First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today
announced its financial results for the quarter ended September 30,
2023.
Highlights
- Net income of $15.1 million, or $0.68 diluted EPS
- Adjusted net income (non-GAAP) of $17.1 million, or $0.77
diluted EPS
- Closed on the acquisition of Blackhawk Bancorp, Inc.
(“Blackhawk”) on August 15th
- Completed balance sheet restructuring by selling a portion of
Blackhawk bonds
- Increased liquidity position and lowered loan to deposit ratio
to 87%
- Net interest margin, on a tax equivalent basis (non-GAAP),
improved to 3.06% for the third quarter
“We are pleased to deliver solid core results that provide a
baseline to the earnings momentum we expect to achieve with the
Blackhawk acquisition,” said Joe Dively, Chairman and Chief
Executive Officer. “We executed well in a challenging operating
environment and maintained our disciplined approach to growth and
prudent credit management. We are extremely excited to welcome the
addition of new customers and talented employees following our
acquisition of Blackhawk. The integration and operational planning
are progressing as expected, and we are confident that this
strategic combination will enhance value for our stockholders by
driving improved profitability trends and expanding our platform
for growth opportunities.”
Blackhawk UpdateThe Company has received
approval from the OCC to complete the merger of Blackhawk Bank with
and into First Mid Bank & Trust, N.A. The planned bank merger
and system conversion are scheduled for the first weekend of
December.
With the closing of the acquisition of Blackhawk on August 15th,
the Company added approximately $1.2 billion in deposits and $730.2
million in loans, net of interest rate marks and the non-PCD credit
mark. The final purchase accounting fair value marks included a
discount to loans for credit and interest rates totaling $50.7
million. An amount of $4.1 million was recorded directly to the
allowance for credit losses related to purchase credit deteriorated
loans. The marks also included a discount to time deposits and debt
of $2.3 million and $3.7 million, respectively. The core deposit
intangible fair value mark was $34.6 million. In addition to $2.1
in acquisition related costs, the third quarter included $6.0
million of provision expense of which $5.5 million was recorded to
Blackhawk Bank, including $3.8 million for the “Day Two” current
expected credit loss (“CECL”) requirement.
After closing the acquisition, the Company sold a portion of
Blackhawk’s bonds from its investment portfolio for net proceeds
totaling $251.9 million. The transactions resulted in a net gain on
sales of securities of $3.4 million for the quarter. These funds
were used to pay down a portion of the Company’s borrowings and
brokered CD’s, and the remaining balance was retained in cash.
Net Interest Income Net interest income for the
third quarter of 2023 increased by $8.1 million, or 19.1% compared
to the second quarter of 2023. Interest income and interest expense
increased in the quarter by $14.3 million and $6.3 million,
respectively. The increase in interest income was primarily driven
by the addition of Blackhawk and the repricing of loans with higher
interest rates. Accretion income for the quarter was $2.6 million,
an increase compared to $0.5 million in the prior quarter. Interest
expense increased primarily from the addition of Blackhawk and
higher interest rates. The third quarter interest expense included
$0.4 million in amortization of premiums on time deposits.
In comparison to the third quarter of 2022, net interest income
increased $2.2 million, or 4.3%. The increase was primarily driven
by the addition of Blackhawk. Interest income increased by $23.7
million, while interest expense increased $21.5 million.
Net Interest MarginNet interest margin, on a
tax equivalent basis (non-GAAP), was 3.06% for the third quarter of
2023, which was 22 basis points higher compared to the prior
quarter. Earning asset yields increased by 46 basis points and the
average cost of funds increased 24 basis points. The quarter
included a net $2.2 million of purchase accounting benefit.
In comparison to the third quarter of last year, the net
interest margin decreased 15 basis points, with an average earnings
asset increase of 112 basis points versus the average cost of funds
increase of 127 basis points.
Loan Portfolio Total loans ended the quarter at
$5.54 billion, representing an increase of $726.6 million.
Excluding the Blackhawk acquired net loans in the period, loans
decreased by $3.5 million compared to the prior quarter. The
largest category of growth came in CRE, while C&I loans
declined the most. Overall, loan demand was slower in the quarter,
but new opportunities were well diversified both geographically and
by sector. The weighted average yield on new loans was 8.88% in the
quarter.
Asset Quality The Company’s strong credit
culture continues to be reflected in its asset quality metrics for
September 30, 2023. The allowance for credit losses (“ACL”)
increased by $9.6 million to $68.2 million with an ending ACL to
total loans ratio of 1.23%. In addition to the ACL, an unearned
discount of $54.5 remains at quarter end providing another 99 basis
points of coverage. Provision expense was recorded in the amount of
$5.9 million, inclusive of the Blackhawk acquisition CECL
requirement. The Company had a total of $0.2 million in net charge
offs in the quarter. Also, at the end of the third quarter, the
ratio of non-performing loans to total loans was 0.38%, and the ACL
to non-performing loans was 320.85%. The ratio of nonperforming
assets to total assets was 0.30% and nonperforming loans were $21.3
million at quarter end. For the quarter, special mention loans were
$73.7 million of which $24.5 million were added for Blackhawk.
Substandard loans at the end of the quarter were $30.6 million of
which $4.1 million were added for Blackhawk.
DepositsTotal deposits ended the quarter at
$6.35 billion, which represented an increase of $1.13 billion.
