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First Mid Bancshares, Inc. Announces First Quarter 2024 Results

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First Mid Bancshares, Inc. reported strong financial results for the first quarter of 2024, with net income of $20.5 million and adjusted net income of $22.3 million. The company maintained strong asset quality, declared a quarterly dividend of $0.23 per share, and was recognized as a Top Workplace by USA Today. Despite a decrease in net interest income, the addition of Blackhawk positively impacted the overall performance. The loan portfolio decreased slightly, but asset quality metrics remained robust. Noninterest income reached a record high, driven by insurance revenues. The company's capital levels remained healthy, and a dividend of $0.23 per share was declared.
First Mid Bancshares, Inc. ha riportato ottimi risultati finanziari per il primo trimestre del 2024, con un utile netto di 20,5 milioni di dollari e un utile netto rettificato di 22,3 milioni di dollari. La società ha mantenuto un'elevata qualità degli asset, ha dichiarato un dividendo trimestrale di 0,23 dollari per azione ed è stata riconosciuta come uno dei migliori luoghi di lavoro da USA Today. Nonostante una diminuzione del reddito netto da interessi, l'acquisizione di Blackhawk ha avuto un impatto positivo sulle prestazioni complessive. Il portafoglio di prestiti ha subito una leggera diminuzione, ma gli indicatori di qualità degli asset sono rimasti robusti. Il reddito non derivante dagli interessi ha raggiunto un livello record, spinto dai ricavi assicurativi. I livelli di capitale della società sono rimasti salubri, e è stato dichiarato un dividendo di 0,23 dollari per azione.
First Mid Bancshares, Inc. reportó resultados financieros fuertes para el primer trimestre de 2024, con un ingreso neto de $20,5 millones y un ingreso neto ajustado de $22,3 millones. La compañía mantuvo una calidad de activos fuerte, declaró un dividendo trimestral de $0,23 por acción y fue reconocida como uno de los Mejores Lugares para Trabajar por USA Today. A pesar de una disminución en los ingresos netos por intereses, la adición de Blackhawk impactó positivamente el rendimiento general. La cartera de préstamos disminuyó ligeramente, pero los métricos de calidad de activos se mantuvieron robustos. Los ingresos no provenientes de intereses alcanzaron un máximo histórico, impulsados por los ingresos de seguros. Los niveles de capital de la compañía se mantuvieron saludables, y se declaró un dividendo de $0,23 por acción.
First Mid Bancshares, Inc.은 2024년 첫 분기에 강력한 재무 결과를 보고했습니다. 순이익은 2,050만 달러이고 조정 순이익은 2,230만 달러입니다. 회사는 자산의 질이 우수함을 유지하고, 주당 0.23달러의 분기 배당금을 선언했으며, USA Today로부터 최고의 직장으로 인정받았습니다. 순이자 수입이 감소했음에도 불구하고 Blackhawk의 추가는 전체 성과에 긍정적인 영향을 미쳤습니다. 대출 포트폴리오는 약간 감소했지만, 자산 품질 지표는 강력하게 유지되었습니다. 비이자 수입은 보험 수익에 힘입어 사상 최고치를 기록했습니다. 회사의 자본 수준은 건강하게 유지되었고, 주당 0.23달러의 배당금이 선언되었습니다.
First Mid Bancshares, Inc. a rapporté de solides résultats financiers pour le premier trimestre de 2024, avec un bénéfice net de 20,5 millions de dollars et un bénéfice net ajusté de 22,3 millions de dollars. La société a maintenu une forte qualité d'actifs, a déclaré un dividende trimestriel de 0,23 dollar par action et a été reconnue comme un des meilleurs lieux de travail par USA Today. Malgré une baisse des revenus nets d'intérêts, l'ajout de Blackhawk a eu un impact positif sur la performance globale. Le portefeuille de prêts a légèrement diminué, mais les métriques de qualité des actifs sont restées robustes. Les revenus non liés aux intérêts ont atteint un niveau record, stimulés par les revenus d'assurance. Les niveaux de capital de l'entreprise sont restés sains, et un dividende de 0,23 dollar par action a été déclaré.
First Mid Bancshares, Inc. berichtete starke Finanzergebnisse für das erste Quartal 2024, mit einem Nettogewinn von 20,5 Millionen Dollar und einem angepassten Nettogewinn von 22,3 Millionen Dollar. Das Unternehmen hielt eine starke Vermögensqualität aufrecht, erklärte eine Quartalsdividende von 0,23 Dollar pro Aktie und wurde von USA Today als einer der besten Arbeitsplätze ausgezeichnet. Trotz eines Rückgangs der Nettozinseinnahmen hatte die Hinzufügung von Blackhawk eine positive Auswirkung auf die Gesamtleistung. Das Kreditportfolio sank leicht, aber die Vermögensqualitätsmetriken blieben robust. Die Nichtzins-Einnahmen erreichten ein Rekordhoch, angetrieben durch Versicherungserträge. Die Kapitalniveaus des Unternehmens blieben gesund, und es wurde eine Dividende von 0,23 Dollar pro Aktie erklärt.
Positive
  • Net income of $20.5 million and adjusted net income of $22.3 million for the first quarter of 2024
  • Strong asset quality performance with minimal net charge offs and lower classifieds
  • Record high noninterest income driven by insurance revenues
  • Named Top Workplace by USA Today
  • Quarterly dividend declared at $0.23 per share
  • Net interest income decreased by $2.0 million compared to the previous quarter
  • Loan portfolio decreased to $5.50 billion, with growth in Ag operating loans
  • Nonperforming loans ratio at 0.36% and ACL to total loans ratio at 1.24%
  • Total deposits increased to $6.24 billion, with growth in noninterest bearing and interest-bearing demand deposits
  • Noninterest income reached a record high of $24.5 million, driven by insurance revenues
  • Noninterest expenses decreased to $53.4 million, with integration-related costs and debit card fee credit
  • Capital levels remained strong with a tangible book value per common share increase to $22.49
  • Regular quarterly dividend of $0.23 per share declared for May 31, 2024
Negative
  • None.

