First Mid Bancshares, Inc. Announces Fourth Quarter 2024 Results
First Mid Bancshares (NASDAQ: FMBH) reported Q4 2024 financial results with net income of $19.2 million, or $0.80 diluted EPS. Adjusted net income reached $20.9 million ($0.87 diluted EPS). The quarter showed positive momentum with net interest income increasing by $1.4 million (2.4%) compared to Q3 2024.
Key highlights include a 6 basis points margin expansion, with net interest margin at 3.41%. Total loans ended at $5.67 billion, up $57.9 million (1.0%) from previous quarter. Wealth management and insurance revenues showed strong performance with a combined increase of over 11% in the quarter.
The company maintained strong asset quality with an allowance for credit losses ratio of 1.24%. The Board declared a regular quarterly dividend of $0.24 per share. Total deposits ended at $6.06 billion, showing a slight decrease of $31.7 million (0.52%) from the prior quarter.
First Mid Bancshares (NASDAQ: FMBH) ha riportato i risultati finanziari del Q4 2024 con un reddito netto di 19.2 milioni di dollari, corrispondente a $0.80 di EPS diluiti. Il reddito netto rettificato ha raggiunto $20.9 milioni ($0.87 di EPS diluiti). Il trimestre ha mostrato un momento positivo con un incremento del reddito netto da interessi di $1.4 milioni (2.4%) rispetto al Q3 2024.
Tra i punti salienti vi è stata una espansione del margine di 6 punti base, con un margine di interesse netto al 3.41%. I prestiti totali si sono conclusi a $5.67 miliardi, in aumento di $57.9 milioni (1.0%) rispetto al trimestre precedente. Le entrate dalla gestione patrimoniale e dalle assicurazioni hanno registrato prestazioni solide con un aumento combinato di oltre l'11% nel trimestre.
L'azienda ha mantenuto una forte qualità degli attivi con un rapporto di accantonamento per perdite su crediti dell'1.24%. Il Consiglio ha dichiarato un dividendo trimestrale regolare di $0.24 per azione. I depositi totali si sono chiusi a $6.06 miliardi, mostrando una leggera diminuzione di $31.7 milioni (0.52%) rispetto al trimestre precedente.
First Mid Bancshares (NASDAQ: FMBH) reportó los resultados financieros del Q4 2024 con un ingreso neto de 19.2 millones de dólares, o $0.80 de EPS diluido. El ingreso neto ajustado alcanzó $20.9 millones ($0.87 de EPS diluido). El trimestre mostró un impulso positivo con un aumento en los ingresos netos por intereses de $1.4 millones (2.4%) en comparación con el Q3 2024.
Los aspectos más destacados incluyen una expansión del margen de 6 puntos básicos, con un margen de interés neto del 3.41%. Los préstamos totales terminaron en $5.67 mil millones, un aumento de $57.9 millones (1.0%) respecto al trimestre anterior. Los ingresos de la gestión de patrimonio y seguros mostraron un rendimiento sólido con un aumento combinado de más del 11% en el trimestre.
La compañía mantuvo una sólida calidad de activos con una tasa de provisiones para pérdidas crediticias del 1.24%. La Junta declaró un dividendo trimestral regular de $0.24 por acción. Los depósitos totales terminaron en $6.06 mil millones, mostrando una ligera disminución de $31.7 millones (0.52%) respecto al trimestre anterior.
퍼스트 미드 뱅크셰어스 (NASDAQ: FMBH)는 2024년 4분기 재무 결과를 보고하며 순이익 1920만 달러, 또는 희석주당순이익(EPS) 0.80달러를 기록했습니다. 조정된 순이익은 2090만 달러(희석주당 EPS 0.87달러)에 도달했습니다. 이번 분기는 2024년 3분기 대비 순이자수익이 140만 달러(2.4%) 증가하며 긍정적인 모멘텀을 보였습니다.
주요 하이라이트로는 6bp의 마진 확대가 있으며, 순이자 마진은 3.41%에 달합니다. 총 대출은 56.7억 달러로, 이전 분기 대비 5790만 달러(1.0%) 증가했습니다. 자산 관리 및 보험 수익은 이번 분기 11% 이상 증가하며 강력한 성과를 보였습니다.
회사는 1.24%의 신용 손실 충당금 비율로 안정적인 자산 품질을 유지했습니다. 이사회는 주당 0.24달러의 정기 분기 배당금을 선언했습니다. 총 예금은 60.6억 달러로, 이전 분기 대비 3170만 달러(0.52%)의 소폭 감소를 보였습니다.
