Business
First Mid Bancshares, Inc. Announces First Quarter 2020 Results
MATTOON, Ill., April 30, 2020 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the
About this update from First Mid Bancshares, Inc.
[{"type":"text","content":"MATTOON, Ill., April 30, 2020 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended March 31, 2020.\n Highlights Net income of $10.0 million, or $0.60 diluted EPS, included a ($0.19) per share impact from a reserve build1Strengthened balance sheet with increase of already strong capital and liquidity positionsLoans grew $49.0 million, or 1.8% during the quarterSignificant steps taken in supporting customers, communities and employees through this unprecedented timeApproved $235 million in loans under the Paycheck Protection Program through April 16, 2020On April 21st, the Company acquired five lenders and their portfolio of relationships in the strategic St. Louis metro market “While the challenges created from the COVID-19 pandemic are unprecedented, I am confident in First Mid’s position given our strong capital levels and significant liquidity,” said Joe Dively, Chairman and Chief Executive Officer. “Our balance sheet, combined with the extraordinary efforts of our employees, has allowed us to provide tremendous support to our customers and communities.” “Due to the pandemic, we activated our business continuity plan and continue to operate at all of our branch locations as drive-thru facilities. Our call center remains accessible and we have increased the utilization of our digital platform. In addition, we have enabled a significant number of employees with work from home capabilities,” Dively continued. “We have taken a multitude of steps for our customers including a 90-day deferral program, primarily for hotel and restaurant borrowers, a 180-day residential mortgage deferral program, and, as a long-standing SBA lender, we were very active in the Paycheck Protection Program (‘PPP’) for both existing and new customers. In fact, in the first round of the program, we helped nearly 1,400 customers receive approximately $235 million in loans. Awareness of our expertise in this process quickly spread in the communities we serve and allowed us to gain over 250 new relationships that we hope will be long-term customers,” Dively added. “Our credit department has spent a lot of time stress testing the portfolio, especially those categories most impacted by COVID-19, and we believe the strength of our balance sheet has us well prepared for any losses...