First Mid Bancshares, Inc. Announces Second Quarter 2024 Results
First Mid Bancshares, Inc. (NASDAQ: FMBH) reported strong Q2 2024 financial results with net income of $19.7 million, or $0.82 diluted EPS. Adjusted net income was $20.1 million, or $0.84 diluted EPS. The company saw margin expansion and loan growth, driving a $1.3 million increase in net interest income. Key highlights include:
- Announced acquisition of Mid Rivers Insurance Group, expanding Missouri presence
- Board increased quarterly dividend to $0.24 per share
- Net interest margin improved to 3.36%
- Total loans increased by $61.3 million to $5.56 billion
- Strong asset quality with non-performing loans ratio at 0.34%
- Capital levels remained strong, with total capital to risk-weighted assets at 15.46%
First Mid Bancshares, Inc. (NASDAQ: FMBH) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un utile netto di 19,7 milioni di dollari, pari a 0,82 dollari per azione diluita. L'utile netto rettificato è stato di 20,1 milioni di dollari, corrispondente a 0,84 dollari per azione diluita. L'azienda ha registrato espansione dei margini e crescita dei prestiti, con un incremento di 1,3 milioni di dollari negli interessi netti. I principali punti salienti includono:
- Annuncio dell'acquisizione di Mid Rivers Insurance Group, che amplia la presenza in Missouri
- Il Consiglio ha aumentato il dividendo trimestrale a 0,24 dollari per azione
- Margine di interesse netto migliorato al 3,36%
- I prestiti totali sono aumentati di 61,3 milioni di dollari, raggiungendo 5,56 miliardi di dollari
- Qualità degli attivi robusta con un rapporto di prestiti non performanti allo 0,34%
- I livelli di capitale sono rimasti solidi, con capitale totale rispetto agli attivi ponderati per il rischio al 15,46%
First Mid Bancshares, Inc. (NASDAQ: FMBH) reportó resultados financieros sólidos para el segundo trimestre de 2024, con un ingreso neto de 19.7 millones de dólares, o 0.82 dólares de EPS diluido. El ingreso neto ajustado fue de 20.1 millones de dólares, o 0.84 dólares de EPS diluido. La compañía vio expansión del margen y crecimiento de préstamos, lo que impulsó un aumento de 1.3 millones de dólares en ingreso neto por intereses. Los aspectos más destacados incluyen:
- Anuncio de la adquisición de Mid Rivers Insurance Group, ampliando la presencia en Missouri
- La Junta aumentó el dividendo trimestral a 0.24 dólares por acción
- El margen de interés neto mejoró al 3.36%
- Los préstamos totales aumentaron en 61.3 millones de dólares, alcanzando 5.56 mil millones de dólares
- Alta calidad de activos con una ratio de préstamos no rentables del 0.34%
- Los niveles de capital se mantuvieron sólidos, con un capital total sobre activos ponderados por riesgo del 15.46%
First Mid Bancshares, Inc. (NASDAQ: FMBH)는 2024년 2분기 재무 실적이 매우 뛰어나며 순이익 1970만 달러를 기록했고, 희석 EPS는 0.82 달러입니다. 조정된 순이익은 2010만 달러로, 희석 EPS는 0.84 달러입니다. 회사는 마진 확대 및 대출 증가를 경험하며 순이자 수익이 130만 달러 증가했습니다. 주요 하이라이트는 다음과 같습니다:
- 미주리 주에서의 입지를 확장하는 Mid Rivers Insurance Group의 인수 발표
- 이사회는 분기 배당금을 주당 0.24 달러로 증가시켰습니다
- 순이자 마진이 3.36%로 개선되었습니다
- 총 대출은 6130만 달러 증가하여 55억6000만 달러에 달했습니다
- 비수익 대출 비율이 0.34%인 강력한 자산 품질
- 위험가중자산 대비 총 자본 비율이 15.46%로 자본 수준이 견조하게 유지되었습니다
First Mid Bancshares, Inc. (NASDAQ: FMBH) a annoncé des résultats financiers solides pour le deuxième trimestre 2024, avec un bénéfice net de 19,7 millions de dollars, soit un BPA dilué de 0,82 dollar. Le bénéfice net ajusté était de 20,1 millions de dollars, soit un BPA dilué de 0,84 dollar. L'entreprise a connu une expansion des marges et une croissance des prêts, ce qui a entraîné une augmentation de 1,3 million de dollars des revenus d'intérêts nets. Les points forts comprennent :
- Annonce de l'acquisition de Mid Rivers Insurance Group, élargissant la présence dans le Missouri
- Le conseil d'administration a augmenté le dividende trimestriel à 0,24 dollar par action
- La marge d'intérêt net s'est améliorée à 3,36%
- Les prêts totaux ont augmenté de 61,3 millions de dollars pour atteindre 5,56 milliards de dollars
- Qualité des actifs forte avec un ratio de prêts non performants à 0,34%
- Les niveaux de capital sont restés solides, avec un capital total par rapport aux actifs pondérés par le risque de 15,46%
