		9		40		458
Credit loss expense (benefit)(1)	(316)		392		3,040		262		1,211		4,589
Ending balance	$	648	$	21,882	$	26,772	$	5,014	$	1,584	$	55,900
For the Three Months Ended March 31, 2023
Beginning balance	$	923	$	22,855	$	20,123	$	4,678	$	621	$	49,200
Charge-offs	(1)		(320)		(18)		—		(148)		(487)
Recoveries	26		75		5		4		44		154
Credit loss expense (benefit) (1)	(435)		(265)		1,723		(137)		47		933
Ending balance	$	513	$	22,345	$	21,833	$	4,545	$	564	$	49,800
(1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $0.1 million related to off-balance sheet credit exposures for the three months ended March 31, 2024, with no credit loss expense related to off-balance sheet credit exposures being recorded for the three months ended March 31, 2023.

The composition of the allowance for credit losses by portfolio segment based on evaluation method was as follows:

	As of March 31, 2024
(in thousands)	Agricultural		Commercial and Industrial		Commercial Real Estate		Residential Real Estate		Consumer		Total
Loans held for investment, net of unearned income
Individually evaluated for impairment	$	219	$	16,911	$	8,433	$	1,636	$	—	$	27,199
Collectively evaluated for impairment	112,810		1,088,807		2,429,396		675,773		80,661		4,387,447
Total	$	113,029	$	1,105,718	$	2,437,829	$	677,409	$	80,661	$	4,414,646
Allowance for credit losses:
Individually evaluated for impairment	$	—	$	2,804	$	47	$	118	$	—	$	2,969
Collectively evaluated for impairment	648		19,078		26,725		4,896		1,584		52,931
Total	$	648	$	21,882	$	26,772	$	5,014	$	1,584	$	55,900

	As of December 31, 2023
(in thousands)	Agricultural		Commercial and Industrial		Commercial Real Estate		Residential Real Estate		Consumer		Total
Loans held for investment, net of unearned income
Individually evaluated for impairment	$	11	$	17,231	$	10,932	$	983	$	—	$	29,157
Collectively evaluated for impairment	118,403		1,057,772		2,214,378		639,454		67,783		4,097,790
Total	$	118,414	$	1,075,003	$	2,225,310	$	640,437	$	67,783	$	4,126,947
Allowance for credit losses:
Individually evaluated for impairment	$	—	$	2,616	$	705	$	16	$	—	$	3,337
Collectively evaluated for impairment	613		19,127		23,054		4,746		623		48,163
Total	$	613	$	21,743	$	23,759	$	4,762	$	623	$	51,500

Schedule of Financing Receivable, Collateral Depend Loans

The following tables present the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:

	As of March 31, 2024
(in thousands)	Primary Type of Collateral
	Real Estate		Equipment		Other		Total		ACL Allocation
Agricultural	$	11	$	—	$	208	$	219	$	—
Commercial and industrial	16,911		—		—		16,911		2,804
Commercial real estate:
Construction and development	—		—		—		—		—
Farmland	2,334		—		1,278		3,612		—
Multifamily	—		—		—		—		—
Commercial real estate-other	4,821		—		—		4,821		47
Residential real estate:
One- to four- family first liens	853		—		—		853		—
One- to four- family junior liens	783		—		—		783		118
Consumer	—		—		—		—		—
Total	$	25,713	$	—	$	1,486	$	27,199	$	2,969

	As of December 31, 2023
(in thousands)	Primary Type of Collateral
	Real Estate		Equipment		Other		Total		ACL Allocation
Agricultural	$	11	$	—	$	—	$	11	$	—
Commercial and industrial	15,991		—		1,240		17,231		2,616
Commercial real estate:
Construction and development	—		—		—		—		—
Farmland	5,403		—		—		5,403		—
Multifamily	—		—		—		—		—
Commercial real estate-other	5,350		—		179		5,529		705
Residential real estate:
One- to four- family first liens	481		—		—		481		—
One- to four- family junior liens	—		—		502		502		16
Consumer	—		—		—		—		—
Total	$	27,236	$	—	$	1,921	$	29,157	$	3,337

Schedule of TDRs by Class of Financing Receivable

The following tables present the amortized cost basis of loans as of March 31, 2024 and March 31, 2023 that were modified during the three months ended March 31, 2024 and March 31, 2023 and experiencing financial difficulty at the time of the modification by class and by type of modification:

	For the Three Months Ended March 31, 2024
									Combination:
(dollars in thousands)	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Term Extension & Interest Rate Reduction		Principal Forgiveness & Term Extension		Principal Forgiveness, Term Extension, & Interest Rate Reduction		Payment Delay & Term Extension		Total Class of Financing Receivable
Three Months Ended March 31, 2024
Commercial and industrial	$	—	$	—	$	350	$	—	$	—	$	—	$	—	$	—	0.03	%
CRE - Other	—		—		202		—		—		—		—		—		0.01	%
RRE - One- to four- family first liens	—		253		—		—		—		—		—		—		0.05	%
RRE - One- to four- family junior liens	—		—		136		—		—		—		—		—		0.07	%
Total	$	—	$	253	$	688	$	—	$	—	$	—	$	—	$	—

	For the Three Months Ended March 31, 2023
									Combination:
(dollars in thousands)	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Term Extension & Interest Rate Reduction		Principal Forgiveness & Term Extension		Principal Forgiveness, Term Extension, & Interest Rate Reduction		Payment Delay & Term Extension		Total Class of Financing Receivable
Three Months Ended March 31, 2023
Agricultural	$	—	$	16	$	1,502	$	—	$	—	$	—	$	—	$	—	1.42	%
Commercial and industrial	—		—		50		—		120		307		—		—		0.04	%
CRE - Other	—		—		—		—		—		—		20		—		—	%
Total	$	—	$	16	$	1,552	$	—	$	120	$	307	$	20	$	—

The following tables present the performance, as of March 31, 2024 and March 31, 2023, of loans that were modified while the borrower was experiencing financial difficulty at the time of modification in the last 12 months:

	As of March 31, 2024
(in thousands)	Current		30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total
Commercial and industrial	$	4,028	$	76	$	—	$	995	$	5,099
CRE - Construction and development	559		—		—		—		559
CRE - Farmland	29		—		—		352		381
CRE - Other	6,066		—		—		—		6,066
RRE - One- to four- family first liens	253		—		—		—		253
RRE - One- to four- family junior liens	149		—		—		—		149
Total	$	11,084	$	76	$	—	$	1,347	$	12,507
	As of March 31, 2023
(in thousands)	Current		30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total
Agricultural	$	1,518	$	—	$	—	$	—	$	1,518
Commercial and industrial	477		—		—		—		477
CRE - Other	—		—		—		20		20
Total	$	1,995	$	—	$	—	$	20	$	2,015

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and March 31, 2023:

(dollars in thousands)	Principal Forgiveness		Weighted Average Interest Rate Reduction		Weighted Average Term Extension (Months)
Three Months Ended March 31, 2024
Commercial and industrial	$	—	—	%	4.4
CRE - Other	—		—	%	5.4
RRE - One- to four- family junior liens	—		—	%	122.0
Total	$	—	—	%	27.9

(dollars in thousands)	Principal Forgiveness		Weighted Average Interest Rate Reduction		Weighted Average Term Extension (Months)
Three Months Ended March 31, 2023
Agricultural	$	—	—	%	2.37
Commercial and industrial	63		1.25		11.89
CRE - Other	18		7.00		2.47
Total	$	81	2.07	%	4.64

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Derivatives, Hedging Activities and Balance Sheet Offsetting (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of the dates indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets. The fair values of the Company's derivative instrument assets and liabilities are summarized as follows:

	As of March 31, 2024						As of December 31, 2023
	Notional Amount		Fair Value				Notional Amount		Fair Value
(in thousands)			Assets		Liabilities				Assets		Liabilities
Designated as hedging instruments:
Fair value hedges:
Interest rate swaps - loans	$	50,425	$	2,529	$	601	$	41,101	$	2,071	$	902
Interest rate swaps - securities	150,000		144		90		150,000		—		821
Cash flow hedges
Interest rate swaps	200,000		2,660		—		200,000		940		264
Total	$	400,425	$	5,333	$	691	$	391,101	$	3,011	$	1,987
Not designated as hedging instruments:
Interest rate swaps	$	522,777	$	22,429	$	22,438	$	432,648	$	22,028	$	22,038
RPAs - protection sold	31,175		5		—		18,778		4		—
RPAs - protection purchased	31,089		—		4		31,145		—		9
Interest rate lock commitments	3,623		77		—		1,461		50		—
Interest rate forward loan sales contracts	3,730		—		8		2,075		—		23
Total	$	592,394	$	22,511	$	22,450	$	486,107	$	22,082	$	22,070

Schedule of Derivatives Instrument Impacts on Statements

The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the consolidated statements of income for the periods indicated:

	Location and Amount of Gain or Loss Recognized in Income on Hedging Relationships
	For the Three Months Ended March 31,
	2024				2023
(in thousands)	Interest Income		Other Income		Interest Income		Other Income
Income and expense included in the consolidated statements of income related to the effects of fair value or cash flow hedges are recorded	$	408	$	—	$	159	$	—
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships in subtopic 815-20:
Interest contracts - loans:
Hedged items	(764)		—		562		—
Derivative designated as hedging instruments	1,023		—		(402)		—
Interest contracts - securities:
Hedged items	(882)		—		—		—
Derivative designated as hedging instruments	1,059		—		—		—

Schedule of Hedged Items In Fair Value Hedging Relationship

As of March 31, 2024, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:

Line Item in the Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset
(in thousands)
Loans	$	48,539	$	(1,926)
Securities	$	149,937	$	(63)

Schedule of Derivatives Not Designated as Hedging Instruments

The following table presents the net gains (losses) recognized on the consolidated statements of income related to the derivatives not designated as hedging instruments for the periods indicated:

	Location in the Consolidated Statements of Income	For the Three Months Ended March 31,
(in thousands)		2024		2023
Interest rate swaps	Other income	$	—	$	—
RPAs	Other income	5		69
Interest rate lock commitments	Loan revenue	27		94
Interest rate forward loan sales contracts	Loan revenue	14		(30)
Total		$	46	$	133

Schedule of Offsetting Derivative Assets And Liabilities

The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of March 31, 2024 and December 31, 2023, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets.

							Gross Amounts Not Offset in the Balance Sheet
(in thousands)	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts presented in the Balance Sheet		Financial Instruments		Cash Collateral Received / Paid		Net Assets /Liabilities
As of March 31, 2024
Asset Derivatives	$	27,844	$	—	$	27,844	$	—	$	17,998	$	9,846
Liability Derivatives	23,141		—		23,141		—		2,730		20,411
As of December 31, 2023
Asset Derivatives	$	25,093	$	—	$	25,093	$	—	$	15,549	$	9,544
Liability Derivatives	24,057		—		24,057		—		2,420		21,637

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following table presents the changes in the carrying amount of goodwill for the period indicated:

(in thousands)	As of March 31, 2024		As of December 31, 2023
Goodwill, beginning of period	$	62,477	$	62,477
Goodwill from the acquisition of DNVB	8,641		—
Total goodwill, end of period	$	71,118	$	62,477

As indicated in Note 2. Business Combinations, the Company acquired a core deposit intangible in connection with its acquisition of DNVB on January 31, 2024 with an estimated fair value of $7.1 million, which will be amortized over its estimated useful life of 10 years.

The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets as of the dates indicated:

	As of March 31, 2024						As of December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Core deposit intangible	$	65,345	$	(43,044)	$	22,301	$	58,245	$	(41,499)	$	16,746
Customer relationship intangible	5,265		(5,092)		173		5,265		(5,008)		257
Other	2,700		(2,683)		17		2,700		(2,674)		26
	$	73,310	$	(50,819)	$	22,491	$	66,210	$	(49,181)	$	17,029
Indefinite-lived trade name intangible					7,040						7,040
Total other intangible assets, net					$	29,531					$	24,069

Schedule of Indefinite-Lived Intangible Assets

The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets as of the dates indicated:

	As of March 31, 2024						As of December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Core deposit intangible	$	65,345	$	(43,044)	$	22,301	$	58,245	$	(41,499)	$	16,746
Customer relationship intangible	5,265		(5,092)		173		5,265		(5,008)		257
Other	2,700		(2,683)		17		2,700		(2,674)		26
	$	73,310	$	(50,819)	$	22,491	$	66,210	$	(49,181)	$	17,029
Indefinite-lived trade name intangible					7,040						7,040
Total other intangible assets, net					$	29,531					$	24,069

Schedule of Future Amortization Expense

The following table provides the estimated future amortization expense for the remaining nine months of the year ending December 31, 2024 and the succeeding annual periods:

(in thousands)	Core Deposit Intangible		Customer Relationship Intangible		Other		Total
2024	$	4,344	$	155	$	15	$	4,514
2025	4,924		18		2		4,944
2026	3,840		—		—		3,840
2027	2,757		—		—		2,757
2028	2,110		—		—		2,110
Thereafter	4,326		—		—		4,326
Total	$	22,301	$	173	$	17	$	22,491

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Other Assets (Tables)

3 Months Ended

Mar. 31, 2024

Other Assets [Abstract]

Schedule of Other Assets

The components of the Company's other assets as of March 31, 2024 and December 31, 2023 were as follows:

(in thousands)	March 31, 2024		December 31, 2023
Bank-owned life insurance	$	98,700	$	98,039
Interest receivable	30,728		29,768
FHLB stock	5,220		5,806
Mortgage servicing rights	12,965		13,333
Operating lease right-of-use assets, net	2,153		2,337
Federal and state income taxes, current	579		1,556
Federal and state income taxes, deferred	29,582		31,218
Derivative assets	27,844		25,093
Other receivables/assets	18,706		15,630
	$	226,477	$	222,780

