MATTOON, Ill., Oct. 29, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended September 30, 2026.

Highlights

• Net income of $33.3 million, or $1.25 diluted EPS
• Adjusted quarterly net income* of $33.6 million, or $1.26 diluted EPS
• Announced pending acquisition of Evergreen Bancshares, Inc. (“Evergreen”)
• Total loans of $6.85 billion, quarterly decrease of $85.8 million
• Total deposits of $7.62 billion, quarterly increase of $44.2 million
• Quarterly return on average assets of 1.45%
• In late October, 2026 the Company completed the sale of investment securities with a weighted average yield of 1.51% for a loss of $14.8 million, which provided $175.8 million in cash. The proceeds are expected to be reinvested at higher rates with an earn back period of less than 2 years.
• Agreed to acquire Winship Farm Management in Putnam, IL, which is expected to add over 8,600 acres under management over the next 3 years
• Board of Directors declared a regular quarterly dividend of $0.26 per share
  
  

“We delivered another strong period of financial results highlighted by a record high quarter of earnings. Asset quality was strong with lower classifieds and negligible net charge-offs during the quarter. Deposit growth was solid, while loan growth was pressured due to higher payoff activity from customer collateral sales. We continue to put a strategic focus on revenue diversification and fee business growth through the acquisition of Winship Farm Management,” said Matthew Smith, Chief Executive Officer.

“I am pleased to announce our pending acquisition of Evergreen Bancshares and its subsidiary American Bank of Freedom. We are excited to welcome their employees and customers to the First Mid family. This acquisition will deepen and extend our presence in Missouri, Illinois, and Indiana while better positioning us to move past the $10 billion asset threshold,” Smith concluded.

Net Interest Income
Net interest income for the third quarter of 2026 was $79.4 million, a decrease of $0.3 million compared to the second quarter of 2026. The decrease was primarily driven by a decline in average loan balances for the quarter along with an increase in the cost of funding from rate increases and continued deposit pricing competition. Interest income increased by $1.8 million, while interest expense increased by $2.1 million during the period. Accretion income for the third quarter was $3.8 million which was in line with the prior quarter.

In comparison to the third quarter of 2025, net interest income increased $13.0 million, or 19.6%. Interest income was higher by $20.6 million, inclusive of a $0.7 million increase in accretion income. The increase was primarily driven by organic earning asset growth along with the addition of Two Rivers Bank & Trust (“Two Rivers”). Interest expense was higher by $7.6 million compared to the third quarter of last year primarily from higher overall deposit balances including the addition of Two Rivers.

On October 26^th, 2026 the Company sold investment securities with a weighted average yield of 1.51% for a loss of $14.8 million, which provided $175.8 million in cash. The transaction will be reflected in the fourth quarter financial results. The Company expects to reinvest this cash at higher rates with an expected earn back period of less than 2 years.

Net Interest Margin
Net interest margin, on a tax equivalent basis*, was 3.76% for the third quarter of 2026 representing a decrease of 3 basis points from the prior quarter. The yield on earning assets improved by 6 basis points compared to the second quarter, but was outpaced by the increase in the average cost of funds. The increase in the average cost of funds was primarily from overall rate movements and deposit pricing competition.

Loan Portfolio
Total loans ended the quarter at $6.85 billion, representing a decrease of $85.8 million for the quarter on a combination of elevated payoffs and disciplined pricing decisions. The decrease for the quarter was primarily in commercial real estate loans. This was primarily driven by the partial collateral sale of a multi-location business and subsequent loan payoff. Growth in other portfolios was well diversified.

Asset Quality
Asset quality improved for the quarter with overall criticized assets declining $45.9 million. Special mention loans decreased by $37.6 million to $101.5 million and substandard loans decreased by $8.3 million to $131.6 million. Non-performing loans had a modest increase of $1.8 million to $43.1 million. The declines in criticized assets were primarily driven by a combination of upgrades, paydowns, and external refinances.

