First Mid Bancshares 第二季創紀錄盈利 每股經調整賺1.26美元

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PRESS RELEASE

EdgarFilingEXHIBIT 99.1
First Mid Bancshares, Inc. Announces Second Quarter 2026 Results

 MATTOON, Ill., July 23, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended June 30, 2026.
 Highlights
 Net income of $27.8 million, or $1.04 diluted EPS
Adjusted quarterly net income* of $33.4 million, or $1.26 diluted EPS
Successfully completed the bank merger of Two Rivers Bank & Trust (“Two Rivers”) into First Mid Bank & Trust (“First Mid”)
Total loans of $6.93 billion, quarterly decrease of $9.9 million
Total deposits of $7.57 billion, quarterly increase of $23.9 million
Tangible book value per share* increased 3.7% during the quarter to $31.15
Net interest margin, tax equivalent* expanded to 3.79%, quarterly increase of 1 basis point
Quarterly adjusted return on average assets* of 1.45%
Repurchased 21,872 shares and the Board of Directors declared a $0.01 increase in the quarterly dividend to $0.26 per share
 “First Mid delivered strong results for the period, highlighted by a record high quarter of earnings and a successful integration with Two Rivers. Despite the nonrecurring expenses tied to the integration, we grew our tangible book value at a solid pace and continued to deploy capital to build long-term shareholder value through opportunistic share repurchases, increasing our dividend, and paying off higher cost subordinated debt. The employees and customers of Two Rivers have embraced us like no other and I am really excited about our future,” said Matthew Smith, Chief Executive Officer.
 Net Interest Income Net interest income for the second quarter of 2026 was $79.7 million, an increase of $8.9 million compared to the first quarter of 2026. The increase was primarily driven by the inclusion of two additional months of Two Rivers’ results as compared to the first quarter, repricing benefits from retention of maturing loans at higher rates, and prudent deployment and management of cash coming off the investment portfolio and on the balance sheet. Accretion income for the second quarter was $3.8 million, an increase of $0.4 million compared to the prior quarter, primarily due to the additional months from Two Rivers.
 In comparison to the second quarter of 2025, net interest income increased $15.8 million, or 24.7%. Interest income was higher by $21.5 million, inclusive of a $0.4 million increase in accretion income. Interest expense was higher by $5.7 million compared to the second quarter of last year primarily from higher overall deposit balances including the addition of Two Rivers.
 Net Interest MarginNet interest margin, on a tax equivalent basis*, was 3.79% for the second quarter of 2026 representing an increase of 1 basis point over the prior quarter. The yield on earning assets improved by 9 basis points for the second quarter while the average cost of funds increased 8 basis points with the additional months from Two Rivers and overall deposit pricing competition.
 Loan Portfolio Total loans ended the quarter at $6.93 billion, representing a decrease of $9.9 million for the quarter on a combination of elevated payoffs and disciplined pricing decisions. The decrease for the quarter was primarily in multifamily residential properties and agricultural operating loans. The decline in the multifamily portfolio primarily occurred from collateral sales and subsequent payoffs. Both declines occurred in legacy markets and were not Two Rivers related. The Iowa loan portfolio balances have remained steady.
 Asset Quality Asset quality for the quarter was consistent with the prior period as the allowance for credit losses (“ACL”) ended the period at $87.0 million and the ACL to total loans ratio was 1.25%, which was in line with the first quarter of 2026. In addition to the overall ACL, an unearned discount of $40.9 million remains at quarter end. Provision expenses were recorded in the amount of $1.5 million and net charge-offs totaled $1.4 million during the quarter.
 Overall criticized assets declined by $9.7 million during the quarter. Special mention loans decreased by $40.5 million to $139.2 million. Substandard loans increased by $30.8 million to $139.9 million. The migration from special mention to substandard was primarily from downgrades in the agricultural segment. This continues to be driven by strained cash flows; however borrower balance sheets remain strong, with no significant losses anticipated from this segment. At the end of the second quarter, non-performing loans totaled $41.3 million, a decrease of $2.8 million during the quarter. The ratio of non-performing loans to total loans was 0.60%, which was a decrease from 0.63% in the prior quarter. The ACL to non-performing loans ratio was 211%, an increase from the prior quarter primarily from the decline in non-performing loans in the quarter. The ratio of non-performing assets to total assets decreased from 0.53% in the prior quarter to 0.51% in the current period.
 DepositsTotal deposits ended the quarter at $7.57 billion, which represented an increase of $23.9 million from the prior quarter. Money market accounts had the largest growth compared to the prior quarter with a $66.4 million increase. The average cost of interest-bearing deposits for the quarter was 1.98%, an increase of 8 basis points from the end of the previous quarter, partially due to two additional months of Two Rivers as well as continued deposit pricing competition.
 Non-Interest IncomeNon-interest income for the second quarter of 2026 was $28.8 million compared to $26.4 million in the prior quarter and $23.6 million in the second quarter of 2025.
 Wealth management revenues for the quarter were $8.2 million. Revenues increased $1.8 million compared to the first quarter which included two additional months of Two Rivers wealth management revenues. Overall Ag Services revenue was $1.9 million in the period compared to $2.5 million in the prior quarter and $2.3 million in the second quarter of 2025. Insurance commissions for the quarter were $8.9 million, which was an increase of $1.0 million compared to the second quarter of 2025. Second quarter insurance commissions were $1.9 million lower than the first quarter due to the seasonality of contingent revenues.
 Non-Interest ExpensesNon-interest expense for the second quarter of 2026 totaled $70.6 million compared to $60.7 million in the first quarter of 2026. During the quarter, acquisition-related expenses related to Two Rivers totaled $7.1 million. In addition to one-time merger-related expenses, the Company’s annual merit and promotional cycle occurred in April leading to an increase in salaries and benefits expense.
 The Company’s efficiency ratio*, as adjusted in the non-GAAP reconciliation table herein, for the second quarter of 2026 was 54.39% compared to 55.86% in the prior quarter and 58.09% for the same period last year.
 Capital Levels and DividendThe Company’s capital levels remained strong and above the “well capitalized” levels. Capital levels ended the period as follows:
 Total capital to risk-weighted assets15.41%
Tier 1 capital to risk-weighted assets13.87%
Common equity tier 1 capital to risk-weighted assets13.40%
Leverage ratio10.92%
  
