FIRST MID BANCSHARES INC
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
FMBH$51.24-0.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
| (In thousands) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $68,935 | $72,952 | $51,490 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 6,104 | 4,806 | 15,151 |
| Depreciation, amortization and accretion, net | 14,904 | 15,060 | 14,449 |
| Change in cash surrender value of bank owned life insurance | (3,981) | (3,559) | (3,039) |
| Gain on cash surrender value of bank owned life insurance | (976) | — | — |
| Stock-based compensation expense | 1,656 | 1,802 | 1,304 |
| Operating lease payments | (3,263) | (3,061) | (2,872) |
| Gains on investment securities, net | (3,383) | (33) | (124) |
| Losses on sales of other real property owned, net | 4,080 | 97 | 5,725 |
| Loss on write down of premises and equipment | 131 | — | — |
| Loss (gain) on sale of other assets | — | 125 | (126) |
| Gains on sale of loans held for sale, net | (1,200) | (1,159) | (4,256) |
| Deferred income taxes | 16,739 | (2,232) | (3,355) |
| Decrease (increase) in accrued interest receivable | (2,696) | (6,717) | 2,384 |
| Increase (decrease) in accrued interest payable | 1,045 | 1,538 | (1,812) |
| Origination of loans held for sale | (62,168) | (59,893) | (149,807) |
| Proceeds from sale of loans held for sale | 58,726 | 63,462 | 153,239 |
| Gains on equity securities | — | (1,145) | (499) |
| Increase in other assets | (20,562) | (19,537) | (13,719) |
| Increase (decrease) in other liabilities | (1,674) | 3,318 | 5,463 |
| Net cash provided by operating activities | 72,417 | 65,824 | 69,596 |
| Cash flows from investing activities: | |||
| Proceeds from maturities of certificates of deposit investments | 1,180 | 1,225 | 490 |
| Purchase of certificates of deposit investments | (245) | (245) | (245) |
| Proceeds from sales of securities available-for-sale | 343,610 | 36,257 | 611 |
| Proceeds from maturities of securities available-for-sale | 105,964 | 144,734 | 238,049 |
| Proceeds from maturities of securities held-to-maturity | 668 | 5,000 | — |
| Purchases of securities available-for-sale | (1,462) | (12,754) | (692,234) |
| Net increase in loans | (20,826) | (416,204) | (32,032) |
| Purchases of premises and equipment | (3,639) | (5,020) | (3,702) |
| Proceeds from sales of other real property owned | 2,461 | 996 | 9,503 |
| Investment in bank owned life insurance | — | — | (30,000) |
| Proceeds from bank owned life insurance death benefit | 2,048 | — | — |
| Net cash provided by acquisition | 44,621 | 67,323 | 27,061 |
| Net cash provided by (used in) investing activities | 474,380 | (178,688) | (482,499) |
| Cash flows from financing activities: | |||
| Net increase (decrease) in deposits | (328,314) | (259,862) | 273,292 |
| Increase (decrease) in repurchase agreements | (7,693) | 39,623 | (60,669) |
| Proceeds from FHLB advances | 150,000 | 359,745 | 5,000 |
| Repayment of FHLB advances | (351,141) | (25,856) | (40,083) |
| Proceeds from issuance of common stock | 1,004 | 1,244 | 1,937 |
| Direct expenses related to capital transactions | — | (29) | (206) |
| Purchase of treasury stock | (465) | (340) | (326) |
| Dividends paid on common stock | (19,557) | (17,830) | (14,721) |
| Net cash provided by (used in) financing activities | (556,166) | 96,695 | 164,224 |
| Decrease in cash and cash equivalents | (9,369) | (16,169) | (248,679) |
| Cash and cash equivalents at beginning of period | 152,433 | 168,602 | 417,281 |
| Cash and cash equivalents at end of period | $143,064 | $152,433 | $168,602 |
Consolidated Statements of Cash Flows (continued)
| (In thousands) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Supplemental disclosures of cash flow information | |||
| Cash paid during the period for: | |||
| Interest | $104,612 | $29,614 | $16,261 |
| Income taxes | 22,252 | 22,988 | 18,966 |
| Supplemental disclosures of noncash investing and financing activities | |||
| Loans transferred to other real estate owned | $681 | $383 | $249 |
| Fixed assets transferred to other real estate | — | — | 3,971 |
| Initial recognition of right-of-use assets | 1,399 | 715 | — |
| Initial recognition of lease liabilities | 1,399 | 715 | — |
| Dividends reinvested in common stock | — | — | 333 |
| Supplemental disclosure of purchase of capital stock | |||
| Fair value of assets acquired | $1,328,280 | $750,063 | $1,170,699 |
| Consideration paid: | |||
| Cash paid | 10,172 | 15,150 | 103,500 |
| Common stock issued | 93,508 | 92,172 | 44,191 |
| Total consideration paid | 103,680 | 107,322 | 147,691 |
| Fair value of liabilities assumed | $1,224,600 | $642,741 | $1,023,008 |
First Mid Bancshares, Inc.
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