FIRST MID BANCSHARES, INC.
For the period ended Mar 31, 2025. Filed May 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
FMBH$51.50+1.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. FINANCIAL STATEMENTS
First Mid Bancshares, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
| (In thousands, except share data) | March 31, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| Cash and due from banks: | ||
| Non-interest bearing | $105,235 | $92,112 |
| Interest bearing | 96,159 | 29,029 |
| Federal funds sold | 76 | 75 |
| Cash and cash equivalents | 201,470 | 121,216 |
| Certificates of deposit | 2,520 | 3,500 |
| Investment securities: | ||
| Available-for-sale, at fair value (amortized cost of $1,225,046 and $1,257,436 at March 31, 2025 and December 31, 2024, respectively) | 1,039,727 | 1,063,292 |
| Held-to-maturity, at amortized cost (estimated fair value of $2,285 and $2,279 at March 31, 2025 and December 31, 2024, respectively) | 2,285 | 2,279 |
| Equity securities, at fair value | 4,471 | 4,439 |
| Loans held for sale | 3,644 | 6,614 |
| Loans | 5,695,214 | 5,665,848 |
| Less allowance for credit losses | (70,051) | (70,182) |
| Net loans | 5,625,163 | 5,595,666 |
| Interest receivable | 37,453 | 38,639 |
| Other real estate owned | 2,075 | 2,179 |
| Premises and equipment, net | 97,446 | 100,234 |
| Goodwill, net | 203,391 | 203,391 |
| Intangible assets, net | 55,280 | 58,515 |
| Bank owned life insurance | 171,127 | 170,854 |
| Right of use lease assets | 13,817 | 13,861 |
| Tax assets | 57,896 | 66,858 |
| Other assets | 54,923 | 68,197 |
| Total assets | $7,572,688 | $7,519,734 |
| Liabilities and stockholders’ equity | ||
| Deposits: | ||
| Non-interest bearing | $1,394,590 | $1,329,155 |
| Interest bearing | 4,735,790 | 4,727,941 |
| Total deposits | 6,130,380 | 6,057,096 |
| Securities sold under agreements to repurchase | 219,772 | 204,122 |
| Interest payable | 6,625 | 5,280 |
| FHLB borrowings | 195,000 | 242,520 |
| Junior subordinated debentures, net | 24,335 | 24,280 |
| Subordinated debt, net | 79,535 | 87,472 |
| Lease liabilities | 14,255 | 14,190 |
| Other liabilities | 31,837 | 38,383 |
| Total liabilities | 6,701,739 | 6,673,343 |
| Stockholders’ equity: | ||
| Common stock ($4 par value; authorized 30,000,000 shares; issued 24,650,465 and 24,564,356 shares in 2025 and 2024, respectively; outstanding 23,981,916 and 23,895,807 shares in 2025 and 2024, respectively) | 100,602 | 100,258 |
| Additional paid-in capital | 515,975 | 512,810 |
| Retained earnings | 411,633 | 395,189 |
| Deferred compensation | 509 | 2,756 |
| Accumulated other comprehensive loss | (135,350) | (142,383) |
| Treasury stock, at cost (668,549 shares in 2025 and 652,571 shares in 2024) | (22,420) | (22,239) |
| Total stockholders’ equity | 870,949 | 846,391 |
| Total liabilities and stockholders’ equity | $7,572,688 | $7,519,734 |
Condensed Consolidated State ments of Income (unaudited)
(In thousands, except per share data)
| Three months ended | ||
|---|---|---|
| March 31, | ||
| (In thousands, except per share data) | 2025 | 2024 |
| Interest income: | ||
| Interest and fees on loans | $79,918 | $77,823 |
| Interest on investment securities | 6,777 | 7,405 |
| Interest on certificates of deposit | 36 | 20 |
| Interest on federal funds sold | 1 | 17 |
| Interest on deposits with other financial institutions | 827 | 2,407 |
| Total interest income | 87,559 | 87,672 |
| Interest expense: | ||
| Interest on deposits | 23,722 | 26,096 |
| Interest on securities sold under agreements to repurchase | 1,180 | 2,056 |
| Interest on FHLB borrowings | 1,807 | 2,314 |
| Interest on other borrowings | 24 | — |
