First Mid Bancshares, Inc. Announces Third Quarter 2026 Results
Quarterly deposit growth accompanied lower loan balances, while an October securities sale will produce a fourth-quarter loss.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
First Mid Bancshares (NASDAQ: FMBH) reported third-quarter 2026 net income of $33.3 million for the quarter ended September 30.
Diluted earnings were $1.25 per share. Net interest income reached $79.4 million, down $0.3 million sequentially but up 19.6% year over year. Loans fell $85.8 million during the quarter to $6.85 billion, while deposits rose $44.2 million to $7.62 billion. Non-interest expense declined to $65.0 million from $70.6 million.
On October 26, the company sold securities for $175.8 million in cash, recording a $14.8 million loss in fourth-quarter results. It expects reinvestment at higher rates and an earn-back period of less than 2 years. First Mid also announced its pending acquisition of Evergreen Bancshares and agreed to acquire Winship Farm Management, expected to add over 8,600 acres under management over the next 3 years.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter net income totaled $33.3 million, with diluted earnings of $1.25 per share.
- Moderate pointNon-interest expense fell to $65.0 million from $70.6 million sequentially, primarily on lower merger-related costs.
- Moderate point. Forward-looking: it has not happened yet and may not happen.October securities sale generated $175.8 million in cash; First Mid expects higher-rate reinvestment and earn-back in less than 2 years. 13% of market cap
- Minor pointAdjusted quarterly net income was $33.6 million, or $1.26 diluted EPS, both non-GAAP measures.
- Minor pointQuarterly return on average assets was 1.45%.
10 minor points
- Minor pointDeposits increased $44.2 million sequentially to $7.62 billion.
- Minor pointMoney market accounts grew $198.8 million from the prior quarter.
- Minor pointSpecial mention loans decreased $37.6 million to $101.5 million during the quarter.
- Minor pointSubstandard loans decreased $8.3 million to $131.6 million during the quarter.
- Minor pointCredit-loss provision release totaled $0.3 million, reflecting lower loan balances and minimal net charge-offs.
- Minor pointAgricultural services revenue reached $2.0 million, versus $1.9 million sequentially and $1.8 million a year earlier.
- Minor pointSubordinated debt repayment totaled $10.0 million, funded with cash on hand.
- Minor pointCapital ratios exceeded well-capitalized levels; total capital was 15.79%, Tier 1 14.39%, common equity Tier 1 13.91%, and leverage 11.29%.
- Minor point. Forward-looking: it has not happened yet and may not happen.Evergreen acquisition is expected by First Mid to deepen and extend its presence in Missouri, Illinois and Indiana.
- Minor point. Forward-looking: it has not happened yet and may not happen.Winship Farm Management acquisition agreement is expected to add over 8,600 acres under management over the next 3 years.
Negative
- Moderate pointLoans decreased $85.8 million sequentially to $6.85 billion, primarily in commercial real estate.
- Moderate pointAverage interest-bearing deposit cost was 2.16%, up 18 basis points from the end of the previous quarter.
- Moderate pointAdjusted non-GAAP efficiency ratio was 56.13%, versus 54.39% sequentially and 58.75% a year earlier.
- Moderate pointInvestment portfolio unrealized losses increased $32.3 million, lowering tangible book value per share by $1.21 before earnings offsets.
- Moderate point. Forward-looking: it has not happened yet and may not happen.October 26 securities sale produced a $14.8 million loss to be reflected in fourth-quarter results. 1.1% of market cap
11 minor points
- Minor pointNet interest income of $79.4 million fell $0.3 million sequentially, despite rising $13.0 million, or 19.6%, year over year.
- Minor pointTax-equivalent net interest margin, a non-GAAP measure, declined 3 basis points sequentially to 3.76%.
- Minor pointNon-interest income was $27.2 million, versus $28.8 million sequentially and $22.9 million a year earlier.
- Minor pointWealth management revenue decreased $0.8 million sequentially to $7.4 million, primarily from seasonality.
- Minor pointInsurance commissions of $7.5 million fell $1.3 million sequentially but increased $0.4 million year over year.
- Minor pointSalaries and benefits expense increased $1.0 million sequentially, primarily from additional variable compensation.
- Minor pointNon-performing loans rose $1.8 million to $43.1 million; their share of total loans increased to 0.63% from 0.60%.
- Minor pointCredit-loss allowance coverage of non-performing loans declined to 201% from 211% sequentially.
- Minor pointQuarterly net charge-offs totaled $0.2 million.
- Minor pointTangible book value per share, a non-GAAP measure, decreased $0.06, or 0.2%, during the quarter.
- Minor pointEvergreen acquisition remains pending.
News Explained
The board declared a regular quarterly dividend of
Key Figures
- Net income
- $33.3 million
- Third quarter 2026
- Diluted EPS
- $1.25
- Third quarter 2026
- Adjusted quarterly net income
- $33.6 million
- Third quarter 2026; adjusted measure
- Adjusted diluted EPS
- $1.26
- Third quarter 2026; adjusted measure
- Year-over-year net interest income increase
- $13.0 million (19.6%)
- Third quarter 2026 versus third quarter 2025
- Investment securities sale loss
- $14.8 million
- Completed October 26, 2026
- Cash proceeds from securities sale
- $175.8 million
- Completed October 26, 2026
- Quarterly dividend
- $0.26 per share
- Declared for payment December 1, 2026
Previous Earnings Reports
-
Reported second-quarter net income of $27.8 million and diluted EPS of $1.04.
