Business
First Mid Bancshares, Inc. Announces Third Quarter 2021 Results
MATTOON, Ill., Oct. 28, 2021 (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., Oct. 28, 2021 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter and year-to-date period ended September 30, 2021. Highlights Net income of $18.3 million, or $1.01 diluted EPSAdjusted net income (non-GAAP) of $19.7 million, or $1.08 diluted EPSSolid organic loan growth of 1.3% for the quarter, excluding acquired and Paycheck Protection Program loansCompleted the integration of a St. Louis based commercial lending team including a portfolio of loans of approximately $208.0 million and deposits of approximately $215.1 million “We are pleased to report another strong quarter of financial results, which represented a new record high in quarterly earnings,” said Joe Dively, Chairman and Chief Executive Officer. “The quarter included net organic loan growth for the first time this year and the fourth quarter pipeline looks to be solid. Both the former Providence and the new St. Louis based commercial lending teams are fully integrated and off to a great start in supporting our customers and communities.” “With respect to the pending acquisition of Delta Bancshares Company (“Delta”), which we announced on July 29, 2021, we have continued to work with the team on preparing for a smooth transition and are excited about the opportunities and additional services the combined entity can provide to Delta’s customers and the broader St. Louis community,” Dively concluded. Net Interest Income Net interest income for the third quarter of 2021 increased by $2.7 million, or 6.4% compared to the second quarter of 2021. Interest income increased by $2.6 million and interest expense decreased $0.1 million from the previous quarter. PPP fee income totaled $5.1 million, an increase of $3.1 million from the prior quarter, which was partially offset by a decline in accretion income. The third quarter included $1.6 million of accretion income compared to $2.8 million in the second quarter. As of September 30, 2021, the Company had $2.0 million of deferred fee income on PPP loans remaining. In comparison to the third quarter of 2020, net interest income increased $13.0 million, or 39.9%. The increase was primarily the result of the acquisition of Providence Bank in the first quarter of 2021, the additional income from the PPP, and the active management to lower...