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Deposits (Tables)

3 Months Ended

Mar. 31, 2024

Deposits [Abstract]

Schedule of Deposit Liabilities

The following table presents the composition of our deposits as of the dates indicated:

(in thousands)	March 31, 2024		December 31, 2023
Noninterest bearing deposits	$	920,764	$	897,053
Interest checking deposits	1,349,823		1,320,435
Money market deposits	1,122,717		1,105,493
Savings deposits	728,276		650,655
Time deposits of $250 and under	992,851		973,253
Time deposits over $250	470,805		448,784
Total deposits	$	5,585,236	$	5,395,673

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Short-Term Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

Short-Term Debt [Abstract]

Schedule of Short-Term Borrowings

The following table summarizes our short-term borrowings as of the dates indicated:

	March 31, 2024				December 31, 2023
(in thousands)	Weighted Average Rate		Balance		Weighted Average Rate		Balance
Securities sold under agreements to repurchase	0.68	%	$	4,988	0.72	%	$	5,064
Federal Home Loan Bank advances	—		—		5.64		10,200
Federal Reserve Bank borrowings	4.77		405,000		4.82		285,000
Unsecured line of credit	6.88		13,000		—		—
Total	4.79	%	$	422,988	4.78	%	$	300,264

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The table below summarizes the terms of each issuance of junior subordinated notes outstanding as of the dates indicated:

			March 31, 2024		December 31, 2023			March 31, 2024		December 31, 2023
(in thousands)	Face Value		Book Value				Interest Rate(1)	Rate				Maturity Date	Callable Date
ATBancorp Statutory Trust I	$	7,732	$	6,980	$	6,970	1.68% Margin	7.27	%	7.33	%	06/15/2036	06/15/2011
ATBancorp Statutory Trust II	12,372		11,051		11,034		1.65% Margin	7.24	%	7.30	%	09/15/2037	06/15/2012
Barron Investment Capital Trust I	2,062		1,868		1,861		2.15% Margin	7.73	%	7.77	%	09/23/2036	09/23/2011
Central Bancshares Capital Trust II	7,217		6,974		6,964		3.50% Margin	9.09	%	9.15	%	03/15/2038	03/15/2013
MidWestOne Statutory Trust II	15,464		15,464		15,464		1.59% Margin	7.18	%	7.24	%	12/15/2037	12/15/2012
Total	$	44,847	$	42,337	$	42,293
(1) Interest rate is equal to the Three-month CME Term SOFR + 0.26% Spread + Applicable Margin

Other long-term borrowings were as follows as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
(in thousands)	Weighted Average Rate		Balance		Weighted Average Rate		Balance
Finance lease payable	8.89	%	$	554	8.89	%	$	604
FHLB borrowings	3.11		6,255		3.11		6,262
Note payable to unaffiliated bank	6.88		8,750		6.89		10,000
Total	5.44	%	$	15,559	5.56	%	$	16,866

Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank

As of March 31, 2024, FHLB borrowings were as follows:

(in thousands)	Weighted Average Rate		Amount
Due in 2024	3.11	%	$	6,250
Valuation adjustment from acquisition accounting			5
Total			$	6,255

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Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

The following table presents the computation of basic and diluted earnings per common share for the periods indicated:

	Three Months Ended March 31,
(dollars in thousands, except per share amounts)	2024		2023
Basic Earnings Per Share:
Net income	$	3,269	$	1,397
Weighted average shares outstanding	15,722,697		15,649,651
Basic earnings per common share	$	0.21	$	0.09
Diluted Earnings Per Share:
Net income	$	3,269	$	1,397
Weighted average shares outstanding, including all dilutive potential shares	15,773,521		15,691,168
Diluted earnings per common share	$	0.21	$	0.09

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Regulatory Capital Requirements and Restrictions on Subsidiary Cash (Tables)

3 Months Ended

Mar. 31, 2024

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations

A comparison of the Company's and the Bank's capital with the corresponding minimum regulatory requirements in effect at March 31, 2024 and December 31, 2023, is presented below:

	Actual		For Capital Adequacy Purposes With Capital Conservation Buffer(1)		To Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)	Amount	Ratio	Amount	Ratio	Amount	Ratio
At March 31, 2024
Consolidated:
Total capital/risk weighted assets	$661,448	11.97%	$580,192	10.50%	N/A	N/A
Tier 1 capital/risk weighted assets	538,756	9.75	469,679	8.50	N/A	N/A
Common equity tier 1 capital/risk weighted assets	496,419	8.98	386,795	7.00	N/A	N/A
Tier 1 leverage capital/average assets	538,756	8.16	264,001	4.00	N/A	N/A
MidWestOne Bank:
Total capital/risk weighted assets	$675,287	12.25%	$578,805	10.50%	$551,243	10.00%
Tier 1 capital/risk weighted assets	617,596	11.20	468,557	8.50	440,995	8.00
Common equity tier 1 capital/risk weighted assets	617,596	11.20	385,870	7.00	358,308	6.50
Tier 1 leverage capital/average assets	617,596	9.36	263,801	4.00	329,751	5.00
At December 31, 2023
Consolidated:
Total capital/risk weighted assets	$668,748	12.53%	$560,596	10.50%	N/A	N/A
Tier 1 capital/risk weighted assets	554,177	10.38	453,816	8.50	N/A	N/A
Common equity tier 1 capital/risk weighted assets	511,884	9.59	373,731	7.00	N/A	N/A
Tier 1 leverage capital/average assets	554,177	8.58	258,487	4.00	N/A	N/A
MidWestOne Bank:
Total capital/risk weighted assets	$656,027	12.49%	$551,658	10.50%	$525,388	10.00%
Tier 1 capital/risk weighted assets	606,456	11.54	446,580	8.50	420,310	8.00
Common equity tier 1 capital/risk weighted assets	606,456	11.54	367,772	7.00	341,502	6.50
Tier 1 leverage capital/average assets	606,456	9.39	258,339	4.00	322,924	5.00

(1) Includes a capital conservation buffer of 2.50%.

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments

The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following table summarizes the Bank’s commitments as of the dates indicated:

	March 31, 2024		December 31, 2023
(in thousands)
Commitments to extend credit	$	1,230,612	$	1,203,001
Commitments to sell loans	2,329		1,045
Standby letters of credit	8,154		7,795
Total	$	1,241,095	$	1,211,841

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Fair Value of Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measured on Recurring Basis

The following tables summarize assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, by level within the fair value hierarchy:

	Fair Value Measurement at March 31, 2024 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Assets:
Available for sale debt securities:
U.S. Treasury securities	$	247	$	—	$	247	$	—
State and political subdivisions	123,378		—		123,378		—
Mortgage-backed securities	5,199		—		5,199		—
Collateralized loan obligations	61,866		—		61,866		—
Collateralized mortgage obligations	178,622		—		178,622		—
Corporate debt securities	427,918		—		427,918		—
Derivative assets	27,844		—		27,767		77
Mortgage servicing rights	12,965		—		12,965		—
Liabilities:
Derivative liabilities	$	23,141	$	—	$	23,141	$	—

	Fair Value Measurement at December 31, 2023 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Assets:
Debt securities available for sale:
State and political subdivisions	$	130,139	$	—	$	130,139	$	—
Mortgage-backed securities	5,311		—		5,311		—
Collateralized loan obligations	50,437		—		50,437		—
Collateralized mortgage obligations	169,196		—		169,196		—
Corporate debt securities	440,051		—		440,051		—
Derivative assets	25,093		—		25,043		50
Mortgage servicing rights	13,333		—		13,333		—
Liabilities:
Derivative liabilities	$	24,057	$	—	$	24,057	$	—

Schedule of Valuation Techniques

The following table presents the valuation technique, significant unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy at the dates indicated:

	Fair Value at
(dollars in thousands)	March 31, 2024		December 31, 2023		Valuation Techniques(s)	Unobservable Input	Range of Inputs			Weighted Average
Interest rate lock commitments	$	77	$	50	Quoted or published market prices of similar instruments, adjusted for factors such as pull-through rate assumptions	Pull-through rate	71%	-	100%	86%

The following table presents the valuation technique(s), unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy at the dates indicated:

	Fair Value at
(dollars in thousands)	March 31, 2024		December 31, 2023		Valuation Techniques(s)	Unobservable Input	Range of Inputs			Weighted Average
Collateral dependent individually analyzed loans	$	4,481	$	6,524	Fair value of collateral	Valuation adjustments	—%	-	33%	11%
Foreclosed assets, net	$	3,897	$	3,929	Fair value of collateral	Valuation adjustments	7%	-	11%	11%

Schedule of Fair Value Measured on Nonrecurring Basis

The following table presents assets measured at fair value on a nonrecurring basis at the dates indicated:

	Fair Value Measurement at March 31, 2024 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Collateral dependent individually analyzed loans	$	4,481	$	—	$	—	$	4,481
Foreclosed assets, net	3,897		—		—		3,897

	Fair Value Measurement at December 31, 2023 Using
(in thousands)	Total		Level 1		Level 2		Level 3
Collateral dependent individually analyzed loans	$	6,524	$	—	$	—	$	6,524
Foreclosed assets, net	3,929		—		—		3,929

Schedule of Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of financial instruments at March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024
(in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	97,762	$	97,762	$	97,762	$	—	$	—
Debt securities available for sale	797,230		797,230		—		797,230		—
Debt securities held to maturity	1,064,939		875,644		—		875,644		—
Loans held for sale	2,329		2,357		—		2,357		—
Loans held for investment, net	4,358,746		4,220,905		—		—		4,220,905
Interest receivable	30,728		30,728		—		30,728		—
FHLB stock	5,220		5,220		—		5,220		—
Derivative assets	27,844		27,844		—		27,767		77
Financial liabilities:
Noninterest bearing deposits	920,764		920,764		920,764		—		—
Interest bearing deposits	4,664,472		4,635,692		3,200,816		1,434,876		—
Short-term borrowings	422,988		422,988		422,988		—		—
Finance leases payable	554		554		—		554		—
FHLB borrowings	6,255		5,929		—		5,929		—
Junior subordinated notes issued to capital trusts	42,337		37,990		—		37,990		—
Subordinated debentures	64,170		60,876		—		60,876		—
Other long-term debt	8,750		8,750		—		8,750		—
Derivative liabilities	23,141		23,141		—		23,141		—

	December 31, 2023
(in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	81,727	$	81,727	$	81,727	$	—	$	—
Debt securities available for sale	795,134		795,134		—		795,134		—
Debt securities held to maturity	1,075,190		895,263		—		895,263		—
Loans held for sale	1,045		1,083		—		1,083		—
Loans held for investment, net	4,075,447		3,953,368		—		—		3,953,368
Interest receivable	29,768		29,768		—		29,768		—
FHLB stock	5,806		5,806		—		5,806		—
Derivative assets	25,093		25,093		—		25,043		50
Financial liabilities:
Noninterest bearing deposits	897,053		897,053		897,053		—		—
Interest bearing deposits	4,498,620		4,489,322		3,076,582		1,412,740		—
Short-term borrowings	300,264		300,264		300,264		—		—
Finance leases payable	604		604		—		604		—
FHLB borrowings	6,262		6,199		—		6,199		—
Junior subordinated notes issued to capital trusts	42,293		37,938		—		37,938		—
Subordinated debentures	64,137		61,940		—		61,940		—
Other long-term debt	10,000		10,000		—		10,000		—
Derivative liabilities	24,057		24,057		—		24,057		—

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Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease Assets and Liabilities

(in thousands)	Classification	March 31, 2024			December 31, 2023
Operating lease right-of-use assets	Other assets	$	2,153		$	2,337
Finance lease right-of-use asset	Premises and equipment, net	231			255
Total right-of-use assets		$	2,384		$	2,592
Operating lease liability	Other liabilities	$	2,842		$	3,078
Finance lease liability	Long-term debt	554			604
Total lease liabilities		$	3,396		$	3,682
Weighted-average remaining lease term:	Operating leases	10.61 years			10.20 years
	Finance lease	2.42 years			2.67 years
Weighted-average discount rate:	Operating leases	4.54		%	4.43		%
	Finance lease	8.89		%	8.89		%

Schedule of Lease Costs and Other Information

The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.

	Three Months Ended
	March 31,
(in thousands)	2024		2023
Lease Costs
Operating lease cost	$	388	$	292
Variable lease cost	7		7
Interest on lease liabilities(1)	13		17
Amortization of right-of-use assets	24		24
Net lease cost	$	432	$	340
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	822	$	605
Operating cash flows from finance lease	13		17
Finance cash flows from finance lease	50		43
Supplemental non-cash information on lease liabilities:
Right-of-use assets obtained in exchange for new operating lease liabilities	156		292

(1)Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net.

