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First Mid Bancshares, Inc. Announces Third Quarter 2024 Results

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First Mid Bancshares (NASDAQ: FMBH) reported Q3 2024 financial results with net income of $19.5 million, or $0.81 diluted EPS. The company achieved 1% loan growth and 16.6% year-over-year growth in wealth management and insurance combined. Net interest income increased by $0.8 million (1.4%) compared to Q2 2024, while total loans ended at $5.62 billion. The company maintained strong asset quality with an allowance for credit losses ratio of 1.22%. The Board declared a quarterly dividend of $0.24 per share. Total deposits ended at $6.09 billion, and the company reduced FHLB advances by $25.0 million.

First Mid Bancshares (NASDAQ: FMBH) ha riportato i risultati finanziari del terzo trimestre 2024 con un reddito netto di 19,5 milioni di dollari, ovvero $0,81 di utile per azione diluito. L'azienda ha registrato una crescita dei prestiti dell'1% e una crescita del 16,6% anno su anno nella gestione patrimoniale e nelle assicurazioni combinate. Il reddito netto da interessi è aumentato di 0,8 milioni di dollari (1,4%) rispetto al secondo trimestre 2024, mentre il totale dei prestiti ha raggiunto $5,62 miliardi. L'azienda ha mantenuto una solida qualità degli attivi con un rapporto di riserva per perdite su crediti dell'1,22%. Il Consiglio ha dichiarato un dividendo trimestrale di $0,24 per azione. I depositi totali si sono attestati a $6,09 miliardi, e l'azienda ha ridotto gli anticipi FHLB di 25,0 milioni di dollari.

First Mid Bancshares (NASDAQ: FMBH) informó los resultados financieros del tercer trimestre de 2024 con un ingreso neto de 19.5 millones de dólares, o $0.81 de ganancias por acción diluida. La compañía logró un crecimiento de préstamos del 1% y un crecimiento del 16.6% interanual en gestión de patrimonio y seguros combinados. Los ingresos netos por intereses aumentaron en $0.8 millones (1.4%) en comparación con el segundo trimestre de 2024, mientras que el total de préstamos terminó en $5.62 mil millones. La empresa mantuvo una sólida calidad de activos con una relación de reservas para pérdidas crediticias del 1.22%. La Junta declaró un dividendo trimestral de $0.24 por acción. Los depósitos totales finalizaron en $6.09 mil millones, y la compañía redujo los anticipos del FHLB en $25.0 millones.

퍼스트 미드 뱅크쉐어스 (NASDAQ: FMBH)는 2024년 3분기 재무 결과를 보고하며 순이익 1,950만 달러, 즉 희석 주당 순이익 $0.81을 발표했습니다. 회사는 1%의 대출 성장과 자산 관리 및 보험을 합친 16.6%의 연간 성장률을 달성했습니다. 순이자 수익은 2024년 2분기 대비 80만 달러 (1.4%) 증가했으며, 총 대출액은 56억 2천만 달러에 달했습니다. 회사는 신용 손실 충당금 비율을 1.22%로 유지하며 강력한 자산 품질을 유지했습니다. 이사회는 주당 0.24달러의 분기 배당금을 선언했습니다. 총 예금액은 60억 9천만 달러로 마감되었고, 회사는 FHLB 대출을 2,500만 달러 줄였습니다.

First Mid Bancshares (NASDAQ: FMBH) a rapporté les résultats financiers du troisième trimestre 2024 avec un revenu net de 19,5 millions de dollars, soit 0,81 $ de bénéfice par action dilué. L'entreprise a enregistré une croissance des prêts de 1% et une croissance de 16,6 % d'une année sur l'autre dans la gestion de patrimoine et les assurances combinées. Les revenus nets d'intérêts ont augmenté de 0,8 million de dollars (1,4 %) par rapport au deuxième trimestre 2024, tandis que le total des prêts s'est établi à 5,62 milliards de dollars. L'entreprise a maintenu une forte qualité d'actifs avec un ratio de provision pour pertes de crédit de 1,22 %. Le Conseil d'administration a déclaré un dividende trimestriel de 0,24 $ par action. Le total des dépôts s'élevait à 6,09 milliards de dollars, et l'entreprise a réduit les avances FHLB de 25,0 millions de dollars.

