First Mid Bancshares, Inc. Announces First Quarter 2026 Results
Rhea-AI Summary
First Mid Bancshares (NASDAQ: FMBH) reported Q1 2026 results with net income $26.3M (diluted EPS $1.06) and adjusted net income $28.4M (adjusted EPS $1.14). The company closed the acquisition of Two Rivers, adding $871.4M loans and $1.04B deposits. Total loans were $6.94B, deposits $7.55B, tangible book value per share rose to $30.04, and net interest margin was 3.78%. The board declared a quarterly dividend of $0.25 per share.
AI-generated analysis. Not financial advice.
Positive
- Net income of $26.3 million (diluted EPS $1.06)
- Adjusted net income of $28.4 million (adjusted EPS $1.14)
- Acquisition added $871.4M in loans and $1.04B in deposits
- Total loans increased to $6.94B; total deposits to $7.55B
- Tangible book value per share up 2.1% to $30.04
- Net interest margin expanded to 3.78% (up 5 bps)
Negative
- Non-performing loans increased by $12.1 million to $44.1 million
- Special mention loans rose $59.1 million to $179.6 million
- ACL to non-performing loans ratio decreased to 197%
News Market Reaction – FMBH
On the day this news was published, FMBH declined 2.12%, reflecting a moderate negative market reaction. This price movement removed approximately $24M from the company's valuation, bringing the market cap to $1.09B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
FMBH is up 0.88% while key regional bank peers (SBSI, BHRB, BRKL, CTBI, NBN) show declines between about -0.99% and -4.83%, indicating a stock-specific reaction to earnings.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 29 | Quarterly earnings | Positive | -1.4% | Record Q4 2025 net income and EPS with higher net interest income. |
| Oct 30 | Quarterly earnings | Positive | -2.9% | Q3 2025 earnings growth, NIM expansion, loan and deposit increases. |
| Jul 24 | Quarterly earnings | Positive | +0.1% | Record Q2 2025 net income, higher NIM, loan and deposit growth. |
| Apr 30 | Quarterly earnings | Positive | +3.0% | Record Q1 2025 earnings with growing loans and deposits, strong ACL. |
| Jan 23 | Quarterly earnings | Positive | +2.8% | Q4 2024 earnings growth with margin expansion and solid asset quality. |
Earnings releases are generally positive and have more often led to gains than declines, though there are instances of post-earnings pullbacks.
Over the past five earnings cycles, First Mid Bancshares has repeatedly reported strong results, including multiple quarters of record net income and expanding net interest margin. Prior updates showed steady loan and deposit growth, rising tangible book value, and regular dividends of $0.24–$0.25 per share. Price reactions to these earnings have been mixed, with three positive and two negative moves, indicating that solid fundamentals have not always translated into immediate upside but have built a consistent growth narrative into 2026.
Historical Comparison
Past five earnings releases moved the stock an average of about 0.31%. Today’s move of 0.88% fits within that historical pattern, suggesting a typical-sized response to another strong quarter.
Earnings updates since early 2024 have highlighted recurring record net income, steady loan and deposit growth, and ongoing net interest margin expansion, with the latest quarter continuing this trend alongside the integration of the Two Rivers acquisition.
Market Pulse Summary
This announcement highlights record Q1 2026 profitability, with net income of $26.3 million, diluted EPS of $1.06, and net interest margin at 3.78%. The integration of Two Rivers drove sizeable increases in loans to $6.94 billion and deposits to $7.55 billion, while capital ratios remained above well-capitalized thresholds. At the same time, non-performing loans rose to $44.1 million and criticized classifications increased, making future trends in asset quality and efficiency key metrics to watch alongside continued loan and deposit growth.
Key Terms
net interest margin financial
allowance for credit losses financial
non-performing loans financial
core deposit intangible financial
special mention loans financial
substandard loans financial
tier 1 capital financial
leverage ratio financial
AI-generated analysis. Not financial advice.
MATTOON, Ill., April 29, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended March 31, 2026.
