Investor Presentation Q2'2026

NASDAQ: FMBH

First Mid Bancshares, Inc. Q2 2026 Investor Presentation

Investor Contacts:

Austin Frank

Director of Investor Relations 217-258-5522

afrank@firstmid.com

Jordan Read

Chief Financial Officer & Chief Risk Officer

217-258-3528

jread@firstmid.com

firstmid.com

Franchise Overview

Personal & Commercial Banking Brokerage | Trust | Ag Services & Ag RE Brokerage Personal & Business Insurance

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

• Demonstrated ability to raise capital and successfully complete acquisitions

• Committed to our community banking heritage and mission

• Largest community bank-affiliated insurance agency in Illinois

• Largest farm manager in Illinois

• Top Workplaces - USA Today

*FMBH financial measures as of 6/30/26. Tangible Book Value Per Share is a non-GAAP measure and is defined as total common equity less goodwill and intangibles divided by shares outstanding as of period end.

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 have been the foundation of our Company for over 160 years.

Integrity

Integrity is at the core of our business.

Motivation

We are motivated to provide exceptional service and uphold our reputation.

Professionalism

Our professionalism is reflected in our expertise and high standards of performance and service delivery.

Accountability

We hold ourselves accountable for our individual actions and team performance.

Commitment

We are committed to the success of First Mid.

Teamwork

Teamwork is the foundation of our excellence.

4

Shareholder Value

Quality Core Deposits

Quality Core Deposits

Shareholder Value

Annualized shareholder return of

11.3% and annualized TBV CAGR of 7.3% since 2014.

Growth Strategy

Growth Strategy

FMBH targets organic growth and strategic expansion of products and services into new markets, supported by a strong M&A track record.

Quality core deposit franchise with

stable relationships, geographically diverse customer base and longterm reliable source of funding.

High Quality Loan Portfolio

High Quality Loan Portfolio

Conservative risk profile and experienced management team drives superior performance through credit cycles, reflected in a 20-year average net charge-off rate

Strong Capital & Liquidity

of just 0.14%.

Revenue Diversification

Revenue Diversification

Strong Capital & Liquidity

Strong capital levels and balance

sheet metrics, including providing a competitive dividend to shareholders since 1879.

FMBH generates diversified revenue with historically ~30% from non-interest income, bolstered by owning Illinois' largest community bank-affiliated insurance agency and managing $8.3B in wealth management assets.

5

1 Source S&P Capital IQ Pro. Annualized return calculated for period 12/31/2014 to 6/30/26.

Proven History of Consistent Performance Reported quarterly diluted EPS of $1.04 and record high quarterly net income of $27.8 million.

Adjusted for non-recurring charges, net income was $33.4 million, or $1.26 diluted EPS for the quarter(1).

Non-interest income was $28.8 million for the quarter. Non-interest income has accounted for approximately 26% of revenue over the last 12 months.

Reported Net Income ($000s), Adjusted Net Income ($000s) & Adjusted EPS

$1.14

$1.06

$33,400

$0.99

$0.97

$28,449

$27,789

$25,330

$26,327

$23,438 $23,687

$22,462

$23,342 $23,678

$1.26

Fee Income ($000s) & % of Total Revenue

$26,441

$23,593

$22,909

$21,685

27%

26%

25%

27%

27%

$28,833

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

Net Income Adjusted Net Income Adjusted EPS

Adjusted Return on Average Assets

1.45%

1.23%

1.21%

1.30%

1.37%

,000

,500

,000

00

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

*Adjusted Diluted EPS and Adjusted ROAA reflected above are non-GAAP figures. See Non-GAAP measures.

1 Adjusted Net Income, adjusted EPS and NIM are Non-GAAP measures. See Non-GAAP measures.

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

6

Quarterly Financial Performance

Quarterly Highlights

Net Interest Margin

Reported NIM of 3.79%(1) for the quarter represents a 1bps increase compared to prior quarter. The yield on earning assets improved by 9 basis points while the average cost of funds increased 8 basis points.

Total deposits ended the quarter at $7.57 billion, representing an increase of $23.9 million from the prior quarter.

Total loans ended the quarter at $6.93 billion, representing a decrease of $9.9 million from the prior quarter.

The average yield on new and renewed loans was approximately 6.25% and 6.50% respectively in the quarter.

Repurchased 21,872 shares and declared a

$0.01 increase in the quarterly dividend to

$0.26 per share.

