MATTOON, Ill., July 23, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the "Company") today announced its financial results for the quarter ended June 30, 2026.
Highlights
Net income of $27.8 million, or $1.04 diluted EPS
Adjusted quarterly net income* of $33.4 million, or $1.26 diluted EPS
Successfully completed the bank merger of Two Rivers Bank & Trust ("Two Rivers") into First Mid Bank & Trust ("First Mid")
Total loans of $6.93 billion, quarterly decrease of $9.9 million
Total deposits of $7.57 billion, quarterly increase of $23.9 million
Tangible book value per share* increased 3.7% during the quarter to $31.15
Net interest margin, tax equivalent* expanded to 3.79%, quarterly increase of 1 basis point
Quarterly adjusted return on average assets* of 1.45%
Repurchased 21,872 shares and the Board of Directors declared a $0.01 increase in the quarterly dividend to $0.26 per share
"First Mid delivered strong results for the period, highlighted by a record high quarter of earnings and a successful integration with Two Rivers. Despite the nonrecurring expenses tied to the integration, we grew our tangible book value at a solid pace and continued to deploy capital to build long-term shareholder value through opportunistic share repurchases, increasing our dividend, and paying off higher cost subordinated debt. The employees and customers of Two Rivers have embraced us like no other and I am really excited about our future," said Matthew Smith, Chief Executive Officer.
Net Interest Income
Net interest income for the second quarter of 2026 was $79.7 million, an increase of $8.9 million compared to the first quarter of 2026. The increase was primarily driven by the inclusion of two additional months of Two Rivers' results as compared to the first quarter, repricing benefits from retention of maturing loans at higher rates, and prudent deployment and management of cash coming off the investment portfolio and on the balance sheet. Accretion income for the second quarter was $3.8 million, an increase of $0.4 million compared to the prior quarter, primarily due to the additional months from Two Rivers.
In comparison to the second quarter of 2025, net interest income increased $15.8 million, or 24.7%. Interest income was higher by $21.5 million, inclusive of a $0.4 million increase in accretion income. Interest expense was higher by $5.7 million compared to the second quarter of last year primarily from higher overall deposit balances including the addition of Two Rivers.
Net Interest Margin
Net interest margin, on a tax equivalent basis*, was 3.79% for the second quarter of 2026 representing an increase of 1 basis point over the prior quarter. The yield on earning assets improved by 9 basis points for the second quarter while the average cost of funds increased 8 basis points with the additional months from Two Rivers and overall deposit pricing competition.
Loan Portfolio
Total loans ended the quarter at $6.93 billion, representing a decrease of $9.9 million for the quarter on a combination of elevated payoffs and disciplined pricing decisions. The decrease for the quarter was primarily in multifamily residential properties and agricultural operating loans. The decline in the multifamily portfolio primarily occurred from collateral sales and subsequent payoffs. Both declines occurred in legacy markets and were not Two Rivers related. The Iowa loan portfolio balances have remained steady.
Asset Quality
Asset quality for the quarter was consistent with the prior period as the allowance for credit losses ("ACL") ended the period at $87.0 million and the ACL to total loans ratio was 1.25%, which was in line with the first quarter of 2026. In addition to the overall ACL, an unearned discount of $40.9 million remains at quarter end. Provision expenses were recorded in the amount of $1.5 million and net charge-offs totaled $1.4 million during the quarter.
Overall criticized assets declined by $9.7 million during the quarter. Special mention loans decreased by $40.5 million to $139.2 million. Substandard loans increased by $30.8 million to $139.9 million. The migration from special mention to substandard was primarily from downgrades in the agricultural segment. This continues to be driven by strained cash flows; however borrower balance sheets remain strong, with no significant losses anticipated from this segment. At the end of the second quarter, non-performing loans totaled $41.3 million, a decrease of $2.8 million during the quarter. The ratio of non-performing loans to total loans was 0.60%, which was a decrease from 0.63% in the prior quarter. The ACL to non-performing loans ratio was 211%, an increase from the prior quarter primarily from the decline in non-performing loans in the quarter. The ratio of non-performing assets to total assets decreased from 0.53% in the prior quarter to 0.51% in the current period.
Deposits
Total deposits ended the quarter at $7.57 billion, which represented an increase of $23.9 million from the prior quarter. Money market accounts had the largest growth compared to the prior quarter with a $66.4 million increase. The average cost of interest-bearing deposits for the quarter was 1.98%, an increase of 8 basis points from the end of the previous quarter, partially due to two additional months of Two Rivers as well as continued deposit pricing competition.
