• First Mid Bancshares, Inc. Announces Third Quarter 2021 Results

    Source: Nasdaq GlobeNewswire / 28 Oct 2021 08:00:02   America/New_York

    MATTOON, Ill., Oct. 28, 2021 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter and year-to-date period ended September 30, 2021.

    Highlights

    • Net income of $18.3 million, or $1.01 diluted EPS
    • Adjusted net income (non-GAAP) of $19.7 million, or $1.08 diluted EPS
    • Solid organic loan growth of 1.3% for the quarter, excluding acquired and Paycheck Protection Program loans
    • Completed the integration of a St. Louis based commercial lending team including a portfolio of loans of approximately $208.0 million and deposits of approximately $215.1 million

    “We are pleased to report another strong quarter of financial results, which represented a new record high in quarterly earnings,” said Joe Dively, Chairman and Chief Executive Officer. “The quarter included net organic loan growth for the first time this year and the fourth quarter pipeline looks to be solid. Both the former Providence and the new St. Louis based commercial lending teams are fully integrated and off to a great start in supporting our customers and communities.”

    “With respect to the pending acquisition of Delta Bancshares Company (“Delta”), which we announced on July 29, 2021, we have continued to work with the team on preparing for a smooth transition and are excited about the opportunities and additional services the combined entity can provide to Delta’s customers and the broader St. Louis community,” Dively concluded.

    Net Interest Income

    Net interest income for the third quarter of 2021 increased by $2.7 million, or 6.4% compared to the second quarter of 2021. Interest income increased by $2.6 million and interest expense decreased $0.1 million from the previous quarter. PPP fee income totaled $5.1 million, an increase of $3.1 million from the prior quarter, which was partially offset by a decline in accretion income. The third quarter included $1.6 million of accretion income compared to $2.8 million in the second quarter. As of September 30, 2021, the Company had $2.0 million of deferred fee income on PPP loans remaining.    

    In comparison to the third quarter of 2020, net interest income increased $13.0 million, or 39.9%. The increase was primarily the result of the acquisition of Providence Bank in the first quarter of 2021, the additional income from the PPP, and the active management to lower funding costs.            

    Net Interest Margin

    Net interest margin, on a tax equivalent basis, was 3.38% for the third quarter of 2021, which was an increase of 16 basis points compared to the prior quarter. Earning asset yields increased 15 basis points, while the average cost of funds declined by one basis point.

    In comparison to the third quarter of last year, the net interest margin increased 21 basis points with earning asset yields higher by 11 basis points and average cost of funds lower by 10 basis points.   The increase in rates on earning assets was primarily driven by higher accretion and PPP fee income. The decrease in average cost of funds was mostly the result of not replacing higher cost funds as they have matured and lower rates on certain products.

    Loan Portfolio

    Total loans ended the quarter at $3.95 billion, representing an increase of $151.5 million compared to the prior quarter. PPP loans decreased by $105.7 million, and the St. Louis loan acquisition added $208.0 million during the quarter. Excluding these changes, loans increased $49.2 million in the quarter, or 1.3%. The Company had $59.4 million of PPP loans outstanding on September 30, 2021. Loan growth in the quarter was dispersed broadly in both industry and geographically.        

    Asset Quality

    The Company’s asset quality measures continued to be in a very strong position.   At quarter end, the ratio of non-performing loans to total loans was 0.70%, and the allowance for credit losses (“ACL”) to non-performing loans was 195%.   Nonperforming loans and nonperforming assets decreased in the quarter. The ratio of nonperforming assets to total assets was 0.55% at quarter end. Net charge-offs were $1.7 million during the third quarter, primarily from one loan where the reserve had already been accounted for. Special mention loans decreased $20.7 million to $76.2 million and substandard loans decreased $4.4 million to $51.1 million.

    Provision expense for the quarter was $1.1 million compared to $3.9 million in the same quarter last year. As of September 30, 2021, the ACL, excluding $59.4 million of PPP loans, was 1.39% of total loans.         

