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First Mid(FMBH) - 2024 Q4 - Annual Results
FMBHFirst Mid(FMBH)2025-01-23 13:00

Net Interest Income and Margin - Net interest income for Q4 2024 increased by 1.4million(2.41.4 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 58,950thousand,comparedto58,950 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 58.95million,upfrom58.95 million, up from 57.54 million in Q3 2024 and 57.46millioninQ42023[38]−Netinterestmargin(taxequivalent)improvedto3.4157.46 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 5.67billioninQ42024,withgrowthprimarilyinconstructionandlanddevelopmentandcommercialandindustrialloans[7]−Totalloansincreasedto5.67 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 5,614,591inQ32024[33]−Non−performingloansroseto5,614,591 in Q3 2024[33] - Non-performing loans rose to 29,835 in Q4 2024, compared to 18,242inQ32024[33]−Nonperformingloanstototalloansratioincreasedto0.5318,242 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 4.6million(21.14.6 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 21,768thousandinthesameperiodlastyear[28]−WealthmanagementrevenuesforthequarterendedDecember31,2024,increasedto21,768 thousand in the same period last year[28] - Wealth management revenues for the quarter ended December 31, 2024, increased to 6,275 thousand from 4,998thousandinthesameperiodlastyear[28]−InsurancecommissionsforthequarterendedDecember31,2024,roseto4,998 thousand in the same period last year[28] - Insurance commissions for the quarter ended December 31, 2024, rose to 6,805 thousand from 5,398thousandinthesameperiodlastyear[28]DepositTrends−Totaldepositsdecreasedby5,398 thousand in the same period last year[28] Deposit Trends - Total deposits decreased by 31.7 million (0.52%) to 6.06billioninQ42024,primarilyduetoadeclineinnoninterestbearingdepositsandwholesaleCDs[10]−Totaldepositsdecreasedto6.06 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 6,088,834inQ32024[33]−Totalinterestbearingdepositscostincreasedto2.196,088,834 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 2.2millioninexpensestiedtoretailandcoresystemtechnologyprojects[13]−Thecompany′sefficiencyratioimprovedto59.52.2 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 50.25millioninQ32024and50.25 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 1.4millionto1.4 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 3,643thousand,significantlyhigherthan3,643 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 19,168thousand,upfrom19,168 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,comparedto0.80, 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,comparedto0.80, compared to 0.76 in the same period last year[31] - Adjusted earnings (non-GAAP) for Q4 2024 were 20.88million,upfrom20.88 million, up from 19.84 million in Q3 2024 and 22.42millioninQ42023[40]−Adjusteddilutedearningspershare(non−GAAP)forQ42024was22.42 million in Q4 2023[40] - Adjusted diluted earnings per share (non-GAAP) for Q4 2024 was 0.87, compared to 0.83inQ32024and0.83 in Q3 2024 and 0.94 in Q4 2023[40] Total Revenue and Adjusted Metrics - Adjusted total revenue (non-GAAP) for Q4 2024 was 84.99million,upfrom84.99 million, up from 81.93 million in Q3 2024 and 79.98millioninQ42023[41]−TotalinterestincomeforthequarterendedDecember31,2024,was79.98 million in Q4 2023[41] - Total interest income for the quarter ended December 31, 2024, was 89,842 thousand, slightly down from 89,927thousandinthesameperiodlastyear[28]−TotalinterestexpenseforthequarterendedDecember31,2024,was89,927 thousand in the same period last year[28] - Total interest expense for the quarter ended December 31, 2024, was 30,892 thousand, down from 32,465thousandinthesameperiodlastyear[28]−Averageearningassetswere32,465 thousand in the same period last year[28] - Average earning assets were 6,884,303 in Q4 2024, up from 6,857,070inQ32024[34]−Averageearningassetsincreasedto6,857,070 in Q3 2024[34] - Average earning assets increased to 6.88 billion in Q4 2024, compared to 6.86billioninQ32024and6.86 billion in Q3 2024 and 6.95 billion in Q4 2023[38]