MATTOON, Ill., Jan. 29, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ:FMBH) (the "Company") today announced its financial results for the quarter ended December 31, 2025.

Highlights

Record high quarterly net income of $23.7 million, or $0.99 diluted EPS
Adjusted quarterly net income^* of $25.3 million, or $1.06 diluted EPS
Total loans of $6.01 billion, quarterly increase of $187.3 million, or 3.2% and an increase of 6.0% for the year
Total deposits of $6.40 billion, quarterly increase of $105.7 million, or 1.7% and an increase of 5.6% for the year
Tangible book value per share^* increased 4.3% during the quarter to $29.42 and an increase of 20.3% for the year
Received regulatory approval for the acquisition of Two Rivers Financial Group, Inc.
Board of Directors declares regular quarterly dividend of $0.25 per share

"We finished off a landmark year for First Mid with record annual earnings per share and net income. Our team executed at the highest levels on key strategic technology projects and now with our new retail online banking and core banking applications implemented, we have improved the customer experience and deployed a more efficient platform for growth. We are pleased with the continued progress towards closing our pending acquisition of Two Rivers Financial Group, Inc. as we received all regulatory approvals in the fourth quarter. We still anticipate closing to occur in the first quarter of 2026 as we enter Iowa with a great partner," said Joseph Dively, Chairman and CEO.

"Our team was able to capitalize on opportunities late in the fourth quarter to drive over 3% loan growth during the period and 6% for the year. In addition, our commitment to creating shareholder value through a diversified income stream is reflected in the growth of our business lines, including a record year of revenue for both wealth management and insurance," said Matthew Smith, President.

Net Interest Income

Net interest income for the fourth quarter of 2025 was $66.5 million, an increase of $0.2 million compared to the third quarter of 2025. Accretion income for the fourth quarter was $2.6 million, a decrease of $0.5 million compared to the prior quarter, primarily due to lower accelerated accretion from acquired loans.

In comparison to the fourth quarter of 2024, net interest income increased $7.6 million, or 12.9%. Interest income was higher by $6.1 million, inclusive of a decrease in accretion income of $0.8 million compared to the fourth quarter last year. Interest expense was lower by $1.5 million compared to the fourth quarter of last year.

Net Interest Margin

Net interest margin, on a tax equivalent basis^*, was 3.73% for the fourth quarter of 2025 representing a decrease of 7 basis points over the prior quarter, with a majority of the decrease driven by lower accretion income and an increase in interest expense from our sub-debt repricing in mid-October 2025. Excluding the $0.5 million decline in accretion income, net interest margin decreased by 4 basis points for the quarter.

Loan Portfolio

Total loans ended the quarter at $6.01 billion, representing an increase of $187.3 million, or 3.2%, from the prior quarter. The increase was well diversified and included construction and land development, farm real estate, multifamily residential properties, commercial real estate, and commercial and industrial loans. The increase also included greater line of credit utilization at the end of the quarter. Residential real estate and consumer loans saw modest declines in the quarter along with seasonal paydowns in the agricultural operating segment.

For the full year 2025, loan balances increased $338.9 million, or 6.0%. The largest increases were in construction and land development, commercial real estate, agriculture operating lines, and commercial and industrial loans.

Asset Quality

Asset quality remained strong for the quarter as the allowance for credit losses ("ACL") ended the period at $74.9 million and the ACL to total loans ratio was 1.25%, which was in line with the third quarter of 2025. In addition to the ACL, an unearned discount of $23.4 million remains at quarter end. Provision expense was recorded in the amount of $2.3 million during the quarter with growth in the loan portfolio and net charge-offs of $0.4 million, which is the lowest in 6 quarters. We continued to see credit normalization during the quarter from historical lows. At the end of the fourth quarter, the ratio of non-performing loans to total loans was 0.53%, which was an increase from the prior quarter primarily from two relationships. The borrowers are in different industries and geographies. The larger of these credits is a long-time customer in the consumer finance industry that is currently in discussions to sell their book of business. Minimal future losses are expected from this relationship. The ACL to non-performing loans ratio was 234%, a decrease from the prior quarter due to the addition of the above-mentioned relationships. The ratio of nonperforming assets to total assets increased from 0.30% in the prior quarter to 0.44%. Special mention loans increased by $59.3 million to $120.5 million and substandard loans increased $4.6 million to $80.0 million.