The allowance for credit losses (“ACL”) ended the period at $86.5 million and the ACL to total loans ratio was 1.26%, which was a 1 basis point increase compared to the second quarter of 2026. In addition to the overall ACL, an unearned discount of $37.1 million remains at quarter end. Provision expense of $0.3 million was released during the quarter due to lower loan balances as well as minimal net charge offs of $0.2 million.

The ratio of non-performing loans to total loans was 0.63%, which was an increase from 0.60% in the prior quarter. The ACL to non-performing loans ratio was 201%, a decrease from 211% in the prior quarter primarily from the modest increase in non-performing loans and the slight decline in the ACL during the quarter. The ratio of non-performing assets to total assets remained flat compared to the prior quarter at 0.51%.

Deposits
Total deposits ended the quarter at $7.62 billion, which represented an increase of $44.2 million from the prior quarter. Money market accounts had the largest growth compared to the prior quarter with a $198.8 million increase. This growth was driven by the Company's deposit product refresh in early 2026 and continued marketing of these products. The average cost of interest-bearing deposits for the quarter was 2.16%, an increase of 18 basis points from the end of the previous quarter, primarily due to overall rate movements and continued deposit pricing competition.

Non-Interest Income
Non-interest income for the third quarter of 2026 was $27.2 million compared to $28.8 million in the prior quarter and $22.9 million in the third quarter of 2025.

Wealth management revenues for the quarter were $7.4 million. Revenues decreased $0.8 million compared to the second quarter primarily from seasonality. Overall Ag Services revenue was $2.0 million in the period compared to $1.9 million in the prior quarter and $1.8 million in the third quarter of 2025. Insurance commissions for the quarter were $7.5 million, which was $1.3 million lower than the second quarter due to seasonality of contingent revenues. Third quarter insurance commissions were an increase of $0.4 million compared to the third quarter of 2025.

Non-Interest Expenses
Non-interest expense for the third quarter of 2026 totaled $65.0 million compared to $70.6 million in the second quarter of 2026. This decrease was primarily due to lower one-time merger-related costs that were recognized in the second quarter. During the third quarter, acquisition-related expenses related to Two Rivers totaled $0.4 million compared to $7.1 million in the prior quarter. Salaries and benefits expense increased by $1.0 million compared to the prior quarter primarily due to additional variable compensation for overperformance compared to plan.

The Company’s efficiency ratio*, as adjusted in the non-GAAP reconciliation table herein, for the third quarter of 2026 was 56.13% compared to 54.39% in the prior quarter and 58.75% for the same period last year.

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

Total capital to risk-weighted assets	15.79%
Tier 1 capital to risk-weighted assets	14.39%
Common equity tier 1 capital to risk-weighted assets	13.91%
Leverage ratio	11.29%

Tangible book value per share* decreased $0.06, or 0.2% during the third quarter of 2026. The decrease was driven by an increase in the Company's unrealized loss position in its investment portfolio of $32.3 million. This increase in the unrealized loss position lowered tangible book value per share* by $1.21 which was materially offset by earnings growth. During the quarter, the Company paid off $10.0 million of subordinated debt with cash on hand.

The Company’s Board of Directors declared its regular quarterly dividend of $0.26 payable on December 1, 2026 to the shareholders of record as of November 16, 2026.

