First Mid Bancshares, Inc. · NASDAQ:FMBH
First Mid Bancshares — Q4 2025 Earnings Presentation
31 slides from First Mid Bancshares's earnings presentation, January 2026
Slide 1: First Mid Bancshares, Inc. Q4 2025 Investor Presentation
First Mid Bancshares, Inc. Q4 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
Disclosures *Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in un
Slide 3: Disclosures
Disclosures Important Information about the Merger and Additional Information First Mid filed a registration statement on Form S-4 with the SEC on December 23, 2025, which as amended, was declared effective on January 16, 2026. The registration statement includes a proxy statement of Two Rivers that
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 $8.0B $6.0B $6.4B $6.6B $935M $39.00 2.56% 1.33x 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 6.7% and Quality core deposit franchise with stable annualized TBV CAGR of 8.3% over the past relationships, geographically diverse 10 years. customer base and long-term reliable source
Slide 7: Quarterly Financial Performance
Quarterly Financial Performance Reported Net Income ($000s), Adjusted Net Income ($000s) & Adjusted EPS $1.06 $0.96 $0.99 $0.97 Reported record high net income of $23.7 $25,000 $0.87 $25,330 $1.00 million, or $0.99 diluted EPS for the quarter. $20,000 $22,171 $23,083 $23,438 $23,687 $22,462 $23,342
Slide 8: Quarterly Financial Performance
Quarterly Financial Performance Net Interest Margin Quarterly Highlights 5.41% 5.48% 5.35% 5.24% 5.29% 6.00% Reported NIM of 3.73%(1) for the quarter represents a 5.00% 7bps decrease compared to prior quarter, primarily 3.72% 3.73% driven by a decrease in accretion income and an 3.41% 3.60% 4.00% in
Slide 9: Quality Deposit Franchise
Quality Deposit Franchise Core Deposits / Total Deposits ($ in millions) Total deposits ended the quarter at $6.40 billion, which represents $6,395 $6,124 $6,057 an increase of $105.7 million, or 1.7%, 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 $6,011 $6,000 ($ in millions) 2.7% $5,672 0.5% $5,581 5.6% 3.0% 3.3% 1.0% 1.6% 5.9% 5.1% 5.7% $5,000 $4,826 4.2% 6.0% 3.3% 3.5% 4.2% Geographically Disbursed Portfolio 3.7% 2.0% 6.2% 6.1% 7.0% 6.9% $3,996 3.5% 8.1% FL Other $4,000 3.0% 8.8% 3.6% 9.7% 2%
Slide 11: Solid Asset Quality Metrics
Solid Asset Quality Metrics Allowance / NPLs Our current ACL balance and historically strong credit 328.5% $50,000 500% performance remain in a position of strength and provide 325.0% 475% 450% 263.4% 425% 235.2% 234.4% 400% 375% $45,000 350% confidence during times of economic uncertainty. 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 1.0% 0.3% 1.8% 0.1% Capital Assets & Central IL Region Equipment 14% 5.8% Champaign/Decatur Region Peoria Region 8.6% Metro/St. Louis Region 34.9% Southern IL Region Farmland 55% Ag Operating 31% Mid Missouri Region 47.5% Northern
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 8% First Mid Wealth Management 23% First Mid Insurance Group 17% Deposit Service Charges Mortgage Banking Revenue Debit Card Revenue 4% Securities Gains, Net 12% 33% Ot
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. $22.9 $22.5 $22.8 • Diversified annual sources of revenue with about 50% of total revenue coming from Trust and Wealth Man
Slide 16: Diversified Solutions and Sources of Revenue: Insurance Group
Diversified Solutions and Sources of Revenue First Mid Insurance Group Annual Revenue (in millions) • Largest community bank-owned insurance $30 $32.3 agency in Illinois and top ten in United States $28.6 • 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 Digital Availability Recognized the industry-wide customer shift to digital by making significant
Slide 18: Strong Capital Position
Strong Capital Position Total Capital Ratio Capital levels remain strong and above the “well 15.59% 15.76% 15.99% 15.67% capitalized” levels at quarter-end. 15.37% Stockholders’ equity increased 13% in 2025 to $959 million TBV per share increased 4% to $29.42 during the fourth quarter. TBV per share
Slide 19: Providing Shareholder Value
Providing Shareholder Value FMBH Shareholder Value 9.00% 8.3% Earnings Per Share $3.98 $4.00 $3.88 $3.77 Adjusted EPS $3.50 $3.47 6.7% $3.50 Diluted EPS $3.83 $3.60 6.00% $3.00 $2.74 $3.30 $3.15 $2.50 $2.87 $2.87 $2.70 $2.52 $2.00 $2.13 3.00% $2.05 $1.50 $1.00 $0.50 0.00% 10 Year Annualized Sharehol
Slide 20: Capital Management & Acquisitions
Capital Management & Acquisitions Recent Capital Events August 2024 - October 2025 Strategically repurchased subordinated debt totaling $50 million October 2020 Successfully raised $96 million through a public sub-debt offering tied to LINCO Bancshares, Inc. acquisition October 2019 Redeemed $10 mil
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 Michael L. Taylor Chairman and Chief Executive Officer President SEVP, Chief Operating Officer Joe joined First Mid as a Director in 2004. Matt joined First Mid in 2016. Mike joined First Mid in 2000. Jordan D. Read Clay M. Dean Bradley L
Slide 25: Board of Directors
Board of Directors J. Kyle McCurry Joseph R. Dively Chair, Risk Management Committee Chairman and Chief Executive Officer, Chief Operating Officer and General Counsel, First Mid Bancshares, Inc. Paige Sports Entertainment Holly B. Adams Alex J. Melvin Lead Independent Director Owner & Chairman Presi
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 2025 2024 2023 2022 2021 2020 Cash and cash equivalents $254,920 $121,216 $143,064 $152,433 $168,602 $417,281 Investment securities 1,085,499 1,073,510 1,179,402 1,223,720 1,431,299 887,169 Net loans 5,936,499 5,602,280 5,511,890
Slide 28: Selected Income Statement Data
Selected Income Statement Data Selected Income Statement Data ($000s) Q4 2025 2025 2024 2023 2022 2021 Interest income $95,895 $372,990 $357,379 $300,166 $215,891 $183,013 Interest expense 29,365 116,825 128,651 106,703 31,614 15,262 Net interest income 66,530 256,165 228,728 193,463 184,277 167,751
Slide 29: Non-GAAP Measures
Non-GAAP Measures
Slide 30: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures FIRST MID BANCSHARES, INC. Reconciliation of Non-GAAP Financial Measures (In thousands, unaudited) As of and for the Quarter Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Net interest income as reported $ 66,53
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures FIRST MID BANCSHARES, INC. Reconciliation of Non-GAAP Financial Measures (In thousands, except per share data, unaudited) As of and for the Quarter Ended December, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Adjusted earnings R