First Mid Bancshares, Inc. (NASDAQ: FMBH) hat starke Finanzzahlen für das zweite Quartal 2024 gemeldet, mit einem Nettogewinn von 19,7 Millionen Dollar, was 0,82 Dollar verwässertem EPS entspricht. Der bereinigte Nettogewinn betrug 20,1 Millionen Dollar, oder 0,84 Dollar verwässertem EPS. Das Unternehmen verzeichnete Margenwachstum und Kreditwachstum, was zu einem Anstieg der Nettzinseinnahmen um 1,3 Millionen Dollar führte. Wichtige Highlights sind:
- Ankündigung der Übernahme der Mid Rivers Insurance Group zur Erweiterung der Präsenz in Missouri
- Der Vorstand hat die vierteljährliche Dividende auf 0,24 Dollar pro Aktie erhöht
- Der Nettomargen-Zins verbesserte sich auf 3,36%
- Die Gesamtdarlehen stiegen um 61,3 Millionen Dollar auf 5,56 Milliarden Dollar
- Starke Vermögensqualität mit einem Anteil an notleidenden Krediten von 0,34%
- Die Kapitalniveaus blieben stark, mit einem Gesamtvermögen zu risikogewichteten Vermögenswerten von 15,46%
- Net income of $19.7 million, with adjusted net income of $20.1 million
- Net interest income increased by $1.3 million (2.3%) quarter-over-quarter
- Net interest margin improved by 11 basis points to 3.36%
- Loan growth of $61.3 million (1.1%) to $5.56 billion
- Strong asset quality with non-performing loans ratio at 0.34%
- Acquisition of Mid Rivers Insurance Group to expand noninterest income
- Quarterly dividend increased by $0.01 to $0.24 per share
- Total deposits decreased by $127.2 million (2.0%) to $6.12 billion
- $1.0 million tax expense due to Illinois tax law change, reducing EPS by $0.04
- Noninterest income decreased from $24.5 million to $22.4 million quarter-over-quarter
Insights
First Mid Bancshares' Q2 2024 results demonstrate solid financial performance and strategic growth. The company reported
Key highlights include:
- Net interest income increased by
$1.3 million (2.3% ) quarter-over-quarter, driven by loan growth and asset repricing. - Net interest margin expanded by 11 basis points to
3.36% , showcasing improved profitability. - Loan portfolio grew by
$61.3 million (1.1% ), with diversified growth across various sectors. - Asset quality remains strong with non-performing loans to total loans at
0.34% .
The acquisition of Mid Rivers Insurance Group (MRIG) is a strategic move to expand noninterest income and deepen presence in Missouri. This aligns with the company's focus on diversifying revenue streams and enhancing cross-selling opportunities.
However, the
The increase in quarterly dividend to
Overall, First Mid Bancshares shows resilience in a challenging banking environment, with strategic growth initiatives and solid fundamentals positioning it well for future performance.
First Mid Bancshares' Q2 2024 results offer several insights into broader market trends:
- Margin Expansion: The 11-basis point increase in net interest margin to
3.36% is noteworthy in the current banking landscape. This suggests effective management of interest-earning assets and funding costs, outperforming many peers struggling with margin compression. - Loan Growth: The
1.1% quarter-over-quarter loan growth, particularly in construction, multifamily and commercial sectors, indicates continued demand despite higher interest rates. The8.0% average yield on new loans reflects the higher rate environment. - Deposit Trends: The
2.0% decrease in total deposits aligns with industry-wide challenges in deposit retention. However, the stable average cost of funds at1.91% suggests prudent management of funding costs. - Asset Quality: With non-performing loans to total loans at
0.34% and a strong allowance for credit losses coverage, First Mid's asset quality metrics outperform industry averages, indicating robust risk management practices. - Strategic Growth: The MRIG acquisition reflects a broader trend of banks diversifying revenue streams through insurance and wealth management to offset potential volatility in net interest income.
The company's efficiency ratio of
While the one-time tax expense due to Illinois law changes impacted short-term results, the longer-term lower tax rate could provide a competitive advantage in the region.
First Mid's performance suggests regional banks with diversified revenue streams and strong credit quality can navigate the current economic environment effectively, potentially outperforming larger national institutions in certain metrics.
MATTOON, Ill., Aug. 01, 2024 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended June 30, 2024.