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 $9.4 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, Wisconsin, and Iowa 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 Income,” “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 Average Assets,” and “Adjusted Return on Average Common Equity”. Refer to non-GAAP reconciliation tables herein for reconciliation to comparable GAAP measures. 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 forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding First Mid Bancshares, Inc. (“First Mid”), Evergreen Bancshares, Inc. (“Evergreen”) and the proposed transactions, including statements regarding anticipated benefits, integration, timing, approvals, customer relationships, operating results, expenses, market conditions, credit quality, liquidity, loan and deposit activity, and other expectations regarding the combined business. First Mid intends for these 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, are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “may,” “should,” 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 the anticipated benefits of the proposed transactions will not be realized within the expected time period; the risk that integration of Evergreen 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 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; changes in interest rates; general economic conditions and market-area conditions; legislative and/or regulatory changes; risks relating to Evergreen as a privately held company whose business and financial information has not been subject to public company reporting requirements; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality, composition and valuation of loan and investment portfolios; demand for loan products; deposit flows; competition; demand for financial services; accounting principles, policies and guidelines; and the ability to complete the proposed transactions or any of the foregoing risks. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, is 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, First Mid does not undertake any obligation to update, revise 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 will file a registration statement on Form S-4 with the SEC in connection with the proposed transactions. The registration statement will include a proxy statement of Evergreen that also constitutes a prospectus of First Mid, which will be sent to the shareholders of Evergreen. Evergreen shareholders are urged to read the proxy statement/prospectus when it becomes available, which will contain important information about First Mid, Evergreen and the proposed transactions, 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. These documents also can be obtained free of charge by accessing First Mid’s website at www.firstmid.com under the tab “Investor Relations” and then under “SEC Filings.” Alternatively, when available, these documents can be obtained free of charge from First Mid upon written request to First Mid Bancshares, PO Box 499, Mattoon, IL 61938, Attention: Investor Relations; or from Evergreen upon written request to Evergreen Bancshares, Inc., 1701 Macklind Avenue, St. Louis, MO 63110, Attention: Chief Financial Officer. A final proxy statement/prospectus will be mailed to the shareholders of Evergreen.

Participants in the Solicitation
First Mid and Evergreen, 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 2026 annual meeting of stockholders, which was filed with the SEC on March 17, 2026. This document can be obtained free of charge from the sources provided above. Information about Evergreen’s directors and executive officers, and a description of their direct and indirect interests in the proposed transactions, by security holdings or otherwise, will be included in the proxy statement/prospectus when it becomes available. 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 when it becomes available.

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 Contacts
Austin Frank	Jordan Read
SVP, Director of Investor Relations	EVP, Chief Financial and Risk Officer
217-258-5522	217-258-3528
afrank@firstmid.com	jread@firstmid.com

                                                                               

- Tables Follow -

FIRST MID BANCSHARES, INC.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
			As of
			September 30,				December 31,				September 30,
				2026				2025				2025
Assets
Cash and cash equivalents			$	511,334			$	254,920			$	277,087
Investment securities				1,338,631				1,085,499				1,098,093
Loans (including loans held for sale)				6,848,571				6,011,374				5,824,038
Less allowance for credit losses				(86,496	)			(74,875	)			(72,925	)
Net loans				6,762,075				5,936,499				5,751,113
Premises and equipment, net				101,869				90,782				94,673
Goodwill and intangibles, net				269,877				253,016				255,217
Bank Owned Life Insurance				188,584				174,915				173,588
Other assets				217,950				171,027				180,597
Total assets			$	9,390,320			$	7,966,658			$	7,830,368
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing			$	1,465,347			$	1,392,534			$	1,450,244
Interest bearing				6,150,417				5,002,739				4,839,299
Total deposits				7,615,764				6,395,273				6,289,543
Repurchase agreements with customers				187,726				196,716				200,506
Other borrowings				359,186				270,000				245,000
Junior subordinated debentures				34,133				24,454				24,419
Subordinated debt				22,773				60,008				79,645
Other liabilities				73,843				61,515				59,076
Total liabilities				8,293,425				7,007,966				6,898,189
Total stockholders' equity				1,096,895				958,692				932,179
Total liabilities and stockholders' equity			$	9,390,320			$	7,966,658			$	7,830,368

FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data and share amounts, unaudited)
			Three Months Ended								Nine Months Ended
			September 30,								September 30,
				2026				2025				2026			2025
Interest income:
Interest and fees on loans			$	104,013			$	87,020			$	297,667		$	251,722
Interest on investment securities				10,733				7,659				27,993			21,331
Interest on federal funds sold & other deposits				1,972				1,456				6,562			4,042
Total interest income				116,718				96,135				332,222			277,095
Interest expense:
Interest on deposits				33,165				25,179				88,267			73,865
Interest on securities sold under agreements to repurchase				941				1,105				2,996			3,503
Interest on other borrowings				2,148				2,186				7,125			6,060
Interest on subordinated debt				500				850				2,380			2,648
Interest on jr. subordinated debentures				588				452				1,634			1,384
Total interest expense				37,342				29,772				102,402			87,460
Net interest income				79,376				66,363				229,820			189,635
Provision (release of provision) for credit losses				(299	)			3,353				3,844			7,572
Net interest income after provision for credit losses				79,675				63,010				225,976			182,063
Non-interest income:
Wealth management revenues				7,370				5,145				21,951			16,350
Insurance commissions				7,529				7,089				27,206			24,854
Service charges				4,156				3,240				10,695			9,136
Net securities gains/(losses)				35				(1,930	)			118			(2,111	)
Mortgage banking revenues				946				1,255				2,481			3,036
ATM/debit card revenue				4,900				4,182				13,834			12,464
Other				2,276				3,928				6,201			7,637
Total non-interest income				27,212				22,909				82,486			71,366
Non-interest expense:
Salaries and employee benefits				39,411				33,570				112,887			98,941
Net occupancy and equipment expense				10,289				9,196				31,007			25,544
Net other real estate owned expense				537				217				967			393
FDIC insurance				1,016				874				3,019			2,596
Amortization of intangible assets				3,718				3,128				10,897			9,480
Stationery and supplies				339				411				952			1,209
Legal and professional expense				2,954				2,454				8,414			8,287
ATM/debit card expense				2,096				2,052				6,121			5,027
Marketing and donations				954				959				2,596			2,588
Other				3,648				4,285				19,454			12,315
Total non-interest expense				64,962				57,146				196,314			166,380
Income before income taxes				41,925				28,773				112,148			87,049
Income taxes				8,628				6,311				24,735			18,978
Net income			$	33,297			$	22,462			$	87,413		$	68,071
Per Share Information
Basic earnings per common share			$	1.26			$	0.94			$	3.37		$	2.85
Diluted earnings per common share				1.25				0.94				3.36			2.84
Weighted average shares outstanding				26,455,825				23,876,020				25,903,440			23,867,537
Diluted weighted average shares outstanding				26,601,826				23,997,198				26,039,726			23,981,938

FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data and share amounts, unaudited)
							For the Quarter Ended
							September 30,				June 30,			March 31,			December 31,				September 30,
								2026				2026			2026			2025				2025
Interest income:
Interest and fees on loans							$	104,013			$	102,668		$	90,986		$	86,972			$	87,020
Interest on investment securities								10,733				9,375			7,885			7,552				7,659
Interest on federal funds sold & other deposits								1,972				2,841			1,749			1,371				1,456
Total interest income								116,718				114,884			100,620			95,895				96,135
Interest expense:
Interest on deposits								33,165				30,328			24,774			24,462				25,179
Interest on securities sold under agreements to repurchase								941				1,030			1,025			987				1,105
Interest on other borrowings								2,148				2,579			2,398			2,341				2,186
Interest on subordinated debt								500				710			1,170			1,142				850
Interest on jr. subordinated debentures								588				578			468			433				452
Total interest expense								37,342				35,225			29,835			29,365				29,772
Net interest income								79,376				79,659			70,785			66,530				66,363
Provision (release of provision) for credit losses								(299	)			1,545			2,598			2,349				3,353
Net interest income after provision for credit losses								79,675				78,114			68,187			64,181				63,010
Non-interest income:
Wealth management revenues								7,370				8,206			6,375			6,591				5,145
Insurance commissions								7,529				8,870			10,807			7,441				7,089
Service charges								4,156				3,459			3,080			3,161				3,240
Net securities gains/(losses)								35				63			20			(398	)			(1,930	)
Mortgage banking revenues								946				814			721			624				1,255
ATM/debit card revenue								4,900				4,799			4,135			3,947				4,182
Other								2,276				2,622			1,303			319				3,928
Total non-interest income								27,212				28,833			26,441			21,685				22,909
Non-interest expense:
Salaries and employee benefits								39,411				38,460			35,016			35,674				33,570
Net occupancy and equipment expense								10,289				10,892			9,826			11,035				9,196
Net other real estate owned expense								537				218			212			146				217
FDIC insurance								1,016				1,063			940			880				874
Amortization of intangible assets								3,718				3,878			3,301			2,963				3,128
Stationery and supplies								339				311			302			561				411
Legal and professional expense								2,954				2,760			2,700			2,459				2,454
ATM/debit card expense								2,096				2,218			1,807			1,918				2,052
Marketing and donations								954				818			824			760				959
Other								3,648				10,009			5,797			(529	)			4,285
Total non-interest expense								64,962				70,627			60,725			55,867				57,146
Income before income taxes								41,925				36,320			33,903			29,999				28,773
Income taxes								8,628				8,531			7,576			6,321				6,311
Net income							$	33,297			$	27,789		$	26,327		$	23,678			$	22,462
Per Share Information
Basic earnings per common share							$	1.26			$	1.05		$	1.06		$	0.99			$	0.94
Diluted earnings per common share								1.25				1.04			1.06			0.99				0.94
Weighted average shares outstanding								26,455,825				26,458,805			24,777,247			23,891,160				23,876,020
Diluted weighted average shares outstanding								26,601,826				26,604,784			24,893,802			24,000,061				23,997,198

