First Mid Bancshares, Inc. (FMBH) Bundle
A Brief History of First Mid Bancshares, Inc.
First Mid Bancshares, Inc. has established itself as a significant player in the financial services sector, particularly in the Midwest. As of 2024, the company has shown consistent growth and expansion, particularly following the acquisition of Blackhawk in mid-2023, which contributed to its increasing net interest income and asset management capabilities.
Financial Performance Overview
As of the third quarter of 2024, First Mid Bancshares reported the following key financial metrics:
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Assets | $7.58 billion | $6.83 billion |
| Total Loans | $5.61 billion | $5.54 billion |
| Total Deposits | $6.09 billion | $6.35 billion |
| Net Interest Income | $57.54 million | $50.44 million |
| Net Income | $19.48 million | $15.12 million |
| Earnings per Share (Diluted) | $0.81 | $0.68 |
Loan Portfolio Composition
The composition of First Mid's loan portfolio as of September 30, 2024, is detailed below:
| Loan Type | Amount (in millions) |
|---|---|
| Commercial Real Estate | $2,440.12 |
| Loans Secured by Real Estate | $3,859.11 |
| Agricultural Operating Loans | $233.41 |
| Commercial and Industrial Loans | $1,283.63 |
| Consumer Loans | $63.22 |
| Total Loans | $5,614.59 |
Asset Quality Metrics
First Mid Bancshares maintains a robust asset quality profile, which is reflected in the following metrics as of the end of Q3 2024:
| Metric | Value |
|---|---|
| Non-Performing Loans | $18.24 million |
| Non-Performing Assets | $20.08 million |
| Allowance for Credit Losses to Total Loans | 1.22% |
| Non-Performing Loans to Total Loans | 0.32% |
Recent Developments and Strategic Initiatives
In 2024, First Mid Bancshares has focused on enhancing its service offerings through strategic acquisitions and organic growth. The acquisition of Mid Rivers Insurance Group in July 2023 has allowed for diversification in its revenue streams, particularly in insurance services. The company reported a total non-interest income of $23.02 million for Q3 2024, a slight decrease from the previous quarter but a significant increase compared to the prior year.
The company also declared a quarterly dividend of $0.24 per share, payable on November 29, 2024, reflecting its commitment to returning value to shareholders.
Capital Ratios
First Mid Bancshares continues to exhibit strong capital ratios, as detailed below:
| Capital Ratio | Value |
|---|---|
| Total Capital to Risk-Weighted Assets | 15.24% |
| Tier 1 Capital to Risk-Weighted Assets | 12.70% |
| Common Equity Tier 1 Capital to Risk-Weighted Assets | 12.29% |
| Leverage Ratio | 10.14% |
These figures underscore First Mid's strong financial health and capacity for growth as it continues to navigate the evolving financial landscape in 2024.
A Who Owns First Mid Bancshares, Inc. (FMBH)
Major Shareholders
As of 2024, the ownership structure of First Mid Bancshares, Inc. (FMBH) reflects a combination of institutional and individual shareholders. The largest shareholders include:
| Shareholder Type | Name | Shares Owned | Percentage of Shares |
|---|---|---|---|
| Institutional Investor | BlackRock, Inc. | 1,750,000 | 7.32% |
| Institutional Investor | The Vanguard Group, Inc. | 1,650,000 | 6.93% |
| Individual Investor | Joe Dively (CEO) | 200,000 | 0.84% |
| Institutional Investor | State Street Corporation | 1,400,000 | 5.86% |
| Individual Investor | Directors and Executive Officers (Total) | 500,000 | 2.09% |
Stock Performance
As of October 2024, the stock price of First Mid Bancshares, Inc. is reported at $38.91. The company has shown a significant increase over the past year, with a year-over-year growth rate of approximately 46%.
Market Capitalization
The market capitalization of First Mid Bancshares, Inc. as of October 2024 is approximately $930 million.
Dividend Information
The Board of Directors declared a quarterly dividend of $0.24 per share, payable on November 29, 2024, for shareholders of record on November 14, 2024.
Recent Financial Highlights
| Financial Metric | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Net Income | $19.5 million | $19.7 million | $15.1 million |
| Basic Earnings per Share | $0.81 | $0.83 | $0.68 |
| Net Interest Income | $57.5 million | $56.8 million | $50.4 million |
| Total Assets | $7.58 billion | $7.59 billion | $7.85 billion |
| Total Deposits | $6.09 billion | $6.12 billion | $6.35 billion |
Institutional Ownership
As of the latest filings, institutional investors collectively own approximately 61% of the total shares of First Mid Bancshares, Inc.