Deposits

Total deposits ended the quarter at $6.40 billion, which represented an increase of $105.7 million, or 1.7%, from the prior quarter. Non-interest-bearing demand deposits declined $57.7 million or 4.0% from the third quarter due to seasonal cash flow fluctuations from a few large depositors. Interest bearing demand deposits grew $193.9 million, or 10.2%.

Non-Interest Income

Non-interest income for the fourth quarter of 2025 was $21.7 million compared to $22.9 million in the prior quarter. The loss from the sale of low yielding bonds totaled $0.4 million and provided proceeds of $9.6 million that were redeployed at higher rates. These losses were lower than the third quarter of 2025 by $1.5 million. The Company paid down $20 million of subordinated debt during the quarter. The payoff included a write-down of subordinated debt-related discount costs totaling $0.3 million. The Company wrote down other investments during the quarter totaling $0.4 million. As part of the core conversion during the quarter and updated general ledger structure, a prospective change in presentation of $1.4 million in real estate sale gains for the year, which have historically been reported in "Other" non-interest income are now presented in "Other" within non-interest expenses. Excluding the aforementioned items, non-interest income for the quarter totaled $24.2 million.

Wealth management revenues for the quarter were $6.6 million, which was an increase of $1.4 million from the prior quarter and $0.3 million from the fourth quarter of 2024. Overall Ag Services revenue was $2.9 million in the period compared to $1.8 million in the prior quarter and $3.0 million in the fourth quarter of 2024. Insurance commissions for the quarter were $7.4 million, which was an increase of $0.4 million compared to the third quarter due to continued organic growth and performance of acquired books of business. Insurance commissions increased $0.6 million compared to the fourth quarter of 2024 from both organic growth and strategic acquisitions.

Non-Interest Expenses

Non-interest expense for the fourth quarter of 2025 totaled $55.9 million compared to $57.1 million in the prior quarter. During the quarter, technology expenses related to the core conversion project totaled $1.0 million. Expenses associated with the pending acquisition of Two Rivers Financial Group, Inc. totaled $0.6 million. Net gains, decreasing non-interest expenses during the quarter were from the sale of real estate and totaled $0.6 million. In addition, the previously mentioned $1.4 million in prior real estate sale gains during 2025 are now presented as other expenses and decreased this total. Excluding the aforementioned items, non-interest expenses for the quarter totaled $56.3 million. As part of the completed core conversion and updated general ledger structure, $2.1 million of "Other" expenses were prospectively changed in presentation to "Net occupancy and equipment expense". Salaries and benefits expense increased $2.1 million from the prior quarter, driven by incentive compensation tied to the solid end to the year in our wealth management and insurance business lines, sizeable loan production during the quarter, as well as our final incentive compensation true up.

The Company's efficiency ratio^*, as adjusted in the non-GAAP reconciliation table herein, for the fourth quarter of 2025 was 57.55% compared to 58.75% in the prior quarter and 58.76% for the same period last year.

Capital Levels and Dividend

The Company's capital levels remained strong and above the "well capitalized" levels. Capital levels ended the period as follows:

Total capital to risk-weighted assets	15.67%
Tier 1 capital to risk-weighted assets	13.55%
Common equity tier 1 capital to risk-weighted assets	13.16%
Leverage ratio	11.07%

Tangible book value per share^* increased $1.21, or 4.3% during the fourth quarter of 2025. The increase was driven by both earnings and a decrease of $8.7 million related to the unrealized loss position in the Company's investment portfolio.

The Company's Board of Directors approved its regular quarterly dividend of $0.25 payable on February 27^th, 2026 to the shareholders of record as of February 12^th, 2026.

About First Mid: First Mid Bancshares, Inc. ("First Mid") is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $8.0 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, and Wisconsin and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 160 years. More information about the Company is available on our website at www.firstmid.com.

*Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles ("GAAP"), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company's financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include "Adjusted Net Earnings," "Adjusted Diluted EPS," "Efficiency Ratio," "Net Interest Margin, tax equivalent," "Tangible Book Value per Common Share," "Adjusted Tangible Book Value per Common Share," "Adjusted Return on Assets," and "Adjusted Return on Average Common Equity". Refer to non-GAAP reconciliation tables herein for reconciliation to comparable GAAP measures. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.

