First Mid(FMBH) - 2025 Q4 - Annual Results

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]