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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, 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 May 7, 2024, 23,896,252 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)

 

March 31, 2024

 

 

December 31, 2023

 

Assets

 

 

 

 

 

 

Cash and due from banks:

 

 

 

 

 

 

Non-interest bearing

 

$

81,006

 

 

$

122,871

 

Interest bearing

 

 

274,680

 

 

 

11,211

 

Federal funds sold

 

 

15

 

 

 

8,982

 

Cash and cash equivalents

 

 

355,701

 

 

 

143,064

 

Certificates of deposit

 

 

3,745

 

 

 

1,470

 

Investment securities:

 

 

 

 

 

 

Available-for-sale, at fair value (amortized cost of $1,342,603 and $1,363,721 at March 31, 2024 and December 31, 2023, respectively)

 

 

1,139,427

 

 

 

1,171,572

 

Held-to-maturity, at amortized cost (estimated fair value of $2,282 and $2,286 at March 31, 2024 and December 31, 2023, respectively)

 

 

2,282

 

 

 

2,286

 

Equity securities, at fair value

 

 

4,298

 

 

 

4,074

 

Loans held for sale

 

 

4,817

 

 

 

4,980

 

Loans

 

 

5,494,478

 

 

 

5,575,585

 

Less allowance for credit losses

 

 

(67,936

)

 

 

(68,675

)

Net loans

 

 

5,426,542

 

 

 

5,506,910

 

Interest receivable

 

 

37,667

 

 

 

35,082

 

Other real estate owned

 

 

1,346

 

 

 

1,163

 

Premises and equipment, net

 

 

101,666

 

 

 

101,396

 

Goodwill, net

 

 

196,461

 

 

 

196,461

 

Intangible assets, net

 

 

64,238

 

 

 

67,770

 

Bank owned life insurance

 

 

167,247

 

 

 

166,125

 

Right of use lease assets

 

 

14,318

 

 

 

14,306

 

Deferred tax asset, net

 

 

69,876

 

 

 

70,067

 

Other assets

 

 

88,615

 

 

 

100,068

 

Total assets

 

$

7,678,246

 

 

$

7,586,794

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing

 

$

1,448,299

 

 

$

1,398,234

 

Interest bearing

 

 

4,794,637

 

 

 

4,725,425

 

Total deposits

 

 

6,242,936

 

 

 

6,123,659

 

Securities sold under agreements to repurchase

 

 

210,719

 

 

 

213,721

 

Interest payable

 

 

6,318

 

 

 

5,437

 

FHLB borrowings

 

 

238,761

 

 

 

263,787

 

Junior subordinated debentures, net

 

 

24,113

 

 

 

24,058

 

Subordinated debt, net

 

 

106,862

 

 

 

106,755

 

Lease liabilities

 

 

14,624

 

 

 

14,615

 

Other liabilities

 

 

35,961

 

 

 

41,558

 

Total liabilities

 

 

6,880,294

 

 

 

6,793,590

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock ($4 par value; authorized 30,000,000 shares; issued 24,541,500 and 24,479,708 shares in 2024 and 2023, respectively; outstanding 23,888,929 and 23,827,137 shares in 2024 and 2023, respectively)

 

 

100,166

 

 

 

99,919

 

Additional paid-in capital

 

 

511,785

 

 

 

509,314

 

Retained earnings

 

 

353,694

 

 

 

338,662

 

Deferred compensation

 

 

832

 

 

 

2,629

 

Accumulated other comprehensive loss

 

 

(147,667

)

 

 

(136,427

)

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

 

 

(20,858

)

 

 

(20,893

)

Total stockholders’ equity

 

 

797,952

 

 

 

793,204

 

Total liabilities and stockholders’ equity

 

$

7,678,246

 

 

$

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

 

 

 

March 31,

 

(In thousands, except per share data)

 

2024

 

 

2023

 

Interest income:

 

 

 

 

 

 

Interest and fees on loans

 

$

77,823

 

 

$

56,236

 

Interest on investment securities

 

 

7,405

 

 

 

7,127

 

Interest on certificates of deposit investments

 

 

20

 

 

 

14

 

Interest on federal funds sold

 

 

17

 

 

 

85

 

Interest on deposits with other financial institutions

 

 

2,407

 

 

 

209

 

Total interest income

 

 

87,672

 

 

 

63,671

 

Interest expense:

 

 

 

 

 

 

Interest on deposits

 

 

26,096

 

 

 

12,767

 

Interest on securities sold under agreements to repurchase

 

 

2,056

 

 

 

1,463

 

Interest on FHLB borrowings

 

 

2,314

 

 

 

4,874

 

Interest on other borrowings

 

 

 

 

 

9

 

Interest on junior subordinated debentures

 

 

542

 

 

 

379

 

Interest on subordinated debentures

 

 

1,194

 

 

 

988

 

Total interest expense

 

 

32,202

 

 

 

