First Mid Bancshares Inc. Stock Price, News & Analysis

First Mid Bancshares, Inc. (NASDAQ: FMBH) reported a net income of $16.8 million, or $0.93 diluted EPS, for the quarter ending December 31, 2021. Adjusted net income was $17.1 million, or $0.94 diluted EPS. The company experienced a 2.3% growth in loans, excluding PPP loans, and achieved record wealth management revenues of $18.1 million. Net interest income decreased by 6% on declining PPP income, yet increased 27.9% year-over-year. The Federal Reserve approved the acquisition of Delta Bancshares, expected to close in mid-February.

First Mid Bancshares reported a net income of $18.3 million for Q3 2021, achieving a record quarterly earnings per share of $1.01. Adjusted net income reached $19.7 million or $1.08 diluted EPS. Organic loan growth was 1.3%, and the integration of a St. Louis commercial lending team added $208.0 million in loans. Net interest income increased 6.4% from the previous quarter, totaling $2.7 million. Total deposits rose by $249.2 million to $4.99 billion. A quarterly dividend of $0.22 was approved, payable on December 1, 2021.

First Mid Bancshares reported a net income of $12.2 million for Q2 2021, with a diluted EPS of $0.68. The board approved a 7.3% dividend increase to $0.22 per share, payable on September 1, 2021. Key developments included the completed merger with Providence Bank and acquisitions enhancing non-interest income by $2.0 million. Net interest income rose 16.3% from Q1, totaling $6.0 million increase. Noninterest income grew 31.7% year-over-year. Asset quality remains strong with a 0.80% non-performing loan ratio.

First Mid Bancshares (NASDAQ: FMBH) announced definitive agreements to acquire Delta Bancshares Company and a loan and deposit portfolio in St. Louis. Delta, with $697 million in assets, will yield approximately $106.3 million in total consideration, comprising $15.2 million in cash and stock. The combined acquisitions are projected to be 14% accretive to earnings per share in 2022. First Mid expects to maintain strong regulatory capital ratios post-transaction. This strategic move enhances First Mid's market presence, positioning it 11th in deposit market share in St. Louis.

First Mid Bancshares reported a strong first quarter 2021 with a net income of $4.1 million and adjusted net income of $15.2 million, a record high. The company successfully completed the acquisition of LINCO Bancshares on February 22, enhancing its loan portfolio to $3.94 billion. Noninterest income rose to $17.7 million, driven by wealth management and insurance services. However, noninterest expenses increased to $37.6 million, partly due to acquisition costs. The company declared a quarterly dividend of $0.205 per share, reflecting strong capital levels above regulatory requirements.

First Mid Bancshares, Inc. (NASDAQ: FMBH) has successfully completed the acquisition of LINCO Bancshares, Inc., which includes Providence Bank. As of December 31, 2020, Providence boasted total assets of $1.1 billion, $895 million in deposits, and $863 million in loans across 14 locations in Missouri, Texas, and Indiana. Following the acquisition, First Mid's total assets are approximately $5.7 billion. The account conversion for Providence Bank customers is anticipated in Q2 2021, with no immediate changes affecting them.

First Mid Bancshares, Inc. (NASDAQ: FMBH) reported record quarterly net income of $13.6 million, or $0.81 diluted EPS, for Q4 2020. The company received regulatory approval for the acquisition of LINCO Bancshares, expected to close in February. Total deposits increased by $72.9 million and noninterest income rose to $15.5 million, driven by strong wealth management performance. A quarterly dividend of $0.205 was announced, reflecting a shift from semi-annual payments. However, total loans decreased by $97.8 million, largely due to $93.4 million in forgiven Paycheck Protection Program loans.

First Mid Bancshares, Inc. (NASDAQ: FMBH) announced plans to optimize its branch network by closing and consolidating 10 of its 63 full-service branches in 2021, focusing on digital banking trends. This move, which includes one closure linked to the acquisition of LINCO Bancshares, Inc., aims to improve operational efficiencies and customer experience. The Company anticipates $2 million in non-recurring costs but estimates annual savings of $1 million starting in 2022.

First Mid Bancshares reported a net income of $11.6 million, or $0.69 diluted EPS, for Q3 2020, marking a 1% loan growth and improved asset quality. The company announced plans to acquire LINCO Bancshares and recently completed a $96 million subordinated notes offering. The Board approved a 2.5% dividend increase to $0.41, payable December 15, 2020. Despite challenges, net interest income rose 4.5% year-over-year, with non-performing loans decreasing to 0.69% of total loans. The acquisition aims to enhance market presence in St. Louis, Missouri.