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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 March 31, 2022

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 May 9, 2022 20,448,799 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)

 

March 31, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks:

 

 

 

 

 

 

 

 

Non-interest bearing

 

$

112,276

 

 

$

90,907

 

Interest bearing

 

 

105,796

 

 

 

76,335

 

Federal funds sold

 

 

5,908

 

 

 

1,360

 

Cash and cash equivalents

 

 

223,980

 

 

 

168,602

 

Certificates of deposit

 

 

1,960

 

 

 

2,450

 

Investment securities:

 

 

 

 

 

 

 

 

Available-for-sale, at fair value

 

 

1,466,950

 

 

 

1,421,422

 

Held-to-maturity, at amortized cost (estimated fair value of $2,998 and $7,035 at March 31, 2022 and December 31, 2021, respectively)

 

 

2,998

 

 

 

7,030

 

Equity securities, at fair value

 

 

369

 

 

 

397

 

Loans held for sale

 

 

2,037

 

 

 

2,748

 

Loans

 

 

4,452,524

 

 

 

3,992,775

 

Less allowance for credit losses

 

 

(58,474

)

 

 

(54,655

)

Net loans

 

 

4,394,050

 

 

 

3,938,120

 

Interest receivable

 

 

22,365

 

 

 

19,868

 

Other real estate owned

 

 

4,794

 

 

 

4,984

 

Premises and equipment, net

 

 

89,319

 

 

 

81,484

 

Goodwill

 

 

140,465

 

 

 

111,853

 

Intangible assets, net

 

 

34,034

 

 

 

29,523

 

Bank owned life insurance

 

 

149,041

 

 

 

132,375

 

Right of use lease assets

 

 

15,242

 

 

 

15,116

 

Other assets

 

 

84,402

 

 

 

50,610

 

Total assets

 

$

6,632,006

 

 

$

5,986,582

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Non-interest bearing

 

$

1,373,881

 

 

$

1,246,673

 

Interest bearing

 

 

4,113,424

 

 

 

3,709,813

 

Total deposits

 

 

5,487,305

 

 

 

4,956,486

 

Securities sold under agreements to repurchase

 

 

187,326

 

 

 

146,268

 

Interest payable

 

 

2,466

 

 

 

1,346

 

FHLB borrowings

 

 

126,396

 

 

 

86,446

 

Junior subordinated debentures, net

 

 

19,237

 

 

 

19,195

 

Subordinated debt, net

 

 

94,438

 

 

 

94,400

 

Lease liabilities

 

 

15,458

 

 

 

15,322

 

Other liabilities

 

 

32,995

 

 

 

33,225

 

Total liabilities

 

 

5,965,621

 

 

 

5,352,688

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $4 par value; authorized 30,000,000 shares; issued 21,065,888 and 18,708,746 shares in 2022 and 2021, respectively; outstanding 20,437,183 and 18,080,303 shares in 2022 and 2021 respectively

 

 

86,264

 

 

 

76,835

 

Additional paid-in capital

 

 

426,148

 

 

 

340,419

 

Retained earnings

 

 

246,805

 

 

 

234,162

 

Deferred compensation

 

 

468

 

 

 

2,517

 

Accumulated other comprehensive loss

 

 

(74,028

)

 

 

(831

)

Less treasury stock at cost, 628,705 shares in 2022 and 628,443 shares in 2021

 

 

(19,272

)

 

 

(19,208

)

Total stockholders’ equity

 

 

666,385

 

 

 

633,894

 

Total liabilities and stockholders’ equity

 

$

6,632,006

 

 

$

5,986,582

 

 

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 March 31,

 

(In thousands, except per share data)

 

2022

 

 

2021

 

Interest income:

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

39,908

 

 

$

35,886

 

Interest on investment securities

 

 

7,170

 

 

 

4,842

 

Interest on certificates of deposit investments

 

 

12

 

 

 

14

 

Interest on deposits with other financial institutions

 

 

55

 

 

 

74

 

Total interest income

 

 

47,145

 

 

 

40,816

 

Interest expense:

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,148

 

 

 

2,484

 

Interest on securities sold under agreements to repurchase

 

 

67

 

 

 

70

 

Interest on FHLB borrowings

 

 

276

 

 

 

374

 

Interest on junior subordinated debentures

 

 

146

 

 

 

140

 

