Business
First Mid Bancshares, Inc. Announces Fourth Quarter and Full Year 2021 Results
MATTOON, Ill., Jan. 27, 2022 (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. 27, 2022 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter and full year period ended December 31, 2021. Highlights Net income of $16.8 million, or $0.93 diluted EPSAdjusted net income (non-GAAP) of $17.1 million, or $0.94 diluted EPSStrong loan growth of 2.3% for the quarter, excluding Paycheck Protection Program (“PPP”) loansRecord quarter of wealth management revenues with assets under management increasing to $5.1 billionReceived Federal Reserve approval on January 26, 2022 for the pending Delta Bancshares acquisition “We ended 2021 on a high note with strong loan growth, record wealth management revenues and solid earnings,” said Joe Dively, Chairman and Chief Executive Officer. “The economic conditions in our markets are improving and our strategic emphasis on diversifying our geographic footprint is providing better opportunities for loan growth. The pipeline continues to be strong through the early part of the first quarter. The growth in our noninterest income was led by record performance in the farm management group and proves the importance of the diversification in our business units and revenue streams.” “With respect to the pending acquisition of Delta Bancshares Company (“Delta”) and its subsidiary Jefferson Bank and Trust (“Jefferson”), which we announced on July 29, 2021, we received Federal Reserve approval yesterday and anticipate closing the acquisition in mid-February. We remain excited about the combination with Jefferson and its enhancement and expansion to our St. Louis metro presence. We have continued to work together with the Jefferson employees in preparing for a smooth transition and we are planning for a June bank merger and conversion,” Dively concluded. Net Interest Income Net interest income for the fourth quarter of 2021 decreased by $2.8 million, or 6.0% compared to the third quarter due to declines of $3.4 million and $0.9 million in PPP fee and accretion income, respectively. Excluding these, net interest income increased $1.5 million on a combination of loan growth, higher securities earnings and lower interest expense. For the current quarter, PPP fee income was $1.7 million and accretion income was $0.7 million. As of December 31, 2021, the Company had $0.3 million of deferred fee income ...