Excluding the net deposits acquired from Blackhawk, deposits
declined by $68.2 million from the prior quarter. Most of the
changes in the period were driven by seasonal real estate tax and
overall customer operating needs. Although the deposit cost
pressures continue, outflows directly tied to pricing trended lower
in the quarter. The Company’s average rate on cost of funds
increased to 1.83% compared to 1.59% in the prior quarter and 0.56%
in the third quarter of 2022.
Noninterest IncomeNoninterest income
represented 31% of our total net revenues in the quarter and 32%
year-to-date.
Noninterest income for the third quarter of 2023 was $23.1
million compared to $19.5 million in the second quarter of 2023.
The increase compared to the prior quarter was primarily due to the
addition of Blackhawk and a $3.4 million gain on securities sales
tied to the balance sheet restructuring after closing the
acquisition.
In comparison to the third quarter of 2022, noninterest income
increased $6.3 million, or 37.3%, due to a combination of organic
growth, the addition of Blackhawk and the securities gains.
Noninterest ExpensesNoninterest expense for the
third quarter of 2023 totaled $47.1 million compared to $40.0
million in the prior quarter. The increase was primarily driven by
the addition of Blackhawk and approximately $2.1 million in
nonrecurring acquisition related costs.
In comparison to the third quarter of 2022, noninterest expenses
increased $5.5 million, inclusive of $2.1 million in nonrecurring
acquisition related costs. The increase was primarily driven by the
addition of Blackhawk. Excluding Blackhawk and acquisition related
costs, the primary changes were 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 third quarter 2023 was 58.6%
compared to 60.4% in the prior quarter and 59.6% for the same
period last year.
Capital LevelsThe Company’s capital levels
remained strong and above the “well capitalized” levels. During the
third quarter, the closing of the Blackhawk acquisition resulted in
decreases to the ratios. Capital levels ended the period as
follows:
Total capital
to risk-weighted assets |
12.60% |
Tier 1 capital to risk-weighted assets |
10.19% |
Common equity tier 1 capital to risk-weighted assets |
9.85% |
Leverage ratio |
9.74% |
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|
Tangible book value per share declined in the period to $19.73.
The decrease was primarily the result of the acquisition of
Blackhawk and an increase to the unrealized loss position in the
bond portfolio impacting accumulated other comprehensive income
(“AOCI”). The reduction to tangible book value per share from AOCI
was $1.15.
About First Mid: First Mid Bancshares, Inc.
(“First Mid”) is the parent company of First Mid Bank & Trust,
N.A., Blackhawk Bank, First Mid Insurance Group, Inc., and First
Mid Wealth Management Co. First Mid is a $7.9 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, and Wisconsin 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, such as discussions of First Mid’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
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 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;
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 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; accounting principles, policies and guidelines; and the
impact of the global COVID-19 pandemic on First Mid’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.
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. |
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Condensed Consolidated Balance Sheets |
|
|
|
(In thousands, unaudited) |
|
|
|
As of |
|
|
|
|
|
|
September 30, |
|
December 31, |
|
September 30, |
|
|
|
|
2023 |
|
|
|
2022 |
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|
|
2022 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
383,237 |
|
|
$ |
152,433 |
|
|
$ |
160,954 |
|
Investment
securities |
|
|
1,226,746 |
|
|
|
1,223,720 |
|
|
|
1,235,505 |
|
Loans (including
loans held for sale) |
|
5,540,065 |
|
|
|
4,826,212 |
|
|
|
4,720,290 |
|
Less allowance for
credit losses |
|
|
(68,241 |
) |
|
|
(59,093 |
) |
|
|
(58,777 |
) |
Net loans |
|
|
|
5,471,824 |
|
|
|
4,767,119 |
|
|
|
4,661,513 |
|
Premises and