Highlights
- Net income of
$26.3 million , or$1.06 diluted EPS - Adjusted quarterly net income* of
$28.4 million , or$1.14 diluted EPS - Closed on the acquisition of Two Rivers Financial Group, Inc. (“Two Rivers”) and its wholly owned subsidiary Two Rivers Bank & Trust (“Two Rivers Bank”), adding
$871.4 million in loans, net of the interest rate fair value marks and$1.04 billion in deposits, net of the time deposit marks, at closing - Total loans of
$6.94 billion , quarterly increase of$932.9 million - Total deposits of
$7.55 billion , quarterly increase of$1.15 billion - Tangible book value per common share* increased
2.1% during the quarter to$30.04 - Net interest margin, tax equivalent* expanded to
3.78% , quarterly increase of 5 basis points - Repurchased 12,686 shares and the Board of Directors declared regular quarterly dividend of
$0.25 per share
“We are pleased to start the year with such strong financial results, highlighted by record quarterly earnings per share and net income. We continue to build on the momentum of 2025 and are excited to welcome the new customers and talented employees following our acquisition of Two Rivers. The integration efforts for the merger of the banks are progressing as expected, and we remain confident that the strategic combination will enhance shareholder value as we continue to diversify our footprint into Iowa,” said Joseph Dively, Chairman and CEO.
“The quarter reflected solid organic growth in both loans and deposits in what has historically been a seasonally soft period. The team remains diligent when pricing both sides of the balance sheet and, with the continued benefit from the repricing of our loan and investment portfolios, delivered an increase to net interest margin despite the anticipated dilution from Two Rivers. In addition, we were able to take advantage of our strong capital position and market volatility during the quarter by repurchasing
Two Rivers Update
The Company closed on its acquisition of Two Rivers on February 28th, 2026 and has filed its application to merge Two Rivers Bank with and into First Mid Bank & Trust. Pending regulatory approval, the merger is scheduled for completion late in the second quarter.
With the closing of the acquisition, the Company added approximately
Immediately following the acquisition, the Company sold all of Two Rivers Bank’s investment portfolio for proceeds totaling
Net Interest Income
Net interest income for the first quarter of 2026 was
In comparison to the first quarter of 2025, net interest income increased
Net Interest Margin
Net interest margin, tax equivalent*, was
Loan Portfolio
Total loans ended the quarter at
Asset Quality
Asset quality was solid for the quarter as the allowance for credit losses (“ACL”) ended the period at
The Company continued to see credit risk rating normalization during the quarter from historical lows, primarily in the agricultural segment. While cashflows in this segment continue to be pressured, our borrowers’ balance sheets overall remain strong with equity from real estate and equipment. Given the balance sheet strength and the active management of the portfolio, the Company does not currently expect significant losses from the agricultural credit downgrades. At the end of the first quarter, non-performing loans totaled
Deposits
Total deposits ended the quarter at
Non-Interest Income
Non-interest income for the first quarter of 2026 was
Wealth management revenues for the quarter were
Non-Interest Expenses