Non-Interest Income
Non-interest income for the second quarter of 2026 was $28.8 million compared to $26.4 million in the prior quarter and $23.6 million in the second quarter of 2025.
Wealth management revenues for the quarter were $8.2 million. Revenues increased $1.8 million compared to the first quarter which included two additional months of Two Rivers wealth management revenues. Overall Ag Services revenue was $1.9 million in the period compared to $2.5 million in the prior quarter and $2.3 million in the second quarter of 2025. Insurance commissions for the quarter were $8.9 million, which was an increase of $1.0 million compared to the second quarter of 2025. Second quarter insurance commissions were $1.9 million lower than the first quarter due to the seasonality of contingent revenues.
Non-Interest Expenses
Non-interest expense for the second quarter of 2026 totaled $70.6 million compared to $60.7 million in the first quarter of 2026. During the quarter, acquisition-related expenses related to Two Rivers totaled $7.1 million. In addition to one-time merger-related expenses, the Company's annual merit and promotional cycle occurred in April leading to an increase in salaries and benefits expense.
The Company's efficiency ratio*, as adjusted in the non-GAAP reconciliation table herein, for the second quarter of 2026 was 54.39% compared to 55.86% in the prior quarter and 58.09% for the same period last year.
Capital Levels and Dividend
The Company's capital levels remained strong and above the "well capitalized" levels. Capital levels ended the period as follows:
Total capital to risk-weighted assets | 15.41% |
Tier 1 capital to risk-weighted assets | 13.87% |
Common equity tier 1 capital to risk-weighted assets | 13.40% |
Leverage ratio | 10.92% |
Tangible book value per share* increased $1.11, or 3.7% during the second quarter of 2026. The increase was driven by earnings and a decrease of $3.9 million in the unrealized loss position in the Company's investment portfolio. During the quarter, the Company paid off $27.5 million of subordinated debt with $7.5 million in cash on hand and $20.0 million from a new term note financed at a lower rate.
The Company's Board of Directors approved an increase of $0.01 to its quarterly dividend to $0.26 payable on September 1st, 2026 to the shareholders of record as of August 18th, 2026.
About First Mid: First Mid Bancshares, Inc. ("First Mid") is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $9.2 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, Wisconsin, and Iowa and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 160 years. More information about the Company is available on our website at www.firstmid.com.
*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 understanding the Company's financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include "Adjusted Net Income," "Adjusted Diluted EPS," "Efficiency Ratio," "Net Interest Margin, tax equivalent," "Tangible Book Value per Common Share," "Adjusted Tangible Book Value per Common Share," "Adjusted Return on Average Assets," and "Adjusted Return on Average Common Equity". Refer to non-GAAP reconciliation tables herein for reconciliation to comparable GAAP measures. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.
Forward Looking Statements
This document may contain certain forward-looking statements about First Mid Bancshares, Inc. (the "Company"), such as discussions of the completed merger of Two Rivers Bank & Trust ("Two Rivers") into First Mid Bank & Trust ("First Mid"), the Company's pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses, capital management, and planned schedules. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions.
Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of the Company and First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of the Company's loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the market areas of the Company and First Mid; and accounting principles, policies and guidelines.
Additional information concerning the Company, including additional factors and risks that could materially affect the Company's financial results, is included in the Company's filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made.
Except as required under the federal securities laws or the rules and regulations of the SEC, the Company does not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.
