First Mid Bancshares (NASDAQ: FMBH) posts Q1 2026 growth and closes Two Rivers deal

Rhea-AI Filing Summary

First Mid Bancshares, Inc. delivered stronger first‑quarter 2026 results and expanded its balance sheet through acquisitions. Total assets reached $9.29 billion, up from $7.97 billion at year‑end, with net loans rising to $6.85 billion and deposits to $7.55 billion.

Net income for the quarter was $26.3 million, compared with $22.2 million a year earlier. Basic and diluted earnings per share were both $1.06, up from $0.93. Net interest income increased to $70.8 million as loan and securities interest grew faster than funding costs.

The company closed its acquisition of Two Rivers Financial Group, issuing 2,539,831 shares valued at about $104.2 million and adding over $1.18 billion of assets, without recording new goodwill. Nonaccrual loans rose to $43.2 million, while the allowance for credit losses increased to $86.8 million. Accumulated other comprehensive loss widened to $108.7 million, driven by unrealized losses on available‑for‑sale securities.

Positive

• Material earnings and scale growth: Q1 2026 net income rose to $26.3 million with EPS of $1.06, while total assets increased to $9.29 billion and loans and deposits both expanded significantly, supported by the closing of the Two Rivers acquisition priced at about $104.2 million in stock.

Negative

• None.

Insights

Regional bank equity analyst

Results improved with a sizable, equity-financed acquisition and higher credit reserves.

First Mid Bancshares showed meaningful first-quarter growth in both earnings and balance sheet. Net income reached $26.3M, and loans and deposits expanded strongly, helped by the completed acquisition of Two Rivers Financial Group, which added over $1.18B of assets.

The deal consideration was 2,539,831 shares valued at about $104.2M, with no new goodwill after purchase accounting adjustments. This suggests the acquired net assets roughly matched the price. The larger scale increases net interest income, which rose to $70.8M as of Q1 2026, but also raises risk-management demands.

Credit metrics tightened modestly. The allowance for credit losses increased to $86.8M, and nonaccrual loans plus loans 90 days past due totaled $43.2M. Accumulated other comprehensive loss deepened to $108.7M, reflecting higher unrealized losses on available-for-sale securities as of March 31, 2026. Subsequent filings may further detail integration of Two Rivers and ongoing credit trends.

Key Figures

Total assets: $9.29 billion Net income: $26.3 million Earnings per share: $1.06 basic and diluted +5 more

8 metrics

Total assets $9.29 billion March 31, 2026 balance sheet vs $7.97 billion at December 31, 2025

Net income $26.3 million Three months ended March 31, 2026 vs $22.2 million in 2025

Earnings per share $1.06 basic and diluted Q1 2026 EPS vs $0.93 a year earlier

Net loans $6.85 billion Net loans at March 31, 2026, up from $5.93 billion at year-end

Total deposits $7.55 billion Deposits at March 31, 2026 vs $6.40 billion at December 31, 2025

Two Rivers consideration 2,539,831 shares, ~$104.2 million Stock issued plus $2,000 cash at closing of Two Rivers acquisition

Allowance for credit losses $86.8 million Allowance as of March 31, 2026, up from $74.9 million at year-end

Accumulated other comprehensive loss $108.7 million AOCI at March 31, 2026 vs $101.3 million at December 31, 2025

Key Terms

allowance for credit losses, available-for-sale securities, nonaccrual loans, accumulated other comprehensive loss, +2 more

6 terms

allowance for credit losses financial

"The allowance for credit losses represents the Company’s best estimate of the reserve necessary to adequately account for probable losses expected over the remaining contractual life of the assets."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

available-for-sale securities financial

"Available-for-sale, at fair value (amortized cost of $ 1,325,037 and $ 1,215,813 at March 31, 2026 and December 31, 2025, respectively)"

Available-for-sale securities are investments in stocks, bonds or similar instruments that a company does not intend to trade frequently but may sell before they mature. They matter to investors because changes in the market value of these holdings show up as paper gains or losses on the company's balance sheet rather than immediately in profit, so they can affect reported net worth and the timing of income without changing day-to-day earnings. Think of them like items on a household shelf you might sell later: their value moves with the market even if you haven’t cashed out.

nonaccrual loans financial

"The following table presents the Company’s recorded balance of nonaccrual loans as of March 31, 2026 and December 31, 2025 (in thousands)."

Nonaccrual loans are loans a lender has stopped counting toward interest income because the borrower is overdue or unlikely to pay; the lender only records cash payments received and may set aside extra funds to cover potential losses. For investors, a rising number or amount of nonaccrual loans signals weaker credit quality, lower future interest revenue and larger potential write-downs — similar to pausing expected subscription income when many customers stop paying.

accumulated other comprehensive loss financial

"The components of accumulated other comprehensive loss included in stockholders’ equity as of March 31, 2026 and December 31, 2025 are as follows (in thousands)"

Accumulated other comprehensive loss is the running negative total of certain gains and losses that companies record outside their regular profit-and-loss statement, such as changes in the value of some investments, pension adjustments, or currency translation effects. It matters to investors because it reduces shareholders’ equity and reveals economic swings that haven’t affected reported net income yet — like a side ledger showing pending ups and downs that could influence future cash flow or balance-sheet strength.

mortgage servicing rights financial

"Mortgage servicing rights are accounted for under the amortization method."

Mortgage servicing rights are the contractual right to collect mortgage payments, manage escrow accounts, handle customer service and delinquency actions on a pool of home loans, in exchange for a portion of the loan’s payments. They matter to investors because their value behaves like a revenue stream that can rise or fall with interest rates and borrower behavior — similar to owning a toll bridge where income depends on traffic volume and maintenance costs — and thus affect a lender’s earnings and risk profile.

purchase accounting adjustments financial

"The following table provides a reconciliation of the purchase price paid for the acquisition of Two Rivers and the lack of goodwill recorded (in thousands)"

Purchase accounting adjustments are one-time changes made to a company’s financial statements after it buys another business, reallocating the purchase price to the acquired assets and liabilities at their fair values. Like re-appraising a house and its contents after a sale, these adjustments can shift reported assets, liabilities and future profit figures, so investors watch them because they affect balance sheets, reported earnings and comparisons with past performance.

10-Q Quarterly Reports: What Changes Quarter to Quarter →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________to _______________.

Commission file number 001-36434

FIRST MID BANCSHARES, INC.

(Exact name of Registrant as specified in its charter)

Delaware	37-1103704
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer identification no.)

1421 Charleston Avenue
Mattoon, Illinois	61938
(Address of principal executive offices)	(Zip code)

(217) 234-7454

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	FMBH	NASDAQ Global Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☒		Accelerated filer ☐
Non-accelerated filer ☐		Smaller reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of May 8, 2026, 26,615,796 common shares, $4.00 par value, were outstanding.

PART I

ITEM 1. FINANCIAL STATEMENTS

First Mid Bancshares, Inc.

Condensed Consolidated Balance Sheets (unaudited)

(In thousands, except share data)		March 31, 2026				December 31, 2025
Assets
Cash and due from banks:
Non-interest-bearing		$	64,893			$	57,224
Interest-bearing			411,190				197,620
Federal funds sold			949				76
Cash and cash equivalents			477,032				254,920
Certificates of deposit			3,060				1,740
Investment securities:
Available-for-sale, at fair value (amortized cost of $1,325,037 and $1,215,813 at March 31, 2026 and December 31, 2025, respectively)			1,176,071				1,076,883
Held-to-maturity, at amortized cost (estimated fair value of $2,271 and $2,288 at March 31, 2026 and December 31, 2025, respectively)			2,271				2,288
Equity securities, at fair value			4,717				4,588
Loans held for sale, at fair value			4,909				5,203
Loans			6,939,367				6,006,171
Less allowance for credit losses			(86,814	)			(74,875	)
Net loans			6,852,553				5,931,296
Interest receivable			46,753				39,949
Other real estate owned, net			5,529				2,857
Premises and equipment, net			101,935				90,782
Goodwill, net			203,391				203,391
Intangible assets, net			73,956				49,625
Bank owned life insurance			186,042				174,915
Right of use assets			13,411				12,674
Current tax assets			—				714
Deferred tax assets			61,834				45,453
Other assets			75,153				69,380
Total assets		$	9,288,617			$	7,966,658
Liabilities and stockholders’ equity
Deposits:
Non-interest-bearing		$	1,489,747			$	1,392,534
Interest-bearing			6,057,892				5,002,739
Total deposits			7,547,639				6,395,273
Repurchase agreements with customers			208,811				196,716
Interest payable			6,600				5,782
Other borrowings			295,106				270,000
Subordinated debt, net			60,072				60,008
Junior subordinated debt, net			34,022				24,454
Lease liabilities			13,954				13,210
Current tax liabilities			10,602				—
Other liabilities			35,185				42,523
Total liabilities			8,211,991				7,007,966
Commitments and contingent liabilities (Note 12)
Stockholders’ equity:
Common stock ($4 par value; authorized 45,000,000 shares; issued 27,307,663 and 24,671,969 shares in March 31, 2026 and December 31, 2025, respectively; outstanding 26,609,307 and 23,986,299 shares in March 31, 2026 and December 31, 2025, respectively)			111,231				100,688
Additional paid-in capital			614,974				516,984
Retained earnings			483,886				463,543
Deferred compensation			(205	)			2,654
Accumulated other comprehensive loss			(108,708	)			(101,301	)
Treasury stock, at cost (698,356 and 685,670 shares in March 31, 2026 and December 31, 2025)			(24,552	)			(23,876	)
Total stockholders’ equity			1,076,626				958,692
Total liabilities and stockholders’ equity		$	9,288,617			$	7,966,658

See accompanying notes to unaudited condensed consolidated financial statements.

2

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Income (unaudited)

		Three months ended
		March 31,
(In thousands, except per share data)		2026				2025
Interest income:
Interest and fees on loans		$	90,986			$	79,918
Interest on investment securities
Taxable			6,012				4,982
Exempt from federal income tax			1,873				1,795
Interest on certificates of deposit			21				36
Interest on federal funds sold			2				1
Interest on deposits with other financial institutions			1,726				827
Total interest income			100,620				87,559
Interest expense:
Interest on deposits			24,774				23,722
Interest on repurchase agreements with customers			1,025				1,180
Interest on other borrowings			2,398				1,831
Interest on subordinated debt			1,170				949
Interest on junior subordinated debt			468				468
Total interest expense			29,835				28,150
Net interest income			70,785				59,409
Provision for credit losses			2,598				1,652
Net interest income after provision for credit losses			68,187				57,757
Other income:
Wealth management revenues			6,375				5,800
Insurance commissions			10,807				9,925
Service charges			3,080				2,901
Investment securities gains (losses), net			20				(181	)
Mortgage banking revenue, net			721				711
ATM / debit card revenue			4,135				3,646
Bank owned life insurance			1,340				1,687
Other income			(37	)			375
Total other income			26,441				24,864
Other expense:
Salaries and employee benefits			35,016				31,748
Net occupancy and equipment expense			9,826				8,479
Net other real estate owned expense			212				101
FDIC insurance expense			940				849
Amortization of intangible assets			3,301				3,231
Stationery and supplies			302				431
Legal and professional			2,700				3,076
ATM / debit card expense			1,807				1,831
Marketing and donations			824				852
Other expense			5,797				3,874
Total other expense			60,725				54,472
Income before income taxes			33,903				28,149
Income taxes			7,576				5,978
Net income		$	26,327			$	22,171
Per share data:
Basic net income per common share		$	1.06			$	0.93
Diluted net income per common share			1.06				0.93

See accompanying notes to unaudited condensed consolidated financial statements.

3

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Comprehensive Income (unaudited)

		Three months ended
		March 31,
(In thousands)		2026				2025
Net income		$	26,327			$	22,171
Other comprehensive income (loss)
Unrealized gains (losses) on available-for-sale securities, net of taxes of $2,778 and ($2,594) for three months ended March 31, 2026 and 2025, respectively			(7,392	)			6,902
Less: reclassification adjustment for realized gains (losses) included in net income, net of taxes of ($5) and $50 for three months ended March 31, 2026 and 2025, respectively			15				(131	)
Other comprehensive income (loss), net of taxes			(7,407	)			7,033
Comprehensive income		$	18,920			$	29,204

See accompanying notes to unaudited condensed consolidated financial statements.

4

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

For the three months ended March 31, 2026

(In thousands)		Common Stock				Additional Paid-In- Capital				Retained Earnings				Deferred Compensation				Accumulated Other Comprehensive Loss				Treasury Stock				Total
December 31, 2025		$	100,688			$	516,984			$	463,543			$	2,654			$	(101,301	)		$	(23,876	)		$	958,692
Net income			—				—				26,327				—				—				—				26,327
Other comprehensive income, net of tax			—				—				—				—				(7,407	)			—				(7,407	)
Dividends on common stock ($.25 per share)			—				—				(5,984	)			—				—				—				(5,984	)
Issuance of 81,913 restricted common shares pursuant to 2017 stock incentive plan, net of forfeitures			328				3,241				—				—				—				—				3,569
Issuance of 6,975 common shares pursuant to 2017 stock incentive plan, net of forfeitures			28				276				—				—				—				—				304
Issuance of 6,975 common shares pursuant to the employee stock purchase plan			28				194				—				—				—				—				222
Issuance of 2,539,831 common shares pursuant to acquisition of Two Rivers Financial Group, Inc.			10,159				93,999				—				—				—				—				104,158
Purchase of 12,686 treasury shares			—				—				—				—				—				(500	)			(500	)
Deferred compensation			—				—				—				(3,563	)			—				(176	)			(3,739	)
Grant of restricted stock units pursuant to the 2017 stock incentive plan			—				2,299				—				—				—				—				2,299
Release of restricted stock units pursuant to 2017 stock incentive plan			—				(2,070	)			—				—				—				—				(2,070	)
Vested restricted shares/units compensation expense			—				51				—				704				—				—				755
March 31, 2026		$	111,231			$	614,974			$	483,886			$	(205	)		$	(108,708	)		$	(24,552	)		$	1,076,626

5

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

For the three months ended March 31, 2025

(In thousands)		Common Stock				Additional Paid-In- Capital				Retained Earnings				Deferred Compensation				Accumulated Other Comprehensive Loss				Treasury Stock				Total
December 31, 2024		$	100,258			$	512,810			$	395,189			$	2,756			$	(142,383	)		$	(22,239	)		$	846,391
Net income			—				—				22,171				—				—				—				22,171
Other comprehensive income, net of tax			—				—				—				—				7,033				—				7,033
Dividends on common stock ($.24 per share)			—				—				(5,727	)			—				—				—				(5,727	)
Issuance of 73,618 restricted common shares pursuant to 2017 stock incentive plan, net of forfeitures			294				2,575				—				—				—				—				2,869
Issuance of 5,600 common shares pursuant to 2017 stock incentive plan, net of forfeitures			22				196				—				—				—				—				218
Issuance of 6,891 common shares pursuant to the employee stock purchase plan			28				188				—				—				—				—				216
Deferred compensation			—				—				—				(2,779	)			—				(181	)			(2,960	)
Grant of restricted stock units pursuant to the 2017 stock incentive plan			—				1,791				—				—				—				—				1,791
Release of restricted stock units pursuant to 2017 stock incentive plan			—				(1,634	)			—				—				—				—				(1,634	)
Vested restricted shares/units compensation expense			—				49				—				532				—				—				581
March 31, 2025		$	100,602			$	515,975			$	411,633			$	509			$	(135,350	)		$	(22,420	)		$	870,949

See accompanying notes to unaudited condensed consolidated financial statements.

6

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

		Three months ended March 31,
(In thousands)		2026				2025
Cash flows from operating activities:
Net income		$	26,327			$	22,171
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			2,598				1,652
Depreciation, amortization and accretion, net			5,356				4,996
Change in cash surrender value of bank owned life insurance			(1,340	)			(1,200	)
Gain on cash surrender value of bank owned life insurance			—				(487	)
Stock-based compensation expense			865				688
Operating lease payments			(852	)			(822	)
Loss (gain) on sale of investment securities, net			(20	)			181
Loss on sales and write-downs of other real estate owned, net			52				80
Loss on sale of premises and equipment			6				14
Gain on sale of loans held for sale, net			(927	)			(641	)
Loss on repayment of subordinated debt			—				289
Gain on repayment of other borrowings			—				(85	)
Decrease (increase) in accrued interest receivable			(2,396	)			1,186
Increase in accrued interest payable			31				1,486
Origination of loans held for sale			(34,261	)			(25,500	)
Proceeds from sale of loans held for sale			33,924				29,111
Decrease (increase) in other assets			(2,245	)			21,118
Decrease in other liabilities			(2,041	)			(6,353	)
Net cash provided by operating activities			25,077				47,884
Cash flows from investing activities:
Proceeds from maturities of certificates of deposits			840				980
Purchases of certificates of deposits			(2,160	)			—
Proceeds from sales of investment securities available-for-sale			167,803				8,291
Proceeds from maturities of investment securities available-for-sale			24,027				23,927
Purchases of investment securities available-for-sale			(131,846	)			(500	)
Purchase of investment securities held-to-maturity			(3	)			(21	)
Net increase in loans			(63,743	)			(31,149	)
Purchases of premises and equipment			(1,960	)			(1,930	)
Proceeds from sale of premises and equipment			20				3,500
Proceeds from sales of other real property owned, net			270				33
Proceeds from bank owned life insurance death benefit			—				1,414
Purchase of other investments			(1,984	)			—
Net cash provided by acquisition			88,269				—
Net cash provided by investing activities			79,533				4,545
Cash flows from financing activities:
Net increase in deposits			111,573				73,284
Increase in repurchase agreements with customers			12,095				15,650
Proceeds from other borrowings			—				54,000
Repayment of other borrowings			(206	)			(101,435	)
Repayment of subordinated debt			—				(8,381	)
Proceeds from issuance of common stock			524				434
Purchase of treasury stock			(500	)			—
Dividends paid on common stock			(5,984	)			(5,727	)
Net cash provided by financing activities			117,502				27,825
Increase in cash and cash equivalents			222,112				80,254
Cash and cash equivalents at beginning of period			254,920				121,216
Cash and cash equivalents at end of period		$	477,032			$	201,470

7

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

		Three months ended March 31,
(In thousands)		2026				2025
Supplemental disclosures of cash flow information
Cash paid (received) during the period for:
Interest		$	29,017			$	26,805
Income taxes, net of refunds
US Federal		$	—			$	(1,009	)
State of Illinois			(206	)			(154	)
State of Wisconsin			(80	)			—
Other			—				(28	)
Total income taxes, net of refunds		$	(286	)		$	(1,191	)
Supplemental disclosures of noncash investing and financing activities
Loans transferred to other real estate owned		$	2,023			$	—
Fixed assets transferred to other real estate owned			950				—
Initial recognition of right-of-use assets in exchange for lease liabilities			57				668
Supplemental disclosures for purchases of capital stock
Fair value of assets acquired		$	1,186,786			$	11,449
Consideration paid:
Cash paid			2				9,000
Common stock issued			104,159				—
Total consideration paid			104,161				9,000
Fair value of liabilities assumed		$	1,082,625			$	2,449

See accompanying notes to unaudited condensed consolidated financial statements.

8

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1 -- Basis of Accounting and Consolidation

The unaudited condensed consolidated financial statements include the accounts of First Mid Bancshares, Inc. (“Company”) and its wholly owned subsidiaries: First Mid Bank & Trust, N.A. (“First Mid Bank”), Two Rivers Bank & Trust (“Two Rivers Bank”), First Mid Wealth Management Company (“First Mid Wealth Management”), First Mid Insurance Group, Inc. (“First Mid Insurance”), and First Mid Captive, Inc. (“the Captive”). All significant intercompany balances and transactions have been eliminated in consolidation. The financial information reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods ended March 31, 2026 and 2025, and all such adjustments are of a normal recurring nature. Certain amounts in the prior year’s consolidated financial statements may have been reclassified to conform to the March 31, 2026 presentation and there was no impact on net income or stockholders’ equity. The results of the interim period ended March 31, 2026 are not necessarily indicative of the results expected for the year-ending December 31, 2026. The 2025 year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America.

The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements and related footnote disclosures, although the Company believes that the disclosures made are adequate to make the information not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2025 Annual Report on Form 10-K.

Acquisitions

Downs Insurance Agency, Inc. During the quarter ended March 31, 2026, Downs Insurance Agency, Inc. (DIA) customer list was acquired by the Company for a purchase price of $1.4 million and immediately assigned to First Mid Insurance Group.

