Core Insights - First Mid Bancshares (FMBH) reported revenue of $85.31 million for the quarter ended December 2024, reflecting a year-over-year increase of 7.7% [1] - The company's EPS was $0.87, down from $0.94 in the same quarter last year, but exceeded the consensus estimate of $0.82, resulting in an EPS surprise of +6.10% [1] - The reported revenue surpassed the Zacks Consensus Estimate of $81.65 million, yielding a revenue surprise of +4.49% [1] Financial Performance Metrics - Efficiency Ratio was reported at 59.5%, better than the three-analyst average estimate of 63.8% [4] - Net Interest Margin stood at 3.4%, matching the average estimate from three analysts [4] - Average Earning Assets were $6.88 billion, slightly below the two-analyst average estimate of $6.89 billion [4] - Non-interest Income reached $26.36 million, exceeding the three-analyst average estimate of $23.41 million [4] - Net Interest Income was reported at $58.95 million, above the two-analyst average estimate of $58.54 million [4] - Net Interest Income (FTE) was $59.72 million, compared to the average estimate of $59.34 million from two analysts [4] - Insurance commissions totaled $6.81 million, surpassing the two-analyst average estimate of $6.25 million [4] - Wealth management revenues were $6.28 million, slightly above the two-analyst average estimate of $6.20 million [4] - ATM/debit card revenue matched the estimate of $4.20 million from two analysts [4] - Other income was reported at $4.92 million, significantly higher than the two-analyst average estimate of $2.25 million [4] - Mortgage banking revenues were $1.10 million, exceeding the two-analyst average estimate of $0.90 million [4] - Service charges amounted to $3.06 million, slightly below the two-analyst average estimate of $3.17 million [4] Stock Performance - Shares of First Mid Bancshares have returned -3% over the past month, contrasting with the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

First Mid Bancshares (FMBH) came out with quarterly earnings of $0.87 per share, beating the Zacks Consensus Estimate of $0.82 per share. This compares to earnings of $0.94 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.10%. A quarter ago, it was expected that this bank holding company would post earnings of $0.84 per share when it actually produced earnings of $0.83, delivering a surprise of -1.19%.Over the last four quart ...

