• First Mid Bancshares, Inc. Announces Third Quarter 2023 Results

    来源: Nasdaq GlobeNewswire / 26 10月 2023 07:00:01   America/New_York

    MATTOON, Ill., Oct. 26, 2023 (GLOBE NEWSWIRE) -- 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 Update
    The 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 Margin
    Net 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.

    Deposits
    Total 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 Income
    Noninterest 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 Expenses
    Noninterest 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 Levels
    The 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 assets12.60%
    Tier 1 capital to risk-weighted assets10.19%
    Common equity tier 1 capital to risk-weighted assets9.85%
    Leverage ratio9.74%
      

    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 Holt
    VP, Shareholder Relations
    217-258-0463
    aholt@firstmid.com

    Matt Smith
    Chief Financial Officer
    217-258-1528
    msmith@firstmid.com

    – Tables Follow –

            
       FIRST MID BANCSHARES, INC.
       Condensed Consolidated Balance Sheets
       (In thousands, unaudited)
       As of
       
       September 30, December 31, September 30,
        2023   2022   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 
            
    Liabilities and Stockholders’ Equity     
    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   7,117,346   6,111,060   6,050,668 
            
    Total stockholders’ equity  737,948   633,155   600,715 
    Total liabilities and stockholders’ equity$7,855,294  $6,744,215  $6,651,383 
            

     


    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
               
       Three Months Ended Nine Months Ended 
       September 30, September 30, 
       2023 2022 2023 2022 
    Interest income:          
    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:          
    Interest on deposits   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  4,001 
    Net interest income after provision for loan 44,532  48,115  130,449  134,604 
    Non-interest income:          
    Wealth management revenues  4,940  4,843  15,795  16,291 
    Insurance commissions   5,199  4,158  19,416  16,903 
    Service charges   2,994  2,445  7,583  6,737 
    Net securities gains/(losses)  3,389  79  3,337  81 
    Mortgage banking revenues  846  355  1,328  1,125 
    ATM/debit card revenue  3,766  3,101  10,114  9,213 
    Other   1,919  1,810  7,445  6,125 
    Total non-interest income  23,053  16,791  65,018  56,475 
    Non-interest expense:          
    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  2,318 
    Other   5,796  4,521  13,184  12,342 
    Total non-interest expense  47,096  41,549  128,715  123,489 
    Income before income taxes  20,489  23,357  66,752  67,590 
    Income taxes   5,372  5,418  15,888  15,277 
    Net income  $15,117 $17,939 $50,864 $52,313 
               
    Per Share Information          
    Basic earnings per common share $0.68 $0.88 $2.41 $2.61 
    Diluted earnings per common share  0.68  0.88  2.40  2.60 
               
    Weighted average shares outstanding  22,220,438  20,454,669  21,086,802  20,070,687 
    Diluted weighted average shares outstanding 22,319,334  20,535,215  21,176,946  20,145,435 
               


    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
                   
         For the Quarter Ended
         September 30, June 30, March 31, December 31, September 30,
          2023  2023   2023   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%.     

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