Despite improved earnings in the first half of 2013, the parent company of MidWest One Bank criticized the Federal Reserve's low-interest rate policy in its most recent earnings report. Iowa City-based MidWestOne Financial Group Inc. today reported earnings of $1.09 a share for the first six months of the year, with net income $9.3 million, a 17.3 percent increase from the same period last year. The company is the parent of MidWestOne Bank, which has branches in 19 cities in eastern Iowa. Net interest income for the first six months of 2013 increased $0.9 million to $27.4 million compared with the six months ended June 30, 2012. The company posted a net interest margin of 3.47 percent for the first six months of the year, compared with 3.48 percent for the year-ago period. "As we've said many times, we believe strongly that the longer the Federal Reserve's low interest rate policy continues, the more damaging it will be for the net interest margins in our industry," President and CEO Charles Funk said in the release.