    Deposits

    Total deposits ended the quarter at $4.99 billion, which represented an increase of $249.2 million from the prior quarter. Excluding the acquired deposits of $215.1 million, deposits increased $34.1 million in the quarter. The Company’s average rate on cost of funds was 0.29% for the quarter compared to 0.30% in the prior quarter and 0.39% in the third quarter of 2020. The Company continues to reprice CDs lower and let wholesale funding sources mature without replacement.               

    Noninterest Income

    Noninterest income for the third quarter of 2021 was $16.4 million compared to $18.3 million in the second quarter of 2021.   The decrease was primarily due to the seasonality of insurance business and farmland sales. While these businesses have seasonality throughout the year, they provide significant diversification and stable revenue and cash flow streams for the Company.        

    In comparison to the third quarter of last year, noninterest income increased $2.8 million, or 20.5%. Combined, insurance and wealth management business lines increased 20.4% over the same period last year, partially due to the previously announced acquisitions within these lines of business. The other fee income services increased 20.6% compared to the third quarter of last year, partially due to the addition of Providence.         

    Noninterest Expenses     

    Noninterest expense for the third quarter totaled $36.3 million compared to $46.0 million in the second quarter. The current quarter included $0.4 million of acquisition and integration related costs and $1.3 million in branch optimization costs. Combined, these expenses were down by $5.4 million compared to the prior quarter. In addition, the third quarter represents the first full quarter of run-rate cost savings from the Providence integration. The third quarter is also lower, partially due to the seasonality in the wealth management farm business and in insurance.         

    In comparison to the third quarter of 2020, noninterest expenses increased $9.4 million. The increase was primarily due to the addition of Providence, growth in the insurance and wealth management businesses, and branch optimization costs.

    The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the third quarter 2021 was 52.7% compared to 59.9% in the prior quarter and 54.7% for the same period last year.

    Regulatory Capital Levels and Dividend

    The Company’s capital levels remained strong and comfortably above the “well capitalized” levels. Capital levels ended the period as follows:                          

    Total capital to risk-weighted assets  15.86%
    Tier 1 capital to risk-weighted assets 12.52%
    Common equity tier 1 capital to risk-weighted assets   12.06%
    Leverage ratio    9.04%

    The Company’s Board of Directors approved its next quarterly dividend in the amount of $0.22 payable on December 1, 2021 for shareholders of record on November 17, 2021.  

    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 $6.0 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, and Texas, 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 156 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,” and “Tangible Book Value per Common Share”. 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 Statements
    This document may contain certain forward-looking statements about First Mid and Delta Bancshares Company (“Delta”), such as discussions of First Mid’s and Delta’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses, and planned schedules. First Mid 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 First Mid and Delta, 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, the possibility that any of the anticipated benefits of the proposed transactions between First Mid and Delta will not be realized or will not be realized within the expected time period; the risk that integration of the operations of Delta with First Mid will be materially delayed or will be more costly or difficult than expected; the inability to complete the proposed transactions due to the failure to satisfy conditions to completion of the proposed transactions, including failure to obtain the required regulatory, shareholder and other approvals; the failure of the proposed transactions to close for any other reason; the effect of the announcement of the proposed transactions on customer relationships and operating results; the possibility that the proposed transactions may be more expensive to complete than anticipated, including as a result of unexpected factors or events; changes in interest rates; general economic conditions and those in the market areas of First Mid and Delta; 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 First Mid’s and Delta’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 First Mid and Delta; accounting principles, policies and guidelines; the severity, magnitude and duration of the COVID-19 pandemic, the direct and indirect impact of such pandemic, including responses to the pandemic by the U.S., state and local governments, customers' businesses, the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect First Mid’s and Delta’s liquidity and capital positions, impair the ability of First Mid’s and Delta’s borrowers to repay outstanding loans, impair collateral values, and further increase the allowance for credit losses, and the impact of the COVID-19 pandemic on First Mid’s and Delta’s financial results, including possible lost revenue and increased expenses (including cost of capital), as well as possible goodwill impairment charges. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’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, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