Schedule of Finance Lease Liability Maturity

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more for the remaining nine-months ending December 31, 2024 and the succeeding annual periods were as follows:

(in thousands)	Finance Leases		Operating Leases
December 31, 2024	$	188	$	734
December 31, 2025	254		601
December 31, 2026	172		447
December 31, 2027	—		302
December 31, 2028	—		138
Thereafter	—		1,600
Total undiscounted lease payment	$	614	$	3,822
Amounts representing interest	(60)		(980)
Lease liability	$	554	$	2,842

Schedule of Operating Lease Liability Maturity

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more for the remaining nine-months ending December 31, 2024 and the succeeding annual periods were as follows:

(in thousands)	Finance Leases		Operating Leases
December 31, 2024	$	188	$	734
December 31, 2025	254		601
December 31, 2026	172		447
December 31, 2027	—		302
December 31, 2028	—		138
Thereafter	—		1,600
Total undiscounted lease payment	$	614	$	3,822
Amounts representing interest	(60)		(980)
Lease liability	$	554	$	2,842

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax:

(in thousands)	Unrealized Gain (Loss) from AFS Debt Securities		Reclassification of AFS Debt Securities to HTM		Unrealized Gain from Cash Flow Hedging Instruments		Total
Balance, December 31, 2022	$	(91,852)	$	2,805	$	—	$	(89,047)
Other comprehensive (loss) income before reclassifications	(213)		434		103		324
Amounts reclassified from AOCI	9,838		—		—		9,838
Net current-period other comprehensive income	9,625		434		103		10,162
Balance, March 31, 2023	$	(82,227)	$	3,239	$	103	$	(78,885)
Balance, December 31, 2023	$	(69,915)	$	4,511	$	505	$	(64,899)
Other comprehensive income before reclassifications	1,607		374		2,071		4,052
Amounts reclassified from AOCI	632		—		(589)		43
Net current-period other comprehensive income	2,239		374		1,482		4,095
Balance, March 31, 2024	$	(67,676)	$	4,885	$	1,987	$	(60,804)

Schedule of Reclassification out of Accumulated Other Comprehensive Income

The following table presents reclassifications out of AOCI:

	Three-Months Ended March 31,
(in thousands)	2024		2023
Investment securities (gains) losses, net	$	(36)	$	13,170
Interest income	882		—
Interest expense	(788)		—
Income tax expense	(15)		(3,332)
Net of tax	$	43	$	9,838

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Nature of Business and Significant Accounting Policies (Details) $ in Millions		3 Months Ended
	Jan. 31, 2024 USD ($)	Mar. 31, 2024 segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of reportable segments | segment		1
DNVB
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business combination, consideration transferred | $	$ 32.6

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Business Combinations - Additional Information (Details) - DNVB $ in Thousands	Jan. 31, 2024 USD ($)
Business Acquisition [Line Items]
Interest acquired	100.00%
Cash consideration	$ 32,600

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Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Liabilities assumed
Goodwill		$ 71,118	$ 62,477		$ 62,477
DNVB
Merger consideration
Cash consideration	$ 32,600
Assets acquired
Cash and due from banks	462
Interest earning deposits in banks	3,517
Debt securities	52,493	52,493		$ 0
Loans held for investment	207,095
Premises and equipment	13,470	11,091		0
Core deposit intangible	7,100	7,100		0
Other assets	4,987	4,987		0
Total assets acquired	289,124
Liabilities assumed
Deposits	(224,248)	(224,248)		0
Short-term borrowings	(37,500)
Other liabilities	(3,417)
Total liabilities assumed	(265,165)
Identifiable net assets acquired, at fair value	23,959
Goodwill	$ 8,641	$ 8,641		$ 0

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Business Combinations - Pro Forma Information (Details) - DNVB - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Total revenues	$ 45,298	$ 38,963
Net income (loss)	$ 6,466	$ (1,662)
EPS - basic (in dollars per share)	$ 0.41	$ (0.11)
EPS - diluted (in dollars per share)	$ 0.41	$ (0.11)

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Business Combinations - Acquisition-Related Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Noninterest Expense
Compensation and employee benefits	$ 20,930	$ 19,607
Occupancy expense of premises, net	2,813	2,746
Equipment	2,600	2,171
Legal and professional	2,059	1,736
Data processing	1,360	1,363
Communications	196	261
Other	2,072	1,976
DNVB
Noninterest Expense
Compensation and employee benefits	241	70
Occupancy expense of premises, net	152	0
Equipment	149	0
Legal and professional	573	0
Data processing	61	65
Marketing	32	0
Communications	1	0
Other	105	1
Total acquisition-related expenses	$ 1,314	$ 136

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Debt Securities - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Available for Sale
Net unrealized after tax loss from transfer of AFS to held-to-maturity classification	$ 6,600
Debt securities available for sale	797,230	$ 795,134
Interest receivable	$ 30,728	$ 29,768
Securities in continuous unrealized loss position | security	326	323
Accumulated unrealized losses	$ 76,201	$ 78,201
Asset Pledged as Collateral without Right
Available for Sale
Debt securities available for sale	1,240,000	1,160,000
Debt Securities Available For Sale Securities
Available for Sale
Interest receivable	5,800	5,500
Debt, Held to Maturity Securities
Available for Sale
Interest receivable	3,500	3,700
State and political subdivisions
Available for Sale
Debt securities available for sale	$ 123,378	$ 130,139
Securities in continuous unrealized loss position | security	149	149
Accumulated unrealized losses	$ 8,773	$ 9,345
Mortgage-backed securities
Available for Sale
Debt securities available for sale	$ 5,199	$ 5,311
Securities in continuous unrealized loss position | security	21	19
Accumulated unrealized losses	$ 151	$ 142
Collateralized mortgage obligations
Available for Sale
Debt securities available for sale	$ 178,622	$ 169,196
Securities in continuous unrealized loss position | security	22	20
Accumulated unrealized losses	$ 22,620	$ 21,108
Mortgage backed securities and collateralized mortgage obligations
Available for Sale
Accumulated unrealized losses	22,800
Collateralized loan obligations
Available for Sale
Debt securities available for sale	$ 61,866	$ 50,437
Securities in continuous unrealized loss position | security	3	2
Accumulated unrealized losses	$ 248	$ 239
Corporate debt securities
Available for Sale
Debt securities available for sale	$ 427,918	$ 440,051
Securities in continuous unrealized loss position | security	130	133
Accumulated unrealized losses	$ 44,409	$ 47,367

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Debt Securities - Schedule of Available for Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2021
Available for Sale
Amortized Cost	$ 873,117	$ 873,136
Gross Unrealized Gains	314	199
Gross Unrealized Losses	76,201	78,201
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	797,230	795,134
Held to Maturity
Amortized cost	1,064,939	1,075,190
Gross Unrealized Gains	0	0
Gross Unrealized Losses	189,295	179,927
Allowance for Credit Loss related to Debt Securities	0	0
Fair Value	875,644	895,263
Amortized Cost	873,117	873,136
Gross Unrealized Gains	314	199
Gross Unrealized Losses	76,201	78,201
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	797,230	795,134
U.S. Treasury securities
Available for Sale
Amortized Cost	247
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Allowance for Credit Loss related to Debt Securities	0
Debt securities available for sale	247
Held to Maturity
Amortized Cost	247
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Allowance for Credit Loss related to Debt Securities	0
Debt securities available for sale	247
State and political subdivisions
Available for Sale
Amortized Cost	132,150	139,482
Gross Unrealized Gains	1	2
Gross Unrealized Losses	8,773	9,345
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	123,378	130,139
Gain related to reclassification	231
Held to Maturity
Amortized cost	531,961	532,422
Gross Unrealized Gains	0	0	$ 227
Gross Unrealized Losses	71,245	65,932
Allowance for Credit Loss related to Debt Securities	0	0
Fair Value	460,716	466,490
Amortized Cost	132,150	139,482
Gross Unrealized Gains	1	2
Gross Unrealized Losses	8,773	9,345
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	123,378	130,139
Mortgage-backed securities
Available for Sale
Amortized Cost	5,347	5,448
Gross Unrealized Gains	3	5
Gross Unrealized Losses	151	142
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	5,199	5,311
Gain related to reclassification	74
Loss related to reclassification			58
Held to Maturity
Amortized cost	73,668	74,904
Gross Unrealized Gains	0	0
Gross Unrealized Losses	12,685	11,635
Allowance for Credit Loss related to Debt Securities	0	0
Fair Value	60,983	63,269
Loss related to reclassification			58
Amortized Cost	5,347	5,448
Gross Unrealized Gains	3	5
Gross Unrealized Losses	151	142
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	5,199	5,311
Collateralized loan obligations
Available for Sale
Amortized Cost	61,914	50,541
Gross Unrealized Gains	200	135
Gross Unrealized Losses	248	239
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	61,866	50,437
Held to Maturity
Amortized cost	0
Fair Value	0
Amortized Cost	61,914	50,541
Gross Unrealized Gains	200	135
Gross Unrealized Losses	248	239
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	61,866	50,437
Collateralized mortgage obligations
Available for Sale
Amortized Cost	201,242	190,304
Gross Unrealized Gains	0	0
Gross Unrealized Losses	22,620	21,108
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	178,622	169,196
Loss related to reclassification	9,300		9,700
Held to Maturity
Amortized cost	459,310	467,864
Gross Unrealized Gains	0	0
Gross Unrealized Losses	105,365	102,360
Allowance for Credit Loss related to Debt Securities	0	0
Fair Value	353,945	365,504
Loss related to reclassification	9,300		$ 9,700
Amortized Cost	201,242	190,304
Gross Unrealized Gains	0	0
Gross Unrealized Losses	22,620	21,108
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	178,622	169,196
Corporate debt securities
Available for Sale
Amortized Cost	472,217	487,361
Gross Unrealized Gains	110	57
Gross Unrealized Losses	44,409	47,367
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	427,918	440,051
Held to Maturity
Amortized Cost	472,217	487,361
Gross Unrealized Gains	110	57
Gross Unrealized Losses	44,409	47,367
Allowance for Credit Loss related to Debt Securities	0	0
Debt securities available for sale	$ 427,918	$ 440,051

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Debt Securities - Schedule of Available for Sale Securities in Continuous Loss Position (Details) $ in Thousands	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Available for Sale
Number of Securities | security	326	323
Less than 12 Months, Fair Value	$ 83,817	$ 34,768
Less than 12 Months, Unrealized Losses	1,096	901
12 Months or More, Fair Value	666,956	676,633
12 Months or More, Unrealized Loss	75,105	77,300
Fair Value	750,773	711,401
Unrealized Losses	$ 76,201	$ 78,201
U.S. Treasury securities
Available for Sale
Number of Securities | security	1
Less than 12 Months, Fair Value	$ 247
Less than 12 Months, Unrealized Losses	0
12 Months or More, Fair Value	0
12 Months or More, Unrealized Loss	0
Fair Value	247
Unrealized Losses	$ 0
State and political subdivisions
Available for Sale
Number of Securities | security	149	149
Less than 12 Months, Fair Value	$ 3,837	$ 8,417
Less than 12 Months, Unrealized Losses	114	492
12 Months or More, Fair Value	118,100	114,713
12 Months or More, Unrealized Loss	8,659	8,853
Fair Value	121,937	123,130
Unrealized Losses	$ 8,773	$ 9,345
Mortgage-backed securities
Available for Sale
Number of Securities | security	21	19
Less than 12 Months, Fair Value	$ 5	$ 0
Less than 12 Months, Unrealized Losses	0	0
12 Months or More, Fair Value	4,808	4,906
12 Months or More, Unrealized Loss	151	142
Fair Value	4,813	4,906
Unrealized Losses	$ 151	$ 142
Collateralized loan obligations
Available for Sale
Number of Securities | security	3	2
Less than 12 Months, Fair Value	$ 22,817	$ 17,696
Less than 12 Months, Unrealized Losses	234	239
12 Months or More, Fair Value	2,929	0
12 Months or More, Unrealized Loss	14	0
Fair Value	25,746	17,696
Unrealized Losses	$ 248	$ 239
Collateralized mortgage obligations
Available for Sale
Number of Securities | security	22	20
Less than 12 Months, Fair Value	$ 54,982	$ 6,278
Less than 12 Months, Unrealized Losses	718	90
12 Months or More, Fair Value	123,640	127,792
12 Months or More, Unrealized Loss	21,902	21,018
Fair Value	178,622	134,070
Unrealized Losses	$ 22,620	$ 21,108
Corporate debt securities
Available for Sale
Number of Securities | security	130	133
Less than 12 Months, Fair Value	$ 1,929	$ 2,377
Less than 12 Months, Unrealized Losses	30	80
12 Months or More, Fair Value	417,479	429,222
12 Months or More, Unrealized Loss	44,379	47,287
Fair Value	419,408	431,599
Unrealized Losses	$ 44,409	$ 47,367

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Debt Securities - Schedule of Proceeds and Gross Realized Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities [Abstract]
Proceeds from sales of debt securities available for sale	$ 52,323	$ 218,667
Gross realized losses from sales of debt securities available for sale	0	(13,170)
Net realized gain from sales of debt securities available for sale	0	(13,170)
Net gains from call or maturity of debt securities	$ 36	$ 0

