MATTOON, Ill., Oct. 30, 2025 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ:FMBH) (the "Company") today announced its financial results for the quarter ended September 30, 2025.

Highlights

Quarterly net income of $22.5 million, or $0.94 diluted EPS
Adjusted quarterly net income^* of $23.3 million, or $0.97 diluted EPS
Net interest margin tax equivalent^* expands to 3.80%, quarterly increase of 8 basis points, helping drive the sixth consecutive quarter of growth in net interest income
Total loans of $5.82 billion, quarterly increase of $57.0 million, or 1.0%
Total deposits of $6.29 billion, quarterly increase of $99.3 million, or 1.6%
Tangible book value per share^* increased 6.0% during the quarter to $28.21
Announced pending acquisition of Two Rivers Financial Group, Inc.
Completion of core operating system conversion
Completion of branch optimization project in which 8 full-service branches were closed
Announced pending acquisition of Ray Farm Management Services, Inc.
Board of Directors declares regular dividend of $0.25 per share

"The third quarter reflected solid financial and operating performance led by further expansion of our net interest margin while delivering growth in both loans and deposits. We executed on our strategic plan to drive greater efficiency by completing the conversion of our core operating system in late October and closing 8 full-service branches across our footprint during the quarter. The branch closures align with the continued migration in customer preferences to a more digital first mindset. The core system conversion will not only provide cost savings, but will also provide process efficiencies that will set us up well for future growth" said Matthew Smith, President.

"I am excited to announce the pending acquisition of Two Rivers Financial Group, Inc. as we continue to diversify our footprint and enter the state of Iowa. We are honored to have been chosen as their strategic partner. Two Rivers has a long history of providing value to their customers through their banking, trust, and wealth management services. We completed extensive due diligence and solidified our view that our cultures are closely aligned with a focus on community banking" said Joseph Dively, Chairman and CEO.

Net Interest Income

Net interest income for the third quarter of 2025 was $66.4 million, an increase of $2.5 million, or 3.9% compared to the second quarter of 2025. The increase was primarily the result of higher yields on earning assets while maintaining funding costs. Accretion income for the third quarter was $3.2 million, a decrease of $0.2 million compared to the prior quarter.

In comparison to the third quarter of 2024, net interest income increased $8.8 million, or 15.3%. Interest income was higher by $5.0 million, inclusive of a decrease in accretion income of $0.5 million compared to the third quarter last year. Interest expense was lower by $3.9 million compared to the third quarter of last year.

Net Interest Margin

Net interest margin, on a tax equivalent basis^*, was 3.80% for the third quarter of 2025 representing an increase of 8 basis points over the prior quarter, driven by an increase to earning asset yields and maintaining funding costs.

Loan Portfolio

Total loans ended the quarter at $5.82 billion, representing an increase of $57.0 million, or 1.0%, from the prior quarter. The increase was well diversified and included construction and land development, commercial real estate, agriculture operating lines, and commercial and industrial loans. Farm real estate, multi-family residential properties, and consumer loans saw modest declines in the quarter.

In comparison to the third quarter of last year, loan balances increased $209.4 million, or 3.7%. The largest increases were in construction and land development, agriculture operating lines, and commercial and industrial loans.

Asset Quality

Asset quality remained strong for the quarter. The allowance for credit losses ("ACL") ended the period at $72.9 million and the ACL to total loans ratio was 1.25%. In addition to the ACL, an unearned discount of $26.0 million remains at quarter end. Provision expense was recorded in the amount of $3.4 million during the quarter with growth in the loan portfolio and net charge-offs of $1.6 million. At the end of the third quarter, the ratio of non-performing loans to total loans was 0.38%, which was in line with the prior quarter. The ACL to non-performing loans ratio was 328.5%, a slight increase from 325.0% in the second quarter. The ratio of nonperforming assets to total assets decreased from 0.31% in the prior quarter to 0.30%. The loan portfolio had some migration from special mention to substandard with nonperforming assets remaining stable. Special mention loans decreased by $20.6 million to $61.2 million and substandard loans increased $36.3 million to $75.3 million, driven primarily by downgrades of three relationships in varying industries and geographies.

Deposits

Total deposits ended the quarter at $6.29 billion, which represented an increase of $99.3 million, or 1.6%, from the prior quarter. Non-interest-bearing demand deposits grew $128.8 million or 9.7% from the second quarter due to seasonal cash flow fluctuations from a few large depositors as well as continued business development efforts. Time deposits also saw an increase during the quarter with decreases in interest bearing demand deposits, savings deposits, and money market accounts.