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,
			2026				2026				2026				2025				2025
Loan Portfolio
Construction and land development		$	386,754			$	361,748			$	316,723			$	360,687			$	336,795
Farm real estate loans			426,928				422,537				400,783				373,408				367,473
1-4 Family residential properties			735,724				733,869				734,053				489,854				495,537
Multifamily residential properties			393,982				390,847				456,185				339,482				330,549
Commercial real estate			2,815,862				2,923,176				2,948,024				2,564,670				2,432,180
Loans secured by real estate			4,759,250				4,832,177				4,855,768				4,128,101				3,962,534
Agricultural operating loans			363,770				356,814				370,931				308,275				311,594
Commercial and industrial loans			1,469,640				1,502,951				1,499,079				1,381,598				1,349,863
Consumer loans			31,637				35,478				39,597				31,918				36,317
All other loans			224,274				206,922				178,901				161,482				163,730
Total loans			6,848,571				6,934,342				6,944,276				6,011,374				5,824,038
Deposit Portfolio
Non-interest bearing demand deposits		$	1,465,347			$	1,486,592			$	1,489,747			$	1,392,534			$	1,450,244
Interest bearing demand deposits			2,337,451				2,435,498				2,394,069				2,095,370				1,901,516
Savings deposits			690,034				711,999				781,451				639,412				617,311
Money Market			1,572,439				1,373,685				1,307,240				1,138,464				1,184,964
Time deposits			1,550,493				1,563,770				1,575,132				1,129,493				1,135,508
Total deposits			7,615,764				7,571,544				7,547,639				6,395,273				6,289,543
Asset Quality
Non-performing loans		$	43,069			$	41,293			$	44,074			$	31,948			$	22,199
Non-performing assets			48,099				47,098				49,621				34,807				23,670
Net charge-offs (recoveries)			194				1,370				1,500				399				1,588
Allowance for credit losses to non-performing loans			200.83	%			210.66	%			196.98	%			234.37	%			328.51	%
Allowance for credit losses to total loans outstanding			1.26	%			1.25	%			1.25	%			1.25	%			1.25	%
Nonperforming loans to total loans			0.63	%			0.60	%			0.63	%			0.53	%			0.38	%
Nonperforming assets to total assets			0.51	%			0.51	%			0.53	%			0.44	%			0.30	%
Special Mention loans			101,513				139,154				179,648				120,510				61,195
Substandard and Doubtful loans			131,598				139,902				109,127				79,956				75,309
Common Share Data
Common shares outstanding			26,601,445				26,594,524				26,609,307				23,986,299				23,996,833
Book value per common share		$	41.23			$	41.43			$	40.46			$	39.97			$	38.85
Tangible book value per share(1)			31.09				31.15				30.04				29.42				28.21
Tangible book value per share excluding other comprehensive income at period end(1)			36.24				35.09				34.12				33.64				32.79
Market price of stock			48.74				48.09				41.19				39.00				37.88
Key Performance Ratios and Metrics
End of period earning assets		$	8,670,790			$	8,496,204			$	8,574,933			$	7,325,978			$	7,101,811
Average earning assets			8,470,595				8,520,559				7,670,723				7,168,176				7,014,675
Average rate on average earning assets (tax equivalent)			5.51	%			5.45	%			5.36	%			5.35	%			5.48	%
Average rate on cost of funds			1.85	%			1.75	%			1.67	%			1.71	%			1.75	%
Net interest margin (tax equivalent)(1)			3.76	%			3.79	%			3.78	%			3.73	%			3.80	%
Return on average assets			1.45	%			1.20	%			1.26	%			1.21	%			1.17	%
Adjusted return on average assets(1)			1.46	%			1.45	%			1.37	%			1.30	%			1.21	%
Return on average common equity			12.07	%			10.19	%			10.45	%			10.01	%			9.95	%
Adjusted return on average common equity(1)			12.19	%			12.25	%			11.29	%			10.71	%			10.34	%
Return on average tangible common equity			16.02	%			13.64	%			14.10	%			13.68	%			13.88	%
Adjusted return on average tangible common equity			16.17	%			16.39	%			15.24	%			14.63	%			14.42	%
Efficiency ratio (tax equivalent)(1)			56.13	%			54.39	%			55.86	%			57.55	%			58.75	%
Full-time equivalent employees			1,313				1,316				1,335				1,170				1,178
1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.