 Tangible book value per share* increased $1.11, or 3.7% during the second quarter of 2026. The increase was driven by earnings and a decrease of $3.9 million in the unrealized loss position in the Company’s investment portfolio. During the quarter, the Company paid off $27.5 million of subordinated debt with $7.5 million in cash on hand and $20.0 million from a new term note financed at a lower rate.
 The Company’s Board of Directors approved an increase of $0.01 to its quarterly dividend to $0.26 payable on September 1st, 2026 to the shareholders of record as of August 18th, 2026.
 About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $9.2 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, Wisconsin, and Iowa and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 160 years. More information about the Company is available on our website at www.firstmid.com.
 *Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Income,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” “Adjusted Tangible Book Value per Common Share,” “Adjusted Return on Average Assets,” and “Adjusted Return on Average Common Equity”. Refer to non-GAAP reconciliation tables herein for reconciliation to comparable GAAP measures. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.
 Forward Looking StatementsThis document may contain certain forward-looking statements about First Mid Bancshares, Inc. (the “Company”), such as discussions of the completed merger of Two Rivers Bank & Trust (“Two Rivers”) into First Mid Bank & Trust (“First Mid”), the Company’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses, capital management, and planned schedules. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
 Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions.
 Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of the Company and First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of the Company’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the market areas of the Company and First Mid; and accounting principles, policies and guidelines.
 Additional information concerning the Company, including additional factors and risks that could materially affect the Company’s financial results, is included in the Company’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made.
 Except as required under the federal securities laws or the rules and regulations of the SEC, the Company does not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.
 Investor Contact: Austin FrankSVP, Director of Investor Relations217-258-5522 [email protected]
 Jordan ReadChief Financial and Risk [email protected]
 – Tables Follow –
       
FIRST MID BANCSHARES, INC.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
 As of
 
 June 30, December 31, June 30,
  2026   2025   2025 
      
Assets     
Cash and cash equivalents$303,853  $254,920  $190,017 
Investment securities 1,290,563   1,085,499   1,085,701 
Loans (including loans held for sale) 6,934,342   6,011,374   5,766,999 
Less allowance for credit losses (86,989)  (74,875)  (71,160)
Net loans 6,847,353   5,936,499   5,695,839 
Premises and equipment, net 101,879   90,782   97,740 
Goodwill and intangibles, net 273,456   253,016   255,547 
Bank Owned Life Insurance 187,134   174,915   172,333 
Other assets 205,729   171,027   183,298 
Total assets$9,209,967  $7,966,658  $7,680,475 
      