Highlights
- Net income of
$19.7 million , or$0.82 diluted EPS - Adjusted net income (non-GAAP) of
$20.1 million , or$0.84 diluted EPS - Margin expansion and loan growth drove an increase in net interest income of
$1.3 million for the quarter - Announced the acquisition of Mid Rivers Insurance Group (“MRIG”) on July 9th deepening our Missouri presence and increasing noninterest income
- Board of Directors increases quarterly dividend by
$0.01 per share to$0.24 per share
“We delivered another strong quarter of financial results and continued our strategy to expand noninterest income with the acquisition of MRIG,” said Joe Dively, Chairman and Chief Executive Officer. “The quarter included solid loan growth and superior asset quality. The loan growth and repricing of our earning assets, combined with active management of our funding costs helped drive an 11-basis point increase in margin for the period.”
“The MRIG acquisition deepens our Missouri presence with a highly productive team covering the St. Louis and mid-Missouri footprint. We welcome the MRIG team and are excited about the growth and diversity they bring to our insurance offerings and the opportunity to deepen relationships for customers of both companies,” Dively concluded.
Taxes
On June 7, 2024, Illinois passed HB 4951, which among other things changed the apportionment related to investment income. For purposes of computing Illinois sourced receipts, the apportionment on investment income is now the same as the apportionment factor on all non-investment income. The effect of this for First Mid is a lower Illinois tax rate going forward. However, the impact to the second quarter of 2024 was a
Net Interest Income
Net interest income for the second quarter of 2024 increased by
In comparison to the second quarter of 2023, net interest income increased
Net Interest Margin
Net interest margin, on a tax equivalent basis, was
In comparison to the second quarter of last year, the net interest margin increased 52 basis points, with an average earnings asset increase of 84 basis points versus the average cost of funds increase of 32 basis points. The increases were due to higher rates on new and renewed loans as well as increased competition on deposits.
Loan Portfolio
Total loans ended the quarter at
Asset Quality
The Company benefits from a strong performing credit culture that is reflective in its ratios for the current quarter. The allowance for credit losses (‘ACL’) increased by
Deposits and Funding
Total deposits ended the quarter at
During the quarter, the Company repurchased and cancelled
Noninterest Income and MRIG
Noninterest income for the second quarter of 2024 was
In comparison to the second quarter of 2023, noninterest income increased
On July 9, 2024, our subsidiary First Mid Insurance Group closed on the acquisition of Mid Rivers Insurance Group based in O’Fallon, Missouri. MRIG serves the greater St. Louis and mid-Missouri markets overlapping First Mid’s operating markets. MRIG has a diversified product offering including personal lines, commercial lines, transportation and agriculture. The experienced team of 10 producers generates annual revenue of approximately
Noninterest Expenses
Noninterest expense for the second quarter of 2024 totaled
In comparison to the second quarter of 2023, noninterest expenses increased
The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the second quarter 2024 was
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 an increase 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 | |||||||||||
June 30, | December 31, | June 30, | |||||||||
2024 | 2023 | 2023 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 235,480 | $ | 143,064 | $ | 174,253 | |||||
Investment securities | 1,120,930 | 1,179,402 | 1,169,428 | ||||||||
Loans (including loans held for sale) | 5,560,617 | 5,580,565 | 4,813,416 | ||||||||