equipment, net |
|
|
102,004 |
|
|
|
90,473 |
|
|
|
90,659 |
|
Goodwill and
intangibles, net |
|
|
267,793 |
|
|
|
169,897 |
|
|
|
170,897 |
|
Bank owned life
insurance |
|
|
165,022 |
|
|
|
151,756 |
|
|
|
150,831 |
|
Other assets |
|
|
|
238,668 |
|
|
|
188,817 |
|
|
|
181,024 |
|
Total assets |
|
|
$ |
7,855,294 |
|
|
$ |
6,744,215 |
|
|
$ |
6,651,383 |
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|
|
|
|
|
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|
Liabilities and Stockholders’ Equity |
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|
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Deposits: |
|
|
|
|
|
|
|
Non-interest
bearing |
|
$ |
1,389,022 |
|
|
$ |
1,256,514 |
|
|
$ |
1,334,686 |
|
Interest bearing |
|
|
|
4,957,302 |
|
|
|
4,000,487 |
|
|
|
4,148,512 |
|
Total deposits |
|
|
|
6,346,324 |
|
|
|
5,257,001 |
|
|
|
5,483,198 |
|
Repurchase
agreement with customers |
|
214,978 |
|
|
|
221,414 |
|
|
|
220,707 |
|
Other
borrowings |
|
|
364,953 |
|
|
|
465,071 |
|
|
|
181,232 |
|
Junior
subordinated debentures |
|
|
24,003 |
|
|
|
19,364 |
|
|
|
19,322 |
|
Subordinated
debt |
|
|
106,648 |
|
|
|
94,553 |
|
|
|
94,515 |
|
Other liabilities |
|
|
|
60,440 |
|
|
|
53,657 |
|
|
|
51,694 |
|
Total liabilities |
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|
7,117,346 |
|
|
|
6,111,060 |
|
|
|
6,050,668 |
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|
|
|
|
|
|
Total stockholders’ equity |
|
|
737,948 |
|
|
|
633,155 |
|
|
|
600,715 |
|
Total liabilities
and stockholders’ equity |
$ |
7,855,294 |
|
|
$ |
6,744,215 |
|
|
$ |
6,651,383 |
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|
|
|
|
|
|
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FIRST MID BANCSHARES, INC. |
Condensed Consolidated Statements of Income |
(In thousands, except per share data, unaudited) |
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Three Months Ended |
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Nine Months Ended |
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|
|
September 30, |
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September 30, |
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|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Interest income: |
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|
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|
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|
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Interest and fees on loans |
|
$ |
69,143 |
|
$ |
49,278 |
|
$ |
183,747 |
|
$ |
132,741 |
|
Interest on investment securities |
|
|
9,284 |
|
|
7,302 |
|
|
23,604 |
|
|
22,095 |
|
Interest on federal funds sold & other deposits |
|
2,011 |
|
|
174 |
|
|
2,888 |
|
|
346 |
|
Total interest income |
|
|
|
80,438 |
|
|
56,754 |
|
|
210,239 |
|
|
155,182 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
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Interest on deposits |
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|
|
22,047 |
|
|
4,915 |
|
|
51,394 |
|
|
9,586 |
|
Interest on securities sold under agreements to repurchase |
|
|
|
1,625 |
|
|
428 |
|
|
4,811 |
|
|
632 |
|
Interest on other borrowings |
|
|
4,749 |
|
|
1,927 |
|
|
13,716 |
|
|
2,848 |
|
Interest on jr. subordinated debentures |
|
|
545 |
|
|
241 |
|
|
1,314 |
|
|
553 |
|
Interest on subordinated debt |
|
|
1,029 |
|
|
986 |
|
|
3,003 |
|
|
2,958 |
|
Total interest expense |
|
|
|
29,995 |
|
|
8,497 |
|
|
74,238 |
|
|
16,577 |
|
Net interest income |
|
|
|
50,443 |
|
|
48,257 |
|
|
136,001 |
|
|
138,605 |
|
Provision for credit losses |
|
|
5,911 |
|
|
142 |
|
|
5,552 |
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|
4,001 |
|
Net interest income after provision for loan |
|
44,532 |
|
|
48,115 |
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|
130,449 |
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|
134,604 |
|
Non-interest income: |
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|
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Wealth management revenues |
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|
4,940 |
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|
4,843 |
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|
15,795 |