-
Reported first-quarter net income of $26.3 million and diluted EPS of $1.06.
-
Reported third-quarter net income of $22.5 million and diluted EPS of $0.94.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
allowance for credit losses financial
non-gaap financial
common equity tier 1 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
MATTOON, Ill., Oct. 29, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended September 30, 2026.
Highlights
- Net income of
$33.3 million , or$1.25 diluted EPS - Adjusted quarterly net income* of
$33.6 million , or$1.26 diluted EPS - Announced pending acquisition of Evergreen Bancshares, Inc. (“Evergreen”)
- Total loans of
$6.85 billion , quarterly decrease of$85.8 million - Total deposits of
$7.62 billion , quarterly increase of$44.2 million - Quarterly return on average assets of
1.45% - In late October, 2026 the Company completed the sale of investment securities with a weighted average yield of
1.51% for a loss of$14.8 million , which provided$175.8 million in cash. The proceeds are expected to be reinvested at higher rates with an earn back period of less than 2 years. - Agreed to acquire Winship Farm Management in Putnam, IL, which is expected to add over 8,600 acres under management over the next 3 years
- Board of Directors declared a regular quarterly dividend of
$0.26 per share
“We delivered another strong period of financial results highlighted by a record high quarter of earnings. Asset quality was strong with lower classifieds and negligible net charge-offs during the quarter. Deposit growth was solid, while loan growth was pressured due to higher payoff activity from customer collateral sales. We continue to put a strategic focus on revenue diversification and fee business growth through the acquisition of Winship Farm Management,” said Matthew Smith, Chief Executive Officer.
“I am pleased to announce our pending acquisition of Evergreen Bancshares and its subsidiary American Bank of Freedom. We are excited to welcome their employees and customers to the First Mid family. This acquisition will deepen and extend our presence in Missouri, Illinois, and Indiana while better positioning us to move past the
Net Interest Income
Net interest income for the third quarter of 2026 was
In comparison to the third quarter of 2025, net interest income increased
On October 26th, 2026 the Company sold investment securities with a weighted average yield of
Net Interest Margin
Net interest margin, on a tax equivalent basis*, was
Loan Portfolio
Total loans ended the quarter at
Asset Quality
Asset quality improved for the quarter with overall criticized assets declining
The allowance for credit losses (“ACL”) ended the period at
The ratio of non-performing loans to total loans was
Deposits
Total deposits ended the quarter at
Non-Interest Income
Non-interest income for the third quarter of 2026 was
Wealth management revenues for the quarter were
Non-Interest Expenses
Non-interest expense for the third quarter of 2026 totaled
The Company’s efficiency ratio*, as adjusted in the non-GAAP reconciliation table herein, for the third quarter of 2026 was
Capital Levels and Dividend
The Company’s capital levels remained strong and 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 | |
Tangible book value per share* decreased
The Company’s Board of Directors declared 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,” “Tangible Book Value per Common Share,” “Adjusted Tangible Book Value per Common Share,” “Adjusted Return on Average Assets,” and “Adjusted Return on Average Common Equity”. Refer to non-GAAP reconciliation tables herein for reconciliation to comparable GAAP measures. 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 forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding First Mid Bancshares, Inc. (“First Mid”), Evergreen Bancshares, Inc. (“Evergreen”) and the proposed transactions, including statements regarding anticipated benefits, integration, timing, approvals, customer relationships, operating results, expenses, market conditions, credit quality, liquidity, loan and deposit activity, and other expectations regarding the combined business. First Mid intends for these 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, are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “may,” “should,” 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, the possibility that the anticipated benefits of the proposed transactions will not be realized within the expected time period; the risk that integration of Evergreen with First Mid will be materially delayed or will be more costly or difficult than expected; the inability to complete the proposed transactions due to the failure to satisfy conditions to completion of the proposed transactions, including failure to obtain required regulatory, shareholder and other approvals; the failure of the proposed transactions to close for any other reason; the effect of the announcement of the proposed transactions on customer relationships and operating results; the possibility that the proposed transactions may be more expensive to complete than anticipated; changes in interest rates; general economic conditions and market-area conditions; legislative and/or regulatory changes; risks relating to Evergreen as a privately held company whose business and financial information has not been subject to public company reporting requirements; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality, composition and valuation of loan and investment portfolios; demand for loan products; deposit flows; competition; demand for financial services; accounting principles, policies and guidelines; and the ability to complete the proposed transactions or any of the foregoing risks. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, is 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, First Mid does not undertake any obligation to update, revise or review any forward-looking information, whether as a result of new information, future events or otherwise.