Less allowance for credit losses | (68,312 | ) | (68,675 | ) | (58,719 | ) | |||||
Net loans | 5,492,305 | 5,511,890 | 4,754,697 | ||||||||
Premises and equipment, net | 101,583 | 101,396 | 89,924 | ||||||||
Goodwill and intangibles, net | 257,377 | 264,231 | 178,615 | ||||||||
Bank Owned Life Insurance | 168,439 | 166,125 | 152,538 | ||||||||
Other assets | 204,946 | 220,686 | 184,414 | ||||||||
Total assets | $ | 7,581,060 | $ | 7,586,794 | $ | 6,703,869 | |||||
Liabilities and Stockholders' Equity | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | 1,393,336 | $ | 1,398,234 | $ | 1,171,047 | |||||
Interest bearing | 4,722,443 | 4,725,425 | 4,048,538 | ||||||||
Total deposits | 6,115,779 | 6,123,659 | 5,219,585 | ||||||||
Repurchase agreements with customers | 205,955 | 213,721 | 209,170 | ||||||||
Other borrowings | 263,735 | 263,787 | 449,979 | ||||||||
Junior subordinated debentures | 24,169 | 24,058 | 19,448 | ||||||||
Subordinated debt | 103,029 | 106,755 | 94,632 | ||||||||
Other liabilities | 54,748 | 61,610 | 50,368 | ||||||||
Total liabilities | 6,767,415 | 6,793,590 | 6,043,182 | ||||||||
Total stockholders' equity | 813,645 | 793,204 | 660,687 | ||||||||
Total liabilities and stockholders' equity | $ | 7,581,060 | $ | 7,586,794 | $ | 6,703,869 | |||||
FIRST MID BANCSHARES, INC. | |||||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||
(In thousands, except per share data, unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Interest income: | |||||||||||||||
Interest and fees on loans | $ | 79,560 | $ | 58,368 | $ | 157,383 | $ | 114,604 | |||||||
Interest on investment securities | 7,405 | 7,193 | 14,810 | 14,320 | |||||||||||
Interest on federal funds sold & other deposits | 1,718 | 569 | 4,162 | 877 | |||||||||||
Total interest income | 88,683 | 66,130 | 176,355 | 129,801 | |||||||||||
Interest expense: | |||||||||||||||
Interest on deposits | 26,338 | 16,580 | 52,434 | 29,347 | |||||||||||
Interest on securities sold under agreements to repurchase | 1,615 | 1,723 | 3,671 | 3,186 | |||||||||||
Interest on other borrowings | 2,248 | 4,084 | 4,562 | 8,967 | |||||||||||
Interest on jr. subordinated debentures | 537 | 390 | 1,079 | 769 | |||||||||||
Interest on subordinated debt | 1,180 | 986 | 2,374 | 1,974 | |||||||||||
Total interest expense | 31,918 | 23,763 | 64,120 | 44,243 | |||||||||||
Net interest income | 56,765 | 42,367 | 112,235 | 85,558 | |||||||||||
Provision for credit losses | 1,083 | 458 | 726 | (359 | ) | ||||||||||
Net interest income after provision for loan | 55,682 | 41,909 | 111,509 | 85,917 | |||||||||||
Non-interest income: | |||||||||||||||
Wealth management revenues | 5,405 | 5,341 | 10,727 | 10,855 | |||||||||||
Insurance commissions | 6,531 | 5,737 | 15,744 | 14,217 | |||||||||||
Service charges | 3,227 | 2,386 | 6,183 | 4,589 | |||||||||||
Net securities gains/(losses) | (156 | ) | (6 | ) | (156 | ) | (52 | ) | |||||||
Mortgage banking revenues | 1,038 | 332 | 1,744 | 482 | |||||||||||
ATM/debit card revenue | 4,281 | 3,265 | 8,336 | 6,348 | |||||||||||
Other | 2,096 | 2,431 | 4,322 | 5,526 | |||||||||||
Total non-interest income | 22,422 | 19,486 | 46,900 | 41,965 | |||||||||||
Non-interest expense: | |||||||||||||||
Salaries and employee benefits | 30,164 | 23,544 | 60,612 | 49,615 | |||||||||||
Net occupancy and equipment expense | 7,507 | 6,035 | 15,067 | 12,040 | |||||||||||
Net other real estate owned (income) expense | 85 | 27 | 64 | 160 | |||||||||||
FDIC insurance | 902 | 1,076 | 1,771 | 1,539 | |||||||||||
Amortization of intangible assets | 3,340 | 1,477 | 6,837 | 2,999 | |||||||||||
Stationary and supplies | 370 | 315 | 761 | 607 | |||||||||||
Legal and professional expense | 2,536 | 1,780 | 4,985 | 3,470 | |||||||||||
ATM/debit card expense | 1,281 | 1,016 | 2,472 | 2,239 | |||||||||||
Marketing and donations | 814 | 908 | 1,676 | 1,562 | |||||||||||
Other | 4,392 | 3,864 | 10,508 | 7,388 | |||||||||||