Two Rivers Financial Group, Inc. On October 29, 2025, the Company and Star Sub LLC, a newly formed Iowa limited liability company and wholly-owned subsidiary of the Company, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Two Rivers Financial Group, Inc., an Iowa corporation (Two Rivers), pursuant to which, among other things, the Company agreed to acquire 100% of the issued and outstanding shares of Two Rivers pursuant to a business combination whereby Two Rivers would merge with and into Star Sub LLC, whereupon the separate corporate existence of Two Rivers would cease and Star Sub LLC would continue as a surviving company and a wholly-owned subsidiary of the Company (the “Merger”).

Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each share of common stock of Two Rivers issued and outstanding immediately prior to the effective time of the Merger (other than shares held in treasury by Two Rivers) was converted into and became the right to receive 1.225 shares of common stock of the Company, and cash-in-lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration payable by the Company at the closing of the Merger to Two Rivers shareholders and equity award holders was 2,539,831 shares of the Company common stock valued at $104.2 million and $2,000 of cash-in-lieu of fractional shares.

It is anticipated that Two Rivers Bank will be merged with and into First Mid Bank in June 2026. At which time, Two Rivers Bank offices will become branches of First Mid Bank.

Ray Farm Management During the quarter ended December 31, 2025, Ray Farm Management Services, Inc.’s (RFMS) customer list was acquired by the Company for a purchase price of $764,000 and immediately assigned to First Mid Wealth Management.

AAdvantage Insurance Group LLC During the quarter ended September 30, 2025, a portion of AAdvantage Insurance Group LLC’s (AAIG) customer list was acquired by the Company for a purchase price of $2.8 million and immediately assigned to First Mid Insurance Group.

Mid Rivers Insurance Group, Inc. During the quarter ended September 30, 2024, Mid Rivers Insurance Group, Inc. (MRIG) was acquired by the Company for a purchase price of $10.1 million and immediately merged into First Mid Insurance Group.

Note 5 and 8 provide further information on the intangibles acquired in the above acquisitions.

9

Summary of Significant Accounting Policies

Segment Reporting

The Company operates as a single segment entity for financial reporting purposes. The Chief Financial and Risk Officer, Jordan Read (CFO), serves as the Company’s chief operating decision maker (CODM). The CODM allocates resources and assesses performance of the Company based on the consolidated performance, excluding all significant intercompany balances and transactions, of the Company and its wholly owned subsidiaries and does not significantly utilize disaggregated segment financial information for decision-making and resource allocation. As of March 31, 2026, management has reviewed the requirements of generally accepted accounting principles and has determined that no additional segment disclosures are required. Specifically,

•the Company does not use the tracked performance on the disaggregated segment level for decision-making or resource allocation purposes,

•no significant segment-specific expenses or performance metrics are used internally for decision-making or resource allocation purposes, and

•the level of financial consolidation presented in these financial statements aligns with the CODM’s internal reporting and decision-making process.

Based on this assessment the Company’s financial statement disclosures fully comply with generally accepted accounting principles, and no additional qualitative segment disclosures are necessary.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss included in stockholders’ equity as of March 31, 2026 and December 31, 2025 are as follows (in thousands):

		Unrealized Losses on Securities
March 31, 2026
Net unrealized losses on securities available-for-sale		$	(148,966	)
Tax benefit			40,258
Balance at March 31, 2026		$	(108,708	)
December 31, 2025
Net unrealized losses on securities available-for-sale		$	(138,930	)
Tax benefit			37,629
Balance at December 31, 2025		$	(101,301	)

Amounts reclassified from accumulated other comprehensive loss and the affected line items in the statements of income during the three months ended March 31, 2026 and 2025, were as follows (in thousands):

	Amounts Reclassified from Other Comprehensive Income (Loss)
		Three months ended
		March 31,								Affected Line Item in the
		2026				2025				Statements of Income
Realized gain (loss) on available-for-sale securities, net		$	20			$	(181	)		Investment securities gains (losses), net (total reclassified amount before tax)
Income tax benefit (expense)			(5	)			50			Income taxes
Total reclassifications out of accumulated other comprehensive income (loss)		$	15			$	(131	)		Net reclassified amount

See “Note 3 – Investment Securities” for more detailed information regarding unrealized losses on available-for-sale securities.

10

New Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” to require additional disclosures within the notes to the financial statements about certain expense items. Specifically, disaggregation of income statement captions that contain expenses within the following five categories is required: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization (“DD&A”) costs recognized as part of oil- and gas-producing activities or other amounts of depletion expense. Further, this update requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. This update provides a practical expedient for banks and bank holding companies to continue presenting salaries and employee benefits in conformity with SEC Rule 210.9-04 instead of requiring those entities to apply the employee compensation definition included in Subtopic 220-40. The amendments in this update may be applied on either a prospective or retrospective basis and will be effective for the Company beginning with the annual reporting period ending December 31, 2027, and interim reporting periods beginning January 1, 2028. The Company does not expect adoption of this ASU to have any impact on its financial position or results of operations because it only results in additional disclosures.

In November 2025, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) 2025-08, Financial Instruments Credit Losses (Topic 326): Purchased Loans (ASU 2025-08). The update was published with the intent to eliminate the current expected credit loss (CECL) “double count” on non-Purchase Credit Deteriorated (PCD) Loans. The update accomplishes this through using “gross up” methodology that is similar to the methodology used on PCD Loans. In the new method all “purchased seasoned loans” are grossed up for the Allowance of Credit Losses (ACL) expected on the loans. Purchased seasoned loans are defined as either:

•a loan that is obtained through a business combination accounted for using the acquisition method (most common for the Company)

•a loan obtained through a transfer that is not a business combination accounted for using the acquisition method or initially recognized through the consolidation of a variable interest entity and these loans must meet both of following criteria:

•the loan is obtained more than 90 days after its origination date; and

•the acquirer was not involved in the loan’s origination.

The Company adopted this standard as of January 1, 2026.

Note 2 -- Earnings Per Share

Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding. Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the assumed conversion of the Company’s convertible preferred stock and the Company’s stock options and restricted stock awarded, unless anti-dilutive.

The components of basic and diluted net income per common share available to common stockholders for the three months ended March 31, 2026 and 2025 were as follows:

		Three months ended
		March 31,
		2026				2025
Basic net income per common share available to common stockholders:
Net income available to common stockholders		$	26,327,000			$	22,171,000
Weighted average common shares outstanding			24,777,247				23,858,817
Basic earnings per common share		$	1.06			$	0.93
Diluted net income per common share available to common stockholders:
Net income available to common stockholders		$	26,327,000			$	22,171,000
Weighted average common shares outstanding			24,777,247				23,858,817
Dilutive potential common shares:
Restricted stock awarded			116,555				100,411
Diluted weighted average common shares outstanding			24,893,802				23,959,228
Diluted earnings per common share		$	1.06			$	0.93

11

There were no shares not considered in computing diluted earnings per share for the three months ended March 31, 2026 and 2025.

Note 3 -- Investment Securities

The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at March 31, 2026 and December 31, 2025 were as follows (in thousands):

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Fair Value
March 31, 2026
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	153,813			$	—			$	(10,234	)		$	143,579
Obligations of states and political subdivisions			327,480				234				(52,478	)			275,236
Mortgage-backed securities (1)			819,041				1,258				(86,948	)			733,351
Corporate bonded debt			24,703				—				(798	)			23,905
Total available-for-sale		$	1,325,037			$	1,492			$	(150,458	)		$	1,176,071
Held-to-maturity:
Other securities		$	2,271			$	—			$	—			$	2,271
December 31, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	153,859			$	3			$	(9,782	)		$	144,080
Obligations of states and political subdivisions			327,950				341				(47,658	)			280,633
Mortgage-backed securities (1)			705,728				2,458				(83,520	)			624,666
Corporate bonded debt			28,276				—				(772	)			27,504
Total available-for-sale		$	1,215,813			$	2,802			$	(141,732	)		$	1,076,883
Held-to-maturity:
Other securities		$	2,288			$	—			$	—			$	2,288
(1) Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB.

The Company also had $4.7 million and $4.6 million of equity securities, at fair value, as of March 31, 2026 and December 31, 2025, respectively. All the Company's held-to-maturity securities are government agency-backed securities for which the risk of loss is minimal. As such, as of March 31, 2026, the Company did not record an allowance for credit losses on its held-to-maturity securities.

Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the three months ended March 31, 2026 and 2025 (in thousands):

		Three months ended
		March 31,
		2026				2025
Proceeds from sales		$	167,803			$	8,291
Gross gains			20				—
Gross losses			—				(181	)
Income tax benefit (expense)			(5	)			49

12

The following table presents the aging of gross unrealized losses and fair value by investment category as of March 31, 2026 and December 31, 2025 (in thousands):

		Less than 12 months								12 months or more								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
March 31, 2026
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	797			$	—			$	142,331			$	(10,234	)		$	143,128			$	(10,234	)
Obligations of states and political subdivisions			32,023				(431	)			225,095				(52,047	)			257,118				(52,478	)
Mortgage-backed securities (1)			170,102				(3,042	)			465,341				(83,906	)			635,443				(86,948	)
Corporate bonded debt			3,975				(24	)			17,180				(774	)			21,155				(798	)
Total		$	206,897			$	(3,497	)		$	849,947			$	(146,961	)		$	1,056,844			$	(150,458	)
December 31, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	—			$	—			$	142,833			$	(9,782	)		$	142,833			$	(9,782	)
Obligations of states and political subdivisions			5,923				(8	)			246,076				(47,650	)			251,999				(47,658	)
Mortgage-backed securities (1)			11,327				(102	)			480,583				(83,418	)			491,910				(83,520	)
Corporate bonded debt			3,967				(33	)			19,203				(739	)			23,170				(772	)
Total		$	21,217			$	(143	)		$	888,695			$	(141,589	)		$	909,912			$	(141,732	)
(1) Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB.

At March 31, 2026, there were four hundred sixty-three available-for-sale securities with a fair value of $849.9 million and unrealized losses of $147.0 million in a continuous unrealized loss position for twelve months or more. At December 31, 2025, there were four hundred eighty-eight available-for-sale securities with a fair value of $888.7 million and unrealized losses of $141.6 million in a continuous unrealized loss position for twelve months or more.

At March 31, 2026 and December 31, 2025, there were no held-to-maturity securities in a continuous unrealized loss position for twelve months or more.

The Company does not consider available-for-sale securities with unrealized losses at March 31, 2026, to be experiencing credit losses and recognized no resulting allowance for credit losses. The Company does not intend to sell a significant amount of the investments unless they are acquired and subsequently marked to fair value, and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities. The unrealized losses occurred as a result of changes in interest rates, market spreads, and market conditions after purchase.

13

Note 4 -- Loans and Allowance for Credit Losses

Loans are stated at the principal amount outstanding net of unearned discounts, unearned income, and allowance for credit losses. Unearned income includes deferred loan origination fees reduced by loan origination costs and is amortized to interest income over the life of the related loan using methods that approximated the effective interest rate method. Interest on substantially all loans is credited to income based on the principal amount outstanding.

A summary of loans at March 31, 2026 and December 31, 2025 follows (in thousands):

		March 31, 2026				December 31, 2025
Construction and land development		$	319,945			$	361,678
Agricultural real estate			405,226				374,143
1-4 family residential properties			746,704				494,258
Multifamily residential properties			457,705				340,324
Commercial real estate			2,972,812				2,582,404
Loans secured by real estate			4,902,392				4,152,807
Agricultural loans			370,124				307,290
Commercial and industrial loans			1,502,384				1,385,421
Consumer loans			39,672				32,109
All other loans			179,008				161,604
Total gross loans			6,993,580				6,039,231
Less: loans held for sale			4,909				5,203
Total gross loans held for investment			6,988,671				6,034,028
Less:
Net deferred loan fees, premiums, and discounts			49,304				27,857
Allowance for credit losses			86,814				74,875
Net loans		$	6,852,553			$	5,931,296

Net loans increased $921.3 million as of March 31, 2026 compared to December 31, 2025. Loans expected to be sold are classified as held for sale in the consolidated financial statements and are recorded at the lower of aggregate cost or fair value, taking into consideration future commitments to sell the loans. These loans are primarily for 1-4 family residential properties. Accrued interest on loans, which is excluded from the amortized cost of the balances above, totaled $40.1 million and $35.1 million at March 31, 2026 and December 31, 2025, respectively.

The structure of the Company’s loan approval process is based on progressively larger lending authorities granted to individual loan officers, loan committees, and ultimately the board of directors. Outstanding balances to one borrower or affiliated borrowers are limited by federal regulation; however, limits well below the regulatory thresholds are generally observed. The vast majority of the Company’s loans are to businesses located in the geographic market areas served by the Company’s branch network. Additionally, a significant portion of the collateral securing the loans in the portfolio is located within the Company’s primary geographic footprint. In general, the Company adheres to loan underwriting standards consistent with industry guidelines for all loan segments.

The Company’s lending can be summarized into the following primary areas:

Commercial Real Estate Loans. Commercial real estate loans are generally comprised of loans to small business entities to purchase or expand structures in which the business operations are housed, loans to owners of real estate who lease space to non-related commercial entities, loans for construction and land development, loans to hotel and motel operators, and loans to owners of multifamily residential structures, such as apartment buildings. Commercial real estate loans are underwritten based on historical and projected cash flows of the borrower and secondarily on the underlying real estate pledged as collateral on the debt. For the various types of commercial real estate loans, minimum criteria have been established within the Company’s loan policy regarding debt service coverage while maximum limits on loan-to-value and amortization periods have been defined. Maximum loan-to-value ratios range from 65% to 85% depending upon the type of real estate collateral, while the desired minimum debt coverage ratio is 1.20x to 1.35x. Amortization periods for commercial real estate loans are generally limited to twenty to thirty years, depending on the collateral type and loan-to-value. The Company’s commercial real estate portfolio is below the threshold of 300 percent of the Company's total capital that would designate a concentration in commercial real estate lending, as established by the federal banking regulators.

14

The following table represents the gross commercial real estate loans by property type as of March 31, 2026 (in thousands):

		March 31, 2026				December 31, 2025
First Mid Bank
Commercial real estate
Owner occupied		$	744,435			$	747,512
Non-owner occupied
Shopping centers and malls			270,895				264,961
Industrial and warehouse			247,069				237,522
Hotels and motels			216,141				218,073
Skilled nursing facility			192,441				187,875
Assisted living facility			168,834				170,733
Office			162,049				160,524
Retail			112,492				112,169
RV parks and campgrounds			99,159				104,267
Other property types			388,656				378,768
First Mid Bank total commercial real estate		$	2,602,171			$	2,582,404
Two Rivers Bank
Commercial real estate
Owner occupied		$	97,705			$	—
Non-owner occupied			272,936				—
Two Rivers Bank total commercial real estate		$	370,641			$	—
Total commercial real estate		$	2,972,812			$	2,582,404

Commercial and Industrial Loans. Commercial and industrial loans are primarily comprised of working capital loans used to purchase inventory and fund accounts receivable that are secured by business assets other than real estate. These loans are generally written for one year or less. Also, equipment financing is provided to businesses with these loans generally limited to 80% of the value of the collateral and amortization periods limited to seven years. Commercial loans are often accompanied by a personal guaranty of the principal owners of a business. Like commercial real estate loans, the underlying cash flow of the business is the primary consideration in the underwriting process. The financial condition of commercial borrowers is monitored at least annually with the type of financial information required to be determined by the size of the relationship. Measures employed by the Company for businesses with higher risk profiles include the use of government-assisted lending programs through the Small Business Administration and U.S. Department of Agriculture.

Agricultural and Agricultural Real Estate Loans. Agricultural loans are generally comprised of seasonal operating lines to grain farmers to plant and harvest corn and soybeans, term loans to fund the purchase of equipment, and the Company's Direct Merchant Finance product to fund crop inputs, primarily seed. Agricultural real estate loans are primarily comprised of loans for the purchase of farmland. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop. The Direct Merchant Finance loans are typically written for one year and are generally unsecured. Loan-to-value ratios on loans secured by farmland generally do not exceed 80% and have amortization periods ranging from twenty-five to thirty years depending on the loan-to-value. Federal government-assistance lending programs through the Farm Service Agency are used to mitigate the level of credit risk when deemed appropriate.

Residential Real Estate Loans. Residential real estate loans generally include loans for the purchase or refinance of residential real estate properties consisting of one-to-four units and home equity loans and lines of credit. The Company sells most of its long-term fixed rate residential real estate loans to secondary market investors. The Company also releases the servicing of these loans upon sale. Residential real estate loans are typically underwritten to conform to industry standards including criteria for maximum debt-to-income and loan-to-value ratios as well as minimum credit scores. Loans secured by first liens on residential real estate held in the portfolio typically do not exceed 80% of the value of the collateral and have amortization periods of twenty-five years or less. The Company does not originate subprime mortgage loans.

Consumer Loans. Consumer loans are primarily comprised of loans to individuals for personal and household purposes such as the purchase of an automobile or other living expenses. Minimum underwriting criteria have been established that consider credit score, debt-to-income ratio, employment history, and collateral coverage. Typically, consumer loans are set up on monthly payments with amortization periods based on the type and age of the collateral.

15

Construction and land development loans. Construction and land development loans are generally comprised of loans of all sizes, across many different industries, and can include properties for commercial businesses or land development or for residential use such as multifamily properties. Commercial and land development loans are underwritten based on historical and projected cash flows of the borrower and secondarily on the underlying real estate pledged as collateral on the debt. Construction and land development loans include unique risks that require enhanced diligence by lending personnel. For these loans, documentation requirements have been established within policy, and a specific checklist is followed. Additionally, based on the type of construction loan, the policy is also followed to designate the construction and land development loans as high-volatility commercial real estate if the loan meets the criteria. To ensure consistent construction loan monitoring, loans greater than $2 million must be monitored by the Bank’s construction monitoring staff.

The policy also establishes maximum loan-to-value/amortizations, terms, construction periods, cash investments, pre-sale/lease, and other requirements and are specific to the type of property including non-farm, non-residential secured loans as well as multifamily, 1-4 family non-owner occupied, land acquisition/development/vacant lot acquisition, and raw land. Maximum loan-to-value ratios range from 65% to 80% depending upon the type of real estate collateral. Amortization periods for construction and land development loans are generally limited to twenty to thirty years, depending on the collateral type and loan-to-value. The Company’s construction and land development portfolio is below the threshold of 100 percent of the Company's total capital that would designate a concentration in construction and land development lending, as established by the federal banking regulators.

Other Loans. Other loans consist primarily of loans to municipalities to support community projects such as infrastructure improvements or equipment purchases. Underwriting guidelines for these loans are consistent with those established for commercial loans with the additional repayment source of the taxing authority of the municipality.

Allowance for Credit Losses

The allowance for credit losses represents the Company’s best estimate of the reserve necessary to adequately account for probable losses expected over the remaining contractual life of the assets. The provision for credit losses is the charge against current earnings that is determined by the Company as the amount needed to maintain an adequate allowance for credit losses. In determining the adequacy of the allowance for credit losses, and therefore the provision to be charged to current earnings, the Company relies predominantly on a disciplined credit review and approval process that extends to the full range of the Company’s credit exposure. The review process is directed by the overall lending policy and is intended to identify, at the earliest possible stage, borrowers who might be facing financial difficulty. Factors considered by the Company in evaluating the overall adequacy of the allowance include historical net credit losses, the level and composition of nonaccrual, past due and modified loans, trends in volumes and terms of loans, effects of changes in risk selection and underwriting standards or lending practices, lending staff changes, concentrations of credit, industry conditions and the current economic conditions in the region where the Company operates. The Company estimates the appropriate level of allowance for credit losses by evaluating large substandard, and large impaired loans separately from other loans.

Individually Evaluated Loans

The Company individually evaluates certain loans for impairment. Loans are individually evaluated for expected credit losses when their principal balance exceeds $250,000, and they are in nonaccrual status, their risk rating assigned is Substandard and their principal balances exceeds $5 million, or they are designated as having a modification or probable of being foreclosed. For loans that allowance for credit loss is individually measured each quarter one of three alternatives is used: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the loan’s observable market price, if available; or (3) the fair value of the collateral less costs to sell for collateral dependent loans and loans for which foreclosure is deemed to be probable. A specific allowance is assigned when expected cash flows or collateral are less than the carrying amount of the loan. The carrying value of the loan reflects reductions from prior charge-offs.

