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First Mid Bancshares, Inc. Announces Second Quarter 2024 Results

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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%

Positive
  • 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
Negative
  • 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 $19.7 million in net income, translating to $0.82 diluted EPS. Notably, adjusted net income (non-GAAP) reached $20.1 million, or $0.84 diluted EPS, indicating underlying strength in core operations.

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 $1.0 million tax expense due to Illinois tax law changes is a one-time hit, impacting EPS by $0.04. While this affects short-term results, the lower tax rate going forward could be beneficial.

The increase in quarterly dividend to $0.24 per share reflects management's confidence in the company's financial health and commitment to shareholder returns.

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. The 8.0% 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 at 1.91% 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 59.6% demonstrates good cost control, especially considering inflationary pressures. The strategic focus on noninterest income growth through acquisitions like MRIG aligns with industry trends towards fee-based revenue diversification.

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 $1.0 million tax expense for the lower rate applied to associated deferred tax assets. This nonrecurring expense reduced diluted EPS for the period by $0.04.  

Net Interest Income

Net interest income for the second quarter of 2024 increased by $1.3 million, or 2.3% compared to the first quarter of 2024. Interest income increased by $1.0 million primarily driven by loan growth and repricing of maturing loans. The Company primarily utilized cash for loan funding and did not replace most borrowings that matured. This strategy combined with lower deposit balances drove a decline in interest expense by $0.3 million.         

In comparison to the second quarter of 2023, net interest income increased $14.4 million, or 34.0%.  Interest income increased by $22.6 million and interest expense increased $8.2 million. The increases were primarily driven by the addition of Blackhawk and higher interest rates.                  

Net Interest Margin

Net interest margin, on a tax equivalent basis, was 3.36% for the second quarter of 2024, which was an 11-basis point increase compared to the prior quarter. Earning asset yields increased by 11 basis points, while the average cost of funds was flat. Accretion income for the quarter was $3.7 million, which was an increase of $0.1 million from the prior quarter.     

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 $5.56 billion, representing an increase of $61.3 million, or 1.1% compared to the prior quarter. Growth was well diversified between construction and land development, multifamily, commercial real estate and commercial and industrial loans. The average yield on new loans and operating line usage was approximately 8.0% in the quarter.         

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 $0.4 million to $68.3 million with an ending ACL to total loans ratio of 1.23%. Provision expense was recorded in the amount of $1.1 million and the Company had net charge offs of $0.7 million in the period. Also, at the end of the second quarter, the ratio of non-performing loans to total loans was 0.34%, and the ACL to non-performing loans was 358%.   The ratio of non-performing assets to total assets was 0.27% at quarter end. Non-performing loans decreased by $1.0 million in the period to $19.1 million.   Special mention loans declined $34.9 million in the quarter to $30.8 million driven by a combination of upgrades and paydowns. Substandard loans declined $1.7 million in the period to $27.6 million

Deposits and Funding

Total deposits ended the quarter at $6.12 billion, which represented a decrease of $127.2 million, or 2.0% from the prior quarter. The decrease was primarily in interest bearing demand deposits and noninterest bearing accounts, which included the deposit change mentioned in the first quarter release where approximately $50.0 million of second quarter outflows were short-term customer cash flow needs that were received on the last day of the first quarter. In comparison to the prior quarter, the average cost of funds was flat in the second quarter of 2024 at 1.91%.

During the quarter, the Company repurchased and cancelled $4.0 million of its outstanding 3.95% fixed-to-floating rate subordinated notes due 2030 (“Notes”). The Notes were purchased at a discount in the open market and generated a gain, net of the discount, of $0.1 million.                

Noninterest Income and MRIG

Noninterest income for the second quarter of 2024 was $22.4 million compared to $24.5 million in the prior quarter.   The decrease compared to the prior quarter was primarily due to the seasonality in insurance revenues, which were lower by $2.7 million. Excluding insurance, noninterest income increased in the quarter primarily driven by higher service charges, mortgage banking and debit card fees. Wealth management revenues increased $0.1 million in the quarter and ended the period with $6.3 billion in assets under management.   

In comparison to the second quarter of 2023, noninterest income increased $2.9 million, or 15.1%. The increase was primarily driven by the addition of Blackhawk and growth in insurance revenues.                  

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 $2.7 million, which is expected to significantly grow with the opportunities from bank referrals and access to expanded markets.

Noninterest Expenses     

Noninterest expense for the second quarter of 2024 totaled $51.4 million compared to $53.4 million in the prior quarter. The decrease was primarily driven by lower nonrecurring integration costs, which totaled $0.3 million in the second quarter of 2024 versus $2.3 million in the first quarter of 2024. The current quarter included a $0.7 million annual incentive credit in debit card fees, while the prior quarter included a $0.9 million credit for a negotiated adjustment for a new agreement.

In comparison to the second quarter of 2023, noninterest expenses increased $11.3 million. The increase was primarily driven by the addition of Blackhawk and organic growth, including the impacts from higher inflation.

The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the second quarter 2024 was 59.6% compared to 59.1% in the prior quarter and 60.4% for the same period last year.

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 assets15.46%
Tier 1 capital to risk-weighted assets12.65%
Common equity tier 1 capital to risk-weighted assets12.24%
Leverage ratio10.04%


The Company’s Board of Directors approved an increase of $0.01 to its next quarterly dividend of $0.24 payable on August 30, 2024 for shareholders of record on August 16, 2024.

About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $7.6 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, and Wisconsin and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 159 years. More information about the Company is available on our website at www.firstmid.com.

Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Income,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” and “Tangible Book Value per Common Share”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.

Forward-Looking Statements
This document may contain certain forward-looking statements about First Mid, such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid; accounting principles, policies and guidelines; and the impact of the global COVID-19 pandemic on First Mid’s businesses. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

Investor Contact:
Austin Frank
SVP, Shareholder Relations
217-258-5522
afrank@firstmid.com

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

– Tables Follow –

 FIRST MID BANCSHARES, INC.
 Condensed Consolidated Balance Sheets
 (In thousands, unaudited)
  
 As of
 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 21%.

FAQ

What was First Mid Bancshares' (FMBH) net income for Q2 2024?

First Mid Bancshares (FMBH) reported a net income of $19.7 million for Q2 2024, with adjusted net income of $20.1 million.

How much did First Mid Bancshares' (FMBH) loan portfolio grow in Q2 2024?

First Mid Bancshares' (FMBH) loan portfolio grew by $61.3 million, or 1.1%, to reach $5.56 billion by the end of Q2 2024.

What was the net interest margin for First Mid Bancshares (FMBH) in Q2 2024?

First Mid Bancshares (FMBH) reported a net interest margin of 3.36% for Q2 2024, an 11-basis point increase from the previous quarter.

Did First Mid Bancshares (FMBH) increase its dividend in Q2 2024?

Yes, First Mid Bancshares (FMBH) increased its quarterly dividend by $0.01 to $0.24 per share, payable on August 30, 2024.

What acquisition did First Mid Bancshares (FMBH) announce in Q2 2024?

First Mid Bancshares (FMBH) announced the acquisition of Mid Rivers Insurance Group (MRIG) on July 9, 2024, to deepen its Missouri presence and increase noninterest income.

First Mid Bancshares, Inc.

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