Investor Contact:
Austin Frank
SVP, Director of Investor Relations
217-258-5522
afrank@firstmid.com
Jordan Read
Chief Financial and Risk Officer
217-258-3528
jread@firstmid.com
– Tables Follow –
FIRST MID BANCSHARES, INC. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(In thousands, unaudited) | |||||||||||
As of | |||||||||||
June 30, | December 31, | June 30, | |||||||||
2026 | 2025 | 2025 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 303,853 | $ | 254,920 | $ | 190,017 | |||||
Investment securities | 1,290,563 | 1,085,499 | 1,085,701 | ||||||||
Loans (including loans held for sale) | 6,934,342 | 6,011,374 | 5,766,999 | ||||||||
Less allowance for credit losses | (86,989 | ) | (74,875 | ) | (71,160 | ) | |||||
Net loans | 6,847,353 | 5,936,499 | 5,695,839 | ||||||||
Premises and equipment, net | 101,879 | 90,782 | 97,740 | ||||||||
Goodwill and intangibles, net | 273,456 | 253,016 | 255,547 | ||||||||
Bank Owned Life Insurance | 187,134 | 174,915 | 172,333 | ||||||||
Other assets | 205,729 | 171,027 | 183,298 | ||||||||
Total assets | $ | 9,209,967 | $ | 7,966,658 | $ | 7,680,475 | |||||
Liabilities and Stockholders' Equity | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | 1,486,592 | $ | 1,392,534 | $ | 1,321,446 | |||||
Interest bearing | 6,084,952 | 5,002,739 | 4,868,753 | ||||||||
Total deposits | 7,571,544 | 6,395,273 | 6,190,199 | ||||||||
Repurchase agreements with customers | 196,991 | 196,716 | 193,941 | ||||||||
Other borrowings | 209,567 | 270,000 | 245,000 | ||||||||
Junior subordinated debentures | 32,705 | 24,454 | 24,384 | ||||||||
Subordinated debt | 34,077 | 60,008 | 79,590 | ||||||||
Other liabilities | 63,339 | 61,515 | 53,221 | ||||||||
Total liabilities | 8,108,223 | 7,007,966 | 6,786,335 | ||||||||
Total stockholders' equity | 1,101,744 | 958,692 | 894,140 | ||||||||
Total liabilities and stockholders' equity | $ | 9,209,967 | $ | 7,966,658 | $ | 7,680,475 |
FIRST MID BANCSHARES, INC. | ||||||||||||
Condensed Consolidated Statements of Income | ||||||||||||
(In thousands, except per share data and share amounts, unaudited) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||
Interest income: | ||||||||||||
Interest and fees on loans | $ | 102,668 | $ | 84,784 | $ | 193,654 | $ | 164,702 | ||||
Interest on investment securities | 9,375 | 6,895 | 17,260 | 13,672 | ||||||||
Interest on federal funds sold & other deposits | 2,841 | 1,722 | 4,590 | 2,586 | ||||||||
Total interest income | 114,884 | 93,401 | 215,504 | 180,960 | ||||||||
Interest expense: | ||||||||||||
Interest on deposits | 30,328 | 24,964 | 55,102 | 48,686 | ||||||||
Interest on securities sold under agreements to repurchase | 1,030 | 1,218 | 2,055 | 2,398 | ||||||||
Interest on other borrowings | 2,579 | 2,043 | 4,977 | 3,874 | ||||||||
Interest on subordinated debt | 710 | 849 | 1,880 | 1,798 | ||||||||
Interest on jr. subordinated debentures | 578 | 464 | 1,046 | 932 | ||||||||
Total interest expense | 35,225 | 29,538 | 65,060 | 57,688 | ||||||||
Net interest income | 79,659 | 63,863 | 150,444 | 123,272 | ||||||||
Provision for credit losses | 1,545 | 2,567 | 4,143 | 4,219 | ||||||||
Net interest income after provision for credit losses | 78,114 | 61,296 | 146,301 | 119,053 | ||||||||
Non-interest income: | ||||||||||||
Wealth management revenues | 8,206 | 5,394 | 14,581 | 11,205 | ||||||||
Insurance commissions | 8,870 | 7,840 | 19,677 | 17,765 | ||||||||