Shareholder Composition
| Type of Shareholder | Percentage of Ownership |
|---|---|
| Institutional Investors | 61% |
| Insider Ownership | 5% |
| Retail Investors | 34% |
Key Performance Ratios
| Metric | Value |
|---|---|
| Return on Average Assets | 1.03% |
| Return on Average Equity | 9.40% |
| Net Interest Margin | 3.35% |
| Efficiency Ratio | 61.33% |
First Mid Bancshares, Inc. (FMBH) Mission Statement
Company Overview
Company Overview
First Mid Bancshares, Inc. is a community-focused financial institution providing a full suite of financial services including banking, wealth management, insurance, and agricultural services. As of 2024, the company operates with a strong emphasis on delivering exceptional value to customers and communities across Illinois, Missouri, Texas, and Wisconsin.
Mission Statement
The mission statement of First Mid Bancshares, Inc. emphasizes its commitment to providing quality financial services while fostering long-term relationships with customers and communities. The company aims to enhance the financial well-being of its customers by offering tailored solutions and superior service.
Key Financial Data
| Metric | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Net Income | $19.5 million | $19.7 million | $15.1 million |
| Diluted EPS | $0.81 | $0.82 | $0.68 |
| Total Assets | $7.58 billion | $7.59 billion | $7.80 billion |
| Total Loans | $5.62 billion | $5.56 billion | $5.54 billion |
| Total Deposits | $6.09 billion | $6.12 billion | $6.35 billion |
| Net Interest Margin | 3.35% | 3.36% | 3.06% |
| Common Equity Tier 1 Capital Ratio | 12.29% | 12.30% | 11.80% |
Strategic Initiatives
First Mid Bancshares is focused on strategic initiatives that enhance customer engagement and community involvement. The company has made significant investments in technology to improve service delivery and operational efficiency.
Community Commitment
First Mid Bancshares demonstrates a strong commitment to community development through various programs and initiatives aimed at supporting local businesses and enhancing the quality of life in the regions it serves. This aligns with its mission to create lasting relationships and contribute positively to community growth.
Financial Performance Highlights
| Performance Indicator | Q3 2024 | Q3 2023 |
|---|---|---|
| Loan Growth | 1.0% | 12.5% |
| Non-Interest Income | $23.0 million | $19.4 million |
| Non-Interest Expense | $53.9 million | $47.1 million |
| Efficiency Ratio | 61.3% | 58.6% |
| Return on Average Assets | 1.03% | 0.90% |
| Return on Average Common Equity | 9.40% | 8.70% |
Conclusion
Through its mission, First Mid Bancshares, Inc. continues to prioritize customer satisfaction and community engagement, driving sustainable growth and financial success.
How First Mid Bancshares, Inc. (FMBH) Works
Overview of First Mid Bancshares, Inc.
First Mid Bancshares, Inc. is a financial services holding company headquartered in Mattoon, Illinois, with a focus on community banking, wealth management, and insurance services. As of the end of the third quarter of 2024, the company reported total assets of $7.58 billion.
Financial Performance
For the third quarter of 2024, First Mid Bancshares reported:
- Net income of $19.5 million
- Basic and diluted earnings per share of $0.81
- Net interest income of $57.5 million
- Total interest income of $91.2 million
- Total interest expense of $33.6 million
- Noninterest income of $23.0 million
- Noninterest expense of $53.9 million
Loan Portfolio
The total loan portfolio at the end of September 2024 was $5.62 billion, with a diversified mix of loans including:
- Commercial real estate loans: $1.24 billion
- Agricultural operating loans: $1.02 billion
- Commercial and industrial loans: $1.11 billion
- Consumer loans: $1.05 billion
Deposit and Borrowing Structure
As of September 30, 2024, First Mid Bancshares' total deposits were $6.09 billion, broken down as follows:
- Non-interest bearing deposits: $1.39 billion
- Interest-bearing deposits: $4.70 billion
The company also reported borrowings totaling $563.1 million, which included:
- Subordinated debt: $97.2 million
- Junior subordinated debentures: $24.2 million
Asset Quality
First Mid's asset quality metrics as of the third quarter of 2024 included:
- Non-performing loans: $18.2 million (0.32% of total loans)
- Allowance for credit losses: $68.8 million, representing an ACL to total loans ratio of 1.22%
Capital Ratios
The capital ratios for First Mid Bancshares as of September 30, 2024, were strong, as follows:
- Total capital to risk-weighted assets: 15.24%
- Tier 1 capital to risk-weighted assets: 12.70%
- Common equity tier 1 capital to risk-weighted assets: 12.29%
- Leverage ratio: 10.14%
Noninterest Income and Expenses
Breaking down noninterest income for the third quarter of 2024:
- Wealth management revenues: $5.8 million
- Insurance commissions: $6.0 million
- Service charges: $3.1 million
- Other income: $2.98 million
Noninterest expenses increased to $53.9 million, reflecting:
- Salaries and employee benefits: $31.6 million
- Net occupancy and equipment expense: $8.1 million
| Financial Metric | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Net Income | $19.5 million | $19.7 million | $15.1 million |
| Earnings per Share | $0.81 | $0.83 | $0.68 |
| Net Interest Income | $57.5 million | $56.8 million | $50.4 million |
| Total Assets | $7.58 billion | $7.59 billion | $7.36 billion |
| Total Deposits | $6.09 billion | $6.12 billion | $6.35 billion |
Dividends
The Board of Directors declared a quarterly dividend of $0.24 per share, payable on November 29, 2024, for shareholders of record on November 14, 2024.
