MidWestOne Financial Group Inc. said expenses associated with its acquisition last year of a Minnesota-based bank holding company have held down net income through the first nine months of this year. Net income for the nine months ended Sept. 20 was $16.5 million, or $1.44 per share, for Iowa City-based MidWestOne, compared with $16.9 million, or $1.68 per share, for the year-ago period. MidWestOne acquired Central Bancshares Inc. and later merged with its affiliate, Central Bank. That merger accounted for $4.2 million in expenses. MidWestOne said expenses included an increase in salaries and benefits, stay bonuses and severance packages associated with the deal. “While the third quarter was challenging, we are beginning to see tangible signs of progress as we integrate our two banks and cultures into one team,” MidWestOne President and CEO Charles N. Funk said in a release. The holding company reported a 12 percent return on tangible equity and ended the third quarter with a “large pipeline of commercial loans.”