Non-Individually Evaluated Loans

Non-individually evaluated loans comprise the vast majority of the Company’s total loan portfolio and include all loans not mentioned above in the individually evaluated loans section. A small portion of these loans are considered “criticized” due to the risk rating assigned reflecting elevated credit risk due to characteristics, such as a strained cash flow position, associated with the individual borrowers. Criticized loans are those assigned risk ratings of Special Mention, Substandard, or Doubtful.

The Company first bifurcates the loan portfolio into segments that share risk characteristics and then utilizes a discounted cash flow (DCF) method to measure the ACL on loans collectively evaluated that are sub-segmented by credit risk levels. The DCF method incorporates assumptions for probability of default, loss given default, prepayments, and curtailments over the contractual term of the loans. In determining the probability of default, the Company utilized regression analysis that includes the use of peer data to determine certain economic factors that are relevant loss drivers in the portfolio segments based on historical evaluations. National

16

unemployment is a loss driver used in all portfolios.

Within each pool, factors are evaluated that have specific impacts to the borrowers within the pool. These, along with the general risks and events, and the specific lending policies and procedures by loan type described above, are analyzed to estimate the qualitative factors used to adjust the historical loss rates.

During the current period, the following assumptions and factors were considered when determining the historical loss rate and any potential adjustments by loan pool.

Construction and Land Development Loans. Historical losses in this segment remain very low. While inflationary pressures have caused some risk in this segment, most projects are associated with financially strong borrowers. The qualitative factors for this segment increased for the period due to past due levels increasing primarily from the addition of the Two Rivers Bank loan portfolio.

Agricultural Real Estate Loans. Historical losses in the segment remain very low. Farmland values have increased over an extended period of time. While values have declined slightly from their peak, values have held up well overall. This continues to drive low loan to values in this segment. The qualitative factors for this segment were unchanged during the quarter.

Residential Real Estate Non-Owner Occupied Loans. The loan segment increased in the quarter from the addition of the Two Rivers Bank loan portfolio. The qualitative factors for this segment increased during the quarter due to this addition, including products not historically offered by First Mid Bank and variations in credit administration of the loans acquired.

Residential Real Estate Owner Occupied Loans. The loan segment increased in the quarter from the addition of the Two Rivers Bank loan portfolio. The qualitative factors for this segment increased during the quarter due to this addition, including products not historically offered by First Mid Bank and variations in the credit administration of the loans acquired. The qualitative factors for this loan segment also increased due to an increase in past dues.

HELOC Loans. These loans are a small segment to overall loan balances. There was no change to the qualitative factors for this segment during the year.

Commercial Real Estate Owner Occupied Loans. This segment has remained stable, reflecting less uncertainty to recessionary risks that were high in prior years with the rapid movement in interest rates and inflationary pressures. The quarter ended with lower past dues in this loan segment, which reduced the qualitative factors.

Commercial Real Estate Non-Owner Occupied Loans. This segment includes the Company's largest balances. The portfolio showed overall stability during the quarter and no changes to qualitative factors were made for this segment.

Agricultural Loans. Losses in this segment include the Company's Direct Merchant Financing product, which inherently comes with higher overall risk of losses. Overall past dues in this segment increased during the quarter and drove a higher qualitative factor adjustment.

Commercial and Industrial Loans. Most of the repricing to higher rates in this loan segment has already occurred. There were no changes to qualitative factors during the quarter.

Consumer Loans. This segment is a small portion of the Company's loan portfolio. Historical net charge-offs have been immaterial in this segment. No changes to qualitative factors were made during the quarter.

17

The following table presents the balance in the allowance for credit losses and the recorded investment in loans based on portfolio segment and impairment method as of the three months ended March 31, 2026 (in thousands):

		Construction and Land Development				Agricultural Real Estate				1-4 Family Residential Properties				Commercial Real Estate				Agricultural Loans				Commercial and Industrial				Consumer Loans				Total
Three months ended March 31, 2026
Beginning balance		$	5,129			$	1,283			$	3,753			$	35,589			$	1,401			$	26,285			$	1,435			$	74,875
Initial allowance on loans acquired			986				184				2,140				5,360				76				1,904				191				10,841
Provision (release) for credit loss expense			(1,175	)			(12	)			(117	)			1,780				1,176				615				331				2,598
Loans charged off			—				(40	)			(26	)			(1,111	)			—				(291	)			(498	)			(1,966	)
Recoveries collected			—				—				193				1				10				40				222				466
Ending balance		$	4,940			$	1,415			$	5,943			$	41,619			$	2,663			$	28,553			$	1,681			$	86,814

The following table presents the balance in the allowance for credit losses and the recorded investment in loans based on portfolio segment and impairment method as of the three months ended March 31, 2025 (in thousands):

		Construction and Land Development				Agricultural Real Estate				1-4 Family Residential Properties				Commercial Real Estate				Agricultural Loans				Commercial and Industrial				Consumer Loans				Total
Three months ended March 31, 2025
Beginning balance		$	3,275			$	1,361			$	3,579			$	32,669			$	1,957			$	25,602			$	1,739			$	70,182
Initial allowance on loans acquired			—				—				—				—				—				—				—				—
Provision (release) for credit loss expense			456				(69	)			(14	)			(125	)			809				559				36				1,652
Loans charged off			—				—				(39	)			(338	)			(1,117	)			(223	)			(366	)			(2,083	)
Recoveries collected			—				—				18				8				—				90				184				300
Ending balance		$	3,731			$	1,292			$	3,544			$	32,214			$	1,649			$	26,028			$	1,593			$	70,051

Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period where the uncollectible loss is reasonably determined. For all loan portfolio segments except 1-4 family residential properties and consumer, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral.

The Company charges off 1-4 family residential and consumer loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company adheres to time frames established by applicable regulatory guidance which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 180 days past due, charge-off of unsecured open-end loans when the loan is 180 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off.

18

The following table presents the amortized cost basis of collateral-dependent loans by class of loans that were individually evaluated to determine expected credit losses, and the related allowance for credit losses, as of March 31, 2026 and December 31, 2025 (in thousands):

		Collateral																Allowance for Credit Losses
Three months ended March 31, 2026		Real Estate				Business Assets				Other				Total
Construction and land development		$	8,465			$	—			$	—			$	8,465			$	620
Agricultural real estate			506				—				—				506				—
1-4 family residential properties			262				—				—				262				16
Multifamily residential properties			358				—				—				358				—
Commercial real estate			27,839				—				—				27,839				163
Loans secured by real estate			37,430				—				—				37,430				799
Agricultural loans			—				—				628				628				628
Commercial and industrial loans			—				7,996				29				8,025				2
Other loans			—				10,854				—				10,854				165
Total loans		$	37,430			$	18,850			$	657			$	56,937			$	1,594
Twelve months ended December 31, 2025
Construction and land development		$	—			$	—			$	—			$	—			$	—
Agricultural real estate			111				—				—				111				—
1-4 family residential properties			600				—				—				600				—
Multifamily residential properties			371				—				—				371				—
Commercial real estate			30,208				—				—				30,208				13
Loans secured by real estate			31,290				—				—				31,290				13
Agricultural loans			—				—				—				—				—
Commercial and industrial loans			—				7,123				29				7,152				392
Other loans			—				11,184				—				11,184				84
Total loans		$	31,290			$	18,307			$	29			$	49,626			$	489

Credit Quality

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral support, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continuous basis. The Company uses the following definitions for risk ratings, which are commensurate with a loan considered “criticized”:

Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard. Loans classified as substandard are inadequately protected by the current sound-worthiness and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing factors, conditions, and values, highly questionable and improbable.

19

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered pass rated loans. The following tables present the credit risk profile of the Company’s loan portfolio based on rating category and payment activity as of March 31, 2026 (in thousands):

March 31, 2026		Term Loans by Origination Year																								Revolving
Risk rating		2026				2025				2024				2023				2022				Prior				Loans				Total
Construction and land development loans
Pass		$	114,672			$	115,440			$	5,549			$	11,944			$	32,841			$	27,000			$	—			$	307,446
Special mention			—				—				457				—				342				—				—				799
Substandard			—				—				4,968				5				464				3,041				—				8,478
Total		$	114,672			$	115,440			$	10,974			$	11,949			$	33,647			$	30,041			$	—			$	316,723
Current period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Agricultural real estate loans
Pass		$	41,672			$	28,126			$	14,734			$	96,710			$	142,215			$	682			$	—			$	324,139
Special mention			918				2,361				893				32,019				21,924				4,775				—				62,890
Substandard			1,033				—				—				757				11,301				663				—				13,754
Total		$	43,623			$	30,487			$	15,627			$	129,486			$	175,440			$	6,120			$	—			$	400,783
Current period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	40			$	—			$	40
1-4 family residential properties
Pass		$	77,345			$	46,338			$	49,723			$	110,835			$	318,391			$	15,728			$	102,440			$	720,800
Special mention			—				—				—				179				681				—				—				860
Substandard			125				581				574				834				7,976				1,357				946				12,393
Total		$	77,470			$	46,919			$	50,297			$	111,848			$	327,048			$	17,085			$	103,386			$	734,053
Current period gross write-offs		$	—			$	—			$	—			$	—			$	16			$	10			$	—			$	26
Commercial real estate loans
Pass		$	489,277			$	251,123			$	309,047			$	655,550			$	1,533,869			$	96,953			$	—			$	3,335,819
Special mention			—				418				1,227				12,817				5,204				5,213				—				24,879
Substandard			—				8,668				13,597				5,519				11,683				4,044				—				43,511
Total		$	489,277			$	260,209			$	323,871			$	673,886			$	1,550,756			$	106,210			$	—			$	3,404,209
Current period gross write-offs		$	—			$	—			$	—			$	753			$	358			$	—			$	—			$	1,111
Agricultural loans
Pass		$	185,712			$	37,265			$	11,289			$	16,573			$	21,424			$	66,582			$	—			$	338,845
Special mention			16,584				8,519				236				676				155				54				—				26,224
Substandard			1,732				294				1,403				770				453				1,210				—				5,862
Total		$	204,028			$	46,078			$	12,928			$	18,019			$	22,032			$	67,846			$	—			$	370,931
Current period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial and industrial loans
Pass		$	441,881			$	217,030			$	96,263			$	209,636			$	532,065			$	92,451			$	—			$	1,589,326
Special mention			18,941				9,905				2,975				9,211				22,675				271				—				63,978
Substandard			—				1,418				2,132				1,312				18,839				975				—				24,676
Total		$	460,822			$	228,353			$	101,370			$	220,159			$	573,579			$	93,697			$	—			$	1,677,980
Current period gross write-offs		$	—			$	—			$	—			$	290			$	—			$	1			$	—			$	291
Consumer loans
Pass		$	9,634			$	4,539			$	3,847			$	11,842			$	6,623			$	2,641			$	—			$	39,126
Special mention			—				—				—				18				—				—				—				18
Substandard			—				25				22				197				196				9				—				449
Doubtful			2				2				—				—				—				—				—				4
Total		$	9,636			$	4,566			$	3,869			$	12,057			$	6,819			$	2,650			$	—			$	39,597
Current period gross write-offs		$	—			$	—			$	8			$	6			$	40			$	444			$	—			$	498
Total loans
Pass		$	1,360,193			$	699,861			$	490,452			$	1,113,090			$	2,587,428			$	302,037			$	102,440			$	6,655,501
Special mention			36,443				21,203				5,788				54,920				50,981				10,313				—				179,648
Substandard			2,890				10,986				22,696				9,394				50,912				11,299				946				109,123
Doubtful			2				2				—				—				—				—				—				4
Total		$	1,399,528			$	732,052			$	518,936			$	1,177,404			$	2,689,321			$	323,649			$	103,386			$	6,944,276
Current period gross write-offs		$	—			$	—			$	8			$	1,049			$	414			$	495			$	—			$	1,966

20

The following tables present the credit risk profile of the Company’s loan portfolio based on rating category and payment activity as of December 31, 2025 (in thousands):

December 31, 2025		Term Loans by Origination Year																								Revolving
Risk rating		2025				2024				2023				2022				2021				Prior				Loans				Total
Construction and land development loans
Pass		$	114,696			$	99,757			$	119,602			$	5,167			$	6,048			$	14,659			$	—			$	359,929
Special mention			—				—				398				—				—				348				—				746
Substandard			—				—				—				5				—				7				—				12
Total		$	114,696			$	99,757			$	120,000			$	5,172			$	6,048			$	15,014			$	—			$	360,687
Current period gross write-offs		$	—			$	—			$	107			$	—			$	—			$	—			$	—			$	107
Agricultural real estate loans
Pass		$	42,758			$	22,040			$	12,609			$	107,950			$	61,357			$	87,939			$	—			$	334,653
Special mention			228				339				806				22,343				1,331				7,810				—				32,857
Substandard			598				194				—				224				392				4,490				—				5,898
Total		$	43,584			$	22,573			$	13,415			$	130,517			$	63,080			$	100,239			$	—			$	373,408
Current period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
1-4 family residential properties
Pass		$	54,180			$	31,041			$	28,668			$	62,974			$	64,512			$	144,475			$	92,629			$	478,479
Special mention			—				—				—				185				93				760				—				1,038
Substandard			127				529				584				624				670				6,946				857				10,337
Total		$	54,307			$	31,570			$	29,252			$	63,783			$	65,275			$	152,181			$	93,486			$	489,854
Current period gross write-offs		$	—			$	12			$	9			$	—			$	—			$	135			$	—			$	156
Commercial real estate loans
Pass		$	459,831			$	217,098			$	157,923			$	597,491			$	498,456			$	916,195			$	—			$	2,846,994
Special mention			—				371				1,150				12,931				248				4,760				—				19,460
Substandard			—				5,000				15,295				6,246				2,394				8,763				—				37,698
Total		$	459,831			$	222,469			$	174,368			$	616,668			$	501,098			$	929,718			$	—			$	2,904,152
Current period gross write-offs		$	—			$	699			$	—			$	391			$	—			$	107			$	—			$	1,197
Agricultural loans
Pass		$	230,666			$	45,361			$	7,684			$	10,151			$	6,363			$	2,560			$	—			$	302,785
Special mention			1,209				76				11				—				23				—				—				1,319
Substandard			451				367				2,484				845				24				—				—				4,171
Total		$	232,326			$	45,804			$	10,179			$	10,996			$	6,410			$	2,560			$	—			$	308,275
Current period gross write-offs		$	—			$	280			$	1,081			$	836			$	306			$	—			$	—			$	2,503
Commercial and industrial loans
Pass		$	431,942			$	214,908			$	82,977			$	210,658			$	159,029			$	357,077			$	—			$	1,456,591
Special mention			19,409				8,898				2,542				7,965				61				26,193				—				65,068
Substandard			—				1,397				2,180				1,008				219				16,617				—				21,421
Total		$	451,351			$	225,203			$	87,699			$	219,631			$	159,309			$	399,887			$	—			$	1,543,080
Current period gross write-offs		$	—			$	—			$	163			$	225			$	497			$	1,600			$	—			$	2,485
Consumer loans
Pass		$	5,619			$	2,555			$	2,812			$	12,861			$	5,511			$	2,119			$	—			$	31,477
Special mention			—				—				—				22				—				—				—				22
Substandard			—				30				9				171				132				77				—				419
Total		$	5,619			$	2,585			$	2,821			$	13,054			$	5,643			$	2,196			$	—			$	31,918
Current period gross write-offs		$	5			$	23			$	27			$	99			$	43			$	1,228			$	—			$	1,425
Total loans
Pass		$	1,339,692			$	632,760			$	412,275			$	1,007,252			$	801,276			$	1,525,024			$	92,629			$	5,810,908
Special mention			20,846				9,684				4,907				43,446				1,756				39,871				—				120,510
Substandard			1,176				7,517				20,552				9,123				3,831				36,900				857				79,956
Total		$	1,361,714			$	649,961			$	437,734			$	1,059,821			$	806,863			$	1,601,795			$	93,486			$	6,011,374
Current period gross write-offs		$	5			$	1,014			$	1,387			$	1,551			$	846			$	3,070			$	—			$	7,873

21

The following table presents the Company’s loan portfolio, on an amortized cost basis, aging analysis at March 31, 2026 and December 31, 2025 (in thousands):

		30-59 Days Past Due				60-89 Days Past Due				90 Days or More Past Due				Total Past Due				Current				Total Loans Receivable				Total Loans > 90 Days and Accruing
March 31, 2026
Construction and land development		$	—			$	3,266			$	3,439			$	6,705			$	310,018			$	316,723			$	—
Agricultural real estate			162				—				841				1,003				399,780				400,783				—
1-4 family residential properties			5,676				943				1,577				8,196				725,857				734,053				—
Multifamily residential properties			107				—				145				252				455,933				456,185				—
Commercial real estate			4,980				450				3,458				8,888				2,939,136				2,948,024				—
Loans secured by real estate			10,925				4,659				9,460				25,044				4,830,724				4,855,768				—
Agricultural loans			695				17				2,520				3,232				367,699				370,931				—
Commercial and industrial loans			1,238				561				1,814				3,613				1,495,466				1,499,079				—
Consumer loans			285				72				85				442				39,155				39,597				—
All other loans			—				—				—				—				178,901				178,901				—
Total loans		$	13,143			$	5,309			$	13,879			$	32,331			$	6,911,945			$	6,944,276			$	—
Percent of total loans															0.47	%
December 31, 2025
Construction and land development		$	—			$	—			$	—			$	—			$	360,687			$	360,687			$	—
Agricultural real estate			—				—				841				841				372,567				373,408				—
1-4 family residential properties			4,725				1,630				1,687				8,042				481,812				489,854				—
Multifamily residential properties			—				—				—				—				339,482				339,482				—
Commercial real estate			712				228				5,671				6,611				2,558,059				2,564,670				—
Loans secured by real estate			5,437				1,858				8,199				15,494				4,112,607				4,128,101				—
Agricultural loans			—				19				—				19				308,256				308,275				—
Commercial and industrial loans			414				205				904				1,523				1,380,075				1,381,598				—
Consumer loans			329				44				111				484				31,434				31,918				—
All other loans			—				—				—				—				161,482				161,482				—
Total loans		$	6,180			$	2,126			$	9,214			$	17,520			$	5,993,854			$	6,011,374			$	—
Percent of total loans															0.29	%

Nonaccrual Loans

Within all loan portfolio segments, loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. Impaired loans, excluding certain modified loans, are placed on nonaccrual status. Impaired loans include nonaccrual loans and loans modified in restructuring where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. It is the Company’s policy to have any restructured loans which are on nonaccrual status prior to being modified remain on nonaccrual status until, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. If the restructured loan is on accrual status prior to being modified, the loan is reviewed to determine if the modified loan should remain on accrual status.

The Company’s policy is to discontinue the accrual of interest income on all loans for which principal or interest is ninety days past due. The accrual of interest is discontinued earlier when, in the opinion of management, there is reasonable doubt as to the timely collection of interest or principal. Once interest accruals are discontinued, accrued but uncollected interest is charged against current year's income. Subsequent receipts on nonaccrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Interest on loans determined to be modified is recognized on an accrual basis in accordance with the restructured terms if the loan is in compliance with the modified terms. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status.

22

The amount of interest income recognized by the Company within the periods stated above was due to loans modified in restructuring that remain on accrual status.

The following table presents the Company’s recorded balance of nonaccrual loans as of March 31, 2026 and December 31, 2025 (in thousands). This table excludes performing purchased credit deteriorated loans and performing loans modified.

		March 31, 2026								December 31, 2025
		Nonaccrual with no Allowance for				Total				Nonaccrual with no Allowance for				Total
		Credit Loss				Nonaccrual				Credit Loss				Nonaccrual
Construction and land development		$	3,796			$	8,470			$	5			$	5
Agricultural real estate			1,562				1,562				1,181				1,181
1-4 family residential properties			6,158				7,680				4,940				5,763
Multifamily residential properties			503				503				371				371
Commercial real estate			8,033				8,347				10,109				10,381
Loans secured by real estate			20,052				26,562				16,606				17,701
Agricultural loans			1,909				2,537				19				19
Commercial and industrial loans			3,028				3,057				1,232				1,967
Consumer loans			181				181				182				182
All other loans			1,823				10,854				1,942				11,184
Total loans		$	26,993			$	43,191			$	19,981			$	31,053

The aggregate principal balances of nonaccrual, past due ninety days or more loans were $43.2 million and $31.1 million at March 31, 2026 and December 31, 2025, respectively. Interest income that would have been recorded under the original terms of such nonaccrual loans totaled $501,000 and $471,000 for the three months ended March 31, 2026 and 2025, respectively.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The following table shows the amortized cost of loans at March 31, 2026 and 2025 that were both experiencing financial difficulty and modified segregated by portfolio segment and type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to outstanding loans is also presented below.

