Core Viewpoint - Investors should closely monitor FIRST MID BNCSH, Inc. (FMBH) due to significant activity in the options market, particularly the Jul 17, 2026 $25.00 Call, which has high implied volatility [1] Group 1: Implied Volatility - Implied volatility indicates the market's expectation of future price movement, with high levels suggesting anticipation of a significant price change or an upcoming event that could trigger a rally or sell-off [2] - High implied volatility in options often attracts traders looking to sell premium, as this strategy aims to benefit from the decay of options value if the underlying stock does not move as expected [4] Group 2: Analyst Insights - FIRST MID BNCSH holds a Zacks Rank 3 (Hold) within the Banks - Northeast Industry, which is in the top 18% of the Zacks Industry Rank [3] - Over the past 60 days, one analyst has raised their earnings estimate for the current quarter, while no analysts have lowered their estimates, resulting in a slight decrease in the Zacks Consensus Estimate from $1.10 to $1.08 per share [3]

Core Viewpoint - First Mid Bancshares, Inc. has successfully completed the acquisition of Two Rivers Financial Group, Inc., enhancing its asset base and service offerings [1][2]. Group 1: Acquisition Details - The acquisition of Two Rivers Financial Group, Inc. has been finalized, with Two Rivers holding approximately $1.2 billion in assets, $883 million in loans, and $1.0 billion in deposits as of December 31, 2025 [1][2]. - Following the acquisition, First Mid Bancshares now has approximately $9.1 billion in total assets and $7.9 billion in total trust and wealth assets under management [2]. Group 2: Customer Impact - There will be no immediate changes for Two Rivers' customers, with account conversions expected to occur in June 2026, and customers will be informed in advance of any changes [3]. Group 3: Company Overview - First Mid Bancshares, Inc. is a community-focused organization providing a full suite of financial services, including banking, wealth management, brokerage, agricultural services, and insurance, with a network of locations across Illinois, Missouri, Texas, and Wisconsin [4].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 001-36434 FIRST MID BANCSHARES, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

Core Insights - First Mid Bancshares (FMBH) reported revenue of $88.22 million for the quarter ended December 2025, reflecting a year-over-year increase of 3.4% but a revenue surprise of -3.54% compared to the Zacks Consensus Estimate of $91.45 million [1] - The earnings per share (EPS) for the quarter was $1.06, up from $0.87 in the same quarter last year, with an EPS surprise of +0.24% against the consensus estimate [1] Financial Performance Metrics - Efficiency Ratio was reported at 57.6%, better than the estimated 59.8% by analysts [4] - Net interest margin stood at 3.7%, slightly below the average estimate of 3.8% [4] - Average Earning Assets were $7.17 billion, exceeding the average estimate of $7.12 billion [4] - Non-interest Income was $21.69 million, lower than the average estimate of $24.59 million [4] - Net Interest Income (FTE) was $67.31 million, compared to the estimated $68.01 million [4] - Net Interest Income was reported at $66.53 million, below the estimate of $67.07 million [4] - ATM/debit card revenue was $3.95 million, compared to the average estimate of $4.15 million [4] - Wealth management revenues were $6.59 million, slightly below the estimate of $6.7 million [4] - Insurance commissions were reported at $7.44 million, exceeding the average estimate of $7.2 million [4] - Service charges were $3.16 million, above the estimate of $3.05 million [4] - Mortgage banking revenues were $0.62 million, significantly lower than the estimated $1 million [4] Stock Performance - Shares of First Mid Bancshares have returned +6.3% over the past month, outperforming the Zacks S&P 500 composite's +0.9% 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]

