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MATTOON, Ill., July 24, 2025 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended June 30, 2025.
Highlights
“The first half of 2025 has provided strong results. The second quarter provided a record high quarterly net income along with expansion in net interest income. The quarter reflects our strategic approach to driving a higher return on assets,” said Joe Dively, Chairman and Chief Executive Officer. “Along with significant expansion of our net interest margin, we delivered growth in both loans and deposits.”
“I am pleased with our execution on our strategic plan and while the macro-economic environment continues to fluctuate, we continue to focus on what we can control by maintaining our disciplined credit culture. We continue to make investments in our technology platforms that will position us well for future growth,” Dively concluded.
Net Interest Income
Net interest income for the second quarter of 2025 was $63.9 million, an increase of $4.5 million, or 7.5% compared to the first quarter of 2025. The increase was primarily the result of higher yields on earning assets while maintaining funding costs. The increase in interest income included $0.5 million in higher accretion income, which totaled $3.4 million compared to $2.9 million of accretion income in the first quarter.
In comparison to the second quarter of 2024, net interest income increased $7.1 million, or 12.5%. Interest income was higher by $4.7 million, inclusive of a decrease in accretion income of $0.3 million compared to the second quarter last year. Interest expense was lower by $2.4 million compared to the second quarter of last year.
Net Interest Margin
Net interest margin, on a tax equivalent basis*, was 3.72% for the second quarter of 2025 representing an increase of 12 basis points over the prior quarter, driven by both an increase to earning asset yields and maintaining funding costs. Excluding the increase in accretion income, the net interest margin increased 9 basis points in the period.
Loan Portfolio
Total loans ended the quarter at $5.77 billion, representing an increase of $68.1 million, or 1.2%, from the prior quarter. The increase was well diversified and included construction and land development, farm real estate, 1–4 family residential real estate, multi-family residential real estate, agriculture operating lines, and commercial and industrial loans. Commercial real estate and consumer loans saw modest declines in the quarter.
In comparison to the second quarter of last year, loan balances increased $206.4 million, or 3.7%. The largest increases were in construction and land development, agriculture operating lines, and commercial and industrial loans.
Asset Quality
The second quarter was another solid performance with respect to the Company’s asset quality metrics. The allowance for credit losses (“ACL”) ended the period at $71.2 million and the ACL to total loans ratio was 1.23%. In addition to the ACL, an unearned discount of $28.7 million remains at quarter end. Provision expense was recorded in the amount of $2.6 million with net charge-offs of $1.5 million in the quarter. Also, at the end of the second quarter, the ratio of non-performing loans to total loans was 0.38%, the ACL to non-performing loans ratio was 325%, and the ratio of nonperforming assets to total assets was 0.31%. During the quarter, nonperforming loans declined by $4.7 million to $21.9 million. Special mention loans increased by $7.8 million to $81.8 million and substandard loans increased $5.1 million to $39.0 million.
Deposits
Total deposits ended the quarter at $6.19 billion, which represented an increase of $59.8 million, or 0.98%, from the prior quarter. Interest bearing demand deposits, money market accounts, and time deposits were the primary drivers of the increase.
Noninterest Income
Noninterest income for the second quarter of 2025 was $23.6 million compared to $24.9 million in the first quarter of 2025. The decline was primarily driven by seasonality in the wealth management and insurance business lines. Wealth management revenues for the quarter were $5.4 million, which is in line with the second quarter of 2024. Insurance revenues for the quarter were $7.8 million, up $1.3 million from the second quarter of 2024. Overall Ag Services revenue was $2.3 million in the period. Debit card fee income was boosted in the quarter by our annual incentive of $1.0 million from our service provider.
In comparison to the second quarter of 2024, noninterest income increased $1.2 million, or 5.2%, primarily driven by insurance commissions from both organic growth and strategic acquisitions.
Noninterest Expenses
Noninterest expense for the second quarter of 2025 totaled $54.8 million compared to $54.5 million in the prior quarter. The current quarter included $0.2 million of nonrecurring expenses primarily related to the Company’s technology initiatives, versus $1.0 million in nonrecurring costs in the prior quarter. The quarter over quarter increase is primarily driven by an increase in salaries and employee benefits. This resulted from annual salary increases and higher incentive compensation from overall performance compared to budget.