0%

5.41%

5.48%

5.35%

5.36%

5.45%

3.80%

3.78%

3.79%

3.72%

3.73%

1.75%

1.75%

1.71%

1.67%

1.75%

0%

0%

0%

0%

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

Earning Assets Yield Cost of Funds Net Interest Margin (TE)

Efficiency Ratio (TE)

58.1%

58.8%

57.6%

55.9%

54.4%

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

*NIM (TE) and Efficiency Ratio (TE) reflected above are non-GAAP figures. See Non-GAAP measures. 7

(1)Beginning in the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and

research analysts. The calculation uses actual/365 annualization methodology for tax equivalent net interest margin to average earning assets.

Quarterly Financial Performance

Total deposits ended the quarter at $7.57 billion, representing an increase of $23.9 million from the prior quarter.

Quality core deposit franchise with well diversified deposit base

89% core deposits as of June 30, 2026 (1)

Continued low level of uninsured deposits with approximately 17% of deposits uninsured (2)

Average account balance of approximately $30,000 with 99% of all accounts under a $250,000 balance (2)

Core Deposits / Total Deposits

Deposit Composition

($ in millions)

$7,572

$6,124

$6,057

$6,395

20.7%

$5,257

13.4%

17.1%

16.3%

17.7%

18.1%

18.5%

19.8%

17.8%

9.4%

24.1%

11.6%

10.5%

10.0%

12.1%

32.2%

30.0%

31.5%

32.8%

26.4%

23.9%

22.8%

21.9%

21.8%

19.6%

95%

2023 2024 2025 Q1'2026 Q2'2026

($ in millions)

$7,548

$7,572

$6,124

$6,395

$6,057

88.8%

89.1%

93.5%

93.9%

92.5%

Total Deposits Core Deposits

Loan-to-Deposit Ratio

93.6%

94.0%

91.8%

91.1%

91.6%

90%

2022

2023

2024

2025

Q2'2026

85%

2022 2023 2024 2025 Q2'2026

Non-interest bearing DDA Interest Bearing DDA Savings Deposits Money Market Time Deposits

8

1. Core deposits defined as demand deposits, savings, money market, time deposits less than $250k, and excludes brokered deposits.

2. Uninsured deposits and average account balance from internal deposit account reports and call report data as of 6/30/26

Quality Deposit Franchise

$7,000

Loan Portfolio

$6,934

$6,000

$5,000

Geographically Dispersed Portfolio

FL

2% WI 4%

Other States

13%

IL

TX 41%

5%

IN

%

IA 12%

MO

17%

$4,000

$3,000

6

$2,000

$1,000

$-

2022

($ in millions)

3.0%

0.5%

5.6%

$6,011

5.1%

$5,581

3.3%

1.6%

$5,672

3.0%

1.0%

5.9%

2.7%

0.5%

5.6%

5.2%

5.1%

6.1%

$4,826

3.3%

2.0%

6.1%

3.5%

3.0%

5.7%

3.5%

3.7%

4.2%

4.2%

6.0%

10.6%

6.2%

7.0%

6.9%

8.1%

9.7%

8.8%

8.5%

21.7%

9.1%

23.0%

22.7%

23.6%

22.4%

42.2%

42.7%

42.6%

42.7%

42.1%

2023

2024

2025

Q2 2026

CRE C&I 1-4 Family Ag RE Construction Ag Loans Multi-Family Consumer All Other

Overall borrower line utilization was 56% at 6/30/26 compared to 52% at 6/30/25 Commercial credit line utilization was 46% at 6/30/26 compared to 44% at 6/30/25

Loan Composition & Geographic data as of June 30, 2026 9

Geographic data based on primary property collateral if available, otherwise borrower address for all First Mid Bank & Trust loans. Two Rivers portfolio is aggregated together, not separated by location.

Loan Portfolio Characteristics

Total Ag Portfolio

Ag Loans by Geography

0.9%

0.9%

0.1%

5.9%

5.5%

7.3%

36.6%

42.0%

Central IL Region

Direct Merchant

Financing 22%

Farmland 55%

Ag Operating 23%

Champaign/Decatur Region

Eastern Iowa Region

Peoria Region

Metro/St. Louis Region

Southern IL Region

Mid Missouri Region

Central IA Region

Northern IL & WI Region

Texas Region

0.8%

0.1%

Ag loan portfolio totaled $783 million or 11% of outstanding loans at June 30, 2026

Majority of the portfolio is Ag Real Estate and secured by highly productive farmland with a 45% LTV

Historically low net charge offs with only $5.0 million in net ag real estate charge offs between 2000 and 2025

Ag portfolio credit metrics are normalizing from historic lows due to the challenging operating environment; however, due to conservative underwriting including strong collateral values, borrower balance sheet strength, and guarantor support significant losses are not anticipated .

