First Mid Bancshares, Inc. · NASDAQ:FMBH
First Mid Bancshares — Q3 2025 Earnings Presentation
31 slides from First Mid Bancshares's earnings presentation, November 2025
Slide 1: First Mid Bancshares, Inc. Q3 2025 Investor Presentation
First Mid Bancshares, Inc. Q3 2025 Investor Presentation NASDAQ: FMBH Investor Contacts: Austin Frank Jordan Read Director of Investor Relations Chief Financial Officer 217-258-5522 Chief Risk Officer afrank@firstmid.com 636-626-2265 jread@firstmid.com firstmid.com
Slide 2: Disclosures: Forward Looking Statements
Disclosures Forward Looking Statements This document may contain certain forward-looking statements about First Mid and Two Rivers, such as discussions of First Mid’s and Two Rivers’ pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated exp
Slide 3: Disclosures: Important Information about the Merger
Disclosures Important Information about the Merger and Additional Information First Mid will file a registration statement on Form S-4 with the SEC in connection with the proposed transaction. The registration statement will include a proxy statement of Two Rivers that also constitutes a prospectus
Slide 4: Franchise Overview
Franchise Overview Personal & Commercial Banking Brokerage | Trust | Ag Services & Ag RE Brokerage Personal & Business Insurance Total Assets Total Loans Total Deposits FMWM AUM Market Cap Price/Share Div. Yield Price/TBV $7.8B $5.8B $6.3B $6.4B $909M $37.88 2.64% 1.34x History and Recognition Geogr
Slide 5: Our Vision, Our Purpose, Our Values
Our Vision To be a nimble, community-focused financial organization committed to quality, growth and earned independence for the benefit of all our stakeholders. Our Purpose COLLABORATE TO MAKE AN IMPACT. Our Values We make a positive IMPACT through our beliefs and actions. Strong, principled values
Slide 6: Proven History of Consistent Performance
Proven History of Consistent Performance Shareholder Value Quality Core Deposits Annualized shareholder return of 9.2% Quality core deposit franchise with stable over last 10 years, outperforming the KBW relationships, geographically diverse Bank Index (^KBW) return of 5.6% and the customer base and
Slide 7: Quarterly Financial Performance
Quarterly Financial Performance Reported Net Income ($000s), Adjusted Net Income ($000s) & Adjusted EPS $0.99 $0.97 Reported net income of $22.5 million, or $0.94 $0.96 $0.87 $25,000 $1.00 diluted EPS for the quarter. $0.83 $23,083 $23,438 $23,687 $23,342 $20,000 $22,171 $22,462 $20,878 Adjusted for
Slide 8: Quarterly Financial Performance
Quarterly Financial Performance Net Interest Margin Quarterly Highlights 5.35% 5.41% 5.48% 5.24% 5.29% 6.00% Reported NIM of 3.80%(1) for the quarter represents an 5.00% 8bps increase compared to prior quarter, driven by an 3.80% increase in earning asset yields and maintaining 4.00% 3.35% 3.41% 3.6
Slide 9: Quality Deposit Franchise
Quality Deposit Franchise Core Deposits / Total Deposits ($ in millions) Total deposits ended the quarter at $6.29 billion, which represents $6,124 $6,290 $6,057 an increase of $99.3 million, or 1.6%, from the prior quarter. $4,956 $5,257 Quality core deposit franchise with well diversified deposit
Slide 10: Loan Portfolio Characteristics
Loan Portfolio Characteristics Loan Portfolio $6,000 ($ in millions) $5,824 $5,672 2.8% $5,581 0.6% 3.0% 3.3% 1.0% 5.7% 1.6% 5.9% 5.7% 5.4% $5,000 $4,826 4.2% 3.5% 3.3% 3.7% 4.2% 5.8% Geographically Disbursed Portfolio 2.0% 6.1% 7.0% 6.9% 6.3% 3.5% FL $3,996 Other $4,000 3.0% 8.8% 8.5% 3.6% 9.7% 2%
Slide 11: Solid Asset Quality Metrics
Solid Asset Quality Metrics First Mid’s current ACL balance and historically strong Allowance / NPLs credit performance remain in a position of strength and 377.0% 325.0% 328.5% $40,000 235.2% 263.4% 500% 475% 450% 425% provide confidence during times of economic uncertainty. 400% 375% 350% 325% 300
Slide 12: Strong Credit Culture
Strong Credit Culture First Mid has strength in its long-standing and disciplined credit culture with consistent underwriting and continual stress testing regardless of the economic cycle. 1.00% Net Charge-Offs as a % of Average Loans Historical FMBT net charge-offs have averaged only 14 bps per yea
Slide 13: Ag Loan Portfolio Highlights
Ag Loan Portfolio Highlights Total Ag Portfolio Ag Loans by Geography 0.9% 0.8% 1.7% 0.1% Capital Assets & Equipment 14% Central Region 5.1% Champaign/Decatur Region 9.1% Peoria Region Metro/St. Louis Region 35.2% Southern IL Region Farmland 54% Mid Missouri Region Ag Operating 32% Northern Region 4
Slide 14: Non-Interest Income Sources
Non-Interest Income Sources First Mid’s diverse sources of revenue provide stability in both rising and declining rate environments 12% First Mid Wealth Management 22% First Mid Insurance Group Deposit Service Charges 17% Mortgage Banking Revenue Debit Card Revenue Securities Gains, Net 4% 31% 12% O
