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].

Group 1 - First Mid Bancshares (FMBH) is expected to report a year-over-year decline in earnings of 12.8%, with quarterly earnings estimated at $0.82 per share and revenues projected to be $81.65 million, reflecting a 3.1% increase from the previous year [3][12] - The consensus EPS estimate has been revised 0.74% higher in the last 30 days, indicating a slight positive adjustment by analysts [4] - The Earnings ESP for First Mid Bancshares is -2.74%, suggesting a bearish outlook from analysts regarding the company's earnings prospects [11] Group 2 - The earnings report could lead to stock price movement depending on whether the actual results exceed or fall short of expectations [2][14] - Historical performance shows that First Mid Bancshares has beaten consensus EPS estimates three out of the last four quarters, although it delivered a surprise of -1.19% in the most recent quarter [12][13] - The Zacks Rank for First Mid Bancshares is currently 3 (Hold), which complicates the prediction of an earnings beat [11][16] Group 3 - Eagle Bancorp (EGBN), another player in the Northeast banking industry, is expected to report a year-over-year EPS decline of 28.4%, with revenues estimated at $81.08 million, up 6.8% from the previous year [17] - Despite a 9.5% upward revision in the consensus EPS estimate for Eagle Bancorp, the Earnings ESP is -8.33%, indicating challenges in predicting an earnings beat [18]

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 ...

Investors might want to bet on First Mid Bancshares (FMBH) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook. The upward trend in estimate revisions for this bank holding company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correla ...

Core Viewpoint - First Mid Bancshares (FMBH) demonstrated strong financial performance in Q2 2024, with significant revenue growth and earnings per share (EPS) slightly above the previous year, indicating positive momentum in the company's operations [1]. Financial Performance - Revenue for the quarter reached $79.19 million, reflecting a 28% increase year-over-year [1]. - EPS was reported at $0.84, a slight increase from $0.83 in the same quarter last year [1]. - The revenue exceeded the Zacks Consensus Estimate of $78.25 million by 1.20% [1]. - The company achieved an EPS surprise of 6.33%, compared to the consensus estimate of $0.79 [1]. Key Financial Metrics - Efficiency Ratio was reported at 59.6%, better than the estimated 64.3% by analysts [3]. - Net Interest Margin stood at 3.4%, slightly above the average estimate of 3.3% [4]. - Average Earning Assets totaled $6.82 billion, slightly below the two-analyst average estimate of $6.89 billion [5]. - Non-interest Income was $22.42 million, marginally below the three-analyst average estimate of $22.47 million [6]. - Other income was reported at $2.10 million, compared to the two-analyst average estimate of $2.20 million [7]. - Net Interest Income (FTE) was $57.36 million, exceeding the estimate of $55.55 million [8]. - Net Interest Income was $56.77 million, also above the estimate of $55.50 million [9]. - ATM/debit card revenue reached $4.28 million, surpassing the average estimate of $4.10 million [10]. - Wealth management revenues were $5.41 million, exceeding the two-analyst average estimate of $5.20 million [11]. - Insurance commissions totaled $6.53 million, slightly below the average estimate of $6.75 million [12]. - Service charges were reported at $3.23 million, above the estimate of $3.05 million [13]. - Mortgage banking revenues were $1.04 million, below the average estimate of $1.10 million [14]. Stock Performance - Shares of First Mid Bancshares have increased by 18.2% over the past month, significantly outperforming the Zacks S&P 500 composite, which saw a change of +1.1% [14]. - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [14].

Financial Performance - Net income for Q2 2024 was $19.7 million, or $0.82 diluted EPS, with adjusted net income of $20.1 million, or $0.84 diluted EPS [2]. - Net income for Q2 2024 was $19,745,000, a 19.4% increase from $16,567,000 in Q2 2023 [22]. - Basic earnings per common share increased to $0.83 in Q2 2024 from $0.81 in Q2 2023, reflecting a 2.5% growth [20]. - Adjusted earnings for the quarter ended June 30, 2024, were $20,118,000, down from $22,307,000 in the previous quarter [28]. - Adjusted diluted earnings per share (non-GAAP) decreased to $0.84 from $0.93 in the prior quarter [28]. - Adjusted return on average assets (non-GAAP) was 1.07%, compared to 1.17% in the previous quarter [28]. - Adjusted return on average common equity (non-GAAP) was 10.11%, down from 11.28% in the prior quarter [28]. Revenue and Income Sources - Total interest income for Q2 2024 reached $88,683,000, a 34.1% increase from $66,130,000 in Q2 2023 [19]. - Net interest income increased by $1.3 million, or 2.3% from Q1 2024, and rose by $14.4 million, or 34.0% compared to Q2 2023 [4]. - Noninterest income for Q2 2024 was $22.4 million, down from $24.5 million in the prior quarter, but up $2.9 million, or 15.1% compared to Q2 2023 [8]. - Non-interest income totaled $22,422,000, representing a 15.4% increase compared to $19,486,000 in Q2 2023 [19]. - Wealth management revenues were $5,405,000, slightly up from $5,341,000 in Q2 2023 [19]. Expenses and Loss Provisions - Noninterest expenses totaled $51.4 million, a decrease from $53.4 million in the prior quarter, but an increase of $11.3 million compared to Q2 2023 [10]. - Total non-interest expense rose to $51,391,000, a 28.3% increase from $40,042,000 in Q2 2023 [19]. - Provision for credit losses was $1,083,000, compared to $458,000 in Q2 2023, indicating a significant increase in credit loss provisions [19]. - Integration and acquisition expenses for the quarter were $250,000, down from $1,804,000 in the previous quarter [28]. Loans and Deposits - Total loans reached $5.56 billion, reflecting an increase of $61.3 million, or 1.1% from the prior quarter [5]. - Total loans increased to $5,560,617 thousand as of June 30, 2024, up from $5,499,295 thousand in the previous quarter, representing a growth of 1.1% [23]. - Total deposits decreased by $127.2 million, or 2.0% from the prior quarter, ending at $6.12 billion [7]. - Total deposits decreased to $6,115,779 thousand as of June 30, 2024, from $6,242,936 thousand in the previous quarter, a decline of 2.0% [23]. Asset Quality and Ratios - The allowance for credit losses increased to $68.3 million, with a ratio of 1.23% to total loans [6]. - Non-performing loans decreased to $19,079 thousand as of June 30, 2024, down from $20,064 thousand in the previous quarter, indicating improved asset quality [24]. - The allowance for credit losses to non-performing loans ratio was 358.05% as of June 30, 2024, compared to 338.60% in the previous quarter, showing a stronger coverage [24]. Shareholder Returns and Dividends - The Board of Directors approved a quarterly dividend increase to $0.24 per share, payable on August 30, 2024 [13]. - The weighted average shares outstanding increased to 23,896,210 from 20,528,717 in the previous year, indicating a growth in share count [20]. Efficiency and Margins - The net interest margin was 3.36%, an increase of 11 basis points from the previous quarter and 52 basis points from the same period last year [5]. - The net interest margin (tax equivalent) improved to 3.36% for the quarter ended June 30, 2024, up from 3.25% in the previous quarter [26]. - The efficiency ratio (tax equivalent) was 59.61% for the quarter ended June 30, 2024, compared to 59.09% in the previous quarter, indicating a slight increase in operational efficiency [24]. - The efficiency ratio (non-GAAP) improved to 59.61% from 59.09% in the previous quarter [28].