First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today
announced its financial results for the quarter ended June 30,
2023.
Highlights
- Net income of $16.6 million, or $0.80 diluted EPS
- Adjusted net income (non-GAAP) of $17.2 million, or $0.83
diluted EPS
- Loan growth of 1.1% and deposit growth of 3.8% for the
quarter
- Board of Directors declares regular quarterly dividend of $0.23
per share
- Completed the acquisition of PGIB Insurance (“PGIB”) on June
16th adding approximately $2.5 million in annual revenues to
noninterest income
- Received regulatory approvals for the acquisition of Blackhawk
Bancorp, Inc. (“Blackhawk”) with closing targeted for
mid-August
“Our second quarter results reflect the strength of our
diversification and the success of our strategic initiatives,” said
Joe Dively, Chairman and Chief Executive Officer. “We delivered on
our relationship-driven model with growth in both loans and
deposits, while maintaining strong asset quality metrics.”
“On the M&A front, we were pleased to receive regulatory
approval to proceed with closing the Blackhawk acquisition, which
we have targeted for mid-August. The work that has been done to
this point and the reception by Blackhawk customers and employees
has us increasingly excited about what the combined company can
achieve. In addition, we completed the acquisition of PGIB
Insurance on June 16th, which strengthens our expertise in the
insurance business and positions us to advance these services
through our northern and western Illinois footprint,” Dively
concluded.
Net Interest Income
Net interest income for the second quarter of 2023 decreased by
$0.8 million, or 1.9% compared to the first quarter of 2023.
Interest income and interest expense increased in the quarter by
$2.5 million and $3.3 million, respectively. The increase in
interest income was primarily driven by higher interest rates and
loan growth. Accretion income increased by $0.1 million in the
quarter to $0.5 million. Interest expense increased primarily from
higher rates and balances on deposits, partially offset by less
borrowings.
In comparison to the second quarter of 2022, net interest income
decreased $4.5 million, or 9.5%. Interest income
increased by $14.8 million and was more than offset by an increase
in interest expense of $19.3 million.
Net Interest Margin
Net interest margin, on a tax equivalent basis, was 2.84% for
the second quarter of 2023, which was 10 basis points lower
compared to the prior quarter. Earning asset yields increased by 11
basis points and the average cost of funds increased 21 basis
points with more aggressive pricing on deposits early in the
quarter.
In comparison to the second quarter of last year, the net
interest margin decreased 36 basis points, with an average earnings
asset increase of 93 basis points versus the average cost of funds
increased 129 basis points.
Loan Portfolio
Total loans ended the quarter at $4.81 billion, representing an
increase of $52.8 million, or 1.1% compared to the prior quarter.
Growth was well diversified both geographically and by sector and
came primarily within commercial real estate and commercial and
industrial loans. The average yield on new loans and operating line
usage was 7.8% in the quarter. The loan pipeline outlook remains
muted due to the macro headwinds in the economy.
Asset Quality
The Company’s strong credit culture continues to be reflected in
its asset quality metrics for June 30, 2023. The allowance for
credit losses (‘ACL’) increased by $0.5 million to $58.7 million
with an ending ACL to total loans ratio of 1.22%. Provision expense
was recorded in the amount of $0.5 million and the Company had net
recoveries in the period. Also, at the end of the second quarter,
the ratio of non-performing loans to total loans was 0.39%, and the
ACL to non-performing loans was 315%. The ratio of
nonperforming assets to total assets was 0.34% at quarter end.
Nonperforming loans increased by $3.5 million in the period to
$18.6 million. Special mention loans declined $6.3 million in the
quarter to $40.7 million. Substandard loans declined $1.7 million
in the period to $28.3 million.
Deposits
Total deposits ended the quarter at $5.22 billion, which
represented an increase of $188.8 million, or 3.8% from the prior
quarter. The increase was primarily in interest bearing demand and
time deposits. The Company was aggressive with pricing throughout
the first half of the quarter to increase deposits. The success of
that effort allowed the Company to use the funds primarily to pay
down a net $145.0 million in Federal Home Loan Bank borrowings and
to fund loan growth. The Company’s average rate on cost
of funds increased to 1.59% compared to 1.38% in the prior quarter,
which reflected the lowest increase since the second quarter of
2022.
Noninterest Income/PGIB Acquisition
On June 16, 2023, our subsidiary First Mid Insurance Group
closed on the acquisition of PGIB Insurance based in Macomb,
Illinois. PGIB has nearly a 100-year history serving northern and
western Illinois with a diversified product offering including
commercial property & casualty, personal property &
casualty, and group medical plans and individual health insurance.
Annual revenues are approximately $2.5 million, which is expected
to grow with the opportunities from bank referrals and access to
expanded markets.
Noninterest income represented 31.5% of our total net revenues
in the quarter and 32.9% year-to-date.
Noninterest income for the second quarter of 2023 was $19.5
million compared to $22.5 million in the first quarter of
2023. The decrease compared to the prior quarter was
primarily due to the seasonality of the insurance business, which
was down by $2.7 million, and the previously disclosed bank owned
life insurance claim of $0.7 million that occurred in the first
quarter of 2023.
In comparison to the second quarter of 2022, noninterest income
increased $0.9 million, or 5.0%. All categories increased, except
for wealth management and net securities gains.