Non-Interest Income

Non-interest income for the third quarter of 2025 was $22.9 million compared to $23.6 million in the prior quarter. Gains on the sale of real estate from our branch optimization efforts totaled $1.3 million, net of losses realized from leasehold improvement charge-offs associated with leased locations. The sale of low yielding bonds produced a loss of $1.9 million. The bonds sold provided proceeds of $35.7 million that was redeployed at higher rates. In comparison to the third quarter of 2024, non-interest income decreased $0.1 million, primarily driven by the loss on the sale of securities offset by an increase of insurance commissions.

Wealth management revenues for the quarter were $5.1 million, which was a decrease of $0.2 million from the prior quarter and $0.7 million from the third quarter of 2024. This was primarily driven by lower commodity prices. Overall Ag Services revenue was $1.8 million in the period compared to $2.3 million in the prior quarter and $1.8 million in the third quarter of 2024. First Mid Ag Services has entered into an agreement to acquire Ray Farm Management Services, Inc., based in Princeton Illinois. The transaction is expected to close in the fourth quarter of 2025 and add approximately 9,000 acres under management.

Insurance commissions for the quarter were $7.1 million, which was a decrease of $0.8 million compared to the second quarter due to seasonality. Insurance commissions increased $1.1 million compared to the third quarter of 2024 from both organic growth and strategic acquisitions.

Non-Interest Expenses

Non-interest expense for the third quarter of 2025 totaled $57.1 million compared to $54.8 million in the prior quarter. Total pre-tax, one-time costs for the quarter were $2.5 million. Net of one-time gains, pre-tax, one-time costs for the quarter totaled $1.1 million. Debit card expenses were higher due to the service provider incentive recognized in the second quarter. Occupancy and equipment expenses also increased primarily from one-time costs associated with branch closures and technology enhancements.

In comparison to the third quarter of 2024, non-interest expenses increased $3.2 million. Salaries and benefits expenses increased $2.0 million due to annual compensation increases along with incentive for over performance compared to plan in 2025.

The Company's efficiency ratio^*, as adjusted in the non-GAAP reconciliation table herein, for the third quarter of 2025 was 58.75% compared to 58.09% in the prior quarter and 61.33% 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	15.99%
Tier 1 capital to risk-weighted assets	13.53%
Common equity tier 1 capital to risk-weighted assets	13.13%
Leverage ratio	10.92%

Tangible book value per share^* increased $1.59, or 6.0% during the third quarter of 2025. The increase was driven by both earnings and a decrease of $20.7 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 Monday December 1^st, 2025 to the shareholders of record as of Friday November 14^th, 2025.

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 $7.8 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 regulatory, 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 will file a registration statement on Form S-4 with the SEC in connection with the proposed transaction. The registration statement will include a proxy statement of Two Rivers that also constitutes a prospectus of First Mid, which will be sent to the shareholders of Two Rivers. 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 will be 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 will be mailed to the shareholders of Two Rivers.

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 by 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
	As of
	September 30,			December 31,			September 30,
		2025			2024			2024

Assets
Cash and cash equivalents	$	277,087		$	121,216		$	164,191
Investment securities		1,098,093			1,073,510			1,125,774
Loans (including loans held for sale)		5,824,038			5,672,462			5,614,591
Less allowance for credit losses		(72,925	)		(70,182	)		(68,774	)
Net loans		5,751,113			5,602,280			5,545,817
Premises and equipment, net		94,673			100,234			101,464
Goodwill and intangibles, net		255,217			261,906			265,139
Bank Owned Life Insurance		173,588			170,854			169,635
Other assets		180,597			189,734			190,469
Total assets	$	7,830,368		$	7,519,734		$	7,562,489

Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing	$	1,450,244		$	1,329,155		$	1,387,290
Interest bearing		4,839,299			4,727,941			4,701,544
Total deposits		6,289,543			6,057,096			6,088,834
Repurchase agreements with customers		200,506			204,122			204,343
Other borrowings		245,000			242,520			238,712
Junior subordinated debentures		24,419			24,280			24,224
Subordinated debt		79,645			87,472			87,373
Other liabilities		59,076			57,853			60,506
Total liabilities		6,898,189			6,673,343			6,703,992