Service charges | 3,459 | 2,995 | 6,539 | 5,896 | ||||||||
Net securities gains/(losses) | 63 | 0 | 83 | (181 | ) | |||||||
Mortgage banking revenues | 814 | 1,070 | 1,535 | 1,781 | ||||||||
ATM/debit card revenue | 4,799 | 4,636 | 8,934 | 8,282 | ||||||||
Other | 2,622 | 1,658 | 3,925 | 3,709 | ||||||||
Total non-interest income | 28,833 | 23,593 | 55,274 | 48,457 | ||||||||
Non-interest expense: | ||||||||||||
Salaries and employee benefits | 38,460 | 33,623 | 73,476 | 65,371 | ||||||||
Net occupancy and equipment expense | 10,892 | 7,869 | 20,718 | 16,348 | ||||||||
Net other real estate owned expense | 218 | 75 | 430 | 176 | ||||||||
FDIC insurance | 1,063 | 873 | 2,003 | 1,722 | ||||||||
Amortization of intangible assets | 3,878 | 3,121 | 7,179 | 6,352 | ||||||||
Stationery and supplies | 311 | 367 | 613 | 798 | ||||||||
Legal and professional expense | 2,760 | 2,757 | 5,460 | 5,833 | ||||||||
ATM/debit card expense | 2,218 | 1,144 | 4,025 | 2,975 | ||||||||
Marketing and donations | 818 | 777 | 1,642 | 1,629 | ||||||||
Other | 10,009 | 4,156 | 15,806 | 8,030 | ||||||||
Total non-interest expense | 70,627 | 54,762 | 131,352 | 109,234 | ||||||||
Income before income taxes | 36,320 | 30,127 | 70,223 | 58,276 | ||||||||
Income taxes | 8,531 | 6,689 | 16,107 | 12,667 | ||||||||
Net income | $ | 27,789 | $ | 23,438 | $ | 54,116 | $ | 45,609 | ||||
Per Share Information | ||||||||||||
Basic earnings per common share | $ | 1.05 | $ | 0.98 | $ | 2.11 | $ | 1.91 | ||||
Diluted earnings per common share | 1.04 | 0.98 | 2.10 | 1.90 | ||||||||
Weighted average shares outstanding | 26,458,805 | 23,867,592 | 25,622,671 | 23,863,229 | ||||||||
Diluted weighted average shares outstanding | 26,604,784 | 23,988,974 | 25,754,019 | 23,974,183 |
FIRST MID BANCSHARES, INC. | |||||||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||
(In thousands, except per share data and share amounts, unaudited) | |||||||||||||||||
For the Quarter Ended | |||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||
2026 | 2026 | 2025 | 2025 | 2025 | |||||||||||||
Interest income: | |||||||||||||||||
Interest and fees on loans | $ | 102,668 | $ | 90,986 | $ | 86,972 | $ | 87,020 | $ | 84,784 | |||||||
Interest on investment securities | 9,375 | 7,885 | 7,552 | 7,659 | 6,895 | ||||||||||||
Interest on federal funds sold & other deposits | 2,841 | 1,749 | 1,371 | 1,456 | 1,722 | ||||||||||||
Total interest income | 114,884 | 100,620 | 95,895 | 96,135 | 93,401 | ||||||||||||
Interest expense: | |||||||||||||||||
Interest on deposits | 30,328 | 24,774 | 24,462 | 25,179 | 24,964 | ||||||||||||
Interest on securities sold under agreements to repurchase | 1,030 | 1,025 | 987 | 1,105 | 1,218 | ||||||||||||
Interest on other borrowings | 2,579 | 2,398 | 2,341 | 2,186 | 2,043 | ||||||||||||
Interest on subordinated debt | 710 | 1,170 | 1,142 | 850 | 849 | ||||||||||||
Interest on jr. subordinated debentures | 578 | 468 | 433 | 452 | 464 | ||||||||||||
Total interest expense | 35,225 | 29,835 | 29,365 | 29,772 | 29,538 | ||||||||||||
Net interest income | 79,659 | 70,785 | 66,530 | 66,363 | 63,863 | ||||||||||||
Provision for credit losses | 1,545 | 2,598 | 2,349 | 3,353 | 2,567 | ||||||||||||
Net interest income after provision for credit losses | 78,114 | 68,187 | 64,181 | 63,010 | 61,296 | ||||||||||||
Non-interest income: | |||||||||||||||||
Wealth management revenues | 8,206 | 6,375 | 6,591 | 5,145 | 5,394 | ||||||||||||