Noninterest Expenses
Noninterest expense for the second quarter of 2023 totaled $40.0
million compared to $41.6 million in the prior quarter. The
decrease was primarily driven by the cost savings initiatives the
Company implemented at the end of the first quarter and the
variable cost tied to the seasonality of wealth management and
insurance revenues. This was partially offset by an increase to the
FDIC insurance expense accrual. The current quarter included $0.7
million in nonrecurring acquisition related expenses.
In comparison to the second quarter of 2022, noninterest
expenses decreased $1.5 million. The decrease was primarily driven
by lower salaries and benefits costs tied to the cost savings
initiatives at the end of the first quarter.
The Company’s efficiency ratio, as adjusted in the non-GAAP
reconciliation table herein, for the second quarter 2023 was 60.4%
compared to 59.0% in the prior quarter and 58.5% for the same
period last year.
Capital Levels and Dividend
The Company’s capital levels remained strong and comfortably
above the “well capitalized” levels. During the second quarter,
significant loan growth increased risk-weighted assets resulting in
a modest decrease in certain of the ratios. Capital levels ended
the period as follows:
Total capital
to risk-weighted assets |
15.67% |
Tier 1 capital to risk-weighted assets |
12.82% |
Common equity tier 1 capital to risk-weighted assets |
12.45% |
Leverage ratio |
10.00% |
The Company’s Board of Directors approved its next quarterly
dividend of $0.23 payable on September 1, 2023 for shareholders of
record on August 14, 2023.
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 $6.7 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, and Texas, 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 157 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,” and “Tangible Book
Value per Common Share”. 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 certain forward-looking statements about First
Mid and Blackhawk, such as discussions of First Mid’s and
Blackhawk’s pricing and fee trends, credit quality and outlook,
liquidity, new business results, expansion plans, anticipated
expenses and planned schedules. First Mid intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements, which are based on certain assumptions and describe
future plans, strategies and expectations of First Mid and
Blackhawk, are identified by use of the words “believe,” “expect,”
“intend,” “anticipate,” “estimate,” “project,” or similar
expressions. Actual results could differ materially from the
results indicated by these statements because the realization of
those results is subject to many risks and uncertainties,
including, among other things, the possibility that any of the
anticipated benefits of the proposed transactions between First Mid
and Blackhawk will not be realized or will not be realized within
the expected time period; the risk that integration of the
operations of Blackhawk 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 the 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, including as a result of unexpected
factors or events; changes in interest rates; general economic
conditions and those in the market areas of First Mid and
Blackhawk; legislative and/or regulatory changes; monetary and
fiscal policies of the U.S. Government, including policies of the
U.S. Treasury and the Federal Reserve Board; the quality or
composition of First Mid’s and Blackhawk’s loan or investment
portfolios and the valuation of those investment portfolios; demand
for loan products; deposit flows; competition, demand for financial
services in the market areas of First Mid and Blackhawk; accounting
principles, policies and guidelines; and the impact of the global
COVID-19 pandemic on First Mid’s or Blackhawk’s businesses, the
ability to complete the proposed transactions or any of the other
foregoing risks. Additional information concerning First Mid,
including additional factors and risks that could materially affect
First Mid’s financial results, are 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, we
do not undertake any obligation to update or review any
forward-looking information, whether as a result of new
information, future events or otherwise.
Important Information about the Merger
and Additional InformationFirst Mid filed a registration
statement on Form S-4 with the SEC on May 30, 2023, which, as
amended, was declared effective on June 23, 2023, in connection
with the proposed transaction. The registration statement includes
a proxy statement of Blackhawk that also constitutes a prospectus
of First Mid. The definitive proxy statement/prospectus was
first mailed to the shareholders of Blackhawk on or about July 5,
2023, seeking their approval of the proposed transaction.
Investors in Blackhawk are urged to read the proxy
statement/prospectus, which will contain important information,
including detailed risk factors. The proxy
statement/prospectus and other documents which were filed by First
Mid with the SEC will be available free of charge at the SEC’s
website, www.sec.gov, or by directing a request when such a filing
is made to First Mid Bancshares, P.O. Box 499, Mattoon, IL 61938,
Attention: Investor Relations; or to Blackhawk upon written request
to Blackhawk Bancorp, Inc., 400 Broad St., Beloit, WI 53511-6223,
Attention: Todd J. James, President & CEO.