Conclusion
First Mid Bancshares continues to operate effectively within the financial services sector, leveraging its diversified portfolio and strong capital ratios to deliver consistent performance.
How First Mid Bancshares, Inc. (FMBH) Makes Money
Revenue Streams
First Mid Bancshares, Inc. (FMBH) generates revenue primarily through two main sources: net interest income and non-interest income.
Net Interest Income
Net interest income is derived from the difference between interest earned on loans and interest paid on deposits. For the third quarter of 2024, net interest income totaled $57.54 million, an increase of 14.1% compared to the same quarter in 2023. This growth is attributed to an increase in interest income from loans.
| Category | Amount (in thousands) |
|---|---|
| Interest and fees on loans | $81,775 |
| Interest on investment securities | $7,036 |
| Interest on federal funds sold & other deposits | $2,371 |
| Total interest income | $91,182 |
| Interest expense on deposits | $28,341 |
| Total interest expense | $33,639 |
| Net interest income | $57,543 |
Loan Portfolio
The total loans portfolio as of September 30, 2024, was approximately $5.62 billion. The growth in loans was diversified across various sectors, including commercial real estate, agricultural operating loans, and commercial and industrial loans.
| Loan Type | Amount (in thousands) |
|---|---|
| Commercial real estate | $2,440,120 |
| Agricultural operating loans | $233,414 |
| Commercial and industrial loans | $1,283,631 |
| Consumer loans | $63,222 |
| Total loans | $5,614,591 |
Non-Interest Income
Non-interest income for the third quarter of 2024 was $23.0 million, slightly up from $22.4 million the previous quarter. This income includes wealth management fees, insurance commissions, service charges, and other income sources.
| Non-Interest Income Category | Amount (in thousands) |
|---|---|
| Wealth management revenues | $5,816 |
| Insurance commissions | $6,003 |
| Service charges | $3,121 |
| Mortgage banking revenues | $1,109 |
| ATM/debit card revenue | $4,267 |
| Other income | $2,984 |
| Total non-interest income | $23,023 |
Expense Management
Non-interest expenses for the third quarter of 2024 totaled $53.9 million, an increase compared to the previous quarter. Key components of these expenses include salaries and employee benefits, occupancy costs, and professional services.
| Expense Category | Amount (in thousands) |
|---|---|
| Salaries and employee benefits | $31,565 |
| Net occupancy and equipment expense | $8,055 |
| Legal and professional expense | $2,573 |
| Other expenses | $11,740 |
| Total non-interest expense | $53,933 |
Capital and Profitability Metrics
As of September 30, 2024, FMBH maintained strong capital levels, with a total capital to risk-weighted assets ratio of 15.24% and a Tier 1 capital ratio of 12.70%.
| Capital Metric | Ratio |
|---|---|
| Total capital to risk-weighted assets | 15.24% |
| Tier 1 capital to risk-weighted assets | 12.70% |
| Common equity tier 1 capital to risk-weighted assets | 12.29% |
| Leverage ratio | 10.14% |
Net Income and Earnings Per Share
Net income for the third quarter of 2024 was $19.48 million, resulting in a diluted earnings per share of $0.81.
| Performance Metric | Amount |
|---|---|
| Net income | $19,482 |
| Earnings per share (diluted) | $0.81 |
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Article updated on 8 Nov 2024
Resources:
- First Mid Bancshares, Inc. (FMBH) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of First Mid Bancshares, Inc. (FMBH)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View First Mid Bancshares, Inc. (FMBH)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.