Insights

First Mid Bancshares, Inc.'s recent financial disclosure showcasing a quarter-over-quarter dip in net interest income by $2.0 million or 3.5% merits a closer review. This shrinkage, attributed mainly to lower loan balances and decreased accretion income, poses questions on the company's growth trajectory and interest income generation capabilities. However, the year-over-year net interest income growth of 28.4% indicates a robust performance largely driven by the Blackhawk acquisition.

The decrease in loan balances across various categories except for agricultural operating loans highlights a potential shift in lending focus or a response to the economic environment. Analyzing the increase in noninterest income, largely due to insurance revenues, indicates a diversification strategy that could cushion the company against interest income volatility. The dividend declaration of $0.23 per share reflects the company's confidence in their financial stability and commitment to providing shareholder value, reinforced by their solid capital adequacy ratios, with all levels comfortably above the regulatory 'well capitalized' benchmarks.

A critical aspect for stakeholders is the asset quality performance of First Mid Bancshares. The reported figures of an ACL to total loans ratio at 1.24% and non-performing loans to total loans at a mere 0.36% surpass industry norms, indicating commendable risk management. The decline in special mention loans and a relatively stable substandard loan count suggest a healthy loan portfolio that mitigates the risk of heavy loan losses. This is particularly notable considering potential economic headwinds, which can pressure loan quality.

The company’s efficiency ratio of 59.1% remains consistent year-over-year, speaking to steady operational management. However, the slight increase in noninterest expenses year-over-year, primarily due to the Blackhawk acquisition, indicates an area where investors should monitor for efficiency gains from synergies in future periods.

For retail investors, the nuanced changes in loan portfolio composition, noninterest income growth and emphasis on asset quality metrics are vital to understanding the company's performance in a competitive banking landscape.

MATTOON, Ill., April 24, 2024 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended March 31, 2024.

