First Mid Bancshares, Inc. · NASDAQ:FMBH
First Mid Bancshares — Q3 2025 Earnings Presentation
31 slides from First Mid Bancshares's earnings presentation, Oct 30, 2025
Slide 1: First Mid Bancshares, Inc. Q3 2025 Investor Presentation
First Mid Bancshares, Inc. Q3 2025 Investor Presentation Investor Contacts: Austin Frank Director of Investor Relations 217 - 258 - 5522 afrank@firstmid.com Jordan Read Chief Financial Officer Chief Risk Officer 636 - 626 - 2265 jread@firstmid.com NASDAQ: FMBH 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 e
Slide 3: Important Information about the Merger and Additional Information
Disclosures 3 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 prospec
Slide 4: Franchise Overview
Franchise Overview Geographically Disbursed Franchise History and Recognition ▪ Oldest nationally chartered bank in Illinois, est. 1865 ▪ History of growing shareholder value (Dividends since 1879) ▪ Publicly traded on Nasdaq since 2014 ▪ Experienced management and seasoned lending team ▪ Demonstrat
Slide 5: Our Purpose, Vision and Values
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 have bee
Slide 6: Proven History of Consistent Performance
Proven History of Consistent Performance Revenue Diversification Revenue Diversification FMBH generates diversified revenue with approximately 30% from non - interest income, bolstered by owning Illinois’ largest community bank insurance agency and managing $6.4B in wealth management assets. Quality
Slide 7: Quarterly Financial Performance
$19,168 $19,482 $19,838 $20,878 $22,171 $23,083 $23,438 $23,687 $22,462 $23,342 $0.83 $0.87 $0.96 $0.99 $0.97 Q3 2024 Q4 2024 Q1 2025 Adjusted Net Income Q2 2025 Q3 2025 Adjusted EPS Reported Net Income ($000s), Adjusted Net Income ($000s) & Adjusted EPS Net Income Quarterly Financial Performance 7
Slide 8: Quarterly Financial Performance: Net Interest Margin and Efficiency
Quarterly Financial Performance 8 61.3% 58.8% 58.9% 58.1% 58.8% Efficiency Ratio (TE) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 *NIM (TE) and Efficiency Ratio (TE) reflected above are non - GAAP figures. See Non - GAAP measures. (1) During the first quarter 2025, the Company changed the methodology ut
Slide 9: Quality Deposit Franchise
Quality Deposit Franchise 9 $4,956 $5,257 $6,124 $6,057 $6,290 96.0% 96.0% 93.5% 93.9% 92.5% 2021 2024 Core Deposits Q3'25 2022 2023 Total Deposits Core Deposits / Total Deposits ($ in millions) 80.6% 91.8% 91.1% 92.6% Loan - to - Deposit Ratio 93.6% 80% 85% 90% 95% 2021 2022 2023 2024 Q3'25 Total d
Slide 10: Loan Portfolio Characteristics
IL 48% MO 20% IN 7% FL 2% TX 5% WI 4% Other States 14 % 41.8% 42.6% 42.7% 42.1% 41.7% 23.2% 23.6% 22.7% 22.4% 20.8% 8.5% 8.8% 9.7% 9.1% 10.0% 6.3% 6.9% 7.0% 8.5% 7.0% 5.8% 4.2% 3.7% 3.0% 3.6% 5.4% 4.2% 3.5% 3.5% 3.8% 5.7% 5.9% 5.7% 6.1% 7.5% 1.6% 2.8% 0.6% 3.0% 1.0% 3.3% 3.3% 2.0% 3.6% 2.0% $ - $1,0
Slide 11: Solid Asset Quality Metrics
1.22% 1.24% 1.23% 1.23% 1.25% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Allowance for Credit Losses / Total Loans Outstanding Solid Asset Quality Metrics 11 0.55% 0.66% 0.63% 0.71% 1.32% Q3 2024 Q3 2025 Total Adversely Classified Assets / Total Loans Q4 2024 Q1 2025 Q2 2025 Total Adversly Classified A
Slide 12: Strong Credit Culture
Strong Credit Culture 12 0.17% 0.13% 0.09% 0.28% 0.25% 0.39% 0.29% 0.23% 0.08% 0.02% 0.04% 0.04% 0.24% 0.11% 0.22% 0.09% 0.12% 0.03% 0.01% 0.07% 0.14% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% NCOs/Avg Loans 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 202
Slide 13: Ag Loan Portfolio Highlights
Farmland 54% Ag Operating 32% Capital Assets & Equipment 14% Total Ag Portfolio 35.2% 47.0% 9.1% 5.1% 0.9% 0.8% 0.1% Ag Loans by Geography 1.7% Central Region Champaign/Decatur Region Peoria Region Metro/St. Louis Region Southern IL Region Mid Missouri Region Northern Region Texas Region Ag Loan Por
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 14 22% 31% 12% 4% 17% 12% First Mid Wealth Management First Mid Insurance Group Deposit Service Charges Mortgage Banking Revenue Debit Card Revenue Securities Gains,
Slide 15: First Mid Wealth Management
• Complementary Wealth Management, Trust Operations, and Ag Services. • Diversified annual sources of revenue with about 50% of total revenue coming from Trust and Wealth Management Services and 50% coming from Ag Services including farm management and brokerage • Annual revenue increased 10% to a r