In comparison to the second quarter of 2024, noninterest expenses increased $3.4 million. The increase was primarily driven by annual compensation increases and incentive accrual for overperformance compared to budget.
The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the second quarter 2025 was 58.09% compared to 58.88% in the prior quarter and 59.61% for the same period last year.
Capital Levels and Dividend
The Company’s capital levels remained strong and above the “well capitalized” levels. Capital levels ended the period as follows:
| Total capital to risk-weighted assets | 15.76% |
| Tier 1 capital to risk-weighted assets | 13.31% |
| Common equity tier 1 capital to risk-weighted assets | 12.92% |
| Leverage ratio | 10.73% |
Tangible book value per share* increased $1.09, or 4.3% during the second quarter of 2025. The increase was driven primarily by earnings growth, which accounted for $0.90 of the increase. The remaining increase of $0.19 was the result of improvement in accumulated other comprehensive income from a lower unrealized loss position in the investment portfolio.
The Company’s Board of Directors increased the quarterly dividend to $0.25 payable on August 29, 2025, for shareholders of record on August 15, 2025.
About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $7.7 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, and Wisconsin and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 160 years. More information about the Company is available on our website at www.firstmid.com.
*Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Earnings,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” “Adjusted Tangible Book Value per Common Share,” “Adjusted Return on Assets,” and “Adjusted Return on Average Common Equity”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.
Forward-Looking Statements
This document may contain certain forward-looking statements about First Mid, such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid; accounting principles, policies and guidelines; and the impact of pandemics on First Mid’s businesses. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.
Investor Contact:
Austin Frank
SVP, Shareholder Relations
217-258-5522
[email protected]
Jordan Read
Chief Financial and Risk Officer
636-626-2265
[email protected]
| – Tables Follow – |
| FIRST MID BANCSHARES, INC. | ||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||
| (In thousands, unaudited) | ||||||||||||
| As of | ||||||||||||
| June 30, | December 31, | June 30, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | $ | 190,017 | $ | 121,216 | $ | 235,480 | ||||||
| Investment securities | 1,085,701 | 1,073,510 | 1,120,930 | |||||||||
| Loans (including loans held for sale) | 5,766,999 | 5,672,462 | 5,560,617 | |||||||||
| Less allowance for credit losses | (71,160 | ) | (70,182 | ) | (68,312 | ) | ||||||
| Net loans | 5,695,839 | 5,602,280 | 5,492,305 | |||||||||
| Premises and equipment, net | 97,740 | 100,234 | 101,583 | |||||||||
| Goodwill and intangibles, net | 255,547 | 261,906 | 257,377 | |||||||||
| Bank Owned Life Insurance | 172,333 | 170,854 | 168,439 | |||||||||
| Other assets | 183,298 | 189,734 | 204,946 | |||||||||