First Mid Bancshares (NASDAQ: FMBH) berichtete über die Finanzergebnisse des dritten Quartals 2024 mit einem Nettogewinn von 19,5 Millionen Dollar, oder $0,81 verwässertem Gewinn pro Aktie. Das Unternehmen erzielte ein 1%iges Wachstum bei den Krediten und ein 16,6%iges Wachstum im Jahresvergleich in der Vermögensverwaltung und den kombinierten Versicherungen. Die Nettzinseinnahmen stiegen im Vergleich zum zweiten Quartal 2024 um 0,8 Millionen Dollar (1,4%), während die Gesamtsumme der Kredite bei 5,62 Milliarden Dollar endete. Das Unternehmen hielt eine starke Vermögensqualität mit einem Verhältnis der Rückstellungen für Kreditausfälle von 1,22% aufrecht. Der Vorstand erklärte eine vierteljährliche Dividende von 0,24 Dollar pro Aktie. Die Gesamteinlagen beliefen sich auf 6,09 Milliarden Dollar, und das Unternehmen reduzierte die FHLB-Vorräte um 25,0 Millionen Dollar.

Positive
  • Net income of $19.5 million ($0.81 EPS)
  • 1% loan growth to $5.62 billion
  • 16.6% YoY growth in wealth management and insurance
  • Net interest income increased by $0.8 million QoQ
  • Tangible book value per share increased 6.6% in quarter
  • Strong asset quality with 0.32% non-performing loans ratio
Negative
  • Net interest margin declined 1 basis point QoQ to 3.35%
  • Efficiency ratio increased to 61.3% from 59.6% in prior quarter
  • Total deposits decreased by $26.9 million QoQ
  • Special mention loans increased $7.4 million to $38.2 million

Insights

The Q3 2024 results demonstrate solid financial performance with several positive indicators. Net income of $19.5 million ($0.81 EPS) and adjusted net income of $19.8 million show steady profitability. The 1% loan growth and 16.6% year-over-year growth in wealth management and insurance highlight diversified revenue streams.

Key strengths include robust asset quality metrics with a low non-performing loans ratio of 0.32% and strong capital levels. The 6.6% increase in tangible book value per share and strategic debt reduction through the repurchase of subordinated notes at a discount demonstrate effective balance sheet management.

The net interest margin remains healthy at 3.35%, with only a slight decline of one basis point quarter-over-quarter, despite the challenging rate environment. The efficiency ratio of 61.3%, while slightly elevated, remains manageable given the growth initiatives and recent acquisitions.

The strategic positioning shows promising momentum in key growth areas. The wealth management division's $6.4 billion in assets under management represents a significant revenue stream, while the successful integration of acquisitions like Mid Rivers Insurance Group and Blackhawk demonstrates effective expansion strategy.

The reduction of $55 million in high-cost brokered CDs (5.3% rate) and $25 million in FHLB advances indicates prudent liability management. The strong capital ratios, particularly the 15.24% total capital ratio, provide ample buffer for continued growth and shareholder returns through the $0.24 quarterly dividend.

MATTOON, Ill., Oct. 31, 2024 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended September 30, 2024.

Highlights

  • Net income of $19.5 million, or $0.81 diluted EPS
  • Adjusted net income (non-GAAP) of $19.8 million, or $0.83 diluted EPS
  • Loan growth of 1% helped drive second consecutive quarter of net interest income expansion
  • 16.6% year-over-year growth for wealth management and insurance combined
  • Tangible book value per share increased 6.6% in the quarter
  • Board of Directors declares regular quarterly dividend of $0.24 per share

“We are pleased to deliver another solid and consistent quarter of financial results,” said Joe Dively, Chairman and Chief Executive Officer. “Healthy growth in loans, core deposits, and noninterest income, along with the sustainable strength in our asset quality, helped fuel our operating results for the period. We strengthened our balance sheet with a reduction in borrowings and subordinated debt while increasing tangible book value per share by nearly 7% in the quarter and 26% from last September. We continue to advance on our strategic initiatives to deliver exceptional value to our customers, communities, and shareholders,” Dively concluded.

