First Mid Bancshares takes $14.8M securities sale loss
Year-over-year earnings growth coincided with a securities sale loss that will be reflected in fourth-quarter results.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
First Mid Bancshares, Inc. (FMBH) reported third-quarter 2026 net income of $33.297 million, versus $22.462 million in Q3 2025, and diluted EPS of $1.25. Net interest income rose 19.6% year over year to $79.376 million; tax-equivalent net interest margin was 3.76%, down 3 basis points from Q2. Deposits ended the quarter at $7.62 billion, up $44.2 million sequentially, while loans were $6.85 billion, down $85.8 million.
First Mid announced a pending acquisition of Evergreen Bancshares, parent of American Bank of Freedom, and agreed to acquire Winship Farm Management, expected to add over 8,600 acres under management over the next 3 years. On October 26, 2026, it sold investment securities for a $14.8 million loss, generating $175.8 million in cash; the sale will be reflected in Q4 results, and First Mid expects to reinvest the cash at higher rates with an earn-back period of less than 2 years. The board declared a $0.26 per-share quarterly dividend, payable December 1, 2026, to shareholders of record November 16, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointNet income was $33.297 million, compared with $22.462 million in Q3 2025.
- Moderate pointNet interest income increased 19.6% year over year.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.The securities sale will bring a $14.8 million loss into Q4 2026 results. 1.1% of market cap
Filing Explained
Evergreen remains pending: projected closing dilution is about 0.5% of tangible book value per share, alongside about 5% projected 2028 GAAP EPS accretion.
The investor presentation accompanying this 8-K says the pending Evergreen acquisition is projected to produce about
Those pro forma estimates are illustrative and may change with final purchase-accounting entries.
The deal remains pending, and the company identifies regulatory, shareholder and other approvals as conditions to completion; it says an S-4 with Evergreen’s proxy statement/prospectus will be filed and sent to shareholders.
8-K Event Classification
Key Figures
Key Terms
Net interest margin financial
Accretion income financial
Allowance for credit losses financial
Common equity tier 1 capital regulatory
Durbin phase-in regulatory
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What EPS accretion does FMBH expect from the Evergreen acquisition?
What approvals are required for FMBH’s Evergreen acquisition?
Why did FMBH loans decline in Q3 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
(Exact Name of Registrant as Specified in its Charter)
| |
||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
|
|
| (Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).
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. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Item 2.02. Results of Operations and Financial Condition.
On October 29, 2026, First Mid Bancshares, Inc. (the “Company”) issued a press release to report its results of operations and financial condition as of and for the quarter ended September 30, 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 2.02 by reference.
Item 7.01. Regulation FD Disclosure.
On October 29, 2026, the Company made available an investor presentation dated October 29, 2026 relating to the Company’s results of operations and financial condition for the quarter ended September 30, 2026. A copy of the investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference.
The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 furnished herewith, shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information or exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as may be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Index
| Exhibit No. | Description |
| 99.1 | Press Release, dated October 29, 2026. |
| 99.2 | Investor presentation dated October 29, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
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 hereunto duly authorized.
| FIRST MID BANCSHARES, INC. | |
| Dated: October 29, 2026 | By: /s/ Matthew K. Smith |
| Matthew K. Smith | |
| President and Chief Executive Officer |
EXHIBIT 99.1
First Mid Bancshares, Inc. Announces Third Quarter 2026 Results
MATTOON, Ill., Oct. 29, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended September 30, 2026.
Highlights
- Net income of $33.3 million, or $1.25 diluted EPS
- Adjusted quarterly net income* of $33.6 million, or $1.26 diluted EPS
- Announced pending acquisition of Evergreen Bancshares, Inc. (“Evergreen”)
- Total loans of $6.85 billion, quarterly decrease of $85.8 million
- Total deposits of $7.62 billion, quarterly increase of $44.2 million
- Quarterly return on average assets of 1.45%
- In late October, 2026 the Company completed the sale of investment securities with a weighted average yield of 1.51% for a loss of $14.8 million, which provided $175.8 million in cash. The proceeds are expected to be reinvested at higher rates with an earn back period of less than 2 years.
- Agreed to acquire Winship Farm Management in Putnam, IL, which is expected to add over 8,600 acres under management over the next 3 years
- Board of Directors declared a regular quarterly dividend of $0.26 per share
“We delivered another strong period of financial results highlighted by a record high quarter of earnings. Asset quality was strong with lower classifieds and negligible net charge-offs during the quarter. Deposit growth was solid, while loan growth was pressured due to higher payoff activity from customer collateral sales. We continue to put a strategic focus on revenue diversification and fee business growth through the acquisition of Winship Farm Management,” said Matthew Smith, Chief Executive Officer.
“I am pleased to announce our pending acquisition of Evergreen Bancshares and its subsidiary American Bank of Freedom. We are excited to welcome their employees and customers to the First Mid family. This acquisition will deepen and extend our presence in Missouri, Illinois, and Indiana while better positioning us to move past the $10 billion asset threshold,” Smith concluded.
Net Interest Income
Net interest income for the third quarter of 2026 was $79.4 million, a decrease of $0.3
million compared to the second quarter of 2026. The decrease was primarily driven by a decline in average loan balances for the quarter
along with an increase in the cost of funding from rate increases and continued deposit pricing competition. Interest income increased
by $1.8 million, while interest expense increased by $2.1 million during the period. Accretion income for the third quarter was $3.8 million
which was in line with the prior quarter.
In comparison to the third quarter of 2025, net interest income increased $13.0 million, or 19.6%. Interest income was higher by $20.6 million, inclusive of a $0.7 million increase in accretion income. The increase was primarily driven by organic earning asset growth along with the addition of Two Rivers Bank & Trust (“Two Rivers”). Interest expense was higher by $7.6 million compared to the third quarter of last year primarily from higher overall deposit balances including the addition of Two Rivers.
On October 26th, 2026 the Company sold investment securities with a weighted average yield of 1.51% for a loss of $14.8 million, which provided $175.8 million in cash. The transaction will be reflected in the fourth quarter financial results. The Company expects to reinvest this cash at higher rates with an expected earn back period of less than 2 years.
Net Interest Margin
Net interest margin, on a tax equivalent basis*, was 3.76% for the third quarter of 2026
representing a decrease of 3 basis points from the prior quarter. The yield on earning assets improved by 6 basis points compared to the
second quarter, but was outpaced by the increase in the average cost of funds. The increase in the average cost of funds was primarily
from overall rate movements and deposit pricing competition.
Loan Portfolio
Total loans ended the quarter at $6.85 billion, representing a decrease of $85.8 million for
the quarter on a combination of elevated payoffs and disciplined pricing decisions. The decrease for the quarter was primarily in commercial
real estate loans. This was primarily driven by the partial collateral sale of a multi-location business and subsequent loan payoff. Growth
in other portfolios was well diversified.
Asset Quality
Asset quality improved for the quarter with overall criticized assets declining $45.9 million.
Special mention loans decreased by $37.6 million to $101.5 million and substandard loans decreased by $8.3 million to $131.6 million.
Non-performing loans had a modest increase of $1.8 million to $43.1 million. The declines in criticized assets were primarily driven by
a combination of upgrades, paydowns, and external refinances.
The allowance for credit losses (“ACL”) ended the period at $86.5 million and the ACL to total loans ratio was 1.26%, which was a 1 basis point increase compared to the second quarter of 2026. In addition to the overall ACL, an unearned discount of $37.1 million remains at quarter end. Provision expense of $0.3 million was released during the quarter due to lower loan balances as well as minimal net charge offs of $0.2 million.
The ratio of non-performing loans to total loans was 0.63%, which was an increase from 0.60% in the prior quarter. The ACL to non-performing loans ratio was 201%, a decrease from 211% in the prior quarter primarily from the modest increase in non-performing loans and the slight decline in the ACL during the quarter. The ratio of non-performing assets to total assets remained flat compared to the prior quarter at 0.51%.
Deposits
Total deposits ended the quarter at $7.62 billion, which represented an increase of $44.2 million from
the prior quarter. Money market accounts had the largest growth compared to the prior quarter with a $198.8 million increase. This growth
was driven by the Company's deposit product refresh in early 2026 and continued marketing of these products. The average cost of interest-bearing
deposits for the quarter was 2.16%, an increase of 18 basis points from the end of the previous quarter, primarily due to overall rate
movements and continued deposit pricing competition.
Non-Interest Income
Non-interest income for the third quarter of 2026 was $27.2 million compared to $28.8 million
in the prior quarter and $22.9 million in the third quarter of 2025.
Wealth management revenues for the quarter were $7.4 million. Revenues decreased $0.8 million compared to the second quarter primarily from seasonality. Overall Ag Services revenue was $2.0 million in the period compared to $1.9 million in the prior quarter and $1.8 million in the third quarter of 2025. Insurance commissions for the quarter were $7.5 million, which was $1.3 million lower than the second quarter due to seasonality of contingent revenues. Third quarter insurance commissions were an increase of $0.4 million compared to the third quarter of 2025.
Non-Interest Expenses
Non-interest expense for the third quarter of 2026 totaled $65.0 million compared to $70.6
million in the second quarter of 2026. This decrease was primarily due to lower one-time merger-related costs that were recognized in
the second quarter. During the third quarter, acquisition-related expenses related to Two Rivers totaled $0.4 million compared to $7.1
million in the prior quarter. Salaries and benefits expense increased by $1.0 million compared to the prior quarter primarily due to additional
variable compensation for overperformance compared to plan.
The Company’s efficiency ratio*, as adjusted in the non-GAAP reconciliation table herein, for the third quarter of 2026 was 56.13% compared to 54.39% in the prior quarter and 58.75% for the same period last year.
