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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number 001-36434

FIRST MID BANCSHARES, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware

37-1103704

(State or other jurisdiction of incorporation or organization)

(I.R.S. employer identification no.)

 

1421 Charleston Avenue

 

Mattoon, Illinois

61938

(Address of principal executive offices)

(Zip code)

 

(217) 234-7454

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

FMBH

NASDAQ Global Market

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer ☐

 

Accelerated filer ☒

Non-accelerated filer ☐

 

Smaller reporting company ☐

 

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

As of August 7, 2024, 23,905,252 common shares, $4.00 par value, were outstanding.

 

PART I

ITEM 1. FINANCIAL STATEMENTS

First Mid Bancshares, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

 

(In thousands, except share data)

 

June 30, 2024

 

 

December 31, 2023

 

Assets

 

 

 

 

 

 

Cash and due from banks:

 

 

 

 

 

 

Non-interest bearing

 

$

104,453

 

 

$

122,871

 

Interest bearing

 

 

131,001

 

 

 

11,211

 

Federal funds sold

 

 

26

 

 

 

8,982

 

Cash and cash equivalents

 

 

235,480

 

 

 

143,064

 

Certificates of deposit

 

 

3,745

 

 

 

1,470

 

Investment securities:

 

 

 

 

 

 

Available-for-sale, at fair value (amortized cost of $1,311,109 and $1,363,721 at June 30, 2024 and December 31, 2023, respectively)

 

 

1,110,650

 

 

 

1,171,572

 

Held-to-maturity, at amortized cost (estimated fair value of $2,277 and $2,286 at June 30, 2024 and December 31, 2023, respectively)

 

 

2,277

 

 

 

2,286

 

Equity securities, at fair value

 

 

4,258

 

 

 

4,074

 

Loans held for sale

 

 

7,764

 

 

 

4,980

 

Loans

 

 

5,552,853

 

 

 

5,575,585

 

Less allowance for credit losses

 

 

(68,312

)

 

 

(68,675

)

Net loans

 

 

5,484,541

 

 

 

5,506,910

 

Interest receivable

 

 

37,326

 

 

 

35,082

 

Other real estate owned

 

 

1,454

 

 

 

1,163

 

Premises and equipment, net

 

 

101,583

 

 

 

101,396

 

Goodwill, net

 

 

196,461

 

 

 

196,461

 

Intangible assets, net

 

 

60,916

 

 

 

67,770

 

Bank owned life insurance

 

 

168,439

 

 

 

166,125

 

Right of use lease assets

 

 

14,981

 

 

 

14,306

 

Deferred tax asset, net

 

 

67,814

 

 

 

70,067

 

Other assets

 

 

83,371

 

 

 

100,068

 

Total assets

 

$

7,581,060

 

 

$

7,586,794

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing

 

$

1,393,336

 

 

$

1,398,234

 

Interest bearing

 

 

4,722,443

 

 

 

4,725,425

 

Total deposits

 

 

6,115,779

 

 

 

6,123,659

 

Securities sold under agreements to repurchase

 

 

205,955

 

 

 

213,721

 

Interest payable

 

 

5,415

 

 

 

5,437

 

FHLB borrowings

 

 

263,735

 

 

 

263,787

 

Junior subordinated debentures, net

 

 

24,169

 

 

 

24,058

 

Subordinated debt, net

 

 

103,029

 

 

 

106,755

 

Lease liabilities

 

 

15,286

 

 

 

14,615

 

Other liabilities

 

 

34,047

 

 

 

41,558

 

Total liabilities

 

 

6,767,415

 

 

 

6,793,590

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock ($4 par value; authorized 30,000,000 shares; issued 24,548,439 and 24,479,708 shares in 2024 and 2023, respectively; outstanding 23,895,868 and 23,827,137 shares in 2024 and 2023, respectively)

 

 

100,194

 

 

 

99,919

 

Additional paid-in capital

 

 

512,181

 

 

 

509,314

 

Retained earnings

 

 

367,967

 

 

 

338,662

 

Deferred compensation

 

 

1,382

 

 

 

2,629

 

Accumulated other comprehensive loss

 

 

(146,998

)

 

 

(136,427

)

Treasury stock, at cost (652,571 shares in 2024 and 652,571 shares in 2023)

 

 

(21,081

)

 

 

(20,893

)

Total stockholders’ equity

 

 

813,645

 

 