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Debt Securities - Schedule of Investments Classified by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less, Amortized Cost	$ 60,692
Due after one year through five years, Amortized Cost	371,630
Due after five years through ten years, Amortized Cost	145,334
Due after ten years, Amortized Cost	26,958
Total maturing securities, Amortized Cost	604,614
Amortized Cost	873,117	$ 873,136
Fair Value
Due in one year or less, estimated fair value	59,887
Due after one year through five years, estimated fair value	342,646
Due after five years through ten years, estimated fair value	125,889
Due after ten years, estimated fair value	23,121
Total maturing securities, fair value	551,543
Debt securities available for sale at fair value	797,230	795,134
Amortized Cost
Due in one year or less, Amortized Cost	2,510
Due after one year through five years, Amortized Cost	150,788
Due after five years through ten years, Amortized Cost	250,580
Due after ten years, Amortized Cost	128,083
Total maturing securities, Amortized Cost	531,961
Held to maturity securities at Amortized Cost	1,064,939	1,075,190
Fair Value
Due in one year or less, estimated fair value	2,484
Due after one year through five years, estimated fair value	137,380
Due after five years through ten years, estimated fair value	214,093
Due after ten years, estimated fair value	106,759
Total maturing securities, fair value	460,716
Held to maturity securities at fair value	875,644	895,263
Mortgage-backed securities
Amortized Cost
Amortized Cost	5,347	5,448
Fair Value
Debt securities available for sale at fair value	5,199	5,311
Amortized Cost
Held to maturity securities at Amortized Cost	73,668	74,904
Fair Value
Held to maturity securities at fair value	60,983	63,269
Collateralized loan obligations
Amortized Cost
Amortized Cost	61,914	50,541
Fair Value
Debt securities available for sale at fair value	61,866	50,437
Amortized Cost
Held to maturity securities at Amortized Cost	0
Fair Value
Held to maturity securities at fair value	0
Collateralized mortgage obligations
Amortized Cost
Amortized Cost	201,242	190,304
Fair Value
Debt securities available for sale at fair value	178,622	169,196
Amortized Cost
Held to maturity securities at Amortized Cost	459,310	467,864
Fair Value
Held to maturity securities at fair value	$ 353,945	$ 365,504

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Loans Receivable and the Allowance for Credit Losses - Composition of Loans by Lending Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	$ 4,414,646	$ 4,126,947
Allowance for credit losses	(55,900)	(51,500)	$ (49,800)	$ (49,200)
Total loans held for investment, net	4,358,746	4,075,447
Asset Pledged as Collateral without Right | FHLB borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	1,120,000	1,130,000
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	113,029	118,414
Allowance for credit losses	(648)	(613)	(513)	(923)
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	1,105,718	1,075,003
Allowance for credit losses	(21,882)	(21,743)	(22,345)	(22,855)
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	2,437,829	2,225,310
Allowance for credit losses	(26,772)	(23,759)	(21,833)	(20,123)
Commercial real estate | Construction & development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	403,571	323,195
Commercial real estate | Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	184,109	184,955
Commercial real estate | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	409,504	383,178
Commercial real estate | Commercial real estate-other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	1,440,645	1,333,982
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	677,409	640,437
Allowance for credit losses	(5,014)	(4,762)	(4,545)	(4,678)
Residential real estate | One- to four- family first liens
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	495,408	459,798
Residential real estate | One- to four- family junior liens
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	182,001	180,639
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net of unearned income	80,661	67,783
Allowance for credit losses	$ (1,584)	$ (623)	$ (564)	$ (621)

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Loans Receivable and the Allowance for Credit Losses - Amortized Cost Basis Based on Delinquency Status (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	$ 4,414,646	$ 4,126,947
90 Days or More Past Due And Accruing	967	468
Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	4,378,937	4,093,155
30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	6,815	7,660
60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	1,879	4,502
90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	27,015	21,630
Agricultural
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	113,029	118,414
90 Days or More Past Due And Accruing	0	0
Agricultural | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	112,185	117,852
Agricultural | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	384	338
Agricultural | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	0	0
Agricultural | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	460	224
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	1,105,718	1,075,003
90 Days or More Past Due And Accruing	0	0
Commercial and industrial | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	1,087,725	1,058,301
Commercial and industrial | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	360	440
Commercial and industrial | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	194	401
Commercial and industrial | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	17,439	15,861
Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	2,437,829	2,225,310
90 Days or More Past Due And Accruing	0	0
Commercial real estate | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	2,429,878	2,216,829
Commercial real estate | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	1,900	2,836
Commercial real estate | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	0	1,642
Commercial real estate | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	6,051	4,003
Commercial real estate | Construction & development
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	403,571	323,195
90 Days or More Past Due And Accruing	0	0
Commercial real estate | Construction & development | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	403,571	323,165
Commercial real estate | Construction & development | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	0	30
Commercial real estate | Construction & development | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	0	0
Commercial real estate | Construction & development | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	0	0
Commercial real estate | Farmland
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	184,109	184,955
90 Days or More Past Due And Accruing	0	0
Commercial real estate | Farmland | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	182,368	182,759
Commercial real estate | Farmland | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	339	677
Commercial real estate | Farmland | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	0	352
Commercial real estate | Farmland | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	1,402	1,167
Commercial real estate | Multifamily
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	409,504	383,178
90 Days or More Past Due And Accruing	0	0
Commercial real estate | Multifamily | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	409,504	383,178
Commercial real estate | Multifamily | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	0	0
Commercial real estate | Multifamily | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	0	0
Commercial real estate | Multifamily | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	0	0
Commercial real estate | Commercial real estate-other
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	1,440,645	1,333,982
90 Days or More Past Due And Accruing	0	0
Commercial real estate | Commercial real estate-other | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	1,434,435	1,327,727
Commercial real estate | Commercial real estate-other | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	1,561	2,129
Commercial real estate | Commercial real estate-other | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	0	1,290
Commercial real estate | Commercial real estate-other | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	4,649	2,836
Residential real estate
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	677,409	640,437
90 Days or More Past Due And Accruing	925	468
Residential real estate | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	668,843	632,551
Residential real estate | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	3,929	3,928
Residential real estate | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	1,614	2,431
Residential real estate | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	3,023	1,527
Residential real estate | One- to four- family first liens
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	495,408	459,798
90 Days or More Past Due And Accruing	925	468
Residential real estate | One- to four- family first liens | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	488,382	453,212
Residential real estate | One- to four- family first liens | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	3,362	3,572
Residential real estate | One- to four- family first liens | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	1,279	1,741
Residential real estate | One- to four- family first liens | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	2,385	1,273
Residential real estate | One- to four- family junior liens
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	182,001	180,639
90 Days or More Past Due And Accruing	0	0
Residential real estate | One- to four- family junior liens | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	180,461	179,339
Residential real estate | One- to four- family junior liens | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	567	356
Residential real estate | One- to four- family junior liens | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	335	690
Residential real estate | One- to four- family junior liens | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	638	254
Consumer
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	80,661	67,783
90 Days or More Past Due And Accruing	42	0
Consumer | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	80,306	67,622
Consumer | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	242	118
Consumer | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	71	28
Consumer | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, net of unearned income	$ 42	$ 15

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Loans Receivable and the Allowance for Credit Losses - Nonaccrual Status and Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 28,300		$ 25,891
Nonaccrual with no Allowance for Credit Losses	17,527		15,359
90 Days or More Past Due And Accruing	967		468
Interest Income Recognized on Nonaccrual	129	$ 56
Agricultural
Financing Receivable, Past Due [Line Items]
Nonaccrual	460		235
Nonaccrual with no Allowance for Credit Losses	219		12
90 Days or More Past Due And Accruing	0		0
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Nonaccrual	17,966		17,770
Nonaccrual with no Allowance for Credit Losses	12,455		12,549
90 Days or More Past Due And Accruing	0		0
Commercial real estate
Financing Receivable, Past Due [Line Items]
Nonaccrual	6,464		5,095
Nonaccrual with no Allowance for Credit Losses	3,876		2,343
90 Days or More Past Due And Accruing	0		0
Commercial real estate | Construction & development
Financing Receivable, Past Due [Line Items]
Nonaccrual	0		0
Nonaccrual with no Allowance for Credit Losses	0		0
90 Days or More Past Due And Accruing	0		0
Commercial real estate | Farmland
Financing Receivable, Past Due [Line Items]
Nonaccrual	1,538		1,654
Nonaccrual with no Allowance for Credit Losses	1,390		1,490
90 Days or More Past Due And Accruing	0		0
Commercial real estate | Multifamily
Financing Receivable, Past Due [Line Items]
Nonaccrual	0		0
Nonaccrual with no Allowance for Credit Losses	0		0
90 Days or More Past Due And Accruing	0		0
Commercial real estate | Commercial real estate-other
Financing Receivable, Past Due [Line Items]
Nonaccrual	4,926		3,441
Nonaccrual with no Allowance for Credit Losses	2,486		853
90 Days or More Past Due And Accruing	0		0
Residential real estate
Financing Receivable, Past Due [Line Items]
Nonaccrual	3,372		2,764
Nonaccrual with no Allowance for Credit Losses	977		455
90 Days or More Past Due And Accruing	925		468
Residential real estate | One- to four- family first liens
Financing Receivable, Past Due [Line Items]
Nonaccrual	2,294		1,888
Nonaccrual with no Allowance for Credit Losses	853		455
90 Days or More Past Due And Accruing	925		468
Residential real estate | One- to four- family junior liens
Financing Receivable, Past Due [Line Items]
Nonaccrual	1,078		876
Nonaccrual with no Allowance for Credit Losses	124		0
90 Days or More Past Due And Accruing	0		0
Consumer
Financing Receivable, Past Due [Line Items]
Nonaccrual	38		27
Nonaccrual with no Allowance for Credit Losses	0		0
90 Days or More Past Due And Accruing	$ 42		$ 0