| Total assets | $ | 7,680,475 | $ | 7,519,734 | $ | 7,581,060 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||||
| Deposits: | ||||||||||||
| Non-interest bearing | $ | 1,321,446 | $ | 1,329,155 | $ | 1,393,336 | ||||||
| Interest bearing | 4,868,753 | 4,727,941 | 4,722,443 | |||||||||
| Total deposits | 6,190,199 | 6,057,096 | 6,115,779 | |||||||||
| Repurchase agreements with customers | 193,941 | 204,122 | 205,955 | |||||||||
| Other borrowings | 245,000 | 242,520 | 263,735 | |||||||||
| Junior subordinated debentures | 24,384 | 24,280 | 24,169 | |||||||||
| Subordinated debt | 79,590 | 87,472 | 103,029 | |||||||||
| Other liabilities | 53,221 | 57,853 | 54,748 | |||||||||
| Total liabilities | 6,786,335 | 6,673,343 | 6,767,415 | |||||||||
| Total stockholders' equity | 894,140 | 846,391 | 813,645 | |||||||||
| Total liabilities and stockholders' equity | $ | 7,680,475 | $ | 7,519,734 | $ | 7,581,060 | ||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||||||
| (In thousands, except per share data, unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Interest income: | ||||||||||||||||
| Interest and fees on loans | $ | 84,784 | $ | 79,560 | $ | 164,702 | $ | 157,383 | ||||||||
| Interest on investment securities | 6,895 | 7,405 | 13,672 | 14,810 | ||||||||||||
| Interest on federal funds sold & other deposits | 1,722 | 1,718 | 2,586 | 4,162 | ||||||||||||
| Total interest income | 93,401 | 88,683 | 180,960 | 176,355 | ||||||||||||
| Interest expense: | ||||||||||||||||
| Interest on deposits | 24,964 | 26,338 | 48,686 | 52,434 | ||||||||||||
| Interest on securities sold under agreements to repurchase | 1,218 | 1,615 | 2,398 | 3,671 | ||||||||||||
| Interest on other borrowings | 2,043 | 2,248 | 3,874 | 4,562 | ||||||||||||
| Interest on jr. subordinated debentures | 464 | 537 | 932 | 1,079 | ||||||||||||
| Interest on subordinated debt | 849 | 1,180 | 1,798 | 2,374 | ||||||||||||
| Total interest expense | 29,538 | 31,918 | 57,688 | 64,120 | ||||||||||||
| Net interest income | 63,863 | 56,765 | 123,272 | 112,235 | ||||||||||||
| Provision for credit losses | 2,567 | 1,083 | 4,219 | 726 | ||||||||||||
| Net interest income after provision for credit losses | 61,296 | 55,682 | 119,053 | 111,509 | ||||||||||||
| Non-interest income: | ||||||||||||||||
| Wealth management revenues | 5,394 | 5,405 | 11,205 | 10,727 | ||||||||||||
| Insurance commissions | 7,840 | 6,531 | 17,765 | 15,744 | ||||||||||||
| Service charges | 2,995 | 3,227 | 5,896 | 6,183 | ||||||||||||
| Net securities losses | 0 | (156 | ) | (181 | ) | (156 | ) | |||||||||
| Mortgage banking revenues | 1,070 | 1,038 | 1,781 | 1,744 | ||||||||||||
| ATM/debit card revenue | 4,636 | 4,281 | 8,282 | 8,336 | ||||||||||||
| Other | 1,658 | 2,096 | 3,709 | 4,322 | ||||||||||||
| Total non-interest income | 23,593 | 22,422 | 48,457 | 46,900 | ||||||||||||
| Non-interest expense: | ||||||||||||||||
| Salaries and employee benefits | 33,623 | 30,164 | 65,371 | 60,612 | ||||||||||||
| Net occupancy and equipment expense | 7,869 | 7,507 | 16,348 | 15,067 | ||||||||||||
| Net other real estate owned (income) expense | 75 | 85 | 176 | 64 | ||||||||||||
| FDIC insurance | 873 | 902 | 1,722 | 1,771 | ||||||||||||
| Amortization of intangible assets | 3,121 | 3,340 | 6,352 | 6,837 | ||||||||||||
