FIRST MID BANCSHARES, INC.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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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, 2026 · Filed May 8, 2026
FMBH$51.24-0.5%Stored close · as of Nov 10, 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, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and due from banks: | ||
| Non-interest-bearing | $64,893 | $57,224 |
| Interest-bearing | 411,190 | 197,620 |
| Federal funds sold | 949 | 76 |
| Cash and cash equivalents | 477,032 | 254,920 |
| Certificates of deposit | 3,060 | 1,740 |
| Investment securities: | ||
| Available-for-sale, at fair value (amortized cost of $1,325,037 and $1,215,813 at March 31, 2026 and December 31, 2025, respectively) | 1,176,071 | 1,076,883 |
| Held-to-maturity, at amortized cost (estimated fair value of $2,271 and $2,288 at March 31, 2026 and December 31, 2025, respectively) | 2,271 | 2,288 |
| Equity securities, at fair value | 4,717 | 4,588 |
| Loans held for sale, at fair value | 4,909 | 5,203 |
| Loans | 6,939,367 | 6,006,171 |
| Less allowance for credit losses | (86,814) | (74,875) |
| Net loans | 6,852,553 | 5,931,296 |
| Interest receivable | 46,753 | 39,949 |
| Other real estate owned, net | 5,529 | 2,857 |
| Premises and equipment, net | 101,935 | 90,782 |
| Goodwill, net | 203,391 | 203,391 |
| Intangible assets, net | 73,956 | 49,625 |
| Bank owned life insurance | 186,042 | 174,915 |
| Right of use assets | 13,411 | 12,674 |
| Current tax assets | — | 714 |
| Deferred tax assets | 61,834 | 45,453 |
| Other assets | 75,153 | 69,380 |
| Total assets | $9,288,617 | $7,966,658 |
| Liabilities and stockholders’ equity | ||
| Deposits: | ||
| Non-interest-bearing | $1,489,747 | $1,392,534 |
| Interest-bearing | 6,057,892 | 5,002,739 |
| Total deposits | 7,547,639 | 6,395,273 |
| Repurchase agreements with customers | 208,811 | 196,716 |
| Interest payable | 6,600 | 5,782 |
| Other borrowings | 295,106 | 270,000 |
| Subordinated debt, net | 60,072 | 60,008 |
| Junior subordinated debt, net | 34,022 | 24,454 |
| Lease liabilities | 13,954 | 13,210 |
| Current tax liabilities | 10,602 | — |
| Other liabilities | 35,185 | 42,523 |
| Total liabilities | 8,211,991 | 7,007,966 |
| Commitments and contingent liabilities (Note 12) | ||
| Stockholders’ equity: | ||
| Common stock ($4 par value; authorized 45,000,000 shares; issued 27,307,663 and 24,671,969 shares in March 31, 2026 and December 31, 2025, respectively; outstanding 26,609,307 and 23,986,299 shares in March 31, 2026 and December 31, 2025, respectively) | 111,231 | 100,688 |
| Additional paid-in capital | 614,974 | 516,984 |
| Retained earnings | 483,886 | 463,543 |
| Deferred compensation | (205) | 2,654 |
| Accumulated other comprehensive loss | (108,708) | (101,301) |
| Treasury stock, at cost (698,356 and 685,670 shares in March 31, 2026 and December 31, 2025) | (24,552) | (23,876) |
| Total stockholders’ equity | 1,076,626 | 958,692 |
| Total liabilities and stockholders’ equity | $9,288,617 | $7,966,658 |
Condensed Consolidated State ments of Income (unaudited)
| Three months ended | ||
|---|---|---|
| March 31, | ||
| (In thousands, except per share data) | 2026 | 2025 |
| Interest income: | ||
| Interest and fees on loans | $90,986 | $79,918 |
| Interest on investment securities | ||
| Taxable | 6,012 | 4,982 |
| Exempt from federal income tax | 1,873 | 1,795 |
| Interest on certificates of deposit | 21 | 36 |
| Interest on federal funds sold | 2 | 1 |
| Interest on deposits with other financial institutions | 1,726 | 827 |
| Total interest income | 100,620 | 87,559 |
| Interest expense: | ||
| Interest on deposits | 24,774 | 23,722 |
| Interest on repurchase agreements with customers | 1,025 | 1,180 |
| Interest on other borrowings | 2,398 | 1,831 |
| Interest on subordinated debt | 1,170 | 949 |
| Interest on junior subordinated debt | 468 | 468 |
| Total interest expense | 29,835 | 28,150 |
| Net interest income | 70,785 | 59,409 |
| Provision for credit losses | 2,598 | 1,652 |
| Net interest income after provision for credit losses | 68,187 | 57,757 |
| Other income: | ||
