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First Mid Bancshares, Inc. Announces Third Quarter 2026 Results

FMBH
  • First Mid Bancshares reported net income of $33.3 million ($1.25 diluted EPS) for the quarter ended September 30, 2026.
  • Adjusted quarterly net income was $33.6 million ($1.26 diluted EPS).
  • The Company announced a pending acquisition of Evergreen Bancshares to expand its presence in Missouri, Illinois, and Indiana.
  • Total loans decreased by $85.8 million to $6.85 billion, primarily due to commercial real estate payoffs.
  • Total deposits increased by $44.2 million to $7.62 billion, driven by $198.8 million growth in money market accounts.
  • Net interest income was $79.4 million, down $0.3 million from the prior quarter due to lower loan balances and higher funding costs.
  • Net interest margin was 3.76% on a tax-equivalent basis, a decrease of 3 basis points from the second quarter.
  • Asset quality improved with criticized assets declining $45.9 million, though non-performing loans rose slightly to $43.1 million.
  • The allowance for credit losses ended at $86.5 million, representing a 1.26% ratio of total loans.
  • In late October 2026, the Company sold investment securities for a $14.8 million loss to generate $175.8 million in cash for reinvestment.
  • First Mid agreed to acquire Winship Farm Management, expected to add over 8,600 acres under management within three years.
  • Non-interest income totaled $27.2 million, with wealth management revenues at $7.4 million and insurance commissions at $7.5 million.
  • Non-interest expenses were $65.0 million, down from $70.6 million in the prior quarter due to lower merger-related costs.
  • The Board declared a regular quarterly dividend of $0.26 per share payable on December 1, 2026.
  • Capital ratios remained strong, with a total capital to risk-weighted assets ratio of 15.79%.
  • Tangible book value per share decreased $0.06 to $31.09, impacted by an increase in unrealized losses on the investment portfolio.
  • The Company paid off $10.0 million of subordinated debt using cash on hand during the quarter.