First Mid Bancshares (NASDAQ: FMBH) a annoncé ses résultats financiers pour le T4 2024 avec un revenu net de 19,2 millions de dollars, soit un BPA dilué de 0,80 dollar. Le revenu net ajusté a atteint 20,9 millions de dollars (0,87 dollar de BPA dilué). Ce trimestre a montré un élan positif avec une augmentation des revenus nets d'intérêts de 1,4 million de dollars (2,4%) par rapport au T3 2024.
Les points saillants comprennent une expansion de la marge de 6 points de base, avec une marge d'intérêts nets à 3,41%. Les prêts totaux ont atteint 5,67 milliards de dollars, en hausse de 57,9 millions de dollars (1,0%) par rapport au trimestre précédent. Les revenus de la gestion de patrimoine et des assurances ont montré de fortes performances, avec une augmentation combinée de plus de 11% au cours du trimestre.
L'entreprise a maintenu une forte qualité d'actifs avec un ratio de provision pour pertes sur crédits de 1,24%. Le Conseil a déclaré un dividende trimestriel régulier de 0,24 dollar par action. Les dépôts totaux se sont terminés à 6,06 milliards de dollars, montrant une légère diminution de 31,7 millions de dollars (0,52%) par rapport au trimestre précédent.
First Mid Bancshares (NASDAQ: FMBH) hat die Finanzzahlen für das 4. Quartal 2024 veröffentlicht, mit einem Nettoergebnis von 19,2 Millionen US-Dollar, was einem verwässerten EPS von 0,80 US-Dollar entspricht. Das angepasste Nettoergebnis betrug 20,9 Millionen US-Dollar (0,87 US-Dollar verwässertes EPS). Das Quartal zeigte positiven Schwung mit einem Anstieg der Nettozinserträge um 1,4 Millionen US-Dollar (2,4%) im Vergleich zum 3. Quartal 2024.
Zu den wichtigsten Punkten gehört eine Erweiterung der Marge um 6 Basispunkte, mit einer Nettozinsspanne von 3,41%. Die Gesamtdarlehen lagen bei 5,67 Milliarden US-Dollar und stiegen um 57,9 Millionen US-Dollar (1,0%) im Vergleich zum vorherigen Quartal. Die Einnahmen aus Vermögensverwaltung und Versicherungen zeigten eine starke Leistung mit einem kombinierten Anstieg von über 11% im Quartal.
Das Unternehmen maintainte eine hohe Asset-Qualität mit einem Rücklagenquote für Kreditverluste von 1,24%. Der Vorstand erklärte eine reguläre vierteljährliche Dividende von 0,24 US-Dollar pro Aktie. Die Gesamteinlagen beliefen sich auf 6,06 Milliarden US-Dollar, was einen leichten Rückgang von 31,7 Millionen US-Dollar (0,52%) gegenüber dem vorherigen Quartal zeigt.
- Net income reached $19.2 million with adjusted net income of $20.9 million
- Net interest margin expanded by 6 basis points to 3.41%
- Loan portfolio grew by $57.9 million (1.0%) to $5.67 billion
- Wealth management and insurance revenues increased by over 11%
- Average cost of funds decreased 17 basis points to 1.83%
- Total deposits decreased by $31.7 million (0.52%)
- Non-performing loans increased by $11.6 million to $29.8 million
- Substandard loans increased $6.5 million to $35.5 million
- Special mention loans increased $19.7 million to $57.8 million
- Net charge offs of $2.2 million in the period
Insights
First Mid Bancshares delivered a solid Q4 2024 performance that reflects strategic diversification and operational improvements. The
Several key metrics deserve attention:
- The 6 basis point margin expansion to
3.41% is particularly impressive given the current rate environment, driven by effective interest expense management and loan pricing strategy - The
11% growth in wealth management and insurance revenues signals successful revenue diversification, reducing reliance on traditional banking income - Loan portfolio growth of
1.0% with new originations at7.4% indicates disciplined pricing power
However, there are some warning signals to monitor:
- The increase in non-performing loans by
11.6 million to29.8 million , though concentrated in a single organic farming operation - Special mention loans increased by
19.7 million , which, while not currently concerning, requires monitoring - The
0.52% decline in deposits, particularly in non-interest bearing accounts, warrants attention in terms of funding costs
The strategic technology investments and Illinois tax law adjustments position the bank for improved operational efficiency and geographic diversification. The maintained quarterly dividend of
MATTOON, Ill., Jan. 23, 2025 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended December 31, 2024.