Core Viewpoint - First Mid Bancshares (FMBH) reported quarterly earnings of $1.06 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.87 per share a year ago, indicating a positive earnings surprise of +0.24% [1] Financial Performance - The company posted revenues of $88.22 million for the quarter ended December 2025, which was 3.54% below the Zacks Consensus Estimate, but an increase from $85.31 million year-over-year [2] - Over the last four quarters, First Mid Bancshares has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [2] Stock Performance - First Mid Bancshares shares have increased by approximately 7.9% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.10 on revenues of $92.5 million, and for the current fiscal year, it is $4.45 on revenues of $414.25 million [7] - The estimate revisions trend for First Mid Bancshares was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Zacks Industry Rank for Banks - Northeast is currently in the top 23% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8]

Financial Performance - Record quarterly net income of $23.7 million, or $0.99 diluted EPS, with adjusted net income of $25.3 million, or $1.06 diluted EPS [10] - Net income for the quarter was $23,678 thousand, a 23.06% increase compared to $19,168 thousand in the same quarter last year [31] - Basic earnings per share increased to $0.99, up from $0.80 in the same quarter last year, marking a growth of 23.75% [31] - Net income for the quarter was $23,678 million, compared to $22,462 million in the previous quarter, showing a growth of 5.4% [34] - Basic earnings per share increased to $0.99, up from $0.94 in the previous quarter, reflecting a growth of 5.3% [34] Loan and Deposit Growth - Total loans increased to $6.01 billion, a quarterly increase of $187.3 million, or 3.2%, and a 6.0% increase for the year [10] - Total deposits reached $6.40 billion, a quarterly increase of $105.7 million, or 1.7%, and a 5.6% increase for the year [10] - Net loans reached $5,936,499 thousand, an increase of 3.23% from $5,751,113 thousand in the previous quarter [28] - Total deposits rose to $6,395,273 thousand, reflecting a 1.68% increase from $6,289,543 thousand in the prior quarter [28] - Total loans outstanding reached $6,011,374 million, up from $5,824,038 million in the previous quarter, reflecting a growth of 3.2% [36] - Total deposits grew to $6,395,273 million, up from $6,289,543 million, representing an increase of 1.7% [36] Interest Income and Margin - Net interest income for Q4 2025 was $66.5 million, up $7.6 million, or 12.9%, compared to Q4 2024 [6] - Net interest income for the quarter was $66,530 thousand, up 12.67% from $58,950 thousand in the same quarter last year [30] - Net interest income for the quarter ended December 31, 2025, was reported at $66,530 thousand, compared to $66,363 thousand in the prior quarter [43] - The net interest margin (tax equivalent) for the quarter was 3.73%, a slight decrease from 3.80% in the previous quarter [43] - The average rate on average earning assets (tax equivalent) was 5.35%, down from 5.48% in the previous quarter [41] Non-Interest Income and Expenses - Non-interest expenses totaled $55.9 million, a decrease from $57.1 million in the prior quarter [15] - Non-interest income decreased to $21,685 thousand, down 17.86% from $26,363 thousand in the previous quarter [31] - Total non-interest income was $21,685 million, down from $22,909 million in the previous quarter, a decline of 5.4% [34] - Adjusted noninterest expense for the current period is $51,876 million, a decrease from $53,214 million in the previous period [47] - Noninterest income (GAAP) decreased to $21,685 million from $22,909 million, showing a decline in this revenue stream [47] Asset and Equity Growth - Total assets increased to $7,966,658 thousand as of December 31, 2025, up from $7,830,368 thousand as of September 30, 2025, representing a growth of 1.74% [28] - Total stockholders' equity rose to $958,692 thousand, an increase of 2.73% from $932,179 thousand in the previous quarter [28] - Common stockholder's equity increased to $958,692 thousand, up from $932,179 thousand in the previous quarter [43] - Book value per common share increased to $39.97, up from $38.85 in the previous quarter, reflecting a growth of 2.9% [36] - Tangible book value per share increased 4.3% during the quarter to $29.42, and 20.3% for the year [10] Credit Quality - The allowance for credit losses (ACL) was $74.9 million, with an ACL to total loans ratio of 1.25% [11] - Provision for credit losses was $2,349 thousand, a decrease from $3,643 thousand in the previous quarter, indicating improved credit quality [30] - Provision for credit losses was $2,349 million, a decrease from $3,353 million in the previous quarter, indicating improved asset quality [34] - Non-performing loans increased to $31,948 million, compared to $22,199 million in the previous quarter, indicating a rise of 43.2% [36] - The allowance for credit losses to total loans outstanding was 1.25%, consistent with the previous quarter [36] Regulatory and Acquisition Updates - The Company received regulatory approval for the acquisition of Two Rivers Financial Group, Inc., expected to close in Q1 2026 [3]

