First Mid(US:FMBH)2024-10-31 12:00Financial 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]