Exhibit 13

Financial Highlights

Year Ended December 31 (in thousands, except per share data)	2003			2002		2001		2000		1999
Summary of Income Data
Interest income excluding loan pool participations	$	28,593		27,482		30,510		31,551		21,162
Interest and discount on loan pool participations		8,985		10,058		9,595		7,275		7,668
Total interest income		37,578		37,540		40,105		38,826		28,830
Total interest expense		14,767		17,027		21,427		21,427		13,195
Net interest income		22,811		20,513		18,678		17,399		15,635
Provision for loan losses		589		1,070		1,776		892		3,628
Other income		4,358		3,787		4,287		2,566		1,947
Other operating expenses		17,387		14,426		14,467		13,313		10,462
Income before income tax		9,193		8,804		6,722		5,760		3,492
Income tax expense		3,267		3,015		2,366		1,759		1,270
Net income	$	5,926		5,789		4,356		4,001		2,222
Per Share Data
Net income - basic	$	1.54		1.49		1.10		0.99		0.58
Net income - diluted		1.50		1.46		1.09		0.99		0.56
Cash dividends declared		0.64		0.64		0.60		0.60		0.60
Book value		14.84		14.17		13.12		12.51		11.59
Net tangible book value		11.08		11.53		10.37		9.54		8.62
Selected Financial Ratios
Net income to average assets		0.98	%	1.07	%	0.82	%	0.81	%	0.64	%
Net income to average equity		10.52	%	10.91	%	8.59	%	8.18	%	5.29	%
Dividend payout ratio		41.56	%	42.95	%	54.55	%	60.61	%	103.45	%
Total shareholders’ equity to total assets		9.01	%	10.37	%	9.32	%	9.59	%	10.33	%
Tangible shareholders’ equity to tangible assets		6.88	%	8.60	%	7.51	%	7.48	%	7.90	%
Tier 1 capital ratio		11.20	%	14.67	%	9.95	%	10.58	%	11.42	%
Net interest margin		4.10	%	4.10	%	3.84	%	3.87	%	4.89	%
Gross revenue of loan pools to total gross revenue		21.42	%	24.34	%	21.61	%	17.58	%	24.91	%
Allowance for loan losses to total loans		1.29	%	1.30	%	1.05	%	0.94	%	1.42	%
Non-performing loans to total loans		0.83	%	0.86	%	1.08	%	0.95	%	1.71	%
Net loans charged off to average loans		0.08	%	0.15	%	0.42	%	0.65	%	1.14	%
December 31 (in thousands)	2003			2002		2001		2000		1999
Selected Balance Sheet Data
Total assets	$	623,306		537,026		545,160		513,814		486,368
Total loans net of unearned discount		377,017		306,024		322,681		312,081		282,091
Total loan pool participations		89,059		82,341		110,393		74,755		67,756
Allowance for loan losses		4,857		3,967		3,381		2,933		4,006
Total deposits		453,125		395,546		378,645		370,144		348,672
Total shareholders’ equity		56,144		55,698		50,827		49,295		50,235

Company Information,

Auditor’s Report

MidWestOne Financial Group, Inc. Common Stock

trades on the Nasdaq National Market and the quotations are furnished by the Nasdaq system. There were 442 shareholders of record on December 31, 2003, and an estimated 1,100 additional beneficial holders whose stock was held in street name by brokerage houses.

Nasdaq Symbol OSKY

Market Participants

Howe Barnes Investments, Inc.

RBC Dain Rauscher, Inc.

Knight Equity Markets, L.P.

Schwab Capital Markets

Goldman, Sachs & Co.

National Stock Exchange

Wien Securities Corp.

Archipelago Exchange (The)

THE BRUT ECN, LLC

B-Trade Services, LLC

Corporate Headquarters

222 1st Avenue East

P.O. Box 1104

Oskaloosa, IA 52577

(641) 673-8448

www.midwestonefinancial.com

Annual Shareholders’ Meeting

April 30, 2004, 10:30 a.m.

Elmhurst Country Club

2214 South 11th Street

Oskaloosa, IA 52577

Wall Street Journal and Other Newspapers

MdWstOneFnl or MdWsOnFn

Transfer Agent/Dividend Disbursing Agent

Illinois Stock Transfer Company

209 West Jackson Boulevard

Suite 903

Chicago, IL 60606

(312) 427-2953

(800) 757-5755

Independent Auditor

KPMG LLP

2500 Ruan Center

Des Moines, IA 50309

Annual Report Design

J.W. Morton & Associates

Cedar Rapids, IA

The following table sets forth the quarterly high and low sales per share for the Company’s stock during 2003 and 2002.

’03 Quarter Ended	High		Low
March 31	$	16.59	$	15.47
June 30		16.40		14.95
September 30		18.09		15.97
December 31		19.00		17.95

[GRAPHIC APPEARS HERE]

’02 Quarter Ended	High		Low
March 31	$	13.64	$	11.10
June 30		14.52		13.15
September 30		14.30		11.70
December 31		16.23		13.36

As of December 31, 2003, the Company had 3,782,708 shares of Common Stock outstanding. On December 31, 2002, there were 3,930,508 shares outstanding. The Company has declared per share cash dividends with respect to its Common Stock as follows:

Quarter	1st		2nd		3rd		4th
2003	$	.16	$	.16	$	.16	$	.16
2002	$	.16	$	.16	$	.16	$	.16

Independent Auditor’s Report

To the Board of Directors of MidWestOne Financial Group, Inc.:

We have audited, in accordance with the auditing standards generally accepted in the United States of America, the consolidated balance sheets of MidWestOne Financial Group, Inc. as of December 31, 2003 and 2002, and the related consolidated statements of income, changes in stockholders equity and comprehensive income and cash flows for each of the years in the three year period ended December 31, 2003 (not presented herein); and in our report dated February 13, 2004, we expressed an unqualified opinion on those consolidated financial statements.

In our opinion, the information set forth in the condensed consolidated financial information appearing on pages 9 through 11 is fairly presented, in all material respects, in relation to the consolidated financial statements from which it has been derived.

KPMG LLP

KPMG LLP

Des Moines, Iowa

February 13, 2004

Copies of the MidWestOne Financial Group Inc. Annual Report to the Securities and Exchange Commission Form 10-K will be mailed when available [ILLEGIBLE] to shareholders upon [ILLEGIBLE] request to [ILLEGIBLE], Secretary/Treasurer at the corporate headquarters. It is also available on the Securities and Exchange Commission’s Internet web site at [ILLEGIBLE]