Business
First Mid Bancshares, Inc. Announces Second Quarter 2024 Results
MATTOON, Ill., Aug. 01, 2024 (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., Aug. 01, 2024 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended June 30, 2024. Highlights Net income of $19.7 million, or $0.82 diluted EPSAdjusted net income (non-GAAP) of $20.1 million, or $0.84 diluted EPSMargin expansion and loan growth drove an increase in net interest income of $1.3 million for the quarterAnnounced the acquisition of Mid Rivers Insurance Group (“MRIG”) on July 9th deepening our Missouri presence and increasing noninterest incomeBoard of Directors increases quarterly dividend by $0.01 per share to $0.24 per share “We delivered another strong quarter of financial results and continued our strategy to expand noninterest income with the acquisition of MRIG,” said Joe Dively, Chairman and Chief Executive Officer. “The quarter included solid loan growth and superior asset quality. The loan growth and repricing of our earning assets, combined with active management of our funding costs helped drive an 11-basis point increase in margin for the period.” “The MRIG acquisition deepens our Missouri presence with a highly productive team covering the St. Louis and mid-Missouri footprint. We welcome the MRIG team and are excited about the growth and diversity they bring to our insurance offerings and the opportunity to deepen relationships for customers of both companies,” Dively concluded. Taxes On June 7, 2024, Illinois passed HB 4951, which among other things changed the apportionment related to investment income. For purposes of computing Illinois sourced receipts, the apportionment on investment income is now the same as the apportionment factor on all non-investment income. The effect of this for First Mid is a lower Illinois tax rate going forward. However, the impact to the second quarter of 2024 was a $1.0 million tax expense for the lower rate applied to associated deferred tax assets. This nonrecurring expense reduced diluted EPS for the period by $0.04. Net Interest Income Net interest income for the second quarter of 2024 increased by $1.3 million, or 2.3% compared to the first quarter of 2024. Interest income increased by $1.0 million primarily driven by loan growth and repricing of maturing loans. The Company primarily utilized cash for loan funding and did not replace most borrowings that matured. This ...