Capital Levels and Dividend
The Company’s capital levels remained strong and above the “well capitalized”
levels. Capital levels ended the period as follows:
| Total capital to risk-weighted assets | 15.79% |
| Tier 1 capital to risk-weighted assets | 14.39% |
| Common equity tier 1 capital to risk-weighted assets | 13.91% |
| Leverage ratio | 11.29% |
Tangible book value per share* decreased $0.06, or 0.2% during the third quarter of 2026. The decrease was driven by an increase in the Company's unrealized loss position in its investment portfolio of $32.3 million. This increase in the unrealized loss position lowered tangible book value per share* by $1.21 which was materially offset by earnings growth. During the quarter, the Company paid off $10.0 million of subordinated debt with cash on hand.
The Company’s Board of Directors declared its regular quarterly dividend of $0.26 payable on December 1, 2026 to the shareholders of record as of November 16, 2026.
About First Mid
First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank
& Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $9.4 billion community-focused
organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance
through a sizeable network of locations throughout Illinois, Missouri, Texas, Wisconsin, and Iowa and a loan production office in the
greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities
and has done so over the last 160 years. More information about the Company is available on our website at www.firstmid.com.
*Non-GAAP Measures
In addition to reports presented in accordance with generally accepted accounting principles
(“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures
provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however,
are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures
are detailed as supplemental tables and include “Adjusted Net Income,” “Adjusted Diluted EPS,” “Efficiency
Ratio,” “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” “Adjusted Tangible
Book Value per Common Share,” “Adjusted Return on Average Assets,” and “Adjusted Return on Average Common Equity”.
Refer to non-GAAP reconciliation tables herein for reconciliation to comparable GAAP measures. While the Company believes these non-GAAP
financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the
Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information
prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.
Forward Looking Statements
This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding First Mid Bancshares, Inc. (“First Mid”), Evergreen Bancshares, Inc. (“Evergreen”) and the proposed transactions, including statements regarding anticipated benefits, integration, timing, approvals, customer relationships, operating results, expenses, market conditions, credit quality, liquidity, loan and deposit activity, and other expectations regarding the combined business. First Mid intends for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations, are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “may,” “should,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, the possibility that the anticipated benefits of the proposed transactions will not be realized within the expected time period; the risk that integration of Evergreen with First Mid will be materially delayed or will be more costly or difficult than expected; the inability to complete the proposed transactions due to the failure to satisfy conditions to completion of the proposed transactions, including failure to obtain required regulatory, shareholder and other approvals; the failure of the proposed transactions to close for any other reason; the effect of the announcement of the proposed transactions on customer relationships and operating results; the possibility that the proposed transactions may be more expensive to complete than anticipated; changes in interest rates; general economic conditions and market-area conditions; legislative and/or regulatory changes; risks relating to Evergreen as a privately held company whose business and financial information has not been subject to public company reporting requirements; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality, composition and valuation of loan and investment portfolios; demand for loan products; deposit flows; competition; demand for financial services; accounting principles, policies and guidelines; and the ability to complete the proposed transactions or any of the foregoing risks. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, is included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, First Mid does not undertake any obligation to update, revise or review any forward-looking information, whether as a result of new information, future events or otherwise.
Important Information about the Merger and Additional Information
First Mid will file
a registration statement on Form S-4 with the SEC in connection with the proposed transactions. The registration statement
will include a proxy statement of Evergreen that also constitutes a prospectus of First Mid, which will be sent to the shareholders of
Evergreen. Evergreen shareholders are urged to read the proxy statement/prospectus when it becomes available, which will contain
important information about First Mid, Evergreen and the proposed transactions, including detailed risk factors. The proxy statement/prospectus
and other documents which will be filed by First Mid with the SEC will be available free of charge at the SEC’s website, www.sec.gov.
These documents also can be obtained free of charge by accessing First Mid’s website at www.firstmid.com under the tab “Investor
Relations” and then under “SEC Filings.” Alternatively, when available, these documents can be obtained free of charge
from First Mid upon written request to First Mid Bancshares, PO Box 499, Mattoon, IL 61938, Attention: Investor Relations; or from Evergreen
upon written request to Evergreen Bancshares, Inc., 1701 Macklind Avenue, St. Louis, MO 63110, Attention: Chief Financial Officer. A final
proxy statement/prospectus will be mailed to the shareholders of Evergreen.
Participants in the Solicitation
First Mid and Evergreen, and certain of their respective
directors, executive officers, and other members of management and employees, are participants in the solicitation of proxies in connection
with the proposed transactions. Information about the directors and executive officers of First Mid is set forth in the proxy
statement for its 2026 annual meeting of stockholders, which was filed with the SEC on March 17, 2026. This document can be obtained
free of charge from the sources provided above. Information about Evergreen’s directors and executive officers, and a description
of their direct and indirect interests in the proposed transactions, by security holdings or otherwise, will be included in the proxy
statement/prospectus when it becomes available. Investors may obtain additional information regarding the interests of such participants
in the proposed transactions by reading the proxy statement/prospectus for such proposed transactions when it becomes available.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
| Investor Contacts | |
| Austin Frank |
Jordan Read |
| SVP, Director of Investor Relations |
EVP, Chief Financial and Risk Officer |
| 217-258-5522 | 217-258-3528 |
| afrank@firstmid.com | jread@firstmid.com |
- Tables Follow -
| FIRST MID BANCSHARES, INC. | ||||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||||
| (In thousands, unaudited) | ||||||||||||||
| As of | ||||||||||||||
| September 30, | December 31, | September 30, | ||||||||||||
| 2026 | 2025 | 2025 | ||||||||||||
| Assets | ||||||||||||||
| Cash and cash equivalents | $ | 511,334 | $ | 254,920 | $ | 277,087 | ||||||||
| Investment securities | 1,338,631 | 1,085,499 | 1,098,093 | |||||||||||
| Loans (including loans held for sale) | 6,848,571 | 6,011,374 | 5,824,038 | |||||||||||
| Less allowance for credit losses | (86,496 | ) | (74,875 | ) | (72,925 | ) | ||||||||
| Net loans | 6,762,075 | 5,936,499 | 5,751,113 | |||||||||||
| Premises and equipment, net | 101,869 | 90,782 | 94,673 | |||||||||||
| Goodwill and intangibles, net | 269,877 | 253,016 | 255,217 | |||||||||||
| Bank Owned Life Insurance | 188,584 | 174,915 | 173,588 | |||||||||||
| Other assets | 217,950 | 171,027 | 180,597 | |||||||||||
| Total assets | $ | 9,390,320 | $ | 7,966,658 | $ | 7,830,368 | ||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||
| Deposits: | ||||||||||||||
| Non-interest bearing | $ | 1,465,347 | $ | 1,392,534 | $ | 1,450,244 | ||||||||
| Interest bearing | 6,150,417 | 5,002,739 | 4,839,299 | |||||||||||
| Total deposits | 7,615,764 | 6,395,273 | 6,289,543 | |||||||||||
| Repurchase agreements with customers | 187,726 | 196,716 | 200,506 | |||||||||||
| Other borrowings | 359,186 | 270,000 | 245,000 | |||||||||||
| Junior subordinated debentures | 34,133 | 24,454 | 24,419 | |||||||||||
| Subordinated debt | 22,773 | 60,008 | 79,645 | |||||||||||
| Other liabilities | 73,843 | 61,515 | 59,076 | |||||||||||
| Total liabilities | 8,293,425 | 7,007,966 | 6,898,189 | |||||||||||
| Total stockholders' equity | 1,096,895 | 958,692 | 932,179 | |||||||||||
| Total liabilities and stockholders' equity | $ | 9,390,320 | $ | 7,966,658 | $ | 7,830,368 | ||||||||
| FIRST MID BANCSHARES, INC. | |||||||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||||||
