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First Mid Bancshares, Inc. (NASDAQ: FMBH) is a United States-based financial holding company that operates through its wholly-owned subsidiary, First Mid Bank & Trust. The company provides a broad range of financial services including community banking, wealth management, and insurance services. Headquartered in Illinois, First Mid is a community-focused organization with a significant presence across Illinois, Missouri, Texas, and Wisconsin, as well as a loan production office in the greater Indianapolis area.
First Mid Bank & Trust offers a variety of personal and business banking products aimed at making life easier for its customers. Their services include checking accounts with cost-saving benefits, competitive loan rates for mortgages, home equities, small businesses, and agricultural needs. The bank also provides convenient online and mobile banking options, allowing customers to manage their finances with ease. With a network of locations in 37 communities, First Mid is committed to providing financial security for every stage of life.
In addition to traditional banking services, First Mid Bancshares operates First Mid Insurance Group and First Mid Wealth Management Co. First Mid Insurance Group offers a wide range of insurance products, including commercial property and casualty, personal property and casualty, group medical plans, and individual health insurance. The company's wealth management division provides comprehensive financial planning, investment management, and retirement planning services.
First Mid Bancshares has recently completed several strategic acquisitions to enhance its service offerings. Notably, the acquisition of Blackhawk Bank and PGIB Insurance has strengthened its market position and broadened its product portfolio. These acquisitions have also contributed to significant growth in both loans and deposits, demonstrating the company's successful execution of its relationship-driven business model.
Financially, First Mid Bancshares maintains strong asset quality metrics and robust capital levels. As of the most recent quarter, the company's total loans reached $5.50 billion, and deposits totaled $6.24 billion. The company continues to experience growth in net interest income and noninterest income, driven by strategic acquisitions and organic growth.
Overall, First Mid Bancshares, Inc. is a well-capitalized and diversified financial institution that continues to grow and adapt to meet the needs of its customers and communities. With a history spanning over 159 years, First Mid remains committed to providing exceptional financial services and maintaining strong relationships with its customers.
First Mid Bancshares (NASDAQ: FMBH) reported Q3 2024 financial results with net income of $19.5 million, or $0.81 diluted EPS. The company achieved 1% loan growth and 16.6% year-over-year growth in wealth management and insurance combined. Net interest income increased by $0.8 million (1.4%) compared to Q2 2024, while total loans ended at $5.62 billion. The company maintained strong asset quality with an allowance for credit losses ratio of 1.22%. The Board declared a quarterly dividend of $0.24 per share. Total deposits ended at $6.09 billion, and the company reduced FHLB advances by $25.0 million.
First Mid Bancshares, Inc. (NASDAQ: FMBH) reported strong Q2 2024 financial results with net income of $19.7 million, or $0.82 diluted EPS. Adjusted net income was $20.1 million, or $0.84 diluted EPS. The company saw margin expansion and loan growth, driving a $1.3 million increase in net interest income. Key highlights include:
- Announced acquisition of Mid Rivers Insurance Group, expanding Missouri presence
- Board increased quarterly dividend to $0.24 per share
- Net interest margin improved to 3.36%
- Total loans increased by $61.3 million to $5.56 billion
- Strong asset quality with non-performing loans ratio at 0.34%
- Capital levels remained strong, with total capital to risk-weighted assets at 15.46%
First Mid Bancshares, Inc. (NASDAQ: FMBH) reported a net income of $19.2 million for Q1 2023, equating to $0.93 diluted EPS, alongside an adjusted net income of $19.7 million or $0.96 diluted EPS. The company saw a record in insurance revenues, contributing significantly to noninterest income of $22.5 million. However, net interest income decreased by 5.4% from the previous quarter, primarily due to rising interest expenses. The total loans decreased to $4.76 billion following elevated payoffs in commercial real estate. The company announced the acquisition of Blackhawk Bancorp, Inc., aiming to enhance its funding profile. Total deposits fell by $226.2 million, largely attributed to a single customer's withdrawal. The Board declared a quarterly dividend of $0.23 per share.
First Mid Bancshares, Inc. (NASDAQ: FMBH) and Blackhawk Bancorp, Inc. (OTCQX: BHWB) announced a definitive agreement for a 100% stock merger. Blackhawk, with total assets of approximately $1.32 billion, will merge into First Mid, which plans to pay about $90.3 million in a share exchange. The transaction is projected to be 22% accretive to earnings per share by 2024 and expects to realize 31% cost savings from Blackhawk’s noninterest expenses. After the merger, First Mid will strengthen its balance sheet with improved loan-to-deposit ratios and increased liquidity. The deal has received board approval and is expected to close in H2 2023, pending regulatory and shareholder approvals.
First Mid Bancshares, Inc. (NASDAQ: FMBH) reported a net income of $20.6 million for Q4 2022, with a diluted EPS of $1.01. Total loans grew by 2.2% for the quarter and 10.3% for the year, reaching $4.83 billion. The tangible book value per share rose by 7.8%. Despite a 5.4% drop in net interest income compared to the previous quarter, it increased by 6.9% year-over-year. Noninterest income grew by over 7%, driven by wealth management and insurance services. A quarterly dividend of $0.23 was declared. Capital levels remain strong, well above regulated benchmarks, with a Board-approved dividend payable on March 1, 2023.
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