| Wealth management revenues | 6,375 | 5,800 |
| Insurance commissions | 10,807 | 9,925 |
| Service charges | 3,080 | 2,901 |
| Investment securities gains (losses), net | 20 | (181) |
| Mortgage banking revenue, net | 721 | 711 |
| ATM / debit card revenue | 4,135 | 3,646 |
| Bank owned life insurance | 1,340 | 1,687 |
| Other income | (37) | 375 |
| Total other income | 26,441 | 24,864 |
| Other expense: | ||
| Salaries and employee benefits | 35,016 | 31,748 |
| Net occupancy and equipment expense | 9,826 | 8,479 |
| Net other real estate owned expense | 212 | 101 |
| FDIC insurance expense | 940 | 849 |
| Amortization of intangible assets | 3,301 | 3,231 |
| Stationery and supplies | 302 | 431 |
| Legal and professional | 2,700 | 3,076 |
| ATM / debit card expense | 1,807 | 1,831 |
| Marketing and donations | 824 | 852 |
| Other expense | 5,797 | 3,874 |
| Total other expense | 60,725 | 54,472 |
| Income before income taxes | 33,903 | 28,149 |
| Income taxes | 7,576 | 5,978 |
| Net income | $26,327 | $22,171 |
| Per share data: | ||
| Basic net income per common share | $1.06 | $0.93 |
| Diluted net income per common share | 1.06 | 0.93 |
| Three months ended | ||
|---|---|---|
| March 31, | ||
| (In thousands) | 2026 | 2025 |
| Net income | $26,327 | $22,171 |
| Other comprehensive income (loss) | ||
| Unrealized gains (losses) on available-for-sale securities, net of taxes of $2,778 and ($2,594) for three months ended March 31, 2026 and 2025, respectively | (7,392) | 6,902 |
| Less: reclassification adjustment for realized gains (losses) included in net income, net of taxes of ($5) and $50 for three months ended March 31, 2026 and 2025, respectively | 15 | (131) |
| Other comprehensive income (loss), net of taxes | (7,407) | 7,033 |
| Comprehensive income | $18,920 | $29,204 |
Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)
For the three months ended March 31, 2026
| (In thousands) | CommonStock | AdditionalPaid-In-Capital | RetainedEarnings | DeferredCompensation | AccumulatedOtherComprehensiveLoss | TreasuryStock | Total |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | $100,688 | $516,984 | $463,543 | $2,654 | $(101,301) | $(23,876) | $958,692 |
| Net income | — | — | 26,327 | — | — | — | 26,327 |
| Other comprehensive income, net of tax | — | — | — | — | (7,407) | — | (7,407) |
| Dividends on common stock ($.25 per share) | — | — | (5,984) | — | — | — | (5,984) |
| Issuance of 81,913 restricted common shares pursuant to 2017 stock incentive plan, net of forfeitures | 328 | 3,241 | — | — | — | — | 3,569 |
| Issuance of 6,975 common shares pursuant to 2017 stock incentive plan, net of forfeitures | 28 | 276 | — | — | — | — | 304 |
| Issuance of 6,975 common shares pursuant to the employee stock purchase plan | 28 | 194 | — | — | — | — | 222 |
| Issuance of 2,539,831 common shares pursuant to acquisition of Two Rivers Financial Group, Inc. | 10,159 | 93,999 | — | — | — | — | 104,158 |
| Purchase of 12,686 treasury shares | — | — | — | — | — | (500) | (500) |
| Deferred compensation | — | — | — | (3,563) | — | (176) | (3,739) |
| Grant of restricted stock units pursuant to the 2017 stock incentive plan | — | 2,299 | — | — | — | — | 2,299 |
| Release of restricted stock units pursuant to 2017 stock incentive plan | — | (2,070) | — | — | — | — | (2,070) |
| Vested restricted shares/units compensation expense | — | 51 | — | 704 | — | — | 755 |
| March 31, 2026 | $111,231 | $614,974 | $483,886 | $(205) | $(108,708) | $(24,552) | $1,076,626 |
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) | $846,391 |
| Net income | — | — | 22,171 | — | — | — | 22,171 |
| Other comprehensive income, net of tax | — | — | — | — | 7,033 | — | 7,033 |
| Dividends on common stock ($.24 per share) | — | — | (5,727) | — | — | — | (5,727) |
| Issuance of 73,618 restricted common 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, net of forfeitures | 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 stock units pursuant to the 2017 stock incentive plan | — | 1,791 | — | — | — | — | 1,791 |
| Release of restricted stock 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 |