| (In thousands, except per share data and share amounts, unaudited) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Interest income: | |||||||||||||||||
| Interest and fees on loans | $ | 104,013 | $ | 87,020 | $ | 297,667 | $ | 251,722 | |||||||||
| Interest on investment securities | 10,733 | 7,659 | 27,993 | 21,331 | |||||||||||||
| Interest on federal funds sold & other deposits | 1,972 | 1,456 | 6,562 | 4,042 | |||||||||||||
| Total interest income | 116,718 | 96,135 | 332,222 | 277,095 | |||||||||||||
| Interest expense: | |||||||||||||||||
| Interest on deposits | 33,165 | 25,179 | 88,267 | 73,865 | |||||||||||||
| Interest on securities sold under agreements to repurchase | 941 | 1,105 | 2,996 | 3,503 | |||||||||||||
| Interest on other borrowings | 2,148 | 2,186 | 7,125 | 6,060 | |||||||||||||
| Interest on subordinated debt | 500 | 850 | 2,380 | 2,648 | |||||||||||||
| Interest on jr. subordinated debentures | 588 | 452 | 1,634 | 1,384 | |||||||||||||
| Total interest expense | 37,342 | 29,772 | 102,402 | 87,460 | |||||||||||||
| Net interest income | 79,376 | 66,363 | 229,820 | 189,635 | |||||||||||||
| Provision (release of provision) for credit losses | (299 | ) | 3,353 | 3,844 | 7,572 | ||||||||||||
| Net interest income after provision for credit losses | 79,675 | 63,010 | 225,976 | 182,063 | |||||||||||||
| Non-interest income: | |||||||||||||||||
| Wealth management revenues | 7,370 | 5,145 | 21,951 | 16,350 | |||||||||||||
| Insurance commissions | 7,529 | 7,089 | 27,206 | 24,854 | |||||||||||||
| Service charges | 4,156 | 3,240 | 10,695 | 9,136 | |||||||||||||
| Net securities gains/(losses) | 35 | (1,930 | ) | 118 | (2,111 | ) | |||||||||||
| Mortgage banking revenues | 946 | 1,255 | 2,481 | 3,036 | |||||||||||||
| ATM/debit card revenue | 4,900 | 4,182 | 13,834 | 12,464 | |||||||||||||
| Other | 2,276 | 3,928 | 6,201 | 7,637 | |||||||||||||
| Total non-interest income | 27,212 | 22,909 | 82,486 | 71,366 | |||||||||||||
| Non-interest expense: | |||||||||||||||||
| Salaries and employee benefits | 39,411 | 33,570 | 112,887 | 98,941 | |||||||||||||
| Net occupancy and equipment expense | 10,289 | 9,196 | 31,007 | 25,544 | |||||||||||||
| Net other real estate owned expense | 537 | 217 | 967 | 393 | |||||||||||||
| FDIC insurance | 1,016 | 874 | 3,019 | 2,596 | |||||||||||||
| Amortization of intangible assets | 3,718 | 3,128 | 10,897 | 9,480 | |||||||||||||
| Stationery and supplies | 339 | 411 | 952 | 1,209 | |||||||||||||
| Legal and professional expense | 2,954 | 2,454 | 8,414 | 8,287 | |||||||||||||
| ATM/debit card expense | 2,096 | 2,052 | 6,121 | 5,027 | |||||||||||||
| Marketing and donations | 954 | 959 | 2,596 | 2,588 | |||||||||||||
| Other | 3,648 | 4,285 | 19,454 | 12,315 | |||||||||||||
| Total non-interest expense | 64,962 | 57,146 | 196,314 | 166,380 | |||||||||||||
| Income before income taxes | 41,925 | 28,773 | 112,148 | 87,049 | |||||||||||||
| Income taxes | 8,628 | 6,311 | 24,735 | 18,978 | |||||||||||||
| Net income | $ | 33,297 | $ | 22,462 | $ | 87,413 | $ | 68,071 | |||||||||
| Per Share Information | |||||||||||||||||
| Basic earnings per common share | $ | 1.26 | $ | 0.94 | $ | 3.37 | $ | 2.85 | |||||||||
| Diluted earnings per common share | 1.25 | 0.94 | 3.36 | 2.84 | |||||||||||||
| Weighted average shares outstanding | 26,455,825 | 23,876,020 | 25,903,440 | 23,867,537 | |||||||||||||
| Diluted weighted average shares outstanding | 26,601,826 | 23,997,198 | 26,039,726 | 23,981,938 | |||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||||||||||||||
| (In thousands, except per share data and share amounts, unaudited) | ||||||||||||||||||||||||
| For the Quarter Ended | ||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||||||||||||
| Interest income: | ||||||||||||||||||||||||
| Interest and fees on loans | $ | 104,013 | $ | 102,668 | $ | 90,986 | $ | 86,972 | $ | 87,020 | ||||||||||||||
| Interest on investment securities | 10,733 | 9,375 | 7,885 | 7,552 | 7,659 | |||||||||||||||||||
| Interest on federal funds sold & other deposits | 1,972 | 2,841 | 1,749 | 1,371 | 1,456 | |||||||||||||||||||
| Total interest income | 116,718 | 114,884 | 100,620 | 95,895 | 96,135 | |||||||||||||||||||
| Interest expense: | ||||||||||||||||||||||||
| Interest on deposits | 33,165 | 30,328 | 24,774 | 24,462 | 25,179 | |||||||||||||||||||
| Interest on securities sold under agreements to repurchase | 941 | 1,030 | 1,025 | 987 | 1,105 | |||||||||||||||||||
| Interest on other borrowings | 2,148 | 2,579 | 2,398 | 2,341 | 2,186 | |||||||||||||||||||
| Interest on subordinated debt | 500 | 710 | 1,170 | 1,142 | 850 | |||||||||||||||||||
| Interest on jr. subordinated debentures | 588 | 578 | 468 | 433 | 452 | |||||||||||||||||||
| Total interest expense | 37,342 | 35,225 | 29,835 | 29,365 | 29,772 | |||||||||||||||||||
| Net interest income | 79,376 | 79,659 | 70,785 | 66,530 | 66,363 | |||||||||||||||||||
| Provision (release of provision) for credit losses | (299 | ) | 1,545 | 2,598 | 2,349 | 3,353 | ||||||||||||||||||
| Net interest income after provision for credit losses | 79,675 | 78,114 | 68,187 | 64,181 | 63,010 | |||||||||||||||||||
| Non-interest income: | ||||||||||||||||||||||||
| Wealth management revenues | 7,370 | 8,206 | 6,375 | 6,591 | 5,145 | |||||||||||||||||||
| Insurance commissions | 7,529 | 8,870 | 10,807 | 7,441 | 7,089 | |||||||||||||||||||
| Service charges | 4,156 | 3,459 | 3,080 | 3,161 | 3,240 | |||||||||||||||||||
| Net securities gains/(losses) | 35 | 63 | 20 | (398 | ) | (1,930 | ) | |||||||||||||||||
| Mortgage banking revenues | 946 | 814 | 721 | 624 | 1,255 | |||||||||||||||||||
| ATM/debit card revenue | 4,900 | 4,799 | 4,135 | 3,947 | 4,182 | |||||||||||||||||||
| Other | 2,276 | 2,622 | 1,303 | 319 | 3,928 | |||||||||||||||||||
| Total non-interest income | 27,212 | 28,833 | 26,441 | 21,685 | 22,909 | |||||||||||||||||||
| Non-interest expense: | ||||||||||||||||||||||||
| Salaries and employee benefits | 39,411 | 38,460 | 35,016 | 35,674 | 33,570 | |||||||||||||||||||
| Net occupancy and equipment expense | 10,289 | 10,892 | 9,826 | 11,035 | 9,196 | |||||||||||||||||||
| Net other real estate owned expense | 537 | 218 | 212 | 146 | 217 | |||||||||||||||||||
| FDIC insurance | 1,016 | 1,063 | 940 | 880 | 874 | |||||||||||||||||||
| Amortization of intangible assets | 3,718 | 3,878 | 3,301 | 2,963 | 3,128 | |||||||||||||||||||
| Stationery and supplies | 339 | 311 | 302 | 561 | 411 | |||||||||||||||||||
| Legal and professional expense | 2,954 | 2,760 | 2,700 | 2,459 | 2,454 | |||||||||||||||||||
| ATM/debit card expense | 2,096 | 2,218 | 1,807 | 1,918 | 2,052 | |||||||||||||||||||
| Marketing and donations | 954 | 818 | 824 | 760 | 959 | |||||||||||||||||||
| Other | 3,648 | 10,009 | 5,797 | (529 | ) | 4,285 | ||||||||||||||||||
| Total non-interest expense | 64,962 | 70,627 | 60,725 | 55,867 | 57,146 | |||||||||||||||||||
| Income before income taxes | 41,925 | 36,320 | 33,903 | 29,999 | 28,773 | |||||||||||||||||||
| Income taxes | 8,628 | 8,531 | 7,576 | 6,321 | 6,311 | |||||||||||||||||||
| Net income | $ | 33,297 | $ | 27,789 | $ | 26,327 | $ | 23,678 | $ | 22,462 | ||||||||||||||
| Per Share Information | ||||||||||||||||||||||||
| Basic earnings per common share | $ | 1.26 | $ | 1.05 | $ | 1.06 | $ | 0.99 | $ | 0.94 | ||||||||||||||
| Diluted earnings per common share | 1.25 | 1.04 | 1.06 | 0.99 | 0.94 | |||||||||||||||||||
| Weighted average shares outstanding | 26,455,825 | 26,458,805 | 24,777,247 | 23,891,160 | 23,876,020 | |||||||||||||||||||
| Diluted weighted average shares outstanding | 26,601,826 | 26,604,784 | 24,893,802 | 24,000,061 | 23,997,198 | |||||||||||||||||||
| FIRST MID BANCSHARES, INC. | |||||||||||||||||||||
| Consolidated Financial Highlights and Ratios | |||||||||||||||||||||
| (Dollars in thousands, except per share data, unaudited) | |||||||||||||||||||||
| As of and for the Quarter Ended | |||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||||
| Loan Portfolio | |||||||||||||||||||||
| Construction and land development | $ | 386,754 | $ | 361,748 | $ | 316,723 | $ | 360,687 | $ | 336,795 | |||||||||||
| Farm real estate loans | 426,928 | 422,537 | 400,783 | 373,408 | 367,473 | ||||||||||||||||
| 1-4 Family residential properties | 735,724 | 733,869 | 734,053 | 489,854 | 495,537 | ||||||||||||||||
| Multifamily residential properties | 393,982 | 390,847 | 456,185 | 339,482 | 330,549 | ||||||||||||||||
| Commercial real estate | 2,815,862 | 2,923,176 | 2,948,024 | 2,564,670 | 2,432,180 | ||||||||||||||||
| Loans secured by real estate | 4,759,250 | 4,832,177 | 4,855,768 | 4,128,101 | 3,962,534 | ||||||||||||||||
| Agricultural operating loans | 363,770 | 356,814 | 370,931 | 308,275 | 311,594 | ||||||||||||||||
| Commercial and industrial loans | 1,469,640 | 1,502,951 | 1,499,079 | 1,381,598 | 1,349,863 | ||||||||||||||||
| Consumer loans | 31,637 | 35,478 | 39,597 | 31,918 | 36,317 | ||||||||||||||||
| All other loans | 224,274 | 206,922 | 178,901 | 161,482 | 163,730 | ||||||||||||||||
| Total loans | 6,848,571 | 6,934,342 | 6,944,276 | 6,011,374 | 5,824,038 | ||||||||||||||||
| Deposit Portfolio | |||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 1,465,347 | $ | 1,486,592 | $ | 1,489,747 | $ | 1,392,534 | $ | 1,450,244 | |||||||||||
| Interest bearing demand deposits | 2,337,451 | 2,435,498 | 2,394,069 | 2,095,370 | 1,901,516 | ||||||||||||||||
| Savings deposits | 690,034 | 711,999 | 781,451 | 639,412 | 617,311 | ||||||||||||||||
| Money Market | 1,572,439 | 1,373,685 | 1,307,240 | 1,138,464 | 1,184,964 | ||||||||||||||||