XML

Loans Receivable and the Allowance for Credit Losses - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 119,486		$ 674,051
2023	707,906		1,048,803
2022	1,094,127		822,694
2021	838,184		591,609
2020	593,349		175,599
Prior	596,831		389,563
Revolving Loans	464,763		424,628
Loans held for investment, net of unearned income	4,414,646		4,126,947
Year-to-date Current Period Gross Write-offs
2024	0		239
2023	276		991
2022	135		254
2021	155		162
2020	29		478
Prior	52		2,428
Revolving Loans	0		0
Total	647	$ 487	4,552
Pass / Performing
Financing Receivable, Credit Quality Indicator [Line Items]
2024	12,132		49,579
2023	52,536		44,238
2022	44,783		28,775
2021	26,909		11,713
2020	11,152		4,041
Prior	17,771		15,217
Revolving Loans	96,262		93,955
Loans held for investment, net of unearned income	261,545		247,518
Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	16		214
2022	427		0
2021	0		25
2020	23		26
Prior	651		639
Revolving Loans	0		0
Loans held for investment, net of unearned income	1,117		904
Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,515		12,834
2023	10,267		12,892
2022	13,134		9,324
2021	8,076		3,051
2020	2,738		694
Prior	2,549		1,885
Revolving Loans	68,750		77,734
Loans held for investment, net of unearned income	113,029		118,414
Year-to-date Current Period Gross Write-offs
2024	0		0
2023	0		8
2022	0		1
2021	4		17
2020	0		2
Prior	0		0
Revolving Loans	0		0
Total	4	1	28
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	27,640		179,459
2023	176,884		228,261
2022	219,384		198,230
2021	192,227		121,272
2020	115,485		34,255
Prior	175,267		146,365
Revolving Loans	198,831		167,161
Loans held for investment, net of unearned income	1,105,718		1,075,003
Year-to-date Current Period Gross Write-offs
2024	0		239
2023	0		343
2022	128		223
2021	129		133
2020	29		464
Prior	13		45
Revolving Loans	0		0
Total	299	320	1,447
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, net of unearned income	2,437,829		2,225,310
Year-to-date Current Period Gross Write-offs
Total	35	18
Commercial real estate | Construction & development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	30,692		101,243
2023	124,269		163,366
2022	179,864		43,653
2021	50,350		3,393
2020	3,346		821
Prior	2,451		700
Revolving Loans	12,599		10,019
Loans held for investment, net of unearned income	403,571		323,195
Year-to-date Current Period Gross Write-offs
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Commercial real estate | Farmland
Financing Receivable, Credit Quality Indicator [Line Items]
2024	6,592		28,725
2023	26,455		52,015
2022	50,221		51,019
2021	48,944		25,897
2020	25,439		7,513
Prior	23,169		17,839
Revolving Loans	3,289		1,947
Loans held for investment, net of unearned income	184,109		184,955
Year-to-date Current Period Gross Write-offs
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Commercial real estate | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	5,774		37,395
2023	42,595		98,206
2022	98,956		118,881
2021	122,068		96,843
2020	100,053		16,551
Prior	34,706		11,094
Revolving Loans	5,352		4,208
Loans held for investment, net of unearned income	409,504		383,178
Year-to-date Current Period Gross Write-offs
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Commercial real estate | Commercial real estate-other
Financing Receivable, Credit Quality Indicator [Line Items]
2024	11,608		200,387
2023	211,150		322,927
2022	349,444		279,271
2021	293,095		274,602
2020	280,467		90,033
Prior	231,908		110,441
Revolving Loans	62,973		56,321
Loans held for investment, net of unearned income	1,440,645		1,333,982
Year-to-date Current Period Gross Write-offs
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	35		2,337
Revolving Loans	0		0
Total	35		2,337
Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, net of unearned income	677,409		640,437
Year-to-date Current Period Gross Write-offs
Total	19	0
Residential real estate | One- to four- family first liens
Financing Receivable, Credit Quality Indicator [Line Items]
2024	17,533		64,429
2023	63,734		126,684
2022	137,914		93,541
2021	96,515		54,813
2020	54,646		21,665
Prior	108,359		85,383
Revolving Loans	16,707		13,283
Loans held for investment, net of unearned income	495,408		459,798
Year-to-date Current Period Gross Write-offs
2024	0		0
2023	0		0
2022	0		0
2021	19		0
2020	0		0
Prior	0		36
Revolving Loans	0		0
Total	19		36
Residential real estate | One- to four- family first liens | Pass / Performing
Financing Receivable, Credit Quality Indicator [Line Items]
2024			1,156
2023			191
2022			738
2021			165
2020			164
Prior			3,404
Revolving Loans			0
Loans held for investment, net of unearned income			5,818
Residential real estate | One- to four- family first liens | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
2024			0
2023			0
2022			0
2021			0
2020			0
Prior			0
Revolving Loans			0
Loans held for investment, net of unearned income			0
Residential real estate | One- to four- family junior liens
Financing Receivable, Credit Quality Indicator [Line Items]
2024	4,210		23,551
2023	21,539		30,111
2022	29,079		18,733
2021	17,968		7,317
2020	7,277		2,613
Prior	10,431		8,504
Revolving Loans	91,497		89,810
Loans held for investment, net of unearned income	182,001		180,639
Year-to-date Current Period Gross Write-offs
2024	0		0
2023	0		19
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		19
Residential real estate | One- to four- family junior liens | Pass / Performing
Financing Receivable, Credit Quality Indicator [Line Items]
2024	4,210		23,551
2023	21,539		29,919
2022	28,673		18,733
2021	17,968		7,292
2020	7,254		2,590
Prior	9,781		7,867
Revolving Loans	91,497		89,810
Loans held for investment, net of unearned income	180,922		179,762
Residential real estate | One- to four- family junior liens | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		192
2022	406		0
2021	0		25
2020	23		23
Prior	650		637
Revolving Loans	0		0
Loans held for investment, net of unearned income	1,079		877
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,922		26,028
2023	31,013		14,341
2022	16,131		10,042
2021	8,941		4,421
2020	3,898		1,454
Prior	7,991		7,352
Revolving Loans	4,765		4,145
Loans held for investment, net of unearned income	80,661		67,783
Year-to-date Current Period Gross Write-offs
2024	0		0
2023	276		621
2022	7		30
2021	3		12
2020			12
Prior	4		10
Revolving Loans	0		0
Total	290	$ 148	685
Consumer | Pass / Performing
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,922		26,028
2023	30,997		14,319
2022	16,110		10,042
2021	8,941		4,421
2020	3,898		1,451
Prior	7,990		7,350
Revolving Loans	4,765		4,145
Loans held for investment, net of unearned income	80,623		67,756
Consumer | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	16		22
2022	21		0
2021	0		0
2020	0		3
Prior	1		2
Revolving Loans	0		0
Loans held for investment, net of unearned income	38		27
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024	99,231		607,768
2023	639,728		962,918
2022	986,736		752,137
2021	772,020		524,570
2020	517,051		139,536
Prior	483,849		311,683
Revolving Loans	337,942		299,882
Loans held for investment, net of unearned income	3,836,557		3,598,494
Pass | Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,515		11,859
2023	9,909		12,149
2022	12,420		8,352
2021	7,156		2,752
2020	2,399		689
Prior	1,847		1,139
Revolving Loans	66,311		71,680
Loans held for investment, net of unearned income	107,557		108,620
Pass | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	27,582		176,021
2023	173,057		224,924
2022	200,277		193,011
2021	188,288		117,326
2020	112,151		25,555
Prior	135,262		116,661
Revolving Loans	175,914		147,690
Loans held for investment, net of unearned income	1,012,531		1,001,188
Pass | Commercial real estate | Construction & development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	30,069		99,803
2023	123,679		163,126
2022	179,633		43,189
2021	49,896		3,393
2020	3,346		821
Prior	2,451		700
Revolving Loans	12,132		9,552
Loans held for investment, net of unearned income	401,206		320,584
Pass | Commercial real estate | Farmland
Financing Receivable, Credit Quality Indicator [Line Items]
2024	6,592		25,666
2023	26,072		44,907
2022	43,144		47,068
2021	45,254		18,863
2020	18,449		6,587
Prior	19,303		14,845
Revolving Loans	2,540		1,642
Loans held for investment, net of unearned income	161,354		159,578
Pass | Commercial real estate | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	456		32,077
2023	42,595		96,969
2022	97,726		111,032
2021	114,264		77,532
2020	69,748		8,701
Prior	22,308		6,508
Revolving Loans	5,352		4,208
Loans held for investment, net of unearned income	352,449		337,027
Pass | Commercial real estate | Commercial real estate-other
Financing Receivable, Credit Quality Indicator [Line Items]
2024	9,484		199,698
2023	202,773		295,066
2022	316,522		256,718
2021	271,467		250,676
2020	257,023		77,509
Prior	200,086		90,170
Revolving Loans	58,986		51,827
Loans held for investment, net of unearned income	1,316,341		1,221,664
Pass | Residential real estate | One- to four- family first liens | Pass / Performing
Financing Receivable, Credit Quality Indicator [Line Items]
2024	17,533		62,644
2023	61,643		125,777
2022	137,014		92,767
2021	95,695		54,028
2020	53,935		19,674
Prior	102,592		81,660
Revolving Loans	16,707		13,283
Loans held for investment, net of unearned income	485,119		449,833
Special mention / watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024	6,453		11,444
2023	12,293		11,123
2022	33,648		10,365
2021	7,893		33,885
2020	44,138		14,157
Prior	25,542		9,059
Revolving Loans	22,637		22,996
Loans held for investment, net of unearned income	152,604		113,029
Special mention / watch | Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		266
2023	319		550
2022	452		670
2021	635		91
2020	124		5
Prior	488		522
Revolving Loans	1,643		3,705
Loans held for investment, net of unearned income	3,661		5,809
Special mention / watch | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	58		2,541
2023	2,896		416
2022	17,886		3,209
2021	865		3,385
2020	3,198		193
Prior	2,533		272
Revolving Loans	15,821		14,692
Loans held for investment, net of unearned income	43,257		24,708
Special mention / watch | Commercial real estate | Construction & development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	623		1,097
2023	263		0
2022	0		464
2021	454		0
2020	0		0
Prior	0		0
Revolving Loans	467		467
Loans held for investment, net of unearned income	1,807		2,028
Special mention / watch | Commercial real estate | Farmland
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		1,229
2023	0		6,898
2022	6,695		2,409
2021	2,405		5,982
2020	5,804		0
Prior	1,070		965
Revolving Loans	719		276
Loans held for investment, net of unearned income	16,693		17,759
Special mention / watch | Commercial real estate | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	5,318		5,318
2023	0		1,237
2022	1,230		277
2021	272		18,984
2020	29,979		7,850
Prior	12,384		4,586
Revolving Loans	0		0
Loans held for investment, net of unearned income	49,183		38,252
Special mention / watch | Commercial real estate | Commercial real estate-other
Financing Receivable, Credit Quality Indicator [Line Items]
2024	454		364
2023	8,093		1,306
2022	6,675		3,300
2021	3,227		4,823
2020	4,426		4,282
Prior	7,295		2,395
Revolving Loans	3,987		3,856
Loans held for investment, net of unearned income	34,157		20,326
Special mention / watch | Residential real estate | One- to four- family first liens
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		629
2023	722		716
2022	710		36
2021	35		620
2020	607		1,827
Prior	1,772		319
Revolving Loans	0		0
Loans held for investment, net of unearned income	3,846		4,147
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,670		5,260
2023	3,333		30,310
2022	28,533		31,417
2021	31,362		21,416
2020	20,985		17,839
Prior	69,018		52,965
Revolving Loans	7,922		7,795
Loans held for investment, net of unearned income	162,823		167,002
Substandard | Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		709
2023	39		193
2022	262		302
2021	285		208
2020	215		0
Prior	214		224
Revolving Loans	796		2,349
Loans held for investment, net of unearned income	1,811		3,985
Substandard | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		897
2023	931		2,921
2022	1,221		2,010
2021	3,074		561
2020	136		8,507
Prior	37,472		29,432
Revolving Loans	7,096		4,779
Loans held for investment, net of unearned income	49,930		49,107
Substandard | Commercial real estate | Construction & development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		343
2023	327		240
2022	231		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Loans held for investment, net of unearned income	558		583
Substandard | Commercial real estate | Farmland
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		1,830
2023	383		210
2022	382		1,542
2021	1,285		1,052
2020	1,186		926
Prior	2,796		2,029
Revolving Loans	30		29
Loans held for investment, net of unearned income	6,062		7,618
Substandard | Commercial real estate | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		7,572
2021	7,532		327
2020	326		0
Prior	14		0
Revolving Loans	0		0
Loans held for investment, net of unearned income	7,872		7,899
Substandard | Commercial real estate | Commercial real estate-other
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,670		325
2023	284		26,555
2022	26,247		19,253
2021	18,401		19,103
2020	19,018		8,242
Prior	24,527		17,876
Revolving Loans	0		638
Loans held for investment, net of unearned income	90,147		91,992
Substandard | Residential real estate | One- to four- family first liens
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	1,369
2022	190
2021	785
2020	104
Prior	3,995
Revolving Loans	0
Loans held for investment, net of unearned income	6,443
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Loans held for investment, net of unearned income	0		0
Doubtful | Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Loans held for investment, net of unearned income	0		0
Doubtful | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Loans held for investment, net of unearned income	0		0
Doubtful | Commercial real estate | Construction & development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Loans held for investment, net of unearned income	0		0
Doubtful | Commercial real estate | Farmland
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Loans held for investment, net of unearned income	0		0
Doubtful | Commercial real estate | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Loans held for investment, net of unearned income	0		0
Doubtful | Commercial real estate | Commercial real estate-other
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving Loans	0		0
Loans held for investment, net of unearned income	0		$ 0
Doubtful | Residential real estate | One- to four- family first liens
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Revolving Loans	0
Loans held for investment, net of unearned income	$ 0

XML

Loans Receivable and the Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs	$ (200)	$ (300)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	51,500	49,200	$ 49,200
Charge-offs	(647)	(487)	(4,552)
Recoveries	458	154
Credit loss expense (benefit)	4,589	933
Ending balance	55,900	49,800	51,500
Credit loss expense, off balance sheet credit exposure	100	0
DNVB
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Credit loss expense (benefit)	3,100		3,100
Loans receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest receivable	20,600		19,700
Agricultural
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	613	923	923
Charge-offs	(4)	(1)	(28)
Recoveries	355	26
Credit loss expense (benefit)	(316)	(435)
Ending balance	648	513	613
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	21,743	22,855	22,855
Charge-offs	(299)	(320)	(1,447)
Recoveries	46	75
Credit loss expense (benefit)	392	(265)
Ending balance	21,882	22,345	21,743
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	23,759	20,123	20,123
Charge-offs	(35)	(18)
Recoveries	8	5
Credit loss expense (benefit)	3,040	1,723
Ending balance	26,772	21,833	23,759
Residential real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4,762	4,678	4,678
Charge-offs	(19)	0
Recoveries	9	4
Credit loss expense (benefit)	262	(137)
Ending balance	5,014	4,545	4,762
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	623	621	621
Charge-offs	(290)	(148)	(685)
Recoveries	40	44
Credit loss expense (benefit)	1,211	47
Ending balance	$ 1,584	$ 564	$ 623

XML

Loans Receivable and the Allowance for Credit Losses - Allowance for Loan Losses Based on Evaluation Method (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment	$ 27,199	$ 29,157
Collectively evaluated for impairment	4,387,447	4,097,790
Loans held for investment, net of unearned income	4,414,646	4,126,947
Allowance for credit losses:
Individually evaluated for impairment	2,969	3,337
Collectively evaluated for impairment	52,931	48,163
Total	55,900	51,500	$ 49,800	$ 49,200
Agricultural
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment	219	11
Collectively evaluated for impairment	112,810	118,403
Loans held for investment, net of unearned income	113,029	118,414
Allowance for credit losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	648	613
Total	648	613	513	923
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment	16,911	17,231
Collectively evaluated for impairment	1,088,807	1,057,772
Loans held for investment, net of unearned income	1,105,718	1,075,003
Allowance for credit losses:
Individually evaluated for impairment	2,804	2,616
Collectively evaluated for impairment	19,078	19,127
Total	21,882	21,743	22,345	22,855
Commercial real estate
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment	8,433	10,932
Collectively evaluated for impairment	2,429,396	2,214,378
Loans held for investment, net of unearned income	2,437,829	2,225,310
Allowance for credit losses:
Individually evaluated for impairment	47	705
Collectively evaluated for impairment	26,725	23,054
Total	26,772	23,759	21,833	20,123
Residential real estate
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment	1,636	983
Collectively evaluated for impairment	675,773	639,454
Loans held for investment, net of unearned income	677,409	640,437
Allowance for credit losses:
Individually evaluated for impairment	118	16
Collectively evaluated for impairment	4,896	4,746
Total	5,014	4,762	4,545	4,678
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	80,661	67,783
Loans held for investment, net of unearned income	80,661	67,783
Allowance for credit losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	1,584	623
Total	$ 1,584	$ 623	$ 564	$ 621

XML

Loans Receivable and the Allowance for Credit Losses - Primary Type of Collateral (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	$ 4,358,746	$ 4,075,447
ACL Allocation	55,900	51,500	$ 49,800	$ 49,200
Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	25,713	27,236
Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	1,486	1,921
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	27,199	29,157
ACL Allocation	2,969	3,337
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
ACL Allocation	648	613	513	923
Agricultural | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	11	11
Agricultural | Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Agricultural | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	208	0
Agricultural | Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	219	11
ACL Allocation	0	0
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
ACL Allocation	21,882	21,743	22,345	22,855
Commercial and industrial | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	16,911	15,991
Commercial and industrial | Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Commercial and industrial | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	1,240
Commercial and industrial | Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	16,911	17,231
ACL Allocation	2,804	2,616
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
ACL Allocation	26,772	23,759	21,833	20,123
Commercial real estate | Construction and development | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Commercial real estate | Construction and development | Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Commercial real estate | Construction and development | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Commercial real estate | Construction and development | Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
ACL Allocation	0	0
Commercial real estate | Farmland | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	2,334	5,403
Commercial real estate | Farmland | Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Commercial real estate | Farmland | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	1,278	0
Commercial real estate | Farmland | Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	3,612	5,403
ACL Allocation	0	0
Commercial real estate | Multifamily | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Commercial real estate | Multifamily | Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Commercial real estate | Multifamily | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Commercial real estate | Multifamily | Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
ACL Allocation	0	0
Commercial real estate | Commercial real estate-other | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	4,821	5,350
Commercial real estate | Commercial real estate-other | Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Commercial real estate | Commercial real estate-other | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	179
Commercial real estate | Commercial real estate-other | Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	4,821	5,529
ACL Allocation	47	705
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
ACL Allocation	5,014	4,762	4,545	4,678
Residential real estate | One- to four- family first liens | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	853	481
Residential real estate | One- to four- family first liens | Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Residential real estate | One- to four- family first liens | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Residential real estate | One- to four- family first liens | Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	853	481
ACL Allocation	0	0
Residential real estate | One- to four- family junior liens | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	783	0
Residential real estate | One- to four- family junior liens | Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Residential real estate | One- to four- family junior liens | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	502
Residential real estate | One- to four- family junior liens | Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	783	502
ACL Allocation	118	16
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
ACL Allocation	1,584	623	$ 564	$ 621
Consumer | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Consumer | Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Consumer | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
Consumer | Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for investment, net	0	0
ACL Allocation	$ 0	$ 0