    Important Information about the Merger and Additional Information
    First Mid filed a registration statement on Form S-4 with the SEC on September 17, 2021, which, as amended, was declared effective on October 5, 2021, in connection with the proposed transaction. The registration statement includes a proxy statement of Delta that also constitutes a prospectus of First Mid. Investors in Delta are urged to read the proxy statement/prospectus, which will contain important information, including detailed risk factors. The proxy statement/prospectus and other documents which will be filed by First Mid with the SEC will be available free of charge at the SEC’s website, www.sec.gov, or by directing a request when such a filing is made to First Mid Bancshares, P.O. Box 499, Mattoon, IL 61938, Attention: Investor Relations; or to Delta Bancshares Company, 2301 Market Street, Saint Louis, MO 63103, Attention: John Dulle, Executive Vice President. The definitive proxy statement/prospectus was first mailed to the shareholders of Delta on or about October 8, 2021.

    Participants in the Solicitation
    First Mid and Delta, and certain of their respective directors, executive officers and other members of management and employees, are participants in the solicitation of proxies in connection with the proposed transactions. Information about the directors and executive officers of First Mid is set forth in the proxy statement for its 2021 annual meeting of stockholders, which was filed with the SEC on March 19, 2021. Investors may obtain additional information regarding the interests of such participants in the proposed transactions by reading the proxy statement/prospectus for such proposed transactions.

    No Offer or Solicitation
    This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

    Investor Contact:
    Aaron Holt
    VP, Shareholder Relations
    217-258-0463
    aholt@firstmid.com

    Matt Smith
    Chief Financial Officer
    217-258-1528
    msmith@firstmid.com

    – Tables Follow –

             
    FIRST MID BANCSHARES, INC.
     
    Condensed Consolidated Balance Sheets
     
    (In thousands, unaudited)
     
       As of
     
                   
       September 30, December 31, September 30, 
        2021   2020   2020  
             
    Assets        
    Cash and cash equivalents $345,206  $417,281  $232,385  
    Investment securities  1,357,035   887,169   750,122  
    Loans (including loans held for sale) 3,947,769   3,138,419   3,236,247  
    Less allowance for credit losses  (53,983)  (41,910)  (41,915) 
    Net loans   3,893,786   3,096,509   3,194,332  
    Premises and equipment, net  81,823   58,206   59,356  
    Goodwill and intangibles, net  142,656   128,120   129,287  
    Bank owned life insurance  131,547   68,955   68,519  
    Other assets   91,306   70,108   75,127  
    Total assets  $6,043,359  $4,726,348  $4,509,128  
             
    Liabilities and Stockholders' Equity      
    Deposits:        
    Non-interest bearing $1,242,950  $936,926  $837,602  
    Interest bearing   3,745,612   2,755,858   2,782,234  
    Total deposits   4,988,562   3,692,784   3,619,836  
    Repurchase agreement with customers 149,891   206,937   170,345  
    Other borrowings  112,641   93,969   93,954  
    Junior subordinated debentures 19,153   19,027   18,985  
    Subordinated debt  94,363   94,253    
    Other liabilities   51,524   51,150   44,999  
    Total liabilities   5,416,134   4,158,120   3,948,119  
             
    Total stockholders' equity  627,225   568,228   561,009  
    Total liabilities and stockholders' equity$6,043,359  $4,726,348  $4,509,128  
             


                
    FIRST MID BANCSHARES, INC. 
    Condensed Consolidated Statements of Income 
    (In thousands, except per share data, unaudited) 
                
