First Mid(US:FMBH)2024-08-01 12:00Financial 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].