														Total
		Payment				Term				Interest				Class of
		Delay				Extension				Rate				Financing
		Investment				Modifications				Reduction				Receivable
March 31, 2026
Agricultural real estate		$	283			$	—			$	—				—	%
1-4 family residential properties			32				1,061				—				0.02	%
Commercial real estate			1,262				—				505				0.03	%
Loans secured by real estate			1,577				1,061				505				0.05	%
Commercial and industrial loans			418				211				—				0.01	%
Consumer loans			—				3				—				—	%
Total		$	1,995			$	1,275			$	505				0.06	%
March 31, 2025
Agricultural real estate		$	304			$	—			$	—				0.01	%
1-4 family residential properties			42				748				—				0.01	%
Commercial real estate			822				158				979				0.03	%
Loans secured by real estate			1,168				906				979				0.05	%
Commercial and industrial loans			859				87				—				0.02	%
Consumer loans			2				7				—				—	%
Total		$	2,029			$	1,000			$	979				0.07	%

23

The Company closely monitors the performance of loans that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table shows the performance of such loans that have been modified in the last twelve months ended March 31, 2026 and 2025.

		30-59 Days Past Due				60-89 Days Past Due				90 Days or More Past Due				Total Past Due
March 31, 2026
Commercial real estate			—				—				—				—
March 31, 2025
Commercial real estate			174				—				—				174

The following table shows the financial effect of loan modifications during the quarter ended March 31, 2026 and 2025 to borrowers experiencing financial difficulty.

		Weighted Average				Weighted Average
		Interest Rate				Term Extension
		Reduction				(in months)
March 31, 2026
Commercial real estate			—	%			—
Commercial and industrial loans			—	%			12
March 31, 2025
Commercial real estate			1.00	%			—
Commercial and industrial loans			—	%			—

A loan is considered to be in payment default once it is 90 days past due under the modified terms. There were one and four loans modified during the prior twelve months that experienced payment defaults for the three months ended March 31, 2026 and 2025, respectively.

At March 31, 2026 and December 31, 2025, the balance of real estate owned included $5.5 million and $2.9 million respectively of foreclosed real estate properties recorded as a result of obtaining physical possession of the property. At March 31, 2026 and December 31, 2025, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceeds were in process were $6.0 million and $1.3 million, respectively.

Note 5 -- Goodwill and Intangible Assets

The Company has goodwill from business combinations, identifiable intangible assets assigned to core deposit relationships and customer lists of business lines acquired. The following table presents gross carrying amount and accumulated amortization by major intangible asset class as of March 31, 2026 and December 31, 2025 (in thousands):

		March 31, 2026								December 31, 2025
		Gross Carrying Value				Accumulated Amortization				Gross Carrying Value				Accumulated Amortization
Goodwill		$	207,151			$	3,760			$	207,151			$	3,760
Core deposit intangibles			101,185				55,547				79,945				53,285
Customer list intangibles			40,814				16,805				34,420				16,021
Total		$	349,150			$	76,112			$	321,516			$	73,066

Core deposit intangibles are being amortized over a period of 10 years and other intangibles, primarily customer lists, are being amortized over periods ranging from 3 to 12 years.

During the quarter ended March 31, 2026, a customer list intangible asset of $1.4 million was recorded for the acquisition of DIA’s customer list in connection with its insurance business. The purchase consideration given to DIA matches the amount of intangible assets recorded.

24

No goodwill was recorded for the acquisition and merger of Two Rivers during the first quarter of 2026. The following table provides a reconciliation of the purchase price paid for the acquisition of Two Rivers and the lack of goodwill recorded (in thousands):

Unallocated purchase price					$	(14,671	)
Purchase accounting adjustments:
Decrease in fair value of securities	$	6,074
Decrease in fair value of loans, net		17,145
Decrease in fair value of premises and equipment		1,552
Decrease on time deposits		(131	)
Decrease in fair value of junior subordinated debt and other borrowings		(253	)
Increase in core deposit intangible		(17,056	)
Customer list intangible		(5,043	)
Recapture of existing goodwill		20,657
Other assets		(8,274	)
Total purchase accounting adjustments						14,671
Resulting goodwill from acquisition					$	—

In December 2025, a customer list intangible asset of $764,000 was recorded for the acquisition of RFMS customer list in connection with its farm management business. The purchase consideration given to RFMS matches the amount of intangible assets recorded.

During the quarter ended September 30, 2025, a customer list intangible asset of $2.8 million was recorded for the acquisition of a portion of AAIG's customer list in connection with its insurance business. The purchase consideration given to AAIG matches the amount of intangible assets recorded.

During the quarter ended September 30, 2024, goodwill of $6.9 million was recorded for the acquisition of the stock of Mid Rivers Insurance Group, Inc., in connection with its insurance business.

The following provides a reconciliation of the purchase price paid for Mid Rivers Insurance Group, Inc. and the amount of goodwill recorded (in thousands):

Unallocated purchase price					$	10,059
Less purchase accounting adjustments:
Insurance Company intangible	$	4,305
Other liabilities		(1,176	)
Total purchase accounting adjustments						3,129
Resulting goodwill from acquisition					$	6,930

The unpaid principal balance of mortgage loans serviced for others was $495.7 million, $557.6 million, and $509.7 million as of March 31, 2026, March 31, 2025, and December 31, 2025, respectively. The Company has mortgage servicing rights acquired in previous acquisitions. Mortgage servicing rights are accounted for under the amortization method. The following table summarizes the activity pertaining to the mortgage servicing rights included in intangible assets as of three months ended March 31, 2026 and 2025 (in thousands):

		March 31, 2026				March 31, 2025
Beginning balance		$	4,566			$	5,629
Adjustment to valuation reserve			—				1
Mortgage servicing rights amortized			(255	)			(287	)
Interest only strip			(2	)			(5	)
Ending balance		$	4,309			$	5,338
Fair value of portfolio		$	5,430			$	6,500

25

Total amortization expense for three months ended March 31, 2026 and 2025 was as follows (in thousands):

		Three months ended
		March 31,
		2026				2025
Core deposit intangibles		$	2,262			$	2,263
Customer list intangibles			784				681
Mortgage servicing rights			255				287
Total		$	3,301			$	3,231

Estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands):

Aggregate amortization expense:
For period 01/01/26-03/31/26		$	3,301
Estimated amortization expense:
For period 04/01/26-12/31/26			11,509
For year-ended 12/31/27			13,911
For year-ended 12/31/28			12,276
For year-ended 12/31/29			10,502
For year-ended 12/31/30			8,117

The weighted average amortization period for core deposit, customer lists and total intangibles was 3.40, 4.77, and 3.87 years respectively, at March 31, 2026.

In accordance with GAAP, the Company performed its annual testing of goodwill for impairment as of September 30, 2025 and determined that, as of that date, goodwill was not impaired. The goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Management also concluded that the remaining amounts and amortization periods were appropriate for all intangible assets.

Note 6 -- Repurchase Agreements and Other Borrowings

Securities sold under agreements to repurchase have overnight maturities and a weighted average rate of 2.04%.

The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default (e.g., declare bankruptcy), the Company could cancel the repurchase agreement (i.e., cease payment of principal and interest), and attempt collection on the amount of collateral value in excess of the repurchase agreement fair value. The collateral is held by a third-party financial institution in the counterparty's custodial account. The counterparty has the right to sell or repledge the investment securities. For government entity repurchase agreements, the collateral is held by the Company in a segregated custodial account under a tri- party agreement. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained, while mitigating the potential of over-collateralization in the event of counterparty default.

Repurchase agreements by class of collateral pledged are as follows (in thousands):

		March 31, 2026				December 31, 2025
US Treasury securities and obligations of U.S. government corporations and agencies		$	60,723			$	55,863
Mortgage-backed securities (1)			148,088				140,853
Total		$	208,811			$	196,716
(1) Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB.

26

FHLB advances represent borrowings by First Mid Bank and Two Rivers Bank to fund loan demand. Advances were $275.2 million and $270.0 million at March 31, 2026 and December 31, 2025, respectively. At March 31, 2026, the advances were as follows:

Advance				Term (in years)		Interest Rate		Maturity Date
$	19,397			7.0		2.46%		May 29, 2026
	22,149			10.0		1.74%		June 5, 2026
	25,000,000			3.0		4.40%		June 15, 2026
	14,546			15.0		3.87%		July 1, 2026
	14,365			15.0		3.68%		July 20, 2026
	2,400,000			3.0		4.79%		September 8, 2026
	19,538			15.0		2.26%		September 9, 2026
	57,319			7.0		2.11%		September 11, 2026
	66,169			7.0		1.80%		October 9, 2026
	94,344			7.0		1.81%		January 29, 2027
	102,811			7.0		1.52%		March 1, 2027
	25,000,000			3.0		4.37%		May 10, 2027
	25,000,000			3.0		4.32%		May 17, 2027
	22,083			15.0		2.38%		August 6, 2027
	11,070			15.0		2.42%		August 9, 2027
	204,236			10.0		2.72%		January 26, 2028
	25,000,000			5.0		3.95%		June 29, 2028
	261,208			10.0		2.10%		June 20, 2029
	25,000,000			5.0		3.93%		June 27, 2029
	182,238			10.0		2.01%		August 2, 2029
	5,000,000			10.0		1.15%		October 3, 2029
	5,000,000			10.0		1.12%		October 3, 2029
	10,000,000			10.0		1.39%		December 31, 2029
	25,000,000			5.0		3.46%		February 7, 2030
	412,756			10.0		1.06%		March 6, 2030
	415,533			10.0		1.29%		March 15, 2030
	25,000,000			5.0		3.16%		August 14, 2030
	358,310			10.0		0.89%		November 4, 2030
	50,000,000			5.0		2.92%		November 25, 2030
	502,036			10.0		0.83%		February 14, 2031
	25,000,000			10.0		2.71%		March 5, 2035
$	275,180,108

Note 7 -- Disclosures of Fair Values of Financial Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:

Level 1 Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities which use observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Following is a description of the inputs and valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy.

27

Available-for-Sale Securities. The fair value of available-for-sale securities is determined by various valuation methodologies. Where quoted market prices are available in an active market, securities are classified within Level 1. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sources market parameters, including but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy.

Equity Securities. The fair value of current equity securities is determined by obtaining quoted market prices in an active market and are classified within Level 1. In cases where quoted market prices are not available, fair values are estimated by using quoted prices of securities with similar characteristics and are classified in Level 2 of the valuation hierarchy.

Derivatives. The fair value of derivatives is based on models using observable market data as of the measurement date and are therefore classified in Level 2 of the valuation hierarchy.

Loans Held for Sale. The fair values are estimated by using quoted prices of loans with similar characteristics and are therefore classified in Level 2 of the valuation hierarchy.

The following table presents the Company’s assets that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of March 31, 2026 and December 31, 2025 (in thousands):

		Fair Value Measurements Using:
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
March 31, 2026
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	143,579			$	—			$	143,579			$	—
Obligations of states and political subdivisions			275,236				—				275,236				—
Mortgage-backed securities			733,351				—				725,876				7,475
Corporate bonded debt			23,905				—				21,146				2,759
Total available-for-sale securities			1,176,071				—				1,165,837				10,234
Equity securities			4,717				4,717				—				—
Loans held for sale			4,909				—				4,909				—
Derivative assets: interest rate swaps			1,721				—				1,721				—
Total assets		$	1,187,418			$	4,717			$	1,172,467			$	10,234
Derivative liabilities: interest rate swaps		$	1,241			$	—			$	1,241			$	—
December 31, 2025
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	144,080			$	—			$	144,080			$	—
Obligations of states and political subdivisions			280,633				—				280,633				—
Mortgage-backed securities			624,666				—				624,666				—
Corporate bonded debt			27,504				—				24,745				2,759
Total available-for-sale securities			1,076,883				—				1,074,124				2,759
Equity securities			4,588				4,588				—				—
Loans held for sale			5,203				—				5,203				—
Derivative assets: interest rate swaps			1,728				—				1,728				—
Total assets		$	1,088,402			$	4,588			$	1,081,055			$	2,759
Derivative liabilities: interest rate swaps		$	1,247			$	—			$	1,247			$	—

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The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the years ended three months ended March 31, 2026 and 2025 is summarized as follows (in thousands):

		Three months ended
		March 31,
		2026				2025
Beginning balance		$	2,759			$	5,759
Purchases			7,475				—
Ending balance		$	10,234			$	5,759

Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy.

Collateral Dependent Loans.

Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for determining the amount of impairment and estimating fair value include using the fair value of the collateral for collateral dependent loans.

If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. Impaired loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method.

Management establishes a specific allowance for loans that have an estimated fair value that is below the carrying value. The total carrying amount of loans for which a change in specific allowance has occurred as of March 31, 2026 was $21.6 million and a fair value of $19.9 million resulting in specific loss exposures of $1.7 million. As of December 31, 2025, the total carrying amount of loans for which a change in specific allowance occurred was $11.0 million. These loans had a fair value of $10.4 million which resulted in specific loss exposures of $605,000.

When there is little prospect of collecting principal or interest, loans, or portions of loans, may be charged off to the allowance for credit losses. Losses are recognized in the period an obligation becomes uncollectible. The recognition of a loss does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan even though partial recovery may be affected in the future.

Foreclosed Assets Held for Sale.

Other real estate owned acquired through loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. The adjustment at the time of foreclosure is recorded through the allowance for credit losses. Due to the subjective nature of establishing fair value when the asset is acquired, the actual fair value of the other real estate owned or foreclosed asset could differ from the original estimate. If it is determined that fair value declines subsequent to foreclosure, a valuation allowance is recorded through non-interest expense. Operating costs associated with the assets after acquisition are also recorded as non-interest expense. Gains and losses on the disposition of other real estate owned and foreclosed assets are netted and posted to other non-interest expenses. The total carrying amount of other real estate owned as of March 31, 2026 was $5.5 million. Other real estate owned included in the total carrying amount and measured at fair value on a nonrecurring basis during the year amounted to $317,000. The total carrying amount of other real estate owned as of December 31, 2025 was $2.9 million. Other real estate owned included in the total carrying amount and measured at fair value on a nonrecurring basis during the year amounted to $605,000.

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The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2026 and December 31, 2025 (in thousands):

		Fair Value Measurements Using:
						Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		Fair Value				(Level 1)				(Level 2)				(Level 3)
March 31, 2026
Collateral dependent loans		$	19,916			$	—			$	—			$	19,916
Foreclosed assets held for sale			317				—				—				317
December 31, 2025
Collateral dependent loans		$	10,389			$	—			$	—			$	10,389
Foreclosed assets held for sale			605				—				—				605

Sensitivity of Significant Unobservable Inputs

The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at March 31, 2026 and December 31, 2025.

		Fair Value		Valuation				Range
		(in thousands)		Technique		Unobservable Inputs		(Weighted Average)
March 31, 2026
Collateral dependent loans		$19,916		Third party valuations		Discount to reflect realizable value		0%-40%		(20%)
Foreclosed assets held for sale		317		Third party valuations		Discount to reflect realizable value less estimated selling costs		0%-40%		(35%)
December 31, 2025
Collateral dependent loans		$10,389		Third party valuations		Discount to reflect realizable value		0% - 40%		(20%)
Foreclosed assets held for sale		605		Third party valuations		Discount to reflect realizable value less estimated selling costs		0% - 40%		(35%)

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The following tables present estimated fair values of the Company’s financial instruments at March 31, 2026 and December 31, 2025 (in thousands):

		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
March 31, 2026
Financial assets
Cash and due from banks		$	476,083			$	476,083			$	476,083			$	—			$	—
Federal funds sold			949				949				949				—				—
Certificates of deposit			3,060				3,060				—				3,060				—
Available-for-sale investment securities			1,176,071				1,176,071				—				1,165,837				10,234
Held-to-maturity investment securities			2,271				2,271				2,271				—				—
Equity investment securities			4,717				4,717				4,717				—				—
Loans held for sale			4,909				4,909				—				4,909				—
Loans net of allowance for credit losses			6,939,367				6,653,493				—				—				6,653,493
Interest receivable			46,753				46,753				—				46,753				—
Federal Reserve Bank stock			19,855				19,855				—				19,855				—
Federal Home Loan Bank stock			12,341				12,341				—				12,341				—
Financial liabilities
Deposits		$	7,547,639			$	7,476,423			$	—			$	5,972,507			$	1,503,916
Repurchase agreements with customers			208,811				208,811				—				208,811				—
Interest payable			6,600				6,600				—				6,600				—
Other borrowings			295,106				294,417				—				294,417				—
Subordinated debt, net			60,072				60,961				—				60,961				—
Junior subordinated debt, net			34,022				32,435				—				32,435				—
December 31, 2025
Financial assets
Cash and due from banks		$	254,844			$	254,844			$	254,844			$	—			$	—
Federal funds sold			76				76				76				—				—
Certificates of deposit			1,740				1,740				—				1,740				—
Available-for-sale investment securities			1,076,883				1,076,883				—				1,074,124				2,759
Held-to-maturity investment securities			2,288				2,288				2,288				—				—
Equity investment securities			4,588				4,588				4,588				—				—
Loans held for sale			5,203				5,203				—				5,203				—
Loans net of allowance for credit losses			5,931,296				5,761,258				—				—				5,761,258
Interest receivable			39,949				39,949				—				39,949				—
Federal Reserve Bank stock			19,855				19,855				—				19,855				—
Federal Home Loan Bank stock			11,351				11,351				—				11,351				—
Financial liabilities
Deposits		$	6,395,273			$	6,322,439			$	—			$	5,265,780			$	1,056,659
Repurchase agreements with customers			196,716				196,716				—				196,716				—
Interest payable			5,782				5,782				—				5,782				—
Other borrowings			270,000				270,338				—				270,338				—
Subordinated debt, net			60,008				60,800				—				60,800				—
Junior subordinated debt, net			24,454				22,083				—				22,083				—

Note 8 -- Business Combinations

On February 28, 2026, the Company completed its acquisition of Two Rivers Financial Group, Inc. (“Two Rivers”) pursuant to an Agreement and Plan of Merger Agreement, dated October 29, 2025 (the “Agreement”). Pursuant to the Agreement, Two Rivers was merged with and into the Company. Two Rivers shareholders received 1.225 shares of the Company's common stock for each share of Two Rivers common stock.

The Company accounted for the Two Rivers acquisition as a business combination using the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”). ASC 805 requires assets purchased and liabilities assumed to be recorded at their respective fair values at the date of acquisition. The Company determined the fair value of loans, core deposit

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intangibles, time deposits, real property, jr. subordinated debt, a note payable, leases, FHLB borrowings and a customer list intangible with the assistance of third-party valuations and appraisals.

A preliminary summary of the fair value of assets received and liabilities assumed are as follows:

(In thousands)
Assets
Cash and due from banks		$	88,972
Loans held for sale			43
Loans, net			860,534
Investments-available for sale			169,780
FHLB stock			989
Premises and equipment			11,743
Accrued interest receivable			4,408
Prepaid expenses			954
Other assets			12,889
Core deposit intangible			21,240
Customer list intangible			5,043
Deferred tax asset			10,191
Total assets acquired		$	1,186,786
Liabilities
Deposits		$	1,040,793
FHLB advance			5,308
Note payable			20,004
Junior subordinated debt, net			9,526
Accrued interest payable			829
Accrued and other liabilities			6,165
Total liabilities assumed			1,082,625
Net assets acquired		$	104,161
Total consideration		$	104,161
Goodwill / bargain purchase		$	—

The following table presents a summary of consideration transferred:

(In thousands, except shares)
Common stock issued (2,539,831 shares)		$	104,159
Cash consideration			2
Purchase price		$	104,161

The Company recorded no goodwill or bargain purchase in connection with the acquisition of Two Rivers. The goodwill calculation is provisional for up to one year after the acquisition and could be adjusted in subsequent quarters during 2026 if additional relevant information to the fair values listed above become available. The descriptions below describe the methods used to determine the fair value of significant assets acquired and liabilities assumed, as presented above:

Loans, net. The fair value of the loan portfolio was calculated on an individual loan basis using a discounted cash flow analysis, with results presented and assumptions applied on a summary basis. This analysis took into consideration the contractual terms of the loans and assumptions related to the cost of debt, cost of equity, servicing cost, and other liquidity/risk premium considerations to estimate the projected cash flows. The inputs and assumptions used in the fair value estimate of the loan portfolio include loss rates, discount rate, prepayment speed, and foreclosure lag. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans.