Highlights

  • Net income of $20.5 million, or $0.86 diluted EPS
  • Adjusted net income (non-GAAP) of $22.3 million, or $0.93 diluted EPS
  • Strong asset quality performance with minimal net charge offs and lower classifieds
  • Insurance revenues drive record high quarter of noninterest income
  • Named Top Workplace by USA Today
  • Board of Directors declares regular quarterly dividend of $0.23 per share

“Coming off an eventful year for our industry, I am pleased with the way we started 2024,” said Joe Dively, Chairman and Chief Executive Officer. “The benefits of adding Blackhawk are shining through with a stable core margin, significant liquidity, and continued asset quality strength. Our revenue diversification continues to be a differentiator for us as we achieved a new record high in noninterest income on the growth and seasonality in insurance revenues.   Finally, I am extremely proud of the national recognition to be named a top workplace by USA Today. We understand and foster an environment where we prioritize a culture of engagement where our employees feel valued, empowered, and connected to a broader mission of serving our customers and communities.”

Net Interest Income
Net interest income for the first quarter of 2024 decreased by $2.0 million, or 3.5% compared to the fourth quarter of 2023. The decline was primarily the result of lower loan balances and less accretion income. Interest income declined by $2.3 million in the quarter, which included a decline of $0.9 million in accretion income. Accretion income in the period totaled $3.6 million. Interest expense declined $0.3 million in the quarter primarily driven by less FHLB borrowings outstanding on an increase in overall liquidity position.               

In comparison to the first quarter of 2023, net interest income increased $12.3 million, or 28.4%.   The increase was primarily driven by the addition of Blackhawk. For the same period, interest income increased by $24.0 million, while interest expense increased $11.7 million.                     

Net Interest Margin
Net interest margin, on a tax equivalent basis (non-GAAP), was 3.25% for the first quarter of 2024. While this was an 8 basis point decline compared to the prior quarter, the margin only declined by 2 basis points when the decline of $0.9 million in accretion income is considered.   Earning asset yields declined by 2 basis points and the average cost of funds increased 6 basis points.           

In comparison to the first quarter of last year, the net interest margin increased 31 basis points, with an average earning asset increase of 84 basis points versus the average cost of funds increase of 53 basis points.

Loan Portfolio
Total loans ended the quarter at $5.50 billion, representing a decrease of $81.3 million from the prior quarter. The declines were spread across all categories, except for Ag operating loans which increased $16.9 million.   The portfolio experienced larger than normal paydowns of lines in the C&I sector during the quarter. The loan portfolio continues to be well diversified both geographically and by industry.   Non-medical office exposure is approximately 3.7% of the portfolio with minimal exposure to urban markets.              

Asset Quality
The first quarter was another strong period with respect to the Company’s asset quality metrics. The allowance for credit losses (“ACL”) ended the period at $67.9 million and the ACL to total loans ratio increased to 1.24%. In addition to the ACL, an unearned discount of $46.3 million remains at quarter end. Provision expense was recorded as a credit in the amount of $0.4 million with net charge offs of $0.4 million in the quarter. Also, at the end of the first quarter, the ratio of non-performing loans to total loans was 0.36%, and the ACL to non-performing loans was 338.6%.   The ratio of nonperforming assets to total assets was 0.28% and nonperforming loans were $20.1 million at quarter end. Special mention loans declined $8.4 million in the quarter to $65.6 million and substandard loans increased $0.4 million to $29.3 million.      

Deposits
Total deposits ended the quarter at $6.24 billion, which represented an increase of $119.3 million from the prior quarter. Noninterest bearing deposits increased by $50.0 million and interest-bearing demand deposits increased by $137.6 million in the period. Approximately $50.0 million of the total increase was short-term normal cash flow needs of certain customers that came in late in the quarter and was disbursed early in the second quarter.   With the Company’s strong liquidity position, it has been able to manage the pressure on the funding costs with a focus on relationship pricing and allowing other funding, such as brokered CDs, to roll off.                      

Noninterest Income
Noninterest income for the first quarter of 2024 was a record high of $24.5 million compared to $21.8 million in the fourth quarter of 2023.   The increase was primarily driven by a new high in insurance revenues, which are also seasonally highest in the first quarter, with an increase of $3.8 million. Wealth management revenues increased $0.3 million and assets under management increased to $6.2 billion. Mortgage banking and all other banking fees declined in the quarter.      