Total non-interest expense | 51,391 | 40,042 | 104,753 | 81,619 | |||||||||||
Income before income taxes | 26,713 | 21,353 | 53,656 | 46,263 | |||||||||||
Income taxes | 6,968 | 4,786 | 13,408 | 10,516 | |||||||||||
Net income | $ | 19,745 | $ | 16,567 | $ | 40,248 | $ | 35,747 | |||||||
Per Share Information | |||||||||||||||
Basic earnings per common share | $ | 0.83 | $ | 0.81 | $ | 1.69 | $ | 1.74 | |||||||
Diluted earnings per common share | 0.82 | 0.80 | 1.68 | 1.74 | |||||||||||
Weighted average shares outstanding | 23,896,210 | 20,528,717 | 23,884,472 | 20,510,585 | |||||||||||
Diluted weighted average shares outstanding | 23,998,152 | 20,628,239 | 23,979,244 | 20,596,283 | |||||||||||
FIRST MID BANCSHARES, INC. | |||||||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||
(In thousands, except per share data, unaudited) | |||||||||||||||||
For the Quarter Ended | |||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||
Interest income: | |||||||||||||||||
Interest and fees on loans | $ | 79,560 | $ | 77,823 | $ | 78,676 | $ | 69,143 | $ | 58,368 | |||||||
Interest on investment securities | 7,405 | 7,405 | 8,515 | 9,284 | 7,193 | ||||||||||||
Interest on federal funds sold & other deposits | 1,718 | 2,444 | 2,736 | 2,011 | 569 | ||||||||||||
Total interest income | 88,683 | 87,672 | 89,927 | 80,438 | 66,130 | ||||||||||||
Interest expense: | |||||||||||||||||
Interest on deposits | 26,338 | 26,096 | 25,900 | 22,047 | 16,580 | ||||||||||||
Interest on securities sold under agreements to repurchase | 1,615 | 2,056 | 1,754 | 1,625 | 1,723 | ||||||||||||
Interest on other borrowings | 2,248 | 2,314 | 3,073 | 4,749 | 4,084 | ||||||||||||
Interest on jr. subordinated debentures | 537 | 542 | 545 | 545 | 390 | ||||||||||||
Interest on subordinated debt | 1,180 | 1,194 | 1,193 | 1,029 | 986 | ||||||||||||
Total interest expense | 31,918 | 32,202 | 32,465 | 29,995 | 23,763 | ||||||||||||
Net interest income | 56,765 | 55,470 | 57,462 | 50,443 | 42,367 | ||||||||||||
Provision for credit losses | 1,083 | (357 | ) | 552 | 5,911 | 458 | |||||||||||
Net interest income after provision for loan | 55,682 | 55,827 | 56,910 | 44,532 | 41,909 | ||||||||||||
Non-interest income: | |||||||||||||||||
Wealth management revenues | 5,405 | 5,322 | 4,998 | 4,940 | 5,341 | ||||||||||||
Insurance commissions | 6,531 | 9,213 | 5,398 | 5,199 | 5,737 | ||||||||||||
Service charges | 3,227 | 2,956 | 3,298 | 2,994 | 2,386 | ||||||||||||
Securities gains, net | (156 | ) | 0 | 46 | 3,389 | (6 | ) | ||||||||||
Mortgage banking revenues | 1,038 | 706 | 954 | 846 | 332 | ||||||||||||
ATM/debit card revenue | 4,281 | 4,055 | 4,233 | 3,766 | 3,265 | ||||||||||||
Other | 2,096 | 2,226 | 2,841 | 1,919 | 2,431 | ||||||||||||
Total non-interest income | 22,422 | 24,478 | 21,768 | 23,053 | 19,486 | ||||||||||||
Non-interest expense: | |||||||||||||||||
Salaries and employee benefits | 30,164 | 30,448 | 29,925 | 25,422 | 23,544 | ||||||||||||
Net occupancy and equipment expense | 7,507 | 7,560 | 7,977 | 6,929 | 6,035 | ||||||||||||
Net other real estate owned (income) expense | 85 | (21 | ) | 800 | 902 | 27 | |||||||||||
FDIC insurance | 902 | 869 | 1,015 | 785 | 1,076 | ||||||||||||
Amortization of intangible assets | 3,340 | 3,497 | 3,560 | 2,568 | 1,477 | ||||||||||||
Stationary and supplies | 370 | 391 | 404 | 335 | 315 | ||||||||||||
Legal and professional expense | 2,536 | 2,449 | 2,065 | 1,844 | 1,780 | ||||||||||||
ATM/debit card expense | 1,281 | 1,191 | 1,332 | 1,751 | 1,016 | ||||||||||||
Marketing and donations | 814 | 862 | 679 | 764 | 908 | ||||||||||||
Other | 4,392 | 6,116 | 9,268 | 5,796 | 3,864 | ||||||||||||
Total non-interest expense | 51,391 | 53,362 | 57,025 | 47,096 | 40,042 | ||||||||||||
Income before income taxes | 26,713 | 26,943 | 21,653 | 20,489 | 21,353 | ||||||||||||
Income taxes | 6,968 | 6,440 | 3,582 | 5,372 | 4,786 | ||||||||||||