Interest on subordinated debentures

 

 

986

 

 

 

984

 

Total interest expense

 

 

3,623

 

 

 

4,052

 

Net interest income

 

 

43,522

 

 

 

36,764

 

Provision for loan losses

 

 

2,952

 

 

 

12,136

 

Net interest income after provision for loan losses

 

 

40,570

 

 

 

24,628

 

Other income:

 

 

 

 

 

 

 

 

Wealth management revenues

 

 

5,975

 

 

 

4,926

 

Insurance commissions

 

 

7,104

 

 

 

5,857

 

Service charges

 

 

2,056

 

 

 

1,364

 

Securities gains, net

 

 

—

 

 

 

4

 

Mortgage banking revenue, net

 

 

444

 

 

 

1,409

 

ATM / debit card revenue

 

 

2,898

 

 

 

2,699

 

Bank owned life insurance

 

 

844

 

 

 

637

 

Other

 

 

1,767

 

 

 

853

 

Total other income

 

 

21,088

 

 

 

17,749

 

Other expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

24,302

 

 

 

23,487

 

Net occupancy and equipment expense

 

 

6,155

 

 

 

4,970

 

Net other real estate owned expense

 

 

(33

)

 

 

78

 

FDIC insurance

 

 

426

 

 

 

452

 

Amortization of intangible assets

 

 

1,522

 

 

 

1,220

 

Stationery and supplies

 

 

311

 

 

 

316

 

Legal and professional

 

 

1,734

 

 

 

1,402

 

ATM / debit card

 

 

1,078

 

 

 

838

 

Marketing and donations

 

 

873

 

 

 

502

 

Other

 

 

4,020

 

 

 

4,335

 

Total other expense

 

 

40,388

 

 

 

37,600

 

Income before income taxes

 

 

21,270

 

 

 

4,777

 

Income taxes

 

 

4,654

 

 

 

668

 

Net income

 

$

16,616

 

 

$

4,109

 

Per share data:

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

0.86

 

 

$

0.24

 

Diluted net income per common share

 

 

0.86

 

 

 

0.24

 

Cash dividends declared per common share

 

 

0.220

 

 

 

0.205

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

3

 

 

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Comprehensive Loss (unaudited)

 

 

 

Three months ended March 31,

 

(In thousands)

 

2022

 

 

2021

 

Net income

 

$

16,616

 

 

$

4,109

 

Other comprehensive loss

 

 

 

 

 

 

 

 

Unrealized losses on available-for-sale securities, net of taxes of $29,898 and $4,903 for three months ended March 31, 2022 and 2021, respectively

 

 

(73,197

)

 

 

(12,005

)

Less: reclassification adjustment for realized gains included in net income, net of taxes of $0 and $1 for three months ended March 31, 2022 and 2021, respectively

 

 

—

 

 

 

(3

)

Other comprehensive loss, net of taxes

 

 

(73,197

)

 

 

(12,008

)

Comprehensive loss

 

$

(56,581

)

 

$

(7,899

)

 

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 March 31, 2022 and 2021

 

(In thousands)

 

Common

Stock

 

 

Additional

Paid-In-

Capital

 

 

Retained

Earnings

 

 

Deferred

Compensation

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Total

 

December 31, 2021

 

$

76,835

 

 

$

340,419

 

 

$

234,162

 

 

$

2,517

 

 

$

(831

)

 

$

(19,208

)

 

$

633,894

 

Net income

 

 

—

 

 

 

—

 

 

 

16,616

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16,616

 

Other comprehensive loss, net tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(73,197

)

 

 

—

 

 

 

(73,197

)

Cash dividends on common stock (.220/share)

 

 

—

 

 

 

—

 

 

 

(3,973

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,973

)

Issuance of 1,939 common shares pursuant to the deferred compensation plan

 

 

8

 

 

 

75

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

83

 

Issuance of 54,834 restricted shares pursuant to 2017 stock incentive plan

 

 

219

 

 

 

2,040

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,259

 

Issuance of 4,950 common shares pursuant to 2017 stock incentive plan

 

 

20

 

 

 

179

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

199

 

Issuance of 3,149 common shares pursuant to the employee stock purchase plan

 

 

13

 

 

 

111

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

124

 

Issuance of 2,292,270 common shares pursuant to the acquisition of Delta Bancshares, Co., net proceeds