First Mid Bancshares, Inc. Announces First Quarter 2025 Results

MATTOON, Ill., April 30, 2025 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended March 31, 2025. Highlights Record high quarterly net income of $22.2 million, or $0.93 diluted EPS, an increase of $0.13Adjusted net income (non-GAAP*) of $23.1 million, or $0.96 diluted EPS, an increase of $0.09 for the quarterNet interest margin tax equivalent (non-GAAP*) expands to 3.60% helping drive fourth consecutive quarter of growth in net interest incomeTangible book value per share (non-GAAP*) increased 4.4% during the quarterBoard of Directors declares regular quarterly dividend of $0.24 per share “We kicked off 2025 with a record high quarterly net income that reflects our strategic focus on driving a higher return on assets,” said Joe Dively, Chairman and Chief Executive Officer. “We delivered growth in both loans and deposits in what is typically a seasonally pressured quarter, and we significantly expanded our net interest margin through both an increase in earning asset yields and a decrease in the average cost of funds. In addition, we successfully completed our retail online system conversion during the quarter providing a better overall product for our customers and an improved platform to grow relationships across business lines.” “Lastly, while we recognize the uncertainty that exists in the macro environment, we are well-prepared with a disciplined credit culture and diversified revenue sources that position us to weather economic disruptions and continue to deliver exceptional service to our customers and communities,” Dively concluded. Net Interest Income Net interest income for the first quarter of 2025 increased by $0.5 million, or 0.8% compared to the fourth quarter of 2024. The increase was primarily the result of interest expense declining at a faster pace than interest income. Less days in the quarter drove declines in both interest income and expense. The decline in interest income included $0.5 million in lower accretion income, which totaled $2.9 million compared to $3.4 million of accretion income in the fourth quarter. In comparison to the first quarter of 2024, net interest income increased $3.9 million, or 7.1%. Interest income was lower by $0.1 million, inclusive of a decline in accretion income of $0.7 million compared to the first quarter last year. Interest expense was lower by $4.1 million compared to the same period last year. Net Interest MarginNet interest margin, on a tax equivalent basis (non-GAAP), was 3.60% for the first quarter of 2025 representing an increase of 19 basis points over the prior quarter driven by both an increase to earning asset yields and a decrease to funding costs. Excluding the decline in accretion income, the net interest margin increased 23 basis points in the period. Beginning with the first quarter of 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets. This change added five-basis points to the net interest margin in the first quarter 2025 compared to the fourth quarter of 2024. In comparison to the first quarter of last year, the net interest margin increased 35 basis points, with an average earning asset increase of 13 basis points, despite a five-basis point reduction to accretion income. Loan Portfolio Total loans ended the quarter at $5.70 billion, representing an increase of $26.4 million, or 0.5%, from the prior quarter, despite elevated payoffs during the period. The increase was primarily in construction and land development, multifamily residential properties, and agriculture operating loans. The largest declines were in commercial real estate and commercial and industrial loans. The average loan balance for the quarter declined compared to the fourth quarter, as a majority of the net loan growth occurred in March 2025. In comparison to the first quarter last year, loan growth increased $199.6 million, or 3.6%. The largest increases were in construction and development, agriculture operating lines, and commercial and industrial loans. Asset Quality The first quarter was another solid performance with respect to the Company’s asset quality metrics. The allowance for credit losses (“ACL”) ended the period at $70.1 million and the ACL to total loans ratio was 1.23%. In addition to the ACL, an unearned discount of $32.6 million remains at quarter end. Provision expense was recorded in the amount of $1.7 million with net charge-offs of $1.8 million in the quarter. Also, at the end of the first quarter, the ratio of non-performing loans to total loans was 0.47%, the ACL to non-performing loans