First Mid Bancshares insider adds $12K in stock via comp plan

Rhea-AI Filing Summary

First Mid Bancshares, Inc. (FMBH) filed a Form 4 disclosing modest insider buying by Director Zachary Horn. On 07/02/2025 Mr. Horn acquired 310.9293 common shares at $38.966 each through the company’s Deferred Compensation Plan, an automatic quarterly purchase authorized under Rule 10b5-1. The transaction is coded “A” (acquisition) and was executed under a pre-arranged plan, reducing the likelihood of opportunistic trading.

Following the purchase, Mr. Horn now indirectly owns 7,025.1207 shares in the plan and continues to hold 5,931.8859 shares directly. No derivative securities were reported. The gross value of the acquisition is approximately $12,100, representing a small increase in the director’s total economic exposure.

While insider buying can be viewed positively, the dollar amount is relatively immaterial in the context of typical trading volume and the company’s market capitalization. The filing mainly serves to update investors on the director’s ownership levels and to affirm compliance with Section 16 reporting obligations.

Positive

• Director increased indirect holdings, signalling ongoing alignment with shareholders.
• Filed under Rule 10b5-1, demonstrating procedural compliance and transparency.

Negative

• Transaction value is modest (~$12k), providing limited insight into insider sentiment.
• No direct market impact expected given the very small share volume relative to float.

Insights

Securities Analyst

TL;DR: Director buys ~311 FMBH shares for ~$12k via deferred plan; signal neutral due to small size.

The acquisition increases insider ownership but by less than 0.01 % of shares outstanding, limiting market impact. Because it was executed under a Rule 10b5-1 deferred compensation schedule, the trade is less indicative of discretionary confidence. No derivatives or multiple transactions suggest straightforward reporting. Overall, the filing is routine and does not materially alter the investment thesis.

Corporate Governance Expert

TL;DR: Timely Form 4 shows compliance; purchase size immaterial, governance posture unchanged.

The prompt filing and clear explanation reinforce FMBH’s adherence to Section 16 disclosure standards. Use of a deferred compensation mechanism aligns director incentives with shareholder value over time. However, given the limited dollar amount, the transaction does not strengthen governance signals materially. No red flags or irregularities are evident.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Horn Zachary

(Last) (First) (Middle)

1421 CHARLESTON AVE

(Street)

MATTOON IL 61938

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST MID BANCSHARES, INC. [ FMBH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/02/2025		A		310.9293(1)	A	$38.966	7,025.1207	I	by Deferred Compensation Plan
Common Stock								5,931.8859	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares were acquired via the planned quarterly purchase under the Company's Deferred Compensation Plan.

	/s/ Matthew K. Smith, attorney-in-fact for Mr. Horn	07/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many FMBH shares did Director Zachary Horn purchase?

He acquired 310.9293 shares on 07/02/2025.

At what price were the shares bought?

The reported purchase price was $38.966 per share.

What is Mr. Horn’s total indirect ownership after the transaction?

His indirect holdings now total 7,025.1207 shares through the Deferred Compensation Plan.

Was the trade part of a Rule 10b5-1 plan?

Yes. The Form 4 notes the acquisition occurred under the company’s Deferred Compensation Plan, satisfying Rule 10b5-1 conditions.

Did the filing report any derivative securities?

No derivative securities transactions were disclosed in Table II.