In comparison to the first quarter of 2023, noninterest income increased $2.0 million, or 8.9%, due to a combination of organic growth and the addition of Blackhawk.   Insurance revenues increased by $0.7 million, or 8.7% compared to the first quarter of 2024.                    

Noninterest Expenses     
Noninterest expense for the first quarter of 2024 totaled $53.4 million compared to $57.0 million in the prior quarter. The current quarter included $2.3 million of nonrecurring integration related costs, which was a decrease of $3.3 million from the prior quarter. In addition, the Company recorded a credit for $0.9 million in debit card fees for a negotiated agreement with its primary provider.  

In comparison to the first quarter of 2023, noninterest expenses increased $11.8 million. The increase was primarily driven by the addition of Blackhawk. Nonrecurring costs were $2.3 million in the current quarter and $0.2 million in the same quarter last year.

The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the first quarter 2024 was 59.1% compared to 58.9% in the prior quarter and 59.0% 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 15.35%
Tier 1 capital to risk-weighted assets 12.46%
Common equity tier 1 capital to risk-weighted assets 12.06%
Leverage ratio 9.71%

Tangible book value per common share increased in the period to $22.49 with earnings growth more than offsetting a negative $11.2 million impact to accumulated other comprehensive income (“AOCI”) from an increase in the unrealized loss position in the bond portfolio.

The Company’s Board of Directors approved a regular quarterly dividend of $0.23 payable on May 31, 2024, for shareholders of record on May 15, 2024.

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 $7.7 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, and Wisconsin 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 159 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,” and “Tangible Book Value per Common Share”. 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, such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid 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 First Mid 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 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 First Mid’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 First Mid; accounting principles, policies and guidelines; and the impact of the global COVID-19 pandemic on First Mid’s businesses. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’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, we do 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, Shareholder Relations
217-258-5522
afrank@firstmid.com

Matt Smith
Chief Financial Officer
217-258-1528
msmith@firstmid.com

– Tables Follow –

 
  FIRST MID BANCSHARES, INC.
  Condensed Consolidated Balance Sheets
  (In thousands, unaudited)
  As of
  
  March 31, December 31, March 31,
   2024   2023   2023 
       
Assets      
Cash and cash equivalents $355,701  $143,064  $169,134 
Investment securities  1,149,752   1,179,402   1,217,754 
Loans (including loans held for sale)  5,499,295   5,580,565   4,760,631 
Less allowance for credit losses  (67,936)  (68,675)  (58,223)
Net loans  5,431,359   5,511,890   4,702,408 
Premises and equipment, net  101,666   101,396   90,178 
Goodwill and intangibles, net  260,699   264,231   168,373 
Bank Owned Life Insurance  167,247   166,125   151,366 
Other assets  211,822   220,686   183,637 
Total assets $7,678,246  $7,586,794  $6,682,850 
       
Liabilities and Stockholders' Equity      
Deposits:      
Non-interest bearing $1,448,299  $1,398,234  $1,262,181 
Interest bearing  4,794,637   4,725,425   3,768,597 
Total deposits  6,242,936   6,123,659   5,030,778 
Repurchase agreements with customers  210,719   213,721   228,664 
Other borrowings  238,761   263,787   595,021 
Junior subordinated debentures  24,113   24,058   19,406 
Subordinated debt  106,862   106,755   94,593 
Other liabilities  56,903   61,610   52,523 
Total liabilities  6,880,294   6,793,590   6,020,985 
       
Total stockholders' equity  797,952   793,204   661,865 
Total liabilities and stockholders' equity $7,678,246  $7,586,794  $6,682,850 
       


     
FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)
     