Important Information about the Merger and Additional Information
First Mid will file a registration statement on Form S-4 with the SEC in connection with the proposed transactions. The registration statement will include a proxy statement of Evergreen that also constitutes a prospectus of First Mid, which will be sent to the shareholders of Evergreen. Evergreen shareholders are urged to read the proxy statement/prospectus when it becomes available, which will contain important information about First Mid, Evergreen and the proposed transactions, including detailed risk factors. The proxy statement/prospectus and other documents which will be filed by First Mid with the SEC will be available free of charge at the SEC’s website, www.sec.gov. These documents also can be obtained free of charge by accessing First Mid’s website at www.firstmid.com under the tab “Investor Relations” and then under “SEC Filings.” Alternatively, when available, these documents can be obtained free of charge from First Mid upon written request to First Mid Bancshares, PO Box 499, Mattoon, IL 61938, Attention: Investor Relations; or from Evergreen upon written request to Evergreen Bancshares, Inc., 1701 Macklind Avenue, St. Louis, MO 63110, Attention: Chief Financial Officer. A final proxy statement/prospectus will be mailed to the shareholders of Evergreen.
Participants in the Solicitation
First Mid and Evergreen, and certain of their respective directors, executive officers, and other members of management and employees, are participants in the solicitation of proxies in connection with the proposed transactions. Information about the directors and executive officers of First Mid is set forth in the proxy statement for its 2026 annual meeting of stockholders, which was filed with the SEC on March 17, 2026. This document can be obtained free of charge from the sources provided above. Information about Evergreen’s directors and executive officers, and a description of their direct and indirect interests in the proposed transactions, by security holdings or otherwise, will be included in the proxy statement/prospectus when it becomes available. Investors may obtain additional information regarding the interests of such participants in the proposed transactions by reading the proxy statement/prospectus for such proposed transactions when it becomes available.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
| Investor Contacts | |
| Austin Frank | Jordan Read |
| SVP, Director of Investor Relations | EVP, Chief Financial and Risk Officer |
| 217-258-5522 | 217-258-3528 |
| afrank@firstmid.com | jread@firstmid.com |
- Tables Follow -
| FIRST MID BANCSHARES, INC. | ||||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||||
| (In thousands, unaudited) | ||||||||||||||
| As of | ||||||||||||||
| September 30, | December 31, | September 30, | ||||||||||||
| 2026 | 2025 | 2025 | ||||||||||||
| Assets | ||||||||||||||
| Cash and cash equivalents | $ | 511,334 | $ | 254,920 | $ | 277,087 | ||||||||
| Investment securities | 1,338,631 | 1,085,499 | 1,098,093 | |||||||||||
| Loans (including loans held for sale) | 6,848,571 | 6,011,374 | 5,824,038 | |||||||||||
| Less allowance for credit losses | (86,496 | ) | (74,875 | ) | (72,925 | ) | ||||||||
| Net loans | 6,762,075 | 5,936,499 | 5,751,113 | |||||||||||
| Premises and equipment, net | 101,869 | 90,782 | 94,673 | |||||||||||
| Goodwill and intangibles, net | 269,877 | 253,016 | 255,217 | |||||||||||
| Bank Owned Life Insurance | 188,584 | 174,915 | 173,588 | |||||||||||
| Other assets | 217,950 | 171,027 | 180,597 | |||||||||||
| Total assets | $ | 9,390,320 | $ | 7,966,658 | $ | 7,830,368 | ||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||
| Deposits: | ||||||||||||||
| Non-interest bearing | $ | 1,465,347 | $ | 1,392,534 | $ | 1,450,244 | ||||||||
| Interest bearing | 6,150,417 | 5,002,739 | 4,839,299 | |||||||||||
| Total deposits | 7,615,764 | 6,395,273 | 6,289,543 | |||||||||||
| Repurchase agreements with customers | 187,726 | 196,716 | 200,506 | |||||||||||
| Other borrowings | 359,186 | 270,000 | 245,000 | |||||||||||
| Junior subordinated debentures | 34,133 | 24,454 | 24,419 | |||||||||||
| Subordinated debt | 22,773 | 60,008 | 79,645 | |||||||||||