Net Interest Income and Margin - Net interest income for Q4 2024 increased by $1.4 million (2.4%) compared to Q3 2024, driven by a $2.7 million decrease in interest expense due to lower interest rates and reduced wholesale funding[3] - Net interest margin increased by 6 basis points to 3.41% in Q4 2024, with earning asset yields decreasing by 11 basis points and the average cost of funds decreasing by 17 basis points[5] - Net interest income for the quarter ended December 31, 2024, was $58,950 thousand, compared to $57,462 thousand in the same period last year[28] - Net interest margin (tax equivalent) improved to 3.41% in Q4 2024 from 3.35% in Q3 2024[34] - Net interest income for Q4 2024 was $58.95 million, up from $57.54 million in Q3 2024 and $57.46 million in Q4 2023[38] - Net interest margin (tax equivalent) improved to 3.41% in Q4 2024 from 3.35% in Q3 2024 and 3.33% in Q4 2023[38] Loan Performance - Total loans increased by $57.9 million (1.0%) to $5.67 billion in Q4 2024, with growth primarily in construction and land development and commercial and industrial loans[7] - Total loans increased to $5,672,462 in Q4 2024, up from $5,614,591 in Q3 2024[33] - Non-performing loans rose to $29,835 in Q4 2024, compared to $18,242 in Q3 2024[33] - Nonperforming loans to total loans ratio increased to 0.53% in Q4 2024 from 0.32% in Q3 2024[34] - Loans (net of unearned income) generated $81,564 in interest income at a rate of 5.76% in Q4 2024[36] Noninterest Income - Noninterest income increased by $4.6 million (21.1%) in Q4 2024 compared to Q4 2023, driven by growth in wealth management and insurance revenues[12] - Wealth management and insurance combined revenues increased by 26% in Q4 2024 compared to Q4 2023, with a record quarter of farmland sales contributing to the growth[2] - Non-interest income for the quarter ended December 31, 2024, increased to $26,363 thousand from $21,768 thousand in the same period last year[28] - Wealth management revenues for the quarter ended December 31, 2024, increased to $6,275 thousand from $4,998 thousand in the same period last year[28] - Insurance commissions for the quarter ended December 31, 2024, rose to $6,805 thousand from $5,398 thousand in the same period last year[28] Deposit Trends - Total deposits decreased by $31.7 million (0.52%) to $6.06 billion in Q4 2024, primarily due to a decline in noninterest bearing deposits and wholesale CDs[10] - Total deposits decreased to $6,057,096 in Q4 2024 from $6,088,834 in Q3 2024[33] - Total interest bearing deposits cost increased to 2.19% in Q4 2024 from 2.12% in Q3 2024[36] Expenses and Efficiency - Noninterest expenses increased by $2.4 million in Q4 2024 compared to Q3 2024, primarily due to $2.2 million in expenses tied to retail and core system technology projects[13] - The company's efficiency ratio improved to 59.5% in Q4 2024 from 61.3% in Q3 2024, reflecting better operating efficiency[15] - Efficiency ratio (tax equivalent) improved to 59.51% in Q4 2024 from 61.33% in Q3 2024[34] - Adjusted noninterest expense (non-GAAP) for Q4 2024 was $50.58 million, slightly higher than $50.25 million in Q3 2024 and $47.12 million in Q4 2023[41] - Efficiency ratio (non-GAAP) improved to 59.51% in Q4 2024 from 61.33% in Q3 2024 and 58.91% in Q4 2023[41] Credit Losses and Allowances - The allowance for credit losses increased by $1.4 million to $70.2 million in Q4 2024, with an ACL to total loans ratio of 1.24%[8] - Provision for credit losses for the quarter ended December 31, 2024, was $3,643 thousand, significantly higher than $552 thousand in the same period last year[28] Capital and Asset Ratios - The company's capital levels remained strong, with total capital to risk-weighted assets at 15.37% and a leverage ratio of 10.33% at the end of Q4 2024[17] - Return on average assets stood at 1.01% in Q4 2024, slightly down from 1.03% in Q3 2024[34] - Adjusted return on average assets (non-GAAP) was 1.10% in Q4 2024, up from 1.05% in Q3 2024 but down from 1.16% in Q4 2023[40] Earnings and Share Performance - Net income for the quarter ended December 31, 2024, was $19,168 thousand, up from $18,071 thousand in the same period last year[28] - Basic earnings per common share for the quarter ended December 31, 2024, were $0.80, compared to $0.76 in the same period last year[30] - Diluted earnings per common share for the quarter ended December 31, 2024, were $0.80, compared to $0.76 in the same period last year[31] - Adjusted earnings (non-GAAP) for Q4 2024 were $20.88 million, up from $19.84 million in Q3 2024 and $22.42 million in Q4 2023[40] - Adjusted diluted earnings per share (non-GAAP) for Q4 2024 was $0.87, compared to $0.83 in Q3 2024 and $0.94 in Q4 2023[40] Total Revenue and Adjusted Metrics - Adjusted total revenue (non-GAAP) for Q4 2024 was $84.99 million, up from $81.93 million in Q3 2024 and $79.98 million in Q4 2023[41] - Total interest income for the quarter ended December 31, 2024, was $89,842 thousand, slightly down from $89,927 thousand in the same period last year[28] - Total interest expense for the quarter ended December 31, 2024, was $30,892 thousand, down from $32,465 thousand in the same period last year[28] - Average earning assets were $6,884,303 in Q4 2024, up from $6,857,070 in Q3 2024[34] - Average earning assets increased to $6.88 billion in Q4 2024, compared to $6.86 billion in Q3 2024 and $6.95 billion in Q4 2023[38]