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|
16,291 |
|
Insurance commissions |
|
|
|
5,199 |
|
|
4,158 |
|
|
19,416 |
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|
16,903 |
|
Service charges |
|
|
|
2,994 |
|
|
2,445 |
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|
7,583 |
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|
6,737 |
|
Net securities gains/(losses) |
|
|
3,389 |
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|
79 |
|
|
3,337 |
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|
81 |
|
Mortgage banking revenues |
|
|
846 |
|
|
355 |
|
|
1,328 |
|
|
1,125 |
|
ATM/debit card revenue |
|
|
3,766 |
|
|
3,101 |
|
|
10,114 |
|
|
9,213 |
|
Other |
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|
|
1,919 |
|
|
1,810 |
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|
7,445 |
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|
6,125 |
|
Total non-interest income |
|
|
23,053 |
|
|
16,791 |
|
|
65,018 |
|
|
56,475 |
|
Non-interest expense: |
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|
|
|
|
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|
|
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Salaries and employee benefits |
|
|
25,422 |
|
|
24,877 |
|
|
75,037 |
|
|
74,984 |
|
Net occupancy and equipment expense |
|
|
6,929 |
|
|
5,903 |
|
|
18,969 |
|
|
18,131 |
|
Net other real estate owned (income) expense |
|
902 |
|
|
58 |
|
|
1,062 |
|
|
243 |
|
FDIC insurance |
|
|
|
785 |
|
|
479 |
|
|
2,324 |
|
|
1,341 |
|
Amortization of intangible assets |
|
|
2,568 |
|
|
1,598 |
|
|
5,567 |
|
|
4,753 |
|
Stationary and supplies |
|
|
|
335 |
|
|
361 |
|
|
942 |
|
|
997 |
|
Legal and professional expense |
|
|
1,844 |
|
|
1,770 |
|
|
5,314 |
|
|
5,389 |
|
ATM/debit card expense |
|
|
1,751 |
|
|
1,243 |
|
|
3,990 |
|
|
2,991 |
|
Marketing and donations |
|
|
764 |
|
|
739 |
|
|
2,326 |
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|
2,318 |
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Other |
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|
5,796 |
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|
4,521 |
|
|
13,184 |
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|
12,342 |
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Total non-interest expense |
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|
47,096 |
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|
41,549 |
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|
128,715 |
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|
123,489 |
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Income before income taxes |
|
|
20,489 |
|
|
23,357 |
|
|
66,752 |
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|
67,590 |
|
Income taxes |
|
|
|
5,372 |
|
|
5,418 |
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|
15,888 |
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|
15,277 |
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Net income |
|
|
$ |
15,117 |
|
$ |
17,939 |
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$ |
50,864 |
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$ |
52,313 |
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Per Share Information |
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Basic earnings per common share |
|
$ |
0.68 |
|
$ |
0.88 |
|
$ |
2.41 |
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$ |
2.61 |
|
Diluted earnings per common share |
|
|
0.68 |
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|
0.88 |
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|
2.40 |
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|
2.60 |
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Weighted average shares outstanding |
|
|
22,220,438 |
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|
20,454,669 |
|
|
21,086,802 |
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|
20,070,687 |
|
Diluted weighted average shares outstanding |
|
22,319,334 |
|
|
20,535,215 |
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|
21,176,946 |
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|
20,145,435 |
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FIRST MID BANCSHARES, INC. |
Condensed Consolidated Statements of Income |
