First Mid Bancshares, Inc. Announces First Quarter 2024 Results
- 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
- None.
Insights
First Mid Bancshares, Inc.'s recent financial disclosure showcasing a quarter-over-quarter dip in net interest income by
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
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
The company’s efficiency ratio of
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
In comparison to the first quarter of 2023, net interest income increased
Net Interest Margin
Net interest margin, on a tax equivalent basis (non-GAAP), was
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
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
Deposits
Total deposits ended the quarter at
Noninterest Income
Noninterest income for the first quarter of 2024 was a record high of
In comparison to the first quarter of 2023, noninterest income increased
Noninterest Expenses
Noninterest expense for the first quarter of 2024 totaled
In comparison to the first quarter of 2023, noninterest expenses increased
The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the first quarter 2024 was
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 | ||
Tier 1 capital to risk-weighted assets | ||
Common equity tier 1 capital to risk-weighted assets | ||
Leverage ratio |
Tangible book value per common share increased in the period to
The Company’s Board of Directors approved a regular quarterly dividend of
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
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 funds | 1.91 | % | |||||
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 |
FAQ
What was First Mid Bancshares, Inc.'s net income for the first quarter of 2024?
What was the adjusted net income of First Mid Bancshares, Inc. for the first quarter of 2024?
What was the quarterly dividend declared by First Mid Bancshares, Inc. for shareholders?
What drove the record high noninterest income for First Mid Bancshares, Inc. in the first quarter of 2024?
How did the loan portfolio of First Mid Bancshares, Inc. change in the first quarter of 2024?
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How did the total deposits of First Mid Bancshares, Inc. change in the first quarter of 2024?