Liabilities and Stockholders' Equity     
Deposits:     
Non-interest bearing$1,486,592  $1,392,534  $1,321,446 
Interest bearing 6,084,952   5,002,739   4,868,753 
Total deposits 7,571,544   6,395,273   6,190,199 
Repurchase agreements with customers 196,991   196,716   193,941 
Other borrowings 209,567   270,000   245,000 
Junior subordinated debentures 32,705   24,454   24,384 
Subordinated debt 34,077   60,008   79,590 
Other liabilities 63,339   61,515   53,221 
Total liabilities 8,108,223   7,007,966   6,786,335 
      
Total stockholders' equity 1,101,744   958,692   894,140 
Total liabilities and stockholders' equity$9,209,967  $7,966,658  $7,680,475 
 
         
FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data and share amounts, unaudited)
        
 Three Months Ended Six Months Ended
 June 30, June 30,
 2026 2025 2026 2025
Interest income:       
Interest and fees on loans$102,668 $84,784 $193,654 $164,702 
Interest on investment securities 9,375  6,895  17,260  13,672 
Interest on federal funds sold & other deposits 2,841  1,722  4,590  2,586 
Total interest income 114,884  93,401  215,504  180,960 
Interest expense:       
Interest on deposits 30,328  24,964  55,102  48,686 
Interest on securities sold under agreements to repurchase 1,030  1,218  2,055  2,398 
Interest on other borrowings 2,579  2,043  4,977  3,874 
Interest on subordinated debt 710  849  1,880  1,798 
Interest on jr. subordinated debentures 578  464  1,046  932 
Total interest expense 35,225  29,538  65,060  57,688 
Net interest income 79,659  63,863  150,444  123,272 
Provision for credit losses 1,545  2,567  4,143  4,219 
Net interest income after provision for credit losses 78,114  61,296  146,301  119,053 
Non-interest income:       
Wealth management revenues 8,206  5,394  14,581  11,205 
Insurance commissions 8,870  7,840  19,677  17,765 
Service charges 3,459  2,995  6,539  5,896 
Net securities gains/(losses) 63  0  83  (181)
Mortgage banking revenues 814  1,070  1,535  1,781 
ATM/debit card revenue 4,799  4,636  8,934  8,282 
Other 2,622  1,658  3,925  3,709 
Total non-interest income 28,833  23,593  55,274  48,457 
Non-interest expense:       
Salaries and employee benefits 38,460  33,623  73,476  65,371 
Net occupancy and equipment expense 10,892  7,869  20,718  16,348 
Net other real estate owned expense 218  75  430  176 
FDIC insurance 1,063  873  2,003  1,722 
Amortization of intangible assets 3,878  3,121  7,179  6,352 
Stationery and supplies 311  367  613  798 
Legal and professional expense 2,760  2,757  5,460  5,833 
ATM/debit card expense 2,218  1,144  4,025  2,975 
Marketing and donations 818  777  1,642  1,629 
Other 10,009  4,156  15,806  8,030 
Total non-interest expense 70,627  54,762  131,352  109,234 
Income before income taxes 36,320  30,127  70,223  58,276 
Income taxes 8,531  6,689  16,107  12,667 
Net income$27,789 $23,438 $54,116 $45,609 
        
Per Share Information       
Basic earnings per common share$1.05 $0.98 $2.11 $1.91 
Diluted earnings per common share 1.04  0.98  2.10  1.90 
        
Weighted average shares outstanding 26,458,805  23,867,592  25,622,671  23,863,229 
Diluted weighted average shares outstanding 26,604,784  23,988,974  25,754,019  23,974,183 
 
            
FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data and share amounts, unaudited)
           
