First Mid Bancshares, Inc. Announces Second Quarter 2023 Results

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[{"type":"text","content":"MATTOON, Ill., July 27, 2023 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended June 30, 2023. Highlights Net income of $16.6 million, or $0.80 diluted EPSAdjusted net income (non-GAAP) of $17.2 million, or $0.83 diluted EPSLoan growth of 1.1% and deposit growth of 3.8% for the quarterBoard of Directors declares regular quarterly dividend of $0.23 per shareCompleted the acquisition of PGIB Insurance (“PGIB”) on June 16th adding approximately $2.5 million in annual revenues to noninterest incomeReceived regulatory approvals for the acquisition of Blackhawk Bancorp, Inc. (“Blackhawk”) with closing targeted for mid-August “Our second quarter results reflect the strength of our diversification and the success of our strategic initiatives,” said Joe Dively, Chairman and Chief Executive Officer. “We delivered on our relationship-driven model with growth in both loans and deposits, while maintaining strong asset quality metrics.” “On the M&A front, we were pleased to receive regulatory approval to proceed with closing the Blackhawk acquisition, which we have targeted for mid-August. The work that has been done to this point and the reception by Blackhawk customers and employees has us increasingly excited about what the combined company can achieve. In addition, we completed the acquisition of PGIB Insurance on June 16th, which strengthens our expertise in the insurance business and positions us to advance these services through our northern and western Illinois footprint,” Dively concluded. Net Interest Income Net interest income for the second quarter of 2023 decreased by $0.8 million, or 1.9% compared to the first quarter of 2023. Interest income and interest expense increased in the quarter by $2.5 million and $3.3 million, respectively. The increase in interest income was primarily driven by higher interest rates and loan growth. Accretion income increased by $0.1 million in the quarter to $0.5 million. Interest expense increased primarily from higher rates and balances on deposits, partially offset by less borrowings. In comparison to the second quarter of 2022, net interest income decreased $4.5 million, or 9.5%. Interest income increased by $14.8 million and was more than offset by an increase in interest expense of $19.3 million. Net Interes...

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