Non-interest expense for the first quarter of 2026 totaled
The Company’s efficiency ratio*, as adjusted in the non-GAAP reconciliation table herein, for the first quarter of 2026 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
The Company’s Board of Directors approved its 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., First Mid Wealth Management Co., and Two Rivers Bank & Trust. 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 Quarterly 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 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, 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, the possibility that any of the anticipated benefits of the proposed transactions between First Mid and Two Rivers will not be realized within the expected time period; the risk that integration of the operations of Two Rivers with First Mid will be materially delayed or will be more costly or difficult than expected; the effect of the announcement of the proposed transactions on customer relationships and operating results; the possibility that the proposed transactions may be more expensive to complete than anticipated, including as a result of unexpected factors or events; 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; or any of the other foregoing risks. 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, First Mid 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 | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | $ | 477,032 | $ | 254,920 | $ | 201,470 | ||||||
| Investment securities | 1,186,119 | 1,085,499 | 1,049,003 | |||||||||
| Loans (including loans held for sale) | 6,944,276 | 6,011,374 | 5,698,858 | |||||||||
| Less allowance for credit losses | (86,814 | ) | (74,875 | ) | (70,051 | ) | ||||||
| Net loans | 6,857,462 | 5,936,499 | 5,628,807 | |||||||||
| Premises and equipment, net | 101,935 | 90,782 | 97,446 | |||||||||
| Goodwill and intangibles, net | 277,347 | 253,016 | 258,671 | |||||||||
| Bank Owned Life Insurance | 186,042 | 174,915 | 171,127 | |||||||||
| Other assets | 202,680 | 171,027 | 166,164 | |||||||||
| Total assets | $ | 9,288,617 | $ | 7,966,658 | $ | 7,572,688 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||||
| Deposits: | ||||||||||||
| Non-interest bearing | $ | 1,489,747 | $ | 1,392,534 | $ | 1,394,590 | ||||||
| Interest bearing | 6,057,892 | 5,002,739 | 4,735,790 | |||||||||
| Total deposits | 7,547,639 | 6,395,273 | 6,130,380 | |||||||||
| Repurchase agreements with customers | 208,811 | 196,716 | 219,772 | |||||||||
| Other borrowings | 295,106 | 270,000 | 195,000 | |||||||||
| Junior subordinated debentures | 34,022 | 24,454 | 24,335 | |||||||||
| Subordinated debt | 60,072 | 60,008 | 79,535 | |||||||||
| Other liabilities | 66,341 | 61,515 | 52,717 | |||||||||
| Total liabilities | 8,211,991 | 7,007,966 | 6,701,739 | |||||||||
| Total stockholders' equity | 1,076,626 | 958,692 | 870,949 | |||||||||
| Total liabilities and stockholders' equity | $ | 9,288,617 | $ | 7,966,658 | $ | 7,572,688 | ||||||
| FIRST MID BANCSHARES, INC. | ||||||||
| Condensed Consolidated Statements of Income | ||||||||
| (In thousands, except per share data and share amounts, unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Interest income: | ||||||||
| Interest and fees on loans | $ | 90,986 | $ | 79,918 | ||||
| Interest on investment securities | 7,885 | 6,777 | ||||||
| Interest on federal funds sold & other deposits | 1,749 | 864 | ||||||
| Total interest income | 100,620 | 87,559 | ||||||
| Interest expense: | ||||||||