Highlights
- Net income of
$19.2 million , or$0.80 diluted EPS - Adjusted net income (non-GAAP) of
$20.9 million , or$0.87 diluted EPS - Loan growth and interest expense decline drives 6 basis points of margin expansion
- Wealth management and insurance combined revenues increase over
11% in the quarter - Board of Directors declares regular quarterly dividend of
$0.24 per share
“Revenue growth and interest expense management helped drive a solid increase in adjusted earnings, despite higher provision expense,” said Joe Dively, Chairman and Chief Executive Officer. “Our net interest margin expanded, and noninterest income increased to
Net Interest Income
Net interest income for the fourth quarter of 2024 increased by
In comparison to the fourth quarter of 2023, net interest income increased
Net Interest Margin
Net interest margin, on a tax equivalent basis, was
In comparison to the fourth quarter of last year, the net interest margin increased 8 basis points, with an average earnings asset increase of 6 basis points versus the average cost of funds decrease of 2 basis points. Higher rates and loan growth helped drive an increase in earnings asset yields, despite a decline in accretion income of
Loan Portfolio
Total loans ended the quarter at
Asset Quality
The Company’s asset quality metrics continue to be strong compared to historical and industry measures. The allowance for credit losses (“ACL”) increased by
Deposits and Borrowings
Total deposits ended the quarter at
Noninterest Income
Noninterest income for the fourth quarter of 2024 was
In comparison to the fourth quarter of 2023, noninterest income increased
Noninterest Expenses
Noninterest expense for the fourth quarter of 2024 totaled
In comparison to the fourth quarter of 2023, noninterest expenses decreased
The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the fourth quarter 2024 was
Taxes
The fourth quarter of 2024 included a
Capital Levels and Dividend
The Company’s capital levels remained strong and comfortably 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 | |
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., 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 pandemics 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 | |||||||||||
| December 31, | September 30, | December 31, | |||||||||
| 2024 | 2024 | 2023 | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 121,216 | $ | 164,191 | $ | 143,064 | |||||
| Investment securities | 1,073,510 | 1,125,774 | 1,179,402 | ||||||||
| Loans (including loans held for sale) | 5,672,462 | 5,614,591 | 5,580,565 | ||||||||
| Less allowance for credit losses | (70,182 | ) | (68,774 | ) | (68,675 | ) | |||||
| Net loans | 5,602,280 | 5,545,817 | 5,511,890 | ||||||||
| Premises and equipment, net | 100,234 | 101,464 | 101,396 | ||||||||
| Goodwill and intangibles, net | 261,906 | 265,139 | 264,231 | ||||||||
| Bank Owned Life Insurance | 170,854 | 169,635 | 166,125 | ||||||||
| Other assets | 189,734 | 190,469 | 220,686 | ||||||||
| Total assets | $ | 7,519,734 | $ | 7,562,489 | $ | 7,586,794 | |||||
| Liabilities and Stockholders' Equity | |||||||||||
| Deposits: | |||||||||||
| Non-interest bearing | $ | 1,329,155 | $ | 1,387,290 | $ | 1,398,234 | |||||
| Interest bearing | 4,727,941 | 4,701,544 | 4,725,425 | ||||||||
| Total deposits | 6,057,096 | 6,088,834 | 6,123,659 | ||||||||
| Repurchase agreements with customers | 204,122 | 204,343 | 213,721 | ||||||||
| Other borrowings | 242,520 | 238,712 | 263,787 | ||||||||
| Junior subordinated debentures | 24,280 | 24,224 | 24,058 | ||||||||
| Subordinated debt | 87,472 | 87,373 | 106,755 | ||||||||
| Other liabilities | 57,853 | 60,506 | 61,610 | ||||||||
| Total liabilities | 6,673,343 | 6,703,992 | 6,793,590 | ||||||||
| Total stockholders' equity | 846,391 | 858,497 | 793,204 | ||||||||