| Other liabilities | 73,843 | 61,515 | 59,076 | |||||||||||
| Total liabilities | 8,293,425 | 7,007,966 | 6,898,189 | |||||||||||
| Total stockholders' equity | 1,096,895 | 958,692 | 932,179 | |||||||||||
| Total liabilities and stockholders' equity | $ | 9,390,320 | $ | 7,966,658 | $ | 7,830,368 | ||||||||
| FIRST MID BANCSHARES, INC. | |||||||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||||||
| (In thousands, except per share data and share amounts, unaudited) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Interest income: | |||||||||||||||||
| Interest and fees on loans | $ | 104,013 | $ | 87,020 | $ | 297,667 | $ | 251,722 | |||||||||
| Interest on investment securities | 10,733 | 7,659 | 27,993 | 21,331 | |||||||||||||
| Interest on federal funds sold & other deposits | 1,972 | 1,456 | 6,562 | 4,042 | |||||||||||||
| Total interest income | 116,718 | 96,135 | 332,222 | 277,095 | |||||||||||||
| Interest expense: | |||||||||||||||||
| Interest on deposits | 33,165 | 25,179 | 88,267 | 73,865 | |||||||||||||
| Interest on securities sold under agreements to repurchase | 941 | 1,105 | 2,996 | 3,503 | |||||||||||||
| Interest on other borrowings | 2,148 | 2,186 | 7,125 | 6,060 | |||||||||||||
| Interest on subordinated debt | 500 | 850 | 2,380 | 2,648 | |||||||||||||
| Interest on jr. subordinated debentures | 588 | 452 | 1,634 | 1,384 | |||||||||||||
| Total interest expense | 37,342 | 29,772 | 102,402 | 87,460 | |||||||||||||
| Net interest income | 79,376 | 66,363 | 229,820 | 189,635 | |||||||||||||
| Provision (release of provision) for credit losses | (299 | ) | 3,353 | 3,844 | 7,572 | ||||||||||||
| Net interest income after provision for credit losses | 79,675 | 63,010 | 225,976 | 182,063 | |||||||||||||
| Non-interest income: | |||||||||||||||||
| Wealth management revenues | 7,370 | 5,145 | 21,951 | 16,350 | |||||||||||||
| Insurance commissions | 7,529 | 7,089 | 27,206 | 24,854 | |||||||||||||
| Service charges | 4,156 | 3,240 | 10,695 | 9,136 | |||||||||||||
| Net securities gains/(losses) | 35 | (1,930 | ) | 118 | (2,111 | ) | |||||||||||
| Mortgage banking revenues | 946 | 1,255 | 2,481 | 3,036 | |||||||||||||
| ATM/debit card revenue | 4,900 | 4,182 | 13,834 | 12,464 | |||||||||||||
| Other | 2,276 | 3,928 | 6,201 | 7,637 | |||||||||||||
| Total non-interest income | 27,212 | 22,909 | 82,486 | 71,366 | |||||||||||||
| Non-interest expense: | |||||||||||||||||
| Salaries and employee benefits | 39,411 | 33,570 | 112,887 | 98,941 | |||||||||||||
| Net occupancy and equipment expense | 10,289 | 9,196 | 31,007 | 25,544 | |||||||||||||
| Net other real estate owned expense | 537 | 217 | 967 | 393 | |||||||||||||
| FDIC insurance | 1,016 | 874 | 3,019 | 2,596 | |||||||||||||
| Amortization of intangible assets | 3,718 | 3,128 | 10,897 | 9,480 | |||||||||||||
| Stationery and supplies | 339 | 411 | 952 | 1,209 | |||||||||||||
| Legal and professional expense | 2,954 | 2,454 | 8,414 | 8,287 | |||||||||||||
| ATM/debit card expense | 2,096 | 2,052 | 6,121 | 5,027 | |||||||||||||
| Marketing and donations | 954 | 959 | 2,596 | 2,588 | |||||||||||||
| Other | 3,648 | 4,285 | 19,454 | 12,315 | |||||||||||||
| Total non-interest expense | 64,962 | 57,146 | 196,314 | 166,380 | |||||||||||||
| Income before income taxes | 41,925 | 28,773 | 112,148 | 87,049 | |||||||||||||
| Income taxes | 8,628 | 6,311 | 24,735 | 18,978 | |||||||||||||
| Net income | $ | 33,297 | $ | 22,462 | $ | 87,413 | $ | 68,071 | |||||||||
| Per Share Information | |||||||||||||||||
| Basic earnings per common share | $ | 1.26 | $ | 0.94 | $ | 3.37 | $ | 2.85 | |||||||||
| Diluted earnings per common share | 1.25 | 0.94 | 3.36 | 2.84 | |||||||||||||
| Weighted average shares outstanding | 26,455,825 | 23,876,020 | 25,903,440 | 23,867,537 | |||||||||||||
| Diluted weighted average shares outstanding | 26,601,826 | 23,997,198 | 26,039,726 | 23,981,938 | |||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||||||||||||||
| (In thousands, except per share data and share amounts, unaudited) | ||||||||||||||||||||||||
| For the Quarter Ended | ||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||||||||||||
| Interest income: | ||||||||||||||||||||||||
| Interest and fees on loans | $ | 104,013 | $ | 102,668 | $ | 90,986 | $ | 86,972 | $ | 87,020 | ||||||||||||||