XML

Loans Receivable and the Allowance for Credit Losses - Trouble Debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) modified_loan	Mar. 31, 2023 USD ($)
Financing Receivable, Modified [Line Items]
Principal Receivable	$ 0	$ 81
Total Class of Financing Receivable
Number of modified loans | modified_loan	9
Financing receivable, loans totaling	$ 1,400
Agricultural
Financing Receivable, Modified [Line Items]
Principal Receivable		$ 0
Total Class of Financing Receivable		1.42%
Commercial and industrial
Financing Receivable, Modified [Line Items]
Principal Receivable	$ 0	$ 63
Total Class of Financing Receivable	0.03%	0.04%
CRE - Other | Commercial real estate-other
Financing Receivable, Modified [Line Items]
Principal Receivable	$ 0	$ 18
Total Class of Financing Receivable	0.01%	0.00%
Residential real estate | One- to four- family first liens
Financing Receivable, Modified [Line Items]
Total Class of Financing Receivable	0.05%
Residential real estate | One- to four- family junior liens
Financing Receivable, Modified [Line Items]
Principal Receivable	$ 0
Total Class of Financing Receivable	0.07%
Principal Forgiveness
Financing Receivable, Modified [Line Items]
Principal Receivable	$ 0	$ 0
Principal Forgiveness | Agricultural
Financing Receivable, Modified [Line Items]
Principal Receivable		0
Principal Forgiveness | Commercial and industrial
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Principal Forgiveness | CRE - Other | Commercial real estate-other
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Principal Forgiveness | Residential real estate | One- to four- family first liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Principal Forgiveness | Residential real estate | One- to four- family junior liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Payment Delay
Financing Receivable, Modified [Line Items]
Principal Receivable	253	16
Payment Delay | Agricultural
Financing Receivable, Modified [Line Items]
Principal Receivable		16
Payment Delay | Commercial and industrial
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Payment Delay | CRE - Other | Commercial real estate-other
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Payment Delay | Residential real estate | One- to four- family first liens
Financing Receivable, Modified [Line Items]
Principal Receivable	253
Payment Delay | Residential real estate | One- to four- family junior liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Term Extension
Financing Receivable, Modified [Line Items]
Principal Receivable	688	1,552
Term Extension | Agricultural
Financing Receivable, Modified [Line Items]
Principal Receivable		1,502
Term Extension | Commercial and industrial
Financing Receivable, Modified [Line Items]
Principal Receivable	350	50
Term Extension | CRE - Other | Commercial real estate-other
Financing Receivable, Modified [Line Items]
Principal Receivable	202	0
Term Extension | Residential real estate | One- to four- family first liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Term Extension | Residential real estate | One- to four- family junior liens
Financing Receivable, Modified [Line Items]
Principal Receivable	136
Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Interest Rate Reduction | Agricultural
Financing Receivable, Modified [Line Items]
Principal Receivable		0
Interest Rate Reduction | Commercial and industrial
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Interest Rate Reduction | CRE - Other | Commercial real estate-other
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Interest Rate Reduction | Residential real estate | One- to four- family first liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Interest Rate Reduction | Residential real estate | One- to four- family junior liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Term Extension & Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Principal Receivable	0	120
Term Extension & Interest Rate Reduction | Agricultural
Financing Receivable, Modified [Line Items]
Principal Receivable		0
Term Extension & Interest Rate Reduction | Commercial and industrial
Financing Receivable, Modified [Line Items]
Principal Receivable	0	120
Term Extension & Interest Rate Reduction | CRE - Other | Commercial real estate-other
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Term Extension & Interest Rate Reduction | Residential real estate | One- to four- family first liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Term Extension & Interest Rate Reduction | Residential real estate | One- to four- family junior liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Principal Forgiveness & Term Extension
Financing Receivable, Modified [Line Items]
Principal Receivable	0	307
Principal Forgiveness & Term Extension | Agricultural
Financing Receivable, Modified [Line Items]
Principal Receivable		0
Principal Forgiveness & Term Extension | Commercial and industrial
Financing Receivable, Modified [Line Items]
Principal Receivable	0	307
Principal Forgiveness & Term Extension | CRE - Other | Commercial real estate-other
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Principal Forgiveness & Term Extension | Residential real estate | One- to four- family first liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Principal Forgiveness & Term Extension | Residential real estate | One- to four- family junior liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Principal Forgiveness, Term Extension, & Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Principal Receivable	0	20
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Agricultural
Financing Receivable, Modified [Line Items]
Principal Receivable		0
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Commercial and industrial
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Principal Forgiveness, Term Extension, & Interest Rate Reduction | CRE - Other | Commercial real estate-other
Financing Receivable, Modified [Line Items]
Principal Receivable	0	20
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Residential real estate | One- to four- family first liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Residential real estate | One- to four- family junior liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Payment Delay & Term Extension
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Payment Delay & Term Extension | Agricultural
Financing Receivable, Modified [Line Items]
Principal Receivable		0
Payment Delay & Term Extension | Commercial and industrial
Financing Receivable, Modified [Line Items]
Principal Receivable	0	0
Payment Delay & Term Extension | CRE - Other | Commercial real estate-other
Financing Receivable, Modified [Line Items]
Principal Receivable	0	$ 0
Payment Delay & Term Extension | Residential real estate | One- to four- family first liens
Financing Receivable, Modified [Line Items]
Principal Receivable	0
Payment Delay & Term Extension | Residential real estate | One- to four- family junior liens
Financing Receivable, Modified [Line Items]
Principal Receivable	$ 0

XML

Loans Receivable and the Allowance for Credit Losses - Aging Analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	$ 12,507	$ 2,015
Agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months		1,518
Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	5,099	477
Commercial real estate | Construction & development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	559
Commercial real estate | Farmland
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	381
Commercial real estate | Commercial real estate-other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	6,066	20
RRE - One- to four- family first liens | One- to four- family first liens
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	253
Residential real estate | One- to four- family junior liens
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	149
Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	11,084	1,995
Current | Agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months		1,518
Current | Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	4,028	477
Current | Commercial real estate | Construction & development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	559
Current | Commercial real estate | Farmland
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	29
Current | Commercial real estate | Commercial real estate-other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	6,066	0
Current | RRE - One- to four- family first liens | One- to four- family first liens
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	253
Current | Residential real estate | One- to four- family junior liens
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	149
30 - 59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	76	0
30 - 59 Days Past Due | Agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months		0
30 - 59 Days Past Due | Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	76	0
30 - 59 Days Past Due | Commercial real estate | Construction & development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0
30 - 59 Days Past Due | Commercial real estate | Farmland
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0
30 - 59 Days Past Due | Commercial real estate | Commercial real estate-other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0	0
30 - 59 Days Past Due | RRE - One- to four- family first liens | One- to four- family first liens
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0
30 - 59 Days Past Due | Residential real estate | One- to four- family junior liens
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0
60 - 89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0	0
60 - 89 Days Past Due | Agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months		0
60 - 89 Days Past Due | Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0	0
60 - 89 Days Past Due | Commercial real estate | Construction & development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0
60 - 89 Days Past Due | Commercial real estate | Farmland
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0
60 - 89 Days Past Due | Commercial real estate | Commercial real estate-other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0	0
60 - 89 Days Past Due | RRE - One- to four- family first liens | One- to four- family first liens
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0
60 - 89 Days Past Due | Residential real estate | One- to four- family junior liens
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0
90 Days or More Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	1,347	20
90 Days or More Past Due | Agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months		0
90 Days or More Past Due | Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	995	0
90 Days or More Past Due | Commercial real estate | Construction & development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0
90 Days or More Past Due | Commercial real estate | Farmland
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	352
90 Days or More Past Due | Commercial real estate | Commercial real estate-other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0	$ 20
90 Days or More Past Due | RRE - One- to four- family first liens | One- to four- family first liens
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	0
90 Days or More Past Due | Residential real estate | One- to four- family junior liens
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performance of loans modified in last twelve months	$ 0

XML

Loans Receivable and the Allowance for Credit Losses - Financial Effect of Loan Modification (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Principal Forgiveness	$ 0	$ 81
Weighted Average Interest Rate Reduction	0.00%	2.07%
Weighted Average Term Extension (Months)	27 years 10 months 24 days	4 years 7 months 20 days
Agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Principal Forgiveness		$ 0
Weighted Average Interest Rate Reduction		0.00%
Weighted Average Term Extension (Months)		2 years 4 months 13 days
Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Principal Forgiveness	$ 0	$ 63
Weighted Average Interest Rate Reduction	0.00%	1.25%
Weighted Average Term Extension (Months)	4 years 4 months 24 days	11 years 10 months 20 days
CRE - Other | Commercial real estate-other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Principal Forgiveness	$ 0	$ 18
Weighted Average Interest Rate Reduction	0.00%	7.00%
Weighted Average Term Extension (Months)	5 years 4 months 24 days	2 years 5 months 19 days
Residential real estate | One- to four- family junior liens
Financing Receivable, Troubled Debt Restructuring [Line Items]
Principal Forgiveness	$ 0
Weighted Average Interest Rate Reduction	0.00%
Weighted Average Term Extension (Months)	122 years

XML

Derivatives, Hedging Activities and Balance Sheet Offsetting - Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 27,844	$ 25,093
Derivative liabilities, fair value	23,141	24,057
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, notional amount	400,425	391,101
Derivative assets, fair value	5,333	3,011
Derivative liabilities, fair value	691	1,987
Designated as Hedging Instrument | Interest rate swaps - loans
Derivatives, Fair Value [Line Items]
Derivative, notional amount	50,425	41,101
Derivative assets, fair value	2,529	2,071
Derivative liabilities, fair value	601	902
Designated as Hedging Instrument | Interest rate swaps - securities
Derivatives, Fair Value [Line Items]
Derivative, notional amount	150,000	150,000
Derivative assets, fair value	144	0
Derivative liabilities, fair value	90	821
Designated as Hedging Instrument | Interest rate swaps | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, notional amount	200,000	200,000
Derivative assets, fair value	2,660	940
Derivative liabilities, fair value	0	264
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, notional amount	592,394	486,107
Derivative assets, fair value	22,511	22,082
Derivative liabilities, fair value	22,450	22,070
Not Designated as Hedging Instrument | Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, notional amount	522,777	432,648
Derivative assets, fair value	22,429	22,028
Derivative liabilities, fair value	22,438	22,038
Not Designated as Hedging Instrument | RPAs - protection purchased | RPAs - protection sold
Derivatives, Fair Value [Line Items]
Derivative, notional amount	31,175	18,778
Derivative assets, fair value	5	4
Derivative liabilities, fair value	0	0
Not Designated as Hedging Instrument | RPAs - protection purchased | RPAs - protection purchased
Derivatives, Fair Value [Line Items]
Derivative, notional amount	31,089	31,145
Derivative assets, fair value	0	0
Derivative liabilities, fair value	4	9
Not Designated as Hedging Instrument | Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Derivative, notional amount	3,623	1,461
Derivative assets, fair value	77	50
Derivative liabilities, fair value	0	0
Not Designated as Hedging Instrument | Interest rate forward loan sales contracts
Derivatives, Fair Value [Line Items]
Derivative, notional amount	3,730	2,075
Derivative assets, fair value	0	0
Derivative liabilities, fair value	$ 8	$ 23

XML

Derivatives, Hedging Activities and Balance Sheet Offsetting - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instrument, estimated gain reclassified from AOCI into income	$ 2,200
Fair value of derivatives in a net liability position, including accrued interest	$ 4,500

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Derivatives, Hedging Activities and Balance Sheet Offsetting - Effect of Cashflow Hedging on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized net gains in cash flow hedging instruments	$ 2,772	$ 138
Location of Gain (Loss) Reclassified from AOCI into Income	788	0
Interest rate swaps | Cash flow hedges | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized net gains in cash flow hedging instruments	2,772	138
Interest rate swaps | Cash flow hedges | Designated as Hedging Instrument | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Location of Gain (Loss) Reclassified from AOCI into Income	$ 788	$ 0

