First Mid Bancshares, Inc. Announces Third Quarter 2024 Results
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.
- 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
- 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
Key strengths include robust asset quality metrics with a low non-performing loans ratio of
The net interest margin remains healthy at
The strategic positioning shows promising momentum in key growth areas. The wealth management division's
The reduction of
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
Net Interest Income
Net interest income for the third quarter of 2024 increased by
In comparison to the third quarter of 2023, net interest income increased
Net Interest Margin
Net interest margin, on a tax equivalent basis, was
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
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
Deposits and Borrowings
Total deposits ended the quarter at
During the quarter, the Company repurchased and cancelled
Noninterest Income
Noninterest income for the third quarter of 2024 was
In comparison to the third quarter of 2023, noninterest income increased
Noninterest Expenses
Noninterest expense for the third quarter of 2024 totaled
In comparison to the third quarter of 2023, noninterest expenses increased
The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the third 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 its regular quarterly dividend of
About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a
Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Income,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” and “Tangible Book Value per Common Share”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.
Forward Looking Statements
This document may contain certain forward-looking statements about First Mid, such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid; accounting principles, policies and guidelines; and the impact of pandemics on First Mid’s businesses. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.
Investor Contact:
Austin Frank
SVP, Shareholder Relations
217-258-5522
afrank@firstmid.com
Matt Smith
Chief Financial Officer
217-258-1528
msmith@firstmid.com
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 |
FAQ
What was First Mid Bancshares (FMBH) earnings per share in Q3 2024?
How much was FMBH's quarterly dividend for Q3 2024?
What was FMBH's total loan balance at the end of Q3 2024?