Net Interest Income

Net interest income for the third quarter of 2024 increased by $0.8 million, or 1.4% compared to the second quarter of 2024. Interest income increased by $2.5 million primarily driven by loan growth and repricing of maturing loans, as well as a remix of lower yielding securities into cash. Interest expense increased by $1.7 million primarily in higher rates on money market accounts and repricing of CD’s. The increase was primarily early in the quarter and stabilized in the second half of the period. In addition, the Company paid off $55.0 million of brokered CD’s that matured at the end of September and carried an average rate of 5.3%.

In comparison to the third quarter of 2023, net interest income increased $7.1 million, or 14.1%. Interest income increased by $10.7 million and interest expense increased $3.6 million. The increases were partially driven by the addition of Blackhawk, which closed in the middle of the third quarter last year. In addition, higher rates on new loan originations and refinancing have outpaced higher interest costs. 

Net Interest Margin

Net interest margin, on a tax equivalent basis, was 3.35% for the third quarter of 2024, which was a decline of one basis point compared to the prior quarter. Earning asset yields increased by eight basis points, while the average cost of funds increased by nine basis points. Accretion income for the quarter was $3.6 million, which was a decrease of $0.1 million from the prior quarter. 

In comparison to the third quarter of last year, the net interest margin increased 29 basis points, with an average earnings asset increase of 46 basis points versus the average cost of funds increase of 17 basis points. The increases were due to higher rates on new and renewed loans and deposits.

Loan Portfolio

Total loans ended the quarter at $5.62 billion, representing an increase of $54.0 million, or 1.0% compared to the prior quarter. Loan growth was well diversified primarily between commercial real estate, agricultural operating, and commercial and industrial. The largest decline was in consumer loans.

Asset Quality

The Company’s asset quality metrics were solid again in the third quarter reflecting the strength of the credit culture. The allowance for credit losses (“ACL”) increased by $0.5 million to $68.8 million with an ending ACL to total loans ratio of 1.22%. Provision expense was recorded in the amount of $1.3 million and the Company had net charge offs of $0.8 million in the period. Also, at the end of the third quarter, the ratio of non-performing loans to total loans was 0.32%, and the ACL to non-performing loans was 377%. The ratio of non-performing assets to total assets was 0.27% at quarter end. Non-performing loans decreased by $0.8 million in the period to $18.2 million. Special mention loans increased $7.4 million in the quarter to $38.2 million. Substandard loans increased $1.4 million in the period to $29.0 million.

Deposits and Borrowings

Total deposits ended the quarter at $6.09 billion, which represented a decrease of $26.9 million, or 0.04% from the prior quarter. The decrease included $55.0 million of brokered CD’s that had an average rate of 5.30% and matured at the end of the quarter. Excluding these brokered CD’s, deposits increased in the period primarily with higher CD’s more than offsetting a decline in interest bearing demand deposits. In addition, the Company reduced its FHLB advances by $25.0 million in the quarter. In comparison to the prior quarter, the average cost of funds increased in the third quarter of 2024 to 2.00%.

During the quarter, the Company repurchased and cancelled $16.0 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 and fees, of $0.4 million.

Noninterest Income

Noninterest income for the third quarter of 2024 was $23.0 million compared to $22.4 million in the prior quarter. Wealth management revenues increased $0.4 million primarily on higher brokerage and trust fees and ended the period with $6.4 billion in assets under management. Ag services revenue totaled $1.8 million in the quarter most of which was farm management income versus land sales. Insurance revenues declined $0.5 million compared to the prior quarter due to regular seasonality in the business. Other income increased $0.9 million in the period and included a net gain on the repurchase of a portion of the Company’s subordinated Notes.

