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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, 2023

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 8, 2023, 20,539,816 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, 2023

 

 

December 31, 2022

 

Assets

 

 

 

 

 

 

Cash and due from banks:

 

 

 

 

 

 

Non-interest bearing

 

$

133,544

 

 

$

138,412

 

Interest bearing

 

 

32,549

 

 

 

6,394

 

Federal funds sold

 

 

8,160

 

 

 

7,627

 

Cash and cash equivalents

 

 

174,253

 

 

 

152,433

 

Certificates of deposit

 

 

1,715

 

 

 

1,470

 

Investment securities:

 

 

 

 

 

 

Available-for-sale, at fair value (amortized cost of $1,377,803 and $1,432,372 at June 30, 2023 and December 31, 2022, respectively)

 

 

1,164,333

 

 

 

1,218,985

 

Held-to-maturity, at amortized cost (estimated fair value of $2,971 and $2,954 at June 30, 2023 and December 31, 2022, respectively)

 

 

2,971

 

 

 

2,954

 

Equity securities, at fair value

 

 

409

 

 

 

311

 

Loans held for sale

 

 

2,713

 

 

 

338

 

Loans

 

 

4,810,703

 

 

 

4,825,874

 

Less allowance for credit losses

 

 

(58,719

)

 

 

(59,093

)

Net loans

 

 

4,751,984

 

 

 

4,766,781

 

Interest receivable

 

 

28,980

 

 

 

28,357

 

Other real estate owned

 

 

3,978

 

 

 

4,261

 

Premises and equipment, net

 

 

89,924

 

 

 

90,473

 

Goodwill

 

 

146,363

 

 

 

140,412

 

Intangible assets, net

 

 

32,252

 

 

 

29,485

 

Bank owned life insurance

 

 

152,538

 

 

 

151,756

 

Right of use lease assets

 

 

14,895

 

 

 

15,774

 

Deferred tax asset, net

 

 

72,284

 

 

 

72,254

 

Other assets

 

 

64,277

 

 

 

68,171

 

Total assets

 

$

6,703,869

 

 

$

6,744,215

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing

 

$

1,171,047

 

 

$

1,256,514

 

Interest bearing

 

 

4,048,538

 

 

 

4,000,487

 

Total deposits

 

 

5,219,585

 

 

 

5,257,001

 

Securities sold under agreements to repurchase

 

 

209,170

 

 

 

221,414

 

Interest payable

 

 

4,344

 

 

 

3,346

 

FHLB borrowings

 

 

449,979

 

 

 

465,071

 

Junior subordinated debentures, net

 

 

19,448

 

 

 

19,364

 

Subordinated debt, net

 

 

94,632

 

 

 

94,553

 

Lease liabilities

 

 

15,176

 

 

 

16,035

 

Other liabilities

 

 

30,848

 

 

 

34,276

 

Total liabilities

 

 

6,043,182

 

 

 

6,111,060

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock ($4 par value; authorized 30,000,000 shares; issued 21,167,452 and 21,091,466 shares in 2023 and 2022, respectively; outstanding 20,528,192 and 20,452,376 shares in 2023 and 2022, respectively)

 

 

86,670

 

 

 

86,366

 

Additional paid-in capital

 

 

428,504

 

 

 

427,001

 

Retained earnings

 

 

315,636

 

 

 

289,284

 

Deferred compensation

 

 

1,502

 

 

 

2,064

 

Accumulated other comprehensive loss

 

 

(151,566

)

 

 

(151,507

)

Less treasury stock, at cost (639,260 shares in 2023 and 639,090 shares in 2022)

 

 

(20,059

)

 

 

(20,053

)

Total stockholders’ equity

 

 

660,687

 

 

 

633,155

 

Total liabilities and stockholders’ equity

 

$

6,703,869

 

 

$

6,744,215

 

 

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 June 30,

 

 

Six months ended June 30,

 

(In thousands, except per share data)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

58,368

 

 

$

43,555

 

 

$

114,604

 

 

$

83,463

 

Interest on investment securities

 

 

7,193

 

 

 

7,623

 

 

 

14,320

 

 

 

14,793

 

Interest on certificates of deposit investments

 

 

15

 

 

 

9

 

 

 

29

 

 

 

21

 

Interest on federal funds sold

 

