FIRST MID BANCSHARES INC
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $78,898 | $68,935 | $72,952 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 5,635 | 6,104 | 4,806 |
| Depreciation, amortization and accretion, net | 20,778 | 14,904 | 15,060 |
| Change in cash surrender value of bank owned life insurance | (4,728) | (3,981) | (3,559) |
| Gain on cash surrender value of bank owned life insurance | — | (976) | — |
| Stock-based compensation expense | 2,360 | 1,656 | 1,802 |
| Operating lease payments | (3,333) | (3,263) | (3,061) |
| Loss (gain) on investment securities, net | 433 | (3,383) | (33) |
| (Gain) loss on sale of other real property owned, net | (1,317) | 4,080 | 97 |
| Loss on write down of premises and equipment | 1,243 | 131 | — |
| Loss on sale of other assets | — | — | 125 |
| Gain on sale of loans held for sale, net | (3,596) | (1,200) | (1,159) |
| Gain on repayment of subordinated debentures | (493) | — | — |
| Deferred income taxes | 590 | 16,739 | (2,232) |
| Increase in accrued interest receivable | (3,557) | (2,696) | (6,717) |
| Increase in accrued interest payable | 217 | 1,045 | 1,538 |
| Origination of loans held for sale | (127,020) | (62,168) | (59,893) |
| Proceeds from sale of loans held for sale | 128,982 | 58,726 | 63,462 |
| Gain on equity securities | — | — | (1,145) |
| Decrease (increase) in other assets | 33,524 | (20,562) | (19,537) |
| (Decrease) Increase in other liabilities | (4,191) | (1,674) | 3,318 |
| Net cash provided by operating activities | 124,425 | 72,417 | 65,824 |
| Cash flows from investing activities: | |||
| Proceeds from maturities of certificates of deposit investments | 245 | 1,180 | 1,225 |
| Purchase of certificates of deposit investments | (2,275) | (245) | (245) |
| Proceeds from sales of investment securities available-for-sale | 32,338 | 343,610 | 36,257 |
| Proceeds from maturities of investment securities available-for-sale | 91,664 | 105,964 | 144,734 |
| Proceeds from maturities of investment securities held-to-maturity | — | 668 | 5,000 |
| Purchase of investment securities available-for-sale | (20,109) | (1,462) | (12,754) |
| Purchase of held-to-maturity investment securities | (53) | — | — |
| Net increase in loans | (99,074) | (20,826) | (416,204) |
| Purchases of premises and equipment | (4,945) | (3,639) | (5,020) |
| Proceeds from sale of premises and equipment | 7 | — | — |
| Proceeds from sales of other real property owned | 3,637 | 2,461 | 996 |
| Proceeds from bank owned life insurance death benefit | — | 2,048 | — |
| Net cash (used in) provided by acquisition | (8,944) | 44,621 | 67,323 |
| Net cash (used in) provided by investing activities | (7,509) | 474,380 | (178,688) |
| Cash flows from financing activities: | |||
| Net decrease in deposits | (66,563) | (328,314) | (259,862) |
| (Decrease) increase in repurchase agreements | (9,599) | (7,693) | 39,623 |
| Proceeds from FHLB advances | 165,000 | 150,000 | 359,745 |
| Repayment of FHLB advances | (186,171) | (351,141) | (25,856) |
| Repayment of subordinated debentures | (19,455) | — | — |
| Proceeds from issuance of common stock | 1,054 | 1,004 | 1,244 |
| Direct expenses related to capital transactions | — | — | (29) |
| Purchase of treasury stock | (659) | (465) | (340) |
| Dividends paid on common stock | (22,371) | (19,557) | (17,830) |
| Net cash (used in) provided by financing activities | (138,764) | (556,166) | 96,695 |
| Decrease in cash and cash equivalents | (21,848) | (9,369) | (16,169) |
| Cash and cash equivalents at beginning of period | 143,064 | 152,433 | 168,602 |
| Cash and cash equivalents at end of period | $121,216 | $143,064 | $152,433 |
Consolidated Statements of Cash Flows (continued)
| (In thousands) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Supplemental disclosures of cash flow information | |||
| Cash paid (received) during the period for: | |||
| Interest | $128,808 | $104,612 | $29,614 |
| Income taxes, net of refunds | (1,524) | 22,252 | 22,988 |
| Supplemental disclosures of noncash investing and financing activities | |||
| Loans transferred to other real estate owned | $4,683 | $681 | $383 |
| Initial recognition of right-of-use assets | 2,729 | 1,399 | 715 |
| Initial recognition of lease liabilities | 2,729 | 1,399 | 715 |
| Supplemental disclosure of purchase of capital stock | |||
| Fair value of assets acquired | $11,449 | $1,328,280 | $750,063 |
| Consideration paid: | |||
| Cash paid | 9,000 | 10,172 | 15,150 |
| Common stock issued | — | 93,508 | 92,172 |
| Total consideration paid | 9,000 | 103,680 | 107,322 |
| Fair value of liabilities assumed | $2,449 | $1,224,600 | $642,741 |
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