In comparison to the third quarter of 2023, noninterest income increased $3.6 million when excluding the impacts from securities gains and losses. The increase was primarily driven by the addition of Blackhawk and growth in insurance revenues.

Noninterest Expenses

Noninterest expense for the third quarter of 2024 totaled $53.9 million compared to $51.4 million in the prior quarter. The increase was partially driven by the acquisition of Mid Rivers Insurance Group, which closed on July 9th. In addition, expenses were higher in salaries and benefits driven by higher incentive compensation and medical insurance expenses. Debit card expense increased $0.6 million due to higher usage and the annual service provider incentive credit in the second quarter. Net occupancy and equipment increased by $0.5 million on higher software license costs. The current quarter included $0.2 million in acquisition and integration costs.

In comparison to the third quarter of 2023, noninterest expenses increased $6.8 million. The increase was primarily driven by the addition of Blackhawk and organic growth, including the impacts from higher inflation, partially offset with lower acquisition and integration costs.

The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the third quarter 2024 was 61.3% compared to 59.6% in the prior quarter and 58.6% 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 assets15.24%
Tier 1 capital to risk-weighted assets12.70%
Common equity tier 1 capital to risk-weighted assets12.29%
Leverage ratio10.14%
  

The Company’s Board of Directors approved its regular quarterly dividend of $0.24 payable on November 29, 2024 for shareholders of record on November 14, 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 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

        
   FIRST MID BANCSHARES, INC.
   Condensed Consolidated Balance Sheets
   (In thousands, unaudited)
   As of
   
   September 30, December 31, September 30,
    2024   2023   2023 
        
Assets       
Cash and cash equivalents $164,191  $143,064  $383,237 
Investment securities  1,125,774   1,179,402   1,226,746 
Loans (including loans held for sale) 5,614,591   5,580,565   5,540,065 
Less allowance for credit losses  (68,774)  (68,675)  (68,241)
Net loans   5,545,817   5,511,890   5,471,824 
Premises and equipment, net  101,464   101,396   102,004 
Goodwill and intangibles, net  265,139   264,231   267,793 
Bank Owned Life Insurance  169,635   166,125   165,022 
Other assets   190,469   220,686   238,668 
Total assets  $7,562,489  $7,586,794  $7,855,294 
        
Liabilities and Stockholders' Equity     
Deposits:       
Non-interest bearing $1,387,290  $1,398,234  $1,389,022 
Interest bearing   4,701,544   4,725,425   4,957,302 
Total deposits   6,088,834   6,123,659   6,346,324 
Repurchase agreements with customers 204,343   213,721   214,978 
Other borrowings  238,712   263,787   364,953 
Junior subordinated debentures 24,224   24,058   24,003 
Subordinated debt  87,373   106,755   106,648 
Other liabilities   60,506   61,610   60,440 
Total liabilities   6,703,992   6,793,590   7,117,346 
        
Total stockholders' equity  858,497   793,204   737,948 
Total liabilities and stockholders' equity$7,562,489  $7,586,794  $7,855,294 
        


            
FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)
            