| Stationary and supplies | 367 | 370 | 798 | 761 | ||||||||||||
| Legal and professional expense | 2,757 | 2,536 | 5,833 | 4,985 | ||||||||||||
| ATM/debit card expense | 1,144 | 1,281 | 2,975 | 2,472 | ||||||||||||
| Marketing and donations | 777 | 814 | 1,629 | 1,676 | ||||||||||||
| Other | 4,156 | 4,392 | 8,030 | 10,508 | ||||||||||||
| Total non-interest expense | 54,762 | 51,391 | 109,234 | 104,753 | ||||||||||||
| Income before income taxes | 30,127 | 26,713 | 58,276 | 53,656 | ||||||||||||
| Income taxes | 6,689 | 6,968 | 12,667 | 13,408 | ||||||||||||
| Net income | $ | 23,438 | $ | 19,745 | $ | 45,609 | $ | 40,248 | ||||||||
| Per Share Information | ||||||||||||||||
| Basic earnings per common share | $ | 0.98 | $ | 0.83 | $ | 1.91 | $ | 1.69 | ||||||||
| Diluted earnings per common share | 0.98 | 0.82 | 1.90 | 1.68 | ||||||||||||
| Weighted average shares outstanding | 23,867,592 | 23,896,210 | 23,863,229 | 23,884,472 | ||||||||||||
| Diluted weighted average shares outstanding | 23,988,974 | 23,998,152 | 23,974,183 | 23,979,244 | ||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||||||||||
| (In thousands, except per share data, unaudited) | ||||||||||||||||||||
| For the Quarter Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||||||||
| Interest income: | ||||||||||||||||||||
| Interest and fees on loans | $ | 84,784 | $ | 79,918 | $ | 81,288 | $ | 81,775 | $ | 79,560 | ||||||||||
| Interest on investment securities | 6,895 | 6,777 | 6,990 | 7,036 | 7,405 | |||||||||||||||
| Interest on federal funds sold & other deposits | 1,722 | 864 | 1,564 | 2,371 | 1,718 | |||||||||||||||
| Total interest income | 93,401 | 87,559 | 89,842 | 91,182 | 88,683 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Interest on deposits | 24,964 | 23,722 | 26,144 | 28,341 | 26,338 | |||||||||||||||
| Interest on securities sold under agreements to repurchase | 1,218 | 1,180 | 1,333 | 1,444 | 1,615 | |||||||||||||||
| Interest on other borrowings | 2,043 | 1,831 | 1,917 | 2,195 | 2,248 | |||||||||||||||
| Interest on jr. subordinated debentures | 464 | 468 | 510 | 567 | 537 | |||||||||||||||
| Interest on subordinated debt | 849 | 949 | 988 | 1,092 | 1,180 | |||||||||||||||
| Total interest expense | 29,538 | 28,150 | 30,892 | 33,639 | 31,918 | |||||||||||||||
| Net interest income | 63,863 | 59,409 | 58,950 | 57,543 | 56,765 | |||||||||||||||
| Provision for credit losses | 2,567 | 1,652 | 3,643 | 1,266 | 1,083 | |||||||||||||||
| Net interest income after provision for credit losses | 61,296 | 57,757 | 55,307 | 56,277 | 55,682 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Wealth management revenues | 5,394 | 5,800 | 6,275 | 5,816 | 5,405 | |||||||||||||||
| Insurance commissions | 7,840 | 9,925 | 6,805 | 6,003 | 6,531 | |||||||||||||||
| Service charges | 2,995 | 2,901 | 3,058 | 3,121 | 3,227 | |||||||||||||||
| Net securities losses | 0 | (181 | ) | 0 | (277 | ) | (156 | ) | ||||||||||||
| Mortgage banking revenues | 1,070 | 711 | 1,104 | 1,109 | 1,038 | |||||||||||||||
| ATM/debit card revenue | 4,636 | 3,646 | 4,204 | 4,267 | 4,281 | |||||||||||||||
| Other | 1,658 | 2,062 | 4,917 | 2,984 | 2,096 | |||||||||||||||
| Total non-interest income | 23,593 | 24,864 | 26,363 | 23,023 | 22,422 | |||||||||||||||