Premises and equipment. The fair value of the real estate acquired was determined by using third party real estate appraisers. The appraisals factored in the condition of the property and comparable sales of similar properties in similar markets. The appraisals allocated the value of each property between land and building and the properties were recorded at the appraised value on the balance sheet as of the date of the acquisition.

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Core deposit intangible. The Company identified customer relationships, in the form of core deposit intangibles, as an identified intangible asset. Core deposit intangibles derive value from the expected future benefits or earnings capacity attributable to the acquired core deposits. The fair value of the core deposit intangible was estimated by identifying the expected future benefits of the core deposits and discounting those benefits back to present value. The core deposit intangible will be amortized over its estimated useful life of approximately 10 years using the sum of the months digits accelerated method.

Customer list intangible. The Company identified wealth management trust customer relationships, in the form of customer list intangible, as an identified intangible asset. Customer list intangibles derive value from the expected future benefits or earnings capacity attributable to the acquired trust customer relationships. The fair value of the customer list intangible was estimated by identifying the expected future benefits of the customer relationships and discounting those benefits back to present value. The customer list intangible will be amortized over its estimated useful life of approximately 11 years using the straight-line method.

Deposits. The fair value of demand deposit and interest checking deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flow using market rates offered for time deposits of similar remaining maturities.

FHLB borrowings, note payable, and jr. subordinated debt. The FHLB borrowings, note payable, and jr. subordinated debt was fair valued using an income approach. Cash flows were calculated using the instrument’s annualized contractual rate and discounted to present value using market rates for similar types of borrowing arrangements.

Accounting for acquired loans. Loans acquired are recorded at fair value with no carryover of the related allowance for credit losses. Purchased-credit deteriorated loans (“PCD”) are loans that have experienced more than insignificant credit deterioration since origination and are recorded at the purchase price. The allowance for credit losses is determined at the loan level. Non-PCD loans have not experienced a more than insignificant deterioration in credit quality since origination. Under ASU 2025-08, these loans are referred to as purchased seasoned loans and accounted for similarly to the PCD loans. PCD and purchased seasoned loan’s purchase price and the allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan.

In accordance with ASC 326, Financial Instruments – Credit Losses, immediately following the acquisition the Company established a $10.8 million allowance for credit losses on the $896.2 million of acquired loans.

The following table provides a summary of loans purchased as part of the Two Rivers acquisition as of the acquisition date:

(In thousands)
Unpaid principal balance		$	896,204
Allowance for credit losses at acquisition			(10,841	)
Non-credit discount on acquired loans			(24,786	)
Fair value of loans		$	860,577

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The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the Two Rivers Merger taken place at the beginning of the period (dollars in thousands, except per share data):

		Three months ended
		March 31,
		2026				2025
Net interest income		$	77,091			$	68,234
Provision for credit losses			2,598				1,849
Non-interest income			28,498				27,725
Non-interest expense			69,530				65,067
Income before income taxes			33,461				29,043
Income tax expense			7,718				6,103
Net income available to common stockholders		$	25,743			$	22,940
Earnings per share
Basic		$	0.97			$	0.87
Diluted		$	0.97			$	0.87
Basic weighted average shares outstanding			26,470,468				26,398,648
Diluted weighted average shares outstanding			26,587,023				26,499,059

Acquisition costs are expensed as incurred as a component of non-interest expense and primarily include, but are not limited to, severance costs, professional services, data processing fees, and marketing and advertising expenses. The Company incurred acquisition costs related to the Two Rivers acquisition, pre-tax, of $2.1 million during the three months ended March 31, 2026 and no related acquisition costs were incurred during the three months ended March 31, 2025.

Note 9 -- Leases

The Company recognizes a lease liability and a right-of-use asset, based on the present value of lease payments over the lease term. The discount rate used in determining the present value is the Company's incremental borrowing rate which is the FHLB fixed advance rate based on the lease commencement date. In addition, the Company has elected not to include short-term leases (i.e., leases with terms of twelve months or less) or equipment leases (primarily copiers) deemed immaterial, on the consolidated balance sheets. The following table contains supplemental balance sheet information related to leases (dollars in thousands):

		March 31, 2026				December 31, 2025
Operating lease right-of-use assets		$	13,411			$	12,674
Operating lease liabilities			13,954				13,210
Weighted-average remaining lease term (in years)			4.3			4.4
Weighted-average discount rate			3.57	%			3.54	%

Certain of the Company's leases contain options to renew the lease; however, not all renewal options are included in the calculation of lease liabilities as they are not reasonably certain to be exercised. The Company's leases do not contain residual value guarantees or material variable lease payments. The Company does not have any other material restrictions or covenants imposed by leases that would impact the Company's ability to pay dividends or cause the Company to incur additional financial obligations.

Future minimum lease payments under operating leases are (in thousands):

		Operating Leases
2026		$	2,799
2027			3,402
2028			2,753
2029			2,271
2030			1,541
Thereafter			2,685
Total minimum lease payments			15,451
Less imputed interest			(1,497	)
Total lease liabilities		$	13,954

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The components of lease expense for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

		Three months ended
		March 31,
		2026				2025
Operating lease cost		$	912			$	826
Short-term lease cost			37				31
Variable lease cost			173				343
Total lease cost			1,122				1,200
Income from subleases			(77	)			(80	)
Net lease cost		$	1,045			$	1,120

As the Company elected not to separate lease and non-lease components, the variable lease cost primarily represents variable payment such as common area maintenance and copier expense. The Company does not have any material sub-lease agreements. In October 2025, the Company recognized a $630,000 gain on the sale of their branch location in St. Louis, MO and subsequently leased the property back from the buyer with a lease term ending on December 31, 2026. Cash paid for amounts included in the measurement of lease liabilities was (in thousands):

		March 31, 2026				March 31, 2025
Operating cash flows from operating leases		$	852			$	822

Note 10 -- Derivatives

The Company utilizes interest rate swaps, designated as fair value hedges, to mitigate the risk of changing interest rates on the fair value of fixed rate loans. For derivative instruments that are designed and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting loss or gain in the hedged asset attributable to the hedged risk, is recognized in current earnings.

Derivatives Designated as Hedging Instruments

The following table provides the outstanding notional balances and fair value of outstanding derivatives designated as hedging instruments as of March 31, 2026 and December 31, 2025 (in thousands):

Derivative		Balance Sheet Location		Weighted Average Remaining Maturity (Years)		Notional Amount				Estimated Value
March 31, 2026
Interest rate swap agreements		Other liabilities		3.1		$	11,901			$	(1,241	)
December 31, 2025
Interest rate swap agreements		Other liabilities		3.3		$	11,974			$	(1,247	)

The effects of the fair value hedges on the Company's income statement during the three months ended March 31, 2026 and 2025 were as follows (in thousands):

				Three months ended
				March 31,
Derivative		Location of Gain (Loss) on Derivative		2026				2025
Interest rate swap agreements		Interest income on loans		$	(1	)		$	(263	)

				Three months ended
				March 31,
Derivative		Location of Gain (Loss) on Hedged Items		2026				2025
Interest rate swap agreements		Interest income on loans		$	1			$	263

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The following amounts were recorded on the balance sheet related to the cumulative basis adjustment for fair value hedges as of March 31, 2026 and December 31, 2025 (in thousands):

Line Item in the Balance Sheet in Which the Hedge Items are Included		Carrying Amount of the Hedged Assets				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets
March 31, 2026
Loans		$	11,421			$	(480	)
December 31, 2025
Loans			11,493				(481	)

Derivatives Not Designated as Hedging Instruments

The following table provides the outstanding notional balances and fair value of outstanding derivatives not designated as hedging instruments as of the three months ended March 31, 2026 and December 31, 2025 (dollars in thousands):

		Balance Sheet Location		Weighted Average Remaining Maturity (Years)		Notional Amount				Estimated Value
March 31, 2026
Interest rate swap agreements		Other assets		2.7		$	24,238			$	1,721
Interest rate swap agreements		Loans		2.7			24,238				(480	)
Interest rate swap agreements		Other liabilities		2.7			24,238				1,241
December 31, 2025
Interest rate swap agreements		Other assets		3.0		$	27,233			$	1,728
Interest rate swap agreements		Loans		3.0			27,233				481
Interest rate swap agreements		Other liabilities		3.0			27,233				1,247

Note 11 -- Regulatory Capital

The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Bank holding companies follow minimum regulatory requirements established by the Board of Governors of the Federal Reserve System (“Federal Reserve System”), First Mid Bank follows similar minimum regulatory requirements established for national banks by the Office of the Comptroller of the Currency (“OCC”). Two Rivers Bank follows similar minimum regulatory requirements established for Iowa banks by the Iowa Division of Banking and qualifies to be a community bank and utilize the community bank leverage ratio. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements.

Quantitative measures established by regulatory capital standards to ensure capital adequacy require the Company and its subsidiary banks to maintain minimum capital amounts and ratios (set forth in the table below). Management believes that, as of March 31, 2026 and December 31, 2025, the Company and First Mid Bank and Two Rivers Bank met all capital adequacy requirements.

As of December 31, 2025, the most recent notification from the primary regulators categorized First Mid Bank and Two Rivers Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, minimum total risk-based capital, Tier 1 risk-based capital, Common Equity Tier 1 risk-based capital, and Tier 1 leverage ratios must be maintained as set forth in the following table. At March 31, 2026, there were no conditions or events since the most recent notification that management believes has changed this categorization.

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		Actual								Required Minimum for Capital Adequacy Purposes with Capital Buffer						To Be Well-Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)		Amount				Ratio				Amount				Ratio		Amount				Ratio
March 31, 2026
Total capital (to risk-weighted assets)
Company		$	1,109,373				15.48	%		$	752,330			> 10.50%		N/A				N/A
First Mid Bank			918,376				14.48	%			665,941			> 10.50%		$	634,229			> 10.00%
Two Rivers Bank			116,694				13.95	%			87,862			> 10.50%			83,678			> 10.00%
Tier 1 capital (to risk-weighted assets)
Company			972,518				13.57	%			609,029			> 8.50%		N/A				N/A
First Mid Bank			842,769				13.29	%			539,095			> 8.50%			507,384			> 8.00%
Two Rivers Bank			115,518				13.81	%			71,126			> 8.50%			66,942			> 8.00%
Common equity tier 1 capital (to risk-weighted assets)
Company			938,496				13.10	%			501,553			> 7.00%		N/A				N/A
First Mid Bank			842,769				13.29	%			443,961			> 7.00%			412,249			> 6.50%
Two Rivers Bank			115,518				13.81	%			58,574			> 7.00%			54,391			> 6.50%
Tier 1 capital (to average assets)
Company			972,518				10.62	%			366,286			> 4.00%		N/A				N/A
First Mid Bank			842,769				10.75	%			313,474			> 4.00%			391,842			> 5.00%
Two Rivers Bank			115,518				9.94	%			46,467			> 4.00%			58,084			> 5.00%
December 31, 2025
Total capital (to risk-weighted assets)
Company		$	989,634				15.67	%		$	663,053			>10.50%		N/A				N/A
First Mid Bank			910,047				14.47	%			660,282			>10.50%		$	628,840			> 10.00%
Tier 1 capital (to risk-weighted assets)
Company			855,405				13.55	%			536,757			> 8.50%		N/A				N/A
First Mid Bank			835,826				13.29	%			534,514			> 8.50%			503,072			> 8.00%
Common equity tier 1 capital (to risk-weighted assets)
Company			830,951				13.16	%			442,035			> 7.00%		N/A				N/A
First Mid Bank			835,826				13.29	%			440,188			> 7.00%			408,746			> 6.50%
Tier 1 capital (to average assets)
Company			855,405				11.07	%			308,994			> 4.00%		N/A				N/A
First Mid Bank			835,826				10.88	%			307,361			> 4.00%			384,201			> 5.00%

The Company's risk-weighted assets, capital, and capital ratios for March 31, 2026 were computed in accordance with Basel III capital rules. As of March 31, 2026, the Company, First Mid Bank and Two Rivers Bank had capital ratios above the required minimums for regulatory capital adequacy, and First Mid Bank and Two Rivers Bank had capital ratios that qualified it for treatment as well-capitalized under the regulatory framework for prompt corrective action with respect to banks.

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Note 12 -- Commitments and Contingent Liabilities

First Mid Bank and Two Rivers Bank enter into financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of their customers. These financial instruments include lines of credit, letters of credit and other commitments to extend credit. Each of these instruments involves, to varying degrees, elements of credit, interest rate, and liquidity risk in excess of the amounts recognized in the consolidated balance sheets. The Company uses the same credit policies and requires similar collateral in approving lines of credit and commitments and issuing letters of credit as it does in making loans. The exposure to credit losses on financial instruments is represented by the contractual amount of these instruments. However, the Company does not anticipate any material losses from these instruments and has adequately reserved for these instruments.

The off-balance sheet financial instruments whose contract amounts represent credit risk at March 31, 2026 and December 31, 2025 were as follows (in thousands):

		March 31, 2026				December 31, 2025
Unused commitments and lines of credit:
Commercial real estate		$	226,184			$	214,028
Commercial operating			774,829				675,087
Home equity			128,947				119,456
Other			357,169				371,322
Total		$	1,487,129			$	1,379,893
Standby letters of credit		$	14,937			$	17,575

Commitments to originate credit represent approved commercial, residential real estate and home equity loans that generally are expected to be funded within ninety days. Lines of credit are agreements by which the Company agrees to provide a borrowing accommodation up to a stated amount as long as there is no violation of any condition established in the loan agreement. Both commitments to originate credit and lines of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the lines and some commitments are expected to expire without being drawn upon, the total amounts do not necessarily represent future cash requirements.

Standby letters of credit are conditional commitments issued by the Company to guarantee the financial performance of customers to third parties. Standby letters of credit are primarily issued to facilitate trade or support borrowing arrangements and generally expire in one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending credit facilities to customers. The maximum amount of credit that would be extended under letters of credit is equal to the total off-balance sheet contract amount of such instrument at March 31, 2026. The Company's deferred revenue under standby letters of credit was nominal.

The Company is also subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition of ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations and cash flows of the Company.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis is intended to provide a better understanding of the consolidated financial condition and results of operations of the Company and its subsidiaries for the three months ended March 31, 2026 and 2025. This discussion and analysis should be read in conjunction with the consolidated financial statements, related notes and selected financial data appearing elsewhere in this report.

Website

The Company maintains a website at www.firstmid.com. All periodic and current reports of the Company and amendments to these reports filed with the Securities and Exchange Commission (“SEC”) can be accessed, free of charge, through this website and at www.sec.gov as soon as reasonably practicable after these materials are filed with the SEC.

Forward-Looking Statements

This document may contain certain forward-looking statements about the Company, such as discussions of the Company’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. The Company 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 the Company are identified by use of the words “believe,”

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“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, the possibility that any of the anticipated benefits of the proposed transactions between First Mid and Two Rivers will not be realized within the expected time period; the risk that integration of the operations of Two Rivers with First Mid will be materially delayed or will be more costly or difficult than expected; 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, including as a result of unexpected factors or events; changes in interest rates; general economic conditions and those in the market areas of the Company; 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 the Company’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 the Company; accounting principles, policies and guidelines; or any of the other foregoing risks. Additional information concerning the Company, including additional factors and risks that could materially affect the Company’s financial results, are included in the Company’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, the Company does not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

Overview

This overview of management’s discussion and analysis highlights selected information in this document and may not contain all the information that is important to you. For a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources, and critical accounting estimates you should carefully read this entire document. These have an impact on the Company’s consolidated financial condition and results of consolidated operations.

Net income was $26.3 million and $22.2 million for the three months ended March 31, 2026 and 2025, respectively and diluted net income per common share was $1.06 and $0.93 for the three months ended March 31, 2026 and 2025, respectively.

	Three months ended								Year-ended
	March 31, 2026				March 31, 2025				December 31, 2025
Return on average assets		1.26	%			1.19	%			1.20	%
Return on average common equity		10.45	%			10.35	%			10.24	%
Average common equity to average assets (non-GAAP)		12.10	%			11.46	%			11.68	%

Total assets were $9.3 billion at March 31, 2026, compared to $8.0 billion as of December 31, 2025. Net loan balances were $6.9 billion at March 31, 2026 compared to $5.9 billion at December 31, 2025.

Total deposit balances increased to $7.5 billion at March 31, 2026 from $6.4 billion at December 31, 2025. The increase was primarily due to the acquisition of Two Rivers Bank.

Net interest margin (tax equivalent), defined as net interest income divided by average interest-earning assets, was 3.78% for the three months ended March 31, 2026, up from 3.60% for the same period in 2025. This increase was primarily due to an increase in earning asset yields and decreased funding costs.

Net interest income before the provision for credit losses was $70.8 million compared to net interest income of $59.4 million for the same period in 2025. The increase in net interest income was primarily due to the addition of the Two Rivers Bank loan portfolio, as well as the increased net interest margin as mentioned above.

Total non-interest income of $26.4 million increased $1.6 million or 6.3% from $24.9 million for the same period last year. The increase in non-interest income resulted primarily from the addition of Two Rivers Bank, an increase in insurance commissions, and an increase in wealth management revenues.

Total non-interest expense of $60.7 million increased $6.3 million or 11.5% from $54.5 million for the same period last year. The increase was primarily due to increases in salaries, employee benefits, net occupancy, equipment expenses, and integration expenses due to the acquisition of Two Rivers in the first quarter of 2026.

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Following is a summary of the factors that contributed to the changes in net income (in thousands):

		Change in Net Income
		2026 versus 2025
		Three months ended
		March 31, 2026
Net interest income		$	11,376
Provision for credit losses			(946	)
Other income, including securities transactions			1,577
Other expenses			(6,253	)
Income taxes			(1,598	)
Increase in net income		$	4,156

Credit quality is an area of importance to the Company. Total nonperforming loans were $44.1 million at March 31, 2026, compared to $26.6 million at March 31, 2025 and $31.9 million at December 31, 2025. See the discussion under the heading “Loan Quality and Allowance for Credit Losses” for a detailed explanation of these balances. Repossessed asset balances totaled $5.5 million at March 31, 2026 compared to $2.1 million at March 31, 2025 and $2.9 million at December 31, 2025.

The Company’s provision for credit losses for the three months ended March 31, 2026 and 2025 was $2.6 million and $1.7 million, respectively. The increase in provision expense was expected as the industry returns to a normal credit cycle from historically low credit losses.

The Company’s capital position remains strong, and the Company has consistently maintained regulatory capital ratios above the “well-capitalized” standards. The Company’s Tier 1 capital to risk weighted assets ratio at March 31, 2026 and 2025 and December 31, 2025 was 13.57%, 13.13% and 13.55%, respectively. The Company’s total capital to risk weighted assets ratio at March 31, 2026 and 2025, and December 31, 2025 was 15.48%, 15.59% and 15.67%, respectively.

The Company’s liquidity position remains sufficient to fund operations and meet the requirements of borrowers, depositors, and creditors. The Company maintains various sources of liquidity to fund its cash needs. See “Liquidity” herein for a full listing of its sources and anticipated significant contractual obligations.

The Company and Two Rivers Bank enter into financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include lines of credit, letters of credit and other commitments to extend credit. The total outstanding commitments at March 31, 2026 and 2025, were $1.5 billion and $1.5 billion, respectively. See Note 12 - “Commitments and Contingent Liabilities” herein for further information.

Critical Accounting Policies and Use of Significant Estimates

The Company has established various accounting policies that govern the application of U.S. generally accepted accounting principles in the preparation of the Company’s consolidated financial statements. The significant accounting policies and use of significant estimates of the Company are described in the footnotes to the consolidated financial statements included in the Company’s 2025 Annual Report on Form 10-K.

Results of Operations

Net Interest Income

The largest source of operating revenue for the Company is net interest income. Net interest income represents the difference between total interest income earned on earning assets and total interest expense paid on interest-bearing liabilities. The amount of interest income is dependent upon many factors, including the volume and mix of earning assets, the general level of interest rates and the dynamics of changes in interest rates. The cost of funds necessary to support earning assets varies with the volume and mix of interest-bearing liabilities and the rates paid to attract and retain such funds.