Insurance commissions | 8,870 | 10,807 | 7,441 | 7,089 | 7,840 | ||||||||||||
Service charges | 3,459 | 3,080 | 3,161 | 3,240 | 2,995 | ||||||||||||
Net securities gains/(losses) | 63 | 20 | (398 | ) | (1,930 | ) | 0 | ||||||||||
Mortgage banking revenues | 814 | 721 | 624 | 1,255 | 1,070 | ||||||||||||
ATM/debit card revenue | 4,799 | 4,135 | 3,947 | 4,182 | 4,636 | ||||||||||||
Other | 2,622 | 1,303 | 319 | 3,928 | 1,658 | ||||||||||||
Total non-interest income | 28,833 | 26,441 | 21,685 | 22,909 | 23,593 | ||||||||||||
Non-interest expense: | |||||||||||||||||
Salaries and employee benefits | 38,460 | 35,016 | 35,674 | 33,570 | 33,623 | ||||||||||||
Net occupancy and equipment expense | 10,892 | 9,826 | 11,035 | 9,196 | 7,869 | ||||||||||||
Net other real estate owned expense | 218 | 212 | 146 | 217 | 75 | ||||||||||||
FDIC insurance | 1,063 | 940 | 880 | 874 | 873 | ||||||||||||
Amortization of intangible assets | 3,878 | 3,301 | 2,963 | 3,128 | 3,121 | ||||||||||||
Stationery and supplies | 311 | 302 | 561 | 411 | 367 | ||||||||||||
Legal and professional expense | 2,760 | 2,700 | 2,459 | 2,454 | 2,757 | ||||||||||||
ATM/debit card expense | 2,218 | 1,807 | 1,918 | 2,052 | 1,144 | ||||||||||||
Marketing and donations | 818 | 824 | 760 | 959 | 777 | ||||||||||||
Other | 10,009 | 5,797 | (529 | ) | 4,285 | 4,156 | |||||||||||
Total non-interest expense | 70,627 | 60,725 | 55,867 | 57,146 | 54,762 | ||||||||||||
Income before income taxes | 36,320 | 33,903 | 29,999 | 28,773 | 30,127 | ||||||||||||
Income taxes | 8,531 | 7,576 | 6,321 | 6,311 | 6,689 | ||||||||||||
Net income | $ | 27,789 | $ | 26,327 | $ | 23,678 | $ | 22,462 | $ | 23,438 | |||||||
Per Share Information | |||||||||||||||||
Basic earnings per common share | $ | 1.05 | $ | 1.06 | $ | 0.99 | $ | 0.94 | $ | 0.98 | |||||||
Diluted earnings per common share | 1.04 | 1.06 | 0.99 | 0.94 | 0.98 | ||||||||||||
Weighted average shares outstanding | 26,458,805 | 24,777,247 | 23,891,160 | 23,876,020 | 23,867,592 | ||||||||||||
Diluted weighted average shares outstanding | 26,604,784 | 24,893,802 | 24,000,061 | 23,997,198 | 23,988,974 |
FIRST MID BANCSHARES, INC. | ||||||||||||||||||||
Consolidated Financial Highlights and Ratios | ||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
As of and for the Quarter Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2026 | 2026 | 2025 | 2025 | 2025 | ||||||||||||||||
Loan Portfolio | ||||||||||||||||||||
Construction and land development | $ | 361,748 | $ | 316,723 | $ | 360,687 | $ | 336,795 | $ | 298,812 | ||||||||||
Farm real estate loans | 422,537 | 400,783 | 373,408 | 367,473 | 381,517 | |||||||||||||||
1-4 Family residential properties | 733,869 | 734,053 | 489,854 | 495,537 | 495,787 | |||||||||||||||
Multifamily residential properties | 390,847 | 456,185 | 339,482 | 330,549 | 360,604 | |||||||||||||||
Commercial real estate | 2,923,176 | 2,948,024 | 2,564,670 | 2,432,180 | 2,393,640 | |||||||||||||||
Loans secured by real estate | 4,832,177 | 4,855,768 | 4,128,101 | 3,962,534 | 3,930,360 | |||||||||||||||
Agricultural operating loans | 356,814 | 370,931 | 308,275 | 311,594 | 306,374 | |||||||||||||||
Commercial and industrial loans | 1,502,951 | 1,499,079 | 1,381,598 | 1,349,863 | 1,324,653 | |||||||||||||||
Consumer loans | 35,478 | 39,597 | 31,918 | 36,317 | 41,604 | |||||||||||||||
All other loans | 206,922 | 178,901 | 161,482 | 163,730 | 164,008 | |||||||||||||||
Total loans | 6,934,342 | 6,944,276 | 6,011,374 | 5,824,038 | 5,766,999 | |||||||||||||||
