First Mid Bancshares Inc. Financials

FMBH

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows First Mid Bancshares Inc. (FMBH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 55/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

First Mid Bancshares Inc.'s revenue surged 19.1% year-over-year to $357.4M, reflecting rapid business expansion. This strong growth earns a score of 83/100.

Leverage

First Mid Bancshares Inc. has elevated debt relative to equity (D/E of 7.88), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

100

First Mid Bancshares Inc. converts 33.4% of revenue into free cash flow ($119.5M). This strong cash generation earns a score of 100/100.

Returns

First Mid Bancshares Inc.'s ROE of 9.3% shows moderate profitability relative to equity, earning a score of 37/100. This is up from 8.7% the prior year.

Piotroski F-Score Neutral

5/9

First Mid Bancshares Inc. passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.58x

For every $1 of reported earnings, First Mid Bancshares Inc. generates $1.58 in operating cash flow ($124.4M OCF vs $78.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$357.4M

YoY+19.1%

5Y CAGR+19.0%

10Y CAGR+20.6%

First Mid Bancshares Inc. generated $357.4M in revenue in fiscal year 2024. This represents an increase of 19.1% from the prior year.

EBITDA

N/A

Free Cash Flow

$119.5M

YoY+73.7%

5Y CAGR+15.3%

10Y CAGR+21.8%

First Mid Bancshares Inc. generated $119.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 73.7% from the prior year.

Net Income

$78.9M

YoY+14.5%

5Y CAGR+10.5%

10Y CAGR+17.7%

First Mid Bancshares Inc. reported $78.9M in net income in fiscal year 2024. This represents an increase of 14.5% from the prior year.

EPS (Diluted)

$3.30

YoY+4.8%

5Y CAGR+2.8%

10Y CAGR+6.0%

First Mid Bancshares Inc. earned $3.30 per diluted share (EPS) in fiscal year 2024. This represents an increase of 4.8% from the prior year.

Cash & Debt

N/A

Dividends Per Share

$0.94

YoY+2.2%

5Y CAGR+4.3%

10Y CAGR+5.5%

First Mid Bancshares Inc. paid $0.94 per share in dividends in fiscal year 2024. This represents an increase of 2.2% from the prior year.

Shares Outstanding

24M

YoY+0.3%

5Y CAGR+7.5%

First Mid Bancshares Inc. had 24M shares outstanding in fiscal year 2024. This represents an increase of 0.3% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

22.1%

YoY-0.9pp

5Y CAGR-9.9pp

10Y CAGR-6.2pp

First Mid Bancshares Inc.'s net profit margin was 22.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 0.9 percentage points from the prior year.

Return on Equity

9.3%

YoY+0.6pp

5Y CAGR+0.2pp

10Y CAGR-0.1pp

First Mid Bancshares Inc.'s ROE was 9.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 0.6 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$659K

YoY+41.7%

5Y CAGR-12.6%

10Y CAGR-9.4%

First Mid Bancshares Inc. spent $659K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 41.7% from the prior year.

Capital Expenditures

$4.9M

YoY+35.9%

5Y CAGR+3.8%

10Y CAGR+15.4%

First Mid Bancshares Inc. invested $4.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 35.9% from the prior year.

FMBH Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$357.4M+19.1%	$300.2M+39.0%	$215.9M+18.0%	$183.0M+27.0%	$144.1M-3.7%	$149.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$128.7M+20.6%	$106.7M+237.5%	$31.6M+107.1%	$15.3M-8.8%	$16.7M-30.4%	$24.0M
Income Tax	$25.5M+31.0%	$19.5M+6.2%	$18.3M+19.9%	$15.3M+5.7%	$14.5M-5.6%	$15.3M
Net Income	$78.9M+14.5%	$68.9M-5.5%	$73.0M+41.7%	$51.5M+13.7%	$45.3M-5.6%	$47.9M
EPS (Diluted)	$3.30+4.8%	$3.15-12.5%	$3.60+25.4%	$2.87+6.3%	$2.70-5.9%	$2.87

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$96.1M+2.9%	$93.4M+6.7%	$87.6M-2.5%	$89.8M+1.3%	$88.7M+1.2%	$87.7M-2.5%	$89.9M+11.8%	$80.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$29.8M+0.8%	$29.5M+4.9%	$28.1M-8.9%	$30.9M-3.2%	$31.9M-0.9%	$32.2M-0.8%	$32.5M+8.2%	$30.0M
Income Tax	$6.3M-5.7%	$6.7M+11.9%	$6.0M-3.7%	$6.2M-11.0%	$7.0M+8.2%	$6.4M+79.8%	$3.6M-33.3%	$5.4M
Net Income	$22.5M-4.2%	$23.4M+5.7%	$22.2M+15.7%	$19.2M-2.9%	$19.7M-3.7%	$20.5M+13.5%	$18.1M+19.5%	$15.1M
EPS (Diluted)	$0.94-4.1%	$0.98+5.4%	$0.93+14.8%	$0.81-1.2%	$0.82-4.7%	$0.86+16.2%	$0.74+8.8%	$0.68