Core Viewpoint - First Mid Bancshares, Inc. reported solid financial results for the fourth quarter of 2024, driven by revenue growth, effective interest expense management, and strategic technology investments, despite facing higher provision expenses [2][9]. Financial Performance - Net income for the fourth quarter was $19.2 million, or $0.80 diluted EPS, with adjusted net income of $20.9 million, or $0.87 diluted EPS [9]. - Noninterest income increased to $26.4 million, a 21.1% rise compared to the same quarter last year, primarily due to growth in wealth management and insurance [12][13]. - Noninterest expenses totaled $56.3 million, up from $53.9 million in the prior quarter, mainly due to legal and professional fees related to technology projects [14]. Net Interest Income and Margin - Net interest income rose by $1.4 million, or 2.4%, compared to the third quarter of 2024, with a net interest margin of 3.41%, an increase of 6 basis points from the previous quarter [3][5]. - Compared to the fourth quarter of 2023, net interest income increased by $1.5 million, or 2.6%, with interest income on loans rising by $2.6 million [4][9]. Loan Portfolio - Total loans reached $5.67 billion, reflecting a $57.9 million increase, with significant growth in construction, land development, and commercial and industrial loans [7]. - The average rate on new origination and renewed loans was approximately 7.4% [7]. Asset Quality - The allowance for credit losses increased by $1.4 million to $70.2 million, with a ratio of allowance to total loans at 1.24% [8]. - Non-performing loans rose to $29.8 million, with a non-performing loans to total loans ratio of 0.53% [10][8]. Deposits and Borrowings - Total deposits decreased by $31.7 million to $6.06 billion, primarily due to a decline in noninterest-bearing deposits [11]. - The average cost of funds decreased by 17 basis points to 1.83% [11]. Capital Levels and Dividend - The company's capital levels remained strong, with total capital to risk-weighted assets at 15.37% [18]. - The Board of Directors declared a regular quarterly dividend of $0.24 per share, payable on February 28, 2025 [19].

Wall Street expects a year-over-year decline in earnings on higher revenues when First Mid Bancshares (FMBH) reports results for the quarter ended December 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, ...