(In thousands, except per share data, unaudited) |
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For the Quarter Ended |
|
|
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|
September 30, |
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June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
|
|
|
|
2023 |
|
|
2023 |
|
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|
2023 |
|
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|
2022 |
|
|
2022 |
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
|
|
|
$ |
69,143 |
|
$ |
58,368 |
|
|
$ |
56,236 |
|
|
$ |
53,128 |
|
|
$ |
49,278 |
Interest on investment securities |
|
|
|
|
|
9,284 |
|
|
7,193 |
|
|
|
7,127 |
|
|
|
7,285 |
|
|
|
7,302 |
Interest on federal funds sold & other deposits |
|
|
|
|
2,011 |
|
|
569 |
|
|
|
308 |
|
|
|
296 |
|
|
|
174 |
Total interest income |
|
|
|
|
|
|
80,438 |
|
|
66,130 |
|
|
|
63,671 |
|
|
|
60,709 |
|
|
|
56,754 |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
|
|
|
|
22,047 |
|
|
16,580 |
|
|
|
12,767 |
|
|
|
9,227 |
|
|
|
4,915 |
Interest on securities sold under agreements to
repurchase |
|
1,625 |
|
|
1,723 |
|
|
|
1,463 |
|
|
|
1,163 |
|
|
|
428 |
Interest on other borrowings |
|
|
|
|
|
4,749 |
|
|
4,084 |
|
|
|
4,883 |
|
|
|
3,345 |
|
|
|
1,927 |
Interest on jr. subordinated debentures |
|
|
|
|
|
545 |
|
|
390 |
|
|
|
379 |
|
|
|
315 |
|
|
|
241 |
Interest on subordinated debt |
|
|
|
|
|
1,029 |
|
|
986 |
|
|
|
988 |
|
|
|
987 |
|
|
|
986 |
Total interest expense |
|
|
|
|
|
|
29,995 |
|
|
23,763 |
|
|
|
20,480 |
|
|
|
15,037 |
|
|
|
8,497 |
Net interest income |
|
|
|
|
|
|
50,443 |
|
|
42,367 |
|
|
|
43,191 |
|
|
|
45,672 |
|
|
|
48,257 |
Provision for credit losses |
|
|
|
|
|
5,911 |
|
|
458 |
|
|
|
(817 |
) |
|
|
805 |
|
|
|
142 |
Net interest income after provision for loan |
|
|
|
|
44,532 |
|
|
41,909 |
|
|
|
44,008 |
|
|
|
44,867 |
|
|
|
48,115 |
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management revenues |
|
|
|
|
|
4,940 |
|
|
5,341 |
|
|
|
5,514 |
|
|
|
6,201 |
|
|
|
4,843 |
Insurance commissions |
|
|
|
|
|
|
5,199 |
|
|
5,737 |
|
|
|
8,480 |
|
|
|
4,719 |
|
|
|
4,158 |
Service charges |
|
|
|
|
|
|
2,994 |
|
|
2,386 |
|
|
|
2,203 |
|
|
|
2,375 |
|
|
|
2,445 |
Securities gains, net |
|
|
|
|
|
|
3,389 |
|
|
(6 |
) |
|
|
(46 |
) |
|
|
(48 |
) |
|
|
79 |
Mortgage banking revenues |
|
|
|
|
|
846 |
|
|
332 |
|
|
|
150 |
|
|
|
65 |
|
|
|
355 |
ATM/debit card revenue |
|
|
|
|
|
3,766 |
|
|
3,265 |
|
|
|
3,083 |
|
|
|
3,209 |
|
|
|
3,101 |
Other |
|
|
|
|
|
|
1,919 |
|
|
2,431 |
|
|
|
3,095 |
|
|
|
1,686 |
|
|
|
1,810 |
Total non-interest income |
|
|
|
|
|
23,053 |
|
|
19,486 |
|
|
|
22,479 |
|
|
|
18,207 |
|
|
|
16,791 |
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
|
|
|
25,422 |
|
|
23,544 |
|
|
|
26,071 |
|
|
|
23,610 |
|
|
|
24,877 |
Net occupancy and equipment expense |
|
|
|
|
|
6,929 |
|
|
6,035 |
|
|
|
6,005 |
|
|
|
6,126 |
|
|
|
5,903 |
Net other real estate owned (income) expense |
|
|
|
|
902 |
|
|
27 |
|
|
|
133 |
|
|
|
87 |
|
|
|
58 |
FDIC insurance |
|
|
|
|
|
|
785 |
|
|
1,076 |
|
|
|
463 |
|
|
|
464 |
|
|
|
479 |
Amortization of intangible assets |
|
|
|
|
|
2,568 |
|
|
1,477 |
|
|
|
1,522 |
|
|
|
1,537 |
|
|
|
1,598 |
Stationary and supplies |
|
|
|
|
|
|
335 |
|
|
315 |
|
|
|
292 |
|
|
|
298 |
|
|
|
361 |
Legal and professional expense |
|
|
|
|
|
1,844 |
|
|
1,780 |
|
|
|
1,690 |
|
|
|
1,607 |
|
|
|
1,770 |
ATM/debit card expense |
|
|
|
|
|
1,751 |
|
|
1,016 |
|
|
|
1,223 |
|
|
|
1,309 |
|
|
|
1,243 |
Marketing and donations |
|
|
|
|
|
764 |
|
|
908 |
|
|
|
654 |
|
|
|
681 |
|
|
|
739 |
Other |
|
|
|
|
|
|
5,796 |
|
|
3,864 |
|
|
|
3,524 |
|
|
|
3,653 |
|
|
|
4,521 |
Total non-interest expense |
|
|
|
|
|
47,096 |
|
|
40,042 |
|
|
|
41,577 |
|
|
|
39,372 |
|
|
|
41,549 |
Income before income taxes |
|
|
|
|
|
20,489 |
|
|
21,353 |
|
|
|
24,910 |
|
|
|
23,702 |
|
|
|
23,357 |
Income taxes |
|
|
|
|
|
|
5,372 |
|
|
4,786 |
|
|
|
5,730 |
|
|
|
3,063 |
|
|
|
5,418 |
Net income |
|
|
|
|
|
$ |
15,117 |
|
$ |
16,567 |
|
|
$ |
19,180 |
|
|
$ |
20,639 |
|
|
$ |
17,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
|
|
|
|
$ |
0.68 |
|
$ |
0.81 |
|
|
$ |
0.94 |
|
|
$ |
1.01 |
|
|
$ |
0.88 |
Diluted earnings per common share |
|
|
|
|
|
0.68 |