Forward Looking Statements

This document may contain certain forward-looking statements about First Mid and Two Rivers, such as discussions of First Mid's and Two Rivers' pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid and Two Rivers intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid and Two Rivers are identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, the possibility that any of the anticipated benefits of the proposed transactions between First Mid and Two Rivers will not be realized within the expected time period; the risk that integration of the operations of Two Rivers with First Mid will be materially delayed or will be more costly or difficult than expected; the inability to complete the proposed transactions due to the failure to satisfy conditions to completion of the proposed transactions, including failure to obtain the required shareholder and other approvals; the failure of the proposed transactions to close for any other reason; the effect of the announcement of the proposed transactions on customer relationships and operating results; the possibility that the proposed transactions may be more expensive to complete than anticipated, including as a result of unexpected factors or events; changes in interest rates; general economic conditions and those in the market areas of First Mid and Two Rivers; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid's and Two Rivers' loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid and Two Rivers; accounting principles, policies and guidelines; and the ability to complete the proposed transactions or any of the other foregoing risks. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid's financial results, are included in First Mid's filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, First Mid and Two Rivers do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

Important Information about the Merger and Additional Information

First Mid filed a registration statement on Form S-4 with the SEC on December 23, 2025, which as amended, was declared effective on January 16, 2026. The registration statement includes a proxy statement of Two Rivers that also constitutes a prospectus of First Mid. Two Rivers shareholders are urged to read the proxy statement/prospectus when it becomes available, which will contain important information about First Mid, Two Rivers and the proposed transaction, including detailed risk factors. The proxy statement/prospectus and other documents which were filed by First Mid with the SEC will be available free of charge at the SEC's website, www.sec.gov. These documents also can be obtained free of charge by accessing First Mid's website at www.firstmid.com under the tab "Investor Relations" and then under "SEC Filings." Alternatively, when available, these documents can be obtained free of charge from First Mid upon written request to First Mid Bancshares, PO Box 499, Mattoon, IL 61938, Attention: Investor Relations; or from Two Rivers upon written request to Two Rivers Financial Group, Inc., 222 North Main St., Burlington, IA 52601-5214, Attention: Andrea Gerst, CFO. A final proxy statement/prospectus was mailed to the shareholders of Two Rivers on January 23, 2026.

Participants in the Solicitation

First Mid and Two Rivers, and certain of their respective directors, executive officers, and other members of management and employees, are participants in the solicitation of proxies in connection with the proposed transactions. Information about the directors and executive officers of First Mid is set forth in the proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on March 18, 2025. These documents can be obtained free of charge from the sources provided above. Investors may obtain additional information regarding the interests of such participants in the proposed transactions by reading the proxy statement/prospectus for such proposed transactions when it becomes available.

No Offer or Solicitation

This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Investor Contact:

Austin Frank

SVP, Shareholder Relations

217-258-5522

afrank@firstmid.com

Jordan Read

Chief Financial and Risk Officer

217-258-3528

jread@firstmid.com

– Tables Follow –


FIRST MID BANCSHARES, INC.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
	As of
	December 31,			September 30,			December 31,
		2025			2025			2024

Assets
Cash and cash equivalents	$	254,920		$	277,087		$	121,216
Investment securities		1,085,499			1,098,093			1,073,510
Loans (including loans held for sale)		6,011,374			5,824,038			5,672,462
Less allowance for credit losses		(74,875	)		(72,925	)		(70,182	)
Net loans		5,936,499			5,751,113			5,602,280
Premises and equipment, net		90,782			94,673			100,234
Goodwill and intangibles, net		253,016			255,217			261,906
Bank Owned Life Insurance		174,915			173,588			170,854
Other assets		171,027			180,597			189,734
Total assets	$	7,966,658		$	7,830,368		$	7,519,734

Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing	$	1,392,534		$	1,450,244		$	1,329,155
Interest bearing		5,002,739			4,839,299			4,727,941
Total deposits		6,395,273			6,289,543			6,057,096
Repurchase agreements with customers		196,716			200,506			204,122
Other borrowings		270,000			245,000			242,520
Junior subordinated debentures		24,454			24,419			24,280
Subordinated debt		60,008			79,645			87,472
Other liabilities		61,515			59,076			57,853
Total liabilities		7,007,966			6,898,189			6,673,343

Total stockholders' equity		958,692			932,179			846,391
Total liabilities and stockholders' equity	$	7,966,658		$	7,830,368		$	7,519,734


FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)

	Three Months Ended					Year Ended
	December 31,					December 31,
		2025			2024		2025			2024
Interest income:
Interest and fees on loans	$	86,972		$	81,288	$	338,694		$	320,446
Interest on investment securities		7,552			6,990		28,883			28,836
Interest on federal funds sold & other deposits		1,371			1,564		5,413			8,097
Total interest income		95,895			89,842		372,990			357,379
Interest expense:
Interest on deposits		24,462			26,144		98,327			106,919
Interest on securities sold under agreements to repurchase		987			1,333		4,490			6,448
Interest on other borrowings		2,341			1,917		8,401			8,673
Interest on jr. subordinated debentures		433			510		1,817			2,156
Interest on subordinated debt		1,142			988		3,790			4,454
Total interest expense		29,365			30,892		116,825			128,650
Net interest income		66,530			58,950		256,165			228,729
Provision for credit losses		2,349			3,643		9,921			5,635
Net interest income after provision for credit losses		64,181			55,307		246,244			223,094
Non-interest income:
Wealth management revenues		6,591			6,275		22,941			22,818
Insurance commissions		7,441			6,805		32,295			28,552
Service charges		3,161			3,058		12,297			12,362
Net securities losses		(398	)		0		(2,509	)		(433	)
Mortgage banking revenues		624			1,104		3,660			3,957
ATM/debit card revenue		3,947			4,204		16,411			16,807
Other		319			4,917		7,956			12,223
Total non-interest income		21,685			26,363		93,051			96,286
Non-interest expense:
Salaries and employee benefits		35,674			31,957		134,615			124,134
Net occupancy and equipment expense		11,035			7,285		36,579			30,407
Net other real estate owned expense		146			240		539			411
FDIC insurance		880			863		3,476			3,463
Amortization of intangible assets		2,963			3,314		12,443			13,556
Stationery and supplies		561			642		1,770			1,885
Legal and professional expense		2,459			5,386		10,746			12,944
ATM/debit card expense		1,918			2,043		6,945			6,384
Marketing and donations		760			906		3,348			3,418
Other		(529	)		3,661		11,786			18,381
Total non-interest expense		55,867			56,297		222,247			214,983
Income before income taxes		29,999			25,373		117,048			104,397
Income taxes		6,321			6,205		25,299			25,498
Net income	$	23,678		$	19,168	$	91,749		$	78,899

Per Share Information
Basic earnings per common share	$	0.99		$	0.80	$	3.84		$	3.31
Diluted earnings per common share		0.99			0.80		3.83			3.30

Weighted average shares outstanding		23,891,160			23,818,806		23,873,495			23,800,523
Diluted weighted average shares outstanding		24,000,061			23,908,340		23,986,508			23,895,681


FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)