Core Insights - First Mid Bancshares, Inc. reported record annual earnings per share and net income for the year ending December 31, 2025, with a strong focus on strategic technology projects and customer experience improvements [3][4]. Financial Performance - Net interest income for Q4 2025 was $66.5 million, a slight increase of $0.2 million from Q3 2025, and a year-over-year increase of $7.6 million, or 12.9% from Q4 2024 [5][6]. - The net interest margin for Q4 2025 was 3.73%, down 7 basis points from the previous quarter, primarily due to lower accretion income and increased interest expenses [7]. - Total loans reached $6.01 billion, reflecting a quarterly increase of $187.3 million, or 3.2%, and a yearly increase of $338.9 million, or 6.0% [8][9]. - Total deposits were $6.40 billion, up $105.7 million, or 1.7% from the prior quarter, with a yearly increase of 5.6% [10][12]. Asset Quality - The allowance for credit losses (ACL) was $74.9 million, maintaining a ratio of 1.25% to total loans, consistent with the previous quarter [10]. - The ratio of non-performing loans to total loans was 0.53%, an increase from the prior quarter, while the ACL to non-performing loans ratio was 234% [11]. Non-Interest Income and Expenses - Non-interest income for Q4 2025 was $21.7 million, down from $22.9 million in the prior quarter, with notable contributions from wealth management and insurance commissions [13][14]. - Non-interest expenses totaled $55.9 million, a decrease from $57.1 million in the previous quarter, with technology expenses related to core conversion projects included [15]. Capital Levels and Dividends - The company's capital levels remained strong, with total capital to risk-weighted assets at 15.67% and a tangible book value per share of $29.42, reflecting a 4.3% increase during the quarter [17][18]. - The Board of Directors declared a regular quarterly dividend of $0.25 per share, payable on February 27, 2026 [19].

Financial Performance - Net income for the nine months ended September 30, 2025, was $68.1 million, an increase of 14.1% from $59.7 million in the same period of 2024[132] - Diluted net income per common share rose to $2.84 for the nine months ended September 30, 2025, compared to $2.49 for the same period in 2024[132] - Total non-interest income increased by $1.4 million or 2.1% to $71.4 million for the nine months ended September 30, 2025[134] - Net interest income increased by $19.9 million, or 11.5%, to $191.9 million for the nine months ended September 30, 2025, compared to $172.1 million for the same period in 2024[149] - The effective tax rate decreased to 21.8% for the nine months ended September 30, 2025, down from 24.4% in the same period of 2024[157] Asset and Loan Growth - Total assets increased to $7.8 billion as of September 30, 2025, up from $7.5 billion at December 31, 2024, with net loan balances rising to $5.7 billion[132] - Average loans increased by $170.0 million, or 3.1%, compared to the same period in 2024[150] - As of September 30, 2025, total loans outstanding amounted to $5.824 billion, with $1.220 billion maturing in one year or less, $2.749 billion maturing over one to five years, and $1.855 billion maturing over five years[165] - The loan portfolio increased by $151.6 million, or 2.7%, driven by growth in construction and land development loans[162] Credit Quality and Losses - The provision for credit losses was $7.6 million for the nine months ended September 30, 2025, compared to $2.0 million for the same period in 2024[137] - Total nonperforming loans increased to $22.2 million at September 30, 2025, from $18.2 million at September 30, 2024[136] - Nonperforming loans increased to $22.2 million as of September 30, 2025, from $18.2 million in 2024[151] - The net charge-offs for the first nine months of 2025 were $4.8 million, significantly higher than $1.9 million in the same period of 2024, indicating a 152.63% increase[180] - The allowance for credit losses is based on management's estimate of probable losses, with a focus on a disciplined credit review