  Three Months Ended
  March 31,
   2024   2023 
Interest income:    
Interest and fees on loans $77,823  $56,236 
Interest on investment securities  7,405   7,127 
Interest on federal funds sold & other deposits  2,444   308 
  Total interest income  87,672   63,671 
Interest expense:    
Interest on deposits  26,096   12,767 
Interest on securities sold under agreements to repurchase  2,056   1,463 
Interest on other borrowings  2,314   4,883 
Interest on jr. subordinated debentures  542   379 
Interest on subordinated debt  1,194   988 
  Total interest expense  32,202   20,480 
Net interest income  55,470   43,191 
Provision for credit losses  (357)  (817)
Net interest income after provision for loan  55,827   44,008 
Non-interest income:    
Wealth management revenues  5,322   5,514 
Insurance commissions  9,213   8,480 
Service charges  2,956   2,203 
Net securities gains/(losses)  0   (46)
Mortgage banking revenues  706   150 
ATM/debit card revenue  4,055   3,083 
Other  2,226   3,095 
Total non-interest income  24,478   22,479 
Non-interest expense:    
Salaries and employee benefits  30,448   26,071 
Net occupancy and equipment expense  7,560   6,005 
Net other real estate owned (income) expense  (21)  133 
FDIC insurance  869   463 
Amortization of intangible assets  3,497   1,522 
Stationary and supplies  391   292 
Legal and professional expense  2,449   1,690 
ATM/debit card expense  1,191   1,223 
Marketing and donations  862   654 
Other  6,116   3,524 
Total non-interest expense  53,362   41,577 
Income before income taxes  26,943   24,910 
Income taxes  6,440   5,730 
Net income $20,503  $19,180 
     
Per Share Information    
Basic earnings per common share $0.86  $0.94 
Diluted earnings per common share  0.86   0.93 
     
Weighted average shares outstanding  23,872,731   20,492,254 
Diluted weighted average shares outstanding  23,960,335   20,563,972 
     


           
FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)
           
  For the Quarter Ended
  March 31, December 31, September 30, June 30, March 31,
   2024   2023  2023  2023   2023 
Interest income:          
Interest and fees on loans $77,823  $78,676 $69,143 $58,368  $56,236 
Interest on investment securities  7,405   8,515  9,284  7,193   7,127 
Interest on federal funds sold & other deposits  2,444   2,736  2,011  569   308 
Total interest income  87,672   89,927  80,438  66,130   63,671 
Interest expense:          
Interest on deposits  26,096   25,900  22,047  16,580   12,767 
Interest on securities sold under agreements to repurchase  2,056   1,754  1,625  1,723   1,463 
Interest on other borrowings  2,314   3,073  4,749  4,084   4,883 
Interest on jr. subordinated debentures  542   545  545  390   379 
Interest on subordinated debt  1,194   1,193  1,029  986   988 
Total interest expense  32,202   32,465  29,995  23,763   20,480 
Net interest income  55,470   57,462  50,443  42,367   43,191 
Provision for credit losses  (357)  552  5,911  458   (817)
Net interest income after provision for loan  55,827   56,910  44,532  41,909   44,008 
Non-interest income:          
Wealth management revenues  5,322   4,998  4,940  5,341   5,514 
Insurance commissions  9,213   5,398  5,199  5,737   8,480 
Service charges  2,956   3,298  2,994  2,386   2,203 
Securities gains, net  0   46  3,389  (6)  (46)
Mortgage banking revenues  706   954  846  332   150 
ATM/debit card revenue  4,055   4,233  3,766  3,265   3,083 
Other  2,226   2,841  1,919  2,431   3,095 
Total non-interest income  24,478   21,768  23,053  19,486   22,479 
Non-interest expense:          
Salaries and employee benefits  30,448   29,925  25,422  23,544   26,071 
Net occupancy and equipment expense  7,560   7,977  6,929  6,035   6,005 
Net other real estate owned (income) expense  (21)  800  902  27   133 
FDIC insurance  869   1,015  785  1,076   463 
Amortization of intangible assets  3,497   3,560  2,568  1,477   1,522 
Stationary and supplies  391   404  335  315   292 
Legal and professional expense  2,449   2,065  1,844  1,780   1,690 
ATM/debit card expense  1,191   1,332  1,751  1,016   1,223 
Marketing and donations  862   679  764  908   654 
Other  6,116   9,268  5,796  3,864   3,524 
Total non-interest expense  53,362   57,025  47,096  40,042   41,577 
Income before income taxes  26,943   21,653  20,489  21,353   24,910 
Income taxes  6,440   3,582  5,372  4,786   5,730 
Net income $20,503  $18,071 $15,117 $16,567  $19,180 
           