| Non-interest expense: | ||||||||||||||||||||
| Salaries and employee benefits | 33,623 | 31,748 | 31,957 | 31,565 | 30,164 | |||||||||||||||
| Net occupancy and equipment expense | 7,869 | 8,479 | 7,285 | 8,055 | 7,507 | |||||||||||||||
| Net other real estate owned expense | 75 | 101 | 240 | 107 | 85 | |||||||||||||||
| FDIC insurance | 873 | 849 | 863 | 829 | 902 | |||||||||||||||
| Amortization of intangible assets | 3,121 | 3,231 | 3,314 | 3,405 | 3,340 | |||||||||||||||
| Stationary and supplies | 367 | 431 | 642 | 482 | 370 | |||||||||||||||
| Legal and professional expense | 2,757 | 3,076 | 5,386 | 2,573 | 2,536 | |||||||||||||||
| ATM/debit card expense | 1,144 | 1,831 | 2,043 | 1,869 | 1,281 | |||||||||||||||
| Marketing and donations | 777 | 852 | 906 | 836 | 814 | |||||||||||||||
| Other | 4,156 | 3,874 | 3,661 | 4,212 | 4,392 | |||||||||||||||
| Total non-interest expense | 54,762 | 54,472 | 56,297 | 53,933 | 51,391 | |||||||||||||||
| Income before income taxes | 30,127 | 28,149 | 25,373 | 25,367 | 26,713 | |||||||||||||||
| Income taxes | 6,689 | 5,978 | 6,205 | 5,885 | 6,968 | |||||||||||||||
| Net income | $ | 23,438 | $ | 22,171 | $ | 19,168 | $ | 19,482 | $ | 19,745 | ||||||||||
| Per Share Information | ||||||||||||||||||||
| Basic earnings per common share | $ | 0.98 | $ | 0.93 | $ | 0.80 | $ | 0.81 | $ | 0.83 | ||||||||||
| Diluted earnings per common share | 0.98 | 0.93 | 0.80 | 0.81 | 0.82 | |||||||||||||||
| Weighted average shares outstanding | 23,867,592 | 23,858,817 | 23,818,806 | 23,905,099 | 23,896,210 | |||||||||||||||
| Diluted weighted average shares outstanding | 23,988,974 | 23,959,228 | 23,908,340 | 24,006,647 | 23,998,152 | |||||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||
| Consolidated Financial Highlights and Ratios | ||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| As of and for the Quarter Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||||||||
| Loan Portfolio | ||||||||||||||||||||
| Construction and land development | $ | 298,812 | $ | 269,148 | $ | 236,093 | $ | 190,857 | $ | 195,389 | ||||||||||
| Farm real estate loans | 381,517 | 373,413 | 390,760 | 384,620 | 387,015 | |||||||||||||||
| 1-4 Family residential properties | 495,787 | 488,139 | 496,597 | 505,342 | 507,517 | |||||||||||||||
| Multifamily residential properties | 360,604 | 356,858 | 332,644 | 338,167 | 334,446 | |||||||||||||||
| Commercial real estate | 2,393,640 | 2,397,985 | 2,417,585 | 2,440,120 | 2,406,955 | |||||||||||||||
| Loans secured by real estate | 3,930,360 | 3,885,543 | 3,873,679 | 3,859,106 | 3,831,322 | |||||||||||||||
| Agricultural operating loans | 306,374 | 296,811 | 239,671 | 233,414 | 213,997 | |||||||||||||||
| Commercial and industrial loans | 1,324,653 | 1,303,712 | 1,335,920 | 1,283,631 | 1,268,646 | |||||||||||||||
| Consumer loans | 41,604 | 47,220 | 53,960 | 63,222 | 70,841 | |||||||||||||||
| All other loans | 164,008 | 165,572 | 169,232 | 175,218 | 175,811 | |||||||||||||||
| Total loans | 5,766,999 | 5,698,858 | 5,672,462 | 5,614,591 | 5,560,617 | |||||||||||||||
| Deposit Portfolio | ||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 1,321,446 | $ | 1,394,590 | $ | 1,329,155 | $ | 1,387,290 | $ | 1,393,336 | ||||||||||