	For the Quarter Ended
	December 31,			September 30,			June 30,		March 31,			December 31,
	2025			2025			2025		2025			2024
Interest income:
Interest and fees on loans	$	86,972		$	87,020		$	84,784	$	79,918		$	81,288
Interest on investment securities		7,552			7,659			6,895		6,777			6,990
Interest on federal funds sold & other deposits		1,371			1,456			1,722		864			1,564
Total interest income		95,895			96,135			93,401		87,559			89,842
Interest expense:
Interest on deposits		24,462			25,179			24,964		23,722			26,144
Interest on securities sold under agreements to repurchase		987			1,105			1,218		1,180			1,333
Interest on other borrowings		2,341			2,186			2,043		1,831			1,917
Interest on jr. subordinated debentures		433			452			464		468			510
Interest on subordinated debt		1,142			850			849		949			988
Total interest expense		29,365			29,772			29,538		28,150			30,892
Net interest income		66,530			66,363			63,863		59,409			58,950
Provision for credit losses		2,349			3,353			2,567		1,652			3,643
Net interest income after provision for credit losses		64,181			63,010			61,296		57,757			55,307
Non-interest income:
Wealth management revenues		6,591			5,145			5,394		5,800			6,275
Insurance commissions		7,441			7,089			7,840		9,925			6,805
Service charges		3,161			3,240			2,995		2,901			3,058
Net securities losses		(398	)		(1,930	)		0		(181	)		0
Mortgage banking revenues		624			1,255			1,070		711			1,104
ATM/debit card revenue		3,947			4,182			4,636		3,646			4,204
Other		319			3,928			1,658		2,062			4,917
Total non-interest income		21,685			22,909			23,593		24,864			26,363
Non-interest expense:
Salaries and employee benefits		35,674			33,570			33,623		31,748			31,957
Net occupancy and equipment expense		11,035			9,196			7,869		8,479			7,285
Net other real estate owned expense		146			217			75		101			240
FDIC insurance		880			874			873		849			863
Amortization of intangible assets		2,963			3,128			3,121		3,231			3,314
Stationary and supplies		561			411			367		431			642
Legal and professional expense		2,459			2,454			2,757		3,076			5,386
ATM/debit card expense		1,918			2,052			1,144		1,831			2,043
Marketing and donations		760			959			777		852			906
Other		(529	)		4,285			4,156		3,874			3,661
Total non-interest expense		55,867			57,146			54,762		54,472			56,297
Income before income taxes		29,999			28,773			30,127		28,149			25,373
Income taxes		6,321			6,311			6,689		5,978			6,205
Net income	$	23,678		$	22,462		$	23,438	$	22,171		$	19,168

Per Share Information
Basic earnings per common share	$	0.99		$	0.94		$	0.98	$	0.93		$	0.80
Diluted earnings per common share		0.99			0.94			0.98		0.93			0.80

Weighted average shares outstanding		23,891,160			23,876,020			23,867,592		23,858,817			23,818,806
Diluted weighted average shares outstanding		24,000,061			23,997,198			23,988,974		23,959,228			23,908,340


FIRST MID BANCSHARES, INC.
Consolidated Financial Highlights and Ratios
(Dollars in thousands, except per share data)
(Unaudited)
	As of and for the Quarter Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024

Loan Portfolio
Construction and land development	$	360,687		$	336,795		$	298,812		$	269,148		$	236,093
Farm real estate loans		373,408			367,473			381,517			373,413			390,760
1-4 Family residential properties		489,854			495,537			495,787			488,139			496,597
Multifamily residential properties		339,482			330,549			360,604			356,858			332,644
Commercial real estate		2,564,670			2,432,180			2,393,640			2,397,985			2,417,585
Loans secured by real estate		4,128,101			3,962,534			3,930,360			3,885,543			3,873,679
Agricultural operating loans		308,275			311,594			306,374			296,811			239,671
Commercial and industrial loans		1,381,598			1,349,863			1,324,653			1,303,712			1,335,920
Consumer loans		31,918			36,317			41,604			47,220			53,960
All other loans		161,482			163,730			164,008			165,572			169,232
Total loans		6,011,374			5,824,038			5,766,999			5,698,858			5,672,462

Deposit Portfolio
Non-interest bearing demand deposits	$	1,392,534		$	1,450,244		$	1,321,446		$	1,394,590		$	1,329,155
Interest bearing demand deposits		2,095,370			1,901,516			1,947,744			1,814,427			1,907,733
Savings deposits		639,412			617,311			632,925			643,289			636,427
Money Market		1,138,464			1,184,964			1,206,140			1,215,420			1,196,537
Time deposits		1,129,493			1,135,508			1,081,944			1,062,654			987,244
Total deposits		6,395,273			6,289,543			6,190,199			6,130,380			6,057,096