Per Share Information          
Basic earnings per common share $0.86  $0.76 $0.68 $0.81  $0.94 
Diluted earnings per common share  0.86   0.76  0.68  0.80   0.93 
           
Weighted average shares outstanding  23,872,731   23,837,853  22,220,438  20,528,717   20,492,254 
Diluted weighted average shares outstanding  23,960,335   23,921,758  22,319,334  20,628,239   20,563,972 
           


           
  FIRST MID BANCSHARES, INC.
  Consolidated Financial Highlights and Ratios
  (Dollars in thousands, except per share data)
  (Unaudited)
  As of and for the Quarter Ended
  March 31, December 31, September 30, June 30, March 31,
   2024   2023   2023   2023   2023 
           
Loan Portfolio           
Construction and land development $186,851  $205,077  $189,206  $151,574  $159,157 
Farm real estate loans  388,941   391,132   399,834   392,220   401,957 
1-4 Family residential properties  518,641   542,469   531,699   418,932   424,545 
Multifamily residential properties  312,758   319,129   327,067   303,482   301,808 
Commercial real estate  2,396,092   2,384,704   2,392,834   2,056,529   2,003,647 
     Loans secured by real estate  3,803,283   3,842,511   3,840,640   3,322,737   3,291,114 
Agricultural operating loans  213,217   196,272   179,447   148,318   146,847 
Commercial and industrial loans  1,227,906   1,266,159   1,242,653   1,094,522   1,078,021 
Consumer loans  79,569   91,014   99,542   80,241   88,430 
All other loans  175,320   184,609   177,783   167,598   156,219 
Total loans  5,499,295   5,580,565   5,540,065   4,813,416   4,760,631 
           
Deposit Portfolio           
Non-interest bearing demand deposits $1,448,299  $1,398,234  $1,389,022  $1,171,047  $1,262,181 
Interest bearing demand deposits  1,974,857   1,837,296   1,940,162   1,477,765   1,419,791 
Savings deposits  704,777   710,586   734,377   602,523   639,691 
Money Market  1,107,177   1,129,950   1,161,957   923,259   878,452 
Time deposits  1,007,826   1,047,593   1,120,806   1,044,991   830,663 
Total deposits  6,242,936   6,123,659   6,346,324   5,219,585   5,030,778 
           
Asset Quality          
Non-performing loans $20,064  $20,128  $21,269  $18,637  $15,163 
Non-performing assets  21,471   21,292   23,565   22,615   19,225 
Net charge-offs (recoveries)  381   118   181   (38)  53 
Allowance for credit losses to non-performing loans  338.60%  341.19%  320.85%  315.07%  383.98%
Allowance for credit losses to total loans outstanding  1.24%  1.23%  1.23%  1.22%  1.22%
Nonperforming loans to total loans  0.36%  0.36%  0.38%  0.39%  0.32%
Nonperforming assets to total assets  0.28%  0.28%  0.30%  0.34%  0.29%
Special Mention loans  65,693   74,050   73,732   40,687   47,022 
Substandard and Doubtful loans  29,296   28,945   30,575   28,255   29,931 
           
Common Share Data          
Common shares outstanding  23,888,929   23,827,137   23,830,038   20,528,192   20,519,717 
Book value per common share $33.40  $33.29  $30.97  $32.18  $32.26 
Tangible book value per common share (1)  22.49   22.20   19.73   23.48   24.05 
Tangible book value per common share excluding other comprehensive income at period end (1)  28.67   27.93   27.24   30.87   30.77 
Market price of stock  32.68   34.66   26.56   24.14   27.22 
           