| Interest on junior subordinated debentures | 468 | 542 |
| Interest on subordinated debentures | 949 | 1,194 |
| Total interest expense | 28,150 | 32,202 |
| Net interest income | 59,409 | 55,470 |
| Provision (release) for credit losses | 1,652 | (357) |
| Net interest income after provision for credit losses | 57,757 | 55,827 |
| Other income: | ||
| Wealth management revenues | 5,800 | 5,322 |
| Insurance commissions | 9,925 | 9,213 |
| Service charges | 2,901 | 2,956 |
| Securities gains (losses), net | (181) | — |
| Mortgage banking revenue, net | 711 | 706 |
| ATM/debit card revenue | 3,646 | 4,055 |
| Bank owned life insurance | 1,687 | 1,121 |
| Other | 375 | 1,105 |
| Total other income | 24,864 | 24,478 |
| Other expense: | ||
| Salaries and employee benefits | 31,748 | 30,448 |
| Net occupancy and equipment expense | 8,479 | 7,560 |
| Net other real estate owned expense | 101 | (21) |
| FDIC insurance | 849 | 869 |
| Amortization of intangible assets | 3,231 | 3,497 |
| Stationery and supplies | 431 | 391 |
| Legal and professional | 3,076 | 2,449 |
| ATM/debit card | 1,831 | 1,191 |
| Marketing and donations | 852 | 862 |
| Other | 3,874 | 6,116 |
| Total other expense | 54,472 | 53,362 |
| Income before income taxes | 28,149 | 26,943 |
| Income taxes | 5,978 | 6,440 |
| Net income | $22,171 | $20,503 |
| Per share data: | ||
| Basic net income per common share | $0.93 | $0.86 |
| Diluted net income per common share | 0.93 | 0.86 |
| Three months ended | ||
|---|---|---|
| March 31, | ||
| (In thousands) | 2025 | 2024 |
| Net income | $22,171 | $20,503 |
| Other comprehensive income (loss) | ||
| Unrealized gains (losses) on available-for-sale securities, net of tax benefit (expense) of ($2,594) and $4,225 for three months ended March 31, 2025 and 2024, respectively | 6,902 | (11,240) |
| Less: reclassification adjustment for realized gains (losses) included in net income, net of tax benefit of $50 and $0 for three months ended March 31, 2025 and 2024, respectively | (131) | — |
| Other comprehensive income (loss), net of taxes | 7,033 | (11,240) |
| Comprehensive income | $29,204 | $9,263 |
Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)
For the three months ended March 31, 2025
| (In thousands) | CommonStock | AdditionalPaid-In-Capital | RetainedEarnings | DeferredCompensation | AccumulatedOtherComprehensiveLoss | TreasuryStock | Total |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | $100,258 | $512,810 | $395,189 | $2,756 | $(142,383) | $(22,239) | $846,391 |
| Net income | — | — | 22,171 | — | — | — | 22,171 |
| Other comprehensive income, net tax | — | — | — | — | 7,033 | — | 7,033 |
| Cash dividends on common stock (0.24/share) | — | — | (5,727) | — | — | — | (5,727) |
| Issuance of 73,618 restricted shares pursuant to 2017 stock incentive plan, net of forfeitures | 294 | 2,575 | — | — | — | — | 2,869 |
| Issuance of 5,600 common shares pursuant to 2017 stock incentive plan | 22 | 196 | — | — | — | — | 218 |
| Issuance of 6,891 common shares pursuant to the employee stock purchase plan | 28 | 188 | — | — | — | — | 216 |
| Deferred compensation | — | — | — | (2,779) | — | (181) | (2,960) |
| Grant of restricted units pursuant to 2017 stock incentive plan | — | 1,791 | — | — | — | — | 1,791 |
| Release of restricted units pursuant to 2017 stock incentive plan | — | (1,634) | — | — | — | — | (1,634) |
| Vested restricted shares/units compensation expense | — | 49 | — | 532 | — | — | 581 |
| March 31, 2025 | $100,602 | $515,975 | $411,633 | $509 | $(135,350) | $(22,420) | $870,949 |
Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)
For the three months ended March 31, 2024