| Interest bearing demand deposits | 1,947,744 | 1,814,427 | 1,907,733 | 1,834,123 | 1,909,993 | |||||||||||||||
| Savings deposits | 632,925 | 643,289 | 636,427 | 648,582 | 673,381 | |||||||||||||||
| Money Market | 1,206,140 | 1,215,420 | 1,196,537 | 1,183,594 | 1,127,699 | |||||||||||||||
| Time deposits | 1,081,944 | 1,062,654 | 987,244 | 1,035,245 | 1,011,370 | |||||||||||||||
| Total deposits | 6,190,199 | 6,130,380 | 6,057,096 | 6,088,834 | 6,115,779 | |||||||||||||||
| Asset Quality | ||||||||||||||||||||
| Non-performing loans | $ | 21,895 | $ | 26,598 | $ | 29,835 | $ | 18,242 | $ | 19,079 | ||||||||||
| Non-performing assets | 23,572 | 28,703 | 32,030 | 20,076 | 20,557 | |||||||||||||||
| Net charge-offs (recoveries) | 1,458 | 1,783 | 2,235 | 804 | 708 | |||||||||||||||
| Allowance for credit losses to non-performing loans | 325.00 | % | 263.36 | % | 235.23 | % | 377.01 | % | 358.05 | % | ||||||||||
| Allowance for credit losses to total loans outstanding | 1.23 | % | 1.23 | % | 1.24 | % | 1.22 | % | 1.23 | % | ||||||||||
| Nonperforming loans to total loans | 0.38 | % | 0.47 | % | 0.53 | % | 0.32 | % | 0.34 | % | ||||||||||
| Nonperforming assets to total assets | 0.31 | % | 0.38 | % | 0.43 | % | 0.27 | % | 0.27 | % | ||||||||||
| Special Mention loans | 81,815 | 74,019 | 57,848 | 38,151 | 30,767 | |||||||||||||||
| Substandard and Doubtful loans | 39,031 | 33,884 | 35,516 | 29,037 | 27,594 | |||||||||||||||
| Common Share Data | ||||||||||||||||||||
| Common shares outstanding | 23,988,845 | 23,981,916 | 23,895,807 | 23,904,051 | 23,895,868 | |||||||||||||||
| Book value per common share | $ | 37.27 | $ | 36.32 | $ | 35.42 | $ | 35.91 | $ | 34.05 | ||||||||||
| Tangible book value per common share (1) | 26.62 | 25.53 | 24.46 | 24.82 | 23.28 | |||||||||||||||
| Tangible book value per common share excluding other comprehensive income at period end (1) | 32.07 | 31.21 | 30.42 | 29.70 | 29.43 | |||||||||||||||
| Market price of stock | 37.49 | 34.90 | 36.82 | 38.91 | 32.88 | |||||||||||||||
| Key Performance Ratios and Metrics | ||||||||||||||||||||
| End of period earning assets | $ | 6,924,934 | $ | 6,844,096 | $ | 6,775,075 | $ | 6,786,458 | $ | 6,812,574 | ||||||||||
| Average earning assets | 6,975,783 | 6,769,858 | 6,884,303 | 6,857,070 | 6,815,932 | |||||||||||||||
| Average rate on average earning assets (tax equivalent) | 5.41 | % | 5.29 | % | 5.24 | % | 5.35 | % | 5.27 | % | ||||||||||
| Average rate on cost of funds | 1.75 | % | 1.74 | % | 1.83 | % | 2.00 | % | 1.91 | % | ||||||||||
| Net interest margin (tax equivalent) (1)(2) | 3.72 | % | 3.60 | % | 3.41 | % | 3.35 | % | 3.36 | % | ||||||||||
| Return on average assets | 1.20 | % | 1.19 | % | 1.01 | % | 1.03 | % | 1.05 | % | ||||||||||
| Adjusted return on average assets (1) | 1.23 | % | 1.23 | % | 1.10 | % | 1.05 | % | 1.07 | % | ||||||||||
| Return on average common equity | 10.52 | % | 10.35 | % | 9.04 | % | 9.40 | % | 9.92 | % | ||||||||||
| Adjusted return on average common equity (1) | 10.80 | % | 10.78 | % | 9.80 | % | 9.58 | % | 10.11 | % | ||||||||||
| Efficiency ratio (tax equivalent) (1) | 58.09 | % | 58.88 | % | 58.76 | % | 61.33 | % | 59.61 | % | ||||||||||
| Full-time equivalent employees | 1,190 | 1,194 | 1,198 | 1,207 | 1,185 | |||||||||||||||