Key Performance Ratios and Metrics          
End of period earning assets $6,923,742  $6,780,160  $7,007,282  $6,023,553  $5,995,674 
Average earning assets  6,884,855   6,948,309   6,593,781   6,049,626   6,052,264 
Average rate on average earning assets (tax equivalent)  5.16%  5.18%  4.89%  4.43%  4.32%
Average rate on cost of funds  1.91%  1.85%  1.83%  1.59%  1.38%
Net interest margin (tax equivalent) (1)  3.25%  3.33%  3.06%  2.84%  2.94%
Return on average assets  1.07%  0.93%  0.90%  0.99%  1.15%
Adjusted return on average assets (1)  1.17%  1.16%  0.94%  1.03%  1.18%
Return on average common equity  10.37%  9.76%  8.70%  10.07%  12.11%
Adjusted return on average common equity (1)  11.28%  12.11%  9.82%  10.42%  11.92%
Efficiency ratio (tax equivalent) (1)  59.09%  58.91%  58.60%  60.37%  59.01%
Full-time equivalent employees  1,188   1,187   1,224   995   988 
           
           
1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.         
           


FIRST MID BANCSHARES, INC.
Net Interest Margin
(In thousands, unaudited)
 For the Quarter Ended March 31, 2024
 QTD Average   Average
 Balance Interest Rate
INTEREST EARNING ASSETS     
Interest bearing deposits$173,365  $2,407 5.58%
Federal funds sold 1,094   17 6.25%
Certificates of deposits investments 1,545   20 5.21%
Investment Securities:     
Taxable (total less municipals) 904,451   5,470 2.42%
Tax-exempt (Municipals) 280,215   2,450 3.50%
Loans (net of unearned income) 5,524,185   77,924 5.67%
      
Total interest earning assets 6,884,855   88,288 5.16%
      
NONEARNING ASSETS     
Cash and due from banks 102,922     
Premises and equipment 101,530     
Other nonearning assets 624,205     
Allowance for loan losses (69,059)    
      
Total assets$7,644,453     
      
INTEREST BEARING LIABILITIES     
Demand deposits$3,036,837  $16,612 2.20%
Savings deposits 707,849   178 0.10%
Time deposits 1,028,045   9,306 3.64%
Total interest bearing deposits 4,772,731   26,096 2.20%
Repurchase agreements 264,587   2,056 3.13%
FHLB advances 258,554   2,314 3.60%
Federal funds purchased -   - 0.00%
Subordinated debt 106,791   1,194 4.50%
Jr. subordinated debentures 24,084   542 9.05%
Other debt -   - 0.00%
Total borrowings 654,016   6,106 3.75%
Total interest bearing liabilities 5,426,747   32,202 2.39%
      
NONINTEREST BEARING LIABILITIES     
Demand deposits 1,367,798  Average cost of funds1.91%
Other liabilities 59,056     
Stockholders' equity 790,852     
      
Total liabilities & stockholders' equity$7,644,453     
      
Net Interest Earnings / Spread  $56,086 2.77%
      
Impact of Non-Interest Bearing Funds    0.48%
      
Tax effected yield on interest earning assets   3.25%
      


           
FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, unaudited)
           
  As of and for the Quarter Ended
  March 31, December 31, September 30,June 30, March 31,
   2024   2023   2023   2023   2023 
           
Net interest income as reported $55,470  $57,462  $50,443  $42,367  $43,191 
Net interest income, (tax equivalent)  56,086   58,255   51,212   43,109   43,947 
Average earning assets  6,884,855   6,948,309   6,593,781   6,049,626   6,052,264 
Net interest margin (tax equivalent)  3.25%  3.33%  3.06%  2.84%  2.94%
           
           
Common stockholder's equity $797,952  $793,204  $737,948  $660,687  $661,865 
Goodwill and intangibles, net  260,699   264,231   267,793   178,615   168,373 
Common shares outstanding  23,889   23,827   23,830   20,528   20,520 
Tangible Book Value per common share $22.49  $22.20  $19.73  $23.48  $24.05 
Accumulated other comprehensive loss (AOCI)  (147,667)  (136,427)  (178,903)  (151,566)  (137,901)
Adjusted tangible book value per common share $28.67  $27.93  $27.24  $30.87  $30.77 
           