  For the Quarter Ended
  June 30, March 31, December 31, September 30, June 30,
  2026 2026 2025 2025 2025
Interest income:          
Interest and fees on loans $102,668 $90,986 $86,972  $87,020  $84,784
Interest on investment securities  9,375  7,885  7,552   7,659   6,895
Interest on federal funds sold & other deposits  2,841  1,749  1,371   1,456   1,722
Total interest income  114,884  100,620  95,895   96,135   93,401
Interest expense:          
Interest on deposits  30,328  24,774  24,462   25,179   24,964
Interest on securities sold under agreements to repurchase  1,030  1,025  987   1,105   1,218
Interest on other borrowings  2,579  2,398  2,341   2,186   2,043
Interest on subordinated debt  710  1,170  1,142   850   849
Interest on jr. subordinated debentures  578  468  433   452   464
Total interest expense  35,225  29,835  29,365   29,772   29,538
Net interest income  79,659  70,785  66,530   66,363   63,863
Provision for credit losses  1,545  2,598  2,349   3,353   2,567
Net interest income after provision for credit losses  78,114  68,187  64,181   63,010   61,296
Non-interest income:          
Wealth management revenues  8,206  6,375  6,591   5,145   5,394
Insurance commissions  8,870  10,807  7,441   7,089   7,840
Service charges  3,459  3,080  3,161   3,240   2,995
Net securities gains/(losses)  63  20  (398)  (1,930)  0
Mortgage banking revenues  814  721  624   1,255   1,070
ATM/debit card revenue  4,799  4,135  3,947   4,182   4,636
Other  2,622  1,303  319   3,928   1,658
Total non-interest income  28,833  26,441  21,685   22,909   23,593
Non-interest expense:          
Salaries and employee benefits  38,460  35,016  35,674   33,570   33,623
Net occupancy and equipment expense  10,892  9,826  11,035   9,196   7,869
Net other real estate owned expense  218  212  146   217   75
FDIC insurance  1,063  940  880   874   873
Amortization of intangible assets  3,878  3,301  2,963   3,128   3,121
Stationery and supplies  311  302  561   411   367
Legal and professional expense  2,760  2,700  2,459   2,454   2,757
ATM/debit card expense  2,218  1,807  1,918   2,052   1,144
Marketing and donations  818  824  760   959   777
Other  10,009  5,797  (529)  4,285   4,156
Total non-interest expense  70,627  60,725  55,867   57,146   54,762
Income before income taxes  36,320  33,903  29,999   28,773   30,127
Income taxes  8,531  7,576  6,321   6,311   6,689
Net income $27,789 $26,327 $23,678  $22,462  $23,438
           
Per Share Information          
Basic earnings per common share $1.05 $1.06 $0.99  $0.94  $0.98
Diluted earnings per common share  1.04  1.06  0.99   0.94   0.98
           
Weighted average shares outstanding  26,458,805  24,777,247  23,891,160   23,876,020   23,867,592
Diluted weighted average shares outstanding  26,604,784  24,893,802  24,000,061   23,997,198   23,988,974
 
            
FIRST MID BANCSHARES, INC.
Consolidated Financial Highlights and Ratios
(Dollars in thousands, except per share data)
(Unaudited)
  As of and for the Quarter Ended
  June 30, March 31, December 31, September 30, June 30,
   2026   2026   2025   2025   2025 
           
Loan Portfolio           
Construction and land development $361,748  $316,723  $360,687  $336,795  $298,812 
Farm real estate loans  422,537   400,783   373,408   367,473   381,517 
1-4 Family residential properties  733,869   734,053   489,854   495,537   495,787 
Multifamily residential properties  390,847   456,185   339,482   330,549   360,604 
Commercial real estate  2,923,176   2,948,024   2,564,670   2,432,180   2,393,640 
Loans secured by real estate  4,832,177   4,855,768   4,128,101   3,962,534   3,930,360 
Agricultural operating loans  356,814   370,931   308,275   311,594   306,374 
Commercial and industrial loans  1,502,951   1,499,079   1,381,598   1,349,863   1,324,653 
Consumer loans  35,478   39,597   31,918   36,317   41,604 
All other loans  206,922   178,901   161,482   163,730   164,008 
Total loans  6,934,342   6,944,276   6,011,374   5,824,038   5,766,999 
           
Deposit Portfolio           
Non-interest bearing demand deposits $1,486,592  $1,489,747  $1,392,534  $1,450,244  $1,321,446 
Interest bearing demand deposits  2,435,498   2,394,069   2,095,370   1,901,516   1,947,744 
Savings deposits  711,999   781,451   639,412   617,311   632,925 
Money Market  1,373,685   1,307,240   1,138,464   1,184,964   1,206,140 
Time deposits  1,563,770   1,575,132   1,129,493   1,135,508   1,081,944 
Total deposits  7,571,544   7,547,639   6,395,273   6,289,543   6,190,199 
           