Net income | $ | 19,745 | $ | 20,503 | $ | 18,071 | $ | 15,117 | $ | 16,567 | |||||||
Per Share Information | |||||||||||||||||
Basic earnings per common share | $ | 0.83 | $ | 0.86 | $ | 0.76 | $ | 0.68 | $ | 0.81 | |||||||
Diluted earnings per common share | 0.82 | 0.86 | 0.76 | 0.68 | 0.80 | ||||||||||||
Weighted average shares outstanding | 23,896,210 | 23,872,731 | 23,837,853 | 22,220,438 | 20,528,717 | ||||||||||||
Diluted weighted average shares outstanding | 23,998,152 | 23,960,335 | 23,921,758 | 22,319,334 | 20,628,239 |
FIRST MID BANCSHARES, INC. | ||||||||||||||||||||
Consolidated Financial Highlights and Ratios | ||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
As of and for the Quarter Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
Loan Portfolio | ||||||||||||||||||||
Construction and land development | $ | 195,389 | $ | 186,851 | $ | 205,077 | $ | 189,206 | $ | 151,574 | ||||||||||
Farm real estate loans | 387,015 | 388,941 | 391,132 | 399,834 | 392,220 | |||||||||||||||
1-4 Family residential properties | 507,517 | 518,641 | 542,469 | 531,699 | 418,932 | |||||||||||||||
Multifamily residential properties | 334,446 | 312,758 | 319,129 | 327,067 | 303,482 | |||||||||||||||
Commercial real estate | 2,406,955 | 2,396,092 | 2,384,704 | 2,392,834 | 2,056,529 | |||||||||||||||
Loans secured by real estate | 3,831,322 | 3,803,283 | 3,842,511 | 3,840,640 | 3,322,737 | |||||||||||||||
Agricultural operating loans | 213,997 | 213,217 | 196,272 | 179,447 | 148,318 | |||||||||||||||
Commercial and industrial loans | 1,268,646 | 1,227,906 | 1,266,159 | 1,242,653 | 1,094,522 | |||||||||||||||
Consumer loans | 70,841 | 79,569 | 91,014 | 99,542 | 80,241 | |||||||||||||||
All other loans | 175,811 | 175,320 | 184,609 | 177,783 | 167,598 | |||||||||||||||
Total loans | 5,560,617 | 5,499,295 | 5,580,565 | 5,540,065 | 4,813,416 | |||||||||||||||
Deposit Portfolio | ||||||||||||||||||||
Non-interest bearing demand deposits | $ | 1,393,336 | $ | 1,448,299 | $ | 1,398,234 | $ | 1,389,022 | $ | 1,171,047 | ||||||||||
Interest bearing demand deposits | 1,909,993 | 1,974,857 | 1,837,296 | 1,940,162 | 1,477,765 | |||||||||||||||
Savings deposits | 673,381 | 704,777 | 710,586 | 734,377 | 602,523 | |||||||||||||||
Money Market | 1,127,699 | 1,107,177 | 1,129,950 | 1,161,957 | 923,259 | |||||||||||||||
Time deposits | 1,011,370 | 1,007,826 | 1,047,593 | 1,120,806 | 1,044,991 | |||||||||||||||
Total deposits | 6,115,779 | 6,242,936 | 6,123,659 | 6,346,324 | 5,219,585 | |||||||||||||||
Asset Quality | ||||||||||||||||||||
Non-performing loans | $ | 19,079 | $ | 20,064 | $ | 20,128 | $ | 21,269 | $ | 18,637 | ||||||||||
Non-performing assets | 20,557 | 21,471 | 21,292 | 23,565 | 22,615 | |||||||||||||||
Net charge-offs (recoveries) | 708 | 381 | 118 | 181 | (38 | ) | ||||||||||||||
Allowance for credit losses to non-performing loans | 358.05 | % | 338.60 | % | 341.19 | % | 320.85 | % | 315.07 | % | ||||||||||
Allowance for credit losses to total loans outstanding | 1.23 | % | 1.24 | % | 1.23 | % | 1.23 | % | 1.22 | % | ||||||||||
Nonperforming loans to total loans | 0.34 | % | 0.36 | % | 0.36 | % | 0.38 | % | 0.39 | % | ||||||||||
Nonperforming assets to total assets | 0.27 | % | 0.28 | % | 0.28 | % | 0.30 | % | 0.34 | % | ||||||||||
Special Mention loans | 30,767 | 65,693 | 74,050 | 73,732 | 40,687 | |||||||||||||||
Substandard and Doubtful loans | 27,594 | 29,296 | 28,945 | 30,575 | 28,255 | |||||||||||||||
Common Share Data | ||||||||||||||||||||
Common shares outstanding | 23,895,868 | 23,888,929 | 23,827,137 | 23,830,038 | 20,528,192 | |||||||||||||||
Book value per common share | $ | 34.05 | $ | 33.40 | $ | 33.29 | $ | 30.97 | $ | 32.18 | ||||||||||
Tangible book value per common share (1) | 23.28 | 22.49 | 22.20 | 19.73 | 23.48 | |||||||||||||||