Participants in the
SolicitationFirst Mid and Blackhawk, 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 2023 annual meeting of stockholders, which was filed with
the SEC on March 15, 2023. These documents can be
obtained free of charge from the sources provided above. 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 SolicitationThis
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 Contact: Aaron HoltVP, Shareholder
Relations217-258-0463 aholt@firstmid.com
Matt SmithChief Financial
Officer217-258-1528msmith@firstmid.com
– Tables Follow –
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FIRST MID
BANCSHARES, INC. |
|
|
|
Condensed
Consolidated Balance Sheets |
|
|
|
(In thousands,
unaudited) |
|
|
|
|
|
|
|
As of |
|
|
|
June
30, |
|
December
31, |
|
June
30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
174,253 |
|
|
$ |
152,433 |
|
|
$ |
137,544 |
|
Investment securities |
|
|
1,169,428 |
|
|
|
1,223,720 |
|
|
|
1,354,943 |
|
Loans (including loans held for sale) |
|
4,813,416 |
|
|
|
4,826,212 |
|
|
|
4,648,663 |
|
Less allowance for credit losses |
|
|
(58,719 |
) |
|
|
(59,093 |
) |
|
|
(59,075 |
) |
Net
loans |
|
|
|
4,754,697 |
|
|
|
4,767,119 |
|
|
|
4,589,588 |
|
Premises and equipment, net |
|
|
89,924 |
|
|
|
90,473 |
|
|
|
90,766 |
|
Goodwill and intangibles, net |
|
|
178,615 |
|
|
|
169,897 |
|
|
|
172,871 |
|
Bank owned life insurance |
|
|
152,538 |
|
|
|
151,756 |
|
|
|
149,917 |
|
Other
assets |
|
|
|
184,414 |
|
|
|
188,817 |
|
|
|
165,293 |
|
Total assets |
|
|
$ |
6,703,869 |
|
|
$ |
6,744,215 |
|
|
$ |
6,660,922 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
1,171,047 |
|
|
$ |
1,256,514 |
|
|
$ |
1,369,756 |
|
Interest
bearing |
|
|
|
4,048,538 |
|
|
|
4,000,487 |
|
|
|
3,949,222 |
|
Total
deposits |
|
|
|
5,219,585 |
|
|
|
5,257,001 |
|
|
|
5,318,978 |
|
Repurchase agreement with customers |
|
209,170 |
|
|
|
221,414 |
|
|
|
174,934 |
|
Other borrowings |
|
|
449,979 |
|
|
|
465,071 |
|
|
|
386,286 |
|
Junior subordinated debentures |
|
19,448 |
|
|
|
19,364 |
|
|
|
19,279 |
|
Subordinated debt |
|
|
94,632 |
|
|
|
94,553 |
|
|
|
94,476 |
|
Other
liabilities |
|
|
|
50,368 |
|
|
|
53,657 |
|
|
|
40,701 |
|
Total liabilities |
|
|
|
6,043,182 |
|
|
|
6,111,060 |
|
|
|
6,034,654 |
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
|
660,687 |
|
|
|
633,155 |
|
|
|
626,268 |
|
Total liabilities and stockholders' equity |
$ |
6,703,869 |
|
|
$ |
6,744,215 |
|
|
$ |
6,660,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST MID
BANCSHARES, INC. |
Condensed
Consolidated Statements of Income |
(In thousands,
except per share data, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
|
June
30, |
|
June
30, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
58,368 |
|
|
$ |
43,555 |
|
$ |
114,604 |
|
|
$ |
83,463 |
|
Interest on investment securities |
|
|
7,193 |
|
|
|
7,623 |
|
|
14,320 |
|
|
|
14,793 |
|
Interest on federal funds sold & other deposits |
|
569 |
|
|
|
105 |
|
|
877 |
|
|
|
172 |
|
Total interest income |
|
|
|
66,130 |
|
|
|
51,283 |
|
|
129,801 |
|
|
|
98,428 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
Interest on
deposits |
|
|
|
16,580 |
|
|
|
2,523 |
|
|
29,347 |
|
|
|
4,671 |
|
Interest on
securities sold under agreements to repurchase |
|
|
|
1,723 |
|
|
|
137 |
|
|
3,186 |
|
|
|
204 |
|
Interest on other borrowings |
|
|
4,084 |
|
|
|
645 |
|
|
8,967 |
|
|
|
921 |
|
Interest on jr. subordinated debentures |
|
|
390 |
|
|
|
166 |
|
|
769 |
|
|
|
312 |
|
Interest on subordinated debt |
|
|
986 |
|
|
|
986 |
|
|
1,974 |
|
|
|
1,972 |
|
Total interest expense |
|
|
|
23,763 |
|
|
|
4,457 |
|
|
44,243 |
|
|
|
8,080 |
|
Net
interest income |
|
|
|
42,367 |
|
|
|
46,826 |
|
|
85,558 |
|
|
|
90,348 |
|
Provision for credit losses |
|
|
458 |
|
|
|
907 |
|
|
(359 |
) |