Financial Performance - Net income for the nine months ended September 30, 2024, was $59.7 million, an increase from $50.9 million in the same period of 2023, representing a growth of 15.0%[179] - Diluted net income per common share increased to $2.49 for the nine months ended September 30, 2024, compared to $2.40 for the same period in 2023[179] - Total non-interest income rose to $69.9 million, a 7.5% increase from $65.0 million in the same period last year[182] - Tax equivalent net interest income increased by $33.8 million, or 24.4%, to $172.1 million for the nine months ended September 30, 2024, compared to $138.3 million for the same period in 2023[219] Asset and Liability Management - Total assets remained stable at $7.6 billion as of September 30, 2024, unchanged from December 31, 2023[180] - The Company’s total assets as of September 30, 2024, were $7,583,515 thousand, an increase from $7,276,111 thousand in 2023[215] - Total outstanding commitments increased to $1.4 billion at September 30, 2024, up from $1.1 billion at the same time in 2023[188] - The Company reported total interest-earning assets of $6.79 billion and total interest-bearing liabilities of $5.26 billion as of September 30, 2024[285] Credit Quality - Total nonperforming loans decreased to $18.2 million at September 30, 2024, down from $21.3 million at September 30, 2023[184] - The provision for credit losses for the nine months ended September 30, 2024, was $2.0 million, significantly lower than $5.6 million for the same period in 2023[184] - The allowance for credit losses increased to $68,774 thousand as of September 30, 2024, compared to $68,241 thousand at the end of September 2023, reflecting a ratio of allowance for credit losses to loans outstanding of 1.22%[258] - The ratio of nonperforming loans to loans, before allowance for credit losses, improved to 0.33% as of September 30, 2024, down from 0.36% at the end of 2023[248] Interest Income and Margin - Net interest margin improved to 3.32% for the nine months ended September 30, 2024, up from 2.95% for the same period in 2023, driven by increased earning asset yields[181] - The year-to-date net yield on interest-earning assets was 3.26% for 2024, up from 2.90% in 2023[213] - The average rate on interest-bearing deposits increased to 2.53% in 2024 from 2.28% in 2023[215] - The net interest spread for the three months ended September 30, 2024, was 2.82%, compared to 2.61% for the same period in 2023[215] Expenses and Operational Costs - Total non-interest expense increased by 23.3% to $158.7 million, up from $128.7 million for the same period last year, primarily due to the acquisition of Blackhawk Bank[183] - Salaries and employee benefits increased by 24.2% to $31,565 million for the three months ended September 30, 2024, primarily due to the acquisition of Blackhawk Bank[231] - Total other expenses rose by 14.5% to $53,933 million for the three months ended September 30, 2024, compared to $47,096 million in 2023[230] Equity and Capital - As of September 30, 2024, the Company's stockholders' equity increased by $65.3 million or 8.2%, reaching $858.5 million, with net income contributing $59.7 million before dividends[286] - The Company's Tier 1 capital to risk-weighted assets ratio was 12.70% at September 30, 2024, compared to 10.19% at September 30, 2023[185] - The Company maintained compliance with regulatory capital requirements, ensuring capital adequacy as of September 30, 2024 and December 31, 2023[288] Loans and Lending Activities - As of September 30, 2024, total loans amounted to $5,614.6 million, an increase of $34.0 million or 0.6% from December 31, 2023[239] - The loan portfolio includes $2,440.1 million in commercial real estate loans, representing 43.5% of outstanding loans[239] - Agricultural loans increased to $233.4 million, accounting for 4.2% of outstanding loans, up from 3.5% in the previous period[239] - Loans to borrowers in the agricultural sector increased by $29.9 million to $618.4 million as of September 30, 2024, compared to $588.5 million at the end of 2023[254] Market and Economic Conditions - The company does not consider its loan regions high risk despite some economic stress in 2023 and 2024[241] - There has been no material change in the market risk faced by the Company since December 31, 2023[309] Miscellaneous - The Company is currently facing claims and lawsuits arising in the ordinary course of business, but management believes these will not materially affect its consolidated financial position, results of operations, or cash flows[308] - The Company has approximately $4.1 million remaining under its stock repurchase program, with no shares repurchased during 2024[296]

Group 1: Earnings Performance - First Mid Bancshares reported quarterly earnings of $0.83 per share, missing the Zacks Consensus Estimate of $0.84 per share, but showing an increase from $0.77 per share a year ago, resulting in an earnings surprise of -1.19% [1] - The company posted revenues of $80.57 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.34%, compared to year-ago revenues of $73.5 million [2] Group 2: Stock Performance and Outlook - First Mid Bancshares shares have increased approximately 12.8% since the beginning of the year, while the S&P 500 has gained 21.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] Group 3: Estimate Revisions and Industry Context - The estimate revisions trend for First Mid Bancshares is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $0.84 on revenues of $80.15 million, and for the current fiscal year, it is $3.47 on revenues of $318.55 million [7] - The Banks - Northeast industry, to which First Mid Bancshares belongs, is currently in the top 15% of over 250 Zacks industries, suggesting a positive outlook for stocks in this sector [8]

