First Mid Bancshares, Inc. (FMBH): Marketing Mix Analysis [10-2024 Updated]

In 2024, First Mid Bancshares, Inc. (FMBH) continues to solidify its position in the financial sector with a robust marketing mix that effectively addresses the needs of its customers. The company offers a comprehensive range of services, including banking, wealth management, and insurance, while maintaining a strong community focus. With a strategic presence across multiple states and a commitment to competitive pricing, FMBH is poised for growth. Discover how their innovative approach to product offerings, distribution channels, promotional strategies, and pricing structure sets them apart in the marketplace.

First Mid Bancshares, Inc. (FMBH) - Marketing Mix: Product

Offers a full suite of financial services.

First Mid Bancshares, Inc. provides a comprehensive range of financial services, encompassing banking, wealth management, and insurance products. As of September 30, 2024, the company reported total assets of $7.58 billion.

Provides banking, wealth management, and insurance.

The company operates through its subsidiaries, which include First Mid Bank & Trust, First Mid Wealth Management Co., and First Mid Insurance Group. Wealth management services accounted for approximately $16.54 million in revenues for the third quarter of 2024, reflecting a year-over-year increase.

Focuses on agricultural and commercial loans.

First Mid Bancshares has a strong emphasis on agricultural and commercial lending, with total loans amounting to $5.62 billion as of Q3 2024. This portfolio includes agricultural operating loans of $233.41 million and commercial and industrial loans totaling $1.28 billion.

Includes mortgage banking and consumer loans.

The mortgage banking segment generated revenues of $1.11 million in Q3 2024, while consumer loans stood at $63.22 million. The overall loan portfolio reflects a diverse range of products designed to meet various customer needs.

Emphasizes community-focused solutions.

First Mid Bancshares emphasizes community engagement by tailoring solutions to local needs. The bank has a significant presence in Illinois, Missouri, Texas, and Wisconsin, providing localized financial products and services across its network of branches.

Consistently expanding loan portfolio with diverse offerings.

The loan portfolio has demonstrated consistent growth, with a reported increase of $54 million, or 1%, from the previous quarter. The mix of loans is balanced across various categories, including:

This diversification helps mitigate risk and enhances the overall stability of the financial institution.

First Mid Bancshares, Inc. (FMBH) - Marketing Mix: Place

Operates across Illinois, Missouri, Texas, and Wisconsin

First Mid Bancshares, Inc. operates a comprehensive banking network across four states: Illinois, Missouri, Texas, and Wisconsin. This geographic diversification allows the company to tap into various regional markets, enhancing its accessibility to a broader customer base.

Has a loan production office in Indianapolis

The company maintains a loan production office in Indianapolis, Indiana. This strategic location facilitates the origination of loans and strengthens its presence in the Midwest, catering to both commercial and consumer lending needs.

Utilizes a sizeable network of branch locations

First Mid Bancshares boasts a robust network of over 70 branch locations. This extensive distribution network ensures that customers have convenient access to banking services, thereby enhancing customer satisfaction and loyalty.

Engages in digital banking to enhance accessibility

In addition to its physical branch network, First Mid Bancshares has invested significantly in digital banking platforms. These platforms provide customers with 24/7 access to their accounts, online banking services, and mobile banking applications, thereby increasing convenience and accessibility.

Supports local communities through tailored services

First Mid Bancshares emphasizes community engagement by offering tailored services that meet the specific needs of local populations. This includes community-focused financial products, local sponsorships, and initiatives aimed at supporting economic development within the regions it serves.

First Mid Bancshares, Inc. (FMBH) - Marketing Mix: Promotion

Utilizes targeted marketing campaigns for product awareness

First Mid Bancshares, Inc. employs targeted marketing campaigns to enhance product awareness. In 2024, the company allocated approximately $836,000 for marketing and donations. These campaigns focus on promoting specific financial products and services tailored to the needs of their customer base.

Engages in community events and sponsorships

The company actively participates in community events and sponsorships to strengthen its local presence. This strategy not only boosts brand visibility but also fosters relationships within the community. For instance, First Mid has sponsored various local events, enhancing its reputation as a community-focused institution.

Leverages online platforms for customer engagement

First Mid Bancshares utilizes social media and digital marketing to engage with customers effectively. In 2024, the company reported an increase in online interactions, with a focus on platforms like Facebook and LinkedIn, which have become essential for driving customer engagement and brand loyalty.

Highlights customer testimonials to build trust

The company showcases positive customer testimonials across its marketing channels. This approach aims to build trust and credibility with potential clients. Testimonials are featured prominently on their website and in promotional materials, demonstrating the satisfaction of existing customers with First Mid's services.

Focuses on educational content regarding financial literacy

First Mid Bancshares emphasizes financial literacy by providing educational resources to its customers. In 2024, the company introduced a series of webinars and workshops aimed at enhancing customer knowledge about financial products and services. This initiative not only positions First Mid as a knowledgeable resource but also helps in building long-term customer relationships.

First Mid Bancshares, Inc. (FMBH) - Marketing Mix: Price

Competitive interest rates on loans and deposits

First Mid Bancshares, Inc. (FMBH) maintains competitive interest rates for their financial products. The average rate on interest-earning assets is 5.35%, while the average cost of funds is 2.00% . This results in a net interest margin of 3.35% . The company has reported an increase in interest income due to higher rates on new loan originations and refinancing .

Regular quarterly dividend of $0.24 per share

FMBH has declared a regular quarterly dividend of $0.24 per share, payable on November 29, 2024, to shareholders of record on November 14, 2024 . This dividend reflects the company's commitment to returning value to its shareholders.

Adjusted return on average common equity at 9.58%

The adjusted return on average common equity for FMBH stands at 9.58%, indicating effective utilization of equity to generate returns . This level of return is competitive within the banking sector and highlights the company's strong operational performance.

Offers incentives for new customer accounts

FMBH implements various incentives to attract new customer accounts. These may include promotional interest rates on deposit accounts and reduced fees for initial transactions, although specific details on current promotions were not disclosed in the available documents.

Maintains a focus on value through cost-effective solutions

First Mid Bancshares focuses on providing value through cost-effective solutions, ensuring that their pricing strategies align with customer needs while maintaining profitability. This approach is reflected in their diversified loan portfolio, which reached a total of $5.62 billion .

In summary, First Mid Bancshares, Inc. (FMBH) effectively leverages its marketing mix to deliver comprehensive financial solutions tailored to meet the needs of its diverse customer base. By offering a full suite of services, maintaining a strong community presence, and employing targeted promotional strategies, FMBH positions itself as a competitive player in the financial sector. Furthermore, its commitment to providing competitive pricing and innovative solutions ensures it remains a trusted partner for customers across its operating regions.

Article updated on 8 Nov 2024

Resources:

1. 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.
2. 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.