       Three Months Ended  Nine Months Ended 
       September 30,  September 30, 
        2021  2020   2021  2020 
    Interest income:           
    Interest and fees on loans $43,292 $32,151  $119,973 $93,560 
    Interest on investment securities  5,835  4,074   16,416  12,740 
    Interest on federal funds sold & other deposits 136  70   325  271 
    Total interest income   49,263  36,295   136,714  106,571 
    Interest expense:           
    Interest on deposits   2,234  3,168   6,980  10,134 
    Interest on securities sold under agreements to repurchase   52  68   179  420 
    Interest on other borrowings  359  395   1,178  1,506 
    Interest on jr. subordinated debentures  137  147   416  539 
    Interest on subordinated debt  985  -   2,954  - 
    Total interest expense   3,767  3,778   11,707  12,599 
    Net interest income   45,496  32,517   125,007  93,972 
    Provision for loan losses  1,103  3,883   12,679  15,500 
    Net interest income after provision for loan 44,393  28,634   112,328  78,472 
    Non-interest income:           
    Wealth management revenues  4,204  3,468   14,146  10,921 
    Insurance commissions   3,932  3,291   14,777  14,000 
    Service charges   1,838  1,446   4,741  4,335 
    Securities gains, net   11  95   88  913 
    Mortgage banking revenues  1,477  1,661   4,577  3,205 
    ATM/debit card revenue  3,060  2,367   8,900  6,593 
    Other   1,837  1,250   5,163  4,006 
    Total non-interest income  16,359  13,578   52,392  43,973 
    Non-interest expense:           
    Salaries and employee benefits  21,092  15,346   69,487  47,301 
    Net occupancy and equipment expense  5,382  4,363   15,834  12,746 
    Net other real estate owned (income) expense 1,507  110   3,551  62 
    FDIC insurance   268  469   1,198  851 
    Amortization of intangible assets  1,414  1,277   3,929  3,862 
    Stationary and supplies   299  262   850  805 
    Legal and professional expense  1,878  1,320   4,919  4,207 
    Marketing and donations  679  387   1,688  1,182 
    Other   3,802  3,393   18,478  9,740 
    Total non-interest expense  36,321  26,927   119,934  80,756 
    Income before income taxes  24,431  15,285   44,786  41,689 
    Income taxes   6,105  3,720   10,130  9,988 
    Net income  $18,326 $11,565  $34,656 $31,701 
                
    Per Share Information           
    Basic earnings per common share $1.01 $0.69  $1.94 $1.90 
    Diluted earnings per common share  1.01  0.69   1.94  1.89 
                
    Weighted average shares outstanding  18,083,126  16,728,191   17,819,619  16,710,485 
    Diluted weighted average shares outstanding 18,136,146  16,775,099   17,872,639  16,757,393 
                


                    
    FIRST MID BANCSHARES, INC. 
    Condensed Consolidated Statements of Income 
    (In thousands, except per share data, unaudited) 
                    
         For the Quarter Ended 
         September 30, June 30, March 31, December 31, September 30,
     
