Tuesday, August 6, 2019

Iowa City, Iowa-Based Bank MidWestOne Financial Group's Top-Tier Executives Average Pay Raise Was a Reasonable 7.0% Per Year During the Past 10 Years (2009-2018). Unlike in Most of the Other 15 Iowa Companies, It Appears That MidWestOne Wasn't Inflating the Performance Grades of Their Top-Tier Executive Group. Grade Inflation of Top-Tier Executives Performance Causes Income Inequality Expansion.

After the second Democratic 2020 Presidential candidate debate held in Detroit where Cory Booker was the standout performer, where several other non-top-tier candidates performed exceptionally well especially Steve Bullock and where most of the top-tier candidates stumbled, I now will turn my attention to the early primary States and start with Iowa.

The key issue to Iowa citizens should be the huge and continuing Income Inequality Expansion which is at the core of many critical problems the US faces.

Thus I will be doing research and making posts on the average pay raise per year that the Top-Tier Executives of the larger Iowa Companies were rewarded with in the past ten years.

The 16th Iowa Company I am addressing here is MidWestOne Financial Group Inc.

From annual compensation information contained in Company Proxy Statement filings with the SEC, the chart at the very bottom below shows MidWestOne Financial Group's Top-Tier Executives Annual Total Compensation for each of two consecutive full years of employment for the past ten years. 

MidWestOne Financial Group's Top-Tier Executive Average Pay Raise was a very reasonable 7.0% per year for the last ten years, clearly the very lowest of the 16 large Iowa Companies I have addressed so far.

  1. Renewable Energy Group +184.2% per year for the past ten years
  2. FGL Holdings +148.2% per year for the past two years
    1. Athene Holding Ltd +116.8% per year for the past three years
    2. Workiva +71.6% per year for the past five years
    3. Winnebago Industries +25.8% per year for the past ten years
    4. American Equity Investment Life +25.0% per year for the past ten years
    5. Casey's General Stores +24.2% per year for the past ten years
    6. United Fire Group +17.8% per year for the last ten years
    7. Principal Financial Group +14.4% per year for the past ten years
    8. Heartland Financial USA +13.8% per year for the past ten years
    9. Meredith Corp +11.6% per year for the past ten years
    10. Heartland Express +10.7% per year for the past ten years
    11. FBL Financial Group +10.4% per year for the past ten years
    12. HNI Corp +9.0% per year for the past ten years
    13. Rockwell Collins +9.0% per year for the past ten years
    14. MidWestOne Financial Group +7.0% per year for the past ten years


    FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
    Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
    MidWestOne Financial Group 2018 2017 2017 2016 2016 2015 2015 2014 2014 2013
    Top-Tier Total Total Total Total Total Total Total Total Total Total
    Executive Comp Comp Comp Comp Comp Comp Comp Comp Comp Comp
    $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s
    Charles Funk CEO          774          638          638          584          584          810          810          646          646          569
    Kevin Kramer COO          548          617  N/A   N/A 
    Barry Ray CFO  N/A   N/A 
    Mitchell Cook Senior Regional President          394          404          404          348  N/A   N/A     
    James Cantrell Chief Investment Officer          381          330          330          267          267          334          334          269          269          241
    David Lindstrom Senior VP Retail Banking  N/A   N/A 
    Kent Jehle Chief Credit Officer          380          364          364          390          390          382          382          339
    Katie Lorenson Former CFO  N/A   N/A 
    Susan Evans Former COO          363          458          458          383          383          343
    Gary Ortale Former CFO  N/A   N/A           370          357          357          320
                   
     Totals        2,097       1,989       1,752       1,563       1,578       1,992       2,362       2,037       2,037       1,812
    Annual % Change vs Prior Year 5.4% 12.1% -20.8% 16.0% 12.4%
     5 Year Average Per Year % Change 5.0%
    FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
    Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
    MidWestOne Financial Group 2013 2012 2012 2011 2011 2010 2010 2009 2009 2008
    Top-Tier Total Total Total Total Total Total Total Total Total Total
    Executive Comp Comp Comp Comp Comp Comp Comp Comp Comp Comp
    $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s
    Charles Funk CEO          569          586          586          548          548          436          430          385          385          360
    Kevin Kramer COO
    Barry Ray CFO
    Mitchell Cook Senior Regional President
    James Cantrell Chief Investment Officer          241          225          225          219          219          218  N/A   N/A     
    David Lindstrom Senior VP Retail Banking
    Kent Jehle Chief Credit Officer          329          315          315          389          389          337          333          264          264          258
    Katie Lorenson Former CFO
    Susan Evans Former COO          343          318          318          308          308          277          273          196  N/A   N/A 
    Gary Ortale Former CFO          320          299          299          358          358          313          304          220  N/A   N/A 
     Totals        1,802       1,743       1,743       1,822       1,822       1,581       1,340       1,065          649          618
    Annual % Change vs Prior Year 3.4% -4.3% 15.2% 25.8% 5.0%
    5 Year Average Per Year % Change 9.0%
    10 Year Average Per Year % Change 7.0%



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