| Three months ended March 31, | ||
|---|---|---|
| (In thousands) | 2026 | 2025 |
| Cash flows from operating activities: | ||
| Net income | $26,327 | $22,171 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 2,598 | 1,652 |
| Depreciation, amortization and accretion, net | 5,356 | 4,996 |
| Change in cash surrender value of bank owned life insurance | (1,340) | (1,200) |
| Gain on cash surrender value of bank owned life insurance | — | (487) |
| Stock-based compensation expense | 865 | 688 |
| Operating lease payments | (852) | (822) |
| Loss (gain) on sale of investment securities, net | (20) | 181 |
| Loss on sales and write-downs of other real estate owned, net | 52 | 80 |
| Loss on sale of premises and equipment | 6 | 14 |
| Gain on sale of loans held for sale, net | (927) | (641) |
| Loss on repayment of subordinated debt | — | 289 |
| Gain on repayment of other borrowings | — | (85) |
| Decrease (increase) in accrued interest receivable | (2,396) | 1,186 |
| Increase in accrued interest payable | 31 | 1,486 |
| Origination of loans held for sale | (34,261) | (25,500) |
| Proceeds from sale of loans held for sale | 33,924 | 29,111 |
| Decrease (increase) in other assets | (2,245) | 21,118 |
| Decrease in other liabilities | (2,041) | (6,353) |
| Net cash provided by operating activities | 25,077 | 47,884 |
| Cash flows from investing activities: | ||
| Proceeds from maturities of certificates of deposits | 840 | 980 |
| Purchases of certificates of deposits | (2,160) | — |
| Proceeds from sales of investment securities available-for-sale | 167,803 | 8,291 |
| Proceeds from maturities of investment securities available-for-sale | 24,027 | 23,927 |
| Purchases of investment securities available-for-sale | (131,846) | (500) |
| Purchase of investment securities held-to-maturity | (3) | (21) |
| Net increase in loans | (63,743) | (31,149) |
| Purchases of premises and equipment | (1,960) | (1,930) |
| Proceeds from sale of premises and equipment | 20 | 3,500 |
| Proceeds from sales of other real property owned, net | 270 | 33 |
| Proceeds from bank owned life insurance death benefit | — | 1,414 |
| Purchase of other investments | (1,984) | — |
| Net cash provided by acquisition | 88,269 | — |
| Net cash provided by investing activities | 79,533 | 4,545 |
| Cash flows from financing activities: | ||
| Net increase in deposits | 111,573 | 73,284 |
| Increase in repurchase agreements with customers | 12,095 | 15,650 |
| Proceeds from other borrowings | — | 54,000 |
| Repayment of other borrowings | (206) | (101,435) |
| Repayment of subordinated debt | — | (8,381) |
| Proceeds from issuance of common stock | 524 | 434 |
| Purchase of treasury stock | (500) | — |
| Dividends paid on common stock | (5,984) | (5,727) |
| Net cash provided by financing activities | 117,502 | 27,825 |
| Increase in cash and cash equivalents | 222,112 | 80,254 |
| Cash and cash equivalents at beginning of period | 254,920 | 121,216 |
| Cash and cash equivalents at end of period | $477,032 | $201,470 |
| Three months ended March 31, | ||
|---|---|---|
| (In thousands) | 2026 | 2025 |
| Supplemental disclosures of cash flow information | ||
| Cash paid (received) during the period for: | ||
| Interest | $29,017 | $26,805 |
| Income taxes, net of refunds | ||
| US Federal | $— | $(1,009) |
| State of Illinois | (206) | (154) |
| State of Wisconsin | (80) | — |
| Other | — | (28) |
| Total income taxes, net of refunds | $(286) | $(1,191) |
| Supplemental disclosures of noncash investing and financing activities | ||
| Loans transferred to other real estate owned | $2,023 | $— |
| Fixed assets transferred to other real estate owned | 950 | — |
| Initial recognition of right-of-use assets in exchange for lease liabilities | 57 | 668 |
| Supplemental disclosures for purchases of capital stock | ||
| Fair value of assets acquired | $1,186,786 | $11,449 |
| Consideration paid: | ||
| Cash paid | 2 | 9,000 |
| Common stock issued | 104,159 | — |
| Total consideration paid | 104,161 | 9,000 |
| Fair value of liabilities assumed | $1,082,625 | $2,449 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.