Business
First Mid Bancshares, Inc. Announces Fourth Quarter and Full Year 2019 Results
MATTOON, Ill., Jan. 23, 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., Jan. 23, 2020 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter and year-to-date period ended December 31, 2019.\n Highlights Diluted earnings per share of $0.72 and $2.87 for the fourth quarter and full year, respectivelyIncreased tangible book value for the year by 16.7% to $23.59Strong loan growth for the quarter of $71.8 million, or 2.7%Record quarter of noninterest income driven by growth in wealth management revenues “We followed up a strong third quarter of loan growth with another solid quarter,” said Joe Dively, Chairman and Chief Executive Officer. “Our wealth management division had a great quarter and, combined with our insurance division’s successful 2019, we delivered record noninterest income for both the fourth quarter and the full year.” “We achieved a lot in 2019 through our intense focus on the customer and delivering shareholder value. We made significant investments in technology to ensure we are delivering the best and most competitive products and services to our customers and for the communities we serve. For our shareholders, we increased our dividend, repurchased shares and delivered strong financial results, including an increase in tangible book value by nearly 17%. Our capital position is strong and we are well positioned for 2020 and beyond,” Dively concluded. Net Interest Income Net interest income for the fourth quarter of 2019 decreased by $0.1 million, or 0.5% compared to the third quarter of 2019. The decline was primarily driven by a decrease of $0.8 million in accretion income, partially offset by lower interest expenses. Total accretion income for the quarter was $1.8 million compared to $2.6 million in the third quarter. In comparison to the fourth quarter of 2018, net interest income was essentially the same at $31.0 million. Interest income increased by $0.7 million and was offset by higher interest expenses. Net Interest Margin Net interest margin, on a tax equivalent basis, was 3.57% for the fourth quarter of 2019 compared to 3.60% in the prior quarter. The decrease was primarily driven by the decrease in accretion income of $0.8 million. Excluding accretion income, the net interest margin increased seven basis points for the quarter. Strong loan growth in the second half of the year, along ...