| Total liabilities and stockholders' equity | $ | 7,519,734 | $ | 7,562,489 | $ | 7,586,794 | |||||
| FIRST MID BANCSHARES, INC. | |||||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||||
| (In thousands, except per share data, unaudited) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Interest income: | |||||||||||||||
| Interest and fees on loans | $ | 81,288 | $ | 78,676 | $ | 320,446 | $ | 262,423 | |||||||
| Interest on investment securities | 6,990 | 8,515 | 28,836 | 32,119 | |||||||||||
| Interest on federal funds sold & other deposits | 1,564 | 2,736 | 8,097 | 5,624 | |||||||||||
| Total interest income | 89,842 | 89,927 | 357,379 | 300,166 | |||||||||||
| Interest expense: | |||||||||||||||
| Interest on deposits | 26,144 | 25,900 | 106,919 | 77,294 | |||||||||||
| Interest on securities sold under agreements to repurchase | 1,333 | 1,754 | 6,448 | 6,565 | |||||||||||
| Interest on other borrowings | 1,917 | 3,073 | 8,674 | 16,789 | |||||||||||
| Interest on jr. subordinated debentures | 510 | 545 | 2,156 | 1,859 | |||||||||||
| Interest on subordinated debt | 988 | 1,193 | 4,454 | 4,196 | |||||||||||
| Total interest expense | 30,892 | 32,465 | 128,651 | 106,703 | |||||||||||
| Net interest income | 58,950 | 57,462 | 228,728 | 193,463 | |||||||||||
| Provision for credit losses | 3,643 | 552 | 5,635 | 6,104 | |||||||||||
| Net interest income after provision for loan | 55,307 | 56,910 | 223,093 | 187,359 | |||||||||||
| Non-interest income: | |||||||||||||||
| Wealth management revenues | 6,275 | 4,998 | 22,818 | 20,793 | |||||||||||
| Insurance commissions | 6,805 | 5,398 | 28,552 | 24,814 | |||||||||||
| Service charges | 3,058 | 3,298 | 12,362 | 10,881 | |||||||||||
| Net securities gains/(losses) | 0 | 46 | (433 | ) | 3,383 | ||||||||||
| Mortgage banking revenues | 1,104 | 954 | 3,957 | 2,282 | |||||||||||
| ATM/debit card revenue | 4,204 | 4,233 | 16,807 | 14,347 | |||||||||||
| Other | 4,917 | 2,841 | 12,223 | 10,286 | |||||||||||
| Total non-interest income | 26,363 | 21,768 | 96,286 | 86,786 | |||||||||||
| Non-interest expense: | |||||||||||||||
| Salaries and employee benefits | 31,957 | 29,925 | 124,134 | 104,962 | |||||||||||
| Net occupancy and equipment expense | 7,285 | 7,977 | 30,407 | 26,946 | |||||||||||
| Net other real estate owned (income) expense | 240 | 800 | 411 | 1,862 | |||||||||||
| FDIC insurance | 863 | 1,015 | 3,463 | 3,339 | |||||||||||
| Amortization of intangible assets | 3,314 | 3,560 | 13,556 | 9,127 | |||||||||||
| Stationary and supplies | 642 | 404 | 1,885 | 1,346 | |||||||||||
| Legal and professional expense | 5,386 | 2,065 | 12,944 | 7,379 | |||||||||||
| ATM/debit card expense | 2,043 | 1,332 | 6,384 | 5,322 | |||||||||||
| Marketing and donations | 906 | 679 | 3,418 | 3,005 | |||||||||||
| Other | 3,661 | 9,268 | 18,381 | 22,452 | |||||||||||
| Total non-interest expense | 56,297 | 57,025 | 214,983 | 185,740 | |||||||||||
| Income before income taxes | 25,373 | 21,653 | 104,396 | 88,405 | |||||||||||
| Income taxes | 6,205 | 3,582 | 25,498 | 19,470 | |||||||||||
| Net income | $ | 19,168 | $ | 18,071 | $ | 78,898 | $ | 68,935 | |||||||
| Per Share Information | |||||||||||||||
| Basic earnings per common share | $ | 0.80 | $ | 0.76 | $ | 3.31 | $ | 3.17 | |||||||
| Diluted earnings per common share | 0.80 | 0.76 | 3.30 | 3.15 | |||||||||||
| Weighted average shares outstanding | 23,818,806 | 22,220,438 | 23,800,523 | 21,086,802 | |||||||||||
| Diluted weighted average shares outstanding | 23,908,340 | 22,319,334 | 23,895,681 | 21,176,946 | |||||||||||
| FIRST MID BANCSHARES, INC. | |||||||||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||||||||
| (In thousands, except per share data, unaudited) | |||||||||||||||||||
| For the Quarter Ended | |||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