| Interest on deposits | 24,774 | 23,722 | ||||||
| Interest on securities sold under agreements to repurchase | 1,025 | 1,180 | ||||||
| Interest on other borrowings | 2,398 | 1,831 | ||||||
| Interest on jr. subordinated debentures | 468 | 468 | ||||||
| Interest on subordinated debt | 1,170 | 949 | ||||||
| Total interest expense | 29,835 | 28,150 | ||||||
| Net interest income | 70,785 | 59,409 | ||||||
| Provision for credit losses | 2,598 | 1,652 | ||||||
| Net interest income after provision for credit losses | 68,187 | 57,757 | ||||||
| Non-interest income: | ||||||||
| Wealth management revenues | 6,375 | 5,800 | ||||||
| Insurance commissions | 10,807 | 9,925 | ||||||
| Service charges | 3,080 | 2,901 | ||||||
| Net securities gains/(losses) | 20 | (181 | ) | |||||
| Mortgage banking revenues | 721 | 711 | ||||||
| ATM/debit card revenue | 4,135 | 3,646 | ||||||
| Other | 1,303 | 2,062 | ||||||
| Total non-interest income | 26,441 | 24,864 | ||||||
| Non-interest expense: | ||||||||
| Salaries and employee benefits | 35,016 | 31,748 | ||||||
| Net occupancy and equipment expense | 9,826 | 8,479 | ||||||
| Net other real estate owned expense | 212 | 101 | ||||||
| FDIC insurance | 940 | 849 | ||||||
| Amortization of intangible assets | 3,301 | 3,231 | ||||||
| Stationery and supplies | 302 | 431 | ||||||
| Legal and professional expense | 2,700 | 3,076 | ||||||
| ATM/debit card expense | 1,807 | 1,831 | ||||||
| Marketing and donations | 824 | 852 | ||||||
| Other | 5,797 | 3,874 | ||||||
| Total non-interest expense | 60,725 | 54,472 | ||||||
| Income before income taxes | 33,903 | 28,149 | ||||||
| Income taxes | 7,576 | 5,978 | ||||||
| Net income | $ | 26,327 | $ | 22,171 | ||||
| Per Share Information | ||||||||
| Basic earnings per common share | $ | 1.06 | $ | 0.93 | ||||
| Diluted earnings per common share | 1.06 | 0.93 | ||||||
| Weighted average shares outstanding | 24,777,247 | 23,858,817 | ||||||
| Diluted weighted average shares outstanding | 24,893,802 | 23,959,228 | ||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||||||||||
| (In thousands, except per share data and share amounts, unaudited) | ||||||||||||||||||||
| For the Quarter Ended | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||
| Interest income: | ||||||||||||||||||||
| Interest and fees on loans | $ | 90,986 | $ | 86,972 | $ | 87,020 | $ | 84,784 | $ | 79,918 | ||||||||||
| Interest on investment securities | 7,885 | 7,552 | 7,659 | 6,895 | 6,777 | |||||||||||||||
| Interest on federal funds sold & other deposits | 1,749 | 1,371 | 1,456 | 1,722 | 864 | |||||||||||||||
| Total interest income | 100,620 | 95,895 | 96,135 | 93,401 | 87,559 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Interest on deposits | 24,774 | 24,462 | 25,179 | 24,964 | 23,722 | |||||||||||||||
| Interest on securities sold under agreements to repurchase | 1,025 | 987 | 1,105 | 1,218 | 1,180 | |||||||||||||||
| Interest on other borrowings | 2,398 | 2,341 | 2,186 | 2,043 | 1,831 | |||||||||||||||
| Interest on jr. subordinated debentures | 468 | 433 | 452 | 464 | 468 | |||||||||||||||
| Interest on subordinated debt | 1,170 | 1,142 | 850 | 849 | 949 | |||||||||||||||
| Total interest expense | 29,835 | 29,365 | 29,772 | 29,538 | 28,150 | |||||||||||||||
| Net interest income | 70,785 | 66,530 | 66,363 | 63,863 | 59,409 | |||||||||||||||
| Provision for credit losses | 2,598 | 2,349 | 3,353 | 2,567 | 1,652 | |||||||||||||||