Tangible book value per common share excluding other comprehensive income at period end (1) | 29.43 | 28.67 | 27.93 | 27.24 | 30.87 | |||||||||||||||
Market price of stock | 32.88 | 32.68 | 34.66 | 26.56 | 24.14 | |||||||||||||||
Key Performance Ratios and Metrics | ||||||||||||||||||||
End of period earning assets | $ | 6,812,574 | $ | 6,923,742 | $ | 6,780,160 | $ | 7,007,282 | $ | 6,023,553 | ||||||||||
Average earning assets | 6,815,932 | 6,884,855 | 6,948,309 | 6,593,781 | 6,049,626 | |||||||||||||||
Average rate on average earning assets (tax equivalent) | 5.27 | % | 5.16 | % | 5.18 | % | 4.89 | % | 4.43 | % | ||||||||||
Average rate on cost of funds | 1.91 | % | 1.91 | % | 1.85 | % | 1.83 | % | 1.59 | % | ||||||||||
Net interest margin (tax equivalent) (1) | 3.36 | % | 3.25 | % | 3.33 | % | 3.06 | % | 2.84 | % | ||||||||||
Return on average assets | 1.05 | % | 1.07 | % | 0.93 | % | 0.90 | % | 0.99 | % | ||||||||||
Adjusted return on average assets (1) | 1.07 | % | 1.17 | % | 1.16 | % | 0.94 | % | 1.03 | % | ||||||||||
Return on average common equity | 9.92 | % | 10.37 | % | 9.76 | % | 8.70 | % | 10.07 | % | ||||||||||
Adjusted return on average common equity (1) | 10.11 | % | 11.28 | % | 12.11 | % | 9.82 | % | 10.42 | % | ||||||||||
Efficiency ratio (tax equivalent) (1) | 59.61 | % | 59.09 | % | 58.91 | % | 58.60 | % | 60.37 | % | ||||||||||
Full-time equivalent employees | 1,185 | 1,188 | 1,187 | 1,224 | 995 | |||||||||||||||
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 June 30, 2024 | |||||||||
QTD Average | Average | ||||||||
Balance | Interest | Rate | |||||||
INTEREST EARNING ASSETS | |||||||||
Interest bearing deposits | $ | 127,962 | $ | 1,667 | 5.24 | % | |||
Federal funds sold | 23 | 8 | 139.89 | % | |||||
Certificates of deposits investments | 3,745 | 43 | 4.62 | % | |||||
Investment Securities: | |||||||||
Taxable (total less municipals) | 883,503 | 5,417 | 2.45 | % | |||||
Tax-exempt (Municipals) | 271,488 | 2,516 | 3.71 | % | |||||
Loans (net of unearned income) | 5,529,211 | 79,628 | 5.79 | % | |||||
Total interest earning assets | 6,815,932 | 89,279 | 5.27 | % | |||||
NONEARNING ASSETS | |||||||||
Cash and due from banks | 95,891 | ||||||||
Premises and equipment | 101,562 | ||||||||
Other nonearning assets | 606,493 | ||||||||
Allowance for loan losses | (67,929 | ) | |||||||
Total assets | $ | 7,551,949 | |||||||
INTEREST BEARING LIABILITIES | |||||||||
Demand deposits | $ | 3,021,299 | $ | 17,286 | 2.30 | % | |||
Savings deposits | 688,057 | 185 | 0.11 | % | |||||
Time deposits | 977,265 | 8,867 | 3.65 | % | |||||
Total interest bearing deposits | 4,686,621 | 26,338 | 2.26 | % | |||||
Repurchase agreements | 205,711 | 1,615 | 3.16 | % | |||||
FHLB advances | 249,187 | 2,248 | 3.63 | % | |||||
Federal funds purchased | - | - | 0.00 | % | |||||
Subordinated debt | 106,033 | 1,180 | 4.48 | % | |||||
Jr. subordinated debentures | 24,140 | 537 | 8.95 | % | |||||
Other debt | - | - | 0.00 | % | |||||
Total borrowings | 585,071 | 5,580 | 3.84 | % | |||||
Total interest bearing liabilities | 5,271,692 | 31,918 | 2.44 | % | |||||
NONINTEREST BEARING LIABILITIES | |||||||||
Demand deposits | 1,439,414 | Average cost of funds | 1.91 | % | |||||
Other liabilities | 44,595 | ||||||||
Stockholders' equity | 796,248 | ||||||||
Total liabilities & stockholders' equity | $ | 7,551,949 | |||||||
Net Interest Earnings / Spread | $ | 57,361 | 2.83 | % | |||||
Impact of Non-Interest Bearing Funds | 0.53 | % | |||||||
Tax effected yield on interest earning assets | 3.36 | % | |||||||
FIRST MID BANCSHARES, INC. | |||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||
As of and for the Quarter Ended | |||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
Net interest income as reported | $ | 56,765 | $ | 55,470 | $ | 57,462 | $ | 50,443 | $ | 42,367 | |||||||||
Net interest income, (tax equivalent) | 57,361 | 56,086 | 58,255 | 51,212 | 43,109 | ||||||||||||||