20,480

 

Net interest income

 

 

55,470

 

 

 

43,191

 

Provision for credit losses

 

 

(357

)

 

 

(817

)

Net interest income after provision for credit losses

 

 

55,827

 

 

 

44,008

 

Other income:

 

 

 

 

 

 

Wealth management revenues

 

 

5,322

 

 

 

5,514

 

Insurance commissions

 

 

9,213

 

 

 

8,480

 

Service charges

 

 

2,956

 

 

 

2,203

 

Securities gains (losses), net

 

 

 

 

 

(46

)

Mortgage banking revenue, net

 

 

706

 

 

 

150

 

ATM / debit card revenue

 

 

4,055

 

 

 

3,083

 

Bank owned life insurance

 

 

1,121

 

 

 

1,641

 

Other

 

 

1,105

 

 

 

1,454

 

Total other income

 

 

24,478

 

 

 

22,479

 

Other expense:

 

 

 

 

 

 

Salaries and employee benefits

 

 

30,448

 

 

 

26,071

 

Net occupancy and equipment expense

 

 

7,560

 

 

 

6,005

 

Net other real estate owned expense

 

 

(21

)

 

 

133

 

FDIC insurance

 

 

869

 

 

 

463

 

Amortization of intangible assets

 

 

3,497

 

 

 

1,522

 

Stationery and supplies

 

 

391

 

 

 

292

 

Legal and professional

 

 

2,449

 

 

 

1,690

 

ATM / debit card

 

 

1,191

 

 

 

1,223

 

Marketing and donations

 

 

862

 

 

 

654

 

Other

 

 

6,116

 

 

 

3,524

 

Total other expense

 

 

53,362

 

 

 

41,577

 

Income before income taxes

 

 

26,943

 

 

 

24,910

 

Income taxes

 

 

6,440

 

 

 

5,730

 

Net income

 

$

20,503

 

 

$

19,180

 

Per share data:

 

 

 

 

 

 

Basic net income per common share

 

$

0.86

 

 

$

0.94

 

Diluted net income per common share

 

 

0.86

 

 

 

0.93

 

Cash dividends declared per common share

 

 

0.23

 

 

 

0.23

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

3

 


 

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Comprehensive Income (unaudited)

 

 

 

Three months ended

 

 

 

March 31,

 

(In thousands)

 

2024

 

 

2023

 

Net income

 

$

20,503

 

 

$

19,180

 

Other comprehensive income (loss)

 

 

 

 

 

 

Unrealized gains (losses) on available-for-sale securities, net of tax benefit (expense) of $4,225 and ($5,544) for three months ended March 31, 2024 and 2023, respectively

 

 

(11,240

)

 

 

13,573

 

Less: reclassification adjustment for realized gains (losses) included in net income, net of tax benefit (expense) of $0 and ($13) for three months ended March 31, 2024 and 2023, respectively

 

 

 

 

 

(33

)

Other comprehensive income (loss), net of taxes

 

 

(11,240

)

 

 

13,606

 

Comprehensive income

 

$

9,263

 

 

$

32,786

 

 

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, 2024

 

(In thousands)

 

Common
Stock

 

 

Additional
Paid-In-
Capital

 

 

Retained
Earnings

 

 

Deferred
Compensation

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Treasury
Stock

 

 

Total

 

December 31, 2023

 

$

99,919

 

 

$

509,314

 

 

$

338,662

 

 

$

2,629

 

 

$

(136,427

)

 

$

(20,893

)

 

$

793,204

 

Net income

 

 

 

 

 

 

 

 

20,503

 

 

 

 

 

 

 

 

 

 

 

 

20,503

 

Other comprehensive loss, net tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,240

)

 

 

 

 

 

(11,240

)

Cash dividends on common stock (0.23/share)

 

 

 

 

 

 

 

 

(5,471

)

 

 

 

 

 

 

 

 

 

 

 

(5,471

)

Issuance of 47,580 restricted shares pursuant to 2017 stock incentive plan, net of forfeitures

 

 

191

 

 

 

1,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,592

 

Issuance of 5,600 common shares pursuant to 2017 stock incentive plan

 

 

22

 

 

 

166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

188

 

Issuance of 8,612 common shares pursuant to the employee stock purchase plan

 

 

34

 

 

 

160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

194

 

Deferred compensation

 

 

 

 

 

 

 

 

 

 

 

(2,288

)

 

 

 

 

 

35

 

 

 

(2,253

)

Grant of restricted units pursuant to 2017 stock incentive plan

 

 

 

 

 

1,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,311

 

Release of restricted units pursuant to 2017 stock incentive plan

 

 

 

 

 

(617

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(617

)

Vested restricted shares/units compensation expense

 

 

 

 

 

50

 

 

 

 

 

 

491

 

 

 

 

 

 

 

 

 

541

 

March 31, 2024

 

$

100,166

 

 

$

511,785

 

 

$

353,694

 

 

$

832

 

 

$

(147,667

)

 

$

(20,858

)

 

$

797,952

 

 

5

 


 

First Mid Bancshares, Inc.