process and economic factors affecting borrowers[173][174] Expenses and Income - Total non-interest expense rose by $7.7 million or 4.8% to $166.4 million for the nine months ended September 30, 2025, primarily due to salary increases and incentive compensation[135] - Total other income for the nine months ended September 30, 2025, was $71.366 million, a 2.1% increase from $69.923 million in 2024[152] - Salaries and employee benefits increased by $2.0 million, or 6.4%, primarily due to annual raises and increased incentive compensation accruals[159] Capital and Equity - The Company's Tier 1 capital to risk-weighted assets ratio was 13.53% at September 30, 2025, compared to 12.70% at September 30, 2024[138] - As of September 30, 2025, the Company's stockholders' equity increased by $85.8 million or 10.1%, reaching $932.2 million from $846.4 million as of December 31, 2024[199] - The Company believes it met all capital adequacy requirements as of September 30, 2025, according to regulatory standards[200] Deposits and Borrowings - The total average deposits for the nine months ended September 30, 2025, were $6,183.6 million, a slight increase of $40.4 million compared to the average balance for the year ended December 31, 2024[181] - The high month-end balance of total deposits reached $6,289.5 million for the nine months ended September 30, 2025, compared to $6,242.9 million in 2024[182] - The average interest rate on total borrowings at the end of the period was 3.09% as of September 30, 2025, down from 3.30% at the end of 2024[183] Risk Management - The Company aims to maximize its net interest margin while managing interest rate risk, monitored by its asset liability management committee (ALCO)[197] - The static GAP analysis indicated that the Company was liability sensitive through the twelve-month time horizon, suggesting potential adverse effects on net interest income from future interest rate increases[198] - The Company’s interest rate sensitivity position is monitored to maintain a balance between rate-sensitive assets and liabilities, limiting adverse effects from interest rate changes[197] Commitments and Obligations - The Company had a total of $1,702.3 million in significant contractual obligations and other commitments as of September 30, 2025[207] - The Company maintained compliance with existing covenants as of September 30, 2025, and had no balance on its revolving credit agreement of $15.0 million[184] Stock and Shareholder Programs - The Company has a maximum of 1,000,000 shares of common stock that may be issued under the Stock Incentive Plan, with 79,635 restricted stock awards granted in 2025[202] - The Employee Stock Purchase Plan allows eligible employees to purchase shares at a 15% discount, with 149,156 shares issued as of September 30, 2025[203] - The 2025 Repurchase Program authorizes the Company to repurchase up to 1.2 million shares, with approximately $45.5 million remaining capacity as of September 30, 2025[204]

Core Insights - First Mid Bancshares (FMBH) reported quarterly earnings of $0.97 per share, exceeding the Zacks Consensus Estimate of $0.96 per share, and up from $0.83 per share a year ago, representing an earnings surprise of +1.04% [1] - The company posted revenues of $89.27 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.50%, compared to $80.57 million in the same quarter last year [2] - The stock has underperformed the market, losing about 1.6% since the beginning of the year, while the S&P 500 gained 17.2% [3] Earnings Performance - Over the last four quarters, First Mid Bancshares has surpassed consensus EPS estimates four times [2] - The company has topped consensus revenue estimates three times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $0.99 on revenues of $89.05 million, and for the current fiscal year, it is $3.88 on revenues of $348.95 million [7] Market Outlook - The earnings outlook and estimate revisions will significantly influence the stock's immediate price movement [3][4] - The estimate revisions trend for First Mid Bancshares was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The Zacks Industry Rank for Banks - Northeast is currently in the top 14% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Performance - Net interest income for Q3 2025 was $66.4 million, an increase of $2.5 million, or 3.9% from Q2 2025[5] - Quarterly net income was $22.5 million, or $0.94 diluted EPS, with adjusted