           2021  2021   2021  2020   2020 
    Interest income:               
    Interest and fees on loans    $43,292 $40,795  $35,886 $33,254  $32,151 
    Interest on investment securities     5,835  5,739   4,842  4,226   4,074 
    Interest on federal funds sold & other deposits    136  101   88  90   70 
    Total interest income      49,263  46,635   40,816  37,570   36,295 
    Interest expense:               
    Interest on deposits      2,234  2,262   2,484  2,617   3,168 
    Interest on securities sold under agreements to repurchase   52  57   70  68   68 
    Interest on other borrowings     359  445   374  371   395 
    Interest on jr. subordinated debentures     137  139   140  143   147 
    Interest on subordinated debt     985  985   984  931   - 
    Total interest expense      3,767  3,888   4,052  4,130   3,778 
    Net interest income      45,496  42,747   36,764  33,440   32,517 
    Provision for loan losses     1,103  (560)  12,136  603   3,883 
    Net interest income after provision for loan    44,393  43,307   24,628  32,837   28,634 
    Non-interest income:               
    Wealth management revenues     4,204  5,016   4,926  5,232   3,468 
    Insurance commissions      3,932  4,988   5,857  3,477   3,291 
    Service charges      1,838  1,539   1,364  1,527   1,446 
    Securities gains, net      11  73   4  193   95 
    Mortgage banking revenues     1,477  1,691   1,409  1,870   1,661 
    ATM/debit card revenue     3,060  3,141   2,699  2,369   2,367 
    Other      1,837  1,836   1,490  879   1,250 
    Total non-interest income     16,359  18,284   17,749  15,547   13,578 
    Non-interest expense:               
    Salaries and employee benefits     21,092  24,908   23,487  19,151   15,346 
    Net occupancy and equipment expense     5,382  5,482   4,970  3,962   4,363 
    Net other real estate owned (income) expense    1,507  1,966   78  (20)  110 
    FDIC insurance      268  478   452  458   469 
    Amortization of intangible assets     1,414  1,295   1,220  1,200   1,277 
    Stationary and supplies      299  235   316  275   262 
    Legal and professional expense     1,878  1,639   1,402  1,220   1,320 
    Marketing and donations     679  507   502  434   387 
    Other      3,802  9,503   5,173  3,651   3,393 
    Total non-interest expense     36,321  46,013   37,600  30,331   26,927 
    Income before income taxes     24,431  15,578   4,777  18,053   15,285 
    Income taxes      6,105  3,357   668  4,484   3,720 
    Net income     $18,326 $12,221  $4,109 $13,569  $11,565 
                    
    Per Share Information               
    Basic earnings per common share    $1.01 $0.68  $0.24 $0.81  $0.69 
    Diluted earnings per common share     1.01  0.68   0.24  0.81   0.69 
                    
    Weighted average shares outstanding     18,083,126  18,067,190   17,299,927  16,735,926   16,728,191 
    Diluted weighted average shares outstanding    18,136,146  18,120,210   17,352,947  16,779,129   16,775,099 
                    


    FIRST MID BANCSHARES, INC.
    Consolidated Financial Highlights and Ratios
    (Dollars in thousands, except per share data)
    (Unaudited)
       As of and for the Quarter Ended
       September 30, June 30, March 31, December 31, September 30,
        2021   2021   2021   2020   2020 
                
    Loan Portfolio            
    Construction and land development $180,061  $141,568  $165,376  $122,479  $167,515 
    Farm real estate loans  278,788   277,362   269,652   254,341   256,230 
    1-4 Family residential properties  412,565   394,902   412,470   325,762   339,172 
    Multifamily residential properties  306,911   274,910   297,984   189,632   139,255 
    Commercial real estate  1,583,255   1,480,198   1,402,885   1,174,300   1,177,571 
    Loans secured by real estate  2,761,580   2,568,940   2,548,367   2,066,514   2,079,743 
    Agricultural operating loans  126,534   123,101   121,070   137,352   141,074 
    Commercial and industrial loans  835,860   864,554   1,017,400   738,313   807,668 
    Consumer loans   80,064   84,541   91,705   78,002   80,348 
    All other loans   143,731   155,168   164,557   118,238   127,414 
    Total loans   3,947,769   3,796,304   3,943,099   3,138,419   3,236,247 
                
    Deposit Portfolio            
    Non-interest bearing demand deposits $1,242,950  $1,157,009  $1,185,181  $936,926  $837,602 
    Interest bearing demand deposits  1,416,361   1,418,717   1,268,882   1,031,183   1,053,691 
    Savings deposits   612,404   598,232   668,098   499,427   485,241 
    Money Market   1,075,852   842,771   803,946   748,179   736,262 
    Time deposits   640,995   722,593   811,586   477,069   507,040 
    Total deposits   4,988,562   4,739,322   4,737,693   3,692,784   3,619,836 
                