| Net interest income after provision for credit losses | 68,187 | 64,181 | 63,010 | 61,296 | 57,757 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Wealth management revenues | 6,375 | 6,591 | 5,145 | 5,394 | 5,800 | |||||||||||||||
| Insurance commissions | 10,807 | 7,441 | 7,089 | 7,840 | 9,925 | |||||||||||||||
| Service charges | 3,080 | 3,161 | 3,240 | 2,995 | 2,901 | |||||||||||||||
| Net securities gains/(losses) | 20 | (398 | ) | (1,930 | ) | 0 | (181 | ) | ||||||||||||
| Mortgage banking revenues | 721 | 624 | 1,255 | 1,070 | 711 | |||||||||||||||
| ATM/debit card revenue | 4,135 | 3,947 | 4,182 | 4,636 | 3,646 | |||||||||||||||
| Other | 1,303 | 319 | 3,928 | 1,658 | 2,062 | |||||||||||||||
| Total non-interest income | 26,441 | 21,685 | 22,909 | 23,593 | 24,864 | |||||||||||||||
| Non-interest expense: | ||||||||||||||||||||
| Salaries and employee benefits | 35,016 | 35,674 | 33,570 | 33,623 | 31,748 | |||||||||||||||
| Net occupancy and equipment expense | 9,826 | 11,035 | 9,196 | 7,869 | 8,479 | |||||||||||||||
| Net other real estate owned expense | 212 | 146 | 217 | 75 | 101 | |||||||||||||||
| FDIC insurance | 940 | 880 | 874 | 873 | 849 | |||||||||||||||
| Amortization of intangible assets | 3,301 | 2,963 | 3,128 | 3,121 | 3,231 | |||||||||||||||
| Stationery and supplies | 302 | 561 | 411 | 367 | 431 | |||||||||||||||
| Legal and professional expense | 2,700 | 2,459 | 2,454 | 2,757 | 3,076 | |||||||||||||||
| ATM/debit card expense | 1,807 | 1,918 | 2,052 | 1,144 | 1,831 | |||||||||||||||
| Marketing and donations | 824 | 760 | 959 | 777 | 852 | |||||||||||||||
| Other | 5,797 | (529 | ) | 4,285 | 4,156 | 3,874 | ||||||||||||||
| Total non-interest expense | 60,725 | 55,867 | 57,146 | 54,762 | 54,472 | |||||||||||||||
| Income before income taxes | 33,903 | 29,999 | 28,773 | 30,127 | 28,149 | |||||||||||||||
| Income taxes | 7,576 | 6,321 | 6,311 | 6,689 | 5,978 | |||||||||||||||
| Net income | $ | 26,327 | $ | 23,678 | $ | 22,462 | $ | 23,438 | $ | 22,171 | ||||||||||
| Per Share Information | ||||||||||||||||||||
| Basic earnings per common share | $ | 1.06 | $ | 0.99 | $ | 0.94 | $ | 0.98 | $ | 0.93 | ||||||||||
| Diluted earnings per common share | 1.06 | 0.99 | 0.94 | 0.98 | 0.93 | |||||||||||||||
| Weighted average shares outstanding | 24,777,247 | 23,891,160 | 23,876,020 | 23,867,592 | 23,858,817 | |||||||||||||||
| Diluted weighted average shares outstanding | 24,893,802 | 24,000,061 | 23,997,198 | 23,988,974 | 23,959,228 | |||||||||||||||
| 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, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||
| Loan Portfolio | ||||||||||||||||||||
| Construction and land development | $ | 316,723 | $ | 360,687 | $ | 336,795 | $ | 298,812 | $ | 269,148 | ||||||||||
| Farm real estate loans | 400,783 | 373,408 | 367,473 | 381,517 | 373,413 | |||||||||||||||
| 1-4 Family residential properties | 734,053 | 489,854 | 495,537 | 495,787 | 488,139 | |||||||||||||||
| Multifamily residential properties | 456,185 | 339,482 | 330,549 | 360,604 | 356,858 | |||||||||||||||
| Commercial real estate | 2,948,024 | 2,564,670 | 2,432,180 | 2,393,640 | 2,397,985 | |||||||||||||||
| Loans secured by real estate | 4,855,768 | 4,128,101 | 3,962,534 | 3,930,360 | 3,885,543 | |||||||||||||||
| Agricultural operating loans | 370,931 | 308,275 | 311,594 | 306,374 | 296,811 | |||||||||||||||
| Commercial and industrial loans | 1,499,079 | 1,381,598 | 1,349,863 | 1,324,653 | 1,303,712 | |||||||||||||||
| Consumer loans | 39,597 | 31,918 | 36,317 | 41,604 | 47,220 | |||||||||||||||
