Business
First Mid Bancshares, Inc. Announces Third Quarter 2023 Results
MATTOON, Ill., Oct. 26, 2023 (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. 26, 2023 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended September 30, 2023. Highlights Net income of $15.1 million, or $0.68 diluted EPSAdjusted net income (non-GAAP) of $17.1 million, or $0.77 diluted EPSClosed on the acquisition of Blackhawk Bancorp, Inc. (“Blackhawk”) on August 15thCompleted balance sheet restructuring by selling a portion of Blackhawk bondsIncreased liquidity position and lowered loan to deposit ratio to 87%Net interest margin, on a tax equivalent basis (non-GAAP), improved to 3.06% for the third quarter “We are pleased to deliver solid core results that provide a baseline to the earnings momentum we expect to achieve with the Blackhawk acquisition,” said Joe Dively, Chairman and Chief Executive Officer. “We executed well in a challenging operating environment and maintained our disciplined approach to growth and prudent credit management. We are extremely excited to welcome the addition of new customers and talented employees following our acquisition of Blackhawk. The integration and operational planning are progressing as expected, and we are confident that this strategic combination will enhance value for our stockholders by driving improved profitability trends and expanding our platform for growth opportunities.” Blackhawk UpdateThe Company has received approval from the OCC to complete the merger of Blackhawk Bank with and into First Mid Bank & Trust, N.A. The planned bank merger and system conversion are scheduled for the first weekend of December. With the closing of the acquisition of Blackhawk on August 15th, the Company added approximately $1.2 billion in deposits and $730.2 million in loans, net of interest rate marks and the non-PCD credit mark. The final purchase accounting fair value marks included a discount to loans for credit and interest rates totaling $50.7 million. An amount of $4.1 million was recorded directly to the allowance for credit losses related to purchase credit deteriorated loans. The marks also included a discount to time deposits and debt of $2.3 million and $3.7 million, respectively. The core deposit intangible fair value mark was $34.6 million. In addition to $2.1 in acquisition related costs, the third quarter included $6.0 million of provision expense of whic...