Welcome to our dedicated page for First Mid Bancshares news (Ticker: FMBH), a resource for investors and traders seeking the latest updates and insights on First Mid Bancshares stock.
First Mid Bancshares, Inc. operates as a financial holding company for community banking, wealth management, brokerage, agricultural services, and insurance businesses. Its subsidiaries include First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., First Mid Wealth Management Co., and Two Rivers Bank & Trust.
Company announcements commonly cover quarterly operating results, loan and deposit trends, net interest income, net interest margin, credit and capital measures, dividends, share repurchases, and tangible book value. Recurring developments also include completed bank acquisitions, integration activity, technology platform investments, and the expansion of financial services across its community banking footprint.
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, Inc. (NASDAQ: FMBH) reported strong Q2 2024 financial results with net income of $19.7 million, or $0.82 diluted EPS. Adjusted net income was $20.1 million, or $0.84 diluted EPS. The company saw margin expansion and loan growth, driving a $1.3 million increase in net interest income. Key highlights include:
- Announced acquisition of Mid Rivers Insurance Group, expanding Missouri presence
- Board increased quarterly dividend to $0.24 per share
- Net interest margin improved to 3.36%
- Total loans increased by $61.3 million to $5.56 billion
- Strong asset quality with non-performing loans ratio at 0.34%
- Capital levels remained strong, with total capital to risk-weighted assets at 15.46%
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First Mid Bancshares, Inc. (NASDAQ: FMBH) reported a net income of $19.2 million for Q1 2023, equating to $0.93 diluted EPS, alongside an adjusted net income of $19.7 million or $0.96 diluted EPS. The company saw a record in insurance revenues, contributing significantly to noninterest income of $22.5 million. However, net interest income decreased by 5.4% from the previous quarter, primarily due to rising interest expenses. The total loans decreased to $4.76 billion following elevated payoffs in commercial real estate. The company announced the acquisition of Blackhawk Bancorp, Inc., aiming to enhance its funding profile. Total deposits fell by $226.2 million, largely attributed to a single customer's withdrawal. The Board declared a quarterly dividend of $0.23 per share.
First Mid Bancshares, Inc. (NASDAQ: FMBH) and Blackhawk Bancorp, Inc. (OTCQX: BHWB) announced a definitive agreement for a 100% stock merger. Blackhawk, with total assets of approximately $1.32 billion, will merge into First Mid, which plans to pay about $90.3 million in a share exchange. The transaction is projected to be 22% accretive to earnings per share by 2024 and expects to realize 31% cost savings from Blackhawk’s noninterest expenses. After the merger, First Mid will strengthen its balance sheet with improved loan-to-deposit ratios and increased liquidity. The deal has received board approval and is expected to close in H2 2023, pending regulatory and shareholder approvals.
First Mid Bancshares, Inc. (NASDAQ: FMBH) reported a net income of $20.6 million for Q4 2022, with a diluted EPS of $1.01. Total loans grew by 2.2% for the quarter and 10.3% for the year, reaching $4.83 billion. The tangible book value per share rose by 7.8%. Despite a 5.4% drop in net interest income compared to the previous quarter, it increased by 6.9% year-over-year. Noninterest income grew by over 7%, driven by wealth management and insurance services. A quarterly dividend of $0.23 was declared. Capital levels remain strong, well above regulated benchmarks, with a Board-approved dividend payable on March 1, 2023.