[Form 4] First Mid Bancshares, Inc. Insider Trading Activity

Rhea-AI Filing Summary

First Mid Bancshares, Inc. (FMBH) Form 4 highlights

• Insider: Director Mary Westerhold
• Transaction date: 07 / 02 / 2025
• Action: Acquired 343.3178 common shares through the Company’s Deferred Compensation Plan at $38.966 per share (≈ $13.4 k).
• Post-transaction holdings: 13,987.9464 shares in the deferred plan and an estimated 317,523 total beneficial shares across IRAs, LLCs, trusts and direct ownership.
• Derivative activity: None reported.

The purchase is part of a scheduled quarterly acquisition under the deferred compensation arrangement, indicating continued participation rather than an opportunistic open-market buy. Although the number of shares added is small relative to Westerhold’s overall stake, cumulative insider ownership remains substantial, aligning the director’s economic interests with those of external shareholders.

Insights

Financial Analyst

TL;DR: Small automatic insider buy; marginal positive, not thesis-changing.

The 343-share purchase (~$13 k) is immaterial against both Westerhold’s existing 317 k-share exposure and FMBH’s 16 m+ share count. Because the acquisition was executed via a pre-arranged deferred compensation plan, it supplies limited incremental information about management’s real-time sentiment. Still, the continued accumulation and large absolute insider stake provide modest comfort on alignment and downside risk.

Corporate Governance Expert

TL;DR: Governance neutral; scheduled plan buy confirms policy compliance.

The filing demonstrates proper Section 16 reporting and use of a 10b5-1-like mechanism, reducing litigation risk. Westerhold’s sizeable holdings (~2 % of shares outstanding) reinforce board-shareholder alignment. However, the tiny incremental purchase does not materially alter control dynamics or signal strategic shifts. Overall impact on governance perception is neutral.

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^*

Westerhold Mary

(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		343.3178(1)	A	$38.966	13,987.9464	I	By Deferred Compensation Plan
Common Stock								1,960	I	By IRA
Common Stock								50,236	I(2)	By LLC 1
Common Stock								56,224	I	By LLC 2
Common Stock								129,869	I	by LLC 3(3)
Common Stock								0	I	By Spouse's IRA
Common Stock								45,892	I(2)	By Trusts 1
Common Stock								16,454	I(4)	By Trusts 2
Common Stock								2,900	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.

2. Reflects transactions not required to be reported pursuant to Section 16 of the Securities Exchange Act of 1934, as amended

3. The reporting person is a co-manager of the LLC.

4. The reporting person is a co-trustee of these trusts, and the members of her immediate family are beneficiaries of the trusts. The reporting person disclaims beneficial ownership of the common stock held by the trusts except to the extent of her pecuniary interest therein.

	/s/ Matthew K. Smith, attorney-in-fact for Ms. Westerhold	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).
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