   Three Months Ended  Nine Months Ended 
   September 30,  September 30, 
    2024   2023   2024   2023 
Interest income:           
Interest and fees on loans $81,775  $69,143  $239,158  $183,747 
Interest on investment securities  7,036   9,284   21,846   23,604 
Interest on federal funds sold & other deposits 2,371   2,011   6,533   2,888 
Total interest income   91,182   80,438   267,537   210,239 
Interest expense:           
Interest on deposits   28,341   22,047   80,775   51,394 
Interest on securities sold under agreements to repurchase   1,444   1,625   5,115   4,811 
Interest on other borrowings  2,195   4,749   6,757   13,716 
Interest on jr. subordinated debentures  567   545   1,646   1,314 
Interest on subordinated debt  1,092   1,029   3,466   3,003 
Total interest expense   33,639   29,995   97,759   74,238 
Net interest income   57,543   50,443   169,778   136,001 
Provision for credit losses  1,266   5,911   1,992   5,552 
Net interest income after provision for loan 56,277   44,532   167,786   130,449 
Non-interest income:           
Wealth management revenues  5,816   4,940   16,543   15,795 
Insurance commissions   6,003   5,199   21,747   19,416 
Service charges   3,121   2,994   9,304   7,583 
Net securities gains/(losses)  (277)  3,389   (433)  3,337 
Mortgage banking revenues  1,109   846   2,853   1,328 
ATM/debit card revenue  4,267   3,766   12,603   10,114 
Other   2,984   1,919   7,306   7,445 
Total non-interest income  23,023   23,053   69,923   65,018 
Non-interest expense:           
Salaries and employee benefits  31,565   25,422   92,177   75,037 
Net occupancy and equipment expense  8,055   6,929   23,122   18,969 
Net other real estate owned (income) expense 107   902   171   1,062 
FDIC insurance   829   785   2,600   2,324 
Amortization of intangible assets  3,405   2,568   10,242   5,567 
Stationary and supplies   482   335   1,243   942 
Legal and professional expense  2,573   1,844   7,558   5,314 
ATM/debit card expense  1,869   1,751   4,341   3,990 
Marketing and donations  836   764   2,512   2,326 
Other   4,212   5,796   14,720   13,184 
Total non-interest expense  53,933   47,096   158,686   128,715 
Income before income taxes  25,367   20,489   79,023   66,752 
Income taxes   5,885   5,372   19,293   15,888 
Net income  $19,482  $15,117  $59,730  $50,864 
            
Per Share Information           
Basic earnings per common share $0.81  $0.81  $2.50  $1.74 
Diluted earnings per common share  0.81   0.80   2.49   1.74 
            
Weighted average shares outstanding  23,905,099   20,528,717   23,891,430   20,510,585 
Diluted weighted average shares outstanding 24,006,647   20,628,239   23,988,478   20,596,283 
            


                
FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)
                
     For the Quarter Ended 
     September 30, June 30, March 31, December 31, September 30, 
       2024   2024   2024   2023  2023 
Interest income:               
Interest and fees on loans    $81,775  $79,560  $77,823  $78,676 $69,143 
Interest on investment securities     7,036   7,405   7,405   8,515  9,284 
Interest on federal funds sold & other deposits    2,371   1,718   2,444   2,736  2,011 
Total interest income      91,182   88,683   87,672   89,927  80,438 
Interest expense:                
Interest on deposits      28,341   26,338   26,096   25,900  22,047 
Interest on securities sold under agreements to repurchase   1,444   1,615   2,056   1,754  1,625 
Interest on other borrowings     2,195   2,248   2,314   3,073  4,749 
Interest on jr. subordinated debentures     567   537   542   545  545 
Interest on subordinated debt     1,092   1,180   1,194   1,193  1,029 
Total interest expense      33,639   31,918   32,202   32,465  29,995 
Net interest income      57,543   56,765   55,470   57,462  50,443 
Provision for credit losses     1,266   1,083   (357)  552  5,911 
Net interest income after provision for loan    56,277   55,682   55,827   56,910  44,532 
Non-interest income:               
Wealth management revenues      5,816   5,405   5,322   4,998  4,940 
Insurance commissions      6,003   6,531   9,213   5,398  5,199 
Service charges      3,121   3,227   2,956   3,298  2,994 
Net securities gains/(losses)     (277)  (156)  0   46  3,389 
Mortgage banking revenues     1,109   1,038   706   954  846 
ATM/debit card revenue     4,267   4,281   4,055   4,233  3,766 
Other      2,984   2,096   2,226   2,841  1,919 
Total non-interest income     23,023   22,422   24,478   21,768  23,053 
Non-interest expense:               
Salaries and employee benefits     31,565   30,164   30,448   29,925  25,422 
Net occupancy and equipment expense     8,055   7,507   7,560   7,977  6,929 
Net other real estate owned (income) expense    107   85   (21)  800  902 
FDIC insurance      829   902   869   1,015  785 
Amortization of intangible assets     3,405   3,340   3,497   3,560  2,568 
Stationary and supplies      482   370   391   404  335 
Legal and professional expense     2,573   2,536   2,449   2,065  1,844 
ATM/debit card expense     1,869   1,281   1,191   1,332  1,751 
Marketing and donations     836   814   862   679  764 
Other      4,212   4,392   6,116   9,268  5,796 
Total non-interest expense     53,933   51,391   53,362   57,025  47,096 
Income before income taxes     25,367   26,713   26,943   21,653  20,489 
Income taxes      5,885   6,968   6,440   3,582  5,372 
Net income     $19,482  $19,745  $20,503  $18,071 $15,117 
                