|
|
0.80 |
|
|
|
0.93 |
|
|
|
1.01 |
|
|
|
0.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
22,220,438 |
|
|
20,528,717 |
|
|
|
20,492,254 |
|
|
|
20,461,046 |
|
|
|
20,454,669 |
Diluted weighted average shares outstanding |
|
|
|
|
22,319,334 |
|
|
20,628,239 |
|
|
|
20,563,972 |
|
|
|
20,535,220 |
|
|
|
20,535,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio |
|
|
|
|
|
|
|
|
|
|
Construction and land development |
|
$ |
189,206 |
|
|
$ |
151,574 |
|
|
$ |
159,157 |
|
|
$ |
144,264 |
|
|
$ |
142,801 |
|
Farm real estate loans |
|
|
399,834 |
|
|
|
392,220 |
|
|
|
401,957 |
|
|
|
410,327 |
|
|
|
360,424 |
|
1-4 Family residential properties |
|
|
531,699 |
|
|
|
418,932 |
|
|
|
424,545 |
|
|
|
440,180 |
|
|
|
436,625 |
|
Multifamily residential properties |
|
|
327,067 |
|
|
|
303,482 |
|
|
|
301,808 |
|
|
|
294,346 |
|
|
|
298,321 |
|
Commercial real estate |
|
|
2,392,834 |
|
|
|
2,056,529 |
|
|
|
2,003,647 |
|
|
|
2,030,011 |
|
|
|
1,996,338 |
|
Loans secured by real estate |
|
|
3,840,640 |
|
|
|
3,322,737 |
|
|
|
3,291,114 |
|
|
|
3,319,128 |
|
|
|
3,234,509 |
|
Agricultural operating loans |
|
|
179,447 |
|
|
|
148,318 |
|
|
|
146,847 |
|
|
|
166,838 |
|
|
|
160,511 |
|
Commercial and industrial loans |
|
|
1,242,653 |
|
|
|
1,094,522 |
|
|
|
1,078,021 |
|
|
|
1,082,960 |
|
|
|
1,064,033 |
|
Consumer loans |
|
|
99,542 |
|
|
|
80,241 |
|
|
|
88,430 |
|
|
|
97,775 |
|
|
|
100,783 |
|
All other loans |
|
|
177,783 |
|
|
|
167,598 |
|
|
|
156,219 |
|
|
|
159,511 |
|
|
|
160,454 |
|
Total loans |
|
|
5,540,065 |
|
|
|
4,813,416 |
|
|
|
4,760,631 |
|
|
|
4,826,212 |
|
|
|
4,720,290 |
|
|
|
|
|
|
|
|
|
|
|
|
Deposit Portfolio |
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposits |
|
$ |
1,389,022 |
|
|
$ |
1,171,047 |
|
|
$ |
1,262,181 |
|
|
$ |
1,256,514 |
|
|
$ |
1,334,686 |
|
Interest bearing demand deposits |
|
|
1,940,162 |
|
|
|
1,477,765 |
|
|
|
1,419,791 |
|
|
|
1,389,283 |
|
|
|
1,364,306 |
|
Savings deposits |
|
|
734,377 |
|
|
|
602,523 |
|
|
|
639,691 |
|
|
|
636,699 |
|
|
|
657,592 |
|
Money Market |
|
|
1,161,957 |
|
|
|
923,259 |
|
|
|
878,452 |
|
|
|
1,267,726 |
|
|
|
1,443,060 |
|
Time deposits |
|
|
1,120,806 |
|
|
|
1,044,991 |
|
|
|
830,663 |
|
|
|
706,779 |
|
|
|
683,554 |
|
Total deposits |
|
|
6,346,324 |
|
|
|
5,219,585 |
|
|
|
5,030,778 |
|
|
|
5,257,001 |
|
|
|
5,483,198 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
21,269 |
|
|
$ |
18,637 |
|
|
$ |
15,163 |
|
|
$ |
19,170 |
|
|
$ |
20,812 |
|
Non-performing assets |
|
|
23,565 |
|
|
|
22,615 |
|
|
|
19,225 |
|
|
|
23,539 |
|
|
|
25,143 |
|
Net charge-offs (recoveries) |
|
|
181 |
|
|
|
(38 |
) |
|
|
53 |
|
|
|
489 |
|
|
|
440 |
|
Allowance for credit losses to non-performing loans |
|
|
320.85 |
% |
|
|
315.07 |
% |
|
|
383.98 |
% |
|
|
308.26 |
% |
|
|
282.42 |
% |
Allowance for credit losses to total loans outstanding |
|
|
1.23 |
% |
|
|
1.22 |
% |
|
|
1.22 |
% |
|
|
1.22 |
% |
|
|
1.25 |
% |
Nonperforming loans to total loans |
|
|
0.38 |
% |
|
|
0.39 |
% |
|
|
0.32 |
% |
|
|
0.40 |
% |
|
|
0.44 |
% |
Nonperforming assets to total assets |
|
|
0.30 |
% |
|
|
0.34 |
% |
|
|
0.29 |
% |
|
|
0.35 |
% |
|
|
0.38 |
% |
Special Mention loans |
|
|
73,732 |
|
|
|
40,687 |
|
|
|
47,022 |
|
|
|
39,853 |
|
|
|
25,298 |
|
Substandard and Doubtful loans |
|
|
30,575 |
|
|
|
28,255 |
|
|
|
29,931 |
|
|
|
34,352 |
|
|
|
37,378 |
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Data |
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
23,830,038 |
|
|
|
20,528,192 |
|
|
|
20,519,717 |
|
|
|
20,452,376 |
|
|
|
20,454,636 |
|
Book value per common share |
|
$ |
30.97 |
|
|
$ |
32.18 |
|
|
$ |
32.26 |
|
|
$ |
30.96 |
|
|
$ |
29.37 |
|
Tangible book value per common share (1) |
|
|
19.73 |
|
|
|
23.48 |
|
|
|
24.05 |
|
|
|
22.65 |
|
|
|
21.01 |
|
Tangible book value per common share excluding other comprehensive
income at period end (1) |
|
27.24 |
|
|
|
30.87 |
|
|
|
30.77 |
|
|
|
30.06 |
|
|
|
29.21 |
|
Market price of stock |
|
|
26.56 |
|
|
|
24.14 |
|
|
|
27.22 |
|
|
|
32.08 |
|
|
|
31.97 |
|
|
|
|
|
|
|
|
|
|
|
|
Key Performance Ratios and Metrics |
|
|
|
|
|
|
|
|
|
|
End of period earning assets |
|
$ |
7,007,282 |
|
|
$ |
6,023,553 |
|
|
$ |
5,995,674 |
|
|
$ |
6,063,953 |
|
|
$ |