| Interest on investment securities | 10,733 | 9,375 | 7,885 | 7,552 | 7,659 | |||||||||||||||||||
| Interest on federal funds sold & other deposits | 1,972 | 2,841 | 1,749 | 1,371 | 1,456 | |||||||||||||||||||
| Total interest income | 116,718 | 114,884 | 100,620 | 95,895 | 96,135 | |||||||||||||||||||
| Interest expense: | ||||||||||||||||||||||||
| Interest on deposits | 33,165 | 30,328 | 24,774 | 24,462 | 25,179 | |||||||||||||||||||
| Interest on securities sold under agreements to repurchase | 941 | 1,030 | 1,025 | 987 | 1,105 | |||||||||||||||||||
| Interest on other borrowings | 2,148 | 2,579 | 2,398 | 2,341 | 2,186 | |||||||||||||||||||
| Interest on subordinated debt | 500 | 710 | 1,170 | 1,142 | 850 | |||||||||||||||||||
| Interest on jr. subordinated debentures | 588 | 578 | 468 | 433 | 452 | |||||||||||||||||||
| Total interest expense | 37,342 | 35,225 | 29,835 | 29,365 | 29,772 | |||||||||||||||||||
| Net interest income | 79,376 | 79,659 | 70,785 | 66,530 | 66,363 | |||||||||||||||||||
| Provision (release of provision) for credit losses | (299 | ) | 1,545 | 2,598 | 2,349 | 3,353 | ||||||||||||||||||
| Net interest income after provision for credit losses | 79,675 | 78,114 | 68,187 | 64,181 | 63,010 | |||||||||||||||||||
| Non-interest income: | ||||||||||||||||||||||||
| Wealth management revenues | 7,370 | 8,206 | 6,375 | 6,591 | 5,145 | |||||||||||||||||||
| Insurance commissions | 7,529 | 8,870 | 10,807 | 7,441 | 7,089 | |||||||||||||||||||
| Service charges | 4,156 | 3,459 | 3,080 | 3,161 | 3,240 | |||||||||||||||||||
| Net securities gains/(losses) | 35 | 63 | 20 | (398 | ) | (1,930 | ) | |||||||||||||||||
| Mortgage banking revenues | 946 | 814 | 721 | 624 | 1,255 | |||||||||||||||||||
| ATM/debit card revenue | 4,900 | 4,799 | 4,135 | 3,947 | 4,182 | |||||||||||||||||||
| Other | 2,276 | 2,622 | 1,303 | 319 | 3,928 | |||||||||||||||||||
| Total non-interest income | 27,212 | 28,833 | 26,441 | 21,685 | 22,909 | |||||||||||||||||||
| Non-interest expense: | ||||||||||||||||||||||||
| Salaries and employee benefits | 39,411 | 38,460 | 35,016 | 35,674 | 33,570 | |||||||||||||||||||
| Net occupancy and equipment expense | 10,289 | 10,892 | 9,826 | 11,035 | 9,196 | |||||||||||||||||||
| Net other real estate owned expense | 537 | 218 | 212 | 146 | 217 | |||||||||||||||||||
| FDIC insurance | 1,016 | 1,063 | 940 | 880 | 874 | |||||||||||||||||||
| Amortization of intangible assets | 3,718 | 3,878 | 3,301 | 2,963 | 3,128 | |||||||||||||||||||
| Stationery and supplies | 339 | 311 | 302 | 561 | 411 | |||||||||||||||||||
| Legal and professional expense | 2,954 | 2,760 | 2,700 | 2,459 | 2,454 | |||||||||||||||||||
| ATM/debit card expense | 2,096 | 2,218 | 1,807 | 1,918 | 2,052 | |||||||||||||||||||
| Marketing and donations | 954 | 818 | 824 | 760 | 959 | |||||||||||||||||||
| Other | 3,648 | 10,009 | 5,797 | (529 | ) | 4,285 | ||||||||||||||||||
| Total non-interest expense | 64,962 | 70,627 | 60,725 | 55,867 | 57,146 | |||||||||||||||||||
| Income before income taxes | 41,925 | 36,320 | 33,903 | 29,999 | 28,773 | |||||||||||||||||||
| Income taxes | 8,628 | 8,531 | 7,576 | 6,321 | 6,311 | |||||||||||||||||||
| Net income | $ | 33,297 | $ | 27,789 | $ | 26,327 | $ | 23,678 | $ | 22,462 | ||||||||||||||
| Per Share Information | ||||||||||||||||||||||||
| Basic earnings per common share | $ | 1.26 | $ | 1.05 | $ | 1.06 | $ | 0.99 | $ | 0.94 | ||||||||||||||
| Diluted earnings per common share | 1.25 | 1.04 | 1.06 | 0.99 | 0.94 | |||||||||||||||||||
| Weighted average shares outstanding | 26,455,825 | 26,458,805 | 24,777,247 | 23,891,160 | 23,876,020 | |||||||||||||||||||
| Diluted weighted average shares outstanding | 26,601,826 | 26,604,784 | 24,893,802 | 24,000,061 | 23,997,198 | |||||||||||||||||||
| 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, | |||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||||
| Loan Portfolio | |||||||||||||||||||||
| Construction and land development | $ | 386,754 | $ | 361,748 | $ | 316,723 | $ | 360,687 | $ | 336,795 | |||||||||||
| Farm real estate loans | 426,928 | 422,537 | 400,783 | 373,408 | 367,473 | ||||||||||||||||
| 1-4 Family residential properties | 735,724 | 733,869 | 734,053 | 489,854 | 495,537 | ||||||||||||||||
