MidWestOne Financial Group, Inc.

Good morning, ladies and gentlemen, and welcome to the Midwest One Financial Group Incorporated first quarter 2025 earnings call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions with instructions to follow at that time. As a reminder, this call is being recorded. I would now like to turn the call over to Barry Ray, Chief Financial Officer of Midwest One Financial Group.

Thank you, everyone, for joining us today. We appreciate your participation in our earnings conference call this morning. With me here on the call are Chip Reeves, our Chief Executive Officer, Lynn Devasher, our President and Chief Operating Officer, and Gary Sims, our Chief Credit Officer. Following the conclusion of today's conference, a replay of this call will be available on our website. Additionally, a slide deck to complement today's presentation is available on the Investor Relations section of our website. Before we begin, let me remind everyone on the call that this presentation contains forward-looking statements relating to the financial condition, results of operations, and business of Midwest One Financial Group, Inc. Forward-looking statements generally include words such as believes, expects, anticipates, and other similar expressions. Actual results could differ materially from those indicated. Among the important factors that could cause actual results to differ materially are interest rates, changes in the mix of the company's business, competitive pressures, general economic conditions, and the risk factors detailed in the company's periodic reports and registration statements filed with the Securities and Exchange Commission. Midwest One Financial Group undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances after the date of this presentation. I would now like to turn the call over to Chip.

Thank you, Barry. Good morning, and we appreciate everyone joining for this quarter's call. Today, I'll provide a high-level overview of our first quarter results, as well as highlights regarding the continued execution of our strategic initiatives. Glenn will provide an update on our lines of business, and Barry will then conclude with a more detailed review of the first quarter. We're pleased with many aspects of our first quarter financial results, which led to net income of $15.1 million and a return on average assets of 1%. Discipline balance sheet management and deposit pricing initiatives led to a 10 basis point increase in our core net interest margin. While loan growth was flat, it was due primarily to elevated payoffs. Loan origination activity remained solid despite the latter quarter economic uncertainty. Current second quarter pipelines and activity quarter to date indicate a return to our previously guided mid single digit loan growth rate. Asset quality metrics improved significantly with criticized assets decreasing 24 million, or 9%, and the non-performing assets ratio improving seven basis points to 0.33%. Charge-offs increased to 29 basis points for the quarter. However, the majority of the increase was due to the partial charge-off of a previously reserved for CRE loan as we prepare for resolution. Our allowance for credit loss remains ample at 1.25% of loans. Turning to the continued execution of our strategic initiatives, we remain committed to building out the talent base and technology platforms necessary to become a consistent, high-performing company. The first quarter saw new commercial banker hires in the Twin Cities and Denver and treasury management officers hired in Metro Iowa and the Twin Cities. In addition, strategic platform and technology investments continue in 2025. The first will align with our commercial banking up-tiering strategy as we move to the Aperture commercial banking online platform. Project work is commenced with a conversion date early in the fourth quarter. The second is ServiceNow, a back-office workflow management platform that will greatly enhance our operational effectiveness and efficiency. Even as we invest for the long term, we remain focused on our expense discipline and we're pleased with our first quarter non-interest expense results. I'd like to close with thank you to our team members who continue to execute well on our strategic initiatives and always take outstanding care of our customers. I'm encouraged by our continued strategic initiative progress and the solid foundation of our company, which positions us well for the second quarter and the remainder of 2025. Now I'd like to turn the call over to Len. Thank you, Chip.