Mission Statement, Vision, & Core Values (2024) of First Mid Bancshares, Inc. (FMBH)

An Overview of First Mid Bancshares, Inc. (FMBH)

Overview of First Mid Bancshares, Inc. (FMBH)

First Mid Bancshares, Inc. (FMBH) is a community-focused financial services organization based in Mattoon, Illinois. Established in 1865, the company has evolved over its 159-year history to provide a comprehensive range of financial services including banking, wealth management, brokerage, agricultural services, and insurance. As of 2024, First Mid Bancshares operates through a network of locations across Illinois, Missouri, Texas, and Wisconsin, supported by a loan production office in the greater Indianapolis area. The company is recognized for its commitment to serving customers and communities, leveraging its extensive history and experience in the financial sector.

As of 2024, First Mid Bancshares has total assets amounting to approximately $7.6 billion and total deposits of $6.09 billion. The company's loan portfolio stands at $5.62 billion, comprising a diverse range of loan types, including commercial real estate, agricultural operating loans, and commercial and industrial loans.

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, First Mid Bancshares reported a net income of $19.48 million, translating to a diluted earnings per share (EPS) of $0.81. This represents a significant increase from the $15.12 million net income reported in the same quarter of the previous year. The company achieved record-breaking revenue primarily driven by an increase in net interest income, which reached $57.54 million, up from $50.44 million year-over-year.

Key financial highlights from the third quarter of 2024 include:

• Net Interest Income: $57.54 million
• Non-Interest Income: $23.02 million
• Total Revenue: $81.93 million
• Loan Growth: 1% quarter-over-quarter
• Wealth Management and Insurance Revenue Growth: 16.6% year-over-year
• Efficiency Ratio: 61.3%

The company’s net interest margin for the third quarter was 3.35%, reflecting a year-over-year increase of 29 basis points. The increase was attributed to higher rates on new loan originations and a diversified loan portfolio that contributed to consistent revenue growth. Additionally, First Mid Bancshares reported total deposits of $6.09 billion, with a slight decrease of $26.9 million from the previous quarter.

Introduction to Company as a Leader in the Industry

First Mid Bancshares, Inc. has established itself as a leading player in the financial services industry, characterized by its robust growth strategy and commitment to customer service. The company leverages its extensive history to foster trust and reliability among its clientele. With total assets of approximately $7.6 billion and a diversified portfolio, First Mid Bancshares has positioned itself as a strong competitor in the market. The company continues to invest in technology and innovation to enhance customer experience and operational efficiency.

As a community-focused organization, First Mid Bancshares emphasizes the importance of local relationships and responsiveness to customer needs. This focus on community engagement and service excellence is key to its sustained success in the financial sector. To learn more about First Mid Bancshares and its strategic initiatives, investors and stakeholders are encouraged to explore further resources.

Mission Statement of First Mid Bancshares, Inc. (FMBH)

Overview of First Mid Bancshares, Inc. Mission Statement

First Mid Bancshares, Inc. (FMBH) operates under a mission statement that emphasizes its commitment to providing high-quality financial services while supporting the communities it serves. This mission is crucial in guiding the company’s strategic direction and operational decisions. The mission statement serves as a foundation for the organization’s long-term goals and objectives, ensuring that all employees understand the core purpose of their roles in fulfilling the company’s vision.

Core Component 1: Customer Commitment

A key element of FMBH's mission statement is its strong commitment to customers. The company prioritizes customer satisfaction by offering tailored financial solutions that meet the diverse needs of individuals and businesses. As of September 30, 2024, FMBH reported a total of $5.62 billion in loans, reflecting a diversified portfolio that includes commercial real estate, agricultural operating loans, and consumer loans. This diverse lending strategy is designed to enhance customer experience and foster long-term relationships.

Core Component 2: Community Engagement

FMBH actively engages with the communities it serves, reinforcing its mission of being a community-focused organization. The company’s initiatives include various financial literacy programs and community development projects aimed at enhancing the quality of life for residents. In 2024, FMBH reported noninterest income of $23.0 million, which includes revenue from its wealth management services that cater to local community needs. This engagement not only strengthens community ties but also supports the company’s growth through increased customer loyalty.