| Multifamily residential properties | 393,982 | 390,847 | 456,185 | 339,482 | 330,549 | ||||||||||||||||
| Commercial real estate | 2,815,862 | 2,923,176 | 2,948,024 | 2,564,670 | 2,432,180 | ||||||||||||||||
| Loans secured by real estate | 4,759,250 | 4,832,177 | 4,855,768 | 4,128,101 | 3,962,534 | ||||||||||||||||
| Agricultural operating loans | 363,770 | 356,814 | 370,931 | 308,275 | 311,594 | ||||||||||||||||
| Commercial and industrial loans | 1,469,640 | 1,502,951 | 1,499,079 | 1,381,598 | 1,349,863 | ||||||||||||||||
| Consumer loans | 31,637 | 35,478 | 39,597 | 31,918 | 36,317 | ||||||||||||||||
| All other loans | 224,274 | 206,922 | 178,901 | 161,482 | 163,730 | ||||||||||||||||
| Total loans | 6,848,571 | 6,934,342 | 6,944,276 | 6,011,374 | 5,824,038 | ||||||||||||||||
| Deposit Portfolio | |||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 1,465,347 | $ | 1,486,592 | $ | 1,489,747 | $ | 1,392,534 | $ | 1,450,244 | |||||||||||
| Interest bearing demand deposits | 2,337,451 | 2,435,498 | 2,394,069 | 2,095,370 | 1,901,516 | ||||||||||||||||
| Savings deposits | 690,034 | 711,999 | 781,451 | 639,412 | 617,311 | ||||||||||||||||
| Money Market | 1,572,439 | 1,373,685 | 1,307,240 | 1,138,464 | 1,184,964 | ||||||||||||||||
| Time deposits | 1,550,493 | 1,563,770 | 1,575,132 | 1,129,493 | 1,135,508 | ||||||||||||||||
| Total deposits | 7,615,764 | 7,571,544 | 7,547,639 | 6,395,273 | 6,289,543 | ||||||||||||||||
| Asset Quality | |||||||||||||||||||||
| Non-performing loans | $ | 43,069 | $ | 41,293 | $ | 44,074 | $ | 31,948 | $ | 22,199 | |||||||||||
| Non-performing assets | 48,099 | 47,098 | 49,621 | 34,807 | 23,670 | ||||||||||||||||
| Net charge-offs (recoveries) | 194 | 1,370 | 1,500 | 399 | 1,588 | ||||||||||||||||
| Allowance for credit losses to non-performing loans | 200.83 | % | 210.66 | % | 196.98 | % | 234.37 | % | 328.51 | % | |||||||||||
| Allowance for credit losses to total loans outstanding | 1.26 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | |||||||||||
| Nonperforming loans to total loans | 0.63 | % | 0.60 | % | 0.63 | % | 0.53 | % | 0.38 | % | |||||||||||
| Nonperforming assets to total assets | 0.51 | % | 0.51 | % | 0.53 | % | 0.44 | % | 0.30 | % | |||||||||||
| Special Mention loans | 101,513 | 139,154 | 179,648 | 120,510 | 61,195 | ||||||||||||||||
| Substandard and Doubtful loans | 131,598 | 139,902 | 109,127 | 79,956 | 75,309 | ||||||||||||||||
| Common Share Data | |||||||||||||||||||||
| Common shares outstanding | 26,601,445 | 26,594,524 | 26,609,307 | 23,986,299 | 23,996,833 | ||||||||||||||||
| Book value per common share | $ | 41.23 | $ | 41.43 | $ | 40.46 | $ | 39.97 | $ | 38.85 | |||||||||||
| Tangible book value per share(1) | 31.09 | 31.15 | 30.04 | 29.42 | 28.21 | ||||||||||||||||
| Tangible book value per share excluding other comprehensive income at period end(1) | 36.24 | 35.09 | 34.12 | 33.64 | 32.79 | ||||||||||||||||
| Market price of stock | 48.74 | 48.09 | 41.19 | 39.00 | 37.88 | ||||||||||||||||
| Key Performance Ratios and Metrics | |||||||||||||||||||||
| End of period earning assets | $ | 8,670,790 | $ | 8,496,204 | $ | 8,574,933 | $ | 7,325,978 | $ | 7,101,811 | |||||||||||
| Average earning assets | 8,470,595 | 8,520,559 | 7,670,723 | 7,168,176 | 7,014,675 | ||||||||||||||||
| Average rate on average earning assets (tax equivalent) | 5.51 | % | 5.45 | % | 5.36 | % | 5.35 | % | 5.48 | % | |||||||||||
| Average rate on cost of funds | 1.85 | % | 1.75 | % | 1.67 | % | 1.71 | % | 1.75 | % | |||||||||||
| Net interest margin (tax equivalent)(1) | 3.76 | % | 3.79 | % | 3.78 | % | 3.73 | % | 3.80 | % | |||||||||||
| Return on average assets | 1.45 | % | 1.20 | % | 1.26 | % | 1.21 | % | 1.17 | % | |||||||||||
| Adjusted return on average assets(1) | 1.46 | % | 1.45 | % | 1.37 | % | 1.30 | % | 1.21 | % | |||||||||||
| Return on average common equity | 12.07 | % | 10.19 | % | 10.45 | % | 10.01 | % | 9.95 | % | |||||||||||
| Adjusted return on average common equity(1) | 12.19 | % | 12.25 | % | 11.29 | % | 10.71 | % | 10.34 | % | |||||||||||
| Return on average tangible common equity | 16.02 | % | 13.64 | % | 14.10 | % | 13.68 | % | 13.88 | % | |||||||||||
| Adjusted return on average tangible common equity | 16.17 | % | 16.39 | % | 15.24 | % | 14.63 | % | 14.42 | % | |||||||||||