Per Share Information               
Basic earnings per common share    $0.81  $0.83  $0.86  $0.76 $0.68 
Diluted earnings per common share     0.81   0.82   0.86   0.76  0.68 
                
Weighted average shares outstanding     23,905,099   23,896,210   23,872,731   23,837,853  22,220,438 
Diluted weighted average shares outstanding    24,006,647   23,998,152   23,960,335   23,921,758  22,319,334 
                


           
    FIRST MID BANCSHARES, INC.
    Consolidated Financial Highlights and Ratios
    (Dollars in thousands, except per share data)
    (Unaudited)
  As of and for the Quarter Ended
  September 30, June 30, March 31, December 31, September 30,
   2024   2024   2024   2023   2023 
           
Loan Portfolio           
Construction and land development $190,857  $195,389  $186,851  $205,077  $189,206 
Farm real estate loans  384,620   387,015   388,941   391,132   399,834 
1-4 Family residential properties  505,342   507,517   518,641   542,469   531,699 
Multifamily residential properties  338,167   334,446   312,758   319,129   327,067 
Commercial real estate  2,440,120   2,406,955   2,396,092   2,384,704   2,392,834 
Loans secured by real estate  3,859,106   3,831,322   3,803,283   3,842,511   3,840,640 
Agricultural operating loans  233,414   213,997   213,217   196,272   179,447 
Commercial and industrial loans  1,283,631   1,268,646   1,227,906   1,266,159   1,242,653 
Consumer loans  63,222   70,841   79,569   91,014   99,542 
All other loans  175,218   175,811   175,320   184,609   177,783 
Total loans  5,614,591   5,560,617   5,499,295   5,580,565   5,540,065 
           
Deposit Portfolio           
Non-interest bearing demand deposits $1,387,290  $1,393,336  $1,448,299  $1,398,234  $1,389,022 
Interest bearing demand deposits  1,834,123   1,909,993   1,974,857   1,837,296   1,940,162 
Savings deposits  648,582   673,381   704,777   710,586   734,377 
Money Market  1,183,594   1,127,699   1,107,177   1,129,950   1,161,957 
Time deposits  1,035,245   1,011,370   1,007,826   1,047,593   1,120,806 
Total deposits  6,088,834   6,115,779   6,242,936   6,123,659   6,346,324 
           
Asset Quality          
Non-performing loans $18,242  $19,079  $20,064  $20,128  $21,269 
Non-performing assets  20,076   20,557   21,471   21,292   23,565 
Net charge-offs (recoveries)  804   708   381   118   181 
Allowance for credit losses to non-performing loans  377.01%  358.05%  338.60%  341.19%  320.85%
Allowance for credit losses to total loans outstanding  1.22%  1.23%  1.24%  1.23%  1.23%
Nonperforming loans to total loans  0.32%  0.34%  0.36%  0.36%  0.38%
Nonperforming assets to total assets  0.27%  0.27%  0.28%  0.28%  0.30%
Special Mention loans  38,151   30,767   65,693   74,050   73,732 
Substandard and Doubtful loans  29,037   27,594   29,296   28,945   30,575 
           
