First Mid(US:FMBH)2025-10-30 12:00Financial 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]