Slide 15: Diversified Solutions and Sources of Revenue: Wealth Management
Diversified Solutions and Sources of Revenue First Mid Wealth Management $25.0 Annual Revenue (in millions) • Complementary Wealth Management, Trust Operations, and Ag Services. $22.5 $22.8 • Diversified annual sources of revenue with about 50% of total revenue coming from Trust and Wealth Managemen
Slide 16: Diversified Solutions and Sources of Revenue: Insurance Group
Diversified Solutions and Sources of Revenue First Mid Insurance Group $30 Annual Revenue (in millions) $28.6 • Largest community bank-owned insurance agency in Illinois and top ten in United States $24.8 • Expansive product lines to meet our communities’ needs: Auto & Homeowners, Life, Health, Seni
Slide 17: Enhanced Digital Solutions
Enhanced Digital Solutions First Mid is committed to delivering valued digital solutions that meet our customers’ expectations while enhancing their overall banking experience. Positioned for the Future Recognized the industry-wide customer shift to 2025 Mobile Banking Upgrade Digital Availability d
Slide 18: Strong Capital Position
Strong Capital Position Total Capital Ratio Active acquirer with M&A as preferred use of 15.99% 15.76% capital 15.37% 15.59% 15.24% Capital levels remain strong and above the “well capitalized” levels at quarter-end. Stockholders’ equity has increased 10% YTD to $932 million TBV per share increased
Slide 19: Providing Shareholder Value
Providing Shareholder Value 10.00% FMBH Shareholder Value Earnings Per Share $4.00 $3.88 $3.77 7.9% Adjusted EPS $3.50 $3.47 8.00% 7.7% $3.50 Diluted EPS $3.60 $3.00 $2.74 $3.30 $3.15 6.00% $2.87 $2.87 $2.50 $2.70 $2.52 4.00% $2.00 $2.13 $2.05 $1.50 $1.81 2.00% $1.00 $0.50 0.00% 10 Year Annualized S
Slide 20: Capital Management & Acquisitions
Capital Management & Acquisitions Recent Capital Events August 2024 & February 2025 Strategically repurchased subordinated debt totaling $30 million October 2020 Successfully raised $96 million through a public sub-debt offering tied to LINCO Bancshares, Inc. acquisition October 2019 Redeemed $10 mi
Slide 21: Experienced Acquirer
Experienced Acquirer Transaction Closed Closed Closed Closed Closed Closed Closed Closed Closed Announced Date 8/14/15 9/08/16 5/01/18 11/15/18 4/21/20 2/22/21 9/10/21 2/14/22 8/15/23 10/30/25 Transaction $16 $89 $72 $70 $161 $107 $94 $94 --- --- Value Million Million Million Million Million Million
Slide 22: Overview of Two Rivers Financial Group, Inc.
Overview of Two Rivers Financial Group, Inc. A High-Quality Community Bank with a Low-Cost, Core Deposit Engine Founded: 1904 Balance Sheet Performance TRVR: 14 HQ: Burlington, IA OTCQX Listed: TRVR $1.1B $901M $988M 0.97% 3.30%(1) Assets Loans Deposits ROAA NIM $1.2B $116M 25% Fee Income Des Moines
Slide 23: Strategic Fit, Attractive Economics, Proven Execution
Strategic Fit Attractive Economics Proven Execution Increased relevance with ~$9B in pro forma assets and ~$8B in Accelerates wealth AUM – continuing First Mid’s tradition of footprint Scale diversification in complementary markets with high quality community banks Shared First Mid and Two River
Slide 24: Experienced Management Team
Experienced Management Team Joseph R. Dively Matthew K. Smith Chairman and Chief Executive Officer President Joe joined First Mid as a Director in 2004. Matt joined First Mid in 2016. Michael L. Taylor Jason M. Crowder Eric S. McRae SEVP, Chief Operating Officer EVP, General Counsel EVP, Chief Lendi
Slide 25: Board of Directors
Board of Directors Joseph R. Dively Chairman and Chief Executive Officer, First Mid Bancshares, Inc. Holly B. Adams J. Kyle McCurry Lead Independent Director Chair, Risk Management Committee President, Howell Asphalt Company Chief Operating Officer and General Counsel, President, Howell Paving, Inc.
Slide 26: Key Financial Metrics
of Key Financial Metrics
Slide 27: Selected Balance Sheet Data
Selected Balance Sheet Data Selected Balance Sheet Data ($000s) ASSETS Q3 2025 2024 2023 2022 2021 2020 Cash and cash equivalents $277,087 $121,216 $143,064 $152,433 $168,602 $417,281 Investment securities 1,098,093 1,073,510 1,179,402 1,223,720 1,431,299 887,169 Net loans 5,751,113 5,602,280 5,511,
Slide 28: Selected Income Statement Data
Selected Income Statement Data Selected Income Statement Data ($000s) Q3 2025 2024 2023 2022 2021 2020 Interest income $96,135 $357,379 $300,166 $215,891 $183,013 $144,141 Interest expense 29,772 128,651 106,703 31,614 15,262 16,729 Net interest income 66,363 228,728 193,463 184,277 167,751 127,412
Slide 29: Non-GAAP Measures
Non-GAAP Measures
Slide 30: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 30
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 31