XML

Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Impacts on Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Interest Income	$ 34,731	$ 40,076
Designated as Hedging Instrument | Interest rate swaps | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Interest Income	408	159
Other Income	0	0
Designated as Hedging Instrument | Interest rate swaps | Interest Income | Fair value hedges: | Interest contracts - loans:
Derivative Instruments, Gain (Loss) [Line Items]
Hedged items	(764)	562
Derivative designated as hedging instruments	1,023	(402)
Designated as Hedging Instrument | Interest rate swaps | Interest Income | Fair value hedges: | Interest contracts - securities:
Derivative Instruments, Gain (Loss) [Line Items]
Hedged items	(882)	0
Derivative designated as hedging instruments	1,059	0
Designated as Hedging Instrument | Interest rate swaps | Other income | Fair value hedges: | Interest contracts - loans:
Derivative Instruments, Gain (Loss) [Line Items]
Hedged items	0	0
Derivative designated as hedging instruments	0	0
Designated as Hedging Instrument | Interest rate swaps | Other income | Fair value hedges: | Interest contracts - securities:
Derivative Instruments, Gain (Loss) [Line Items]
Hedged items	0	0
Derivative designated as hedging instruments	$ 0	$ 0

XML

Derivatives, Hedging Activities and Balance Sheet Offsetting - Hedged Items in Fair Value Hedging Relationship (Details) - Interest rate swaps - Designated as Hedging Instrument - Fair value hedges: $ in Thousands	Mar. 31, 2024 USD ($)
Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 48,539
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset	(1,926)
Securities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	149,937
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset	$ (63)

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Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Other Derivatives Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging, gain (loss)	$ 46	$ 133
Interest rate swaps | Other income
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging, gain (loss)	0	0
RPAs - protection purchased | Other income
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging, gain (loss)	5	69
Interest rate lock commitments | Loan revenue
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging, gain (loss)	27	94
Interest rate forward loan sales contracts | Loan revenue
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging, gain (loss)	$ 14	$ (30)

XML

Derivatives, Hedging Activities and Balance Sheet Offsetting - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Asset Derivatives
Gross Amounts Recognized	$ 27,844	$ 25,093
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts presented in the Balance Sheet	27,844	25,093
Financial Instruments	0	0
Cash Collateral Received / Paid	17,998	15,549
Net Assets /Liabilities	9,846	9,544
Liability Derivatives
Gross Amounts Recognized	23,141	24,057
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts presented in the Balance Sheet	23,141	24,057
Financial Instruments	0	0
Cash Collateral Received / Paid	2,730	2,420
Net Assets /Liabilities	$ 20,411	$ 21,637

XML

Goodwill and Intangible Assets - Goodwill and Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jan. 31, 2024	Mar. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 62,477	$ 62,477
Goodwill from the acquisition of DNVB	8,641	0
Total goodwill, end of period	71,118	$ 62,477
Core deposit intangible
Goodwill [Roll Forward]
Amortized over its estimated useful life			10 years
DNVB
Goodwill [Roll Forward]
Total goodwill, end of period	8,641
Core deposit intangible	$ 7,100		$ 7,100	$ 0

XML

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 73,310	$ 66,210
Accumulated Amortization	(50,819)	(49,181)
Net Carrying Amount	22,491	17,029
Indefinite-lived trade name intangible	7,040	7,040
Other intangible assets, net	29,531	24,069
Core deposit intangible
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	65,345	58,245
Accumulated Amortization	(43,044)	(41,499)
Net Carrying Amount	22,301	16,746
Customer relationship intangible
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,265	5,265
Accumulated Amortization	(5,092)	(5,008)
Net Carrying Amount	173	257
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,700	2,700
Accumulated Amortization	(2,683)	(2,674)
Net Carrying Amount	$ 17	$ 26

XML

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
2024	$ 4,514
2025	4,944
2026	3,840
2027	2,757
2028	2,110
Thereafter	4,326
Net Carrying Amount	22,491	$ 17,029
Core deposit intangible
Finite-Lived Intangible Assets [Line Items]
2024	4,344
2025	4,924
2026	3,840
2027	2,757
2028	2,110
Thereafter	4,326
Net Carrying Amount	22,301	16,746
Customer relationship intangible
Finite-Lived Intangible Assets [Line Items]
2024	155
2025	18
2026	0
2027	0
2028	0
Thereafter	0
Net Carrying Amount	173	257
Other
Finite-Lived Intangible Assets [Line Items]
2024	15
2025	2
2026	0
2027	0
2028	0
Thereafter	0
Net Carrying Amount	$ 17	$ 26

XML

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Bank-owned life insurance	$ 98,700	$ 98,039
Interest receivable	30,728	29,768
FHLB stock	5,220	5,806
Mortgage servicing rights	12,965	13,333
Operating lease right-of-use assets, net	2,153	2,337
Federal and state income taxes, current	579	1,556
Federal and state income taxes, deferred	29,582	31,218
Derivative assets	27,844	25,093
Other receivables/assets	18,706	15,630
Other assets	$ 226,477	$ 222,780

XML

Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deposits [Abstract]
Noninterest bearing deposits	$ 920,764	$ 897,053
Interest checking deposits	1,349,823	1,320,435
Money market deposits	1,122,717	1,105,493
Savings deposits	728,276	650,655
Time deposits of $250 and under	992,851	973,253
Time deposits over $250	470,805	448,784
Total deposits	5,585,236	5,395,673
Domestic time deposit, brokered	14,000	15,200
Domestic non-time deposit, brokered	132,700	128,000
Noninterest-bearing reciprocal deposits	64,200	58,000
Brokered deposit	205,000	221,000
Deposits of government entities	$ 285,100	$ 183,400

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Short-Term Borrowings (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Weighted Average Rate	4.79%	4.78%
Short-term borrowings	$ 422,988,000	$ 300,264,000
Debt securities available for sale	797,230,000	795,134,000
Asset Pledged as Collateral without Right
Short-term Debt [Line Items]
Debt securities available for sale	$ 1,240,000,000	$ 1,160,000,000
Securities sold under agreements to repurchase
Short-term Debt [Line Items]
Weighted Average Rate	0.68%	0.72%
Short-term borrowings	$ 4,988,000	$ 5,064,000
Federal Home Loan Bank advances
Short-term Debt [Line Items]
Weighted Average Rate	0.00%	5.64%
Short-term borrowings	$ 0	$ 10,200,000
Federal Reserve Bank borrowings
Short-term Debt [Line Items]
Weighted Average Rate	4.77%	4.82%
Short-term borrowings	$ 405,000,000	$ 285,000,000
Unsecured line of credit
Short-term Debt [Line Items]
Weighted Average Rate	6.88%	0.00%
Short-term borrowings	$ 13,000,000	$ 0
Unsecured line of credit, maximum borrowing capacity	$ 25,000,000.0
Unused commitment fee percentage	0.30%
Unsecured line of credit | SOFR Rate
Short-term Debt [Line Items]
Debt instrument, basis spread on variable rate	1.55%
Federal funds purchased
Short-term Debt [Line Items]
Short-term borrowings	$ 0	0
Unsecured line of credit, maximum borrowing capacity	155,000,000.0
Federal Reserve Bank advances | Federal Reserve
Short-term Debt [Line Items]
Short-term borrowings	0	0
Financing capacity	421,400,000	428,800,000
Federal Reserve Bank advances | Bank Term Funding Loan
Short-term Debt [Line Items]
Short-term borrowings	405,000,000
Federal Reserve Bank advances | Asset Pledged as Collateral without Right | Municipal Securities Loan
Short-term Debt [Line Items]
Debt securities available for sale	$ 790,300,000	$ 797,600,000

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Long-Term Debt - Junior Subordinated Notes (Details) - Junior subordinated notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt instrument, face amount	$ 44,847
Debt instrument, book value	$ 42,337	$ 42,293
Stated maturity date	5 years
ATBancorp Statutory Trust I
Debt Instrument [Line Items]
Debt instrument, face amount	$ 7,732
Debt instrument, book value	$ 6,980	$ 6,970
Interest rate	7.27%	7.33%
ATBancorp Statutory Trust I | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.68%
ATBancorp Statutory Trust II
Debt Instrument [Line Items]
Debt instrument, face amount	$ 12,372
Debt instrument, book value	$ 11,051	$ 11,034
Interest rate	7.24%	7.30%
ATBancorp Statutory Trust II | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.65%
ATBancorp Statutory Trust II | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.26%
Barron Investment Capital Trust I
Debt Instrument [Line Items]
Debt instrument, face amount	$ 2,062
Debt instrument, book value	$ 1,868	$ 1,861
Interest rate	7.73%	7.77%
Barron Investment Capital Trust I | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.15%
Central Bancshares Capital Trust II
Debt Instrument [Line Items]
Debt instrument, face amount	$ 7,217
Debt instrument, book value	$ 6,974	$ 6,964
Interest rate	9.09%	9.15%
Central Bancshares Capital Trust II | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.50%
MidWestOne Statutory Trust II
Debt Instrument [Line Items]
Debt instrument, face amount	$ 15,464
Debt instrument, book value	$ 15,464	$ 15,464
Interest rate	7.18%	7.24%
MidWestOne Statutory Trust II | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.59%

XML

Long-Term Debt - Subordinated Debentures (Details) - Subordinated debt - USD ($) $ in Thousands		3 Months Ended
	Jul. 28, 2020	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Percentage of debentures categorized as tier 2 capital		100.00%
Percentage of debentures, decrease to tier 2 treatment, per year		20.00%
Decrease to tier 2 treatment, period of recognition		5 years
Long-term debt		$ 64,200	$ 64,100
5.75% Fixed to floating subordinated notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 63,750
Interest rate	5.75%
5.75% Fixed to floating subordinated notes | Private placement
Debt Instrument [Line Items]
Sale of equity	$ 65,000

XML

Long-Term Debt - Other Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jun. 07, 2022
Debt Instrument [Line Items]
Weighted Average Rate	5.44%	5.56%
Balance	$ 15,559	$ 16,866
Unsecured line of credit, maximum borrowing capacity			$ 35,000
Finance lease payable
Debt Instrument [Line Items]
Weighted Average Rate	8.89%	8.89%
Balance	$ 554	$ 604
FHLB borrowings
Debt Instrument [Line Items]
Weighted Average Rate	3.11%	3.11%
Balance	$ 6,255	$ 6,262
Federal home loan, bank advances general debt obligations, disclosures maximum borrowing capacity as percentage of total assets	45.00%
Note payable to unaffiliated bank
Debt Instrument [Line Items]
Weighted Average Rate	6.88%	6.89%
Balance	$ 8,750	$ 10,000
Note payable to unaffiliated bank | SOFR Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.55%

XML

Long-Term Debt - Federal Home Loan Bank Advances (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Weighted Average Rate
Due in 2024	3.11%
Amount
Due in 2024	$ 6,250
Valuation adjustment from acquisition accounting	5
Total	$ 6,255

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Earnings per Share - Basic And Diluted Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic Earnings Per Share:
Net income	$ 3,269	$ 1,397
Weighted average shares outstanding (in shares)	15,722,697	15,649,651
Basic earnings per common share (in dollars per share)	$ 0.21	$ 0.09
Diluted Earnings Per Share:
Net income	$ 3,269	$ 1,397
Weighted average shares outstanding, including all dilutive potential shares (in shares)	15,773,521	15,691,168
Diluted earnings per common share (in dollars per share)	$ 0.21	$ 0.09

XML

Regulatory Capital Requirements and Restrictions on Subsidiary Cash (Details)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Cash reserve deposit required and made	$ 0	$ 0
Capital	$ 661,448,000	$ 668,748,000
Capital to risk weighted assets	0.1197	0.1253
Capital required for capital adequacy	$ 580,192,000	$ 560,596,000
Capital required for capital adequacy to risk weighted assets	0.1050	0.1050
Tier one risk based capital	$ 538,756,000	$ 554,177,000
Tier one risk based capital to risk weighted assets	0.0975	0.1038
Tier one risk based capital required for capital adequacy	$ 469,679,000	$ 453,816,000
Tier one risk based capital required for capital adequacy to risk weighted assets	0.0850	0.0850
Common equity tier one capital	$ 496,419,000	$ 511,884,000
Common equity tier one capital to risk weighted assets	8.98%	9.59%
Common equity tier one capital required for capital adequacy	$ 386,795,000	$ 373,731,000
Common equity tier one capital required for capital adequacy to risk weighted assets	7.00%	7.00%
Tier one leverage capital	$ 538,756,000	$ 554,177,000
Tier one leverage capital to average assets	0.0816	0.0858
Tier one leverage capital required for capital adequacy	$ 264,001,000	$ 258,487,000
Tier one leverage capital required for capital adequacy to average assets	0.0400	0.0400
Capital conservation buffer	2.50%	2.50%
MidWestOne Bank
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Capital	$ 675,287,000	$ 656,027,000
Capital to risk weighted assets	0.1225	0.1249
Capital required for capital adequacy	$ 578,805,000	$ 551,658,000
Capital required for capital adequacy to risk weighted assets	0.1050	0.1050
Capital required to be well capitalized	$ 551,243,000	$ 525,388,000
Capital required to be well capitalized to risk weighted assets	0.1000	0.1000
Tier one risk based capital	$ 617,596,000	$ 606,456,000
Tier one risk based capital to risk weighted assets	0.1120	0.1154
Tier one risk based capital required for capital adequacy	$ 468,557,000	$ 446,580,000
Tier one risk based capital required for capital adequacy to risk weighted assets	0.0850	0.0850
Tier one risk based capital required to be well capitalized	$ 440,995,000	$ 420,310,000
Tier one risk based capital required to be well capitalized to risk weighted assets	0.0800	0.0800
Common equity tier one capital	$ 617,596,000	$ 606,456,000
Common equity tier one capital to risk weighted assets	11.20%	11.54%
Common equity tier one capital required for capital adequacy	$ 385,870,000	$ 367,772,000
Common equity tier one capital required for capital adequacy to risk weighted assets	7.00%	7.00%
Common equity tier one risk based capital required to be well capitalized	$ 358,308,000	$ 341,502,000
Common equity tier one risk based capital required to be well capitalized to risk weighted assets	6.50%	6.50%
Tier one leverage capital	$ 617,596,000	$ 606,456,000
Tier one leverage capital to average assets	0.0936	0.0939
Tier one leverage capital required for capital adequacy	$ 263,801,000	$ 258,339,000
Tier one leverage capital required for capital adequacy to average assets	0.0400	0.0400
Tier one leverage capital required to be well capitalized	$ 329,751,000	$ 322,924,000
Tier one leverage capital required to be well capitalized to average assets	0.0500	0.0500