| All other loans | 178,901 | 161,482 | 163,730 | 164,008 | 165,572 | |||||||||||||||
| Total loans | 6,944,276 | 6,011,374 | 5,824,038 | 5,766,999 | 5,698,858 | |||||||||||||||
| Deposit Portfolio | ||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 1,489,747 | $ | 1,392,534 | $ | 1,450,244 | $ | 1,321,446 | $ | 1,394,590 | ||||||||||
| Interest bearing demand deposits | 2,394,069 | 2,095,370 | 1,901,516 | 1,947,744 | 1,814,427 | |||||||||||||||
| Savings deposits | 781,451 | 639,412 | 617,311 | 632,925 | 643,289 | |||||||||||||||
| Money Market | 1,307,240 | 1,138,464 | 1,184,964 | 1,206,140 | 1,215,420 | |||||||||||||||
| Time deposits | 1,575,132 | 1,129,493 | 1,135,508 | 1,081,944 | 1,062,654 | |||||||||||||||
| Total deposits | 7,547,639 | 6,395,273 | 6,289,543 | 6,190,199 | 6,130,380 | |||||||||||||||
| Asset Quality | ||||||||||||||||||||
| Non-performing loans | $ | 44,074 | $ | 31,948 | $ | 22,199 | $ | 21,895 | $ | 26,598 | ||||||||||
| Non-performing assets | 49,621 | 34,807 | 23,670 | 23,572 | 28,703 | |||||||||||||||
| Net charge-offs (recoveries) | 1,500 | 399 | 1,588 | 1,458 | 1,783 | |||||||||||||||
| Allowance for credit losses to non-performing loans | 196.98 | % | 234.37 | % | 328.51 | % | 325.00 | % | 263.36 | % | ||||||||||
| Allowance for credit losses to total loans outstanding | 1.25 | % | 1.25 | % | 1.25 | % | 1.23 | % | 1.23 | % | ||||||||||
| Nonperforming loans to total loans | 0.63 | % | 0.53 | % | 0.38 | % | 0.38 | % | 0.47 | % | ||||||||||
| Nonperforming assets to total assets | 0.53 | % | 0.44 | % | 0.30 | % | 0.31 | % | 0.38 | % | ||||||||||
| Special Mention loans | 179,648 | 120,510 | 61,195 | 81,815 | 74,019 | |||||||||||||||
| Substandard and Doubtful loans | 109,127 | 79,956 | 75,309 | 39,031 | 33,884 | |||||||||||||||
| Common Share Data | ||||||||||||||||||||
| Common shares outstanding | 26,609,307 | 23,986,299 | 23,996,833 | 23,988,845 | 23,981,916 | |||||||||||||||
| Book value per common share | $ | 40.46 | $ | 39.97 | $ | 38.85 | $ | 37.27 | $ | 36.32 | ||||||||||
| Tangible book value per common share (1) | 30.04 | 29.42 | 28.21 | 26.62 | 25.53 | |||||||||||||||
| Tangible book value per common share excluding other comprehensive income at period end (1) | 34.12 | 33.64 | 32.79 | 32.07 | 31.21 | |||||||||||||||
| Market price of stock | 41.19 | 39.00 | 37.88 | 37.49 | 34.90 | |||||||||||||||
| Key Performance Ratios and Metrics | ||||||||||||||||||||
| End of period earning assets | $ | 8,574,933 | $ | 7,325,978 | $ | 7,101,811 | $ | 6,924,934 | $ | 6,844,096 | ||||||||||
| Average earning assets | 7,670,723 | 7,168,176 | 7,014,675 | 6,975,783 | 6,769,858 | |||||||||||||||
| Average rate on average earning assets (tax equivalent) | 5.36 | % | 5.35 | % | 5.48 | % | 5.41 | % | 5.29 | % | ||||||||||
| Average rate on cost of funds | 1.67 | % | 1.71 | % | 1.75 | % | 1.75 | % | 1.74 | % | ||||||||||
| Net interest margin (tax equivalent) (1)(2) | 3.78 | % | 3.73 | % | 3.80 | % | 3.72 | % | 3.60 | % | ||||||||||
| Return on average assets | 1.26 | % | 1.21 | % | 1.17 | % | 1.20 | % | 1.19 | % | ||||||||||
| Adjusted return on average assets (1) | 1.37 | % | 1.30 | % | 1.21 | % | 1.23 | % | 1.23 | % | ||||||||||
| Return on average common equity | 10.45 | % | 10.01 | % | 9.95 | % | 10.52 | % | 10.35 | % | ||||||||||
| Adjusted return on average common equity (1) | 11.29 | % | 10.71 | % | 10.34 | % | 10.80 | % | 10.78 | % | ||||||||||
| Efficiency ratio (tax equivalent) (1) | 55.86 | % | 57.55 | % | 58.75 | % | 58.09 | % | 58.88 | % | ||||||||||