        

FIRST MID BANCSHARES, INC.
Net Interest Margin
(Dollars in thousands, unaudited)
		For the Quarter Ended September 30, 2026
		QTD Average							Average
		Balance				Interest			Rate
INTEREST EARNING ASSETS
Interest bearing deposits		$	242,510			$	1,930		3.16	%
Federal funds sold			75				1		5.29	%
Certificates of deposits investments			4,281				41		3.80	%
Investment Securities			1,333,818				11,243		3.37	%
Loans (net of unearned income)			6,889,911				104,345		6.01	%
Total interest earning assets			8,470,595				117,560		5.51	%
NONEARNING ASSETS
Other nonearning assets			797,980
Allowance for loan losses			(87,905	)
Total assets		$	9,180,670
INTEREST BEARING LIABILITIES
Demand deposits		$	3,792,673			$	19,524		2.04	%
Savings deposits			705,758				316		0.18	%
Time deposits			1,585,639				13,324		3.33	%
Total interest bearing deposits			6,084,070				33,164		2.16	%
Repurchase agreements			191,935				941		1.95	%
FHLB advances			175,815				1,519		3.43	%
Federal funds purchased			89				1		0.00	%
Subordinated debt			24,266				500		8.17	%
Jr. subordinated debentures			34,100				588		6.84	%
Other debt			39,501				628		6.31	%
Total borrowings			465,706				4,177		3.56	%
Total interest bearing liabilities			6,549,776				37,341		2.26	%
NONINTEREST BEARING LIABILITIES
Demand deposits			1,459,511			Avg Cost of Funds			1.85	%
Other liabilities			68,135
Stockholders' equity			1,103,248
Total liabilities & stockholders' equity		$	9,180,670
Net Interest Earnings / Spread						$	80,219		3.25	%
Tax effected yield on interest earning assets									3.76	%
Net interest margin, tax equivalent is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.

FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(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,
						2026				2026				2026				2025				2025
Net interest income as reported					$	79,376			$	79,659			$	70,785			$	66,530			$	66,363
Net interest income, (tax equivalent)						80,219				80,459				71,581				67,314				67,143
Average earning assets						8,470,595				8,520,559				7,670,723				7,168,176				7,014,675
Net interest margin (tax equivalent)						3.76	%			3.79	%			3.78	%			3.73	%			3.80	%
Common stockholder's equity					$	1,096,895			$	1,101,744			$	1,076,626			$	958,692			$	932,179
Goodwill and intangibles, net						269,877				273,456				277,347				253,016				255,217
Common shares outstanding						26,601				26,595				26,609				23,986				23,997
Tangible Book Value per common share					$	31.09			$	31.15			$	30.04			$	29.42			$	28.21
Accumulated other comprehensive loss (AOCI)						(137,145	)			(104,824	)			(108,708	)			(101,301	)			(110,012	)
Adjusted tangible book value per common share					$	36.24			$	35.09			$	34.12			$	33.64			$	32.79