5,975,619 |
|
Average earning assets |
|
|
6,593,781 |
|
|
|
6,049,626 |
|
|
|
6,052,264 |
|
|
|
6,000,106 |
|
|
|
6,063,061 |
|
Average rate on average earning assets (tax equivalent) |
|
4.89 |
% |
|
|
4.43 |
% |
|
|
4.32 |
% |
|
|
4.07 |
% |
|
|
3.77 |
% |
Average rate on cost of funds |
|
|
1.83 |
% |
|
|
1.59 |
% |
|
|
1.38 |
% |
|
|
1.00 |
% |
|
|
0.56 |
% |
Net interest margin (tax equivalent) (1) |
|
|
3.06 |
% |
|
|
2.84 |
% |
|
|
2.94 |
% |
|
|
3.07 |
% |
|
|
3.21 |
% |
Return on average assets |
|
|
0.90 |
% |
|
|
0.99 |
% |
|
|
1.15 |
% |
|
|
1.24 |
% |
|
|
1.07 |
% |
Adjusted return on average assets (1) |
|
|
0.94 |
% |
|
|
1.03 |
% |
|
|
1.18 |
% |
|
|
1.25 |
% |
|
|
1.11 |
% |
Return on average common equity |
|
|
8.70 |
% |
|
|
10.07 |
% |
|
|
12.11 |
% |
|
|
13.51 |
% |
|
|
11.18 |
% |
Adjusted return on average common equity (1) |
|
|
9.82 |
% |
|
|
10.42 |
% |
|
|
11.92 |
% |
|
|
13.60 |
% |
|
|
11.51 |
% |
Efficiency ratio (tax equivalent) (1) |
|
|
58.60 |
% |
|
|
60.37 |
% |
|
|
59.01 |
% |
|
|
58.07 |
% |
|
|
59.64 |
% |
Full-time equivalent employees |
|
|
1,224 |
|
|
|
995 |
|
|
|
988 |
|
|
|
1,043 |
|
|
|
1,051 |
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30, 2023 |
|
|
QTD Average |
|
|
|
Average |
|
|
Balance |
|
Interest |
|
Rate |
INTEREST EARNING ASSETS |
|
|
|
|
|
Interest bearing deposits |
$ |
90,957 |
|
|
$ |
1,882 |
|
|
8.21 |
% |
Federal funds sold |
|
8,561 |
|
|
|
114 |
|
|
5.28 |
% |
Certificates of deposits investments |
|
2,152 |
|
|
|
16 |
|
|
2.95 |
% |
Investment Securities: |
|
|
|
|
|
Taxable (total less municipals) |
|
1,004,994 |
|
|
|
7,352 |
|
|
2.93 |
% |
Tax-exempt (Municipals) |
|
287,232 |
|
|
|
2,445 |
|
|
3.40 |
% |
Loans (net of unearned income) |
|
5,199,885 |
|
|
|
69,397 |
|
|
5.29 |
% |
|
|
|
|
|
|
|
Total interest earning assets |
|
6,593,781 |
|
|
|
81,206 |
|
|
4.89 |
% |
|
|
|
|
|
|
|
NONEARNING ASSETS |
|
|
|
|
|
Cash and due from banks |
|
125,014 |
|
|
|
|
|
Premises and equipment |
|
97,474 |
|
|
|
|
|
Other nonearning assets |
|
524,478 |
|
|
|
|
|
Allowance for loan losses |
|
(64,636 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
7,276,111 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST BEARING LIABILITIES |
|
|
|
|
|
Demand deposits |
$ |
2,646,134 |
|
|
$ |
12,740 |
|
|
1.91 |
% |
Savings deposits |
|
669,930 |
|
|
|
190 |
|
|
0.11 |
% |
Time deposits |
|
1,081,978 |
|
|
|
9,117 |
|
|
3.34 |
% |
Total interest bearing deposits |
|
4,398,042 |
|
|
|
22,047 |
|
|
1.99 |
% |
Repurchase agreements |
|
212,644 |
|
|
|
1,625 |
|
|
3.03 |
% |
FHLB advances |
|
486,738 |
|
|
|
4,761 |
|
|
3.88 |
% |
Federal funds purchased |
|
- |
|
|
|
- |
|
|
0.00 |
% |
Subordinated debt |
|
105,332 |
|
|
|
1,028 |
|
|
3.87 |
% |
Jr. subordinated debentures |
|
19,258 |
|
|
|
545 |
|
|
11.23 |
% |
Other debt |
|
|
- |
|
|
|
(12 |
) |
|
0.00 |
% |
Total borrowings |
|
823,972 |
|
|
|
7,947 |
|
|
3.83 |
% |
Total interest bearing liabilities |
|
5,222,014 |
|
|
|
29,994 |
|
|
2.28 |
% |
|
|
|
|
|
|
|
NONINTEREST BEARING LIABILITIES |
|
|
|
|
|
Demand deposits |
|
1,293,422 |
|
|
Average cost of funds |
|
1.83 |
% |
Other liabilities |
|
65,265 |
|
|
|
|
|
Stockholders’ equity |
|
695,410 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & stockholders’ equity |
$ |
7,276,111 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Earnings / Spread |
|
|
$ |
51,212 |
|
|
2.61 |
% |
|
|
|
|
|
|
|
Impact of Non-Interest Bearing Funds |
|
|
|
|
0.45 |
% |
|
|
|
|
|
|
|
Tax effected yield on interest earning assets |
|
|
|
3.06 |
% |
|
|
|
|
|
|
|
FIRST MID BANCSHARES, INC. |
Reconciliation of Non-GAAP Financial Measures |
(In thousands, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Quarter Ended |
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income as reported |
$ |
50,443 |
|
|
$ |
42,367 |
|
|
$ |
43,191 |
|
|
$ |
45,672 |
|
|
$ |
48,257 |
|
Net interest income, (tax equivalent) |
|
51,212 |
|
|
|
43,109 |
|
|
|
43,947 |
|
|
|
46,464 |
|
|
|
49,060 |
|
Average earning assets |
|
6,593,781 |
|
|
|
6,049,626 |
|
|
|
6,052,264 |
|
|
|
6,000,106 |
|
|
|
6,063,061 |
|
Net interest margin (tax equivalent) |
|
3.06 |
% |
|
|
2.84 |
% |
|
|
2.94 |
% |
|
|
3.07 |
% |
|
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stockholder’s equity |