net income at $23.3 million, or $0.97 diluted EPS[9] - Net income for Q3 2025 was $22,462 thousand, up from $19,482 thousand in Q3 2024, representing a growth of 10.15%[32] - Basic earnings per share increased to $0.94 in Q3 2025, compared to $0.81 in Q3 2024, a rise of 16.05%[32] - Net income for the quarter was $22,462 thousand, a decrease from $23,438 thousand in the previous quarter, representing a decline of 4.16%[35] Loans and Deposits - Total loans reached $5.82 billion, up $57.0 million, or 1.0% from the previous quarter[8] - Total deposits increased to $6.29 billion, a rise of $99.3 million, or 1.6% from the prior quarter[12] - Net loans rose to $5,751,113 thousand in 2025, compared to $5,602,280 thousand in 2024, marking an increase of 2.65%[29] - Total deposits reached $6,289,543 thousand in 2025, up from $6,057,096 thousand in 2024, reflecting a growth of 3.83%[29] - Total loans reached $5,824,038 thousand, a growth from $5,766,999 thousand in the previous quarter, representing an increase of 0.99%[36] Interest Income and Expenses - The net interest margin on a tax-equivalent basis was 3.80%, reflecting an increase of 8 basis points from the prior quarter[7] - Net interest income after provision for credit losses was $63,010 thousand for Q3 2025, compared to $56,277 thousand in Q3 2024, an increase of 11.4%[32] - Interest expense on deposits decreased to $25,179 thousand in Q3 2025 from $28,341 thousand in Q3 2024, a decline of 7.63%[32] - Total interest expense increased to $33,639 thousand, up from $30,892 thousand in the previous quarter, reflecting a rise of 5.7%[35] - Net interest income after provision for credit losses was $63,010 thousand, compared to $61,296 thousand in the prior quarter, an increase of 2.8%[35] Non-Interest Income and Expenses - Non-interest income for Q3 2025 was $22.9 million, a decrease from $23.6 million in the prior quarter[13] - Total non-interest income for the nine months ended September 30, 2025, was $71,366 thousand, compared to $69,923 thousand for the same period in 2024, an increase of 2.07%[32] - Non-interest expenses totaled $57.1 million, an increase of $2.3 million from the previous quarter[16] - Total non-interest expense for the nine months ended September 30, 2025, was $166,380 thousand, up from $158,686 thousand in 2024, reflecting a rise of 4.25%[32] - Total non-interest income was $22,909 thousand, down from $23,593 thousand in the previous quarter, a decrease of 2.9%[35] Credit Quality - The allowance for credit losses was $72.9 million, with a ratio of ACL to total loans at 1.25%[11] - Provision for credit losses was $3,353 thousand in Q3 2025, compared to $1,266 thousand in Q3 2024, indicating a significant increase in provisions[32] - Non-performing loans stood at $22,199 thousand, slightly up from $21,895 thousand, indicating a 1.39% increase[36] - The allowance for credit losses to total loans outstanding was 1.25%, up from 1.23% in the previous quarter, showing a slight increase in credit risk management[36] Asset Growth - Total assets increased to $7,830,368 thousand in 2025, up from $7,519,734 thousand in 2024, representing a growth of 4.14%[29] - Total earning assets at the end of the period reached $7,101,811, an increase from $6,924,934 in the previous quarter, reflecting a growth of 2.55%[37] Stockholder Equity - Tangible book value per share increased by 6.0% to $28.21 during the quarter[9] - Book value per common share increased to $38.85, compared to $37.27 in the previous quarter, reflecting a growth of 4.24%[36] - Common stockholder's equity increased to $932,179 from $894,140 in the previous quarter, reflecting a growth of 4.25%[43] Operational Efficiency - Adjusted return on average assets was 1.21%, slightly down from 1.23% in the previous quarter[45] - Adjusted return on average common equity decreased to 10.34% from 10.80% in the prior quarter, a decline of 4.26%[45] - Efficiency ratio (non-GAAP) was reported at 58.75%, an increase from 58.09% in the previous quarter, indicating a decline in operational efficiency[45] Company Developments - The company announced the pending acquisition of Two Rivers Financial Group, Inc., expanding its footprint into Iowa[4] - Full-time equivalent employees decreased to 1,178 from 1,190 in the previous quarter, a reduction of 1.01%[37] - The market price of stock was $37.88, slightly up from $37.49 in the previous quarter, indicating a 1.04% increase[36]