Average earning assets | 6,815,932 | 6,884,855 | 6,948,309 | 6,593,781 | 6,049,626 | ||||||||||||||
Net interest margin (tax equivalent) | 3.36 | % | 3.25 | % | 3.33 | % | 3.06 | % | 2.84 | % | |||||||||
Common stockholder's equity | $ | 813,645 | $ | 797,952 | $ | 793,204 | $ | 737,948 | $ | 660,687 | |||||||||
Goodwill and intangibles, net | 257,377 | 260,699 | 264,231 | 267,793 | 178,615 | ||||||||||||||
Common shares outstanding | 23,896 | 23,889 | 23,827 | 23,830 | 20,528 | ||||||||||||||
Tangible Book Value per common share | $ | 23.28 | $ | 22.49 | $ | 22.20 | $ | 19.73 | $ | 23.48 | |||||||||
Accumulated other comprehensive loss (AOCI) | (146,998 | ) | (147,667 | ) | (136,427 | ) | (178,903 | ) | (151,566 | ) | |||||||||
Adjusted tangible book value per common share | $ | 29.43 | $ | 28.67 | $ | 27.93 | $ | 27.24 | $ | 30.87 | |||||||||
FIRST MID BANCSHARES, INC. | |||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||
(In thousands, except per share data, unaudited) | |||||||||||||||||||
As of and for the Quarter Ended | |||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
Adjusted earnings Reconciliation | |||||||||||||||||||
Net Income - GAAP | $ | 19,745 | $ | 20,503 | $ | 18,071 | $ | 15,117 | $ | 16,567 | |||||||||
Adjustments (post-tax): (1) | |||||||||||||||||||
Acquisition ACL on non-PCD assets in provision expense | - | - | - | 2,985 | - | ||||||||||||||
Net (gain)/loss on securities sales | 123 | - | (36 | ) | (2,677 | ) | - | ||||||||||||
Integration and acquisition expenses | 250 | 1,804 | 4,385 | 1,653 | 589 | ||||||||||||||
Total non-recurring adjustments (non-GAAP) | $ | 373 | $ | 1,804 | $ | 4,348 | $ | 1,962 | $ | 589 | |||||||||
Adjusted earnings - non-GAAP | $ | 20,118 | $ | 22,307 | $ | 22,419 | $ | 17,079 | $ | 17,156 | |||||||||
Adjusted diluted earnings per share (non-GAAP) | $ | 0.84 | $ | 0.93 | $ | 0.94 | $ | 0.77 | $ | 0.83 | |||||||||
Adjusted return on average assets - non-GAAP | 1.07 | % | 1.17 | % | 1.16 | % | 0.94 | % | 1.03 | % | |||||||||
Adjusted return on average common equity - non-GAAP | 10.11 | % | 11.28 | % | 12.11 | % | 9.82 | % | 10.42 | % | |||||||||
Efficiency Ratio Reconciliation | |||||||||||||||||||
Noninterest expense - GAAP | $ | 51,391 | $ | 53,362 | $ | 57,025 | $ | 47,096 | $ | 40,042 | |||||||||
Other real estate owned property income (expense) | (85 | ) | 21 | (800 | ) | (902 | ) | (27 | ) | ||||||||||
Amortization of intangibles | (3,340 | ) | (3,497 | ) | (3,560 | ) | (2,568 | ) | (1,477 | ) | |||||||||
Nonrecurring severance expense | - | - | - | - | - | ||||||||||||||
Integration and acquisition expenses | (316 | ) | (2,283 | ) | (5,550 | ) | (2,093 | ) | (745 | ) | |||||||||
Adjusted noninterest expense (non-GAAP) | $ | 47,650 | $ | 47,603 | $ | 47,115 | $ | 41,533 | $ | 37,793 | |||||||||
Net interest income -GAAP | $ | 56,765 | $ | 55,470 | $ | 57,462 | $ | 50,443 | $ | 42,367 | |||||||||
Effect of tax-exempt income (1) | 596 | 616 | 793 | 769 | 742 | ||||||||||||||
Adjusted net interest income (non-GAAP) | $ | 57,361 | $ | 56,086 | $ | 58,255 | $ | 51,212 | $ | 43,109 | |||||||||
Noninterest income - GAAP | $ | 22,422 | $ | 24,478 | $ | 21,768 | $ | 23,053 | $ | 19,486 | |||||||||
Net (gain)/loss on securities sales | 156 | 0 | (46 | ) | (3,389 | ) | 6 | ||||||||||||
Adjusted noninterest income (non-GAAP) | $ | 22,578 | $ | 24,478 | $ | 21,722 | $ | 19,664 | $ | 19,492 | |||||||||
Adjusted total revenue (non-GAAP) | $ | 79,939 | $ | 80,564 | $ | 79,977 | $ | 70,876 | $ | 62,601 | |||||||||
Efficiency ratio (non-GAAP) | 59.61 | % | 59.09 | % | 58.91 | % | 58.60 | % | 60.37 | % | |||||||||
(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) net income for Q2 2024?
How much did First Mid Bancshares' (FMBH) loan portfolio grow in Q2 2024?
What was the net interest margin for First Mid Bancshares (FMBH) in Q2 2024?
Did First Mid Bancshares (FMBH) increase its dividend in Q2 2024?