Common Share Data          
Common shares outstanding  23,904,051   23,895,868   23,888,929   23,827,137   23,830,038 
Book value per common share $35.91  $34.05  $33.40  $33.29  $30.97 
Tangible book value per common share (1)  24.82   23.28   22.49   22.20   19.73 
Tangible book value per common share excluding other comprehensive income at period end (1)  29.70   29.43   28.67   27.93   27.24 
Market price of stock  38.91   32.88   32.68   34.66   26.56 
           
Key Performance Ratios and Metrics          
End of period earning assets $6,786,458  $6,812,574  $6,923,742  $6,780,160  $7,007,282 
Average earning assets  6,857,070   6,815,932   6,884,855   6,948,309   6,593,781 
Average rate on average earning assets (tax equivalent)  5.35%  5.27%  5.16%  5.18%  4.89%
Average rate on cost of funds  2.00%  1.91%  1.91%  1.85%  1.83%
Net interest margin (tax equivalent) (1)  3.35%  3.36%  3.25%  3.33%  3.06%
Return on average assets  1.03%  1.05%  1.07%  0.93%  0.90%
Adjusted return on average assets (1)  1.05%  1.07%  1.17%  1.16%  0.94%
Return on average common equity  9.40%  9.92%  10.37%  9.76%  8.70%
Adjusted return on average common equity (1)  9.58%  10.11%  11.28%  12.11%  9.82%
Efficiency ratio (tax equivalent) (1)  61.33%  59.61%  59.09%  58.91%  58.60%
Full-time equivalent employees  1,207   1,185   1,188   1,187   1,224 
           
           
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 September 30, 2024
  QTD Average   Average
  Balance Interest Rate
INTEREST EARNING ASSETS     
Interest bearing deposits$160,050  $2,304 5.73%
Federal funds sold 26   28 428.43%
Certificates of deposits investments 3,415   39 4.54%
Investment Securities:     
Taxable (total less municipals) 873,865   5,241 2.40%
Tax-exempt (Municipals) 273,799   2,272 3.32%
Loans (net of unearned income) 5,545,915   82,382 5.91%
       
Total interest earning assets 6,857,070   92,266 5.35%
       
NONEARNING ASSETS     
Cash and due from banks 98,906     
Premises and equipment 101,576     
Other nonearning assets 594,609     
Allowance for loan losses (68,646)    
       
Total assets$7,583,515     
       
INTEREST BEARING LIABILITIES     
Demand deposits$2,999,374  $17,563 2.33%
Savings deposits 663,494   265 0.16%
Time deposits 1,065,176   10,513 3.93%
Total interest bearing deposits 4,728,044   28,341 2.38%
Repurchase agreements 202,973   1,444 2.83%
FHLB advances 238,723   2,194 3.66%
Federal funds purchased -   1 0.00%
Subordinated debt 97,177   1,092 4.47%
Jr. subordinated debentures 24,195   567 9.32%
Other debt  -   - 0.00%
Total borrowings 563,068   5,298 3.74%
Total interest bearing liabilities 5,291,112   33,639 2.53%
       
NONINTEREST BEARING LIABILITIES     
Demand deposits 1,415,861  Average cost of funds 2.00%
Other liabilities 47,848     
Stockholders' equity 828,694     
       
Total liabilities & stockholders' equity$7,583,515     
       
Net Interest Earnings / Spread  $58,627 2.82%
       
Impact of Non-Interest Bearing Funds    0.53%
       
Tax effected yield on interest earning assets   3.35%
       


              
FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, unaudited)
              
     As of and for the Quarter Ended
     September 30,June 30, March 31, December 31, September 30,
      2024   2024   2024   2023   2023 
              
Net interest income as reported  $57,543  $56,765  $55,470  $57,462  $50,443 
Net interest income, (tax equivalent)  58,627   57,361   56,086   58,255   51,212 
Average earning assets   6,857,070   6,815,932   6,884,855   6,948,309   6,593,781 
Net interest margin (tax equivalent)  3.35%  3.36%  3.25%  3.33%  3.06%
              