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

For the three months ended March 31, 2023

 

(In thousands)

 

Common
Stock

 

 

Additional
Paid-In-
Capital

 

 

Retained
Earnings

 

 

Deferred
Compensation

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Treasury
Stock

 

 

Total

 

December 31, 2022

 

$

86,366

 

 

$

427,001

 

 

$

289,284

 

 

$

2,064

 

 

$

(151,507

)

 

$

(20,053

)

 

$

633,155

 

Net income

 

 

 

 

 

 

 

 

19,180

 

 

 

 

 

 

 

 

 

 

 

 

19,180

 

Other comprehensive income, net tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,606

 

 

 

 

 

 

13,606

 

Cash dividends on common stock (.230/share)

 

 

 

 

 

 

 

 

(4,696

)

 

 

 

 

 

 

 

 

 

 

 

(4,696

)

Issuance of 55,198 restricted shares pursuant to 2017 stock incentive plan

 

 

221

 

 

 

1,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,644

 

Issuance of 4,350 common shares pursuant to 2017 stock incentive plan

 

 

17

 

 

 

103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

120

 

Issuance of 7,963 common shares pursuant to the employee stock purchase plan

 

 

32

 

 

 

184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

216

 

Purchase of 170 shares of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(5

)

Deferred compensation

 

 

 

 

 

 

 

 

 

 

 

(1,355

)

 

 

 

 

 

174

 

 

 

(1,181

)

Grant of restricted units pursuant to 2017 stock incentive plan

 

 

 

 

 

1,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,048

 

Release of restricted units pursuant to 2017 stock incentive plan

 

 

 

 

 

(1,529

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,529

)

Vested restricted shares/units compensation expense

 

 

 

 

 

53

 

 

 

 

 

 

254

 

 

 

 

 

 

 

 

 

307

 

March 31, 2023

 

$

86,636

 

 

$

428,283

 

 

$

303,768

 

 

$

963

 

 

$

(137,901

)

 

$

(19,884

)

 

$

661,865

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

6

 


 

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

 

 

 

Three months ended March 31,

 

(In thousands)

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

20,503

 

 

$

19,180

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Provision for credit losses

 

 

(357

)

 

 

(817

)

Depreciation, amortization and accretion, net

 

 

5,338

 

 

 

3,485

 

Change in cash surrender value of bank owned life insurance

 

 

(1,121

)

 

 

(926

)

Change in bank owned life insurance

 

 

 

 

 

(715

)

Stock-based compensation expense

 

 

606

 

 

 

307

 

Operating lease payments

 

 

(836

)

 

 

(781

)

Loss on investment securities, net

 

 

 

 

 

46

 

(Gain) loss on sales and write downs of other real estate owned, net

 

 

(70

)

 

 

71

 

Gain on sale of loans held for sale, net

 

 

(233

)

 

 

(207

)

Increase in accrued interest receivable

 

 

(2,585

)

 

 

(372

)

Increase in accrued interest payable

 

 

910

 

 

 

1,378

 

Origination of loans held for sale

 

 

(10,448

)

 

 

(12,191

)

Proceeds from sale of loans held for sale

 

 

10,844

 

 

 

11,737

 

Decrease in other assets

 

 

10,537

 

 

 

1,867

 

Decrease in other liabilities

 

 

(4,040

)

 

 

(1,757

)

Net cash provided by operating activities

 

 

29,048

 

 

 

20,305

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of certificates of deposit investments

 

 

(2,275

)

 

 

(245

)

Proceeds from sales of securities available-for-sale

 

 

 

 

 

6,483

 

Proceeds from maturities of securities available-for-sale

 

 

21,621

 

 

 

19,250

 

Purchases of securities available-for-sale

 

 

(994

)

 

 

(1,063

)

Purchase of securities held-to-maturity

 

 

 

 

 

(25

)

Income increasing amortized cost of HTM securities

 

 

(11

)

 

 

 

Net decrease in loans

 

 

80,542

 

 

 

65,541

 

Purchases of premises and equipment

 

 

(1,480

)

 

 

(941

)

Proceeds from sales of other real property owned

 

 

 

 

 

734

 

Net cash provided by investing activities

 

 

97,403

 

 

 

89,734

 

Cash flows from financing activities:

 

 

 

 

 

 

Net increase (decrease) in deposits

 

 

119,277

 

 

 

(226,223

)

(Decrease) increase in repurchase agreements

 

 

(3,002

)

 

 

7,250

 

Proceeds from FHLB advances

 

 

 

 

 

170,000

 

Repayment of FHLB advances

 

 

(25,000

)

 

 

(40,000

)

Proceeds from issuance of common stock

 

 

382

 

 

 

336

 

Purchase of treasury stock