Total stockholders' equity		932,179			846,391			858,497
Total liabilities and stockholders' equity	$	7,830,368		$	7,519,734		$	7,562,489


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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2025			2024			2025			2024
Interest income:
Interest and fees on loans	$	87,020		$	81,775		$	251,722		$	239,158
Interest on investment securities		7,659			7,036			21,331			21,846
Interest on federal funds sold & other deposits		1,456			2,371			4,042			6,533
Total interest income		96,135			91,182			277,095			267,537
Interest expense:
Interest on deposits		25,179			28,341			73,865			80,775
Interest on securities sold under agreements to repurchase		1,105			1,444			3,503			5,115
Interest on other borrowings		2,186			2,195			6,060			6,757
Interest on jr. subordinated debentures		452			567			1,384			1,646
Interest on subordinated debt		850			1,092			2,648			3,466
Total interest expense		29,772			33,639			87,460			97,759
Net interest income		66,363			57,543			189,635			169,778
Provision for credit losses		3,353			1,266			7,572			1,992
Net interest income after provision for credit losses		63,010			56,277			182,063			167,786
Non-interest income:
Wealth management revenues		5,145			5,816			16,350			16,543
Insurance commissions		7,089			6,003			24,854			21,747
Service charges		3,240			3,121			9,136			9,304
Net securities losses		(1,930	)		(277	)		(2,111	)		(433	)
Mortgage banking revenues		1,255			1,109			3,036			2,853
ATM/debit card revenue		4,182			4,267			12,464			12,603
Other		3,928			2,984			7,637			7,306
Total non-interest income		22,909			23,023			71,366			69,923
Non-interest expense:
Salaries and employee benefits		33,570			31,565			98,941			92,177
Net occupancy and equipment expense		9,196			8,055			25,544			23,122
Net other real estate owned expense		217			107			393			171
FDIC insurance		874			829			2,596			2,600
Amortization of intangible assets		3,128			3,405			9,480			10,242
Stationery and supplies		411			482			1,209			1,243
Legal and professional expense		2,454			2,573			8,287			7,558
ATM/debit card expense		2,052			1,869			5,027			4,341
Marketing and donations		959			836			2,588			2,512
Other		4,285			4,212			12,315			14,720
Total non-interest expense		57,146			53,933			166,380			158,686
Income before income taxes		28,773			25,367			87,049			79,023
Income taxes		6,311			5,885			18,978			19,293
Net income	$	22,462		$	19,482		$	68,071		$	59,730

Per Share Information
Basic earnings per common share	$	0.94		$	0.81		$	2.85		$	2.50
Diluted earnings per common share		0.94			0.81			2.84			2.49

Weighted average shares outstanding		23,876,020			23,905,099			23,867,537			23,891,430
Diluted weighted average shares outstanding		23,997,198			24,006,647			23,981,938			23,988,478

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

	For the Quarter Ended
	September 30,			June 30,		March 31,			December 31,		September 30,
		2025			2025		2025			2024		2024
Interest income:
Interest and fees on loans	$	87,020		$	84,784	$	79,918		$	81,288	$	81,775
Interest on investment securities		7,659			6,895		6,777			6,990		7,036
Interest on federal funds sold & other deposits		1,456			1,722		864			1,564		2,371
Total interest income		96,135			93,401		87,559			89,842		91,182
Interest expense:
Interest on deposits		25,179			24,964		23,722			26,144		28,341
Interest on securities sold under agreements to repurchase		1,105			1,218		1,180			1,333		1,444
Interest on other borrowings		2,186			2,043		1,831			1,917		2,195
Interest on jr. subordinated debentures		452			464		468			510		567
Interest on subordinated debt		850			849		949			988		1,092
Total interest expense		29,772			29,538		28,150			30,892		33,639
Net interest income		66,363			63,863		59,409			58,950		57,543
Provision for credit losses		3,353			2,567		1,652			3,643		1,266
Net interest income after provision for credit losses		63,010			61,296		57,757			55,307		56,277
Non-interest income:
Wealth management revenues		5,145			5,394		5,800			6,275		5,816
Insurance commissions		7,089			7,840		9,925			6,805		6,003
Service charges		3,240			2,995		2,901			3,058		3,121
Net securities losses		(1,930	)		0		(181	)		0		(277	)
Mortgage banking revenues		1,255			1,070		711			1,104		1,109
ATM/debit card revenue		4,182			4,636		3,646			4,204		4,267
Other		3,928			1,658		2,062			4,917		2,984
Total non-interest income		22,909			23,593		24,864			26,363		23,023
Non-interest expense:
Salaries and employee benefits		33,570			33,623		31,748			31,957		31,565
Net occupancy and equipment expense		9,196			7,869		8,479			7,285		8,055
Net other real estate owned expense		217			75		101			240		107
FDIC insurance		874			873		849			863		829
Amortization of intangible assets		3,128			3,121		3,231			3,314		3,405
Stationary and supplies		411			367		431			642		482
Legal and professional expense		2,454			2,757		3,076			5,386		2,573
ATM/debit card expense		2,052			1,144		1,831			2,043		1,869
Marketing and donations		959			777		852			906		836
Other		4,285			4,156		3,874			3,661		4,212
Total non-interest expense		57,146			54,762		54,472			56,297		53,933
Income before income taxes		28,773			30,127		28,149			25,373		25,367
Income taxes		6,311			6,689		5,978			6,205		5,885
Net income	$	22,462		$	23,438	$	22,171		$	19,168	$	19,482