Core Component 3: Employee Empowerment

Another vital aspect of FMBH's mission statement is its commitment to employee empowerment. The organization believes that a well-trained and motivated workforce is essential for achieving business objectives. As of the third quarter of 2024, FMBH employed 1,207 full-time equivalent employees, reflecting its investment in human capital. The company’s focus on professional development and employee satisfaction is integral to maintaining high service standards for customers.

In summary, the mission statement of First Mid Bancshares, Inc. encapsulates its dedication to customer service, community involvement, and employee empowerment. These core components not only drive the company’s strategic initiatives but also contribute to its financial performance and market position in 2024.

Vision Statement of First Mid Bancshares, Inc. (FMBH)

Vision Statement Overview

First Mid Bancshares, Inc. (FMBH) aims to be a premier provider of financial services in the communities it serves, emphasizing customer satisfaction, community involvement, and employee engagement.

Commitment to Customer Service

First Mid Bancshares emphasizes a strong commitment to delivering exceptional customer service. The organization focuses on understanding customer needs and providing tailored solutions. In 2024, FMBH reported a customer satisfaction score of 92%, reflecting its dedication to enhancing customer experiences.

Community Engagement

FMBH actively participates in community initiatives, showcasing its commitment to social responsibility. In 2024, the company invested approximately $1.5 million in local community projects and charitable contributions, aimed at improving the quality of life in the regions it serves.

Employee Development and Engagement

FMBH recognizes the importance of employee development as a core component of its vision. In 2024, the company provided over 20,000 hours of training and professional development to its employees, resulting in a 95% employee satisfaction rate.

Financial Performance Metrics

Technological Innovation

The vision of FMBH includes a commitment to leveraging technology to enhance service delivery. In 2024, the company allocated $2 million towards upgrading its digital banking platforms, resulting in a 30% increase in online banking usage among customers.

Long-Term Sustainability Goals

First Mid Bancshares is dedicated to sustainable business practices. In 2024, the company reported a 15% reduction in energy consumption across its facilities as part of its long-term sustainability initiatives, aiming for a 25% reduction by 2026.

Core Values of First Mid Bancshares, Inc. (FMBH)

Integrity

The core value of integrity at First Mid Bancshares, Inc. (FMBH) emphasizes ethical behavior, transparency, and accountability in all business dealings.

In 2024, FMBH demonstrated its commitment to integrity through rigorous compliance programs and transparent communication with stakeholders. The company adheres to strict regulatory standards, ensuring that all financial disclosures are accurate and timely. For instance, in Q3 2024, FMBH reported a net income of $19.48 million, reflecting its commitment to honest financial reporting.

Customer Focus

FMBH prioritizes customer satisfaction and strives to meet the evolving needs of its clients. This value is evident in the company’s various customer service initiatives.

In 2024, FMBH launched a new digital banking platform that enhanced user experience, evidenced by a 15% increase in online banking registrations. Additionally, the company reported a 5% growth in wealth management revenues, reaching $16.54 million in Q3 2024.

Community Engagement

Community engagement is crucial for FMBH, reflecting its commitment to social responsibility and local development.

In 2024, FMBH contributed over $1.5 million to local charities and community programs. The company also participated in financial literacy programs, reaching over 2,000 individuals in underserved communities. This aligns with their mission to enhance community well-being.

Innovation

FMBH embraces innovation to improve service delivery and operational efficiency.

In 2024, the company invested $2 million in technology upgrades, including artificial intelligence for customer service operations. This investment has led to a 20% reduction in customer service response times, showcasing FMBH's commitment to leveraging technology for better service.

Teamwork

Teamwork underpins FMBH’s organizational culture, fostering collaboration among employees to achieve common goals.

As of 2024, FMBH reported a full-time employee count of 1,207, with a focus on team-building initiatives that improved employee engagement scores by 10%. The company also implemented cross-departmental projects that enhanced collaboration and innovation.

Respect

Respect for individuals and diverse perspectives is a foundational value at FMBH.

In 2024, the company established an Employee Resource Group (ERG) aimed at promoting diversity and inclusion within the workplace. This initiative has resulted in a 30% increase in participation in company events focused on diversity.

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.