 

98

 

 

 

7

 

 

 

183

 

 

 

7

 

Interest on deposits with other financial institutions

 

 

456

 

 

 

89

 

 

 

665

 

 

 

144

 

Total interest income

 

 

66,130

 

 

 

51,283

 

 

 

129,801

 

 

 

98,428

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

16,580

 

 

 

2,523

 

 

 

29,347

 

 

 

4,671

 

Interest on securities sold under agreements to repurchase

 

 

1,723

 

 

 

137

 

 

 

3,186

 

 

 

204

 

Interest on FHLB borrowings

 

 

4,084

 

 

 

640

 

 

 

8,958

 

 

 

916

 

Interest on other borrowings

 

 

—

 

 

 

5

 

 

 

9

 

 

 

5

 

Interest on junior subordinated debentures

 

 

390

 

 

 

166

 

 

 

769

 

 

 

312

 

Interest on subordinated debentures

 

 

986

 

 

 

986

 

 

 

1,974

 

 

 

1,972

 

Total interest expense

 

 

23,763

 

 

 

4,457

 

 

 

44,243

 

 

 

8,080

 

Net interest income

 

 

42,367

 

 

 

46,826

 

 

 

85,558

 

 

 

90,348

 

Provision for credit losses

 

 

458

 

 

 

907

 

 

 

(359

)

 

 

3,859

 

Net interest income after provision for credit losses

 

 

41,909

 

 

 

45,919

 

 

 

85,917

 

 

 

86,489

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management revenues

 

 

5,341

 

 

 

5,473

 

 

 

10,855

 

 

 

11,448

 

Insurance commissions

 

 

5,737

 

 

 

5,641

 

 

 

14,217

 

 

 

12,745

 

Service charges

 

 

2,386

 

 

 

2,236

 

 

 

4,589

 

 

 

4,292

 

Securities gains (losses), net

 

 

(6

)

 

 

2

 

 

 

(52

)

 

 

2

 

Mortgage banking revenue, net

 

 

332

 

 

 

289

 

 

 

482

 

 

 

770

 

ATM / debit card revenue

 

 

3,265

 

 

 

3,214

 

 

 

6,348

 

 

 

6,112

 

Bank owned life insurance

 

 

1,189

 

 

 

877

 

 

 

2,830

 

 

 

1,721

 

Other

 

 

1,242

 

 

 

827

 

 

 

2,696

 

 

 

2,594

 

Total other income

 

 

19,486

 

 

 

18,559

 

 

 

41,965

 

 

 

39,684

 

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

23,544

 

 

 

25,768

 

 

 

49,615

 

 

 

50,107

 

Net occupancy and equipment expense

 

 

6,035

 

 

 

6,073

 

 

 

12,040

 

 

 

12,228

 

Net other real estate owned expense

 

 

27

 

 

 

218

 

 

 

160

 

 

 

185

 

FDIC insurance

 

 

1,076

 

 

 

436

 

 

 

1,539

 

 

 

862

 

Amortization of intangible assets

 

 

1,477

 

 

 

1,633

 

 

 

2,999

 

 

 

3,155

 

Stationery and supplies

 

 

315

 

 

 

325

 

 

 

607

 

 

 

636

 

Legal and professional

 

 

1,780

 

 

 

1,885

 

 

 

3,470

 

 

 

3,619

 

ATM / debit card

 

 

1,016

 

 

 

670

 

 

 

2,239

 

 

 

1,748

 

Marketing and donations

 

 

908

 

 

 

706

 

 

 

1,562

 

 

 

1,579

 

Other

 

 

3,864

 

 

 

3,801

 

 

 

7,388

 

 

 

7,821

 

Total other expense

 

 

40,042

 

 

 

41,515

 

 

 

81,619

 

 

 

81,940

 

Income before income taxes

 

 

21,353

 

 

 

22,963

 

 

 

46,263

 

 

 

44,233

 

Income taxes

 

 

4,786

 

 

 

5,205

 

 

 

10,516

 

 

 

9,859

 

Net income

 

$

16,567

 

 

$

17,758

 

 

$

35,747

 

 

$

34,374

 

Per share data:

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

0.81

 

 

$

0.87

 

 

$

1.74

 

 

$

1.73

 

Diluted net income per common share