|
|
3,859 |
|
Net interest income after provision for loan |
|
41,909 |
|
|
|
45,919 |
|
|
85,917 |
|
|
|
86,489 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
Wealth management revenues |
|
|
5,341 |
|
|
|
5,473 |
|
|
10,855 |
|
|
|
11,448 |
|
Insurance
commissions |
|
|
|
5,737 |
|
|
|
5,641 |
|
|
14,217 |
|
|
|
12,745 |
|
Service
charges |
|
|
|
2,386 |
|
|
|
2,236 |
|
|
4,589 |
|
|
|
4,292 |
|
Net securities gains/(losses) |
|
|
(6 |
) |
|
|
2 |
|
|
(52 |
) |
|
|
2 |
|
Mortgage banking revenues |
|
|
332 |
|
|
|
289 |
|
|
482 |
|
|
|
770 |
|
ATM/debit card revenue |
|
|
3,265 |
|
|
|
3,214 |
|
|
6,348 |
|
|
|
6,112 |
|
Other |
|
|
|
2,431 |
|
|
|
1,704 |
|
|
5,526 |
|
|
|
4,315 |
|
Total non-interest income |
|
|
19,486 |
|
|
|
18,559 |
|
|
41,965 |
|
|
|
39,684 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
23,544 |
|
|
|
25,768 |
|
|
49,615 |
|
|
|
50,107 |
|
Net occupancy and equipment expense |
|
|
6,035 |
|
|
|
6,073 |
|
|
12,040 |
|
|
|
12,228 |
|
Net other real estate owned (income) expense |
|
27 |
|
|
|
218 |
|
|
160 |
|
|
|
185 |
|
FDIC
insurance |
|
|
|
1,076 |
|
|
|
436 |
|
|
1,539 |
|
|
|
862 |
|
Amortization of intangible assets |
|
|
1,477 |
|
|
|
1,633 |
|
|
2,999 |
|
|
|
3,155 |
|
Stationary
and supplies |
|
|
|
315 |
|
|
|
325 |
|
|
607 |
|
|
|
636 |
|
Legal and professional expense |
|
|
1,780 |
|
|
|
1,885 |
|
|
3,470 |
|
|
|
3,619 |
|
ATM/debit card expense |
|
|
1,016 |
|
|
|
670 |
|
|
2,239 |
|
|
|
1,748 |
|
Marketing and donations |
|
|
908 |
|
|
|
706 |
|
|
1,562 |
|
|
|
1,579 |
|
Other |
|
|
|
3,864 |
|
|
|
3,801 |
|
|
7,388 |
|
|
|
7,821 |
|
Total non-interest expense |
|
|
40,042 |
|
|
|
41,515 |
|
|
81,619 |
|
|
|
81,940 |
|
Income before income taxes |
|
|
21,353 |
|
|
|
22,963 |
|
|
46,263 |
|
|
|
44,233 |
|
Income
taxes |
|
|
|
4,786 |
|
|
|
5,205 |
|
|
10,516 |
|
|
|
9,859 |
|
Net
income |
|
|
$ |
16,567 |
|
|
$ |
17,758 |
|
$ |
35,747 |
|
|
$ |
34,374 |
|
|
|
|
|
|
|
|
|
|
|
|
Per
Share Information |
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
|
$ |
0.81 |
|
|
$ |
0.87 |
|
$ |
1.74 |
|
|
$ |
1.73 |
|
Diluted earnings per common share |
|
|
0.80 |
|
|
|
0.86 |
|
|
1.74 |
|
|
|
1.72 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
20,528,717 |
|
|
|
20,448,799 |
|
|
20,510,585 |
|
|
|
19,875,516 |
|
Diluted weighted average shares outstanding |
|
20,628,239 |
|
|
|
20,529,523 |
|
|
20,596,283 |
|
|
|
19,947,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST MID
BANCSHARES, INC. |
Condensed
Consolidated Statements of Income |
(In thousands,
except per share data, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
|
|
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
|
|
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
2022 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
|
|
$ |
58,368 |
|
|
$ |
56,236 |
|
|
$ |
53,128 |
|
|
$ |
49,278 |
|
$ |
43,555 |
|
Interest on investment securities |
|
|
|
|
7,193 |
|
|
|
7,127 |
|
|
|
7,285 |
|
|
|
7,302 |
|
|
7,623 |
|
Interest on federal funds sold & other deposits |
|
|
|
569 |
|
|
|
308 |
|
|
|
296 |
|
|
|
174 |
|
|
105 |
|
Total interest income |
|
|
|
|
|
66,130 |
|
|
|
63,671 |
|
|
|
60,709 |
|
|
|
56,754 |
|
|
51,283 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits |
|
|
|
|
|
16,580 |
|
|
|
12,767 |
|
|
|
9,227 |
|
|
|
4,915 |
|
|
2,523 |
|
Interest on securities sold under agreements to repurchase |
|
|
1,723 |
|
|
|
1,463 |
|
|
|
1,163 |
|
|
|
428 |
|
|
137 |
|
Interest on other borrowings |
|
|
|
|
4,084 |
|
|
|
4,883 |
|
|
|
3,345 |
|
|
|
1,927 |
|
|
645 |
|
Interest on jr. subordinated debentures |
|
|
|
|
390 |
|
|
|
379 |
|
|
|
315 |
|
|
|
241 |
|
|
166 |
|
Interest on subordinated debt |
|
|
|
|
986 |
|
|
|
988 |
|
|
|
987 |
|
|
|
986 |
|
|
986 |
|
Total interest expense |
|
|
|
|
|
23,763 |
|
|
|
20,480 |