| Time deposits | 1,550,493 | 1,563,770 | 1,575,132 | 1,129,493 | 1,135,508 | ||||||||||||||||
| Total deposits | 7,615,764 | 7,571,544 | 7,547,639 | 6,395,273 | 6,289,543 | ||||||||||||||||
| Asset Quality | |||||||||||||||||||||
| Non-performing loans | $ | 43,069 | $ | 41,293 | $ | 44,074 | $ | 31,948 | $ | 22,199 | |||||||||||
| Non-performing assets | 48,099 | 47,098 | 49,621 | 34,807 | 23,670 | ||||||||||||||||
| Net charge-offs (recoveries) | 194 | 1,370 | 1,500 | 399 | 1,588 | ||||||||||||||||
| Allowance for credit losses to non-performing loans | 200.83 | % | 210.66 | % | 196.98 | % | 234.37 | % | 328.51 | % | |||||||||||
| Allowance for credit losses to total loans outstanding | 1.26 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | |||||||||||
| Nonperforming loans to total loans | 0.63 | % | 0.60 | % | 0.63 | % | 0.53 | % | 0.38 | % | |||||||||||
| Nonperforming assets to total assets | 0.51 | % | 0.51 | % | 0.53 | % | 0.44 | % | 0.30 | % | |||||||||||
| Special Mention loans | 101,513 | 139,154 | 179,648 | 120,510 | 61,195 | ||||||||||||||||
| Substandard and Doubtful loans | 131,598 | 139,902 | 109,127 | 79,956 | 75,309 | ||||||||||||||||
| Common Share Data | |||||||||||||||||||||
| Common shares outstanding | 26,601,445 | 26,594,524 | 26,609,307 | 23,986,299 | 23,996,833 | ||||||||||||||||
| Book value per common share | $ | 41.23 | $ | 41.43 | $ | 40.46 | $ | 39.97 | $ | 38.85 | |||||||||||
| Tangible book value per share(1) | 31.09 | 31.15 | 30.04 | 29.42 | 28.21 | ||||||||||||||||
| Tangible book value per share excluding other comprehensive income at period end(1) | 36.24 | 35.09 | 34.12 | 33.64 | 32.79 | ||||||||||||||||
| Market price of stock | 48.74 | 48.09 | 41.19 | 39.00 | 37.88 | ||||||||||||||||
| Key Performance Ratios and Metrics | |||||||||||||||||||||
| End of period earning assets | $ | 8,670,790 | $ | 8,496,204 | $ | 8,574,933 | $ | 7,325,978 | $ | 7,101,811 | |||||||||||
| Average earning assets | 8,470,595 | 8,520,559 | 7,670,723 | 7,168,176 | 7,014,675 | ||||||||||||||||
| Average rate on average earning assets (tax equivalent) | 5.51 | % | 5.45 | % | 5.36 | % | 5.35 | % | 5.48 | % | |||||||||||
| Average rate on cost of funds | 1.85 | % | 1.75 | % | 1.67 | % | 1.71 | % | 1.75 | % | |||||||||||
| Net interest margin (tax equivalent)(1) | 3.76 | % | 3.79 | % | 3.78 | % | 3.73 | % | 3.80 | % | |||||||||||
| Return on average assets | 1.45 | % | 1.20 | % | 1.26 | % | 1.21 | % | 1.17 | % | |||||||||||
| Adjusted return on average assets(1) | 1.46 | % | 1.45 | % | 1.37 | % | 1.30 | % | 1.21 | % | |||||||||||
| Return on average common equity | 12.07 | % | 10.19 | % | 10.45 | % | 10.01 | % | 9.95 | % | |||||||||||
| Adjusted return on average common equity(1) | 12.19 | % | 12.25 | % | 11.29 | % | 10.71 | % | 10.34 | % | |||||||||||
| Return on average tangible common equity | 16.02 | % | 13.64 | % | 14.10 | % | 13.68 | % | 13.88 | % | |||||||||||
| Adjusted return on average tangible common equity | 16.17 | % | 16.39 | % | 15.24 | % | 14.63 | % | 14.42 | % | |||||||||||
| Efficiency ratio (tax equivalent)(1) | 56.13 | % | 54.39 | % | 55.86 | % | 57.55 | % | 58.75 | % | |||||||||||
| Full-time equivalent employees | 1,313 | 1,316 | 1,335 | 1,170 | 1,178 | ||||||||||||||||
| 1 Non-GAAP financial
measure. Refer to reconciliation to the comparable GAAP measure. |
|||||||||||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||
| Net Interest Margin | ||||||||||||
| (Dollars in thousands, unaudited) | ||||||||||||
| For the Quarter Ended September 30, 2026 | ||||||||||||
| QTD Average | Average | |||||||||||
| Balance | Interest | Rate | ||||||||||
| INTEREST EARNING ASSETS | ||||||||||||
| Interest bearing deposits | $ | 242,510 | $ | 1,930 | 3.16 | % | ||||||
| Federal funds sold | 75 | 1 | 5.29 | % | ||||||||
| Certificates of deposits investments | 4,281 | 41 | 3.80 | % | ||||||||
| Investment Securities | 1,333,818 | 11,243 | 3.37 | % | ||||||||
| Loans (net of unearned income) | 6,889,911 | 104,345 | 6.01 | % | ||||||||
| Total interest earning assets | 8,470,595 | 117,560 | 5.51 | % | ||||||||
| NONEARNING ASSETS | ||||||||||||
| Other nonearning assets | 797,980 | |||||||||||
| Allowance for loan losses | (87,905 | ) | ||||||||||
| Total assets | $ | 9,180,670 | ||||||||||
| INTEREST BEARING LIABILITIES | ||||||||||||
| Demand deposits | $ | 3,792,673 | $ | 19,524 | 2.04 | % | ||||||
| Savings deposits | 705,758 | 316 | 0.18 | % | ||||||||
| Time deposits | 1,585,639 | 13,324 | 3.33 | % | ||||||||
| Total interest bearing deposits | 6,084,070 | 33,164 | 2.16 | % | ||||||||
| Repurchase agreements | 191,935 | 941 | 1.95 | % | ||||||||
| FHLB advances | 175,815 | 1,519 | 3.43 | % | ||||||||
| Federal funds purchased | 89 | 1 | 0.00 | % | ||||||||
| Subordinated debt | 24,266 | 500 | 8.17 | % | ||||||||
| Jr. subordinated debentures | 34,100 | 588 | 6.84 | % | ||||||||
| Other debt | 39,501 | 628 | 6.31 | % | ||||||||
| Total borrowings | 465,706 | 4,177 | 3.56 | % | ||||||||
| Total interest bearing liabilities | 6,549,776 | 37,341 | 2.26 | % | ||||||||
| NONINTEREST BEARING LIABILITIES | ||||||||||||
| Demand deposits | 1,459,511 | Avg Cost of Funds | 1.85 | % | ||||||||
| Other liabilities | 68,135 | |||||||||||
| Stockholders' equity | 1,103,248 | |||||||||||
| Total liabilities & stockholders' equity | $ | 9,180,670 | ||||||||||
| Net Interest Earnings / Spread | $ | 80,219 | 3.25 | % | ||||||||
| Tax effected yield on interest earning assets | 3.76 | % | ||||||||||
| Net interest margin, tax equivalent is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. | ||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||
| (Dollars in thousands, except per share data, unaudited) | ||||||||||||||||||||||||
| As of and for the Quarter Ended | ||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||||||||||||
| Net interest income as reported | $ | 79,376 | $ | 79,659 | $ | 70,785 | $ | 66,530 | $ | 66,363 | ||||||||||||||
| Net interest income, (tax equivalent) | 80,219 | 80,459 | 71,581 | 67,314 | 67,143 | |||||||||||||||||||
| Average earning assets | 8,470,595 | 8,520,559 | 7,670,723 | 7,168,176 | 7,014,675 | |||||||||||||||||||
| Net interest margin (tax equivalent) | 3.76 | % | 3.79 | % | 3.78 | % | 3.73 | % | 3.80 | % | ||||||||||||||
| Common stockholder's equity | $ | 1,096,895 | $ | 1,101,744 | $ | 1,076,626 | $ | 958,692 | $ | 932,179 | ||||||||||||||
| Goodwill and intangibles, net | 269,877 | 273,456 | 277,347 | 253,016 | 255,217 | |||||||||||||||||||
| Common shares outstanding | 26,601 | 26,595 | 26,609 | 23,986 | 23,997 | |||||||||||||||||||
| Tangible Book Value per common share | $ | 31.09 | $ | 31.15 | $ | 30.04 | $ | 29.42 | $ | 28.21 | ||||||||||||||
| Accumulated other comprehensive loss (AOCI) | (137,145 | ) | (104,824 | ) | (108,708 | ) | (101,301 | ) | (110,012 | ) | ||||||||||||||
| Adjusted tangible book value per common share | $ | 36.24 | $ | 35.09 | $ | 34.12 | $ | 33.64 | $ | 32.79 | ||||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||
| (Dollars in thousands, except per share data, unaudited) | ||||||||||||||||||||||||||
| As of and for the Quarter Ended | ||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, |
||||||||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||||||||||||||
| Adjusted earnings reconciliation | ||||||||||||||||||||||||||
| Net Income - GAAP | $ | 33,297 | $ | 27,789 | $ | 26,327 | $ | 23,678 | $ | 22,462 | ||||||||||||||||
| Adjustments (post-tax)(1) | ||||||||||||||||||||||||||
| Net (gain)/loss on securities sales | (28 | ) | (50 | ) | (16 | ) | 314 | 1,525 | ||||||||||||||||||
| Net loss on subordinated debt repayment | 24 | 74 | - | 237 | - | |||||||||||||||||||||
| Net loss on other investments | - | - | 422 | 349 | - | |||||||||||||||||||||
| Technology project expenses | - | - | 25 | 761 | 360 | |||||||||||||||||||||
| Net gain on real estate | - | - | - | (443 | ) | (1,033 | ) | |||||||||||||||||||
| Severance expense | - | - | - | - | 15 | |||||||||||||||||||||
| Integration and acquisition expenses | 325 | 5,586 | 1,690 | 434 | 13 | |||||||||||||||||||||
| Total adjustments (non-GAAP) | $ | 321 | $ | 5,610 | $ | 2,122 | $ | 1,652 | $ | 880 | ||||||||||||||||
| Adjusted earnings - non-GAAP | $ | 33,618 | $ | 33,399 | $ | 28,449 | $ | 25,330 | $ | 23,342 | ||||||||||||||||
| Adjusted diluted earnings per share (non-GAAP) | $ | 1.26 | $ | 1.26 | $ | 1.14 | $ | 1.06 | $ | 0.97 | ||||||||||||||||
| Adjusted return on average assets (non-GAAP) | 1.46 | % | 1.45 | % | 1.37 | % | 1.30 | % | 1.21 | % | ||||||||||||||||
| Adjusted return on average common equity (non-GAAP) | 12.19 | % | 12.25 | % | 11.29 | % | 10.71 | % | 10.34 | % | ||||||||||||||||
| Efficiency ratio reconciliation | ||||||||||||||||||||||||||
| Noninterest expense - GAAP | $ | 64,962 | $ | 70,627 | $ | 60,725 | $ | 55,867 | $ | 57,146 | ||||||||||||||||
| Other real estate owned property income (expense) | (537 | ) | (218 | ) | (212 | ) | (76 | ) | (217 | ) | ||||||||||||||||
| Amortization of intangibles | (3,718 | ) | (3,878 | ) | (3,301 | ) | (2,963 | ) | (3,128 | ) | ||||||||||||||||
| Gain/(loss) on real estate | - | - | - | 560 | (95 | ) | ||||||||||||||||||||
| Severance expense | - | - | - | - | (19 | ) | ||||||||||||||||||||
| Technology project expense | - | - | (32 | ) | (963 | ) | (456 | ) | ||||||||||||||||||
| Integration and acquisition expenses | (411 | ) | (7,071 | ) | (2,139 | ) | (549 | ) | (17 | ) | ||||||||||||||||
| Adjusted noninterest expense (non-GAAP) | $ | 60,296 | $ | 59,460 | $ | 55,041 | $ | 51,876 | $ | 53,214 | ||||||||||||||||