| (In thousands) | CommonStock | AdditionalPaid-In-Capital | RetainedEarnings | DeferredCompensation | AccumulatedOtherComprehensiveLoss | TreasuryStock | 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 |
| Three months ended March 31, | ||
|---|---|---|
| (In thousands) | 2025 | 2024 |
| Cash flows from operating activities: | ||
| Net income | $22,171 | $20,503 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision (release) for credit losses | 1,652 | (357) |
| Depreciation, amortization and accretion, net | 4,996 | 5,338 |
| Change in cash surrender value of bank owned life insurance | (1,200) | (1,121) |
| Gain on death benefit paid from bank owned life insurance | (487) | — |
| Stock-based compensation expense | 688 | 606 |
| Operating lease payments | (822) | (836) |
| Loss on investment securities, net | 181 | — |
| Loss (gain) on sales and write-downs of other real estate owned, net | 80 | (70) |
| Loss on sale of premises and equipment | 14 | — |
| Gain on sale of loans held for sale, net | (641) | (233) |
| Loss on repayment of subordinated debentures | 289 | — |
| Gain on repayment of FHLB advances | (85) | — |
| Decrease (increase) in accrued interest receivable | 1,186 | (2,585) |
| Increase in accrued interest payable | 1,486 | 910 |
| Origination of loans held for sale | (25,500) | (10,448) |
| Proceeds from sale of loans held for sale | 29,111 | 10,844 |
| Decrease in other assets | 21,118 | 10,537 |
| Decrease in other liabilities | (6,353) | (4,040) |
| Net cash provided by operating activities | 47,884 | 29,048 |
| Cash flows from investing activities: | ||
| Proceeds from maturities of certificates of deposit | 980 | — |
| Purchases of certificates of deposit | — | (2,275) |
| Proceeds from sales of securities available-for-sale | 8,291 | — |
| Proceeds from maturities of securities available-for-sale | 23,927 | 21,621 |
| Purchases of securities available-for-sale | (500) | (994) |
| Purchase of securities held-to-maturity | (21) | (11) |
| Net decrease (increase) in loans | (31,149) | 80,542 |
| Purchases of premises and equipment | (1,930) | (1,480) |
| Proceeds from sale of premises and equipment | 3,500 | — |
| Proceeds from sales of other real property owned | 33 | — |
| Proceeds from bank owned life insurance death benefit | 1,414 | — |
| Net cash provided by investing activities | 4,545 | 97,403 |
| Cash flows from financing activities: | ||
| Net increase in deposits | 73,284 | 119,277 |
| Increase (decrease) in repurchase agreements | 15,650 | (3,002) |
| Proceeds from FHLB advances | 50,000 | — |
| Repayment of FHLB advances | (97,435) | (25,000) |
| Proceeds from short-term debt | 4,000 | — |
| Repayment of short-term debt | (4,000) | — |
| Repayment of subordinated debenture | (8,381) | — |
| Proceeds from issuance of common stock | 434 | 382 |
| Dividends paid on common stock | (5,727) | (5,471) |
| Net cash provided by financing activities | 27,825 | 86,186 |
| Increase in cash and cash equivalents | 80,254 | 212,637 |
| Cash and cash equivalents at beginning of period | 121,216 | 143,064 |
| Cash and cash equivalents at end of period | $201,470 | $355,701 |
| Three months ended March 31, | ||
|---|---|---|
| (In thousands) | 2025 | 2024 |
| Supplemental disclosures of cash flow information | ||
| Cash paid during the period for: | ||
| Interest | $26,805 | $31,321 |
| Income taxes, net of refunds | (1,191) | (823) |
| Supplemental disclosures of noncash investing and financing activities | ||
| Loans transferred to other real estate | $— | $183 |
| Initial recognition of right-of-use assets | 668 | 729 |
| Initial recognition of lease liabilities | 668 | 729 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.