|
|
|
15,037 |
|
|
|
8,497 |
|
|
4,457 |
|
Net
interest income |
|
|
|
|
|
42,367 |
|
|
|
43,191 |
|
|
|
45,672 |
|
|
|
48,257 |
|
|
46,826 |
|
Provision for credit losses |
|
|
|
|
458 |
|
|
|
(817 |
) |
|
|
805 |
|
|
|
142 |
|
|
907 |
|
Net interest income after provision for loan |
|
|
|
41,909 |
|
|
|
44,008 |
|
|
|
44,867 |
|
|
|
48,115 |
|
|
45,919 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management revenues |
|
|
|
|
5,341 |
|
|
|
5,514 |
|
|
|
6,201 |
|
|
|
4,843 |
|
|
5,473 |
|
Insurance
commissions |
|
|
|
|
|
5,737 |
|
|
|
8,480 |
|
|
|
4,719 |
|
|
|
4,158 |
|
|
5,641 |
|
Service
charges |
|
|
|
|
|
2,386 |
|
|
|
2,203 |
|
|
|
2,375 |
|
|
|
2,445 |
|
|
2,236 |
|
Securities
gains, net |
|
|
|
|
|
(6 |
) |
|
|
(46 |
) |
|
|
(48 |
) |
|
|
79 |
|
|
2 |
|
Mortgage banking revenues |
|
|
|
|
332 |
|
|
|
150 |
|
|
|
65 |
|
|
|
355 |
|
|
289 |
|
ATM/debit card revenue |
|
|
|
|
3,265 |
|
|
|
3,083 |
|
|
|
3,209 |
|
|
|
3,101 |
|
|
3,214 |
|
Other |
|
|
|
|
|
2,431 |
|
|
|
3,095 |
|
|
|
1,686 |
|
|
|
1,810 |
|
|
1,704 |
|
Total non-interest income |
|
|
|
|
19,486 |
|
|
|
22,479 |
|
|
|
18,207 |
|
|
|
16,791 |
|
|
18,559 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
|
|
23,544 |
|
|
|
26,071 |
|
|
|
23,610 |
|
|
|
24,877 |
|
|
25,768 |
|
Net occupancy and equipment expense |
|
|
|
|
6,035 |
|
|
|
6,005 |
|
|
|
6,126 |
|
|
|
5,903 |
|
|
6,073 |
|
Net other real estate owned (income) expense |
|
|
|
27 |
|
|
|
133 |
|
|
|
87 |
|
|
|
58 |
|
|
218 |
|
FDIC
insurance |
|
|
|
|
|
1,076 |
|
|
|
463 |
|
|
|
464 |
|
|
|
479 |
|
|
436 |
|
Amortization of intangible assets |
|
|
|
|
1,477 |
|
|
|
1,522 |
|
|
|
1,537 |
|
|
|
1,598 |
|
|
1,633 |
|
Stationary
and supplies |
|
|
|
|
|
315 |
|
|
|
292 |
|
|
|
298 |
|
|
|
361 |
|
|
325 |
|
Legal and professional expense |
|
|
|
|
1,780 |
|
|
|
1,690 |
|
|
|
1,607 |
|
|
|
1,770 |
|
|
1,885 |
|
ATM/debit card expense |
|
|
|
|
1,016 |
|
|
|
1,223 |
|
|
|
1,309 |
|
|
|
1,243 |
|
|
670 |
|
Marketing and donations |
|
|
|
|
908 |
|
|
|
654 |
|
|
|
681 |
|
|
|
739 |
|
|
706 |
|
Other |
|
|
|
|
|
3,864 |
|
|
|
3,524 |
|
|
|
3,653 |
|
|
|
4,521 |
|
|
3,801 |
|
Total non-interest expense |
|
|
|
|
40,042 |
|
|
|
41,577 |
|
|
|
39,372 |
|
|
|
41,549 |
|
|
41,515 |
|
Income before income taxes |
|
|
|
|
21,353 |
|
|
|
24,910 |
|
|
|
23,702 |
|
|
|
23,357 |
|
|
22,963 |
|
Income
taxes |
|
|
|
|
|
4,786 |
|
|
|
5,730 |
|
|
|
3,063 |
|
|
|
5,418 |
|
|
5,205 |
|
Net
income |
|
|
|
|
$ |
16,567 |
|
|
$ |
19,180 |
|
|
$ |
20,639 |
|
|
$ |
17,939 |
|
$ |
17,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
Share Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
|
|
|
$ |
0.81 |
|
|
$ |
0.94 |
|
|
$ |
1.01 |
|
|
$ |
0.88 |
|
$ |
0.87 |
|
Diluted earnings per common share |
|
|
|
|
0.80 |
|
|
|
0.93 |
|
|
|
1.01 |
|
|
|
0.88 |
|
|
0.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
20,528,717 |
|
|
|
20,492,254 |
|
|
|
20,461,046 |
|
|
|
20,454,669 |
|
|
20,448,799 |
|
Diluted weighted average shares outstanding |
|
|
|
20,628,239 |
|
|
|
20,563,972 |
|
|
|
20,535,220 |
|
|
|
20,535,215 |
|
|
20,529,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST MID
BANCSHARES, INC. |
|
|
|
Consolidated
Financial Highlights and Ratios |
|
|
|
(Dollars in
thousands, except per share data) |
|
|
|
(Unaudited) |
|
|
|
As of and for the Quarter Ended |
|
|
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
June
30, |
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio |
|
|
|
|
|
|
|
|
|
|
|
Construction and land development |
|
$ |
151,574 |
|
|
$ |
159,157 |
|
|
$ |
144,264 |
|
|
$ |
142,801 |
|
|
$ |
141,072 |
|
Farm real estate loans |
|
|
392,220 |
|
|
|
401,957 |
|
|
|
410,327 |
|
|
|
360,424 |
|
|
|
350,159 |
|
1-4 Family residential properties |
|
|
418,932 |
|
|
|
424,545 |
|
|
|
440,180 |
|
|
|