was 263.4%, and the ratio of nonperforming assets to total assets was 0.38%. Nonperforming loans declined by $3.2 million to $26.6 million at quarter end. Special mention loans increased by $16.2 million to $74.0 million and substandard loans decreased $1.6 million to $33.9 million. DepositsTotal deposits ended the quarter at $6.13 billion, which represented an increase of $73.3 million, or 1.2%, from the prior quarter. Noninterest bearing and time deposits were the primary drivers of the increase with growth of $65.4 million and $75.4 million for the period, respectively. The increase in time deposits was driven by a combination of the Company retaining a vast majority of customers with maturing CD’s, gaining new customers with its promotional offerings, and the addition of $52.0 million in brokered deposits as rates declined and the wholesale market became attractive. With the Company’s strong liquidity position, it was able to reduce outstanding FHLB borrowings and subordinated debt during the quarter by a combined $55.5 million helping lower overall funding costs. Noninterest IncomeNoninterest income for the first quarter of 2025 was $24.9 million compared to $26.4 million in the fourth quarter of 2024. The decline was primarily driven by a $1.3 million gain on the sale of property in the fourth quarter. The current quarter included losses on securities sales of $0.2 million. Excluding those two items, noninterest income was flat versus the prior period. The decline of $0.5 million in wealth management revenue was as expected given the seasonal nature of farmland sales. Overall Ag Services revenue was $2.6 million in the period. Insurance revenues achieved a record high quarter of revenue, despite a challenging operating environment for the industry. Debit card fee income was down $0.6 million primarily driven by less usage due to a pullback in consumer spending. In comparison to the first quarter of 2024, noninterest income increased $0.4 million, or 1.6%, with increases in wealth management and insurance as the key drivers. The combined increase for these two business lines was 8.2% year-over-year. Debit card fee income reflected the largest decline from lower consumer spending in the first quarter of 2025. Noninterest ExpensesNoninterest expense for the first quarter of 2025 totaled $54.5 million compared to $56.3 million in the prior quarter. The current quarter included $1.0 million of nonrecurring expenses primarily related to the Company’s technology initiatives, including the successful conversion of its retail online platform during the first quarter, versus $2.2 million in nonrecurring costs in the prior quarter. Excluding these items, noninterest expenses were down $0.6 million with the largest decreases in salaries and benefits and debit card expenses. In comparison to the first quarter of 2024, noninterest expenses increased $1.1 million. The increase was primarily driven by annual compensation increases and a $0.9 million credit in the first quarter of last year for a debit card fee negotiated settlement agreement with its primary provider. The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the first quarter 2025 was 58.9% compared to 58.8% in the prior quarter and 59.1% 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 assets15.59%Tier 1 capital to risk-weighted assets13.13%Common equity tier 1 capital to risk-weighted assets12.73%Leverage ratio10.73% Tangible book value per share (non-GAAP) increased $1.07, or 4.4% during the first quarter of 2025. The increase was driven primarily by earnings growth, which accounted for $0.79 of the increase. The remaining increase of $0.28 was the result of improvement in accumulated other comprehensive income from a lower unrealized loss position in the investment portfolio. The Company’s Board of Directors approved a regular quarterly dividend of $0.24 payable on May 30, 2025, for shareholders of record on May 15, 2025. 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 $7.6 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, and Wisconsin 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 Earnings,” “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 Assets,” and “Adjusted Return on Average Common Equity”. 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, such as discussions of First Mid’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 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 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 First Mid’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; accounting principles, policies and guidelines; and the impact of pandemics on First Mid’s businesses. 