| Interest income: | |||||||||||||||||||
| Interest and fees on loans | $ | 81,288 | $ | 81,775 | $ | 79,560 | $ | 77,823 | $ | 78,676 | |||||||||
| Interest on investment securities | 6,990 | 7,036 | 7,405 | 7,405 | 8,515 | ||||||||||||||
| Interest on federal funds sold & other deposits | 1,564 | 2,371 | 1,718 | 2,444 | 2,736 | ||||||||||||||
| Total interest income | 89,842 | 91,182 | 88,683 | 87,672 | 89,927 | ||||||||||||||
| Interest expense: | |||||||||||||||||||
| Interest on deposits | 26,144 | 28,341 | 26,338 | 26,096 | 25,900 | ||||||||||||||
| Interest on securities sold under agreements to repurchase | 1,333 | 1,444 | 1,615 | 2,056 | 1,754 | ||||||||||||||
| Interest on other borrowings | 1,917 | 2,195 | 2,248 | 2,314 | 3,073 | ||||||||||||||
| Interest on jr. subordinated debentures | 510 | 567 | 537 | 542 | 545 | ||||||||||||||
| Interest on subordinated debt | 988 | 1,092 | 1,180 | 1,194 | 1,193 | ||||||||||||||
| Total interest expense | 30,892 | 33,639 | 31,918 | 32,202 | 32,465 | ||||||||||||||
| Net interest income | 58,950 | 57,543 | 56,765 | 55,470 | 57,462 | ||||||||||||||
| Provision for credit losses | 3,643 | 1,266 | 1,083 | (357 | ) | 552 | |||||||||||||
| Net interest income after provision for loan | 55,307 | 56,277 | 55,682 | 55,827 | 56,910 | ||||||||||||||
| Non-interest income: | |||||||||||||||||||
| Wealth management revenues | 6,275 | 5,816 | 5,405 | 5,322 | 4,998 | ||||||||||||||
| Insurance commissions | 6,805 | 6,003 | 6,531 | 9,213 | 5,398 | ||||||||||||||
| Service charges | 3,058 | 3,121 | 3,227 | 2,956 | 3,298 | ||||||||||||||
| Net securities gains/(losses) | 0 | (277 | ) | (156 | ) | 0 | 46 | ||||||||||||
| Mortgage banking revenues | 1,104 | 1,109 | 1,038 | 706 | 954 | ||||||||||||||
| ATM/debit card revenue | 4,204 | 4,267 | 4,281 | 4,055 | 4,233 | ||||||||||||||
| Other | 4,917 | 2,984 | 2,096 | 2,226 | 2,841 | ||||||||||||||
| Total non-interest income | 26,363 | 23,023 | 22,422 | 24,478 | 21,768 | ||||||||||||||
| Non-interest expense: | |||||||||||||||||||
| Salaries and employee benefits | 31,957 | 31,565 | 30,164 | 30,448 | 29,925 | ||||||||||||||
| Net occupancy and equipment expense | 7,285 | 8,055 | 7,507 | 7,560 | 7,977 | ||||||||||||||
| Net other real estate owned (income) expense | 240 | 107 | 85 | (21 | ) | 800 | |||||||||||||
| FDIC insurance | 863 | 829 | 902 | 869 | 1,015 | ||||||||||||||
| Amortization of intangible assets | 3,314 | 3,405 | 3,340 | 3,497 | 3,560 | ||||||||||||||
| Stationary and supplies | 642 | 482 | 370 | 391 | 404 | ||||||||||||||
| Legal and professional expense | 5,386 | 2,573 | 2,536 | 2,449 | 2,065 | ||||||||||||||
| ATM/debit card expense | 2,043 | 1,869 | 1,281 | 1,191 | 1,332 | ||||||||||||||
| Marketing and donations | 906 | 836 | 814 | 862 | 679 | ||||||||||||||
| Other | 3,661 | 4,212 | 4,392 | 6,116 | 9,268 | ||||||||||||||
| Total non-interest expense | 56,297 | 53,933 | 51,391 | 53,362 | 57,025 | ||||||||||||||
| Income before income taxes | 25,373 | 25,367 | 26,713 | 26,943 | 21,653 | ||||||||||||||
| Income taxes | 6,205 | 5,885 | 6,968 | 6,440 | 3,582 | ||||||||||||||
| Net income | $ | 19,168 | $ | 19,482 | $ | 19,745 | $ | 20,503 | $ | 18,071 | |||||||||
| Per Share Information | |||||||||||||||||||
| Basic earnings per common share | $ | 0.80 | $ | 0.81 | $ | 0.83 | $ | 0.86 | $ | 0.76 | |||||||||
| Diluted earnings per common share | 0.80 | 0.81 | 0.82 | 0.86 | 0.76 | ||||||||||||||
| Weighted average shares outstanding | 23,818,806 | 23,905,099 | 23,896,210 | 23,872,731 | 23,837,853 | ||||||||||||||
| Diluted weighted average shares outstanding | 23,908,340 | 24,006,647 | 23,998,152 | 23,960,335 | 23,921,758 | ||||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||