| Net interest income -GAAP | $ | 79,376 | $ | 79,659 | $ | 70,785 | $ | 66,530 | $ | 66,363 | ||||||||||||||||
| Effect of tax-exempt income(1) | 843 | 800 | 796 | 784 | 780 | |||||||||||||||||||||
| Adjusted net interest income (non-GAAP) | $ | 80,219 | $ | 80,459 | $ | 71,581 | $ | 67,314 | $ | 67,143 | ||||||||||||||||
| Noninterest income - GAAP | $ | 27,212 | $ | 28,833 | $ | 26,441 | $ | 21,685 | $ | 22,909 | ||||||||||||||||
| Gain on real estate sales | - | - | - | - | (1,403 | ) | ||||||||||||||||||||
| Net (gain)/loss on securities sales | (35 | ) | (63 | ) | (20 | ) | 398 | 1,930 | ||||||||||||||||||
| Net loss on subordinated debt repayment | 30 | 94 | - | 300 | - | |||||||||||||||||||||
| Net loss on other investments | - | - | 534 | 442 | - | |||||||||||||||||||||
| Adjusted noninterest income (non-GAAP) | $ | 27,207 | $ | 28,864 | $ | 26,955 | $ | 22,825 | $ | 23,436 | ||||||||||||||||
| Adjusted total revenue (non-GAAP) | $ | 107,426 | $ | 109,323 | $ | 98,536 | $ | 90,139 | $ | 90,579 | ||||||||||||||||
| Efficiency ratio (non-GAAP) | 56.13 | % | 54.39 | % | 55.86 | % | 57.55 | % | 58.75 | % | ||||||||||||||||
| Adjusted return on average tangible common equity reconciliation | ||||||||||||||||||||||||||
| Adjusted earnings - non-GAAP | $ | 33,618 | $ | 33,399 | $ | 28,449 | $ | 25,330 | $ | 23,342 | ||||||||||||||||
| Annualized adjusted earnings- non-GAAP | 134,472 | 133,596 | 113,794 | 101,320 | 93,368 | |||||||||||||||||||||
| Average common stockholder's equity | 1,103,248 | 1,090,377 | 1,008,214 | 946,150 | 903,411 | |||||||||||||||||||||
| Average goodwill | 203,683 | 203,677 | 203,392 | 203,391 | 203,391 | |||||||||||||||||||||
| Average other intangibles | 68,063 | 71,813 | 57,973 | 50,413 | 52,572 | |||||||||||||||||||||
| Average tangible common stockholder's equity | $ | 831,502 | $ | 814,887 | $ | 746,849 | $ | 692,346 | $ | 647,448 | ||||||||||||||||
| Adjusted return on average tangible common equity (non-GAAP) | 16.17 | % | 16.39 | % | 15.24 | % | 14.63 | % | 14.42 | % | ||||||||||||||||
| (1) Nonrecurring items (post-tax) and tax-exempt
income are calculated using an estimated effective tax rate of 21%. |
||||||||||||||||||||||||||
Exhibit 99.2
First Mid Bancshares, Inc. Q3 2026 Investor Presentation Investor Contacts: Austin Frank Director of Investor Relations 217 - 258 - 5522 afrank@firstmid.com Jordan Read Chief Financial Officer & Chief Risk Officer 217 - 258 - 3528 jread@firstmid.com NASDAQ: FMBH firstmid.com
Non - GAAP Measures In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this presentation contains certain non - GAAP financial measures. The Company believes that such non - GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this presentation, however, are urged to review these non - GAAP financial measures in conjunction with the GAAP results as reported. These non - GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Income,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” “Adjusted Tangible Book Value per Common Share,” “Adjusted Return on Average Assets,” and “Adjusted Return on Average Common Equity”. Refer to non - GAAP reconciliation tables herein for reconciliation to comparable GAAP measures. While the Company believes these non - GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non - GAAP financial measures may also differ from the similar measures presented by other companies. Forward Looking Statements This document may contain forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding First Mid Bancshares, Inc. (“First Mid”), Evergreen Bancshares, Inc. (“Evergreen”) and the proposed transactions, including statements regarding anticipated benefits, integration, timing, approvals, customer relationships, operating results, expenses, market conditions, credit quality, liquidity, loan and deposit activity, and other expectations regarding the combined business. First Mid intends for these forward - looking statements to be covered by the safe harbor provisions for forward - looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward - looking statements, which are based on certain assumptions and describe future plans, strategies and expectations, are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “may,” “should,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, the possibility that the anticipated benefits of the proposed transactions will not be realized within the expected time period; the risk that integration of Evergreen with First Mid will be materially delayed or will be more costly or difficult than expected; the inability to complete the proposed transactions due to the failure to satisfy conditions to completion of the proposed transactions, including failure to obtain required regulatory, shareholder and other approvals; the failure of the proposed transactions to close for any other reason; the effect of the announcement of the proposed transactions on customer relationships and operating results; the possibility that the proposed transactions may be more expensive to complete than anticipated; changes in interest rates; general economic conditions and market - area conditions; legislative and/or regulatory changes; risks relating to Evergreen as a privately held company whose business and financial information has not been subject to public company reporting requirements; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality, composition and valuation of loan and investment portfolios; demand for loan products; deposit flows; competition; demand for financial services; accounting principles, policies and guidelines; and the ability to complete the proposed transactions or any of the foregoing risks. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, is included in First Mid’s filings with the SEC, including its Annual Reports on Form 10 - K and Quarterly Reports on Form 10 - Q. Forward - looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, First Mid does not undertake any obligation to update, revise or review any forward - looking information, whether as a result of new information, future events or otherwise. 2 Disclosures
Important Information about the Merger and Additional Information First Mid will file a registration statement on Form S - 4 with the SEC in connection with the proposed transactions. The registration statement will include a proxy statement of Evergreen that also constitutes a prospectus of First Mid, which will be sent to the shareholders of Evergreen. Evergreen shareholders are urged to read the proxy statement/prospectus when it becomes available, which will contain important information about First Mid, Evergreen and the proposed transactions, including detailed risk factors. The proxy statement/prospectus and other documents which will be filed by First Mid with the SEC will be available free of charge at the SEC’s website, www.sec.gov. These documents also can be obtained free of charge by accessing First Mid’s website at www.firstmid.com under the tab “Investor Relations” and then under “SEC Filings.” Alternatively, when available, these documents can be obtained free of charge from First Mid upon written request to First Mid Bancshares, PO Box 499, Mattoon, IL 61938, Attention: Investor Relations; or from Evergreen upon written request to Evergreen Bancshares, Inc., 1701 Macklind Avenue, St. Louis, MO 63110, Attention: Chief Financial Officer. A final proxy statement/prospectus will be mailed to the shareholders of Evergreen. Participants in the Solicitation First Mid and Evergreen, and certain of their respective directors, executive officers, and other members of management and employees, are participants in the solicitation of proxies in connection with the proposed transactions. Information about the directors and executive officers of First Mid is set forth in the proxy statement for its 2026 annual meeting of stockholders, which was filed with the SEC on March 17, 2026. This document can be obtained free of charge from the sources provided above. Information about Evergreen’s directors and executive officers, and a description of their direct and indirect interests in the proposed transactions, by security holdings or otherwise, will be included in the proxy statement/prospectus when it becomes available. Investors may obtain additional information regarding the interests of such participants in the proposed transactions by reading the proxy statement/prospectus for such proposed transactions when it becomes available. No Offer or Solicitation This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Disclosures 3
Franchise Overview History and Recognition ▪ Diversified financial services platform spanning banking, wealth management, ag services, brokerage and insurance ▪ Oldest nationally chartered bank in Illinois, est. 1865 ▪ History of growing shareholder value (Dividends since 1879) ▪ Publicly traded on Nasdaq since 2014 ▪ Demonstrated ability to raise capital and successfully complete acquisitions ▪ Committed to our community banking heritage and mission with more than 160 years of community banking experience ▪ Largest community bank - affiliated insurance agency in Illinois ▪ Largest farm manager in Illinois ▪ Top Workplaces – USA Today *FMBH financial measures as of 9/30/26. Tangible Book Value Per Share is a non - GAAP measure and is defined as total common equity less goodwill and intangibles divided by shares outstanding as of period end. Personal & Commercial Banking Brokerage | Trust | Ag Services & Ag RE Brokerage Personal & Business Insurance Price/TBV Div. Yield Price/Share Market Cap FMWM AUM Total Deposits Total Loans Total Assets 1.56x 2.13% $48.74 $1.3B $8.2B $7.6B $6.8B $9.4B