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. Investor Contact: Austin FrankSVP, Shareholder Relations217-258-5522 afrank@firstmid.com Matt SmithChief Financial Officer217-258-1528msmith@firstmid.com – Tables Follow – FIRST MID BANCSHARES, INC.Condensed Consolidated Balance Sheets(In thousands, unaudited) As of March 31, December 31, March 31, 2025 2024 2024 Assets Cash and cash equivalents$201,470 $121,216 $355,701 Investment securities 1,049,003 1,073,510 1,149,752 Loans (including loans held for sale) 5,698,858 5,672,462 5,499,295 Less allowance for credit losses (70,051) (70,182) (67,936)Net loans 5,628,807 5,602,280 5,431,359 Premises and equipment, net 97,446 100,234 101,666 Goodwill and intangibles, net 258,671 261,906 260,699 Bank Owned Life Insurance 171,127 170,854 167,247 Other assets 166,164 189,734 211,822 Total assets$7,572,688 $7,519,734 $7,678,246 Liabilities and Stockholders' Equity Deposits: Non-interest bearing$1,394,590 $1,329,155 $1,448,299 Interest bearing 4,735,790 4,727,941 4,794,637 Total deposits 6,130,380 6,057,096 6,242,936 Repurchase agreements with customers 219,772 204,122 210,719 Other borrowings 195,000 242,520 238,761 Junior subordinated debentures 24,335 24,280 24,113 Subordinated debt 79,535 87,472 106,862 Other liabilities 52,717 57,853 56,903 Total liabilities 6,701,739 6,673,343 6,880,294 Total stockholders' equity 870,949 846,391 797,952 Total liabilities and stockholders' equity$7,572,688 $7,519,734 $7,678,246 FIRST MID BANCSHARES, INC.Condensed Consolidated Statements of Income(In thousands, except per share data, unaudited) Three Months Ended March 31, 2025 2024Interest income: Interest and fees on loans$79,918 $77,823 Interest on investment securities 6,777 7,405 Interest on federal funds sold & other deposits 864 2,444 Total interest income 87,559 87,672 Interest expense: Interest on deposits 23,722 26,096 Interest on securities sold under agreements to repurchase 1,180 2,056 Interest on other borrowings 1,831 2,314 Interest on jr. subordinated debentures 468 542 Interest on subordinated debt 949 1,194 Total interest expense 28,150 32,202 Net interest income 59,409 55,470 Provision for credit losses 1,652 (357)Net interest income after provision for credit losses 57,757 55,827 Non-interest income: Wealth management revenues 5,800 5,322 Insurance commissions 9,925 9,213 Service charges 2,901 2,956 Net securities gains/(losses) (181) 0 Mortgage banking revenues 711 706 ATM/debit card revenue 3,646 4,055 Other 2,062 2,226 Total non-interest income 24,864 24,478 Non-interest expense: Salaries and employee benefits 31,748 30,448 Net occupancy and equipment expense 8,479 7,560 Net other real estate owned (income) expense 101 (21)FDIC insurance 849 869 Amortization of intangible assets 3,231 3,497 Stationary and supplies 431 391 Legal and professional expense 3,076 2,449 ATM/debit card expense 1,831 1,191 Marketing and donations 852 862 Other 3,874 6,116 Total non-interest expense 54,472 53,362 Income before income taxes 28,149 26,943 Income taxes 5,978 6,440 Net income$22,171 $20,503 Per Share Information Basic earnings per common share$0.93 $0.86 Diluted earnings per common share 0.93 0.86 Weighted average shares outstanding 23,858,817 23,872,731 Diluted weighted average shares outstanding 23,959,228 23,960,335 FIRST MID BANCSHARES, INC.Condensed Consolidated Statements of Income(In thousands, except per share data, unaudited) For the Quarter Ended March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024Interest income: Interest and fees on loans$79,918 $81,288 $81,775 $79,560 $77,823 Interest on investment securities 6,777 6,990 7,036 7,405 7,405 Interest on federal funds sold & other deposits 864 1,564 2,371 1,718 2,444 Total interest income 87,559 89,842 91,182 88,683 87,672 Interest expense: Interest on deposits 23,722 26,144 28,341 26,338 26,096 Interest on securities sold under agreements to repurchase 1,180 1,333 1,444 1,615 2,056 Interest on other borrowings 1,831 1,917 2,195 2,248 2,314 Interest on jr. subordinated debentures 468 510 567 537 542 Interest on subordinated debt 949 988 1,092 1,180 1,194 Total interest expense 28,150 30,892 33,639 31,918 32,202 Net interest income 59,409 58,950 57,543 56,765 55,470 Provision for credit losses 1,652 3,643 1,266 1,083 (357)Net interest income after provision for credit losses 57,757 55,307 56,277 55,682 55,827 Non-interest income: Wealth management revenues 5,800 6,275 5,816 5,405 5,322 Insurance commissions 9,925 6,805 6,003 6,531 9,213 Service charges 