| Efficiency ratio (tax equivalent)(1) | 56.13 | % | 54.39 | % | 55.86 | % | 57.55 | % | 58.75 | % | |||||||||||
| Full-time equivalent employees | 1,313 | 1,316 | 1,335 | 1,170 | 1,178 | ||||||||||||||||
| 1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. | |||||||||||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||
| Net Interest Margin | ||||||||||||
| (Dollars in thousands, unaudited) | ||||||||||||
| For the Quarter Ended September 30, 2026 | ||||||||||||
| QTD Average | Average | |||||||||||
| Balance | Interest | Rate | ||||||||||
| INTEREST EARNING ASSETS | ||||||||||||
| Interest bearing deposits | $ | 242,510 | $ | 1,930 | 3.16 | % | ||||||
| Federal funds sold | 75 | 1 | 5.29 | % | ||||||||
| Certificates of deposits investments | 4,281 | 41 | 3.80 | % | ||||||||
| Investment Securities | 1,333,818 | 11,243 | 3.37 | % | ||||||||
| Loans (net of unearned income) | 6,889,911 | 104,345 | 6.01 | % | ||||||||
| Total interest earning assets | 8,470,595 | 117,560 | 5.51 | % | ||||||||
| NONEARNING ASSETS | ||||||||||||
| Other nonearning assets | 797,980 | |||||||||||
| Allowance for loan losses | (87,905 | ) | ||||||||||
| Total assets | $ | 9,180,670 | ||||||||||
| INTEREST BEARING LIABILITIES | ||||||||||||
| Demand deposits | $ | 3,792,673 | $ | 19,524 | 2.04 | % | ||||||
| Savings deposits | 705,758 | 316 | 0.18 | % | ||||||||
| Time deposits | 1,585,639 | 13,324 | 3.33 | % | ||||||||
| Total interest bearing deposits | 6,084,070 | 33,164 | 2.16 | % | ||||||||
| Repurchase agreements | 191,935 | 941 | 1.95 | % | ||||||||
| FHLB advances | 175,815 | 1,519 | 3.43 | % | ||||||||
| Federal funds purchased | 89 | 1 | 0.00 | % | ||||||||
| Subordinated debt | 24,266 | 500 | 8.17 | % | ||||||||
| Jr. subordinated debentures | 34,100 | 588 | 6.84 | % | ||||||||
| Other debt | 39,501 | 628 | 6.31 | % | ||||||||
| Total borrowings | 465,706 | 4,177 | 3.56 | % | ||||||||
| Total interest bearing liabilities | 6,549,776 | 37,341 | 2.26 | % | ||||||||
| NONINTEREST BEARING LIABILITIES | ||||||||||||
| Demand deposits | 1,459,511 | Avg Cost of Funds | 1.85 | % | ||||||||
| Other liabilities | 68,135 | |||||||||||
| Stockholders' equity | 1,103,248 | |||||||||||
| Total liabilities & stockholders' equity | $ | 9,180,670 | ||||||||||
| Net Interest Earnings / Spread | $ | 80,219 | 3.25 | % | ||||||||
| Tax effected yield on interest earning assets | 3.76 | % | ||||||||||
| Net interest margin, tax equivalent is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. | ||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||
| (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, | ||||||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||||||||||||
| Net interest income as reported | $ | 79,376 | $ | 79,659 | $ | 70,785 | $ | 66,530 | $ | 66,363 | ||||||||||||||
| Net interest income, (tax equivalent) | 80,219 | 80,459 | 71,581 | 67,314 | 67,143 | |||||||||||||||||||
| Average earning assets | 8,470,595 | 8,520,559 | 7,670,723 | 7,168,176 | 7,014,675 | |||||||||||||||||||
| Net interest margin (tax equivalent) | 3.76 | % | 3.79 | % | 3.78 | % | 3.73 | % | 3.80 | % | ||||||||||||||
| Common stockholder's equity | $ | 1,096,895 | $ | 1,101,744 | $ | 1,076,626 | $ | 958,692 | $ | 932,179 | ||||||||||||||
| Goodwill and intangibles, net | 269,877 | 273,456 | 277,347 | 253,016 | 255,217 | |||||||||||||||||||
| Common shares outstanding | 26,601 | 26,595 | 26,609 | 23,986 | 23,997 | |||||||||||||||||||
| Tangible Book Value per common share | $ | 31.09 | $ | 31.15 | $ | 30.04 | $ | 29.42 | $ | 28.21 | ||||||||||||||
| Accumulated other comprehensive loss (AOCI) | (137,145 | ) | (104,824 | ) | (108,708 | ) | (101,301 | ) | (110,012 | ) | ||||||||||||||
| Adjusted tangible book value per common share | $ | 36.24 | $ | 35.09 | $ | 34.12 | $ | 33.64 | $ | 32.79 | ||||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||
| (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, | ||||||||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||||||||||||||
| Adjusted earnings reconciliation | ||||||||||||||||||||||||||
| Net Income - GAAP | $ | 33,297 | $ | 27,789 | $ | 26,327 | $ | 23,678 | $ | 22,462 | ||||||||||||||||
| Adjustments (post-tax)(1) | ||||||||||||||||||||||||||