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Commitments and Contingencies - Schedule of Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Total	$ 1,241,095	$ 1,211,841
Commitments to sell loans
Other Commitments [Line Items]
Total	2,329	1,045
Commitments to extend credit
Other Commitments [Line Items]
Total	1,230,612	1,203,001
Standby letters of credit
Other Commitments [Line Items]
Total	$ 8,154	$ 7,795

XML

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Off-balance sheet, credit loss, liability	$ 4.7		$ 4.6
Credit loss expense, off balance sheet credit loss expense (benefit)	$ 0.1	$ 0.0
Credit Concentration Risk | Loans Concentration | Agricultural Related Loan Financing Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	7.00%
Credit Concentration Risk | Loans Concentration | Commercial real estate
Concentration Risk [Line Items]
Concentration risk, percentage	66.00%
Credit Concentration Risk | Investment Securities | State and political subdivisions | IOWA
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%
Credit Concentration Risk | Investment Securities | State and political subdivisions | CALIFORNIA
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%
Credit Concentration Risk | Investment Securities | State and political subdivisions | MINNESOTA
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%

XML

Fair Value of Financial Instruments and Fair Value Measurements - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	$ 797,230	$ 795,134
Derivative assets	27,844	25,093
Mortgage servicing rights	12,965	13,333
Derivative liabilities	23,141	24,057
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	797,230	795,134
Derivative assets	27,767	25,043
Derivative liabilities	23,141	24,057
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0	0
Derivative assets	77	50
Derivative liabilities	0	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	247
State and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	123,378	130,139
Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	5,199	5,311
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	427,918	440,051
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	27,844	25,093
Mortgage servicing rights	12,965	13,333
Derivative liabilities	23,141	24,057
Recurring | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	61,866	50,437
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	0	0
Mortgage servicing rights	0	0
Derivative liabilities	0	0
Recurring | Level 1 | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	27,767	25,043
Mortgage servicing rights	12,965	13,333
Derivative liabilities	23,141	24,057
Recurring | Level 2 | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	61,866	50,437
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	77	50
Mortgage servicing rights	0	0
Derivative liabilities	0	0
Recurring | Level 3 | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0	0
Recurring | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	247
Recurring | U.S. Treasury securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0
Recurring | U.S. Treasury securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	247
Recurring | U.S. Treasury securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0
Recurring | State and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	123,378	130,139
Recurring | State and political subdivisions | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0	0
Recurring | State and political subdivisions | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	123,378	130,139
Recurring | State and political subdivisions | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0	0
Recurring | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	5,199	5,311
Recurring | Mortgage-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0	0
Recurring | Mortgage-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	5,199	5,311
Recurring | Mortgage-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0	0
Recurring | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	178,622	169,196
Recurring | Collateralized mortgage obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0	0
Recurring | Collateralized mortgage obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	178,622	169,196
Recurring | Collateralized mortgage obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0	0
Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	427,918	440,051
Recurring | Corporate debt securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	0	0
Recurring | Corporate debt securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	427,918	440,051
Recurring | Corporate debt securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities available for sale	$ 0	$ 0

XML

Fair Value of Financial Instruments and Fair Value Measurements - Valuation Techniques (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, fair value	$ 27,844	$ 25,093
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, fair value	27,844	25,093
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, fair value	77	50
Level 3 | Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, fair value	77	50
Interest rate lock commitments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, fair value	$ 77	$ 50
Interest rate lock commitments | Minimum | Level 3 | Recurring | Pull-through rate | Valuation, Market Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.71
Interest rate lock commitments | Maximum | Level 3 | Recurring | Pull-through rate | Valuation, Market Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	1
Interest rate lock commitments | Weighted Average | Level 3 | Recurring | Pull-through rate | Valuation, Market Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.86

XML

Fair Value of Financial Instruments and Fair Value Measurements - Measured on a Nonrecurring Basis (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Foreclosed assets, net	$ 3,897	$ 3,929
Nonrecurring | Collateral dependent individually analyzed loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Collateral dependent individually analyzed loans	4,481	6,524
Nonrecurring | Collateral dependent individually analyzed loans | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Collateral dependent individually analyzed loans	0	0
Nonrecurring | Collateral dependent individually analyzed loans | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Collateral dependent individually analyzed loans	0	0
Nonrecurring | Collateral dependent individually analyzed loans | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Collateral dependent individually analyzed loans	$ 4,481	6,524
Nonrecurring | Collateral dependent individually analyzed loans | Level 3 | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0
Nonrecurring | Collateral dependent individually analyzed loans | Level 3 | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0.33
Nonrecurring | Collateral dependent individually analyzed loans | Level 3 | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0.11
Nonrecurring | Foreclosed assets, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Foreclosed assets, net	$ 3,897	3,929
Nonrecurring | Foreclosed assets, net | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Foreclosed assets, net	0	0
Nonrecurring | Foreclosed assets, net | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Foreclosed assets, net	0	0
Nonrecurring | Foreclosed assets, net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Foreclosed assets, net	$ 3,897	$ 3,929
Nonrecurring | Foreclosed assets, net | Level 3 | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0.07
Nonrecurring | Foreclosed assets, net | Level 3 | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0.11
Nonrecurring | Foreclosed assets, net | Level 3 | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0.11

XML

Fair Value of Financial Instruments and Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial assets:
Debt securities available for sale	$ 797,230	$ 795,134
Debt securities held to maturity	1,064,939	1,075,190
Interest receivable	30,728	29,768
FHLB stock	5,220	5,806
Derivative assets	27,844	25,093
Financial liabilities:
Interest bearing deposits	1,349,823	1,320,435
Short-term borrowings	422,988	300,264
Finance leases payable	554	604
Derivative liabilities	23,141	24,057
Carrying Amount
Financial assets:
Cash and cash equivalents	97,762	81,727
Debt securities available for sale	797,230	795,134
Debt securities held to maturity	1,064,939	1,075,190
Loans held for sale	2,329	1,045
Loans held for investment, net	4,358,746	4,075,447
Interest receivable	30,728	29,768
FHLB stock	5,220	5,806
Derivative assets	27,844	25,093
Financial liabilities:
Noninterest bearing deposits	920,764	897,053
Interest bearing deposits	4,664,472	4,498,620
Short-term borrowings	422,988	300,264
Finance leases payable	554	604
FHLB borrowings	6,255	6,262
Junior subordinated notes issued to capital trusts	42,337	42,293
Subordinated debentures	64,170	64,137
Other long-term debt	8,750	10,000
Derivative liabilities	23,141	24,057
Estimated Fair Value
Financial assets:
Cash and cash equivalents	97,762	81,727
Debt securities available for sale	797,230	795,134
Debt securities held to maturity	875,644	895,263
Loans held for sale	2,357	1,083
Loans held for investment, net	4,220,905	3,953,368
Interest receivable	30,728	29,768
FHLB stock	5,220	5,806
Derivative assets	27,844	25,093
Financial liabilities:
Noninterest bearing deposits	920,764	897,053
Interest bearing deposits	4,635,692	4,489,322
Short-term borrowings	422,988	300,264
Finance leases payable	554	604
FHLB borrowings	5,929	6,199
Junior subordinated notes issued to capital trusts	37,990	37,938
Subordinated debentures	60,876	61,940
Other long-term debt	8,750	10,000
Derivative liabilities	23,141	24,057
Level 1
Financial assets:
Cash and cash equivalents	97,762	81,727
Debt securities available for sale	0	0
Debt securities held to maturity	0	0
Loans held for sale	0	0
Loans held for investment, net	0	0
Interest receivable	0	0
FHLB stock	0	0
Derivative assets	0	0
Financial liabilities:
Noninterest bearing deposits	920,764	897,053
Interest bearing deposits	3,200,816	3,076,582
Short-term borrowings	422,988	300,264
Finance leases payable	0	0
FHLB borrowings	0	0
Junior subordinated notes issued to capital trusts	0	0
Subordinated debentures	0	0
Other long-term debt	0	0
Derivative liabilities	0	0
Level 2
Financial assets:
Cash and cash equivalents	0	0
Debt securities available for sale	797,230	795,134
Debt securities held to maturity	875,644	895,263
Loans held for sale	2,357	1,083
Loans held for investment, net	0	0
Interest receivable	30,728	29,768
FHLB stock	5,220	5,806
Derivative assets	27,767	25,043
Financial liabilities:
Noninterest bearing deposits	0	0
Interest bearing deposits	1,434,876	1,412,740
Short-term borrowings	0	0
Finance leases payable	554	604
FHLB borrowings	5,929	6,199
Junior subordinated notes issued to capital trusts	37,990	37,938
Subordinated debentures	60,876	61,940
Other long-term debt	8,750	10,000
Derivative liabilities	23,141	24,057
Level 3
Financial assets:
Cash and cash equivalents	0	0
Debt securities available for sale	0	0
Debt securities held to maturity	0	0
Loans held for sale	0	0
Loans held for investment, net	4,220,905	3,953,368
Interest receivable	0	0
FHLB stock	0	0
Derivative assets	77	50
Financial liabilities:
Noninterest bearing deposits	0	0
Interest bearing deposits	0	0
Short-term borrowings	0	0
Finance leases payable	0	0
FHLB borrowings	0	0
Junior subordinated notes issued to capital trusts	0	0
Subordinated debentures	0	0
Other long-term debt	0	0
Derivative liabilities	$ 0	$ 0

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Leases - Assets and Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($)
Leases [Abstract]
Number of leases | lease	1
Lease Right of Use Assets [Abstract]
Operating lease right-of-use assets	$ 2,153	$ 2,337
Finance lease right-of-use asset	231	255
Total right-of-use assets	2,384	2,592
Lease Liabilities [Abstract]
Operating lease liability	2,842	3,078
Finance lease liability	554	604
Total lease liabilities	$ 3,396	$ 3,682
Weighted-average remaining lease term:
Operating leases	10 years 7 months 9 days	10 years 2 months 12 days
Finance lease	2 years 5 months 1 day	2 years 8 months 1 day
Weighted-average discount rate:
Operating leases	4.54%	4.43%
Finance lease	8.89%	8.89%
Operating lease, right-of-use asset, statement of financial position [Extensible List]	Other assets	Other assets
Finance lease, right-of-use asset, statement of financial position [Extensible List]	Premises and equipment, net	Premises and equipment, net
Operating lease, liability, statement of financial position [Extensible List]	Other liabilities	Other liabilities
Finance lease, liability, statement of financial position [Extensible List]	Long-term debt	Long-term debt

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Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 388	$ 292
Variable lease cost	7	7
Interest on lease liabilities	13	17
Amortization of right-of-use assets	24	24
Net lease cost	432	340
Operating cash flows from operating leases	822	605
Operating cash flows from finance lease	13	17
Finance cash flows from finance lease	50	43
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 156	$ 292

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Leases - Maturity Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finance Leases
December 31, 2024	$ 188
December 31, 2025	254
December 31, 2026	172
December 31, 2027	0
December 31, 2028	0
Thereafter	0
Total undiscounted lease payment	614
Amounts representing interest	(60)
Finance lease liability	554	$ 604
Operating Leases
December 31, 2024	734
December 31, 2025	601
December 31, 2026	447
December 31, 2027	302
December 31, 2028	138
Thereafter	1,600
Total undiscounted lease payment	3,822
Amounts representing interest	(980)
Operating lease liability	$ 2,842	$ 3,078

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Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 524,378	$ 492,793
Other comprehensive (loss) income before reclassifications	4,052	324
Amounts reclassified from AOCI	43	9,838
Other comprehensive income, net of tax	4,095	10,162
Ending balance	528,040	500,650
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(64,899)	(89,047)
Other comprehensive income, net of tax	4,095	10,162
Ending balance	(60,804)	(78,885)
Unrealized Gain (Loss) from AFS Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(69,915)	(91,852)
Other comprehensive (loss) income before reclassifications	1,607	(213)
Amounts reclassified from AOCI	632	9,838
Other comprehensive income, net of tax	2,239	9,625
Ending balance	(67,676)	(82,227)
Reclassification of AFS Debt Securities to HTM
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4,511	2,805
Other comprehensive (loss) income before reclassifications	374	434
Amounts reclassified from AOCI	0	0
Other comprehensive income, net of tax	374	434
Ending balance	4,885	3,239
Unrealized Gain from Cash Flow Hedging Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	505	0
Other comprehensive (loss) income before reclassifications	2,071	103
Amounts reclassified from AOCI	(589)	0
Other comprehensive income, net of tax	1,482	103
Ending balance	$ 1,987	$ 103

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Accumulated Other Comprehensive Income (Loss) - s (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Investment securities gains (losses), net	$ 36	$ (13,170)
Interest income	69,535	59,305
Interest expense	(34,804)	(19,229)
Income tax expense	(958)	(381)
Net income	3,269	1,397
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Investment securities gains (losses), net	(36)	13,170
Interest income	882	0
Interest expense	(788)	0
Income tax expense	(15)	(3,332)
Net income	$ 43	$ 9,838

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Subsequent Events (Details)	Apr. 25, 2024 $ / shares
Common Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	$ 0.2425