Our Purpose COLLABORATE TO MAKE AN IMPACT. Our Values We make a positive IMPACT through our beliefs and actions. Strong, principled values have been the foundation of our Company for over 160 years. Our Vision To be a nimble, community - focused financial organization committed to quality, growth and earned independence for the benefit of all our stakeholders. T eamwork Teamwork is the foundation of our excellence. C ommitment We are committed to the success of First Mid. A ccountability We hold ourselves accountable for our individual actions and team performance. P rofessionalism Our professionalism is reflected in our expertise and high standards of performance and service delivery. M otivation We are motivated to provide exceptional service and uphold our reputation. I ntegrity Integrity is at the core of our business. 5
Proven History of Consistent Performance Revenue Diversification Quality Core Deposits Quality Core Deposits Relationship - focused deposit franchise supported by a diversified customer base and stable funding sources. High Quality Loan Portfolio High Quality Loan Portfolio Conservative risk profile and experienced management team drive superior performance through credit cycles, reflected in a 20 - year average net charge - off rate of just 0.14%. Revenue Diversification Complementary wealth management, Ag Services, and insurance businesses provide diversified fee - based revenue, historically representing approximately 30% of total revenue. Shareholder Value Strong Capital & Liquidity Growth Strategy Shareholder Value Long - standing dividend history and disciplined capital allocation support shareholder returns. Annualized shareholder return of 11.1% and annualized TBV CAGR of 7.4% since 2014. Growth Strategy FMBH targets organic growth and strategic expansion of products and services into new markets, supported by a strong M&A track record across all business lines. Strong Capital & Liquidity Strong regulatory capital ratios provide flexibility for organic growth and strategic acquisitions 1 Source S&P Capital IQ Pro. Annualized return calculated for period 12/31/2014 to 9/30/26. 6
$22,462 $23,678 $26,327 $27,789 $23,342 $25,330 $28,449 $33,399 $33,297 $33,618 $0.97 $1.06 Reported Net Income ($000s), Adjusted Net Income ($000s) & Adjusted EPS $1.26 $1.14 $1.26 Q3 2025 Q4 2025 Net Income Q1 2026 Adjusted Net Income Q2 2026 Q3 2026 Adjusted EPS Quarterly Financial Performance 7 $22,909 $21,685 $27,212 26% 25% 27% 27% 26% 00 ,000 ,500 ,000 Fee Income ($000s) & % of Total Revenue $28,833 $26,441 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 *Adjusted Diluted EPS and Adjusted ROAA reflected above are non - GAAP figures. See Non - GAAP measures. 1 Adjusted Net Income, adjusted EPS and NIM are Non - GAAP measures. See Non - GAAP measures. 1.21% 1.30% 1.37% 1.45% 1.46% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adjusted Return on Average Assets Record quarterly net income of $33.3 million, or $1.25 diluted EPS, compared with $27.8 million, or $1.04 diluted EPS, in the prior quarter. Adjusted net income of $33.6 million, or $1.26 adjusted EPS, compared with $33.4 million, or $1.26 per share, in Q2 2026 (1) . Adjusted ROAA improved to 1.46%, compared with 1.45% in the prior quarter Non - interest income totaled $27.2 million for the quarter. Non - interest income has accounted for approximately 26% of revenue over the last 12 months.
Quarterly Financial Performance 8 58.8% 57.6% 55.9% 54.4% 56.1% Q3 2025 Q4 2025 Q1 2026 Q2 2026 *NIM (TE) and Efficiency Ratio (TE) reflected above are non - GAAP figures. See Non - GAAP measures. (1) Beginning in the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and research analysts. The calculation uses actual/365 annualization methodology for tax equivalent net interest margin to average earning assets. Q3 2026 Efficiency Ratio (TE) 5.48% 5.35% 5.36% 5.45% 5.51% 1.75% 1.71% 1.67% 1.75% 1.85% 3.80% 3.73% 3.78% 3.79% 3.76% Q1 2026 0% 0% 0% 0% 0% Net Interest Margin Q3 2025 Q4 2025 Earning Assets Yield Cost of Funds Q2 2026 Q3 2026 Net Interest Margin (TE) Quarterly Highlights Quarterly reported NIM of 3.76% (1) represents a 3bps decrease compared to prior quarter. The yield on earning assets improved by 6 basis points while the average cost of funds increased 10 basis points Total deposits increased $44.2 million to $7.62 billion Total loans declined $85.8 million to $6.85 billion, primarily reflecting elevated commercial real estate payoffs The average yield on new and renewed loans was approximately 6.25% and 6.5%, respectively in the quarter Declared quarterly dividend of $0.26 per share Announced pending acquisition of Evergreen Bancshares, Inc., the holding company for American Bank of Freedom Agreed to acquire Winship Farm Management which will add over 8,600 acres under management over the next 3 years
Quality Deposit Franchise 9 $6,124 $6,057 $6,395 $7,616 93.5% 93.9% 92.5% 88.8% 89.1% 89.6% 2023 2024 2025 Q2'2026 Q3'2026 Q1'2026 Core Deposits Core Deposits / Total Deposits ($ in millions) $7,548 $7,572 Total Deposits 91.8% 91.1% 93.6% 94.0% 89.9% 85% 90% 95% 2022 2023 2024 2025 Q3'2026 Loan - to - Deposit Ratio Total deposits increased $44.2 million to $7.62 billion during the quarter. MMDA increased $199 million, reflecting the deposit product refresh introduced in 2026 and continued marketing efforts Quality core deposit franchise with well - diversified deposit base 89.6% core deposits as of September 30, 2026 (1) Continued low level of uninsured deposits with approximately 22% of deposits uninsured (2) Average account balance of approximately $31,000 with 99% of all accounts under a $250,000 balance (2) (1) Core deposits defined as demand deposits, savings, money market, time deposits less than $250k, and excludes brokered deposits. (2) Uninsured deposits and average account balance from internal deposit account reports and call report data as of 9/30/26 19.2% 21.8% 21.9% 22.8% 23.9% 30.7% 32.8% 31.5% 30.0% 26.4% 9.1% 10.0% 10.5% 11.6% 12.1% 20.6% 17.8% 19.8% 18.5% 24.1% 20.4% 17.7% 16.3% 17.1% 13.4% 2022 Non - interest bearing DDA 2023 Interest Bearing DDA 2024 Savings Deposits 2025 Money Market Q3'2026 Time Deposits $7,616 $5,257 Deposit Composition ($ in millions) $6,124 $6,057 $6,395
IL 41% MO 18% IA 12% IN 6% TX 5% FL 2% WI 3% Other States 13% 41.1% 42.7% 42.6% 42.7% 42.1% 21.5% 23.0% 23.6% 22.7% 22.4% 10.7% 8.1% 8.8% 9.7% 9.1% 6.2% 6.2% 6.9% 7.0% 8.5% 5.6% 6.0% 4.2% 3.7% 3.0% 5.3% 5.1% 4.2% 3.5% 3.5% 5.8% 5.6% 5.9% 5.7% 6.1% 0.5% 3.3% 0.5% 2.7% 3.0% 1.0% 3.3% 1.6% 3.3% 2.0% $ - $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 Q3 2026 2022 2023 2024 2025 CRE C&I 1 - 4 Family Ag RE Construction Ag Loans Multi - Family Consumer All Other Loan Portfolio Characteristics 10 Overall borrower line utilization was 55% at 9/30/26 compared to 52% at 9/30/25 Commercial credit line utilization was 43% at 9/30/26 compared to 42% at 9/30/25 Loan Composition & Geographic data as of September 30, 2026 Geographic data based on primary property collateral if available, otherwise borrower address. Geographically Dispersed Portfolio $5,672 $6,011 $5,581 $4,826 Loan Portfolio ($ in millions) $6,848
Farmland 54% Ag Operating 21% Direct Merchant Financing 25% Total Ag Portfolio IL, 47% IA, 11% MN, 7% MO, 3% OH, 2% FL, 1% WI, 1% All Other, 11% Ag Loans by Geography TX, 0.2% IN, 18% Agricultural loan portfolio totaled $791 million or 11.5% of total loans at September 30, 2026 Agricultural real estate represented approximately 54% of the Ag portfolio, with strong collateral support and an estimated 45% loan - to - value ratio. Historically low Ag real estate net charge - offs, totaling approximately $5.0 million from 2000 through 2025, demonstrate the portfolio’s long - term credit performance. Ag portfolio credit metrics continue to normalize from historically low levels amid a challenging operating environment; however, significant losses are not currently anticipated due to conservative underwriting, strong collateral values, borrower balance sheet strength, and guarantor support. Ag Loan Portfolio Highlights 11 NOTE: Loan data as of September 30, 2026
Solid Asset Quality Metrics 12 1.32% 1.38% 1.65% 2.10% 1.99% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total Adversely Classified Assets / Total Loans $22,199 $31,948 $44,074 $41,293 $43,069 328.5% 234.4% 197.0% 210.7% 200.8% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Allowance / NPLs NPLs Allowance / NPLs Current ACL balance and historically strong credit performance remain in a position of strength and provide confidence during times of economic uncertainty. Allowance for credit losses to total loans outstanding increased to 1.26% for the quarter, compared to 1.25% in the previous quarter. Net charge - offs totaled $ 0 . 2 million for the quarter, compared to an average of $ 1 . 2 million per quarter over the prior four quarters Special mention loans decreased by $37.6 million to $101.5 million, while substandard and doubtful loans declined $8.3 million to $131.6 million. Criticized loans declined $45.9 million during Q3 Non - performing assets remained at 0.51% of total assets. Non - performing loans increased to $ 43 . 1 million or 0 . 63 % of total loans compared to 0 . 60 % in the prior quarter .