For analytical purposes, net interest income is presented on a full tax equivalent (TE) basis in the table that follows. The federal statutory rate in effect of 21% for 2026 and 2025 was used. The TE analysis portrays the income tax benefits associated with the tax-exempt assets. The year-to-date net yield on interest-earning assets excluding the TE adjustments of $796,000 and $753,000 for 2026 and 2025, respectively, were 3.74% and 3.56% at March 31, 2026 and 2025, respectively.

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The Company’s average balances, fully tax equivalent interest income and interest expense, and rates earned or paid for major balance sheet categories are set forth for the three months ended March 31, 2026 and 2025 in the following table (dollars in thousands):

		Three months ended March 31, 2026												Three months ended March 31, 2025
		Average								Average				Average								Average
		Balance				Interest				Rate				Balance				Interest				Rate
Assets
Interest-bearing deposits		$	235,370			$	1,726				2.97	%		$	70,701			$	827				4.74	%
Federal funds sold			376				2				1.91	%			75				1				3.83	%
Certificates of deposit			1,883				21				4.51	%			3,162				36				4.59	%
Investment securities (1)			1,147,980				8,383				2.92	%			1,090,099				7,254				2.66	%
Loans (TE)(1)(2)(3)			6,285,114				91,284				5.89	%			5,605,821				80,194				5.80	%
Total earning assets			7,670,723				101,416				5.36	%			6,769,858				88,312				5.29	%
Other nonearning assets			737,565												777,177
Allowance for credit losses			(79,202	)											(70,620	)
Total assets		$	8,329,086											$	7,476,415
Liabilities and stockholders' equity
Deposits:
Demand deposits, interest-bearing		$	3,388,750			$	14,870				1.78	%		$	3,039,621			$	14,900				1.99	%
Savings deposits			680,418				398				0.24	%			640,687				164				0.10	%
Time deposits			1,228,401				9,506				3.14	%			1,022,200				8,658				3.44	%
Total interest-bearing deposits			5,297,569				24,774				1.90	%			4,702,508				23,722				2.05	%
Repurchase agreements with customers			204,173				1,025				2.04	%			201,679				1,180				2.37	%
FHLB advances			271,784				2,335				3.48	%			194,324				1,807				3.77	%
Federal funds purchased			—				—				—	%			—				—				—	%
Subordinated debt, net			60,030				1,170				7.90	%			82,608				949				4.66	%
Junior subordinated debt, net			27,645				468				6.87	%			24,306				468				7.81	%
Other debt			6,665				63				3.83	%			1,467				24				6.63	%
Total borrowings			570,297				5,061				3.60	%			504,384				4,428				3.56	%
Total interest-bearing liabilities			5,867,866				29,835				2.06	%			5,206,892				28,150				2.19	%
Demand deposits			1,393,882								1.67	%			1,370,107								1.74	%
Other liabilities			59,124												42,962
Stockholders' equity			1,008,214												856,454
Total liabilities and stockholders' equity		$	8,329,086											$	7,476,415
Net interest income						$	71,581											$	60,162
Net interest spread											3.30	%											3.10	%
TE net yield on interest-earning assets											3.78	%											3.60	%

(1)Tax-exempt income is shown on a fully tax equivalent basis.

(2)Nonaccrual loans have been included in the average balances. Balances are net of unaccreted discounts related to loans acquired.

(3)Includes loans held for sale.

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Changes in net interest income may also be analyzed by segregating the volume and rate components of interest income and interest expense. The following table summarizes the approximate relative contribution of changes in average volume and interest rates to changes in net interest income for the three months ended March 31, 2026 and 2025 (in thousands):

	Three months ended March 31, 2026 Compared to 2025 Increase (Decrease)
	Total
	Change				Volume (1)				Rate (1)
Earning assets:
Interest-bearing deposits	$	899			$	2,931			$	(2,032	)
Federal funds sold		1				3				(2	)
Certificates of deposit		(15	)			(14	)			(1	)
Investment securities (1)		1,129				394				735
Loans (2)		11,090				9,831				1,259
Total interest income		13,104				13,145				(41	)
Interest-bearing liabilities:
Deposits:
Demand deposits, interest-bearing	$	(30	)		$	6,638			$	(6,668	)
Savings deposits		234				10				224
Time deposits		848				4,874				(4,026	)
Total interest-bearing deposits		1,052				11,522				(10,470	)
Repurchase agreements with customers		(155	)			96				(251	)
FHLB advances		528				1,388				(860	)
Federal funds purchased		—				—				—
Subordinated debt, net		221				(1,448	)			1,669
Junior subordinated debt, net		—				243				(243	)
Other debt		39				108				(69	)
Total borrowings		633				387				246
Total interest expense		1,685				11,909				(10,224	)
Net interest income	$	11,419			$	1,236			$	10,183

(1)Changes attributable to the combined impact of volume and rate have been allocated proportionately to the change due to volume and the change due to rate.

(2)Nonaccrual loans have been included in the average balances. Balances are net of unaccreted discounts related to loans acquired.

Net interest income on a tax equivalent basis increased $11.4 million, or 18.98%, to $71.6 million for the three months ended March 31, 2026, from $60.2 million for the same period in 2025. Net interest income on a tax equivalent basis and tax equivalent net interest margin increased primarily due to an increase in earning asset yields and a decrease in deposit rates.

For the three months ended March 31, 2026, average earning assets increased $900.9 million, or 13.31%, and average interest-bearing liabilities increased $661.0 million or 12.69% compared with average balances for the same period in 2025.

Provision for Credit Losses

The provision for credit losses for the three months ended March 31, 2026 and 2025 was $2.6 million and $1.7 million, respectively. Nonperforming loans were $44.1 million and $26.6 million as of March 31, 2026 and 2025, respectively. Net charge offs were $1.5 million for the three months ended March 31, 2026, compared to net charge offs of $1.8 million for March 31, 2025. For information on credit loss experience and nonperforming loans, see “Nonperforming Loans and Nonperforming Other Assets” and “Loan Quality and Allowance for Credit Losses” herein.

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Other Income

An important source of the Company’s revenue is derived from other income. The following table sets forth the major components of other income for the three months ended March 31, 2026 and 2025 (in thousands):

		Three months ended March 31,
		2026				2025				$ Change				% Change
Wealth management revenues		$	6,375			$	5,800			$	575				9.9	%
Insurance commissions			10,807				9,925				882				8.9	%
Service charges			3,080				2,901				179				6.2	%
Investment securities gains (losses), net			20				(181	)			201				(111.0	%)
Mortgage banking, net			721				711				10				1.4	%
ATM / debit card revenue			4,135				3,646				489				13.4	%
Bank owned life insurance			1,340				1,687				(347	)			(20.6	%)
Other income			(37	)			375				(412	)			(109.9	%)
Total other income		$	26,441			$	24,864			$	1,577				6.3	%

The primary reasons for the more significant changes in other income components for the three months ended March 31, 2026 compared to the same period in 2025 are as follows:

•Wealth management revenues increased due to the acquisition of Two Rivers on February 28, 2026, including their trust and brokerage portfolio.

•Insurance commissions increased primarily due to the acquisition of a portion of AAIG's customer list in July 2025 and the customer list of Downs Insurance Agency, Inc. in January 2026 as well as organic growth.

•ATM / debit card revenue increased primarily due to the acquisition of Two Rivers Bank in the quarter ended March 31, 2026.

Other Expense

The major categories of other expense include salaries and employee benefits, occupancy and equipment expenses and other operating expenses associated with day-to-day operations. The following table sets forth the major components of other expense for the three months ended March 31, 2026 and 2025 (dollars in thousands):

		Three months ended March 31,
		2026				2025				$ Change				% Change
Salaries and employee benefits		$	35,016			$	31,748			$	3,268				10.3	%
Net occupancy and equipment expense			9,826				8,479				1,347				15.9	%
Net other real estate owned expense			212				101				111				109.9	%
FDIC insurance expense			940				849				91				10.7	%
Amortization of other intangible assets			3,301				3,231				70				2.2	%
Stationery and supplies			302				431				(129	)			(29.9	%)
Legal and professional			2,700				3,076				(376	)			(12.2	%)
Marketing and donations			824				852				(28	)			(3.3	%)
ATM / debit card expense			1,807				1,831				(24	)			(1.3	%)
Other expenses			5,797				3,874				1,923				49.6	%
Total other expense		$	60,725			$	54,472			$	6,253				11.5	%

The primary reasons for the more significant changes in other expense components for the three months ended March 31, 2026 compared to the same period in 2025 are as follows:

•The increase in salaries and employee benefits, the largest component of other expense, is primarily due to the increase in full-time equivalent employees from 1,194 to 1,335 at March 31, 2025 and 2026, respectively, due to the acquisition of Two Rivers.

•The increase in occupancy and equipment expense is primarily due to the acquisition of Two Rivers and the related expanded real estate footprint.

•The increase in all other operating expenses during the quarter ended March 31, 2026, were due to integration and acquisition related expenses for Two Rivers Bank on February 28, 2026.

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Income Taxes

Total income tax expense amounted to $7.6 million for the three months ended March 31, 2026, compared to $6.0 million for the same period in 2025. Effective tax rates were 22.3% for the three months ended March 31, 2026, compared to 21.2% for the same period in 2025. The Company files U.S. federal and state of Florida, Illinois, Indiana, Iowa, Missouri, Texas, and Wisconsin income tax returns.

Analysis of Consolidated Balance Sheets

Securities

The Company’s overall investment objectives are to insulate the investment portfolio from undue credit risk, maintain adequate liquidity, insulate capital against changes in market value and control excessive changes in earnings while optimizing investment performance. The types and maturities of securities purchased are primarily based on the Company’s current and projected liquidity and interest rate sensitivity positions.

The following table sets forth the amortized cost of the available-for-sale and held-to-maturity securities as of March 31, 2026 and December 31, 2025 (dollars in thousands):

		March 31, 2026								December 31, 2025
		Amortized Cost				Weighted Average Yield				Amortized Cost				Weighted Average Yield
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	153,813				1.24	%		$	153,859				1.24	%
Obligations of states and political subdivisions			327,480				2.33	%			327,950				2.32	%
Mortgage-backed securities (1)			819,041				2.74	%			705,728				2.35	%
Other securities			26,974				4.24	%			30,564				4.28	%
Total securities		$	1,327,308				2.49	%		$	1,218,101				2.25	%
(1) Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB.

At March 31, 2026, the amortized cost of the Company’s investment portfolio increased by $109.2 million from December 31, 2025 primarily due to the acquisition of Two Rivers Bank, subsequent sale of their entire portfolio, reinvestment of a portion of the proceeds, and the redeployment of some of the proceeds to other areas of the balance sheet. When purchasing investment securities, the Company considers its overall liquidity and interest rate risk profile, as well as the adequacy of expected returns relative to the risks assumed.

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The table below presents the credit ratings as of March 31, 2026 for investment securities (in thousands):

										Average Credit Rating of Fair Value at March 31, 2026 (1)
		Amortized Cost				Estimated Fair Value				AAA				AA +/-				A +/-				BBB +/-				< BBB -				Not rated
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	153,813			$	143,579			$	—			$	143,579			$	—			$	—			$	—			$	—
Obligations of state and political subdivisions			327,480				275,236				39,873				205,724				27,680				—				—				1,959
Mortgage-backed securities (2)			819,041				733,351				—				—				—				—				—				733,351
Corporate bonded debt			24,703				23,905				—				—				2,791				4,105				—				17,009
Total available-for-sale		$	1,325,037			$	1,176,071			$	39,873			$	349,303			$	30,471			$	4,105			$	—			$	752,319
Held-to-maturity:
Other securities		$	2,271			$	2,271			$	—			$	—			$	—			$	—			$	—			$	2,271
Equity securities:
Federal Agricultural Mtg Corp		$	152			$	550			$	—			$	—			$	—			$	—			$	—			$	550
Midwest Independent BankersBank			150				233				—				—				—				—				—				233
Equalize Community Development Fund			3,934				3,934				—				—				—				—				—				3,934
Total equity securities		$	4,236			$	4,717			$	—			$	—			$	—			$	—			$	—			$	4,717

(1)Credit ratings reflect the lowest current rating assigned by a nationally recognized credit rating agency.

(2)Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB. While MBS and CMOs are no longer explicitly rated by credit rating agencies, the industry recognizes that they are backed by agencies which have an implied government guarantee.

The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at March 31, 2026, and the weighted average yield for each range of maturities (dollars in thousands):

		One year or less				After 1 through 5 years				After 5 through 10 years				After ten years				Total
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	133,713			$	9,866			$	—			$	—			$	143,579
Obligations of state and political subdivisions			57,417				210,229				7,265				325				275,236
Mortgage-backed securities (1)			1,639				21,888				40,130				669,694				733,351
Corporate bonded debt			17,618				6,287				—				—				23,905
Total available-for-sale		$	210,387			$	248,270			$	47,395			$	670,019			$	1,176,071
Weighted average yield			1.91	%			2.20	%			2.71	%			2.78	%			2.50	%
Full tax equivalent yield			2.13	%			2.68	%			2.88	%			2.79	%			2.66	%
Held to maturity:
Other securities		$	—			$	—			$	—			$	2,271			$	2,271
Total held-to-maturity		$	—			$	—			$	—			$	2,271			$	2,271
Weighted average yield			—	%			—	%			—	%			—	%			—	%
Full tax equivalent yield			—	%			—	%			—	%			—	%			—	%
(1) Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB.

The weighted average yields are calculated on the basis of the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax equivalent yields have been calculated using a 21% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, which the book value exceeded 10% of stockholders' equity at March 31, 2026. Investment securities carried at approximately $481.4 million

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and $473.8 million at March 31, 2026, and December 31, 2025, respectively, were pledged to secure public deposits and repurchase agreements and for other purposes as permitted or required by law.

Loans

The loan portfolio (net of unearned interest) is the largest category of the Company’s earning assets. The following table summarizes the composition of the loan portfolio, including loans held for sale, as of March 31, 2026, and December 31, 2025 (dollars in thousands):

		March 31, 2026								December 31, 2025
		Amortized Cost				Outstanding Loans %				Amortized Cost				Outstanding Loans %
Construction and land development		$	316,723				4.6	%		$	360,687				6.0	%
Agricultural real estate			400,783				5.8	%			373,408				6.2	%
1-4 family residential properties			734,053				10.6	%			489,854				8.1	%
Multifamily residential properties			456,185				6.6	%			339,482				5.6	%
Commercial real estate			2,948,024				42.5	%			2,564,670				42.7	%
Loans secured by real estate			4,855,768				70.1	%			4,128,101				68.6	%
Agricultural loans			370,931				5.3	%			308,275				5.1	%
Commercial and industrial loans			1,499,079				21.6	%			1,381,598				23.0	%
Consumer loans			39,597				0.6	%			31,918				0.5	%
All other loans			178,901				2.4	%			161,482				2.8	%
Total loans		$	6,944,276				100.0	%		$	6,011,374				100.0	%

Loan balances increased $932.9 million, or 15.5%. The increase was primarily due to the acquisition of Two Rivers. The balance of real estate loans held for sale, included in the balances shown above, amounted to $4.9 million and $5.2 million as of March 31, 2026 and December 31, 2025, respectively.

Commercial and commercial real estate loans generally involve higher credit risks than residential real estate and consumer loans. Because payments on loans secured by commercial real estate or equipment are often dependent upon the successful operation and management of the underlying assets, repayment of such loans may be influenced to a great extent by conditions in the market or the economy. The Company does not have any sub-prime mortgages or credit card loans outstanding which are also generally considered to be higher credit risk.

First Mid Bank and Two Rivers Bank do not have a concentration, as defined by the regulatory agencies and land development loans or commercial real estate loans as a percentage of the total amount of the Company's total capital for the periods shown above. At March 31, 2026 and December 31, 2025, First Mid Bank and Two Rivers Bank did have industry loan concentrations in excess of 25% of the sum of Tier 1 Capital and allowance for loan loss in the following industries (dollars in thousands):

		March 31, 2026								December 31, 2025
		Principal Balance				Outstanding  Loans %				Principal Balance				Outstanding Loans %
Other grain farming		$	646,388				9.31	%		$	577,903				9.61	%
Lessors of non-residential buildings			1,293,142				18.62	%			1,109,224				18.45	%
Lessors of residential buildings and dwellings			756,099				10.89	%			641,822				10.68	%
Hotels and motels		N/A				N/A					225,569				3.75	%

First Mid Bank and Two Rivers Bank had no further industry loan concentrations in excess of 25% of the sum of Tier 1 Capital and allowance for loan loss.

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The following table presents the balance of loans outstanding as of March 31, 2026, by contractual maturities (in thousands):

		Maturity (1)
		One Year or Less (2)				Over 1 Through 5 Years				Over 5 Years				Total
Construction and land development		$	75,530			$	201,884			$	39,309			$	316,723
Agricultural real estate			56,239				133,434				211,110				400,783
1-4 family residential properties			39,056				144,793				550,204				734,053
Multifamily residential properties			127,960				204,121				124,104				456,185
Commercial real estate			499,272				1,754,086				694,666				2,948,024
Loans secured by real estate			798,057				2,438,318				1,619,393				4,855,768
Agricultural loans			249,045				117,449				4,437				370,931
Commercial and industrial loans			527,551				556,749				414,779				1,499,079
Consumer loans			3,699				33,798				2,100				39,597
All other loans			32,660				32,950				113,291				178,901
Total loans		$	1,611,012			$	3,179,264			$	2,154,000			$	6,944,276

(1)Based upon remaining contractual maturity.

(2)Includes demand loans, past due loans, and overdrafts.

As of March 31, 2026, loans with maturities over one year consisted of approximately $3.2 billion in fixed rate loans and approximately $2.1 billion in variable rate loans. The loan maturities noted above are based on the contractual provisions of the individual loans. The Company has no general policy regarding renewals and borrower requests, which are handled on a case-by-case basis.

Nonperforming Loans and Nonperforming Other Assets

Nonperforming loans include: (a) loans accounted for on a nonaccrual basis; (b) accruing loans contractually past due ninety days or more as to interest or principal payments; and (c) loans not included in (a) and (b) above which are defined as “modified.” Repossessed assets include primarily repossessed real estate and automobiles.

The Company’s policy is to discontinue the accrual of interest income on any loan for which principal or interest is 90 days past due. The accrual of interest is discontinued earlier when, in the opinion of management, there is reasonable doubt as to the timely collection of interest or principal. Once interest accruals are discontinued, accrued but uncollected interest is charged against current year income. Subsequent receipts on nonaccrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal.

Restructured loans are loans on which, due to deterioration in the borrower’s financial condition, the original terms have been modified in favor of the borrower or either principal or interest has been forgiven. Repossessed assets represent property acquired as the result of borrower defaults on loans. These assets are recorded at estimated fair value, less estimated selling costs, at the time of foreclosure or repossession. Write-downs occurring at foreclosure are charged against the allowance for credit losses. On an ongoing basis, properties are appraised as required by market indications and applicable regulations. Write-downs for subsequent declines in value are recorded in non-interest expense in other real estate owned along with other expenses related to maintaining the properties.

The following table presents information concerning the aggregate amount of nonperforming loans and repossessed assets at March 31, 2026 and December 31, 2025 (dollars in thousands):

		March 31, 2026				December 31, 2025
Nonaccrual loans		$	43,191			$	31,053
Modified loans which are performing in accordance with revised terms			883				895
Total nonperforming loans			44,074				31,948
Repossessed assets			5,547				2,859
Total nonperforming loans and repossessed assets		$	49,621			$	34,807
Nonperforming loans to loans, before allowance for credit losses			0.63	%			0.53	%
Nonperforming loans and repossessed assets to loans, before allowance for credit losses			0.71	%			0.58	%

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The $12.1 million increase in nonaccrual loans during 2026 resulted from the net of $10.9 million of loans acquired from Two Rivers Bank, $5.8 million of loans put on nonaccrual status, offset by $1.1 million of loans becoming current or paid-off, $2.0 million of loans transferred to other real estate owned, and $1.5 million loans charged off.