| Consolidated Financial Highlights and Ratios | ||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| As of and for the Quarter Ended | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
| Loan Portfolio | ||||||||||||||||||||
| Construction and land development | $ | 236,093 | $ | 190,857 | $ | 195,389 | $ | 186,851 | $ | 205,077 | ||||||||||
| Farm real estate loans | 390,760 | 384,620 | 387,015 | 388,941 | 391,132 | |||||||||||||||
| 1-4 Family residential properties | 496,597 | 505,342 | 507,517 | 518,641 | 542,469 | |||||||||||||||
| Multifamily residential properties | 332,644 | 338,167 | 334,446 | 312,758 | 319,129 | |||||||||||||||
| Commercial real estate | 2,417,585 | 2,440,120 | 2,406,955 | 2,396,092 | 2,384,704 | |||||||||||||||
| Loans secured by real estate | 3,873,679 | 3,859,106 | 3,831,322 | 3,803,283 | 3,842,511 | |||||||||||||||
| Agricultural operating loans | 239,671 | 233,414 | 213,997 | 213,217 | 196,272 | |||||||||||||||
| Commercial and industrial loans | 1,335,920 | 1,283,631 | 1,268,646 | 1,227,906 | 1,266,159 | |||||||||||||||
| Consumer loans | 53,960 | 63,222 | 70,841 | 79,569 | 91,014 | |||||||||||||||
| All other loans | 169,232 | 175,218 | 175,811 | 175,320 | 184,609 | |||||||||||||||
| Total loans | 5,672,462 | 5,614,591 | 5,560,617 | 5,499,295 | 5,580,565 | |||||||||||||||
| Deposit Portfolio | ||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 1,329,155 | $ | 1,387,290 | $ | 1,393,336 | $ | 1,448,299 | $ | 1,398,234 | ||||||||||
| Interest bearing demand deposits | 1,907,733 | 1,834,123 | 1,909,993 | 1,974,857 | 1,837,296 | |||||||||||||||
| Savings deposits | 636,427 | 648,582 | 673,381 | 704,777 | 710,586 | |||||||||||||||
| Money Market | 1,196,537 | 1,183,594 | 1,127,699 | 1,107,177 | 1,129,950 | |||||||||||||||
| Time deposits | 987,244 | 1,035,245 | 1,011,370 | 1,007,826 | 1,047,593 | |||||||||||||||
| Total deposits | 6,057,096 | 6,088,834 | 6,115,779 | 6,242,936 | 6,123,659 | |||||||||||||||
| Asset Quality | ||||||||||||||||||||
| Non-performing loans | $ | 29,835 | $ | 18,242 | $ | 19,079 | $ | 20,064 | $ | 20,128 | ||||||||||
| Non-performing assets | 32,030 | 20,076 | 20,557 | 21,471 | 21,292 | |||||||||||||||
| Net charge-offs (recoveries) | 2,235 | 804 | 708 | 381 | 118 | |||||||||||||||
| Allowance for credit losses to non-performing loans | 235.23 | % | 377.01 | % | 358.05 | % | 338.60 | % | 341.19 | % | ||||||||||
| Allowance for credit losses to total loans outstanding | 1.24 | % | 1.22 | % | 1.23 | % | 1.24 | % | 1.23 | % | ||||||||||
| Nonperforming loans to total loans | 0.53 | % | 0.32 | % | 0.34 | % | 0.36 | % | 0.36 | % | ||||||||||
| Nonperforming assets to total assets | 0.43 | % | 0.27 | % | 0.27 | % | 0.28 | % | 0.28 | % | ||||||||||
| Special Mention loans | 57,848 | 38,151 | 30,767 | 65,693 | 74,050 | |||||||||||||||
| Substandard and Doubtful loans | 35,516 | 29,037 | 27,594 | 29,296 | 28,945 | |||||||||||||||
| Common Share Data | ||||||||||||||||||||
| Common shares outstanding | 23,895,807 | 23,904,051 | 23,895,868 | 23,888,929 | 23,827,137 | |||||||||||||||
| Book value per common share | $ | 35.42 | $ | 35.91 | $ | 34.05 | $ | 33.40 | $ | 33.29 | ||||||||||
| Tangible book value per common share(1) | 24.46 | 24.82 | 23.28 | 22.49 | 22.20 | |||||||||||||||
| Tangible book value per common share excluding other comprehensive income at period end(1) | 30.42 | 29.70 | 29.43 | 28.67 | 27.93 | |||||||||||||||
| Market price of stock | 36.82 | 38.91 | 32.88 | 32.68 | 34.66 | |||||||||||||||
| Key Performance Ratios and Metrics | ||||||||||||||||||||
| End of period earning assets | $ | 6,775,075 | $ | 6,786,458 | $ | 6,812,574 | $ | 6,923,742 | $ | 6,780,160 | ||||||||||
| Average earning assets | 6,884,303 | 6,857,070 | 6,815,932 | 6,884,855 | 6,948,309 | |||||||||||||||