Slide 16: First Mid Insurance Group
$17.5 $18.9 $21.6 $24.8 $28.6 $0 $10 $20 $30 2020 2021 2022 2023 2024 First Mid Insurance Group Annual Revenue (in millions) Diversified Solutions and Sources of Revenue 16 • Largest community bank - owned insurance agency in Illinois and top ten in United States • Expansive product lines to meet ou
Slide 17: Enhanced Digital Solutions
First Mid is committed to delivering valued digital solutions that meet our customers’ expectations while enhancing their overall banking experience. Enhanced Digital Solutions 17 x Customer relationship management software (2023) x Loan and credit processing system (2023) x Mortgage origination and
Slide 18: Strong Capital Position
Strong Capital Position 12.29% 12.42% 12.73% 12.92% 13.13% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Common Equity Tier 1 Capital Ratio 15.24% 15.37% 15.59% 15.76% 15.99% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total Capital Ratio 8.20% 8.12% 8.44% 8.66% 8.99% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 T
Slide 19: Providing Shareholder Value
Providing Shareholder Value $3.88 $3.77 $3.50 $3.47 $1.81 $2.87 $3.60 $3.15 $3.30 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 Earnings Per Share Adjusted EPS Diluted EPS $2.74 $2.87 $2.70 $2.52 $2.13 $2.05 $0.59 $0.62 $0.66 $0.70 $0.76 $0.81 $0.85 $0.90 $0.92 $0.94 2015 2016 2017 2018 2019
Slide 20: Recent Capital Events
Recent Capital Events Strategically repurchased subordinated debt totaling $30 million Successfully raised $96 million through a public sub - debt offering tied to LINCO Bancshares, Inc. acquisition Redeemed $10 million of trust preferred securities junior sub - debt. Strategically repurchased $1.1
Slide 21: Experienced Acquirer
Announced 10/30/25 Closed 8/15/23 Closed 2/14/22 Closed 9/10/21 Closed 2/22/21 Closed 4/21/20 Closed 11/15/18 Closed 5/01/18 Closed 9/08/16 Closed 8/14/15 Transaction Date $94 Million $94 Million $107 Million -- - $161 Million - - - $70 Million $72 Million $89 Million $16 Million Transaction Value W
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 22 Source: S&P Capital IQ Pro. Financial data as of, or for the three months ended 9/30/25. (1) Represents bank - level financial data. (2) Defined as total deposits less time deposits
Slide 23: Strategic Fit, Attractive Economics, Proven Execution
Strategic Fit Attractive Economics Proven Execution x Increased relevance with ~$9B in pro forma assets and ~$8B in wealth AUM – continuing First Mid’s tradition of footprint diversification in complementary markets with high quality community banks x First Mid and Two Rivers share a longstanding re
Slide 24: Experienced Management Team
Experienced Management Team 24 Joseph R. Dively Chairman and Chief Executive Officer Joe joined First Mid as a Director in 2004. Michael L. Taylor SEVP, Chief Operating Officer Mike joined First Mid in 2000. Matthew K. Smith President Matt joined First Mid in 2016. Bradley L. Beesley EVP, Chief Exec
Slide 25: Board of Directors
Board of Directors Holly B. Adams Lead Independent Director President, Howell Asphalt Company President, Howell Paving, Inc. Robert S. Cook Chair, Nominating and Governance Committee Managing Partner, TAR CO Investments, LLC Zachary I. Horn President and Founder, Metro Communications Company, Inc. G
Slide 26: Key Financial Metrics
a Key Financial Metrics
Slide 27: Selected Balance Sheet Data
Selected Balance Sheet Data Selected Balance Sheet Data ($000s) 2020 2021 2022 2023 2024 Q3 2025 ASSETS $417,281 $168,602 $152,433 $143,064 $121,216 $277,087 Cash and cash equivalents 887,169 1,431,299 1,223,720 1,179,402 1,073,510 1,098,093 Investment securities 3,096,509 3,940,868 4,767,119 5,511,
Slide 28: Selected Income Statement Data
Selected Income Statement Data 2020 2021 2022 2023 2024 Q3 2025 $144,141 $183,013 $215,891 $300,166 $357,379 $96,135 Interest income 16,729 15,262 31,614 106,703 128,651 29,772 Interest expense 127,412 167,751 184,277 193,463 228,728 66,363 Net interest income 16,103 15,151 4,806 6,104 5,635 3,353 P
Slide 29: Non-GAAP Measures
Non - GAAP Measures
Slide 30: Reconciliation of Non-GAAP Financial Measures
30 Reconciliation of Non - GAAP Financial Measures
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non - GAAP Financial Measures 31