              
Common stockholder's equity  $858,497  $813,645  $797,952  $793,204  $737,948 
Goodwill and intangibles, net   265,139   257,377   260,699   264,231   267,793 
Common shares outstanding   23,904   23,896   23,889   23,827   23,830 
Tangible Book Value per common share $24.82  $23.28  $22.49  $22.20  $19.73 
Accumulated other comprehensive loss (AOCI) (116,692)  (146,998)  (147,667)  (136,427)  (178,903)
Adjusted tangible book value per common share$29.70  $29.43  $28.67  $27.93  $27.24 
              


              
FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
              
     As of and for the Quarter Ended
     September 30,June 30, March 31, December 31, September 30,
      2024   2024   2024   2023   2023 
Adjusted earnings Reconciliation          
Net Income - GAAP   $19,482  $19,745  $20,503  $18,071  $15,117 
Adjustments (post-tax): (1)           
Acquisition ACL on non-PCD assets in provision expense -   -   -   -   2,985 
Net (gain)/loss on securities sales   219   123   -   (36)  (2,677)
Integration and acquisition expenses  137   250   1,804   4,385   1,653 
Total non-recurring adjustments (non-GAAP)$356  $373  $1,804  $4,348  $1,962 
              
Adjusted earnings - non-GAAP  $19,838  $20,118  $22,307  $22,419  $17,079 
Adjusted diluted earnings per share (non-GAAP)$0.83  $0.84  $0.93  $0.94  $0.77 
Adjusted return on average assets - non-GAAP 1.05%  1.07%  1.17%  1.16%  0.94%
Adjusted return on average common equity - non-GAAP 9.58%  10.11%  11.28%  12.11%  9.82%
              
Efficiency Ratio Reconciliation           
Noninterest expense - GAAP  $53,933  $51,391  $53,362  $57,025  $47,096 
Other real estate owned property income (expense) (107)  (85)  21   (800)  (902)
Amortization of intangibles   (3,405)  (3,340)  (3,497)  (3,560)  (2,568)
Nonrecurring severance expense  -   -   -   -   - 
Integration and acquisition expenses  (174)  (316)  (2,283)  (5,550)  (2,093)
Adjusted noninterest expense (non-GAAP) $50,247  $47,650  $47,603  $47,115  $41,533 
              
Net interest income -GAAP  $57,543  $56,765  $55,470  $57,462  $50,443 
Effect of tax-exempt income (1)   1,084   596   616   793   769 
Adjusted net interest income (non-GAAP) $58,627  $57,361  $56,086  $58,255  $51,212 
              
Noninterest income - GAAP  $23,023  $22,422  $24,478  $21,768  $23,053 
Net (gain)/loss on securities sales   277   156   0   (46)  (3,389)
Adjusted noninterest income (non-GAAP) $23,300  $22,578  $24,478  $21,722  $19,664 
              
Adjusted total revenue (non-GAAP) $81,927  $79,939  $80,564  $79,977  $70,876 
              
Efficiency ratio (non-GAAP)   61.33%  59.61%  59.09%  58.91%  58.60%
              
(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) earnings per share in Q3 2024?

First Mid Bancshares reported diluted earnings per share of $0.81 in Q3 2024, with adjusted EPS of $0.83.

How much was FMBH's quarterly dividend for Q3 2024?

First Mid Bancshares declared a regular quarterly dividend of $0.24 per share, payable on November 29, 2024.

What was FMBH's total loan balance at the end of Q3 2024?

First Mid Bancshares reported total loans of $5.62 billion at the end of Q3 2024, representing a 1% increase from the previous quarter.

What was FMBH's net interest margin in Q3 2024?

First Mid Bancshares reported a net interest margin of 3.35% on a tax equivalent basis for Q3 2024, down one basis point from the previous quarter.

First Mid Bancshares, Inc.

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