Strong Credit Culture 13 0.13% 0.09% 0.28% 0.25% 0.39% 0.29% 0.23% 0.08% 0.02% 0.04% 0.04% 0.23% 0.11% 0.22% 0.09% 0.12% 0.03% 0.01% 0.07% 0.09% 0.14% 0.52% 0.79% 0.92% 1.43% 1.13% 0.80% 0.56% 0.44% 0.30% 0.21% 0.70% 0.72% 0.84% 0.82% 0.65% 0.45% 0.35% 0.28% 0.43% 0.44% 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% Net Charge - Offs as a % of Average Loans NCOs/Avg Loans 20 Year Avg NCOs/Avg Loans NPAs/Assets 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: S&P Capital IQ Pro *The 20 - year avg NCOs/Avg Loans reflects the time period between 2006 and 2025 **The industry average is a 20 - year average of Loan Performance: Total Loans & Leases: Net Charge - Off Rate provided by the Federal Reserve Bank of St. Louis Long - standing credit discipline, conservative underwriting, and continual stress testing have supported strong performance across economic cycles. Historical net charge - offs have averaged only 14 bps annually over the 20 - year period from 2006 - 2025 compared to the US banking industry average of 83 bps over the same period. The current allowance for credit losses of $86.5 million is 192% of total net charge - offs of $45.1 million from 2006 - 2025.
14 First Mid Wealth Management 27% First Mid Insurance Group 33% Deposit Service Charges 13% Mortgage Banking Revenue 3% Debit Card Revenue 17% First Mid’s diverse sources of revenue provide stability in both rising and declining rate environments Securities Gains, Net Other 6% Note: The chart above reflects the breakdown of total fee income for the last twelve months, through September 30, 2026. Noninterest income represented approximately 26% of total revenue in Q3’2026 and approximately 26% of total revenue the last twelve months, through September 30, 2026. Noninterest Income Sources
• Integrated Wealth Management, Trust, and Ag Services platform providing diversified, recurring revenue streams • Investment & brokerage services offered through a partnership with Raymond James Financial Services • $8.2 billion in assets under management • Approximately 290,000 farmland acres under management across 8 states • Largest farm manager in Illinois • Announced an agreement to acquire Winship Farm Management, expected to add more than 8,600 acres under management over the next 3 years • YTD revenue of $21.95 million representing an increase of $5.6 million compared to the same period in 2025. Diversified Solutions and Sources of Revenue 15 • Largest community bank - affiliated insurance agency in Illinois and top ten in the United States • Broad personal & commercial insurance offerings, including property and casualty, life, health, farm, cyber, surety and senior solutions . • Strategic acquisitions of Downs Insurance Agency (January 2026) and assets from AAdvantage Insurance (July 2025), expanding presence in Springfield, Decatur, Metro East and St. Louis markets • Achieved record annual revenue of $ 32 . 3 million in 2025 , up 13 . 1 % from $ 28 . 6 million in 2024 • YTD revenue of $27.2 million representing an increase of $2.4 million compared to the same period in 2025.
16 $1.8 $2.1 $3.5 $3.9 $5.6 $16.0 $17.5 $18.9 $21.6 $28.6 $4.6 $5.1 $5.4 $5.9 $8.5 $15.6 $16.2 $20.4 $22.5 $24.8 $20.8 $22.8 $22.9 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $32.3 $0 $10 $20 $30 2014 2015 2016 2017 2018 2019 2020 2021 2024 2025 FMIG Revenue $ in millions FMWM Revenue $ in millions 2022 2023 FMWM AUM $ in billions $ in millions $ in billions Diversified Solutions and Sources of Revenue
First Mid is committed to delivering valued digital solutions that meet our customers’ expectations while enhancing their overall banking experience. Technology & Digital Solutions 17 Completed core system conversion and retail online/mobile banking enhancements in 2025 Expanded digital account opening, payment, and self - service capabilities to improve customer convenience and better position First Mid against traditional and non - traditional competitors Technology investments support operational scalability, customer experience, and integration of acquired businesses Evaluating AI - enabled tools to improve employee productivity and operational efficiency Positioned for the Future Continued investment in digital banking, lending and customer relationship management platforms Mobile Banking Upgrade
Strong Capital Position 13.13% 13.16% 13.10% 13.40% 13.91% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Common Equity Tier 1 Capital Ratio 15.99% 15.67% 15.48% 15.41% 15.79% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total Capital Ratio 8.99% 9.20% 8.91% 9.31% 9.11% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 TCE / Tangible Assets Regulatory capital ratios remain strong and above the “well capitalized” levels at quarter - end. TBV per share was $31.09, a decrease of 0.2% during the quarter. TBV per share has increased 10% over the past 12 months. Leveraged a strong capital position to execute $1.4 million in share repurchases YTD under a 10b5 - 1 plan during periods of market volatility. Repaid $10.0 million of subordinated debt during Q3 2026 using cash on hand. Since 2024, the Company has retired $77.5 million of subordinated debt ahead of schedule, including $57.5 million funded with cash and $20.0 million refinanced at a lower interest rate, significantly reducing interest expense. Announced quarterly dividend of $0.26 per share. 18
Providing Shareholder Value $2.74 $3.77 $3.50 $3.47 $3.98 $2.05 $2.13 $2.52 $2.87 $2.70 $2.87 $3.60 $3.15 $3.30 $3.83 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 Earnings Per Share $3.88 Adjusted EPS Diluted EPS $0.62 $0.66 $0.70 $0.76 $0.81 $0.85 $0.90 $0.92 $0.94 $0.98 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividends Per Share $0.00 $0.25 $0.50 $0.75 $1.00 19 $30.06 $27.93 $30.42 $33.64 $36.24 $16.84 $20.22 $18.73 $23.59 $26.29 $27.24 $22.65 $22.20 $24.46 $31.09 $29.42 $15.09 $10 $5 $0 $15 $20 $25 $30 $35 $40 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Annualized Shareholder Return and TBV CAGR calculated for the period 12/31/2014 to 9/30/26. Annualized Shareholder return includes dividends paid during the period. Tangible Book Value Per Share is a non - GAAP measure and is defined as total common equity less goodwill and intangibles divided by shares outstanding as of period end. TBV as reported for all periods. Adjusted TBV displayed for 2022 - 2026 where it was adjusted to exclude the market value impact of AFS investment securities and used to calculate the CAGR Adjusted EPS reflected above are non - GAAP figures. See Non - GAAP measures. Tangible Book Value per Share Adjusted TBV Per Share Tangible Book Value Per Share 11.1% 7.4% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% Annualized Shareholder Return TBV CAGR FMBH Shareholder Value
Quarterly TBV Growth - 7.9% - 5.2% 7.8% 6.2% - 2.4% 12.5% - 16.0% 1.3% 3.5% 6.6% - 1.5% 4.4% 4.3% 6.0% 4.3% 2.1% 3.7% - 0.2% 2.7% 2.7% 2.9% 2.4% 0.3% - 11.8% 2.5% 2.6% 2.7% 0.9% 2.4% 2.6% 2.2% 2.8% 2.6% 1.4% 2.8% 3.3% 16 20 24 28 32 36 QUARTERLY TBV GROWTH TBV Adjusted TBV 20 The closing date of the Jefferson Bank acquisition was 2/14/2022. The closing date of the Blackhawk Bank acquisition was 8/15/2023 The closing date of the Two Rivers Bank & Trust acquisition was 2/28/2026
Significant Capital Events Paid down $7.5 million in subordinated debt in April and $10.0 million in July Repurchased $1.4 million of shares Strategically repurchased subordinated debt totaling $40 million Raised $96 million through a public sub - debt offering tied to LINCO Bancshares, Inc. (Providence) acquisition Redeemed $10 million of trust preferred securities junior sub - debt. Strategically repurchased $1.1 million of common stock through Q3’19. April 2026 - July 2026 March 2026 - May 2026 Aug 2024 - Oct 2025 October 2020 October 2019 Q3’2019 June 2018 Raised $36 million through an overnight public offering of common stock tied to SCB Bancorp, Inc. acquisition. August 2017 Launched a $20 million at - the - market equity offering. June 2015 Raised $29.3 million through private placement of common stock. Capital Management & Acquisitions $2,114,499 $1,607,103 $2,884,535 $2,841,539 $3,839,734 $3,839,426 $4,726,348 $6,744,000 $5,986,582 $7,587,000 $7,519,734 $7,966,658 $9,390,320 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026