 

793,204

 

Total liabilities and stockholders’ equity

 

$

7,581,060

 

 

$

7,586,794

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

2

 

 

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Income (unaudited)

(In thousands, except per share data)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

(In thousands, except per share data)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

79,560

 

 

$

58,368

 

 

$

157,383

 

 

$

114,604

 

Interest on investment securities

 

 

7,405

 

 

 

7,193

 

 

 

14,810

 

 

 

14,320

 

Interest on certificates of deposit investments

 

 

43

 

 

 

15

 

 

 

63

 

 

 

29

 

Interest on federal funds sold

 

 

8

 

 

 

98

 

 

 

25

 

 

 

183

 

Interest on deposits with other financial institutions

 

 

1,667

 

 

 

456

 

 

 

4,074

 

 

 

665

 

Total interest income

 

 

88,683

 

 

 

66,130

 

 

 

176,355

 

 

 

129,801

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

26,338

 

 

 

16,580

 

 

 

52,434

 

 

 

29,347

 

Interest on securities sold under agreements to repurchase

 

 

1,615

 

 

 

1,723

 

 

 

3,671

 

 

 

3,186

 

Interest on FHLB borrowings

 

 

2,248

 

 

 

4,084

 

 

 

4,562

 

 

 

8,958

 

Interest on other borrowings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9

 

Interest on junior subordinated debentures

 

 

537

 

 

 

390

 

 

 

1,079

 

 

 

769

 

Interest on subordinated debentures

 

 

1,180

 

 

 

986

 

 

 

2,374

 

 

 

1,974

 

Total interest expense

 

 

31,918

 

 

 

23,763

 

 

 

64,120

 

 

 

44,243

 

Net interest income

 

 

56,765

 

 

 

42,367

 

 

 

112,235

 

 

 

85,558

 

Provision for credit losses

 

 

1,083

 

 

 

458

 

 

 

726

 

 

 

(359

)

Net interest income after provision for credit losses

 

 

55,682

 

 

 

41,909

 

 

 

111,509

 

 

 

85,917

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management revenues

 

 

5,405

 

 

 

5,341

 

 

 

10,727

 

 

 

10,855

 

Insurance commissions

 

 

6,531

 

 

 

5,737

 

 

 

15,744

 

 

 

14,217

 

Service charges

 

 

3,227

 

 

 

2,386

 

 

 

6,183

 

 

 

4,589

 

Securities losses, net

 

 

(156

)

 

 

(6

)

 

 

(156

)

 

 

(52

)

Mortgage banking revenue, net

 

 

1,038

 

 

 

332

 

 

 

1,744

 

 

 

482

 

ATM/debit card revenue

 

 

4,281

 

 

 

3,265

 

 

 

8,336

 

 

 

6,348

 

Bank owned life insurance

 

 

1,192

 

 

 

1,189

 

 

 

2,313

 

 

 

2,830

 

Other

 

 

904

 

 

 

1,242

 

 

 

2,009

 

 

 

2,696

 

Total other income

 

 

22,422

 

 

 

19,486

 

 

 

46,900

 

 

 

41,965

 

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

30,164

 

 

 

23,544

 

 

 

60,612

 

 

 

49,615

 

Net occupancy and equipment expense

 

 

7,507

 

 

 

6,035

 

 

 

15,067

 

 

 

12,040

 

Net other real estate owned expense

 

 

85

 

 

 

27

 

 

 

64

 

 

 

160

 

FDIC insurance

 

 

902

 

 

 

1,076

 

 

 

1,771

 

 

 

1,539

 

Amortization of intangible assets

 

 

3,340

 

 

 

1,477

 

 

 

6,837

 

 

 

2,999

 

Stationery and supplies

 

 

370

 

 

 

315

 

 

 

761

 

 

 

607

 

Legal and professional

 

 

2,536

 

 

 

1,780

 

 

 

4,985

 

 

 

3,470

 

ATM/debit card

 

 

1,281

 

 

 

1,016

 

 

 

2,472

 

 

 

2,239

 

Marketing and donations

 

 

814

 

 

 

908

 

 

 

1,676

 

 

 

1,562

 

Other

 

 

4,392

 

 

 

3,864

 

 

 

10,508

 

 

 

7,388

 

Total other expense

 

 

51,391

 

 

 

40,042

 

 

 

104,753

 

 

 

81,619

 

Income before income taxes

 

 