| Full-time equivalent employees | 1,335 | 1,170 | 1,178 | 1,190 | 1,194 | |||||||||||||||
| 1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. | ||||||||||||||||||||
| 2 During 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 now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets. | ||||||||||||||||||||
| FIRST MID BANCSHARES, INC. | |||||||||||
| Net Interest Margin | |||||||||||
| (Dollars in thousands, unaudited) | |||||||||||
| For the Quarter Ended March 31, 2026 | |||||||||||
| QTD Average | Average | ||||||||||
| Balance | Interest | Rate | |||||||||
| INTEREST EARNING ASSETS | |||||||||||
| Interest bearing deposits | $ | 235,370 | $ | 1,726 | 2.97 | % | |||||
| Federal funds sold | 376 | 2 | 2.16 | % | |||||||
| Certificates of deposits investments | 1,883 | 21 | 4.52 | % | |||||||
| Investment Securities | 1,147,980 | 8,383 | 2.92 | % | |||||||
| Loans (net of unearned income) | 6,285,114 | 91,284 | 5.89 | % | |||||||
| Total interest earning assets | 7,670,723 | 101,416 | 5.36 | % | |||||||
| NONEARNING ASSETS | |||||||||||
| Other nonearning assets | 737,565 | ||||||||||
| Allowance for loan losses | (79,202 | ) | |||||||||
| Total assets | $ | 8,329,086 | |||||||||
| INTEREST BEARING LIABILITIES | |||||||||||
| Demand deposits | $ | 3,388,750 | $ | 14,870 | 1.78 | % | |||||
| Savings deposits | 680,418 | 398 | 0.24 | % | |||||||
| Time deposits | 1,228,401 | 9,506 | 3.14 | % | |||||||
| Total interest bearing deposits | 5,297,569 | 24,774 | 1.90 | % | |||||||
| Repurchase agreements | 204,173 | 1,025 | 2.04 | % | |||||||
| FHLB advances | 271,784 | 2,335 | 3.48 | % | |||||||
| Subordinated debt | 60,030 | 1,170 | 7.90 | % | |||||||
| Jr. subordinated debentures | 27,645 | 468 | 6.87 | % | |||||||
| Other debt | 6,665 | 63 | 3.83 | % | |||||||
| Total borrowings | 570,297 | 5,061 | 3.60 | % | |||||||
| Total interest bearing liabilities | 5,867,866 | 29,835 | 2.06 | % | |||||||
| NONINTEREST BEARING LIABILITIES | |||||||||||
| Demand deposits | 1,393,882 | Avg Cost of Funds | 1.67 | % | |||||||
| Other liabilities | 59,124 | ||||||||||
| Stockholders' equity | 1,008,214 | ||||||||||
| Total liabilities & stockholders' equity | $ | 8,329,086 | |||||||||
| Net Interest Earnings / Spread | $ | 71,581 | 3.30 | % | |||||||
| Tax effected yield on interest earning assets | 3.78 | % | |||||||||
| 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 | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||
| Net interest income as reported | $ | 70,785 | $ | 66,530 | $ | 66,363 | $ | 63,863 | $ | 59,409 | ||||||||||
| Net interest income, (tax equivalent) | 71,581 | 67,314 | 67,143 | 64,634 | 60,162 | |||||||||||||||
| Average earning assets | 7,670,723 | 7,168,176 | 7,014,675 | 6,975,783 | 6,769,858 | |||||||||||||||
| Net interest margin (tax equivalent) | 3.78 | % | 3.73 | % | 3.80 | % | 3.72 | % | 3.60 | % | ||||||||||
| Common stockholder's equity | $ | 1,076,626 | $ | 958,692 | $ | 932,179 | $ | 894,140 | $ | 870,949 | ||||||||||
| Goodwill and intangibles, net | 277,347 | 253,016 | 255,217 | 255,547 | 258,671 | |||||||||||||||
| Common shares outstanding | 26,609 | 23,986 | 23,997 | 23,989 | 23,982 | |||||||||||||||
| Tangible Book Value per common share | $ | 30.04 | $ | 29.42 | $ | 28.21 | $ | 26.62 | $ | 25.53 | ||||||||||
| Accumulated other comprehensive loss (AOCI) | (108,708 | ) | (101,301 | ) | (110,012 | ) | (130,710 | ) | (136,097 | ) | ||||||||||