Deposit Portfolio | ||||||||||||||||||||
Non-interest bearing demand deposits | $ | 1,486,592 | $ | 1,489,747 | $ | 1,392,534 | $ | 1,450,244 | $ | 1,321,446 | ||||||||||
Interest bearing demand deposits | 2,435,498 | 2,394,069 | 2,095,370 | 1,901,516 | 1,947,744 | |||||||||||||||
Savings deposits | 711,999 | 781,451 | 639,412 | 617,311 | 632,925 | |||||||||||||||
Money Market | 1,373,685 | 1,307,240 | 1,138,464 | 1,184,964 | 1,206,140 | |||||||||||||||
Time deposits | 1,563,770 | 1,575,132 | 1,129,493 | 1,135,508 | 1,081,944 | |||||||||||||||
Total deposits | 7,571,544 | 7,547,639 | 6,395,273 | 6,289,543 | 6,190,199 | |||||||||||||||
Asset Quality | ||||||||||||||||||||
Non-performing loans | $ | 41,293 | $ | 44,074 | $ | 31,948 | $ | 22,199 | $ | 21,895 | ||||||||||
Non-performing assets | 47,098 | 49,621 | 34,807 | 23,670 | 23,572 | |||||||||||||||
Net charge-offs (recoveries) | 1,370 | 1,500 | 399 | 1,588 | 1,458 | |||||||||||||||
Allowance for credit losses to non-performing loans | 210.66 | % | 196.98 | % | 234.37 | % | 328.51 | % | 325.00 | % | ||||||||||
Allowance for credit losses to total loans outstanding | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.23 | % | ||||||||||
Nonperforming loans to total loans | 0.60 | % | 0.63 | % | 0.53 | % | 0.38 | % | 0.38 | % | ||||||||||
Nonperforming assets to total assets | 0.51 | % | 0.53 | % | 0.44 | % | 0.30 | % | 0.31 | % | ||||||||||
Special Mention loans | 139,154 | 179,648 | 120,510 | 61,195 | 81,815 | |||||||||||||||
Substandard and Doubtful loans | 139,902 | 109,127 | 79,956 | 75,309 | 39,031 | |||||||||||||||
Common Share Data | ||||||||||||||||||||
Common shares outstanding | 26,594,524 | 26,609,307 | 23,986,299 | 23,996,833 | 23,988,845 | |||||||||||||||
Book value per common share | $ | 41.43 | $ | 40.46 | $ | 39.97 | $ | 38.85 | $ | 37.27 | ||||||||||
Tangible book value per share (1) | 31.15 | 30.04 | 29.42 | 28.21 | 26.62 | |||||||||||||||
Tangible book value per share excluding other comprehensive income at period end (1) | 35.09 | 34.12 | 33.64 | 32.79 | 32.07 | |||||||||||||||
Market price of stock | 48.09 | 41.19 | 39.00 | 37.88 | 37.49 | |||||||||||||||
Key Performance Ratios and Metrics | ||||||||||||||||||||
End of period earning assets | $ | 8,496,204 | $ | 8,574,933 | $ | 7,325,978 | $ | 7,101,811 | $ | 6,924,934 | ||||||||||
Average earning assets | 8,520,559 | 7,670,723 | 7,168,176 | 7,014,675 | 6,975,783 | |||||||||||||||
Average rate on average earning assets (tax equivalent) | 5.45 | % | 5.36 | % | 5.35 | % | 5.48 | % | 5.41 | % | ||||||||||
Average rate on cost of funds | 1.75 | % | 1.67 | % | 1.71 | % | 1.75 | % | 1.75 | % | ||||||||||
Net interest margin (tax equivalent) (1) | 3.79 | % | 3.78 | % | 3.73 | % | 3.80 | % | 3.72 | % | ||||||||||
Return on average assets | 1.20 | % | 1.26 | % | 1.21 | % | 1.17 | % | 1.20 | % | ||||||||||
Adjusted return on average assets (1) | 1.45 | % | 1.37 | % | 1.30 | % | 1.21 | % | 1.23 | % | ||||||||||
Return on average common equity | 10.19 | % | 10.45 | % | 10.01 | % | 9.95 | % | 10.52 | % | ||||||||||
Adjusted return on average common equity (1) | 12.25 | % | 11.29 | % | 10.71 | % | 10.34 | % | 10.80 | % | ||||||||||
Efficiency ratio (tax equivalent) (1) | 54.39 | % | 55.86 | % | 57.55 | % | 58.75 | % | 58.09 | % | ||||||||||
Full-time equivalent employees | 1,316 | 1,335 | 1,170 | 1,178 | 1,190 | |||||||||||||||