| Average rate on average earning assets (tax equivalent) | 5.24 | % | 5.35 | % | 5.27 | % | 5.16 | % | 5.18 | % | ||||||||||
| Average rate on cost of funds | 1.83 | % | 2.00 | % | 1.91 | % | 1.91 | % | 1.85 | % | ||||||||||
| Net interest margin (tax equivalent)(1) | 3.41 | % | 3.35 | % | 3.36 | % | 3.25 | % | 3.33 | % | ||||||||||
| Return on average assets | 1.01 | % | 1.03 | % | 1.05 | % | 1.07 | % | 0.93 | % | ||||||||||
| Adjusted return on average assets(1) | 1.10 | % | 1.05 | % | 1.07 | % | 1.17 | % | 1.16 | % | ||||||||||
| Return on average common equity | 9.04 | % | 9.40 | % | 9.92 | % | 10.37 | % | 9.76 | % | ||||||||||
| Adjusted return on average common equity(1) | 9.80 | % | 9.58 | % | 10.11 | % | 11.28 | % | 12.11 | % | ||||||||||
| Efficiency ratio (tax equivalent)(1) | 59.51 | % | 61.33 | % | 59.61 | % | 59.09 | % | 58.91 | % | ||||||||||
| Full-time equivalent employees | 1,198 | 1,207 | 1,185 | 1,188 | 1,187 | |||||||||||||||
| 1Non-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 December 31, 2024 | ||||||||||
| QTD Average | Average | |||||||||
| Balance | Interest | Rate | ||||||||
| INTEREST EARNING ASSETS | ||||||||||
| Interest bearing deposits | $ | 120,744 | $ | 1,522 | 5.01 | % | ||||
| Federal funds sold | 49 | - | 0.00 | % | ||||||
| Certificates of deposits investments | 3,500 | 42 | 4.77 | % | ||||||
| Investment Securities: | ||||||||||
| Taxable (total less municipals) | 855,006 | 5,145 | 2.41 | % | ||||||
| Tax-exempt (Municipals) | 270,899 | 2,336 | 3.45 | % | ||||||
| Loans (net of unearned income) | 5,634,105 | 81,564 | 5.76 | % | ||||||
| Total interest earning assets | 6,884,303 | 90,609 | 5.24 | % | ||||||
| NONEARNING ASSETS | ||||||||||
| Cash and due from banks | 98,020 | |||||||||
| Premises and equipment | 101,449 | |||||||||
| Other nonearning assets | 590,928 | |||||||||
| Allowance for loan losses | (69,580 | ) | ||||||||
| Total assets | $ | 7,605,120 | ||||||||
| INTEREST BEARING LIABILITIES | ||||||||||
| Demand deposits | $ | 3,103,831 | $ | 16,538 | 2.12 | % | ||||
| Savings deposits | 643,575 | 182 | 0.11 | % | ||||||
| Time deposits | 1,007,663 | 9,424 | 3.72 | % | ||||||
| Total interest bearing deposits | 4,755,069 | 26,144 | 2.19 | % | ||||||
| Repurchase agreements | 214,174 | 1,333 | 2.48 | % | ||||||
| FHLB advances | 213,634 | 1,917 | 3.57 | % | ||||||
| Federal funds purchased | 1 | - | 0.00 | % | ||||||
| Subordinated debt | 87,407 | 988 | 4.50 | % | ||||||
| Jr. subordinated debentures | 24,251 | 510 | 8.37 | % | ||||||
| Other debt | 2 | - | 0.00 | % | ||||||
| Total borrowings | 539,469 | 4,748 | 3.50 | % | ||||||
| Total interest bearing liabilities | 5,294,538 | 30,892 | 2.32 | % | ||||||
| NONINTEREST BEARING LIABILITIES | ||||||||||
| Demand deposits | 1,406,989 | Average cost of funds | 1.83 | % | ||||||
| Other liabilities | 51,029 | |||||||||
| Stockholders' equity | 852,564 | |||||||||
| Total liabilities & stockholders' equity | $ | 7,605,120 | ||||||||
| Net Interest Earnings / Spread | $ | 59,717 | 2.92 | % | ||||||
| Impact of Non-Interest Bearing Funds | 0.49 | % | ||||||||
| Tax effected yield on interest earning assets | 3.41 | % | ||||||||
| FIRST MID BANCSHARES, INC. | |||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||
| (In thousands, unaudited) | |||||||||||||||||||
| As of and for the Quarter Ended | |||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
| Net interest income as reported | $ | 58,950 | $ | 57,543 | $ | 56,765 | $ | 55,470 | $ | 57,462 | |||||||||
| Net interest income, (tax equivalent) | 59,717 | 58,627 | 57,361 | 56,086 | 58,255 | ||||||||||||||
| Average earning assets | 6,884,303 | 6,857,070 | 6,815,932 | 6,884,855 | 6,948,309 | ||||||||||||||
| Net interest margin (tax equivalent) | 3.41 | % | 3.35 | % | 3.36 | % | 3.25 | % | 3.33 | % | |||||||||