| Adjusted tangible book value per common share | $ | 34.12 | $ | 33.64 | $ | 32.79 | $ | 32.07 | $ | 31.21 | ||||||||||
| 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 | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||
| Adjusted earnings Reconciliation | ||||||||||||||||||||
| Net Income – GAAP | $ | 26,327 | $ | 23,678 | $ | 22,462 | $ | 23,438 | $ | 22,171 | ||||||||||
| Adjustments (post-tax) (1) | ||||||||||||||||||||
| Net (gain)/loss on securities sales | (16 | ) | 314 | 1,525 | – | 143 | ||||||||||||||
| Net loss on subordinated debt repayment | – | 237 | – | – | – | |||||||||||||||
| Net loss on other investments | 422 | 349 | – | – | – | |||||||||||||||
| Technology project expenses | 25 | 761 | 360 | 246 | 728 | |||||||||||||||
| Net gain on real estate | – | (443 | ) | (1,033 | ) | – | – | |||||||||||||
| Severance expense | – | – | 15 | – | – | |||||||||||||||
| Integration and acquisition expenses | 1,690 | 434 | 13 | 3 | 41 | |||||||||||||||
| Total adjustments (non-GAAP) | $ | 2,122 | $ | 1,652 | $ | 880 | $ | 249 | $ | 912 | ||||||||||
| Adjusted earnings – non-GAAP | $ | 28,449 | $ | 25,330 | $ | 23,342 | $ | 23,687 | $ | 23,083 | ||||||||||
| Adjusted diluted earnings per share (non-GAAP) | $ | 1.14 | $ | 1.06 | $ | 0.97 | $ | 0.99 | $ | 0.96 | ||||||||||
| Adjusted return on average assets (non-GAAP) | 1.37 | % | 1.30 | % | 1.21 | % | 1.23 | % | 1.23 | % | ||||||||||
| Adjusted return on average common equity (non-GAAP) | 11.29 | % | 10.71 | % | 10.34 | % | 10.80 | % | 10.78 | % | ||||||||||
| Efficiency Ratio Reconciliation | ||||||||||||||||||||
| Noninterest expense – GAAP | $ | 60,725 | $ | 55,867 | $ | 57,146 | $ | 54,762 | $ | 54,472 | ||||||||||
| Other real estate owned property income (expense) | (212 | ) | (76 | ) | (217 | ) | (75 | ) | (101 | ) | ||||||||||
| Amortization of intangibles | (3,301 | ) | (2,963 | ) | (3,128 | ) | (3,121 | ) | (3,231 | ) | ||||||||||
| Gain/(loss) on real estate | – | 560 | (95 | ) | – | – | ||||||||||||||
| Severance expense | – | – | (19 | ) | – | – | ||||||||||||||
| Technology project expense | (32 | ) | (963 | ) | (456 | ) | (311 | ) | (921 | ) | ||||||||||
| Integration and acquisition expenses | (2,139 | ) | (549 | ) | (17 | ) | (4 | ) | (52 | ) | ||||||||||
| Adjusted noninterest expense (non-GAAP) | $ | 55,041 | $ | 51,876 | $ | 53,214 | $ | 51,251 | $ | 50,167 | ||||||||||
| Net interest income – GAAP | $ | 70,785 | $ | 66,530 | $ | 66,363 | $ | 63,863 | $ | 59,409 | ||||||||||
| Effect of tax-exempt income (1) | 796 | 784 | 780 | 771 | 753 | |||||||||||||||
| Adjusted net interest income (non-GAAP) | $ | 71,581 | $ | 67,314 | $ | 67,143 | $ | 64,634 | $ | 60,162 | ||||||||||
| Noninterest income – GAAP | $ | 26,441 | $ | 21,685 | $ | 22,909 | $ | 23,593 | $ | 24,864 | ||||||||||
| Gain on real estate sales | – | – | (1,403 | ) | – | – | ||||||||||||||
| Net (gain)/loss on securities sales | (20 | ) | 398 | 1,930 | – | 181 | ||||||||||||||
| Net loss on subordinated debt repayment | – | 300 | – | – | – | |||||||||||||||
| Net loss on other investments | 534 | 442 | – | – | – | |||||||||||||||
| Adjusted noninterest income (non-GAAP) | $ | 26,955 | $ | 22,825 | $ | 23,436 | $ | 23,593 | $ | 25,045 | ||||||||||
| Adjusted total revenue (non-GAAP) | $ | 98,536 | $ | 90,139 | $ | 90,579 | $ | 88,227 | $ | 85,207 | ||||||||||
| Efficiency ratio (non-GAAP) | 55.86 | % | 57.55 | % | 58.75 | % | 58.09 | % | 58.88 | % | ||||||||||
| (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of | ||||||||||||||||||||