2,901 3,058 3,121 3,227 2,956 Net securities gains/(losses) (181) 0 (277) (156) 0 Mortgage banking revenues 711 1,104 1,109 1,038 706 ATM/debit card revenue 3,646 4,204 4,267 4,281 4,055 Other 2,062 4,917 2,984 2,096 2,226 Total non-interest income 24,864 26,363 23,023 22,422 24,478 Non-interest expense: Salaries and employee benefits 31,748 31,957 31,565 30,164 30,448 Net occupancy and equipment expense 8,479 7,285 8,055 7,507 7,560 Net other real estate owned (income) expense 101 240 107 85 (21)FDIC insurance 849 863 829 902 869 Amortization of intangible assets 3,231 3,314 3,405 3,340 3,497 Stationary and supplies 431 642 482 370 391 Legal and professional expense 3,076 5,386 2,573 2,536 2,449 ATM/debit card expense 1,831 2,043 1,869 1,281 1,191 Marketing and donations 852 906 836 814 862 Other 3,874 3,661 4,212 4,392 6,116 Total non-interest expense 54,472 56,297 53,933 51,391 53,362 Income before income taxes 28,149 25,373 25,367 26,713 26,943 Income taxes 5,978 6,205 5,885 6,968 6,440 Net income$22,171 $19,168 $19,482 $19,745 $20,503 Per Share Information Basic earnings per common share$0.93 $0.80 $0.81 $0.83 $0.86 Diluted earnings per common share 0.93 0.80 0.81 0.82 0.86 Weighted average shares outstanding 23,858,817 23,818,806 23,905,099 23,896,210 23,872,731 Diluted weighted average shares outstanding 23,959,228 23,908,340 24,006,647 23,998,152 23,960,335 FIRST MID BANCSHARES, INC.Consolidated Financial Highlights and Ratios(Dollars in thousands, except per share data)(Unaudited) As of and for the Quarter Ended March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 Loan Portfolio Construction and land development $269,148 $236,093 $190,857 $195,389 $186,851 Farm real estate loans 373,413 390,760 384,620 387,015 388,941 1-4 Family residential properties 488,139 496,597 505,342 507,517 518,641 Multifamily residential properties 356,858 332,644 338,167 334,446 312,758 Commercial real estate 2,397,985 2,417,585 2,440,120 2,406,955 2,396,092 Loans secured by real estate 3,885,543 3,873,679 3,859,106 3,831,322 3,803,283 Agricultural operating loans 296,811 239,671 233,414 213,997 213,217 Commercial and industrial loans 1,303,712 1,335,920 1,283,631 1,268,646 1,227,906 Consumer loans 47,220 53,960 63,222 70,841 79,569 All other loans 165,572 169,232 175,218 175,811 175,320 Total loans 5,698,858 5,672,462 5,614,591 5,560,617 5,499,295 Deposit Portfolio Non-interest bearing demand deposits $1,394,590 $1,329,155 $1,387,290 $1,393,336 $1,448,299 Interest bearing demand deposits 1,814,427 1,907,733 1,834,123 1,909,993 1,974,857 Savings deposits 643,289 636,427 648,582 673,381 704,777 Money Market 1,215,420 1,196,537 1,183,594 1,127,699 1,107,177 Time deposits 1,062,654 987,244 1,035,245 1,011,370 1,007,826 Total deposits 6,130,380 6,057,096 6,088,834 6,115,779 6,242,936 Asset Quality Non-performing loans $26,598 $29,835 $18,242 $19,079 $20,064 Non-performing assets 28,703 32,030 20,076 20,557 21,471 Net charge-offs (recoveries) 1,783 2,235 804 708 381 Allowance for credit losses to non-performing loans 263.36% 235.23% 377.01% 358.05% 338.60%Allowance for credit losses to total loans outstanding 1.23% 1.24% 1.22% 1.23% 1.24%Nonperforming loans to total loans 0.47% 0.53% 0.32% 0.34% 0.36%Nonperforming assets to total assets 0.38% 0.43% 0.27% 0.27% 0.28%Special Mention loans 74,019 57,848 38,151 30,767 65,693 Substandard and Doubtful loans 33,884 35,516 29,037 27,594 29,296 Common Share Data Common shares outstanding 23,981,916 23,895,807 23,904,051 23,895,868 23,888,929 Book value per common share $36.32 $35.42 $35.91 $34.05 $33.40 Tangible book value per common share (1) 25.53 24.46 24.82 23.28 22.49 Tangible book value per common share excluding other comprehensive income at period end (1) 31.21 30.42 29.70 29.43 28.67 Market price of stock 34.90 36.82 38.91 32.88 32.68 Key Performance Ratios and Metrics End of period earning assets $6,844,096 $6,775,075 $6,786,458 $6,812,574 $6,923,742 Average earning assets 6,769,858 6,884,303 6,857,070 6,815,932 6,884,855 Average rate on average earning assets (tax equivalent) 5.29% 5.24% 5.35% 5.27% 5.16%Average rate on cost of funds 1.74% 1.83% 2.00% 1.91% 1.91%Net interest margin (tax equivalent) (1)(2) 3.60% 3.41% 3.35% 3.36% 3.25%Return on average assets 1.19% 1.01% 1.03% 1.05% 1.07%Adjusted return on average assets (1) 1.23% 1.10% 1.05% 1.07% 1.17%Return on average common equity 10.35% 9.04% 9.40% 9.92% 10.37%Adjusted return on average common equity (1) 10.78% 9.80% 9.58% 10.11% 11.28%Efficiency ratio (tax equivalent) (1) 58.88% 58.76% 61.33% 59.61% 59.09%Full-time equivalent employees 1,194 1,198 1,207 1,185 1,188 1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.2 During the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and research analysts. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets. FIRST MID BANCSHARES, INC.Net Interest Margin(In thousands, unaudited) For the Quarter Ended March 31, 2025 QTD Average Average Balance Interest RateINTEREST EARNING ASSETS Interest bearing deposits$70,701 $827 4.74%Federal funds sold 75 1 5.41%Certificates of deposits investments 3,162 36 4.62%Investment Securities 1,090,099 7,254 2.66%Loans (net of unearned income) 5,605,821 80,194 5.80% Total interest earning assets 6,769,858 88,312 5.29% NONEARNING ASSETS Other nonearning assets 777,177 Allowance for loan losses (70,620) Total assets$7,476,415 INTEREST BEARING LIABILITIES Demand deposits$3,039,621 $14,900 1.99%Savings deposits 640,687 164 0.10%Time deposits 1,022,200 8,658 3.44%Total interest bearing deposits 4,702,508 23,722 2.05%Repurchase agreements 201,679 1,180 2.37%FHLB advances 194,324 1,807 3.77%Federal funds purchased - - 0.00%Subordinated debt 82,608 949 4.66%Jr. subordinated debentures 24,306 468 7.81%Other debt 1,467 24 6.63%Total borrowings 504,384 4,428 3.56%Total interest bearing liabilities 5,206,892 28,150 2.19% NONINTEREST BEARING LIABILITIES Demand deposits 1,370,107 Average cost of funds 1.74%Other liabilities 42,946 Stockholders' equity 856,470 Total liabilities & stockholders' equity$7,476,415 Net Interest Earnings / Spread $60,162 3.10% Tax effected yield on interest earning assets 3.60% Tax equivalent net interest margin is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. FIRST MID BANCSHARES, INC.Reconciliation of Non-GAAP Financial Measures(In thousands, unaudited) As of and for the Quarter Ended March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 Net interest income as reported$59,409 $58,950 $57,543 $56,765 $55,470 Net interest income, (tax equivalent) 60,162 59,717 58,627 57,361 56,086 Average earning assets 6,769,858 6,884,303 6,857,070 6,815,932 6,884,855 Net interest margin (tax equivalent) 3.60% 3.41% 3.35% 3.36% 3.25% Common stockholder's equity$870,949 $846,391 $858,497 $813,645 $797,952 Goodwill and intangibles, net 258,671 261,906 265,139 257,377 260,699 Common shares outstanding 23,982 23,896 23,904 23,896 23,889 Tangible Book Value per common share$25.53 $24.46 $24.82 $23.28 $22.49 Accumulated other comprehensive loss (AOCI) (136,097) (142,383) (116,692) (146,998) (147,667)Adjusted tangible book value per common share$31.21 $30.42 $29.70 $29.43 $28.67 FIRST MID BANCSHARES, INC.Reconciliation of Non-GAAP Financial Measures(In thousands, except per share data, unaudited) As of and for the Quarter Ended March 31, December 31, September 30,June 30, March 31, 2025 2024 2024 2024 2024Adjusted earnings Reconciliation Net Income - GAAP$22,171 $19,168 $19,482 $19,745 $20,503 Adjustments (post-tax): (1) Nonrecurring technology project expenses 728 1,710 - - - Net (gain)/loss on securities sales 143 - 219 123 - Integration and acquisition expenses 41 - 137 250 1,804 Total non-recurring adjustments (non-GAAP)$912 $1,710 $356 $373 $1,804 Adjusted earnings - non-GAAP$23,083 $20,878 $19,838 $20,118 $22,307 Adjusted diluted earnings per share (non-GAAP)$0.96 $0.87 $0.83 $0.84 $0.93 Adjusted return on average assets - non-GAAP 1.23% 1.10% 1.05% 1.07% 1.17%Adjusted return on average common equity - non-GAAP 10.78% 9.80% 9.58% 10.11% 11.28% Efficiency Ratio Reconciliation Noninterest expense - GAAP$54,472 $56,297 $53,933 $51,391 $53,362 Other real estate owned property income (expense) (101) (240) (107) (85) 21 Amortization of intangibles (3,231) (3,314) (3,405) (3,340) (3,497)Nonrecurring technology project expense (921) (2,164) - - - Integration and acquisition expenses (52) - (174) (316) (2,283)Adjusted noninterest expense (non-GAAP)$50,167 $50,579 $50,247 $47,650 $47,603 Net interest income -GAAP$59,409 $58,950 $57,543 $56,765 $55,470 Effect of tax-exempt income (1) 753 767 1,084 596 616 Adjusted net interest income (non-GAAP)$60,162 $59,717 $58,627 $57,361 $56,086 Noninterest income - GAAP$24,864 $26,363 $23,023 $22,422 $24,478 Net (gain)/loss on securities sales 181 0 277 156 0 Adjusted noninterest income (non-GAAP)$25,045 $26,363 $23,300 $22,578 $24,478 Adjusted total revenue (non-GAAP)$85,207 $86,080 $81,927 $79,939 $80,564 Efficiency ratio (non-GAAP) 58.88% 58.76% 61.33% 59.61% 59.09% (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.

First Mid Bancshares, Inc. Announces First Quarter 2025 Results

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