436,625 |
|
|
|
424,230 |
|
Multifamily residential properties |
|
|
303,482 |
|
|
|
301,808 |
|
|
|
294,346 |
|
|
|
298,321 |
|
|
|
330,600 |
|
Commercial real estate |
|
|
2,056,529 |
|
|
|
2,003,647 |
|
|
|
2,030,011 |
|
|
|
1,996,338 |
|
|
|
1,976,654 |
|
Loans secured by real estate |
|
|
3,322,737 |
|
|
|
3,291,114 |
|
|
|
3,319,128 |
|
|
|
3,234,509 |
|
|
|
3,222,715 |
|
Agricultural operating loans |
|
|
148,318 |
|
|
|
146,847 |
|
|
|
166,838 |
|
|
|
160,511 |
|
|
|
142,406 |
|
Commercial and industrial loans |
|
|
1,094,522 |
|
|
|
1,078,021 |
|
|
|
1,082,960 |
|
|
|
1,064,033 |
|
|
|
1,036,987 |
|
Consumer
loans |
|
|
|
80,241 |
|
|
|
88,430 |
|
|
|
97,775 |
|
|
|
100,783 |
|
|
|
94,828 |
|
All other
loans |
|
|
|
167,598 |
|
|
|
156,219 |
|
|
|
159,511 |
|
|
|
160,454 |
|
|
|
151,727 |
|
Total loans |
|
|
|
4,813,416 |
|
|
|
4,760,631 |
|
|
|
4,826,212 |
|
|
|
4,720,290 |
|
|
|
4,648,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit Portfolio |
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposits |
|
$ |
1,171,047 |
|
|
$ |
1,262,181 |
|
|
$ |
1,256,514 |
|
|
$ |
1,334,686 |
|
|
$ |
1,369,756 |
|
Interest bearing demand deposits |
|
|
1,477,765 |
|
|
|
1,419,791 |
|
|
|
1,389,283 |
|
|
|
1,364,306 |
|
|
|
1,453,932 |
|
Savings
deposits |
|
|
|
602,523 |
|
|
|
639,691 |
|
|
|
636,699 |
|
|
|
657,592 |
|
|
|
683,944 |
|
Money
Market |
|
|
|
923,259 |
|
|
|
878,452 |
|
|
|
1,267,726 |
|
|
|
1,443,060 |
|
|
|
1,158,724 |
|
Time
deposits |
|
|
|
1,044,991 |
|
|
|
830,663 |
|
|
|
706,779 |
|
|
|
683,554 |
|
|
|
652,622 |
|
Total deposits |
|
|
|
5,219,585 |
|
|
|
5,030,778 |
|
|
|
5,257,001 |
|
|
|
5,483,198 |
|
|
|
5,318,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
18,637 |
|
|
$ |
15,163 |
|
|
$ |
19,170 |
|
|
$ |
20,812 |
|
|
$ |
19,981 |
|
Non-performing assets |
|
|
22,615 |
|
|
|
19,225 |
|
|
|
23,539 |
|
|
|
25,143 |
|
|
|
24,190 |
|
Net charge-offs (recoveries) |
|
|
(38 |
) |
|
|
53 |
|
|
|
489 |
|
|
|
440 |
|
|
|
307 |
|
Allowance for credit losses to non-performing loans |
|
315.07 |
% |
|
|
383.98 |
% |
|
|
308.26 |
% |
|
|
282.42 |
% |
|
|
295.66 |
% |
Allowance for credit losses to total loans outstanding |
|
1.22 |
% |
|
|
1.22 |
% |
|
|
1.22 |
% |
|
|
1.25 |
% |
|
|
1.27 |
% |
Nonperforming loans to total loans |
|
|
0.39 |
% |
|
|
0.32 |
% |
|
|
0.40 |
% |
|
|
0.44 |
% |
|
|
0.43 |
% |
Nonperforming assets to total assets |
|
|
0.34 |
% |
|
|
0.29 |
% |
|
|
0.35 |
% |
|
|
0.38 |
% |
|
|
0.36 |
% |
Special Mention loans |
|
|
40,687 |
|
|
|
47,022 |
|
|
|
39,853 |
|
|
|
25,298 |
|
|
|
35,849 |
|
Substandard and Doubtful loans |
|
|
28,255 |
|
|
|
29,931 |
|
|
|
34,352 |
|
|
|
37,378 |
|
|
|
38,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Data |
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
20,528,192 |
|
|
|
20,519,717 |
|
|
|
20,452,376 |
|
|
|
20,454,636 |
|
|
|
20,448,799 |
|
Book value per common share |
|
$ |
32.18 |
|
|
$ |
32.26 |
|
|
$ |
30.96 |
|
|
$ |
29.37 |
|
|
$ |
30.63 |
|
Tangible book value per common share (1) |
|
23.48 |
|
|
|
24.05 |
|
|
|
22.65 |
|
|
|
21.01 |
|
|
|
22.17 |
|
Market price of stock |
|
|
24.14 |
|
|
|
27.22 |
|
|
|
32.08 |
|
|
|
31.97 |
|
|
|
35.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Performance Ratios and Metrics |
|
|
|
|
|
|
|
|
|
|
End of period earning assets |
|
$ |
6,023,553 |
|
|
$ |
5,995,674 |
|
|
$ |
6,063,953 |
|
|
$ |
5,975,619 |
|
|
$ |
6,024,815 |
|
Average earning assets |
|
|
6,049,626 |
|
|
|
6,052,264 |
|
|
|
6,000,106 |
|
|
|
6,063,061 |
|
|
|
5,975,821 |
|
Average rate on average earning assets (tax equivalent) |
|
4.43 |
% |
|
|
4.32 |
% |
|
|
4.07 |
% |
|
|
3.77 |
% |
|
|
3.50 |
% |
Average rate on cost of funds |
|
|
1.59 |
% |
|
|
1.38 |
% |
|
|
1.00 |
% |
|
|
0.56 |
% |
|
|
0.30 |
% |
Net interest margin (tax equivalent) (1) |