           
FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
           
  As of and for the Quarter Ended
  March 31, December 31, September 30,June 30, March 31,
   2024   2023   2023   2023   2023 
Adjusted earnings Reconciliation          
Net Income - GAAP $20,503  $18,071  $15,117  $16,567  $19,180 
Adjustments (post-tax): (1)          
Acquisition ACL on non-PCD assets in provision expense  -   -   2,985   -   - 
Nonrecurring severance expense  -   -   -   -   416 
Net (gain)/loss on securities sales  -   (36)  (2,677)  -   - 
Integration and acquisition expenses  1,804   4,385   1,653   589   135 
Total non-recurring adjustments (non-GAAP) $1,804  $4,348  $1,962  $589  $551 
           
Adjusted earnings - non-GAAP $22,307  $22,419  $17,079  $17,156  $19,731 
Adjusted diluted earnings per share (non-GAAP) $0.93  $0.94  $0.77  $0.83  $0.96 
Adjusted return on average assets - non-GAAP  1.17%  1.16%  0.94%  1.03%  1.18%
Adjusted return on average common equity - non-GAAP  11.28%  12.11%  9.82%  10.42%  11.92%
           
Efficiency Ratio Reconciliation          
Noninterest expense - GAAP $53,362  $57,025  $47,096  $40,042  $41,577 
Other real estate owned property income (expense)  21   (800)  (902)  (27)  (133)
Amortization of intangibles  (3,497)  (3,560)  (2,568)  (1,477)  (1,522)
Nonrecurring severance expense  -   -   -   -   (527)
Integration and acquisition expenses  (2,283)  (5,550)  (2,093)  (745)  (171)
  Adjusted noninterest expense (non-GAAP) $47,603  $47,115  $41,533  $37,793  $39,224 
           
Net interest income -GAAP $55,470  $57,462  $50,443  $42,367  $43,192 
Effect of tax-exempt income (1)  616   793   769   742   755 
  Adjusted net interest income (non-GAAP) $56,086  $58,255  $51,212  $43,109  $43,947 
           
Noninterest income - GAAP $24,478  $21,768  $23,053  $19,486  $22,479 
Net (gain)/loss on securities sales  0   (46)  (3,389)  6   46 
  Adjusted noninterest income (non-GAAP) $24,478  $21,722  $19,664  $19,492  $22,525 
           
  Adjusted total revenue (non-GAAP) $80,564  $79,977  $70,876  $62,601  $66,472 
           
Efficiency ratio (non-GAAP)  59.09%  58.91%  58.60%  60.37%  59.01%
           
(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.     

FAQ

What was First Mid Bancshares, Inc.'s net income for the first quarter of 2024?

First Mid Bancshares, Inc. reported a net income of $20.5 million for the first quarter of 2024.

What was the adjusted net income of First Mid Bancshares, Inc. for the first quarter of 2024?

First Mid Bancshares, Inc. reported an adjusted net income of $22.3 million for the first quarter of 2024.

What was the quarterly dividend declared by First Mid Bancshares, Inc. for shareholders?

First Mid Bancshares, Inc. declared a quarterly dividend of $0.23 per share for shareholders.

What drove the record high noninterest income for First Mid Bancshares, Inc. in the first quarter of 2024?

The record high noninterest income for First Mid Bancshares, Inc. in the first quarter of 2024 was primarily driven by insurance revenues.

How did the loan portfolio of First Mid Bancshares, Inc. change in the first quarter of 2024?

The loan portfolio of First Mid Bancshares, Inc. decreased to $5.50 billion in the first quarter of 2024, with growth in Ag operating loans.

What was the nonperforming loans ratio for First Mid Bancshares, Inc. at the end of the first quarter of 2024?

The nonperforming loans ratio for First Mid Bancshares, Inc. at the end of the first quarter of 2024 was 0.36%.

How did the total deposits of First Mid Bancshares, Inc. change in the first quarter of 2024?

Total deposits of First Mid Bancshares, Inc. increased to $6.24 billion in the first quarter of 2024, with growth in noninterest bearing and interest-bearing demand deposits.

What was the tangible book value per common share for First Mid Bancshares, Inc. at the end of the first quarter of 2024?

The tangible book value per common share for First Mid Bancshares, Inc. increased to $22.49 at the end of the first quarter of 2024.

First Mid Bancshares, Inc.

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