    Asset Quality           
    Non-performing loans $27,723  $30,410  $31,984  $28,123  $22,439 
    Non-performing assets  33,359   37,648   45,323   30,616   24,712 
    Net charge-offs   1,717   261   702   608   349 
    Allowance for credit losses to non-performing loans 194.72%   179.54%   173.27%   149.02%   186.80% 
    Allowance for credit losses to total loans outstanding1.39%1  1.50%1  1.50%1  1.41%1  1.41%1 
    Nonperforming loans to total loans  0.70%   0.80%   0.81%   0.90%   0.69% 
    Nonperforming assets to total assets  0.55%   0.65%   0.78%   0.65%   0.55% 
                
    Common Share Data          
    Common shares outstanding  18,083,126   18,078,474   18,042,256   16,741,208   16,731,684 
    Book value per common share $34.69  $34.08  $33.36  $33.94  $33.53 
    Tangible book value per common share (2)  26.80   26.33   25.68   26.29   25.80 
    Market price of stock  41.06   40.51   43.93   33.66   24.95 
                
    Key Performance Ratios and Metrics          
    End of period earning assets $5,542,199  $5,269,882  $5,374,848  $4,367,717  $4,130,186 
    Average earning assets  5,396,239   5,380,411   4,769,975   4,238,388   4,113,846 
    Average rate on average earning assets (tax equivalent) 3.67%   3.52%   3.52%   3.58%   3.56% 
    Average rate on cost of funds  0.29%   0.30%   0.36%   0.41%   0.39% 
    Net interest margin (tax equivalent) (2)  3.38%   3.22%   3.16%   3.17%   3.17% 
    Return on average assets  1.25%   0.84%   0.32%   1.18%   1.03% 
    Return on average common equity  11.67%   8.00%   2.78%   9.66%   8.31% 
    Efficiency ratio (tax equivalent) (2)  52.73%   59.91%   61.20%   58.27%   54.66% 
    Full-time equivalent employees  960   960   983   824   816 
                
    1 Excludes Paycheck Protection Program loans.          
    2 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.        


    FIRST MID BANCSHARES, INC.
    Net Interest Margin
    (In thousands, unaudited) 
      For the Quarter Ended September 30, 2021 
      QTD Average   Average 
      Balance Interest Rate 
    INTEREST EARNING ASSETS      
    Interest bearing deposits$277,844  $122 0.17% 
    Federal funds sold 1,341   - 0.00% 
    Certificates of deposits investments 2,453   13 2.10% 
    Investment Securities:      
    Taxable (total less municipals) 976,817   3,961 1.62% 
    Tax-exempt (Municipals) 312,796   2,373 3.03% 
    Loans (net of unearned income) 3,824,988   43,463 4.51% 
            
    Total interest earning assets 5,396,239   49,932 3.67% 
            
    NONEARNING ASSETS      
    Cash and due from banks 100,475      
    Premises and equipment 82,057      
    Other nonearning assets 344,014      
    Allowance for loan losses (55,373)     
            
    Total assets$5,867,412      
            
    INTEREST BEARING LIABILITIES      
    Demand deposits$2,336,601  $1,177 0.20% 
    Savings deposits 606,129   111 0.07% 
    Time deposits 673,833   946 0.56% 
    Total interest bearing deposits 3,616,563   2,234 0.25% 
    Repurchase agreements 160,686   52 0.13% 
    FHLB advances 112,715   359 1.26% 
    Federal funds purchased -   - 0.00% 
    Subordinated debt 94,338   985 4.14% 
    Jr. subordinated debentures 19,125   137 2.84% 
    Other borrowings -   - 0.00% 
    Total borrowings 386,864   1,533 1.57% 
    Total interest bearing liabilities 4,003,427   3,767 0.37% 
            
    NONINTEREST BEARING LIABILITIES      
    Demand deposits 1,179,915  Average cost of funds0.29% 
    Other liabilities 56,107      
    Stockholders' equity 627,963      
            