|
|
2.84 |
% |
|
|
2.94 |
% |
|
|
3.07 |
% |
|
|
3.21 |
% |
|
|
3.20 |
% |
Return on average assets |
|
|
0.99 |
% |
|
|
1.15 |
% |
|
|
1.24 |
% |
|
|
1.07 |
% |
|
|
1.08 |
% |
Return on average common equity |
|
|
10.07 |
% |
|
|
12.11 |
% |
|
|
13.51 |
% |
|
|
11.18 |
% |
|
|
11.02 |
% |
Efficiency ratio (tax equivalent) (1) |
|
|
60.37 |
% |
|
|
59.01 |
% |
|
|
58.07 |
% |
|
|
59.64 |
% |
|
|
58.45 |
% |
Full-time equivalent employees |
|
|
995 |
|
|
|
988 |
|
|
|
1,043 |
|
|
|
1,051 |
|
|
|
1,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Non-GAAP financial measure. Refer to reconciliation to the
comparable GAAP measure. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST MID
BANCSHARES, INC. |
Net Interest
Margin |
(In thousands,
unaudited) |
|
|
For the Quarter Ended June 30, 2023 |
|
|
QTD Average |
|
|
|
Average |
|
|
Balance |
|
Interest |
|
Rate |
INTEREST EARNING ASSETS |
|
|
|
|
|
Interest bearing deposits |
$ |
35,093 |
|
|
$ |
456 |
|
5.21 |
% |
Federal funds sold |
|
8,025 |
|
|
|
98 |
|
4.90 |
% |
Certificates of deposits investments |
|
1,715 |
|
|
|
14 |
|
3.27 |
% |
Investment Securities: |
|
|
|
|
|
Taxable (total less municipals) |
|
950,755 |
|
|
|
5,270 |
|
2.22 |
% |
Tax-exempt (Municipals) |
|
276,719 |
|
|
|
2,434 |
|
3.52 |
% |
Loans (net of unearned income) |
|
4,777,319 |
|
|
|
58,602 |
|
4.92 |
% |
|
|
|
|
|
|
|
Total interest earning assets |
|
6,049,626 |
|
|
|
66,874 |
|
4.43 |
% |
|
|
|
|
|
|
|
NONEARNING ASSETS |
|
|
|
|
|
Cash and due from banks |
|
135,574 |
|
|
|
|
|
Premises and equipment |
|
89,974 |
|
|
|
|
|
Other nonearning assets |
|
464,899 |
|
|
|
|
|
Allowance for loan losses |
|
(58,617 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
6,681,456 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST BEARING LIABILITIES |
|
|
|
|
|
Demand deposits |
$ |
2,318,119 |
|
|
$ |
9,467 |
|
1.64 |
% |
Savings deposits |
|
619,426 |
|
|
|
168 |
|
0.11 |
% |
Time deposits |
|
983,323 |
|
|
|
6,945 |
|
2.83 |
% |
Total interest bearing deposits |
|
3,920,868 |
|
|
|
16,580 |
|
1.70 |
% |
Repurchase agreements |
|
226,734 |
|
|
|
1,723 |
|
3.05 |
% |
FHLB advances |
|
486,920 |
|
|
|
4,084 |
|
3.36 |
% |
Federal funds purchased |
|
- |
|
|
|
- |
|
0.00 |
% |
Subordinated debt |
|
94,606 |
|
|
|
988 |
|
4.19 |
% |
Jr. subordinated debentures |
|
19,427 |
|
|
|
390 |
|
8.05 |
% |
Other debt |
|
|
- |
|
|
|
- |
|
0.00 |
% |
Total borrowings |
|
827,687 |
|
|
|
7,185 |
|
3.48 |
% |
Total interest bearing liabilities |
|
4,748,555 |
|
|
|
23,765 |
|
2.01 |
% |
|
|
|
|
|
|
|
NONINTEREST BEARING LIABILITIES |
|
|
|
|
|
Demand deposits |
|
1,228,395 |
|
|
Average cost of funds |
1.59 |
% |
Other liabilities |
|
46,163 |
|
|
|
|
|
Stockholders' equity |
|
658,343 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & stockholders' equity |
$ |
6,681,456 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Earnings / Spread |
|
|
$ |
43,109 |
|
2.42 |
% |
|
|
|
|
|
|
|
Impact of Non-Interest Bearing Funds |
|
|
|
|
0.42 |
% |
|
|
|
|
|
|
|
Tax effected yield on interest earning assets |
|
|
|
2.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST MID
BANCSHARES, INC. |
Reconciliation of Non-GAAP Financial Measures |
(In thousands,
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Quarter Ended |
|
|
|
|
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
June
30, |
|
|
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income as reported |
|
|
$ |
42,367 |
|
|
$ |
43,191 |
|
|
$ |
45,672 |
|
|
$ |
48,257 |
|
|
$ |
46,826 |
|
|
Net interest income, (tax equivalent) |
|
|
43,109 |
|
|
|
43,947 |
|
|
|
46,464 |
|
|
|
49,060 |
|
|
|
47,625 |
|
|
Average earning assets |
|
|
|
6,049,626 |
|
|
|
6,052,264 |
|
|
|
6,000,106 |
|
|
|
6,063,061 |
|
|
|
5,975,821 |
|
|
Net interest margin (tax equivalent) |
|