Asset Quality
Non-performing loans	$	31,948		$	22,199		$	21,895		$	26,598		$	29,835
Non-performing assets		34,807			23,670			23,572			28,703			32,030
Net charge-offs (recoveries)		399			1,588			1,458			1,783			2,235
Allowance for credit losses to non-performing loans		234.37	%		328.51	%		325.00	%		263.36	%		235.23	%
Allowance for credit losses to total loans outstanding		1.25	%		1.25	%		1.23	%		1.23	%		1.24	%
Nonperforming loans to total loans		0.53	%		0.38	%		0.38	%		0.47	%		0.53	%
Nonperforming assets to total assets		0.44	%		0.30	%		0.31	%		0.38	%		0.43	%
Special Mention loans		120,510			61,195			81,815			74,019			57,848
Substandard and Doubtful loans		79,956			75,309			39,031			33,884			35,516

Common Share Data
Common shares outstanding		23,986,299			23,996,833			23,988,845			23,981,916			23,895,807
Book value per common share	$	39.97		$	38.85		$	37.27		$	36.32		$	35.42
Tangible book value per common share ⁽¹⁾		29.42			28.21			26.62			25.53			24.46
Tangible book value per common share excluding other comprehensive income at period end ⁽¹⁾		33.64			32.79			32.07			31.21			30.42
Market price of stock		39.00			37.88			37.49			34.90			36.82

Key Performance Ratios and Metrics
End of period earning assets	$	7,325,978		$	7,101,811		$	6,924,934		$	6,844,096		$	6,775,075
Average earning assets		7,168,176			7,014,675			6,975,783			6,769,858			6,884,303
Average rate on average earning assets (tax equivalent)		5.35	%		5.48	%		5.41	%		5.29	%		5.24	%
Average rate on cost of funds		1.71	%		1.75	%		1.75	%		1.74	%		1.83	%
Net interest margin (tax equivalent) ⁽¹⁾⁽²⁾		3.73	%		3.80	%		3.72	%		3.60	%		3.41	%
Return on average assets		1.21	%		1.17	%		1.20	%		1.19	%		1.01	%
Adjusted return on average assets ⁽¹⁾		1.30	%		1.21	%		1.23	%		1.23	%		1.10	%
Return on average common equity		10.01	%		9.95	%		10.52	%		10.35	%		9.04	%
Adjusted return on average common equity ⁽¹⁾		10.71	%		10.34	%		10.80	%		10.78	%		9.80	%
Efficiency ratio (tax equivalent) ⁽¹⁾		57.55	%		58.75	%		58.09	%		58.88	%		58.76	%
Full-time equivalent employees		1,170			1,178			1,190			1,194			1,198


¹ Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
² During the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and research analysts. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets.

FIRST MID BANCSHARES, INC.
Net Interest Margin
(In thousands, unaudited)
	For the Quarter Ended December 31, 2025
	QTD Average					Average
	Balance			Interest		Rate
INTEREST EARNING ASSETS
Interest bearing deposits	$	166,801		$	1,354	3.22	%
Federal funds sold		76			1	5.22	%
Certificates of deposit investments		1,523			16	4.17	%
Investment Securities		1,123,304			8,041	2.86	%
Loans (net of unearned income)		5,876,472			87,267	5.89	%

Total interest earning assets		7,168,176			96,679	5.35	%

NONEARNING ASSETS
Other nonearning assets		716,463
Allowance for loan losses		(73,813	)

Total assets	$	7,810,826

INTEREST BEARING LIABILITIES
Demand deposits	$	3,165,580		$	14,835	1.86	%
Savings deposits		628,895			273	0.17	%
Time deposits		1,120,841			9,354	3.31	%
Total interest bearing deposits		4,915,316			24,462	1.97	%
Repurchase agreements		204,558			987	1.91	%
FHLB advances		257,500			2,339	3.60	%
Federal funds purchased		109			2	0.00	%
Subordinated debt		62,965			1,142	7.20	%
Jr. subordinated debentures		24,435			433	7.03	%
Total borrowings		549,567			4,903	3.54	%
Total interest bearing liabilities		5,464,883			29,365	2.13	%

NONINTEREST BEARING LIABILITIES
Demand deposits		1,342,458		Avg Cost of Funds		1.71	%
Other liabilities		57,335
Stockholders' equity		946,150

Total liabilities & stockholders' equity	$	7,810,826

Net Interest Earnings / Spread				$	67,314	3.22	%

Tax effected yield on interest earning assets						3.73	%

Tax equivalent net interest margin is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.


FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, unaudited)

	As of and for the Quarter Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024

Net interest income as reported	$	66,530		$	66,363		$	63,863		$	59,409		$	58,950
Net interest income, (tax equivalent)		67,314			67,143			64,634			60,162			59,717
Average earning assets		7,168,176			7,014,675			6,975,783			6,769,858			6,884,303
Net interest margin (tax equivalent)		3.73	%		3.80	%		3.72	%		3.60	%		3.41	%


Common stockholder's equity	$	958,692		$	932,179		$	894,140		$	870,949		$	846,391
Goodwill and intangibles, net		253,016			255,217			255,547			258,671			261,906
Common shares outstanding		23,986			23,997			23,989			23,982			23,896
Tangible Book Value per common share	$	29.42		$	28.21		$	26.62		$	25.53		$	24.46
Accumulated other comprehensive loss (AOCI)		(101,301	)		(110,012	)		(130,710	)		(136,097	)		(142,383	)
Adjusted tangible book value per common share	$	33.64		$	32.79		$	32.07		$	31.21		$	30.42


FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)

	As of and for the Quarter Ended
	December,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024
Adjusted earnings Reconciliation
Net Income - GAAP	$	23,678		$	22,462		$	23,438		$	22,171		$	19,168
Adjustments (post-tax) ⁽¹⁾
Net (gain)/loss on securities sales		314			1,525			-			143			-
Net (gain)/loss on subordinated debt repayment		237			-			-			-			-
Net (gain)/loss on other investments		349			-			-			-			-
Technology project expenses		761			360			246			728			1,710
Net (gain)/loss on real estate		(443	)		(1,033	)		-			-			-
Severance expense		-			15			-			-			-
Integration and acquisition expenses		434			13			3			41			-
Total adjustments (non-GAAP)	$	1,652		$	880		$	249		$	912		$	1,710

Adjusted earnings - non-GAAP	$	25,330		$	23,342		$	23,687		$	23,083		$	20,878
Adjusted diluted earnings per share (non-GAAP)	$	1.06		$	0.97		$	0.99		$	0.96		$	0.87
Adjusted return on average assets (non-GAAP)		1.30	%		1.21	%		1.23	%		1.23	%		1.10	%
Adjusted return on average common equity (non-GAAP)		10.71	%		10.34	%		10.80	%		10.78	%		9.80	%


Efficiency Ratio Reconciliation
Noninterest expense - GAAP	$	55,867		$	57,146		$	54,762		$	54,472		$	56,297
Other real estate owned property income (expense)		(76	)		(217	)		(75	)		(101	)		(240	)
Amortization of intangibles		(2,963	)		(3,128	)		(3,121	)		(3,231	)		(3,314	)
Gain/(loss) on real estate		560			(95	)		-			-			-
Severance expense		-			(19	)		-			-			-
Technology project expense		(963	)		(456	)		(311	)		(921	)		(2,164	)
Integration and acquisition expenses		(549	)		(17	)		(4	)		(52	)		-
Adjusted noninterest expense (non-GAAP)	$	51,876		$	53,214		$	51,251		$	50,167		$	50,579

Net interest income -GAAP	$	66,530		$	66,363		$	63,863		$	59,409		$	58,950
Effect of tax-exempt income⁽¹⁾		784			780			771			753			767
Adjusted net interest income (non-GAAP)	$	67,314		$	67,143		$	64,634		$	60,162		$	59,717

Noninterest income - GAAP	$	21,685		$	22,909		$	23,593		$	24,864		$	26,363
Gain on real estate sales		0			(1,403	)		-			-			-
Net (gain)/loss on securities sales		398			1,930			-			181			-
Net (gain)/loss on subordinated debt repayment		300			-			-			-			-
Net (gain)/loss on other investments		442			-			-			-			-
Adjusted noninterest income (non-GAAP)	$	22,825		$	23,436		$	23,593		$	25,045		$	26,363

Adjusted total revenue (non-GAAP)	$	90,139		$	90,579		$	88,227		$	85,207		$	86,080

Efficiency ratio (non-GAAP)		57.55	%		58.75	%		58.09	%		58.88	%		58.76	%

(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.

First Mid Bancshares, Inc. Announces Fourth Quarter 2025 Results