Two Rivers Financial Group Reports Third Quarter Results

222 N. Main St. Burlington, IA 52601 319.753.9145

November 5, 2021

Dear Shareholder,

Two Rivers Financial Group, Inc. (TRFG) supported team members at the 3rd Annual TRFG "TR Huddle". As COVID continues to alter team development activities, leadership effectively provided educational opportunities, recognition of team members, and a week of team building events.

Third Quarter Results

TRFG reported earnings of $7,685,530, or $3.53 per share, through the third quarter of 2021. This compares to earnings of $6,845,331 through the third quarter of 2020, or $3.10 per share. The Company's book value was $49.82 and tangible book value was $45.77 on September 30th.

Two Rivers Financial Group, Inc., Stock Repurchase Program

D.A. Davidson & Co. continues to serve as the managing broker for TRFG stock repurchases. To participate in the program contact Troy N. Carlson, SVP & Community Bank Professional, at D.A. Davidson & Co., [e-mail] additional information.

Electronic Book Entry Update

Thank you to the shareholders who have converted to Direct Registration - Book Entry. TRFG encourages all shareholders to convert to electronic book entry and to set up direct deposit for dividend payments. Please contact Stacey Meyer, TRFG Executive Assistant, at [e-mail] assistance.

We continue to gauge the ongoing and changing impacts of COVID to TRFG's customers. Economic growth has slowed from Q2 and new COVID variants have created additional uncertainty. Labor shortages, supply chain disruptions and high inflation are all noted concerns.

I would like to acknowledge the one-year anniversary of Shane Zimmerman, Two Rivers Bank & Trust's (TRBT) President & CEO. Through Shane's leadership of TRBT, and collaborative efforts with Holding Company team members, TRFG's shareholders and customers remain our primary focus.

Thank you for your ongoing support.

Respectfully,

Frank J. Delaney, Interim CEO & Chair Two Rivers Financial Group, Inc. [e-mail]

TRFG 3rd QTR 2021 Shareholder Letter - Page 1 of 2

TWO RIVERS FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS (unaudited)

IN THOUSANDS, EXCEPT FOR SHARE DATA

	Sep 30,	Sep 30,	Dec 31,
ASSETS	2021	2020	2020
CASH AND DUE FROM BANKS	$156,326	$34,797	$135,858
FEDERAL FUNDS SOLD	$439	$412	$286
INVESTMENT SECURITIES	$177,570	$102,597	$108,526
LOANS BEFORE ALLOWANCE FOR LOAN LOSSES	$637,446	$759,792	$728,325
ALLOWANCE FOR LOAN LOSSES	($10,092)	($10,490)	($10,760)
GOODWILL AND OTHER INTANGIBLES	$8,741	$14,291	$8,896
OTHER ASSETS	$36,823	$39,765	$39,470
TOTAL ASSETS	$1,007,253	$941,164	$1,010,601
LIABILITIES AND STOCKHOLDERS' EQUITY
DEPOSITS	$836,158	$784,807	$829,108
FEDERAL FUNDS PURCHASED	$0	$0	$0
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE	$24,845	$21,639	$33,125
BORROWINGS	$25,000	$26,122	$25,234
JUNIOR SUBORDINATED DEBENTURES	$10,310	$10,310	$10,310
OTHER LIABILITIES	$3,309	$7,059	$9,844
TOTAL LIABILITIES	$899,622	$849,937	$907,621
STOCKHOLDERS' EQUITY	$107,631	$91,227	$102,980
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$1,007,253	$941,164	$1,010,601
BOOK VALUE	$49.82	$41.35	$47.13
TANGIBLE BOOK VALUE	$45.77	$34.88	$43.06
TWO RIVERS FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
IN THOUSANDS, EXCEPT FOR SHARE DATA
	2021 Q3	2020 Q3	DEC 31,
	YTD	YTD	2020
INTEREST INCOME	$22,169	$25,583	$33,675
INTEREST EXPENSE	$1,626	$3,560	$4,245
NET INTEREST INCOME	$20,543	$22,023	$29,430
PROVISION FOR LOAN LOSSES	$510	$2,750	$3,050
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	$20,033	$19,273	$26,380
NON-INTEREST INCOME	$10,528	$15,881	$23,026
NET GAIN (LOSS) ON SALE OF SUBSIDIARY	($18)	$0	$13,391
OPERATING EXPENSES	$20,974	$26,272	$36,451
INCOME TAXES	$1,883	$2,037	$5,904
NET INCOME	$7,686	$6,845	$20,442
EARNINGS PER SHARE	$3.53	$3.10	$9.27
CASH DIVIDENDS DECLARED PER COMMON SHARE	$0.00	$0.00	$0.66

TRFG 3rd QTR 2021 Shareholder Letter - Page 2 of 2