$ |
737,948 |
|
|
$ |
660,687 |
|
|
$ |
661,865 |
|
|
$ |
633,155 |
|
|
$ |
600,715 |
|
Goodwill and intangibles, net |
|
267,793 |
|
|
|
178,615 |
|
|
|
168,373 |
|
|
|
169,897 |
|
|
|
170,897 |
|
Common shares outstanding |
|
23,830 |
|
|
|
20,528 |
|
|
|
20,520 |
|
|
|
20,452 |
|
|
|
20,455 |
|
Tangible Book Value per common share |
$ |
19.73 |
|
|
$ |
23.48 |
|
|
$ |
24.05 |
|
|
$ |
22.65 |
|
|
$ |
21.01 |
|
Accumulated other comprehensive loss (AOCI) |
|
(178,903 |
) |
|
|
(151,566 |
) |
|
|
(137,901 |
) |
|
|
(151,507 |
) |
|
|
(167,663 |
) |
Adjusted tangible book value per commone share |
$ |
27.24 |
|
|
$ |
30.87 |
|
|
$ |
30.77 |
|
|
$ |
30.06 |
|
|
$ |
29.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST MID BANCSHARES, INC. |
Reconciliation of Non-GAAP Financial Measures |
(In thousands, except per share data, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Quarter Ended |
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
Adjusted earnings Reconciliation |
|
|
|
|
|
|
|
|
|
|
Net Income - GAAP |
|
|
|
$ |
15,117 |
|
|
$ |
16,567 |
|
|
$ |
19,180 |
|
|
$ |
20,639 |
|
|
$ |
17,939 |
|
Adjustments (post-tax): (1) |
|
|
|
|
|
|
|
|
|
|
|
Acquisition ACL on non-PCD assets in provision expense |
|
2,985 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonrecurring severance expense |
|
|
- |
|
|
|
- |
|
|
|
416 |
|
|
|
- |
|
|
|
- |
|
Net (gain)/loss on securities sales |
|
|
|
(2,677 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Integration and acquisition expenses |
|
|
1,653 |
|
|
|
589 |
|
|
|
135 |
|
|
|
131 |
|
|
|
524 |
|
Total non-recurring adjustments (non-GAAP) |
$ |
1,962 |
|
|
$ |
589 |
|
|
$ |
551 |
|
|
$ |
131 |
|
|
$ |
524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings - non-GAAP |
|
|
$ |
17,079 |
|
|
$ |
17,156 |
|
|
$ |
19,731 |
|
|
$ |
20,770 |
|
|
$ |
18,463 |
|
Adjusted diluted earnings per share (non-GAAP) |
$ |
0.77 |
|
|
$ |
0.83 |
|
|
$ |
0.96 |
|
|
$ |
1.01 |
|
|
$ |
0.90 |
|
Adjusted return on average assets - non-GAAP |
|
0.94 |
% |
|
|
1.03 |
% |
|
|
1.18 |
% |
|
|
1.25 |
% |
|
|
1.11 |
% |
Adjusted return on average common equity - non-GAAP |
|
9.82 |
% |
|
|
10.42 |
% |
|
|
11.92 |
% |
|
|
13.60 |
% |
|
|
11.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense - GAAP |
|
|
$ |
47,096 |
|
|
$ |
40,042 |
|
|
$ |
41,577 |
|
|
$ |
39,372 |
|
|
$ |
41,549 |
|
Other real estate owned property income (expense) |
|
(902 |
) |
|
|
(27 |
) |
|
|
(133 |
) |
|
|
(87 |
) |
|
|
(58 |
) |
Amortization of intangibles |
|
|
|
(2,568 |
) |
|
|
(1,477 |
) |
|
|
(1,522 |
) |
|
|
(1,537 |
) |
|
|
(1,598 |
) |
Nonrecurring severance expense |
|
|
- |
|
|
|
- |
|
|
|
(527 |
) |
|
|
- |
|
|
|
- |
|
integration and acquisition expenses |
|
|
(2,093 |
) |
|
|
(745 |
) |
|
|
(171 |
) |
|
|
(166 |
) |
|
|
(663 |
) |
Adjusted noninterest expense (non-GAAP) |
|
$ |
41,533 |
|
|
$ |
37,793 |
|
|
$ |
39,224 |
|
|
$ |
37,582 |
|
|
$ |
39,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income -GAAP |
|
|
$ |
50,443 |
|
|
$ |
42,367 |
|
|
$ |
43,192 |
|
|
$ |
45,672 |
|
|
$ |
48,257 |
|
Effect of tax-exempt income (1) |
|
|
|
769 |
|
|
|
742 |
|
|
|
755 |
|
|
|
792 |
|
|
|
803 |
|
Adjusted net interest income (non-GAAP) |
|
$ |
51,212 |
|
|
$ |
43,109 |
|
|
$ |
43,947 |
|
|
$ |
46,464 |
|
|
$ |
49,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income - GAAP |
|
|
$ |
23,053 |
|
|
$ |
19,486 |
|
|
$ |
22,479 |
|
|
$ |
18,207 |
|
|
$ |
16,791 |
|
Net (gain)/loss on securities sales |
|
|
|
(3,389 |
) |
|
|
6 |
|
|
|
46 |
|
|
|
48 |
|
|
|
(79 |
) |
Adjusted noninterest income (non-GAAP) |
|
$ |
19,664 |
|
|
$ |
19,492 |
|
|
$ |
22,525 |
|
|
$ |
18,255 |
|
|
$ |
16,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted total revenue (non-GAAP) |
|
$ |
70,876 |
|
|
$ |
62,601 |
|
|
$ |
66,472 |
|
|
$ |
64,719 |
|
|
$ |
65,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (non-GAAP) |
|
|
|
58.60 |
% |
|
|
60.37 |
% |
|
|
59.01 |
% |
|
|
58.07 |
% |
|
|
59.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonrecurring items (post-tax) and tax-exempt income are
calculated using an estimated effective tax rate of 21%. |
|
|
|
|
|
First Mid Bancshares (NASDAQ:FMBH)
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