Farmland has historically provided double-digit total annual returns over multiple decades, with low volatility and demonstrated resilience during financial downturns

10

NOTE: Loan data as of June 30, 2026

Ag Loan Portfolio Highlights

Solid Asset Quality Metrics

Current ACL balance and historically strong credit performance remain in a position of strength and provide confidence during times of economic uncertainty.

Net charge-offs totaled $1.4 million for the quarter, compared to an average of $1.3 million per quarter in 2025

Non-performing assets to total assets improved to 0.51% in the second quarter, compared to 0.53% in the first quarter.

Non-performing loans to total loans improved to 0.60% in the second quarter, compared to 0.63% in the first quarter.

Special mention loans decreased by $40.5 million to $139.2 million. Substandard loans increased $30.8 million to $139.9 million. Overall criticized assets declined by $9.7 million during the quarter.

Allowance / NPLs

325.0%

328.5%

234.4%

197.0%

210.7%

$44,074

$41,293

$31,948

$21,895

$22,199

NPLs Allowance / NPLs

Allowance for Credit Losses /

Total Loans Outstanding

1.23%

1.25%

1.25%

1.25%

1.25%

0%

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

Total Adversely Classified Assets / Total Loans

2.10%

1.32%

1.38%

1.65%

0.71%

0%

0%

0%

0%

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

0%

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 11

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%

0.80%

0.60%

Net Charge-Offs as a % of Average Loans

Historical FMBT net charge-offs have averaged only 14 bps per year over the last 20 years The US banking industry net charge-offs have averaged 83 bps over the last 20 years

The current ACL balance ($87.0 million) at 6/30/26 is greater than the total net charge offs ($45.1 million) over the last 20 years (2006-2025)

0.40%

0.39%

0.20%

0.00%

0.13%

0.09%

0.28%

0.25%

0.29%

0.23%

0.08%

0.04% 0.04%

0.02%

0.24%

0.11%

0.22%

0.09% 0.12%

0.03%

0.01%

0.14%

0.07% 0.09%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

NCOs/Avg Loans 20 Year Avg NCOs/Avg Loans

*The 20-year avg NCOs/Avg Loans reflects the time period between 2006 and 2025 12

**The industry average is a 20-year average of Loan Performance: Total Loans & Leases: Net Charge-Off Rate provided by the Federal Reserve Bank of St. Louis

Strong Credit Culture

First Mid's diverse sources of revenue provide stability in both rising and declining rate environments

First Mid Wealth Management 25%

Securities Gains, Net

Other 8%

Debit Card Revenue 16%

Mortgage Banking Revenue

3%

Deposit Service Charges 13%

First Mid Insurance Group

33%

Fee income represented approximately 27% of total revenue in Q2'2026 and approximately 26% of total revenue the last twelve months, through June 30, 2026.

13

Note: The chart above reflects the breakdown of total fee income for the last twelve months, through June 30, 2026.

Non-Interest Income Sources

• Integrated Wealth Management, Trust, and Ag Services platform providing diversified, recurring revenue streams

• Investment & brokerage services offered through a partnership with Raymond James Financial Services, Inc.

• $8.3 billion in assets under management

• Approximately 290,000 farmland acres under management across 9 states

• Largest farm manager in Illinois

  
  
  
  
  
  
  
  
  

• Completed acquisition of Ray Farm Management Services, Inc. based in Princeton, IL in December 2025 adding ~9,000 acres under management

• Largest community bank-affiliated insurance agency in Illinois and top ten in the United States

• Broad product suite serving personal & commercial clients, including Auto & Homeowners, Life, Health, Senior Solutions, Business, Farm, Cyber, and Surety

• Strategic acquisitions of Downs Insurance Agency (January 2026) and select assets from AAdvantage Insurance (July 2025), expanding presence in Springfield, Decatur, Metro East and St. Louis markets

• Achieved record annual revenue of $32.3 million in 2025, up 13.1% from $28.6 million in 2024

  
  
  
  
  
  
  
  
  
  
  
  
  

• YTD revenue of $19.7 million representing an increase of $1.9 million compared to the same period in 2025.

14

Diversified Solutions and Sources of Revenue

$7.0

$30

$32.3

$6.0

$28.6

$20

$16.0

$17.5

$15.6 $16.2

$20.4

$18.9

$22.5

$21.6

$24.8

$20.8

$22.8 $22.9

$5.0

$4.0

$3.0

$10

$8.5

$2.0

$ in millions

$0

$4.6 $5.1

$1.8 $2.1

$5.4 $5.9

$3.5 $3.9

$5.6

$1.0

$ in billions

$0.0

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

FMIG Revenue FMWM Revenue FMWM AUM 15

$ in millions

$ in millions

$ in billions

Diversified Solutions and Sources of Revenue

Enhanced Digital Solutions

First Mid is committed to delivering valued digital solutions that meet our customers' expectations while enhancing their overall banking experience.