|
2.84 |
% |
|
|
2.94 |
% |
|
|
3.07 |
% |
|
|
3.21 |
% |
|
|
3.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stockholder's equity |
|
|
$ |
660,687 |
|
|
$ |
661,865 |
|
|
$ |
633,155 |
|
|
$ |
600,715 |
|
|
$ |
626,268 |
|
|
Goodwill and intangibles, net |
|
|
|
178,615 |
|
|
|
168,373 |
|
|
|
169,897 |
|
|
|
170,897 |
|
|
|
172,871 |
|
|
Common shares outstanding |
|
|
|
20,528 |
|
|
|
20,520 |
|
|
|
20,452 |
|
|
|
20,455 |
|
|
|
20,449 |
|
|
Tangible Book Value per common share |
|
$ |
23.48 |
|
|
$ |
24.05 |
|
|
$ |
22.65 |
|
|
$ |
21.01 |
|
|
$ |
22.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST MID
BANCSHARES, INC. |
Reconciliation of Non-GAAP Financial Measures |
(In thousands,
except per share data, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Quarter Ended |
|
|
|
|
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
June
30, |
|
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
Adjusted earnings Reconciliation |
|
|
|
|
|
|
|
|
|
|
Net Income - GAAP |
|
|
|
$ |
16,567 |
|
|
$ |
19,180 |
|
|
$ |
20,639 |
|
|
$ |
17,939 |
|
|
$ |
17,758 |
|
Adjustments (post-tax):(1) |
|
|
|
|
|
|
|
|
|
|
|
Acquisition ACL on non-PCD assets in provision expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonrecurring severance expense |
|
|
- |
|
|
|
416 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Integration and acquisition expenses |
|
|
589 |
|
|
|
135 |
|
|
|
131 |
|
|
|
524 |
|
|
|
777 |
|
Total non-recurring adjustments (non-GAAP) |
$ |
589 |
|
|
$ |
551 |
|
|
$ |
131 |
|
|
$ |
524 |
|
|
$ |
777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings - non-GAAP |
|
|
$ |
17,156 |
|
|
$ |
19,731 |
|
|
$ |
20,770 |
|
|
$ |
18,463 |
|
|
$ |
18,535 |
|
Adjusted diluted earnings per share (non-GAAP) |
$0.83 |
|
|
$0.96 |
|
|
$1.01 |
|
|
$0.90 |
|
|
$0.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense - GAAP |
|
|
$ |
40,042 |
|
|
$ |
41,577 |
|
|
$ |
39,372 |
|
|
$ |
41,549 |
|
|
$ |
41,515 |
|
Other real estate owned property income (expense) |
|
(27 |
) |
|
|
(133 |
) |
|
|
(87 |
) |
|
|
(58 |
) |
|
|
(218 |
) |
Amortization of intangibles |
|
|
|
(1,477 |
) |
|
|
(1,522 |
) |
|
|
(1,537 |
) |
|
|
(1,598 |
) |
|
|
(1,633 |
) |
Nonrecurring severance expense |
|
|
- |
|
|
|
(527 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
integration and acquisition expenses |
|
|
(745 |
) |
|
|
(171 |
) |
|
|
(166 |
) |
|
|
(663 |
) |
|
|
(983 |
) |
Adjusted noninterest expense (non-GAAP) |
|
$ |
37,793 |
|
|
$ |
39,224 |
|
|
$ |
37,582 |
|
|
$ |
39,230 |
|
|
$ |
38,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income -GAAP |
|
|
$ |
42,367 |
|
|
$ |
43,192 |
|
|
$ |
45,672 |
|
|
$ |
48,257 |
|
|
$ |
46,826 |
|
Effect of tax-exempt income(1) |
|
|
|
742 |
|
|
|
755 |
|
|
|
792 |
|
|
|
803 |
|
|
|
799 |
|
Adjusted net interest income (non-GAAP) |
|
$ |
43,109 |
|
|
$ |
43,947 |
|
|
$ |
46,464 |
|
|
$ |
49,060 |
|
|
$ |
47,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income - GAAP |
|
|
$ |
19,486 |
|
|
$ |
22,479 |
|
|
$ |
18,207 |
|
|
$ |
16,791 |
|
|
$ |
18,559 |
|
Net (gain)/loss on securities sales |
|
|
|
6 |
|
|
|
46 |
|
|
|
48 |
|
|
|
(79 |
) |
|
|
(2 |
) |
Adjusted noninterest income (non-GAAP) |
|
$ |
19,492 |
|
|
$ |
22,525 |
|
|
$ |
18,255 |
|
|
$ |
16,712 |
|
|
$ |
18,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted total revenue (non-GAAP) |
|
$ |
62,601 |
|
|
$ |
66,472 |
|
|
$ |
64,719 |
|
|
$ |
65,772 |
|
|
$ |
66,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (non-GAAP) |
|
|
|
60.37 |
% |
|
|
59.01 |
% |
|
|
58.07 |
% |
|
|
59.64 |
% |
|
|
58.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonrecurring items
(post-tax) and tax-exempt income are calculated using an estimated
effective tax rate of 21%. |
|
|
|
|
|
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