Financial Performance - Net income for Q3 2024 was $19.5 million, or $0.81 diluted EPS, with adjusted net income at $19.8 million, or $0.83 diluted EPS[2] - Net income for the three months ended September 30, 2024, was $19,482 thousand, representing a 28.5% increase from $15,117 thousand in the same period of 2023[23] - Basic earnings per common share for the three months ended September 30, 2024, remained stable at $0.81 compared to $0.81 in the same period of 2023[23] - Diluted earnings per common share for Q3 2024 was $0.81, a decrease of 1.22% from $0.82 in Q2 2024[26] - Adjusted earnings (non-GAAP) for September 30, 2024, were $19,838 million, up from $17,079 million for the same period last year, reflecting a growth of 16.3%[35] - Adjusted diluted earnings per share (non-GAAP) for September 30, 2024, were $0.83, compared to $0.77 for September 30, 2023, marking a 7.8% increase[35] Revenue and Income Sources - Total interest income for the three months ended September 30, 2024, was $91,182 thousand, an increase of 13.7% from $80,438 thousand in the same period of 2023[22] - Net interest income after provision for loan losses for the three months ended September 30, 2024, was $56,277 thousand, up 26.4% from $44,532 thousand in the same period of 2023[23] - Noninterest income increased to $23.0 million, up from $22.4 million in the prior quarter, driven by higher brokerage and trust fees[12] - Non-interest income totaled $23,023 thousand for the three months ended September 30, 2024, slightly down from $23,053 thousand in the same period of 2023[23] Expenses and Efficiency - Noninterest expenses rose to $53.9 million, up from $51.4 million in the prior quarter, partly due to the acquisition of Mid Rivers Insurance Group[14] - Total non-interest expense for the three months ended September 30, 2024, was $53,933 thousand, up from $47,096 thousand in the same period of 2023[23] - The efficiency ratio for Q3 2024 was 61.3%, compared to 59.6% in the prior quarter and 58.6% for the same period last year[15] - The efficiency ratio (non-GAAP) for September 30, 2024, was reported at 61.33%, compared to 58.60% for the same period last year, indicating a decline in efficiency[35] Asset and Loan Management - Loan growth was 1% quarter-over-quarter, totaling $5.62 billion, with a diversified portfolio primarily in commercial real estate and agricultural operating loans[7] - The allowance for credit losses increased to $68.8 million, with a ratio of non-performing loans to total loans at 0.32%[8] - Non-performing loans amounted to $18,242 thousand, down from $19,079 thousand in the previous quarter, representing a decrease of 4.39%[28] - The allowance for credit losses to non-performing loans increased to 377.01% in Q3 2024 from 358.05% in Q2 2024, indicating a stronger coverage[30] - Provision for credit losses for the three months ended September 30, 2024, was $1,266 thousand, a significant decrease from $5,911 thousand in the same period of 2023[23] Capital and Shareholder Information - Tangible book value per share increased by 6.6% in the quarter and 26% year-over-year[2] - Book value per common share rose to $35.91 in Q3 2024, up from $34.05 in Q2 2024, reflecting an increase of 5.46%[30] - Common stockholder's equity increased to $858,497 million as of September 30, 2024, from $737,948 million a year earlier, representing a growth of 16.3%[33] - The Board of Directors declared a regular quarterly dividend of $0.24 per share, payable on November 29, 2024[16] Market and Stock Performance - The market price of stock increased to $38.91 in Q3 2024 from $32.88 in Q2 2024, a rise of 18.56%[30] - The weighted average shares outstanding increased to 23,905,099 for the three months ended September 30, 2024, from 20,528,717 in the same period of 2023[23] Workforce and Operational Metrics - Full-time equivalent employees increased to 1,207 in Q3 2024 from 1,185 in Q2 2024, indicating growth in workforce[30] - Average earning assets for Q3 2024 were $6,857,070 thousand, with an average rate of 5.35%[32] - Total interest-bearing liabilities increased to $5,291,112 thousand, with an average cost of funds at 2.53%[31]

Have you been paying attention to shares of First Mid Bancshares (FMBH) ? Shares have been on the move with the stock up 5% over the past month. The stock hit a new 52-week high of $40.63 in the previous session. First Mid Bancshares has gained 14.4% since the start of the year compared to the 16.6% move for the Zacks Finance sector and the 2.4% return for the Zacks Banks - Northeast industry. What's Driving the Outperformance? The stock has a great record of positive earnings surprises, as it hasn't missed ...

Investors might want to bet on First Mid Bancshares (FMBH) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. In ...