    Total liabilities & stockholders' equity$5,867,412      
            
    Net Interest Earnings / Spread  $46,165 3.30% 
            
    Impact of Non-Interest Bearing Funds    0.08% 
            
    Tax effected yield on interest earning assets   3.38% 
            


    FIRST MID BANCSHARES, INC. 
    Reconciliation of Non-GAAP Financial Measures 
    (In thousands, unaudited) 
                   
         As of and for the Quarter Ended 
         September 30,June 30, March 31, December 31, September 30,
     
          2021   2021   2021   2020   2020  
                   
    Net interest income as reported  $45,496  $42,747  $36,764  $33,440  $32,517  
    Net interest income, (tax equivalent)  46,165   43,359   37,359   34,040   33,084  
    Average earning assets   5,396,239   5,380,411   4,769,975   4,238,388   4,113,846  
    Net interest margin (tax equivalent)  3.38%  3.22%  3.16%  3.17%  3.17% 
                   
                   
    Common stockholder's equity  $627,225  $616,066  $601,884  $568,228  $561,009  
    Goodwill and intangibles, net   142,656   139,995   138,606   128,120   129,287  
    Common shares outstanding   18,083   18,078   18,042   16,741   16,732  
    Tangible Book Value per common share $26.80  $26.33  $25.68  $26.29  $25.80  
                   


    FIRST MID BANCSHARES, INC. 
    Reconciliation of Non-GAAP Financial Measures 
    (In thousands, except per share data, unaudited) 
                   
         As of and for the Quarter Ended 
         September 30,June 30, March 31, December 31, September 30,
     
          2021   2021   2021   2020   2020  
    Adjusted earnings Reconciliation           
    Net Income - GAAP   $18,326  $12,221  $4,109  $13,569  $11,565  
    Adjustments (post-tax): (1)            
    Acquisition ACL on non-PCD assets in provision expense -   -   9,072   -   -  
    Branch optimization costs   999   960   -   -   -  
    Integration and acquisition expenses  348   4,634   2,036   292   69  
    Total non-recurring adjustments (non-GAAP)$1,347  $5,595  $11,108  $292  $69  
                   
    Adjusted earnings - non-GAAP  $19,673  $17,816  $15,217  $13,861  $11,634  
    Adjusted diluted earnings per share (non-GAAP)$1.08  $0.98  $0.88  $0.83  $0.69  
                   
    Efficiency Ratio Reconciliation            
    Noninterest expense - GAAP  $36,321  $46,013  $37,600  $30,331  $26,927  
    Other real estate owned property income (expense) (242)  (751)  (78)  20   (110) 
    Amortization of intangibles   (1,414)  (1,295)  (1,220)  (1,200)  (1,277) 
    Branch optimization costs   (1,265)  (1,215)  -   -   -  
    integration and acquisition expenses  (440)  (5,866)  (2,578)  (369)  (87) 
    Adjusted noninterest expense (non-GAAP) $32,960  $36,886  $33,724  $28,782  $25,453  
                   
    Net interest income -GAAP  $45,496  $42,747  $36,764  $33,440  $32,517  
    Effect of tax-exempt income (1)   669   612   595   601   566  
    Adjusted net interest income (non-GAAP) $46,165  $43,359  $37,359  $34,041  $33,083  
                   
    Noninterest income - GAAP  $16,359  $18,284  $17,749  $15,547  $13,578  
    Gain on sales of investment securities, net  (11)  (73)  (4)  (193)  (95) 
    Adjusted noninterest income (non-GAAP) $16,348  $18,211  $17,745  $15,354  $13,483  
                   
    Adjusted total revenue (non-GAAP) $62,513  $61,570  $55,104  $49,395  $46,566  
                   
    Efficiency ratio (non-GAAP)   52.73%  59.91%  61.20%  58.27%  54.66% 
                   
    (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.      

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