| Net (gain)/loss on securities sales | (28 | ) | (50 | ) | (16 | ) | 314 | 1,525 | ||||||||||||||||||
| Net loss on subordinated debt repayment | 24 | 74 | - | 237 | - | |||||||||||||||||||||
| Net loss on other investments | - | - | 422 | 349 | - | |||||||||||||||||||||
| Technology project expenses | - | - | 25 | 761 | 360 | |||||||||||||||||||||
| Net gain on real estate | - | - | - | (443 | ) | (1,033 | ) | |||||||||||||||||||
| Severance expense | - | - | - | - | 15 | |||||||||||||||||||||
| Integration and acquisition expenses | 325 | 5,586 | 1,690 | 434 | 13 | |||||||||||||||||||||
| Total adjustments (non-GAAP) | $ | 321 | $ | 5,610 | $ | 2,122 | $ | 1,652 | $ | 880 | ||||||||||||||||
| Adjusted earnings - non-GAAP | $ | 33,618 | $ | 33,399 | $ | 28,449 | $ | 25,330 | $ | 23,342 | ||||||||||||||||
| Adjusted diluted earnings per share (non-GAAP) | $ | 1.26 | $ | 1.26 | $ | 1.14 | $ | 1.06 | $ | 0.97 | ||||||||||||||||
| Adjusted return on average assets (non-GAAP) | 1.46 | % | 1.45 | % | 1.37 | % | 1.30 | % | 1.21 | % | ||||||||||||||||
| Adjusted return on average common equity (non-GAAP) | 12.19 | % | 12.25 | % | 11.29 | % | 10.71 | % | 10.34 | % | ||||||||||||||||
| Efficiency ratio reconciliation | ||||||||||||||||||||||||||
| Noninterest expense - GAAP | $ | 64,962 | $ | 70,627 | $ | 60,725 | $ | 55,867 | $ | 57,146 | ||||||||||||||||
| Other real estate owned property income (expense) | (537 | ) | (218 | ) | (212 | ) | (76 | ) | (217 | ) | ||||||||||||||||
| Amortization of intangibles | (3,718 | ) | (3,878 | ) | (3,301 | ) | (2,963 | ) | (3,128 | ) | ||||||||||||||||
| Gain/(loss) on real estate | - | - | - | 560 | (95 | ) | ||||||||||||||||||||
| Severance expense | - | - | - | - | (19 | ) | ||||||||||||||||||||
| Technology project expense | - | - | (32 | ) | (963 | ) | (456 | ) | ||||||||||||||||||
| Integration and acquisition expenses | (411 | ) | (7,071 | ) | (2,139 | ) | (549 | ) | (17 | ) | ||||||||||||||||
| Adjusted noninterest expense (non-GAAP) | $ | 60,296 | $ | 59,460 | $ | 55,041 | $ | 51,876 | $ | 53,214 | ||||||||||||||||
| Net interest income -GAAP | $ | 79,376 | $ | 79,659 | $ | 70,785 | $ | 66,530 | $ | 66,363 | ||||||||||||||||
| Effect of tax-exempt income(1) | 843 | 800 | 796 | 784 | 780 | |||||||||||||||||||||
| Adjusted net interest income (non-GAAP) | $ | 80,219 | $ | 80,459 | $ | 71,581 | $ | 67,314 | $ | 67,143 | ||||||||||||||||
| Noninterest income - GAAP | $ | 27,212 | $ | 28,833 | $ | 26,441 | $ | 21,685 | $ | 22,909 | ||||||||||||||||
| Gain on real estate sales | - | - | - | - | (1,403 | ) | ||||||||||||||||||||
| Net (gain)/loss on securities sales | (35 | ) | (63 | ) | (20 | ) | 398 | 1,930 | ||||||||||||||||||
| Net loss on subordinated debt repayment | 30 | 94 | - | 300 | - | |||||||||||||||||||||
| Net loss on other investments | - | - | 534 | 442 | - | |||||||||||||||||||||
| Adjusted noninterest income (non-GAAP) | $ | 27,207 | $ | 28,864 | $ | 26,955 | $ | 22,825 | $ | 23,436 | ||||||||||||||||
| Adjusted total revenue (non-GAAP) | $ | 107,426 | $ | 109,323 | $ | 98,536 | $ | 90,139 | $ | 90,579 | ||||||||||||||||
| Efficiency ratio (non-GAAP) | 56.13 | % | 54.39 | % | 55.86 | % | 57.55 | % | 58.75 | % | ||||||||||||||||
| Adjusted return on average tangible common equity reconciliation | ||||||||||||||||||||||||||
| Adjusted earnings - non-GAAP | $ | 33,618 | $ | 33,399 | $ | 28,449 | $ | 25,330 | $ | 23,342 | ||||||||||||||||
| Annualized adjusted earnings- non-GAAP | 134,472 | 133,596 | 113,794 | 101,320 | 93,368 | |||||||||||||||||||||
| Average common stockholder's equity | 1,103,248 | 1,090,377 | 1,008,214 | 946,150 | 903,411 | |||||||||||||||||||||
| Average goodwill | 203,683 | 203,677 | 203,392 | 203,391 | 203,391 | |||||||||||||||||||||
| Average other intangibles | 68,063 | 71,813 | 57,973 | 50,413 | 52,572 | |||||||||||||||||||||
| Average tangible common stockholder's equity | $ | 831,502 | $ | 814,887 | $ | 746,849 | $ | 692,346 | $ | 647,448 | ||||||||||||||||
| Adjusted return on average tangible common equity (non-GAAP) | 16.17 | % | 16.39 | % | 15.24 | % | 14.63 | % | 14.42 | % | ||||||||||||||||
| (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of | ||||||||||||||||||||||||||
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