Asset Quality          
Non-performing loans $41,293  $44,074  $31,948  $22,199  $21,895 
Non-performing assets  47,098   49,621   34,807   23,670   23,572 
Net charge-offs (recoveries)  1,370   1,500   399   1,588   1,458 
Allowance for credit losses to non-performing loans  210.66%  196.98%  234.37%  328.51%  325.00%
Allowance for credit losses to total loans outstanding  1.25%  1.25%  1.25%  1.25%  1.23%
Nonperforming loans to total loans  0.60%  0.63%  0.53%  0.38%  0.38%
Nonperforming assets to total assets  0.51%  0.53%  0.44%  0.30%  0.31%
Special Mention loans  139,154   179,648   120,510   61,195   81,815 
Substandard and Doubtful loans  139,902   109,127   79,956   75,309   39,031 
           
Common Share Data          
Common shares outstanding  26,594,524   26,609,307   23,986,299   23,996,833   23,988,845 
Book value per common share $41.43  $40.46  $39.97  $38.85  $37.27 
Tangible book value per share (1)  31.15   30.04   29.42   28.21   26.62 
Tangible book value per share excluding other comprehensive income at period end (1)  35.09   34.12   33.64   32.79   32.07 
Market price of stock  48.09   41.19   39.00   37.88   37.49 
           
Key Performance Ratios and Metrics          
End of period earning assets $8,496,204  $8,574,933  $7,325,978  $7,101,811  $6,924,934 
Average earning assets  8,520,559   7,670,723   7,168,176   7,014,675   6,975,783 
Average rate on average earning assets (tax equivalent)  5.45%  5.36%  5.35%  5.48%  5.41%
Average rate on cost of funds  1.75%  1.67%  1.71%  1.75%  1.75%
Net interest margin (tax equivalent) (1)  3.79%  3.78%  3.73%  3.80%  3.72%
Return on average assets  1.20%  1.26%  1.21%  1.17%  1.20%
Adjusted return on average assets (1)  1.45%  1.37%  1.30%  1.21%  1.23%
Return on average common equity  10.19%  10.45%  10.01%  9.95%  10.52%
Adjusted return on average common equity (1)  12.25%  11.29%  10.71%  10.34%  10.80%
Efficiency ratio (tax equivalent) (1)  54.39%  55.86%  57.55%  58.75%  58.09%
Full-time equivalent employees  1,316   1,335   1,170   1,178   1,190 
           
           
1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
 
  
FIRST MID BANCSHARES, INC.
Net Interest Margin
(Dollars in thousands, unaudited)
  
 For the Quarter Ended June 30, 2026
 QTD Average   Average
 Balance Interest Rate
INTEREST EARNING ASSETS     
Interest bearing deposits$328,363  $2,801 3.42%
Federal funds sold 793   6 3.03%
Certificates of deposits investments 3,350   34 4.07%
Investment Securities 1,247,888   9,868 3.16%
Loans (net of unearned income) 6,940,165   102,976 5.95%
      
Total interest earning assets 8,520,559   115,685 5.45%
      
NONEARNING ASSETS     
Other nonearning assets 793,920     
Allowance for loan losses (87,449)    
      
Total assets$9,227,030     
      
INTEREST BEARING LIABILITIES     
Demand deposits$3,855,881  $17,237 1.79%
Savings deposits 757,972   464 0.25%
Time deposits 1,543,651   12,628 3.28%
Total interest bearing deposits 6,157,504   30,329 1.98%
Repurchase agreements 200,906   1,030 2.06%
FHLB advances 242,163   2,115 3.50%
Subordinated debt 36,897   710 7.72%
Jr. subordinated debentures 34,045   578 6.81%
Other debt 37,149   464 5.01%
Total borrowings 551,161   4,897 3.56%
Total interest bearing liabilities 6,708,665   35,226 2.11%
      
NONINTEREST BEARING LIABILITIES     
Demand deposits 1,365,854  Avg Cost of Funds1.75%
Other liabilities 62,134     
Stockholders' equity 1,090,377     
      