FMBH Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$7.5B-0.9%	$7.6B+12.5%	$6.7B+12.7%	$6.0B+26.7%	$4.7B+23.1%	$3.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	$85.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$203.4M+3.5%	$196.5M+39.9%	$140.4M+25.5%	$111.9M+6.5%	$105.0M0.0%	$105.0M
Total Liabilities	$6.7B-1.8%	$6.8B+11.2%	$6.1B+14.2%	$5.4B+28.7%	$4.2B+25.5%	$3.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$0
Total Equity	$846.4M+6.7%	$793.2M+25.3%	$633.2M-0.1%	$633.9M+11.6%	$568.2M+7.9%	$526.6M
Retained Earnings	$395.2M+16.7%	$338.7M+17.1%	$289.3M+23.5%	$234.2M+18.4%	$197.7M+18.6%	$166.7M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$7.8B+2.0%	$7.7B+1.4%	$7.6B+0.7%	$7.5B-0.8%	$7.6B-1.3%	$7.7B+1.2%	$7.6B-3.4%	$7.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$203.4M0.0%	$203.4M0.0%	$203.4M0.0%	$203.4M+3.5%	$196.5M0.0%	$196.5M0.0%	$196.5M0.0%	$196.5M
Total Liabilities	$6.9B+1.6%	$6.8B+1.3%	$6.7B+0.4%	$6.7B-1.4%	$6.8B-1.6%	$6.9B+1.3%	$6.8B-4.5%	$7.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$932.2M+4.3%	$894.1M+2.7%	$870.9M+2.9%	$846.4M+4.0%	$813.6M+2.0%	$798.0M+0.6%	$793.2M+7.5%	$737.9M
Retained Earnings	$445.8M+3.8%	$429.3M+4.3%	$411.6M+4.2%	$395.2M+7.4%	$368.0M+4.0%	$353.7M+4.4%	$338.7M+3.9%	$326.1M

FMBH Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$124.4M+71.8%	$72.4M+10.0%	$65.8M-5.4%	$69.6M+9.5%	$63.5M+1.1%	$62.8M
Capital Expenditures	$4.9M+35.9%	$3.6M-27.5%	$5.0M+35.6%	$3.7M+50.3%	$2.5M-40.0%	$4.1M
Free Cash Flow	$119.5M+73.7%	$68.8M+13.1%	$60.8M-7.7%	$65.9M+7.9%	$61.1M+4.0%	$58.7M
Investing Cash Flow	-$7.5M-101.6%	$474.4M+365.5%	-$178.7M+63.0%	-$482.5M+14.2%	-$562.4M-1653.6%	-$32.1M
Financing Cash Flow	-$138.8M+75.0%	-$556.2M-675.2%	$96.7M-41.1%	$164.2M-80.2%	$831.1M+1054.4%	-$87.1M
Dividends Paid	$22.4M+14.4%	$19.6M+9.7%	$17.8M+21.1%	$14.7M+14.9%	$12.8M+8.0%	$11.9M
Share Buybacks	$659K+41.7%	$465K+36.8%	$340K+4.3%	$326K+53.1%	$213K-83.5%	$1.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$33.0M+326.5%	$7.7M-83.8%	$47.9M+25.1%	$38.3M+59.7%	$24.0M-17.5%	$29.0M+0.7%	$28.8M+433.1%	$5.4M
Capital Expenditures	$1.1M-38.3%	$1.8M-7.6%	$1.9M+55.4%	$1.2M+11.4%	$1.1M-24.7%	$1.5M+139.5%	$618K-44.5%	$1.1M
Free Cash Flow	$31.9M+435.5%	$6.0M-87.0%	$46.0M+24.1%	$37.0M+62.0%	$22.9M-17.1%	$27.6M-2.3%	$28.2M+556.8%	$4.3M
Investing Cash Flow	-$46.2M+52.7%	-$97.7M-2248.9%	$4.5M+109.7%	-$47.0M-66.9%	-$28.1M-128.9%	$97.4M+57.7%	$61.7M-82.6%	$355.5M
Financing Cash Flow	$100.2M+27.7%	$78.5M+182.0%	$27.8M+181.1%	-$34.3M+70.5%	-$116.1M-234.7%	$86.2M+126.1%	-$330.8M-117.8%	-$151.9M
Dividends Paid	$6.0M+4.2%	$5.7M0.0%	$5.7M+0.2%	$5.7M+4.4%	$5.5M0.0%	$5.5M+0.2%	$5.5M+16.2%	$4.7M
Share Buybacks	N/A	N/A	N/A	$659K	$0	$0-100.0%	$460K	$0