The following table summarizes the composition of nonaccrual loans (dollars in thousands):

		March 31, 2026								December 31, 2025
		Balance				% of Total				Balance				% of Total
Construction and land development		$	8,470				19.6	%		$	5				—	%
Agricultural real estate			1,562				3.6	%			1,181				3.8	%
1-4 family residential properties			7,680				17.8	%			5,763				18.6	%
Multifamily residential properties			503				1.2	%			371				1.2	%
Commercial real estate			8,347				19.3	%			10,381				33.4	%
Loans secured by real estate			26,562				61.5	%			17,701				57.0	%
Agricultural loans			2,537				5.9	%			19				0.1	%
Commercial and industrial loans			3,057				7.1	%			1,967				6.3	%
Consumer loans			181				0.4	%			182				0.6	%
All other loans			10,854				25.1	%			11,184				36.0	%
Total loans		$	43,191				100.0	%		$	31,053				100.0	%

Interest income that would have been reported if nonaccrual and restructured loans had been performing totaled $501,000 and $471,000 for the three months ended March 31, 2026 and 2025, respectively.

The $2.7 million increase in repossessed assets during 2026 resulted from $3.0 million of additional assets repossessed and $280,000 of repossessed assets sold, $50,000 of write-downs on existing assets, and no deferred fair value marks were recognized. The following table summarizes the composition of repossessed assets (dollars in thousands):

		March 31, 2026								December 31, 2025
		Balance				% of Total				Balance				% of Total
Construction and land development		$	698				12.6	%		$	772				27.0	%
Agricultural real estate			71				1.3	%			—				—	%
1-4 family residential properties			51				0.9	%			56				2.0	%
Commercial real estate			4,709				84.9	%			2,029				71.0	%
Total real estate			5,529				99.7	%			2,857				99.9	%
Consumer loans			18				0.3	%			2				0.1	%
Total repossessed collateral		$	5,547				100.0	%		$	2,859				100.0	%

Repossessed assets sold during the first three months of 2026 resulted in net losses of $2,000 related to real estate asset sales and no net losses related to other assets sales. The Company also recognized no deferred losses, recorded $50,000 of write-downs on real estate properties owned and recorded no change in fair market value discount.

Loan Quality and Allowance for Credit Losses

The allowance for credit losses represents management’s estimate of the reserve necessary to adequately account for probable losses existing in the current portfolio. The provision for credit losses is the charge against current earnings that is determined by management as the amount needed to maintain an adequate allowance for credit losses. In determining the adequacy of the allowance for credit losses, and therefore the provision to be charged to current earnings, management relies predominantly on a disciplined credit review and approval process that extends to the full range of the Company’s credit exposure. The review process is directed by overall lending policy and is intended to identify, at the earliest possible stage, borrowers who might be facing financial difficulty. Once identified, the magnitude of exposure to individual borrowers is quantified in the form of specific allocations of the allowance for credit losses. Management considers collateral values and guarantees in the determination of such specific allocations. Additional factors considered by management in evaluating the overall adequacy of the allowance include historical net credit losses, the level and composition of nonaccrual, past due and renegotiated loans, trends in volumes and terms of loans, effects of changes in risk selection and underwriting standards or lending practices, lending staff changes, concentrations of credit, industry conditions and the current economic conditions in the region where the Company operates.

Management reviews economic factors including the potential for reduced cash flow for commercial operating loans from reduction in sales or increased operating costs, decreased occupancy rates for commercial buildings, the uncertainty regarding grain prices,

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increased operating costs for farmers, and increased levels of unemployment impacting consumers’ ability to pay. Each of these economic uncertainties was taken into consideration in developing the level of the reserve. Management considers the allowance for credit losses a critical accounting policy.

Management recognizes there are risk factors that are inherent in the Company’s loan portfolio. All financial institutions face risk factors in their loan portfolios because risk exposure is a function of the business. A portion of the Company’s operations (and therefore its loans) are concentrated in Illinois, where agriculture is the dominant industry. Accordingly, lending and other business relationships with agriculture-based businesses are critical to the Company’s success. At March 31, 2026, the Company’s loan portfolio included $775.4 million of loans to borrowers whose businesses are directly related to agriculture. Of this amount, $646.4 million was concentrated in other grain farming. Total loans to borrowers whose businesses are directly related to agriculture increased $93.9 million from $681.4 million at December 31, 2025 while loans concentrated in other grain farming increased $68.5 million from $577.9 million at December 31, 2025. While the Company adheres to sound underwriting practices, including collateralization of loans, any extended period of low commodity prices, drought conditions, significantly reduced yields on crops and/or reduced levels of government assistance to the agricultural industry could result in an increase in the level of problem agriculture loans and potentially result in credit losses within the agricultural portfolio. The Company also has $1.3 billion loans to lessors of non-residential buildings and $756.1 million loans to lessors of residential buildings and dwellings.

The structure of the Company’s loan approval process is based on progressively larger lending authorities granted to individual loan officers, loan committees, and ultimately the Board of Directors. Outstanding balances to one borrower or affiliated borrowers are limited by federal regulation; however, limits well below the regulatory thresholds are generally observed. Most of the Company’s loans are to businesses located in the geographic market areas served by the Company’s branch network. Additionally, a significant portion of the collateral securing the loans in the portfolio is located within the Company’s primary geographic footprint. In general, the Company adheres to loan underwriting standards consistent with industry guidelines for all loan segments.

The Company minimizes credit risk by adhering to sound underwriting and credit review policies. Management and the Board of Directors of the Company review these policies at least annually. Senior management is actively involved in business development efforts and the maintenance and monitoring of credit underwriting and approval. The loan review system and controls are designed to identify, monitor, and address asset quality problems in an accurate and timely manner. On a quarterly basis, the Board of Directors and management review the status of problem loans and determine the best estimate of the allowance. In addition to internal policies and controls, regulatory authorities periodically review asset quality and the overall adequacy of the allowance for credit losses.

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Analysis of the allowance for credit losses as of March 31, 2026 and 2025, and of changes in the allowance for the three months ended March 31, 2026 and 2025, is summarized as follows (dollars in thousands):

		Three months ended March 31,
		2026				2025
Average loans outstanding, net of unearned income		$	6,285,114			$	5,605,821
Allowance-beginning of period			74,875				70,182
Initial allowance on loans purchased			10,841				—
Charge-offs:
Construction and land development			—				—
Agricultural real estate			40				—
1-4 family residential properties			26				39
Commercial real estate			1,111				338
Agricultural loans			—				1,117
Commercial and industrial loans			291				223
Consumer loans			498				366
Total charge-offs			1,966				2,083
Recoveries:
Construction and land development			—				—
Agricultural real estate			—				—
1-4 family residential properties			193				18
Commercial real estate			1				8
Agricultural loans			10				—
Commercial and industrial loans			40				90
Consumer loans			222				184
Total recoveries			466				300
Net charge-offs (recoveries)			1,500				1,783
Provision (release) for credit losses			2,598				1,652
Allowance-end of period		$	86,814			$	70,051
Ratio of annualized net charge-offs to average loans			0.10	%			0.13	%
Ratio of allowance for credit losses to loans outstanding (less unearned interest at end of period)			1.25	%			1.23	%
Ratio of allowance for credit losses to nonperforming loans			197	%			263	%

The allowance for credit losses to nonperforming loans ratio has decreased due to the acquired nonperforming loans from Two Rivers Bank. Management believes that the overall estimate of the allowance for credit losses appropriately accounts for probable losses attributable to current exposures.

During the first three months of 2026, the Company had net charge offs of $1.5 million compared to net charge offs of $1.8 million during the same period of 2025. During the first three months of 2026, the Company had the following significant charge offs, two commercial real estate loans to one borrower totaling $1.1 million and one commercial loan to one borrower totaling $290,000. During the first three months of 2025, the Company had the following significant charge offs, one commercial real estate loan to one borrower totaling $338,000, three agricultural loans to two borrowers totaling $996,000, and one commercial operating loan to one borrower totaling $145,000.

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Deposits

Funding of the Company’s earning assets is substantially provided by a combination of consumer, commercial and public fund deposits. The Company continues to focus its strategies and emphasis on commercial and retail core deposits, the major component of funding sources. The following table sets forth the average deposits and weighted average rates for the three months ended March 31, 2026 and for the year-ended December 31, 2025 (dollars in thousands):

		Three months ended March 31, 2026							Year-ended December 31, 2025
		Average Balance				Weighted Average Rate			Average Balance				Weighted Average Rate
Demand deposits:
Non-interest-bearing		$	1,393,882				—	%	$	1,353,150				—	%
Interest-bearing			3,388,750				1.78	%		3,132,691				1.96	%
Savings			680,418				0.24	%		633,186				0.12	%
Time deposits			1,228,401				3.14	%		1,074,940				3.37	%
Total average deposits		$	6,691,451				1.50	%	$	6,193,967				1.59	%

During the first three months of 2026, the average balance of deposits increased by $497.5 million from the average balance for the year-ended December 31, 2025. The increase in the first three months of 2026 was primarily due to the acquisition of Two Rivers.

Balances of time deposits of more than $250,000 include time deposits maintained for public fund entities and consumer time deposits. The following table sets forth the maturity of time deposits of more than $250,000 at March 31, 2026 and December 31, 2025 (in thousands):

		March 31, 2026				December 31, 2025
Three months or less		$	190,279			$	230,788
Over three months through twelve months			299,230				129,513
Over one year through three years			52,996				57,451
Over three years			4,648				2,512
Total		$	547,153			$	420,264

Repurchase Agreements and Other Borrowings

Securities sold under agreements to repurchase are short-term obligations of First Mid Bank. These obligations are collateralized with certain government securities that are direct obligations of the United States or one of its agencies. These retail repurchase agreements are a cash management service to corporate customers. Other borrowings consist of Federal Home Loan Bank (“FHLB”) advances, federal funds purchased, loans (short-term or long-term debt) that the Company has outstanding, subordinated debt and junior subordinated debentures.

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Information relating to securities sold under agreements to repurchase and other borrowings as of March 31, 2026 and December 31, 2025 is presented below (dollars in thousands):

		March 31, 2026				December 31, 2025
Repurchase agreements with customers		$	208,811			$	196,716
Federal Home Loan Bank advances:
FHLB-overnight			—				—
Fixed term-due in one year or less			27,811				25,000
Fixed term-due after one year			247,369				245,000
Other borrowings:
Federal funds purchased			—				—
Debt due in one year or less			559				—
Debt due after one year			19,367				—
Subordinated debt, net			60,072				60,008
Junior subordinated debt, net			34,022				24,454
Total		$	598,011			$	551,178
Average interest rate at end of period			3.62	%			3.54	%
Maximum outstanding at any month-end:
Repurchase agreements with customers		$	214,360			$	219,772
Federal Home Loan Bank advances:
FHLB-overnight			—				25,000
Fixed term-due in one year or less			27,811				50,000
Fixed term-due after one year			247,369				245,000
Other borrowings:
Federal funds purchased			—				—
Debt due in one year or less			559				4,000
Debt due after one year			19,367				—
Subordinated debt, net			60,072				87,505
Junior subordinated debt, net			34,022				24,454
Averages for the period (YTD):
Repurchase agreements with customers		$	204,173			$	199,430
Federal Home Loan Bank advances:
FHLB-overnight			—				6,142
Fixed term-due in one year or less			25,968				16,616
Fixed term-due after one year			245,816				203,363
Other borrowings:
Federal funds purchased			—				39
Debt due in one year or less			187				361
Debt due after one year			6,480				—
Subordinated debt, net			60,030				76,140
Junior subordinated debt, net			27,645				24,376
Total		$	570,299			$	526,467
Average interest rate during the period			3.60	%			3.51	%

Securities sold under agreement to repurchase increased $12.1 million during the three months ended March 31, 2026 primarily due to the seasonal demands in balances and changes in cash flow needs of various customers. FHLB advances represent borrowings by First Mid Bank and Two Rivers Bank to economically fund loan demand. At March 31, 2026, the advances consisted of $275.2 million with a weighted-average interest rate of 3.40% and maturities from May 2026 to March 2035.

The Company is party to a revolving credit agreement with The Northern Trust Company in the amount of $15.0 million. The balance of this line of credit was $0 as of March 31, 2026. This loan was renewed on April 4, 2025 for one year as a revolving credit agreement with a maximum available balance of $15.0 million. The interest rate is floating at 2.25% over the federal funds rate. The Company and its subsidiary banks were in compliance with the existing covenants at March 31, 2026 and 2025, and December 31, 2025.

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On October 6, 2020, the Company issued and sold $96.0 million in aggregate principal amount of its 3.95% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The Notes were issued pursuant to the Indenture, dated as of October 6, 2020 (the “Base Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of October 6, 2020 (the “Supplemental Indenture”), between the Company and the Trustee. The Base Indenture, as amended and supplemented by the Supplemental Indenture, governs the terms of the Notes and provides that the Notes are unsecured, subordinated debt obligations of the Company and will mature on October 15, 2030. From and including the date of issuance to, but excluding October 15, 2025, the Notes bore interest at an initial rate of 3.95% per annum. From and including October 15, 2025 to, but excluding the maturity date or earlier redemption, the Notes will bear interest at a floating rate equal to three-month Term SOFR plus a spread of 383 basis points, or such other rate as determined pursuant to the Supplemental Indenture, provided that in no event shall the applicable floating interest rate be less than zero per annum (7.5% and 3.95% at March 31, 2026 and 2025, respectively). On June 7, 2024, August 27, 2024, and September 6, 2024, the Company repurchased in open market transactions and subsequently cancelled $4.0 million, $15.0 million, and $1.0 million respectively, of the outstanding Notes. On October 15, 2025, the Company paid down $20 million of the outstanding Notes. As a result, as of March 31, 2026, $56 million in aggregate principal amount of the Notes remain issued and outstanding.

The Company may, beginning with the interest payment date of October 15, 2025, and on any interest payment date thereafter, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the Notes at any time, including prior to October 15, 2025, at the Company’s option, in whole but not in part, if: (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the Notes for U.S. federal income tax purposes; (ii) a subsequent event occurs that could preclude the Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended; in each case, at a redemption price equal to 100% of the principal amount of the Notes plus any accrued and unpaid interest to but excluding the redemption date.

On August 15, 2023, the Company assumed, as part of the Blackhawk Bancorp, Inc. acquisition, $7.5 million principal amount of 3.5% Fixed-to-Floating Rate Subordinated Notes due 2031 (“Blackhawk Subordinated Debt I”). Blackhawk Subordinated Debt I was issued pursuant to Indenture between the Company and UMB Bank, as trustee. This Indenture governs the terms of the Blackhawk Subordinated Debt I and provides that such notes are unsecured, subordinated debt obligations of the Company and will mature on May 14, 2031. From and including the date of issuance to, but excluding May 14, 2026, the notes will bear interest at an initial rate of 3.5% per annum. From and including May 14, 2026 to, but excluding the maturity date, the notes will bear interest at a floating rate equal to three-month Term SOFR plus a spread of 285 basis points. On February 5, 2025, the Company repurchased in open market transactions and subsequently cancelled $3.0 million of the outstanding Blackhawk Subordinated Debt I Notes. As a result, as of March 31, 2026, $4.5 million in aggregate principal amount of Blackhawk Subordinated Debt I Notes remain issued and outstanding.

On August 15, 2023, the Company assumed, as part of the Blackhawk Bancorp, Inc. acquisition, $7.5 million principal amount of 3.875% Fixed-to-Floating Rate Subordinated Notes due 2036 (“Blackhawk Subordinated Debt II”). Blackhawk Subordinated Debt II was issued pursuant to Indenture between the Company and UMB Bank, as trustee. This Indenture governs the terms of the Blackhawk Subordinated Debt II and provides that such notes are unsecured, subordinated debt obligations of the Company and will mature on May 14, 2036. From and including the date of issuance to, but excluding May 14, 2031, the notes will bear interest at an initial rate of 3.875% per annum. From and including May 14, 2031 to, but excluding the maturity date, the notes will bear interest at a floating rate equal to three-month Term SOFR plus a spread of 255 basis points. On February 5, 2025, the Company repurchased in open market transactions and subsequently cancelled $7.0 million of the outstanding Blackhawk Subordinated Debt II Notes. As a result, as of March 31, 2026, $500,000 in aggregate principal amount of Blackhawk Subordinated Debt II Notes remain issued and outstanding.

On February 28, 2026, the Company assumed, as part of the Two Rivers acquisition, $20.0 million principal amount of 3.75% Fixed-to-Floating Rate Note Payable due 2029 (“Two Rivers Note Payable”). Two Rivers Note Payable was issued pursuant to Indenture between the Company and Bankers Bank, as trustee. This Indenture governs the terms of the Two Rivers Note Payable and provides that such note is unsecured and will mature on September 30, 2029. From and including the date of issuance to, but excluding the date of merger of Two Rivers Bank and First Mid Bank, the notes will bear interest at an initial rate of 3.75% per annum. From and including the date of merger of Two Rivers Bank and First Mid Bank to, but excluding the maturity date, the notes will bear interest at a floating rate equal to thirty-day Term SOFR plus a spread of 275 basis points. As of March 31, 2026, $19.9 million in aggregate principal amount of the Two Rivers Note Payable remains issued and outstanding.

On April 26, 2006, the Company completed the issuance and sale of $10 million of fixed/floating rate trust preferred securities through First Mid-Illinois Statutory Trust II (“Trust II”), a statutory business trust and wholly owned unconsolidated subsidiary of the Company, as part of a pooled offering. The Company established Trust II for the purpose of issuing the trust preferred securities. The $10.0 million in proceeds from the trust preferred issuance and an additional $310,000 for the Company’s investment in common equity of Trust II, a total of $10.3 million, was invested in junior subordinated debentures of the Company. The underlying junior subordinated debentures issued by the Company to Trust II mature in 2036, bore interest at a fixed rate of 6.98% paid quarterly until

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June 15, 2011 and then converted to floating rate (SOFR plus 160 basis points) after June 15, 2011 (5.54% and 5.59% at March 31, 2026 and December 31, 2025, respectively). The net proceeds to the Company were used for general corporate purposes, including the Company’s acquisition of Mansfield Bancorp, Inc. in 2006.

On September 8, 2016, the Company assumed the trust preferred securities of Clover Leaf Statutory Trust I (“CLST I”), a statutory business trust that was a wholly owned unconsolidated subsidiary of First Clover Financial. The $4.0 million of trust preferred securities and an additional $124,000 additional investment in common equity of CLST I, is invested in junior subordinated debentures issued to CLST I. The subordinated debentures matured in 2035, bear interest at three-month SOFR plus 185 basis points (5.79% and 5.84% at March 31, 2026 and December 31, 2025, respectively) and reset quarterly.

On May 1, 2018, the Company assumed the trust preferred securities of FBTC Statutory Trust I (“FBTCST I”), a statutory business trust that was a wholly owned unconsolidated subsidiary of First BancTrust Corporation. The $6.0 million of trust preferred securities and an additional $186,000 additional investment in common equity of FBTCST I is invested in junior subordinated debentures issued to FBTCST I. The subordinated debentures mature in 2035, bear interest at three-month SOFR plus 170 basis points (5.64% and 5.69% at March 31, 2026 and December 31, 2025, respectively) and reset quarterly.

On August 15, 2023, the Company assumed the trust preferred securities of Blackhawk Statutory Trust I (“BHST I”), a statutory business trust that was a wholly owned unconsolidated subsidiary of Blackhawk Bancorp, Inc. The $1.0 million trust preferred securities and an additional $31,000 investment in common equity of BHST I is invested in junior subordinated debentures issued to BHST I. The subordinated debentures mature in 2032, bear interest at three-month SOFR plus 325 basis points (7.22% and 7.20% at March 31, 2026 and December 31, 2025, respectively) and reset quarterly.

On August 15, 2023, the Company assumed the trust preferred securities of Blackhawk Statutory Trust II (“BHST II”), a statutory business trust that was a wholly owned unconsolidated subsidiary of Blackhawk Bancorp, Inc. The $4.0 million of trust preferred securities and an additional $124,000 investment in common equity of BHST II is invested in junior subordinated debentures issued to BHST II. The subordinated debentures mature in 2035, bear interest at three-month SOFR plus 205 basis points (6.00% and 6.02% at March 31, 2026 and December 31, 2025, respectively) and reset quarterly.

On February 28, 2026, the Company assumed the trust preferred securities of Great River Capital Trust I (“GRCT I”), a statutory business trust that was a wholly owned unconsolidated subsidiary of Two Rivers. The $10.0 million of trust preferred securities and an additional $310,000 investment in common equity of GRCT I is invested in junior subordinated debentures issued to GRCT I. The subordinated debentures mature in 2035, bear interest at three-month SOFR plus 175 basis points (5.69% at March 31, 2026) and reset quarterly.