| Common stockholder's equity | $ | 846,391 | $ | 858,497 | $ | 813,645 | $ | 797,952 | $ | 793,204 | |||||||||
| Goodwill and intangibles, net | 261,906 | 265,139 | 257,377 | 260,699 | 264,231 | ||||||||||||||
| Common shares outstanding | 23,896 | 23,904 | 23,896 | 23,889 | 23,827 | ||||||||||||||
| Tangible Book Value per common share | $ | 24.46 | $ | 24.82 | $ | 23.28 | $ | 22.49 | $ | 22.20 | |||||||||
| Accumulated other comprehensive loss (AOCI) | (142,383 | ) | (116,692 | ) | (146,998 | ) | (147,667 | ) | (136,427 | ) | |||||||||
| Adjusted tangible book value per common share | $ | 30.42 | $ | 29.70 | $ | 29.43 | $ | 28.67 | $ | 27.93 | |||||||||
| FIRST MID BANCSHARES, INC. | |||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||
| (In thousands, except per share data, unaudited) | |||||||||||||||||||
| As of and for the Quarter Ended | |||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
| Adjusted earnings Reconciliation | |||||||||||||||||||
| Net Income - GAAP | $ | 19,168 | $ | 19,482 | $ | 19,745 | $ | 20,503 | $ | 18,071 | |||||||||
| Adjustments (post-tax):(1) | |||||||||||||||||||
| Nonrecurring technology project expenses | 1,710 | - | - | - | - | ||||||||||||||
| Net (gain)/loss on securities sales | - | 219 | 123 | - | (36 | ) | |||||||||||||
| Integration and acquisition expenses | - | 137 | 250 | 1,804 | 4,385 | ||||||||||||||
| Total non-recurring adjustments (non-GAAP) | $ | 1,710 | $ | 356 | $ | 373 | $ | 1,804 | $ | 4,348 | |||||||||
| Adjusted earnings - non-GAAP | $ | 20,878 | $ | 19,838 | $ | 20,118 | $ | 22,307 | $ | 22,419 | |||||||||
| Adjusted diluted earnings per share (non-GAAP) | $ | 0.87 | $ | 0.83 | $ | 0.84 | $ | 0.93 | $ | 0.94 | |||||||||
| Adjusted return on average assets - non-GAAP | 1.10 | % | 1.05 | % | 1.07 | % | 1.17 | % | 1.16 | % | |||||||||
| Adjusted return on average common equity - non-GAAP | 9.80 | % | 9.58 | % | 10.11 | % | 11.28 | % | 12.11 | % | |||||||||
| Efficiency Ratio Reconciliation | |||||||||||||||||||
| Noninterest expense - GAAP | $ | 56,297 | $ | 53,933 | $ | 51,391 | $ | 53,362 | $ | 57,025 | |||||||||
| Other real estate owned property income (expense) | (240 | ) | (107 | ) | (85 | ) | 21 | (800 | ) | ||||||||||
| Amortization of intangibles | (3,314 | ) | (3,405 | ) | (3,340 | ) | (3,497 | ) | (3,560 | ) | |||||||||
| Nonrecurring severance expense | (2,164 | ) | - | - | - | - | |||||||||||||
| Integration and acquisition expenses | - | (174 | ) | (316 | ) | (2,283 | ) | (5,550 | ) | ||||||||||
| Adjusted noninterest expense (non-GAAP) | $ | 50,579 | $ | 50,247 | $ | 47,650 | $ | 47,603 | $ | 47,115 | |||||||||
| Net interest income -GAAP | $ | 58,950 | $ | 57,543 | $ | 56,765 | $ | 55,470 | $ | 57,462 | |||||||||
| Effect of tax-exempt income(1) | (323 | ) | 1,084 | 596 | 616 | 793 | |||||||||||||
| Adjusted net interest income (non-GAAP) | $ | 58,627 | $ | 58,627 | $ | 57,361 | $ | 56,086 | $ | 58,255 | |||||||||
| Noninterest income - GAAP | $ | 26,363 | $ | 23,023 | $ | 22,422 | $ | 24,478 | $ | 21,768 | |||||||||
| Net (gain)/loss on securities sales | 0 | 277 | 156 | 0 | (46 | ) | |||||||||||||
| Adjusted noninterest income (non-GAAP) | $ | 26,363 | $ | 23,300 | $ | 22,578 | $ | 24,478 | $ | 21,722 | |||||||||
| Adjusted total revenue (non-GAAP) | $ | 84,990 | $ | 81,927 | $ | 79,939 | $ | 80,564 | $ | 79,977 | |||||||||
| Efficiency ratio (non-GAAP) | 59.51 | % | 61.33 | % | 59.61 | % | 59.09 | % | 58.91 | % | |||||||||
| (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of | |||||||||||||||||||
FAQ
What was First Mid Bancshares (FMBH) earnings per share in Q4 2024?
How much did FMBH's loan portfolio grow in Q4 2024?
What was FMBH's net interest margin in Q4 2024?
What dividend did FMBH declare for Q4 2024?
How did FMBH's wealth management and insurance revenues perform in Q4 2024?