        

FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(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,
								2026				2026				2026				2025				2025
Adjusted earnings reconciliation
Net Income - GAAP							$	33,297			$	27,789			$	26,327			$	23,678			$	22,462
Adjustments (post-tax)(1)
Net (gain)/loss on securities sales								(28	)			(50	)			(16	)			314				1,525
Net loss on subordinated debt repayment								24				74				-				237				-
Net loss on other investments								-				-				422				349				-
Technology project expenses								-				-				25				761				360
Net gain on real estate								-				-				-				(443	)			(1,033	)
Severance expense								-				-				-				-				15
Integration and acquisition expenses								325				5,586				1,690				434				13
Total adjustments (non-GAAP)							$	321			$	5,610			$	2,122			$	1,652			$	880
Adjusted earnings - non-GAAP							$	33,618			$	33,399			$	28,449			$	25,330			$	23,342
Adjusted diluted earnings per share (non-GAAP)							$	1.26			$	1.26			$	1.14			$	1.06			$	0.97
Adjusted return on average assets (non-GAAP)								1.46	%			1.45	%			1.37	%			1.30	%			1.21	%
Adjusted return on average common equity (non-GAAP)								12.19	%			12.25	%			11.29	%			10.71	%			10.34	%
Efficiency ratio reconciliation
Noninterest expense - GAAP							$	64,962			$	70,627			$	60,725			$	55,867			$	57,146
Other real estate owned property income (expense)								(537	)			(218	)			(212	)			(76	)			(217	)
Amortization of intangibles								(3,718	)			(3,878	)			(3,301	)			(2,963	)			(3,128	)
Gain/(loss) on real estate								-				-				-				560				(95	)
Severance expense								-				-				-				-				(19	)
Technology project expense								-				-				(32	)			(963	)			(456	)
Integration and acquisition expenses								(411	)			(7,071	)			(2,139	)			(549	)			(17	)
Adjusted noninterest expense (non-GAAP)							$	60,296			$	59,460			$	55,041			$	51,876			$	53,214
Net interest income -GAAP							$	79,376			$	79,659			$	70,785			$	66,530			$	66,363
Effect of tax-exempt income(1)								843				800				796				784				780
Adjusted net interest income (non-GAAP)							$	80,219			$	80,459			$	71,581			$	67,314			$	67,143
Noninterest income - GAAP							$	27,212			$	28,833			$	26,441			$	21,685			$	22,909
Gain on real estate sales								-				-				-				-				(1,403	)
Net (gain)/loss on securities sales								(35	)			(63	)			(20	)			398				1,930
Net loss on subordinated debt repayment								30				94				-				300				-
Net loss on other investments								-				-				534				442				-
Adjusted noninterest income (non-GAAP)							$	27,207			$	28,864			$	26,955			$	22,825			$	23,436
Adjusted total revenue (non-GAAP)							$	107,426			$	109,323			$	98,536			$	90,139			$	90,579
Efficiency ratio (non-GAAP)								56.13	%			54.39	%			55.86	%			57.55	%			58.75	%
Adjusted return on average tangible common equity reconciliation
Adjusted earnings - non-GAAP							$	33,618			$	33,399			$	28,449			$	25,330			$	23,342
Annualized adjusted earnings- non-GAAP								134,472				133,596				113,794				101,320				93,368
Average common stockholder's equity								1,103,248				1,090,377				1,008,214				946,150				903,411
Average goodwill								203,683				203,677				203,392				203,391				203,391
Average other intangibles								68,063				71,813				57,973				50,413				52,572
Average tangible common stockholder's equity							$	831,502			$	814,887			$	746,849			$	692,346			$	647,448
Adjusted return on average tangible common equity (non-GAAP)								16.17	%			16.39	%			15.24	%			14.63	%			14.42	%
(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.

        

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Source: First Mid Bancshares, Inc.