26,713

 

 

 

21,353

 

 

 

53,656

 

 

 

46,263

 

Income taxes

 

 

6,968

 

 

 

4,786

 

 

 

13,408

 

 

 

10,516

 

Net income

 

$

19,745

 

 

$

16,567

 

 

$

40,248

 

 

$

35,747

 

Per share data:

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

0.83

 

 

$

0.81

 

 

$

1.69

 

 

$

1.74

 

Diluted net income per common share

 

 

0.82

 

 

 

0.80

 

 

 

1.68

 

 

 

1.74

 

Cash dividends declared per common share

 

 

0.23

 

 

 

0.23

 

 

 

0.46

 

 

 

0.46

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

3

 

 

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Comprehensive Income (unaudited)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

(In thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

 

$

19,745

 

 

$

16,567

 

 

$

40,248

 

 

$

35,747

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on available-for-sale securities, net of tax benefit (expense) of ($208) and ($5,583) for three months ended June 30, 2024 and 2023, respectively and $4,017 and $39 for the six months ended June 30, 2024 and 2023, respectively

 

 

556

 

 

 

(13,670

)

 

 

(10,684

)

 

 

(97

)

Less: reclassification adjustment for realized gains (losses) included in net income, net of tax benefit (expense) of $43 and $1 for three months ended June 30, 2024 and 2023, respectively and $43 and $14 for the six months ended June 30, 2024 and 2023, respectively

 

 

(113

)

 

 

(5

)

 

 

(113

)

 

 

(38

)

Other comprehensive income (loss), net of taxes

 

 

669

 

 

 

(13,665

)

 

 

(10,571

)

 

 

(59

)

Comprehensive income

 

$

20,414

 

 

$

2,902

 

 

$

29,677

 

 

$

35,688

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

4

 

 

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

For the three months ended June 30, 2024 and 2023

 

(In thousands)

 

Common
Stock

 

 

Additional
Paid-In-
Capital

 

 

Retained
Earnings

 

 

Deferred
Compensation

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Treasury
Stock

 

 

Total

 

March 31, 2024

 

$

100,166

 

 

$

511,785

 

 

$

353,694

 

 

$

832

 

 

$

(147,667

)

 

$

(20,858

)

 

$

797,952

 

Net income

 

 

—

 

 

 

—

 

 

 

19,745

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

19,745

 

Other comprehensive income, net tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

669

 

 

 

—

 

 

 

669

 

Cash dividends on common stock (.230/share)

 

 

—

 

 

 

—

 

 

 

(5,472

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,472

)

Forfeiture of 384 restricted shares pursuant to the 2017 stock incentive plan

 

 

(2

)

 

 

(11

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13

)

Issuance of 7,323 common shares pursuant to the employee stock purchase plan

 

 

30

 

 

 

174

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

204

 

Grant of restricted units pursuant to 2017 stock incentive plan

 

 

—

 

 

 

174

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

174

 

Deferred compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

62

 

 

 

—

 

 

 

(223

)

 

 

(161

)

Vested restricted shares/units compensation expense

 

 

—

 

 

 

59

 

 

 

—

 

 

 

488

 

 

 

—

 

 

 

—

 

 

 

547

 

June 30, 2024

 

$

100,194

 

 

$

512,181

 

 

$

367,967

 

 

$

1,382

 

 

$

(146,998

)

 

$

(21,081

)

 

$

813,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2023

 

$

86,636

 

 

$

428,283

 

 

$

303,768

 

 

$

963

 

 

$

(137,901

)

 

$

(19,884

)

 

$

661,865

 

Net income

 

 

—

 

 

 

—

 

 

 

16,567

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16,567

 

Other comprehensive loss, net tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13,665

)

 

 

—

 

 

 

(13,665

)

Cash dividends on common stock (.230/share)

 

 

—

 

 

 

—

 

 

 

(4,699

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,699

)

Forfeiture of 700 restricted shares pursuant to the 2017 stock incentive plan

 

 

(3

)

 

 

(19

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(22

)

Issuance of 9,175 common shares pursuant to the employee stock purchase plan

 

 

37

 

 

 

176

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

213

 

Deferred compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

166

 

 

 

—

 

 

 

(175

)

 

 

(9

)

Vested restricted shares/units compensation expense

 

 

—

 

 

 

64

 

 

 

—

 

 

 

373

 

 

 

—

 

 

 

—