1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. |
FIRST MID BANCSHARES, INC. | |||||||||
Net Interest Margin | |||||||||
(Dollars in thousands, unaudited) | |||||||||
For the Quarter Ended June 30, 2026 | |||||||||
QTD Average | Average | ||||||||
Balance | Interest | Rate | |||||||
INTEREST EARNING ASSETS | |||||||||
Interest bearing deposits | $ | 328,363 | $ | 2,801 | 3.42 | % | |||
Federal funds sold | 793 | 6 | 3.03 | % | |||||
Certificates of deposits investments | 3,350 | 34 | 4.07 | % | |||||
Investment Securities | 1,247,888 | 9,868 | 3.16 | % | |||||
Loans (net of unearned income) | 6,940,165 | 102,976 | 5.95 | % | |||||
Total interest earning assets | 8,520,559 | 115,685 | 5.45 | % | |||||
NONEARNING ASSETS | |||||||||
Other nonearning assets | 793,920 | ||||||||
Allowance for loan losses | (87,449 | ) | |||||||
Total assets | $ | 9,227,030 | |||||||
INTEREST BEARING LIABILITIES | |||||||||
Demand deposits | $ | 3,855,881 | $ | 17,237 | 1.79 | % | |||
Savings deposits | 757,972 | 464 | 0.25 | % | |||||
Time deposits | 1,543,651 | 12,628 | 3.28 | % | |||||
Total interest bearing deposits | 6,157,504 | 30,329 | 1.98 | % | |||||
Repurchase agreements | 200,906 | 1,030 | 2.06 | % | |||||
FHLB advances | 242,163 | 2,115 | 3.50 | % | |||||
Subordinated debt | 36,897 | 710 | 7.72 | % | |||||
Jr. subordinated debentures | 34,045 | 578 | 6.81 | % | |||||
Other debt | 37,149 | 464 | 5.01 | % | |||||
Total borrowings | 551,161 | 4,897 | 3.56 | % | |||||
Total interest bearing liabilities | 6,708,665 | 35,226 | 2.11 | % | |||||
NONINTEREST BEARING LIABILITIES | |||||||||
Demand deposits | 1,365,854 | Avg Cost of Funds | 1.75 | % | |||||
Other liabilities | 62,134 | ||||||||
Stockholders' equity | 1,090,377 | ||||||||
Total liabilities & stockholders' equity | $ | 9,227,030 | |||||||
Net Interest Earnings / Spread | $ | 80,459 | 3.34 | % | |||||
Tax effected yield on interest earning assets | 3.79 | % | |||||||
Net interest margin, tax equivalent is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. |
FIRST MID BANCSHARES, INC. | ||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
(Dollars in thousands, except per share data, unaudited) | ||||||||||||||||||||
As of and for the Quarter Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2026 | 2026 | 2025 | 2025 | 2025 | ||||||||||||||||
Net interest income as reported | $ | 79,659 | $ | 70,785 | $ | 66,530 | $ | 66,363 | $ | 63,863 | ||||||||||
Net interest income, (tax equivalent) | 80,459 | 71,581 | 67,314 | 67,143 | 64,634 | |||||||||||||||
Average earning assets | 8,520,559 | 7,670,723 | 7,168,176 | 7,014,675 | 6,975,783 | |||||||||||||||
Net interest margin (tax equivalent) | 3.79 | % | 3.78 | % | 3.73 | % | 3.80 | % | 3.72 | % | ||||||||||
Common stockholder's equity | $ | 1,101,744 | $ | 1,076,626 | $ | 958,692 | $ | 932,179 | $ | 894,140 | ||||||||||
Goodwill and intangibles, net | 273,456 | 277,347 | 253,016 | 255,217 | 255,547 | |||||||||||||||
Common shares outstanding | 26,595 | 26,609 | 23,986 | 23,997 | 23,989 | |||||||||||||||
Tangible Book Value per common share | $ | 31.15 | $ | 30.04 | $ | 29.42 | $ | 28.21 | $ | 26.62 | ||||||||||
Accumulated other comprehensive loss (AOCI) | (104,824 | ) | (108,708 | ) | (101,301 | ) | (110,012 | ) | (130,710 | ) | ||||||||||
Adjusted tangible book value per common share | $ | 35.09 | $ | 34.12 | $ | 33.64 | $ | 32.79 | $ | 32.07 |
FIRST MID BANCSHARES, INC. | ||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
