First Mid Bancshares, Inc. Announces Third Quarter 2022 Results

About this update from First Mid Bancshares, Inc.

[{"type":"text","content":"MATTOON, Ill., Oct. 27, 2022 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended September 30, 2022. Highlights Net income of $17.9 million, or $0.88 diluted EPSAdjusted net income (non-GAAP) of $18.5 million, or $0.90 diluted EPSSolid loan growth of $71.6 million, or 1.5% for the quarterStrong asset quality ratios with adversely classified loans declining by 15.3% for the quarterBoard of Directors declares regular quarterly dividend of $0.23 per share “Our third quarter results were highlighted by solid loan growth and the strength in the credit quality of our loan portfolio,” said Joe Dively, Chairman and Chief Executive Officer. “Our diversified revenue sources continued to perform well with wealth management and insurance driving a year-over-year increase in noninterest income, despite significantly lower mortgage banking revenues. Net interest income and margin increased in the period, despite the significant movement in interest rates by the Federal Reserve adding pressure on funding costs.” Net Interest Income Net interest income for the third quarter of 2022 increased by $1.4 million, or 3.1% compared to the second quarter of 2022. Interest income increased by $5.5 million primarily driven by loan growth and higher interest rates. Interest expense increased by $4.0 million on increased rates and higher balances. Accretion income was the same as the previous quarter at $0.9 million. In comparison to the third quarter of 2021, net interest income increased $2.8 million, or 6.1%. The increase was primarily the result of organic loan growth, the impact of the Jefferson Bank and Trust (“Jefferson”) acquisition, and rising interest rates. Net Interest Margin Net interest margin, on a tax equivalent basis, was 3.21% for the third quarter of 2022, which was an increase of 1 basis point compared to the prior quarter. Earning asset yields increased by 27 basis points and the average cost of funds increased 26 basis points. In comparison to the third quarter of last year, the net interest margin decreased 17 basis points. The primary reasons for the decrease were due to $0.7 million of lower accretion income and $5.1 million of lower PPP fee income compared to the third quarter of 2021. Loan Portfolio Total loans ended the quarter at $4.72 billion...

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