Total liabilities & stockholders' equity$9,227,030     
      
Net Interest Earnings / Spread  $80,459 3.34%
      
Tax effected yield on interest earning assets   3.79%
      
Net interest margin, tax equivalent is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
 
            
FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except per share data, unaudited)
           
  As of and for the Quarter Ended
  June 30, March 31, December 31, September 30,June 30,
   2026   2026   2025   2025   2025 
           
Net interest income as reported $79,659  $70,785  $66,530  $66,363  $63,863 
Net interest income, (tax equivalent)  80,459   71,581   67,314   67,143   64,634 
Average earning assets  8,520,559   7,670,723   7,168,176   7,014,675   6,975,783 
Net interest margin (tax equivalent)  3.79%  3.78%  3.73%  3.80%  3.72%
           
           
Common stockholder's equity $1,101,744  $1,076,626  $958,692  $932,179  $894,140 
Goodwill and intangibles, net  273,456   277,347   253,016   255,217   255,547 
Common shares outstanding  26,595   26,609   23,986   23,997   23,989 
Tangible Book Value per common share $31.15  $30.04  $29.42  $28.21  $26.62 
Accumulated other comprehensive loss (AOCI) (104,824)  (108,708)  (101,301)  (110,012)  (130,710)
Adjusted tangible book value per common share$35.09  $34.12  $33.64  $32.79  $32.07 
 
            
FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except per share data, unaudited)
           
  As of and for the Quarter Ended
  June 30, March 31, December 31, September 30,June 30,
   2026   2026   2025   2025   2025 
Adjusted earnings Reconciliation         
Net Income - GAAP $27,789  $26,327  $23,678  $22,462  $23,438 
Adjustments (post-tax) (1)         
Net (gain)/loss on securities sales (50)  (16)  314   1,525   - 
Net loss on subordinated debt repayment 74   -   237   -   - 
Net loss on other investments -   422   349   -   - 
Technology project expenses -   25   761   360   246 
Net gain on real estate -   -   (443)  (1,033)  - 
Severance expense  -   -   -   15   - 
Integration and acquisition expenses 5,586   1,690   434   13   3 
Total adjustments (non-GAAP)$5,610  $2,122  $1,652  $880  $249 
           
Adjusted earnings - non-GAAP$33,399  $28,449  $25,330  $23,342  $23,687 
Adjusted diluted earnings per share (non-GAAP)$1.26  $1.14  $1.06  $0.97  $0.99 
Adjusted return on average assets (non-GAAP) 1.45%  1.37%  1.30%  1.21%  1.23%
Adjusted return on average common equity (non-GAAP) 12.25%  11.29%  10.71%  10.34%  10.80%
           
           
Efficiency Ratio Reconciliation         
Noninterest expense - GAAP$70,627  $60,725  $55,867  $57,146  $54,762 
Other real estate owned property income (expense) (218)  (212)  (76)  (217)  (75)
Amortization of intangibles (3,878)  (3,301)  (2,963)  (3,128)  (3,121)
Gain/(loss) on real estate -   -   560   (95)  - 
Severance expense  -   -   -   (19)  - 
Technology project expense -   (32)  (963)  (456)  (311)
Integration and acquisition expenses (7,071)  (2,139)  (549)  (17)  (4)
Adjusted noninterest expense (non-GAAP)$59,460  $55,041  $51,876  $53,214  $51,251 
           
Net interest income -GAAP$79,659  $70,785  $66,530  $66,363  $63,863 
Effect of tax-exempt income (1) 800   796   784   780   771 
Adjusted net interest income (non-GAAP)$80,459  $71,581  $67,314  $67,143  $64,634 
           
Noninterest income - GAAP$28,833  $26,441  $21,685  $22,909  $23,593 
Gain on real estate sales -   -   -   (1,403)  - 
Net (gain)/loss on securities sales (63)  (20)  398   1,930   - 
Net loss on subordinated debt repayment 94   -   300   -   - 
Net loss on other investments -   534   442   -   - 
Adjusted noninterest income (non-GAAP)$28,864  $26,955  $22,825  $23,436  $23,593 
           
Adjusted total revenue (non-GAAP)$109,323  $98,536  $90,139  $90,579  $88,227 
           
Efficiency ratio (non-GAAP) 54.39%  55.86%  57.55%  58.75%  58.09%
           
(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.