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MidWestOne Financial Group Executive Compensation (FY24)

MOFG · Executive and director compensation, fiscal 2022 to 2024
Chief executive, fiscal 2024
◇
Charles Reeves
Latest say-on-pay support
=
April 22, 2025
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Data as of October 10, 2026Latest filing (8-K): April 24, 2025
11 filings cited on this page
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262 figures on this page: 252 cited to the filing that reported them, 10 calculated from figures it prints. See the citations

More on MidWestOne Financial Group

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2023 to fiscal 2024
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Charles Reeves: $1,463,067 → $1,611,393 (10.1% higher)
Say-on-pay support: 95.1% → 93.7% (1.4 points lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is MidWestOne Financial Group's chief executive and what were they paid?
Total compensation for Charles Reeves, Chief Executive Officer, came to $1,611,393 in fiscal 2024. Reeves' total moved 10.1% higher from the $1,463,067 reported for fiscal 2023.
What was MidWestOne Financial Group's say-on-pay result?
The say-on-pay proposal drew 93.7% of votes cast for or against in favor at the meeting held April 22, 2025 for fiscal 2024.
Which companies are in MidWestOne Financial Group's peer group?
Companies named in the disclosed peer group include Community Trust Bancorp, Inc., CrossFirst Bankshares, Inc., Equity Bancshares, Inc., First Busey Corporation and First Financial Corporation, among others.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Len Devaisher
President & Chief Operating Officer
◇◇◇—◇—◇◇
Barry Ray
Senior Executive Vice President & Chief Financial Officer
◇—◇—◇—◇◇
Gary Sims
Executive Vice President & Chief Credit Officer
◇—◇—◇—◇◇
Charles Reeves
Chief Executive Officer
◇◇◇———◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Charles Reeves
Chief Executive Officer
◇—◇—◇—◇◇
Len Devaisher
President & Chief Operating Officer
◇—◇—◇—◇◇
Barry Ray
Senior Executive Vice President & Chief Financial Officer
◇—◇—◇—◇◇
Gary Sims
Executive Vice President & Chief Credit Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Charles Reeves
Chief Executive Officer
◇—◇—◇—◇◇
Len Devaisher
President & Chief Operating Officer
◇—◇—◇◇◇◇
Barry Ray
Senior Executive Vice President & Chief Financial Officer
◇—◇—◇—◇◇
Gary Sims
Executive Vice President & Chief Credit Officer
◇—◇—◇◇◇◇
Paul Ho-Sing-Loy
Executive Vice President & Chief Information Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2024
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Barry S. RayPSU◇◇◇—◇—◇
Barry S. RayRSU◇——◇——◇
Charles N. ReevesPSU◇◇◇—◇—◇
Charles N. ReevesRSU◇——◇——◇
Gary L. SimsRSU◇——◇——◇
Gary L. SimsPSU◇◇◇—◇—◇
Len D. DevaisherRSU◇——◇——◇
Len D. DevaisherPSU◇◇◇—◇—◇
Paul A. Ho-Sing-LoyRSU◇——◇——◇
Fiscal 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2024 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Len DevaisherRSU◇◇——
PSU◇◇——
Barry RayPSU◇◇——
RSU◇◇——
RSU◇◇——
Gary SimsPSU◇◇——
RSU◇◇——
Charles ReevesRSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Barry Ray
Senior Executive Vice President & Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Charles Reeves
Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Gary Sims
Executive Vice President & Chief Credit Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Len Devaisher
President & Chief Operating Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Paul Ho-Sing-Loy
Executive Vice President & Chief Information Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2024
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kevin W. Monson
Board chair
◇◇———◇◇
Tracy S. McCormick
◇◇———◇◇
Matthew J. Hayek
◇◇———◇◇
Larry D. Albert
◇◇———◇◇
Charles N. Funk
◇◇——◇◇◇
Janet E. Godwin
◇◇———◇◇
Ruth E. Heinonen
◇◇———◇◇
Jennifer L. Hauschildt
◇◇———◇◇
Nathaniel J. Kaeding
◇◇———◇◇
Douglas H. Greeff
◇◇————◇
Carl J. Chaney
◇◇———◇◇
Azeemuddin Ahmed
◇◇————◇
Richard R. Donohue
◇———◇◇◇
Richard J. Hartig
◇————◇◇
Andre Perry and Charles N. Reeves served on the board in fiscal 2024 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Committee meeting fee◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2024
  • Community Trust Bancorp, Inc. CTBI
  • CrossFirst Bankshares, Inc. CFB
  • Equity Bancshares, Inc. EQBK
  • First Busey Corporation BUSE
  • First Financial Corporation THFF
  • First Mid Bancshares, Inc. FMBH
  • German American Bancorp, Inc. GABC
  • Great Southern Bancorp, Inc. GSBC
  • Hills Bancorporation HBIA
  • Horizon Bancorp HBNC
  • Independent Bank Corporation INDB
  • Lakeland Financial Corporation LKFN
  • Mercantile Bank Corporation MBWM
  • Midland States Bancorp, Inc. MSBI
  • National Bank Holdings Corporation NBHC
  • Nicolet Bankshares, Inc. NIC
  • QCR Holdings, Inc. QCRH
  • Stock Yards Bancorp SYBT
  • West Bancorporation, Inc. WTBA

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2024April 22, 2025=◇◇◇
2023April 25, 2024=◇◇◇
2022April 27, 2023=◇◇◇
2021April 28, 2022=◇◇◇
2020April 29, 2021=◇◇◇
2019April 16, 2020=◇◇◇
2018April 18, 2019=◇◇◇
2017April 19, 2018=◇◇◇
2016April 20, 2017=◇◇◇
2015April 21, 2016=◇◇◇

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Sample answer — “What is the CEO’s total compensation?”
- Charles Reeves (Chief Executive Officer), FY2024 total compensation $1,611,393 (base salary $646,875) [exec_comp, SEC accession 0001412665-25-000046, filed 2025-03-11]

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What this page does not include

Everything above is a fact MidWestOne Financial Group disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where MidWestOne Financial Group sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
262 figures on this page: 252 cited to the filing that reported them, 10 calculated from figures it prints.
252 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001412665-25-000070
    Item 5.07. Submission of Matters to a Vote of Security Holders.
  2. 0001412665-25-000046
    Compensation Discussion and Analysis · Director Compensation · Grants of Plan-Based Awards
  3. 0001412665-24-000063
    Item 5.07. Submission of Matters to a Vote of Security Holders.
  4. 0001412665-23-000048
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001412665-22-000046
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001412665-21-000046
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001412665-20-000042
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001412665-19-000033
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001412665-18-000053
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001412665-17-000043
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001412665-16-000142
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “MidWestOne Financial Group executive compensation, FY2022–FY2024.” https://intel.velarion.ai/comp/MOFG (accessed 2026).
Short form: data: Velarion

The paid brief for MidWestOne Financial Group

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
11 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers MidWestOne Financial Group discloses

The companies named in MOFG's own disclosed peer group.

Community Trust Bancorp, Inc.CrossFirst Bankshares, Inc.Equity Bancshares, Inc.First Busey CorporationFirst Financial CorporationFirst Mid Bancshares, Inc.German American Bancorp, Inc.Great Southern Bancorp, Inc.Hills BancorporationHorizon BancorpIndependent Bank CorporationLakeland Financial CorporationMercantile Bank CorporationMidland States Bancorp, Inc.National Bank Holdings CorporationNicolet Bankshares, Inc.QCR Holdings, Inc.Stock Yards BancorpWest Bancorporation, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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