The trust preferred securities issued by Trust II, CLST I, FBTCST I, BHST I, BHST II, and GRCT I are included as Tier 1 capital of the Company for regulatory capital purposes. On March 1, 2005, the Federal Reserve Board adopted a final rule that allows the continued limited inclusion of trust preferred securities in the calculation of Tier 1 capital for regulatory purposes. The final rule provided a five-year transition period, ending September 30, 2010, for application of the revised quantitative limits. On March 17, 2009, the Federal Reserve Board adopted an additional final rule that delayed the effective date of the new limits on inclusion of trust preferred securities in the calculation of Tier 1 capital until March 31, 2012. The application of the revised quantitative limits did not and is not expected to have a significant impact on its calculation of Tier 1 capital for regulatory purposes or its classification as well-capitalized. The Dodd-Frank Act, signed into law July 21, 2010, removes trust preferred securities as a permitted component of a holding company’s Tier 1 capital after a three-year phase-in period beginning January 1, 2013, for larger holding companies. For holding companies with less than $15 billion in consolidated assets, existing issues of trust preferred securities are grandfathered and not subject to this new restriction. New issuances of trust preferred securities, however, would not count as Tier 1 regulatory capital.

In addition to requirements of the Dodd-Frank Act discussed above, the act also required the federal banking agencies to adopt rules that prohibit banks and their affiliates from engaging in proprietary trading and investing in and sponsoring certain unregistered investment companies (defined as hedge funds and private equity funds). This rule is generally referred to as the “Volcker Rule.” On December 10, 2013, the federal banking agencies issued final rules to implement the prohibitions required by the Volcker Rule. Following the publication of the final rule, and in reaction to concerns in the banking industry regarding the adverse impact the final rule’s treatment of certain collateralized debt instruments has on community banks, the federal banking agencies approved a final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities. Under the final rule, the agencies permit the retention of an interest in or sponsorship of covered funds by banking entities under $15 billion in assets if (1) the collateralized debt obligation was established and issued prior to May 19, 2010, (2) the banking entity reasonably believes that the offering proceeds received by the collateralized debt obligation were invested primarily in qualifying trust preferred collateral, and (3) the banking entity’s interests in the collateralized debt obligation was acquired on or prior to December 10, 2013. Although the Volcker Rule impacts many large banking entities, the Company does not currently anticipate that the Volcker Rule will have a material effect on the operations of the Company, First Mid Bank, or Two Rivers Bank.

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Interest Rate Sensitivity

The Company seeks to maximize its net interest margin while maintaining an acceptable level of interest rate risk. Interest rate risk can be defined as the amount of forecasted net interest income that may be gained or lost due to changes in the interest rate environment, a variable over which management has no control. Interest rate risk, or sensitivity, arises when the maturity or repricing characteristics of interest-bearing assets differ significantly from the maturity or repricing characteristics of interest-bearing liabilities. The Company monitors its interest rate sensitivity position to maintain a balance between rate sensitive assets and rate sensitive liabilities. This balance serves to limit the adverse effects of changes in interest rates. The Company’s asset liability management committee (ALCO) oversees the interest rate sensitivity position and directs the overall allocation of funds.

In the banking industry, a traditional way to measure potential net interest income exposure to changes in interest rates is through a technique known as “static GAP” analysis which measures the cumulative differences between the amounts of assets and liabilities maturing or repricing at various intervals. The Company has also assumed prepayments of loan assets in amounts consistent with market expectations. By comparing the volumes of interest-bearing assets and liabilities that have contractual maturities, repricing points, and prepayments at various times in the future, management can gain insight into the amount of interest rate risk embedded in the balance sheet.

The following table sets forth the Company’s interest rate repricing GAP for selected maturity periods at March 31, 2026 (dollars in thousands):

		Rate Sensitive Within
		1 Year				1-3 Years				3-5 Years				Thereafter				Total				Fair Value
Interest-earning assets:
Federal funds sold and other interest-bearing deposits		$	412,139			$	—			$	—			$	—			$	412,139			$	412,139
Certificates of deposit			3,060				—				—				—				3,060				3,060
Taxable investment securities			68,021				230,180				44,311				572,433				914,945				914,945
Nontaxable investment securities			55,042				53,682				153,855				5,535				268,114				268,114
Loans			3,903,470				1,732,616				926,460				381,730				6,944,276				6,658,402
Total		$	4,441,732			$	2,016,478			$	1,124,626			$	959,698			$	8,542,534			$	8,256,660
Interest-bearing liabilities:
Demand deposits and savings accounts		$	1,671,100			$	—			$	—			$	1,504,420			$	3,175,520			$	3,175,520
Money market accounts			1,307,240				—				—				—				1,307,240				1,307,240
Other time deposits			1,441,210				117,257				15,879				786				1,575,132				1,503,916
Short-term borrowings/debt			209,370				—				—				—				209,370				209,370
Long-term borrowings/debt			240,877				100,680				46,689				395				388,641				387,254
Total		$	4,869,797			$	217,937			$	62,568			$	1,505,601			$	6,655,903			$	6,583,300
Rate sensitive assets-rate sensitive liabilities		$	(428,065	)		$	1,798,541			$	1,062,058			$	(545,903	)		$	1,886,631
Cumulative GAP		$	(428,065	)		$	1,370,476			$	2,432,534			$	1,886,631
Cumulative amounts as % of total rate sensitive assets			(5.0	%)			21.1	%			12.4	%			(6.4	%)
Cumulative Ratio			(5.0	%)			16.0	%			28.5	%			22.1	%

The static GAP analysis shows that at March 31, 2026, the Company was liability sensitive, on a cumulative basis, through the twelve-month time horizon. This indicates that future increases in interest rates could have an adverse effect on net interest income. There are several ways the Company measures and manages its exposure to interest rate sensitivity, including static GAP analysis. The Company’s ALCO also uses other financial models to project interest income under various rate scenarios and prepayment/extension assumptions consistent with First Mid Bank and Two Rivers Bank’s historical experience and with known industry trends. ALCO meets at least monthly to review the Company’s exposure to interest rate changes as indicated by the various techniques and to make necessary changes in the composition terms and/or rates of the assets and liabilities.

Capital Resources

At March 31, 2026, the Company’s stockholders' equity had increased $117.9 million, or 12.3%, to $1.1 billion from $958.7 million as of December 31, 2025. During the three months ended March 31, 2026, net income contributed $26.3 million to equity before the

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payment of dividends to stockholders of $6.0 million. The change in market value of available-for-sale investment securities decreased stockholders' equity by $7.4 million, net of tax. The acquisition of Two Rivers increased equity by $104.2 million during the first three months of 2026.

Stock Plans

Deferred Compensation Plan. The Company follows the provisions of the Emerging Issues Task Force Issue No. 97-14, “Accounting for Deferred Compensation Arrangements Where Amounts Earned Are Held in a Rabbi Trust and Invested” (“EITF 97-14”), which was codified into ASC 710-10, for purposes of the First Mid Bancshares, Inc. Amended and Restated Deferred Compensation Plan (“DCP”). At March 31, 2026, the Company classified the cost basis of its common stock issued and held in trust in connection with the DCP of approximately $7.0 million as treasury stock. The Company also classified the cost basis of its related deferred compensation obligation of approximately $7.0 million as an equity instrument (deferred compensation).

The DCP was effective as of June 1984. The purpose of the DCP is to enable directors, advisory directors, and key employees the opportunity to defer a portion of the fees and cash compensation paid by the Company as a means of maximizing the effectiveness and flexibility of compensation arrangements. The Company invests all participants’ deferrals in shares of common stock. Dividends paid on the shares are credited to participants’ DCP accounts and invested in additional shares.

First Retirement and Savings Plan. The First Retirement Savings Plan (“401(k) plan”) was effective beginning in 1985. Employees are eligible to participate in the 401(k) plan after three months of service with the Company.

Stock Incentive Plan. At the Annual Meeting of Stockholders held April 26, 2017, the stockholders approved the 2017 Stock Incentive Plan (“SI Plan”). The SI Plan was implemented to succeed the Company’s 2007 Stock Incentive Plan, which had a ten-year term. At the Annual Meeting of Stockholders held on April 30, 2025, the stockholders approved amendments to the SI Plan to change the name of the plan to the 2025 Stock Incentive Plan and to extend the term of the plan to January 21, 2035. The SI Plan is intended to provide a means whereby directors, employees, consultants and advisors of the Company and its Subsidiaries may sustain a sense of proprietorship and personal involvement in the continued development and financial success of the Company and its Subsidiaries, thereby advancing the interests of the Company and its stockholders. Accordingly, directors and selected employees, consultants and advisors may be provided the opportunity to acquire shares of Common Stock of the Company on the terms and conditions established in the SI Plan.

Following the stockholders' approval at the 2025 annual meeting of the Company, a maximum of 1 million shares of common stock may be issued under the SI Plan. During the three months ended March 31, 2026 and 2025, the Company awarded 88,975 and 84,097 shares as stock and stock unit awards, respectively.

Stock Repurchase Program. On June 24, 2025, the Board of Directors approved a repurchase program (the “2025 Repurchase Program”), which became effective on July 1, 2025. The 2025 Repurchase Program supersedes all previous repurchase plans and authorizes the Company to repurchase up to 1.2 million shares of the Company’s common stock. During three months ended March 31, 2026, the Company repurchased 12,686 shares. As of March 31, 2026, the Company had approximately 1.2 million shares or approximately $48.9 million in remaining capacity under the 2025 Repurchase Program.

Although the Company adopted the repurchase plan, the Company may make discretionary repurchases in the open market or in privately negotiated transactions from time to time. The timing, manner, price, and amount of any such repurchases will be determined by the Company at its discretion and will depend upon a variety of factors including economic and market conditions, price, applicable legal requirements, and other factors.

Employee Stock Purchase Plan. At the Annual Meeting of Stockholders held April 25, 2018, the stockholders approved the First Mid Bancshares, Inc. Employee Stock Purchase Plan (“ESPP”). The ESPP provides eligible employees with the opportunity to purchase shares of common stock of the Company at a 15% discount through payroll deductions. The ESPP is intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code. A maximum of 600,000 shares of common stock may be issued under the ESPP. During the three months ended March 31, 2026 and 2025, 6,975 shares and 6,891 shares, respectively, were issued pursuant to the ESPP. As of March 31, 2026, there were 437,048 shares unassigned but available to be issued under the ESPP.

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Liquidity

Liquidity represents the ability of the Company and its subsidiaries to meet all present and future financial obligations arising in the daily operations of the business. Financial obligations consist of the need for funds to meet extensions of credit, deposit withdrawals, and debt servicing. The Company’s liquidity management focuses on the ability to obtain funds economically through assets that may be converted into cash at minimal costs or through other sources. The Company’s other sources of cash include overnight federal fund lines, Federal Home Loan Bank advances, the ability to borrow at the Federal Reserve Bank of Chicago and Des Moines, and the Company’s operating line of credit with The Northern Trust Company. Details for these sources include:

•First Mid Bank and Two Rivers Bank have $170 million available in overnight federal fund lines, including $35 million from Bankers' Bank, $10 million from Bankers' Trust, $20 million from BMO Bank, N.A., $30 million from First Horizon Bank, N.A., $15 million from The Northern Trust Company, $20 million from U.S. Bank, N.A., and $40 million from Zions Bank. Availability of the funds is subject to First Mid Bank and Two Rivers Bank meeting minimum regulatory capital requirements for total capital to risk-weighted assets and Tier 1 capital to total average assets. As of March 31, 2026, First Mid Bank and Two Rivers Bank have met these regulatory requirements.

•First Mid Bank and Two Rivers Bank can borrow from the Federal Home Loan Bank as a source of liquidity. Availability of the funds is subject to the pledging of collateral to the Federal Home Loan Bank. Collateral that is pledged includes one-to-four family residential real estate loans, commercial real estate loans, multifamily loans, and farmland. At March 31, 2026, the excess collateral at the FHLB would support approximately $1.6 billion of additional advances for First Mid Bank and $262.8 million for Two Rivers Bank.

•First Mid Bank is a member of the Federal Reserve System and can borrow funds provided that sufficient collateral is pledged. Two Rivers Bank is not a member of the Federal Reserve System.

•First Mid Bank has received formal approval from the Federal Reserve Bank and can participate in the Borrower-in-Custody (BIC) program. As a result, the Bank can pledge loans as collateral at the Federal Reserve Bank's Discount Window while retaining custody of the pledged loans. The program enhanced our contingent liquidity position by approximately $380.6 million as of March 31, 2026. Two Rivers Bank does not participate in this program.

•In addition, as of March 31, 2026, the Company had a revolving credit agreement in the amount of $15 million with The Northern Trust Company with an outstanding balance of $0 and $15 million in available funds. This loan was renewed on April 4, 2025 for one year as a revolving credit agreement. The interest rate is floating at 2.25% over the federal funds rate. The loan is unsecured. The Company and its subsidiary banks were in compliance with the existing covenants at March 31, 2026 and 2025 and December 31, 2025.

Management continues to monitor its expected liquidity requirements carefully, focusing primarily on cash flow from:

•lending activities, including loan commitments, letters of credit and mortgage prepayment assumptions;

•deposit activities, including seasonal demand of private and public funds;

•investing activities, including prepayments of mortgage-backed securities and call provisions on U.S. Treasury and government agency securities; and

•operating activities, including scheduled debt repayments and dividends to stockholders.

The following table summarizes significant contractual obligations and other commitments at March 31, 2026 (in thousands):

						Less than												More than
		Total				1 Year				1-3 Years				3-5 Years				5 Years
Time deposits		$	1,575,132			$	1,441,210			$	117,257			$	15,879			$	786
Subordinated debt, net and junior subordinated debt, net			94,094				—				—				55,637				38,457
Other borrowings			503,917				237,181				76,731				165,005				25,000
Operating leases			15,451				3,622				5,905				3,326				2,598
Supplemental retirement			2,013				50				250				400				1,313
Total		$	2,190,607			$	1,682,063			$	200,143			$	240,247			$	68,154

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For the three months ended March 31, 2026, net cash of $25.1 million was provided by operating activities, $79.5 million was provided by investing activities, and $117.5 million was provided by financing activities. In total, cash and cash equivalents increase by $222.1 million from year-end 2025.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There has been no material change in the market risk faced by the Company since December 31, 2025. For information regarding the Company’s market risk, refer to the Company’s Annual Report on Form 10-K for the year-ended December 31, 2025.

ITEM 4. CONTROLS AND PROCEDURES

The Company’s management carried out an evaluation, under the supervision and with the participation of the chief executive officer and the chief financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of March 31, 2026. Based upon that evaluation, the chief executive officer along with the chief financial officer concluded that the Company’s disclosure controls and procedures as of March 31, 2026, were effective.

There were no changes in the Company’s internal control over financial reporting that occurred during the Company's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

ITEM 1. LEGAL PROCEEDINGS

From time to time the Company and its subsidiaries may be involved in litigation that the Company believes is a type common to our industry. None of any such existing claims are believed to be individually material at this time to the Company, although the outcome of any such existing claims cannot be predicted with certainty.

ITEM 1A. RISK FACTORS

Various risks and uncertainties, some of which are difficult to predict and beyond the Company’s control, could negatively impact the Company. As a financial institution, the Company is exposed to credit risk, interest rate and liquidity risk, operational risk, risks from economic and market conditions, and other general business risks, among others. Adverse experience with these or other risks could have a material impact on the Company’s financial condition and results of operations, as well as the value of its common stock.

See the risk factors and “Supervision and Regulation General” described in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2025. There have been no material changes to the risk factors described in the Company's Annual Report on Form 10-K for the year-ended December 31, 2025.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The Company’s common stock is included for quotation on the NASDAQ Stock Market, LLC under the trading symbol “FMBH.”

The Company’s shareholders are entitled to receive dividends as are declared by the Board of Directors, which considered quarterly payment of dividends during 2026. The ability of the Company to pay dividends, as well as fund its operations, is dependent upon receipt of dividends from First Mid Bank and Two Rivers Bank. Regulatory authorities limit the amount of dividends that can be paid by First Mid Bank or Two Rivers Bank without prior approval from such authorities. For further discussion of the Bank’s dividend restrictions, see Item 1 – “Business” – “First Mid Bank” – “Dividends” and Note 16 – “Dividend Restrictions” described in the Company's Annual Report on Form 10-K for the year-ended December 31, 2025.

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The following table summarizes share repurchase activity for the quarter ending March 31, 2026:

ISSUER PURCHASES OF EQUITY SECURITIES
Period		(a) Total Number of Shares Purchased				(b) Average Price Paid per Share				(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs at End of Period
January 1, 2026 - January 31, 2026			—			$	—				—			$	50,520,000
February 1, 2026 - February 28, 2026			—				—				—				49,212,000
March 1, 2026 - March 31, 2026			12,686				39.45				12,686				48,905,464
Total			12,686			$	39.45				12,686			$	48,905,464

On June 24, 2025, the Board of Directors approved a repurchase program (the “2025 Repurchase Program”), which became effective on July 1, 2025. The 2025 Repurchase Program supersedes all previous repurchase plans and authorizes the Company to repurchase up to 1.2 million shares of the Company's common stock. During the three months ended March 31, 2026, the Company repurchased 12,686 shares through this plan.

See heading “Stock Repurchase Program” for more information regarding stock purchases.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None of the Company's directors and officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company's fiscal quarter ended March 31, 2026 (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).
 

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ITEM 6. EXHIBITS

The exhibits required by Item 601 of Regulation S-K and filed herewith are listed in the Exhibit Index that precedes the Signature Page and the exhibits filed.

Exhibit Number		Exhibit Index to Quarterly Report on Form 10-Q Description and Filing or Incorporation Reference
10.1		Tenth Amendment to the Sixth Amended and Restated Credit Agreement, entered into as of February 19, 2026, between the Company and The Northern Trust Company. Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on February 20, 2026
31.1		Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
31.2		Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
32.1		Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
32.2		Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		Cover page formatted as Inline XBRL and contained in Exhibits 101

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FIRST MID BANCSHARES, INC.

(Registrant)

Date: May 8, 2026

/s/ Joseph R. Dively

Joseph R. Dively

Chief Executive Officer

/s/ Jordan D. Read

Jordan D. Read

Chief Financial and Risk Officer

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FAQ

How did First Mid Bancshares (FMBH) perform in Q1 2026?

First Mid Bancshares reported higher Q1 2026 earnings. Net income was $26.3 million versus $22.2 million a year earlier, and basic and diluted EPS were both $1.06, up from $0.93, driven mainly by higher net interest income and a larger loan portfolio.

How much did First Mid Bancshares’ assets, loans, and deposits grow by March 31, 2026?

First Mid Bancshares expanded its balance sheet notably. Total assets reached $9.29 billion, up from $7.97 billion at December 31, 2025. Net loans increased to $6.85 billion from $5.93 billion, and total deposits rose to $7.55 billion from $6.40 billion.

What were the key details of the Two Rivers acquisition by First Mid Bancshares?

First Mid Bancshares closed the Two Rivers Financial Group deal. The company issued 2,539,831 common shares valued at about $104.2 million plus $2,000 cash in lieu of fractional shares, adding roughly $1.19 billion of assets and recording no new goodwill after purchase accounting adjustments.

How did credit quality and reserves at First Mid Bancshares change in Q1 2026?

Credit reserves increased alongside higher nonaccrual balances. The allowance for credit losses rose to $86.8 million from $74.9 million. Total nonaccrual and 90-days-plus-past-due loans reached $43.2 million, compared with $31.1 million at year-end, reflecting both portfolio growth and some credit migration.

What happened to First Mid Bancshares’ securities and accumulated other comprehensive loss?

Unrealized losses on securities widened in early 2026. Available-for-sale securities had a fair value of $1.18 billion with $150.5 million gross unrealized losses. Accumulated other comprehensive loss increased to $108.7 million, mainly from interest rate–driven valuation changes on these securities.

Did First Mid Bancshares record new goodwill in Q1 2026 acquisitions?

No new goodwill was recorded on the Two Rivers transaction. Purchase accounting adjustments offset the initial unallocated purchase price, resulting in zero incremental goodwill. The company did record new customer list intangibles, including a $1.4 million asset for the Downs Insurance Agency customer list.