Digital Availability

• Robust Website

  Positioned for the Future

  
  
  

  2025 Mobile Banking Upgrade

• Full-Service Online Banking

  Significant investments in technology over the last few years.

  Expanded digital services offered and added personnel to our Digital Solutions Teams to better position First Mid against traditional and non-traditional competitors.

  Several digital improvement projects recently completed:

  • Customer relationship management software (2023)

  • Loan and credit processing system (2023)

  • Mortgage origination and operations platform (2024)

  • Ag Services digital platform (2024-2025)

  • Retail online banking and mobile app (2025)

  • Core system conversion (2025)

• Mobile Banking

• Mobile Deposit

• Online Bill Pay

• Online Account Opening

• E-lending

• Zelle: P2P Transfer Services

• Card Valet

• Mobile Wallet

• Enhanced Security Features

• Sizeable ATM / ITM network

16

Capital levels remain strong and above the "well capitalized" levels at quarter-end.

Total Capital Ratio

15.67%

15.48%

15.41%

15.76% 15.99%

TBV per share increased 3.7% to $31.15 during the second quarter. TBV per share has increased 17% over the past 12 months.

Leveraged a strong capital position to execute $1.4 million in share repurchases YTD under a 10b5-1 plan during periods of market volatility.

Announced quarterly dividend of $0.26 per share.

TCE / Tangible Assets

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

Common Equity Tier 1 Capital Ratio

9.20%

9.31%

8.99%

8.91%

8.66%

12.92%

13.13%

13.16%

13.40%

13.10%

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

17

Strong Capital Position

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

FMBH Shareholder Value

11.3%

7.3%

Annualized Shareholder Return TBV CAGR

$4.00

$3.50

$3.00

$2.50

$2.00

$1.50

$1.00

$0.50

$0.00

Earnings Per Share

$3.88

$3.77

Adjusted EPS

Diluted EPS

$3.50 $3.47

$3.83

$3.60

$2.74

$3.15

$3.30

$2.87 $2.87

$2.70

$2.52

$2.05

$2.13

$3.98

$40

$35

$30

$25

$20

$15

Tangible Book Value per Share

Adjusted TBV Per Share

$33.64

$35.09

$1.00

Tangible Book Value Per Share

$30.06

$30.42

$27.93

$31.15

$29.42

$26.29 $27.24

$23.59

$24.46

$22.65

$22.20

$18.73

$20.22

$16.84

$15.09

$0.75

$0.50

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

$0.90

$0.92

$0.94

$0.98

$0.81

$0.85

$0.76

$0.70

$0.62

$0.66

Dividends Per Share

$10

$5

$0.25

$0

$0.00

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Annualized Shareholder Return and TBV CAGR calculated for the period 12/31/2014 to 6/30/26. Annualized Shareholder return includes dividends paid during the period.

Tangible Book Value Per Share is a non-GAAP measure and is defined as total common equity less goodwill and intangibles divided by shares outstanding as of period end. 18

TBV as reported for all periods. Adjusted TBV displayed for 2022-2026 where it was adjusted to exclude the market value impact of AFS investment securities and used to calculate the CAGR

Adjusted EPS reflected above are non-GAAP figures. See Non-GAAP measures.

Providing Shareholder Value

April 2026

March 2026-May 2026

Aug 2024 - Oct 2025

October 2020

October 2019

Q3'2019

Paid down $7.5 million in subordinated debt Repurchased $1.4 million of shares

Strategically repurchased subordinated debt totaling $50 million

Raised $96 million through a public sub-debt offering tied to LINCO Bancshares, Inc. (Providence) acquisition Redeemed $10 million of trust preferred securities junior sub-debt.

Strategically repurchased $1.1 million of common stock through Q3'19.

$9,209,967

June 2018 Raised $36 million through an overnight public offering of common stock tied to SCB Bancorp, Inc. acquisition.

August 2017 Launched a $20 million at-the-market equity offering.

June 2015 Raised $29.3 million through private placement of common stock.

$7,966,658

$7,587,000 $7,519,734

$6,744,000

$5,986,582

$4,726,348

$3,839,734 $3,839,426

$2,884,535 $2,841,539

$2,114,499

$1,607,103

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026

Capital Management & Acquisitions

Capital Events

20

Experienced Acquirer

com