(Dollars in thousands, except per share data, unaudited) | ||||||||||||||||||||
As of and for the Quarter Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2026 | 2026 | 2025 | 2025 | 2025 | ||||||||||||||||
Adjusted earnings Reconciliation | ||||||||||||||||||||
Net Income - GAAP | $ | 27,789 | $ | 26,327 | $ | 23,678 | $ | 22,462 | $ | 23,438 | ||||||||||
Adjustments (post-tax) (1) | ||||||||||||||||||||
Net (gain)/loss on securities sales | (50 | ) | (16 | ) | 314 | 1,525 | - | |||||||||||||
Net loss on subordinated debt repayment | 74 | - | 237 | - | - | |||||||||||||||
Net loss on other investments | - | 422 | 349 | - | - | |||||||||||||||
Technology project expenses | - | 25 | 761 | 360 | 246 | |||||||||||||||
Net gain on real estate | - | - | (443 | ) | (1,033 | ) | - | |||||||||||||
Severance expense | - | - | - | 15 | - | |||||||||||||||
Integration and acquisition expenses | 5,586 | 1,690 | 434 | 13 | 3 | |||||||||||||||
Total adjustments (non-GAAP) | $ | 5,610 | $ | 2,122 | $ | 1,652 | $ | 880 | $ | 249 | ||||||||||
Adjusted earnings - non-GAAP | $ | 33,399 | $ | 28,449 | $ | 25,330 | $ | 23,342 | $ | 23,687 | ||||||||||
Adjusted diluted earnings per share (non-GAAP) | $ | 1.26 | $ | 1.14 | $ | 1.06 | $ | 0.97 | $ | 0.99 | ||||||||||
Adjusted return on average assets (non-GAAP) | 1.45 | % | 1.37 | % | 1.30 | % | 1.21 | % | 1.23 | % | ||||||||||
Adjusted return on average common equity (non-GAAP) | 12.25 | % | 11.29 | % | 10.71 | % | 10.34 | % | 10.80 | % | ||||||||||
Efficiency Ratio Reconciliation | ||||||||||||||||||||
Noninterest expense - GAAP | $ | 70,627 | $ | 60,725 | $ | 55,867 | $ | 57,146 | $ | 54,762 | ||||||||||
Other real estate owned property income (expense) | (218 | ) | (212 | ) | (76 | ) | (217 | ) | (75 | ) | ||||||||||
Amortization of intangibles | (3,878 | ) | (3,301 | ) | (2,963 | ) | (3,128 | ) | (3,121 | ) | ||||||||||
Gain/(loss) on real estate | - | - | 560 | (95 | ) | - | ||||||||||||||
Severance expense | - | - | - | (19 | ) | - | ||||||||||||||
Technology project expense | - | (32 | ) | (963 | ) | (456 | ) | (311 | ) | |||||||||||
Integration and acquisition expenses | (7,071 | ) | (2,139 | ) | (549 | ) | (17 | ) | (4 | ) | ||||||||||
Adjusted noninterest expense (non-GAAP) | $ | 59,460 | $ | 55,041 | $ | 51,876 | $ | 53,214 | $ | 51,251 | ||||||||||
Net interest income -GAAP | $ | 79,659 | $ | 70,785 | $ | 66,530 | $ | 66,363 | $ | 63,863 | ||||||||||
Effect of tax-exempt income (1) | 800 | 796 | 784 | 780 | 771 | |||||||||||||||
Adjusted net interest income (non-GAAP) | $ | 80,459 | $ | 71,581 | $ | 67,314 | $ | 67,143 | $ | 64,634 | ||||||||||
Noninterest income - GAAP | $ | 28,833 | $ | 26,441 | $ | 21,685 | $ | 22,909 | $ | 23,593 | ||||||||||
Gain on real estate sales | - | - | - | (1,403 | ) | - | ||||||||||||||
Net (gain)/loss on securities sales | (63 | ) | (20 | ) | 398 | 1,930 | - | |||||||||||||
Net loss on subordinated debt repayment | 94 | - | 300 | - | - | |||||||||||||||
Net loss on other investments | - | 534 | 442 | - | - | |||||||||||||||
Adjusted noninterest income (non-GAAP) | $ | 28,864 | $ | 26,955 | $ | 22,825 | $ | 23,436 | $ | 23,593 | ||||||||||
Adjusted total revenue (non-GAAP) | $ | 109,323 | $ | 98,536 | $ | 90,139 | $ | 90,579 | $ | 88,227 | ||||||||||
Efficiency ratio (non-GAAP) | 54.39 | % | 55.86 | % | 57.55 | % | 58.75 | % | 58.09 | % | ||||||||||
(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%. |