Experienced Acquirer 11 Transactions Since 2015 8 Whole - Bank Acquisitions ~$7B Assets Acquired ~$800M Aggregate Disclosed Transaction Value 2027 2023 2021 2020 2018 2015 Evergreen Blackhawk Stifel Stifel First Old National Whole Bank Whole Bank Loan Book & Team Loan Book & Team BancTrust Branches Assets: $0.9B Assets: $1.3B $208M loans $183M loans Whole Bank Assets: $441M Branches: 10 Branches: 10 Branches: — Branches: — Assets: $475M Branches: 7 Branches: 12 2016 First Clover Leaf Whole Bank Assets: $659M Branches: 7 2018 SCB Bancorp Whole Bank Assets: $458M Branches: 10 2021 LINCO / Providence Whole Bank Assets: $1.2B Branches: 14 2022 Delta / Jefferson Whole Bank Assets: $718M Branches: 5 2026 Two Rivers Whole Bank Assets: $1.2B Branches: 14 Note: Aggregate acquisition metrics include pending Evergreen acquisition. Note: Evergreen's Denver, CO loan production office is excluded from the branch count. 22
Overview of Evergreen Bancshares, Inc. American Bank of Freedom: Relationship - Driven Community Banking in the St. Louis Region Bank - Level Financial Highlights Source: S&P Global Market Intelligence. Financial data as of, or for the three months ended September 30, 2026. Note: Evergreen's Denver, CO loan production office is excluded from the branch count and is not reflected on the map. St. Louis, MO - IL Indianapolis, IN Rockford, IL Des Moines, IA Burlington, IA - IL Peoria, IL Mattoon, IL Decatur, IL Carbondale, IL Iowa City, IA Grapevine TX Complementary Branch Footprint FMBH (88) FMBH LPO (1) ■ Founded in 1880 ■ Headquartered in Wellsville, MO $727M $712M $932M Deposits Gross Loans Total Assets 69% 3.31% 0.72% Efficiency Ratio NIM ROAA 0.26% 1.06% 9.9% NCOs / Avg. Loans NPAs / Assets TCE/TA 23 Evergreen (10) ض Relationship - Driven Commercial Franchise 140+ year legacy with deep community ties and seasoned leadership ض Expands Our St. Louis & I - 70 Footprint Adds density and scale in the St. Louis MSA ض Establishes a Full - Service Indianapolis Presence Builds on the existing LPO with a branch location Manageable Way To Cross $10B ✓ Pro forma earnings more than offset incremental costs and positions for future growth ض Low - Risk, In - Market Integration Disciplined credit culture and a tenured deposit base
Strategic Acquisition of Evergreen Bancshares, Inc. Strategically Compelling ■ Deepens First Mid’s St. Louis and I - 70 corridor presence while expanding into Indianapolis with a full - service branch alongside the existing LPO ■ Cultural alignment across commercial banking capabilities with established customer relationships ■ Opportunity to deliver First Mid’s broader wealth, treasury management, and insurance capabilities across American’s customer base ■ Size and market familiarity reduce execution and integration risks Prepared to Cross $10B ■ Provides a deliberate path through the $10 billion asset threshold with incremental earnings, scale, and franchise diversification ■ First Mid has proactively invested in the people, technology, risk management, compliance, and governance infrastructure required to operate above $10 billion ■ Recent core conversion and integration investments support a scalable operating platform for the combined franchise ■ Transaction earnings and identified synergies more than offset the financial impact of crossing $10 billion and position First Mid for future growth opportunities Financially Attractive (1) ■ Disciplined pricing at 1.10x TBV and 67% pay - to - trade for a strategically complementary franchise ■ Approximately 5% EPS accretion in 2028E, inclusive of the modeled Durbin phase - in ■ Minimal TBV dilution of approximately 0.5% with an approximately 0.5 year earnback ■ Maintains strong pro forma capital, with CET1 of approximately 13.6% and flexibility to support future growth Source: S&P Global Market Intelligence; FactSet; Company Documents. Financial data as of September 30, 2026. (1) Pro forma impact is presented for illustrative purposes only and is subject to change based on final purchase accounting entries. 24 Pro Forma Financial Impacts ~5% 2028E GAAP EPS Accretion ~7% 2028E EPS Accretion (ex. Durbin) Minimal TBVPS Dilution at Close ~0.5 year TBVPS Earnback (Years, Crossover) ~1.4% 2028E Pro Forma ROAA ~14.2% 2028E Pro Forma ROATCE ~9.1% Pro Forma TCE / TA at Closing ~13.6% Pro Forma CET 1 Ratio at Closing
Experienced Management Team 25 Michael L. Taylor SEVP, Chief Operating Officer Mike joined First Mid in 2000. Matthew K. Smith Chief Executive Officer & President Matt joined First Mid in 2016. Bradley L. Beesley EVP, Chief Executive Officer First Mid Wealth Management Company Brad joined First Mid in 2007. Clay M. Dean EVP, Chief Executive Officer First Mid Insurance Group Clay joined First Mid in 2010. Amanda D. Lewis EVP, Chief Operations Officer Mandy joined First Mid in 2001. Eric S. McRae EVP, Chief Lending Officer Eric joined First Mid in 1999. Jason M. Crowder EVP, General Counsel Jason joined First Mid in 2019. Rhonda R. Gatons EVP, Chief Human Resources Officer Rhonda joined First Mid in 2016. Megan E. McElwee EVP, Chief Credit Officer Megan joined First Mid in 2011. Jordan D. Read EVP, Chief Financial Officer & Chief Risk Officer Jordan joined First Mid in 2021. Anya Y. Schuetz SVP, Director of Project Management Anya joined First Mid in 2013. Jeremy R. Frieburg EVP, Chief Information Officer Jeremy joined First Mid in 2024. Stas R. Wolak EVP, Chief Retail Banking Officer Stas joined First Mid in 2024. Regina Nelson EVP, Chief Marketing Officer Regina joined First Mid in 2025.
Board of Directors 26 Joseph R. Dively Executive Chairman of the Board, First Mid Bancshares, Inc. Matthew K. Smith Chief Executive Officer & President First Mid Bancshares, Inc. Holly B. Adams Lead Independent Director President, Howell Asphalt Company President, Howell Paving, Inc. Robert S. Cook Chair, Nominating and Governance Committee Managing Partner, TAR CO Investments, LLC Zachary I. Horn President and Founder, Metro Communications Company, Inc. Gisele A. Marcus Professor of Practice, Olin Business School Washington University in St. Louis J. Kyle McCurry Chair, Risk Management Committee Chief Operating Officer and General Counsel, Paige Sports Entertainment Alex J. Melvin Owner & Chairman RK Holdings LLP James E. Zimmer Chair, Compensation Committee Owner, Zimmer Real Estate Properties, LLC Co - Founder, Bio - Enzyme Mary J. Westerhold Chair, Audit Committee Chief Financial Officer, Madison Communications Company Paul L. Palmby President, Chief Executive Officer and Director Seneca Foods Corporation
Key Financial Metrics
Selected Balance Sheet Data 2021 2022 2023 2024 2025 Q3'2026 ASSETS $168,602 $152,433 $143,064 $121,216 $254,920 $511,334 Cash and cash equivalents 1,431,299 1,223,720 1,179,402 1,073,510 1,085,499 1,338,631 Investment securities 3,940,868 4,767,119 5,511,890 5,602,280 5,936,499 6,762,075 Net loans 445,813 600,943 752,438 722,728 689,740 778,280 Other assets $5,986,582 $6,744,215 $7,586,794 $7,519,734 $7,966,658 $9,390,320 Total assets LIABILITIES & STOCKHOLDERS’ EQUITY $4,956,486 $5,257,001 $6,123,659 $6,057,096 $6,395,273 $7,615,764 Deposits 346,309 800,402 608,321 558,394 551,178 603,818 Borrowings 49,893 53,657 61,610 57,853 61,515 73,843 Other liabilities 5,352,688 6,111,060 6,793,590 6,673,343 7,007,966 8,293,425 Total liabilities 633,894 633,155 793,204 846,391 958,692 1,096,895 Stockholders’ equity $5,986,582 $6,744,215 $7,586,794 $7,519,734 $7,966,658 $9,390,320 Total liabilities and stockholders’ equity Selected Balance Sheet Data ($000s) 28
Selected Income Statement Data 2021 2022 2023 2024 2025 Q3 2026 $183,013 $215,891 $300,166 $357,379 $372,990 $116,718 Interest income 15,262 31,614 106,703 128,651 116,825 37,342 Interest expense 167,751 184,277 193,463 228,728 256,165 79,376 Net interest income 15,151 4,806 6,104 5,635 9,921 - 299 Provision for credit losses 152,600 179,471 187,359 223,093 246,244 79,675 Net interest income after provision 69,767 74,682 86,786 96,286 93,051 27,212 Non - interest income 155,579 162,861 185,740 214,983 222,247 64,962 Non - interest expense 66,788 91,292 88,405 104,396 117,048 41,925 Income before income taxes 15,298 18,340 19,470 25,498 25,299 8,628 Income taxes $51,490 $72,952 $68,935 $78,898 $91,749 $33,297 Net income Per Share Information $2.88 $3.62 $3.17 $3.31 $3.84 $1.26 Basic earnings per common share $2.87 $3.60 $3.15 $3.30 $3.83 $1.25 Diluted earnings per common share $0.85 $0.90 $0.92 $0.94 $0.98 $0.26 Dividends paid per common share 17,886,988 20,169,077 21,780,217 23,800,523 23,873,495 26,455,825 Weighted average shares outstanding 17,939,007 20,243,635 21,868,788 23,895,681 23,986,508 26,601,826 Diluted weighted avg shares outstanding Selected Income Statement Data ($000s) 29
Non - GAAP Measures
Reconciliation of Non - GAAP Financial Measures 31
Reconciliation of Non - GAAP Financial Measures 32