FMBH Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	22.1%-0.9pp	23.0%-10.8pp	33.8%+5.7pp	28.1%-3.3pp	31.4%-0.6pp	32.0%
Return on Equity	9.3%+0.6pp	8.7%-2.8pp	11.5%+3.4pp	8.1%+0.2pp	8.0%-1.1pp	9.1%
Return on Assets	1.1%+0.1pp	0.9%-0.2pp	1.1%+0.2pp	0.9%-0.1pp	1.0%-0.3pp	1.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.88-0.7	8.56-1.1	9.65+1.2	8.44+1.1	7.32+7.3	0.00
FCF Margin	33.4%+10.5pp	22.9%-5.3pp	28.2%-7.8pp	36.0%-6.4pp	42.4%+3.2pp	39.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	23.4%-1.7pp	25.1%-0.2pp	25.3%+4.0pp	21.3%-0.9pp	22.3%-1.1pp	23.4%+3.3pp	20.1%+1.3pp	18.8%
Return on Equity	2.4%-0.2pp	2.6%+0.1pp	2.5%+0.3pp	2.3%-0.2pp	2.4%-0.1pp	2.6%+0.3pp	2.3%+0.2pp	2.1%
Return on Assets	0.3%-0.0pp	0.3%+0.0pp	0.3%+0.0pp	0.3%0.0pp	0.3%-0.0pp	0.3%+0.0pp	0.2%+0.0pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.40-0.2	7.59-0.1	7.69-0.2	7.88-0.4	8.32-0.3	8.62+0.1	8.56-1.1	9.64
FCF Margin	33.2%+26.8pp	6.4%-46.1pp	52.5%+11.3pp	41.2%+15.5pp	25.8%-5.7pp	31.4%+0.1pp	31.4%+26.1pp	5.3%

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Frequently Asked Questions

What is First Mid Bancshares Inc.'s annual revenue?

First Mid Bancshares Inc. (FMBH) reported $357.4M in total revenue for fiscal year 2024. This represents a 19.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is First Mid Bancshares Inc.'s revenue growing?

First Mid Bancshares Inc. (FMBH) revenue grew by 19.1% year-over-year, from $300.2M to $357.4M in fiscal year 2024.

Is First Mid Bancshares Inc. profitable?

Yes, First Mid Bancshares Inc. (FMBH) reported a net income of $78.9M in fiscal year 2024, with a net profit margin of 22.1%.

What is First Mid Bancshares Inc.'s earnings per share (EPS)?

First Mid Bancshares Inc. (FMBH) reported diluted earnings per share of $3.30 for fiscal year 2024. This represents a 4.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is First Mid Bancshares Inc.'s net profit margin?

First Mid Bancshares Inc. (FMBH) had a net profit margin of 22.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does First Mid Bancshares Inc. pay dividends?

Yes, First Mid Bancshares Inc. (FMBH) paid $0.94 per share in dividends during fiscal year 2024.

What is First Mid Bancshares Inc.'s return on equity (ROE)?

First Mid Bancshares Inc. (FMBH) has a return on equity of 9.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is First Mid Bancshares Inc.'s free cash flow?

First Mid Bancshares Inc. (FMBH) generated $119.5M in free cash flow during fiscal year 2024. This represents a 73.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is First Mid Bancshares Inc.'s operating cash flow?

First Mid Bancshares Inc. (FMBH) generated $124.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are First Mid Bancshares Inc.'s total assets?

First Mid Bancshares Inc. (FMBH) had $7.5B in total assets as of fiscal year 2024, including both current and long-term assets.

What are First Mid Bancshares Inc.'s capital expenditures?

First Mid Bancshares Inc. (FMBH) invested $4.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does First Mid Bancshares Inc. buy back shares?

Yes, First Mid Bancshares Inc. (FMBH) spent $659K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does First Mid Bancshares Inc. have outstanding?

First Mid Bancshares Inc. (FMBH) had 24M shares outstanding as of fiscal year 2024.

What is First Mid Bancshares Inc.'s debt-to-equity ratio?

First Mid Bancshares Inc. (FMBH) had a debt-to-equity ratio of 7.88 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is First Mid Bancshares Inc.'s return on assets (ROA)?

First Mid Bancshares Inc. (FMBH) had a return on assets of 1.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is First Mid Bancshares Inc.'s Piotroski F-Score?

First Mid Bancshares Inc. (FMBH) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are First Mid Bancshares Inc.'s earnings high quality?

First Mid Bancshares Inc. (FMBH) has an earnings quality ratio of 1.58x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is First Mid Bancshares Inc.?

First Mid Bancshares Inc. (FMBH) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.