| 1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. | ||||||||||||||||||||
| 2 During the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and research analysts. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets. | ||||||||||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||
| Net Interest Margin | ||||||||||
| (In thousands, unaudited) | ||||||||||
| For the Quarter Ended June 30, 2025 | ||||||||||
| QTD Average | Average | |||||||||
| Balance | Interest | Rate | ||||||||
| INTEREST EARNING ASSETS | ||||||||||
| Interest bearing deposits | $ | 146,907 | $ | 1,694 | 4.63% | |||||
| Federal funds sold | 75 | - | 0.00% | |||||||
| Certificates of deposits investments | 2,515 | 28 | 4.47% | |||||||
| Investment Securities | 1,082,974 | 7,381 | 2.73% | |||||||
| Loans (net of unearned income) | 5,743,312 | 85,070 | 5.94% | |||||||
| Total interest earning assets | 6,975,783 | 94,173 | 5.41% | |||||||
| NONEARNING ASSETS | ||||||||||
| Other nonearning assets | 767,422 | |||||||||
| Allowance for loan losses | (70,671 | ) | ||||||||
| Total assets | $ | 7,672,534 | ||||||||
| INTEREST BEARING LIABILITIES | ||||||||||
| Demand deposits | $ | 3,119,484 | $ | 15,594 | 2.01% | |||||
| Savings deposits | 638,174 | 158 | 0.10% | |||||||
| Time deposits | 1,078,174 | 9,213 | 3.43% | |||||||
| Total interest bearing deposits | 4,835,832 | 24,965 | 2.07% | |||||||
| Repurchase agreements | 199,345 | 1,218 | 2.45% | |||||||
| FHLB advances | 218,846 | 2,043 | 3.74% | |||||||
| Federal funds purchased | - | - | 0.00% | |||||||
| Subordinated debt | 79,554 | 849 | 4.28% | |||||||
| Jr. subordinated debentures | 24,360 | 464 | 7.64% | |||||||
| Other debt | - | - | 0.00% | |||||||
| Total borrowings | 522,105 | 4,574 | 3.51% | |||||||
| Total interest bearing liabilities | 5,357,937 | 29,539 | 2.21% | |||||||
| NONINTEREST BEARING LIABILITIES | ||||||||||
| Demand deposits | 1,402,374 | Avg Cost of Funds | 1.75% | |||||||
| Other liabilities | 35,264 | |||||||||
| Stockholders' equity | 876,959 | |||||||||
| Total liabilities & stockholders' equity | $ | 7,672,534 | ||||||||
| Net Interest Earnings / Spread | $ | 64,634 | 3.20% | |||||||
Tax effected yield on interest earning assets | 3.72% | |||||||||
| Tax equivalent net interest margin is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. | ||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
| (In thousands, unaudited) | ||||||||||||||||||||
| As of and for the Quarter Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||||||||
| Net interest income as reported | $ | 63,863 | $ | 59,409 | $ | 58,950 | $ | 57,543 | $ | 56,765 | ||||||||||
| Net interest income, (tax equivalent) | 64,634 | 60,162 | 59,717 | 58,627 | 57,361 | |||||||||||||||
| Average earning assets | 6,975,783 | 6,769,858 | 6,884,303 | 6,857,070 | 6,815,932 | |||||||||||||||
| Net interest margin (tax equivalent) | 3.72 | % | 3.60 | % | 3.41 | % | 3.35 | % | 3.36 | % | ||||||||||
| Common stockholder's equity | $ | 894,140 | $ | 870,949 | $ | 846,391 | $ | 858,497 | $ | 813,645 | ||||||||||
| Goodwill and intangibles, net | 255,547 | 258,671 | 261,906 | 265,139 | 257,377 | |||||||||||||||
| Common shares outstanding | 23,989 | 23,982 | 23,896 | 23,904 | 23,896 | |||||||||||||||
| Tangible Book Value per common share | $ | 26.62 | $ | 25.53 | $ | 24.46 | $ | 24.82 | $ | 23.28 | ||||||||||
| Accumulated other comprehensive loss (AOCI) | (130,710 | ) | (136,097 | ) | (142,383 | ) | (116,692 | ) | (146,998 | ) | ||||||||||
| Adjusted tangible book value per common share | $ | 32.07 | $ | 31.21 | $ | 30.42 | $ | 29.70 | $ | 29.43 | ||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
| (In thousands, except per share data, unaudited) | ||||||||||||||||||||
| As of and for the Quarter Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||||||||
| Adjusted earnings Reconciliation | ||||||||||||||||||||
| Net Income - GAAP | $ | 23,438 | $ | 22,171 | $ | 19,168 | $ | 19,482 | $ | 19,745 | ||||||||||
| Adjustments (post-tax): (1) | ||||||||||||||||||||
| Nonrecurring technology project expenses | 246 | 728 | 1,710 | - | - | |||||||||||||||
| Net (gain)/loss on securities sales | - | 143 | - | 219 | 123 | |||||||||||||||
| Integration and acquisition expenses | 3 | 41 | - | 137 | 250 | |||||||||||||||
| Total non-recurring adjustments (non-GAAP) | $ | 249 | $ | 912 | $ | 1,710 | $ | 356 | $ | 373 | ||||||||||
| Adjusted earnings - non-GAAP | $ | 23,687 | $ | 23,083 | $ | 20,878 | $ | 19,838 | $ | 20,118 | ||||||||||
| Adjusted diluted earnings per share (non-GAAP) | $ | 0.99 | $ | 0.96 | $ | 0.87 | $ | 0.83 | $ | 0.84 | ||||||||||
| Adjusted return on average assets - non-GAAP | 1.23 | % | 1.23 | % | 1.10 | % | 1.05 | % | 1.07 | % | ||||||||||
| Adjusted return on average common equity - non-GAAP | 10.80 | % | 10.78 | % | 9.80 | % | 9.58 | % | 10.11 | % | ||||||||||
| Efficiency Ratio Reconciliation | ||||||||||||||||||||
| Noninterest expense - GAAP | $ | 54,762 | $ | 54,472 | $ | 56,297 | $ | 53,933 | $ | 51,391 | ||||||||||
| Other real estate owned property income (expense) | (75 | ) | (101 | ) | (240 | ) | (107 | ) | (85 | ) | ||||||||||
| Amortization of intangibles | (3,121 | ) | (3,231 | ) | (3,314 | ) | (3,405 | ) | (3,340 | ) | ||||||||||
| Nonrecurring technology project expense | (311 | ) | (921 | ) | (2,164 | ) | - | - | ||||||||||||
| Integration and acquisition expenses | (4 | ) | (52 | ) | - | (174 | ) | (316 | ) | |||||||||||
| Adjusted noninterest expense (non-GAAP) | $ | 51,251 | $ | 50,167 | $ | 50,579 | $ | 50,247 | $ | 47,650 | ||||||||||
| Net interest income -GAAP | $ | 63,863 | $ | 59,409 | $ | 58,950 | $ | 57,543 | $ | 56,765 | ||||||||||
| Effect of tax-exempt income (1) | 771 | 753 | 767 | 1,084 | 596 | |||||||||||||||
| Adjusted net interest income (non-GAAP) | $ | 64,634 | $ | 60,162 | $ | 59,717 | $ | 58,627 | $ | 57,361 | ||||||||||
| Noninterest income - GAAP | $ | 23,593 | $ | 24,864 | $ | 26,363 | $ | 23,023 | $ | 22,422 | ||||||||||
| Net (gain)/loss on securities sales | 0 | 181 | 0 | 277 | 156 | |||||||||||||||
| Adjusted noninterest income (non-GAAP) | $ | 23,593 | $ | 25,045 | $ | 26,363 | $ | 23,300 | $ | 22,578 | ||||||||||
| Adjusted total revenue (non-GAAP) | $ | 88,227 | $ | 85,207 | $ | 86,080 | $ | 81,927 | $ | 79,939 | ||||||||||
| Efficiency ratio (non-GAAP) | 58.09 | % | 58.88 | % | 58.76 | % | 61.33 | % | 59.61 | % | ||||||||||
| (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%. | ||||||||||||||||||||
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