Per Share Information
Basic earnings per common share	$	0.94		$	0.98	$	0.93		$	0.80	$	0.81
Diluted earnings per common share		0.94			0.98		0.93			0.80		0.81

Weighted average shares outstanding		23,876,020			23,867,592		23,858,817			23,818,806		23,905,099
Diluted weighted average shares outstanding		23,997,198			23,988,974		23,959,228			23,908,340		24,006,647


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

Loan Portfolio
Construction and land development	$	336,795	$	298,812	$	269,148	$	236,093	$	190,857
Farm real estate loans		367,473		381,517		373,413		390,760		384,620
1-4 Family residential properties		495,537		495,787		488,139		496,597		505,342
Multifamily residential properties		330,549		360,604		356,858		332,644		338,167
Commercial real estate		2,432,180		2,393,640		2,397,985		2,417,585		2,440,120
Loans secured by real estate		3,962,534		3,930,360		3,885,543		3,873,679		3,859,106
Agricultural operating loans		311,594		306,374		296,811		239,671		233,414
Commercial and industrial loans		1,349,863		1,324,653		1,303,712		1,335,920		1,283,631
Consumer loans		36,317		41,604		47,220		53,960		63,222
All other loans		163,730		164,008		165,572		169,232		175,218
Total loans		5,824,038		5,766,999		5,698,858		5,672,462		5,614,591

Deposit Portfolio
Non-interest bearing demand deposits	$	1,450,244	$	1,321,446	$	1,394,590	$	1,329,155	$	1,387,290
Interest bearing demand deposits		1,901,516		1,947,744		1,814,427		1,907,733		1,834,123
Savings deposits		617,311		632,925		643,289		636,427		648,582
Money Market		1,184,964		1,206,140		1,215,420		1,196,537		1,183,594
Time deposits		1,135,508		1,081,944		1,062,654		987,244		1,035,245
Total deposits		6,289,543		6,190,199		6,130,380		6,057,096		6,088,834

Asset Quality
Non-performing loans	$	22,199	$	21,895	$	26,598	$	29,835	$	18,242
Non-performing assets		23,670		23,572		28,703		32,030		20,076
Net charge-offs (recoveries)		1,588		1,458		1,783		2,235		804
Allowance for credit losses to non-performing loans		328.51%		325.00%		263.36%		235.23%		377.01%
Allowance for credit losses to total loans outstanding		1.25%		1.23%		1.23%		1.24%		1.22%
Nonperforming loans to total loans		0.38%		0.38%		0.47%		0.53%		0.32%
Nonperforming assets to total assets		0.30%		0.31%		0.38%		0.43%		0.27%
Special Mention loans		61,195		81,815		74,019		57,848		38,151
Substandard and Doubtful loans		75,309		39,031		33,884		35,516		29,037

Common Share Data
Common shares outstanding		23,996,833		23,988,845		23,981,916		23,895,807		23,904,051
Book value per common share	$	38.85	$	37.27	$	36.32	$	35.42	$	35.91
Tangible book value per common share⁽¹⁾		28.21		26.62		25.53		24.46		24.82
Tangible book value per common share excluding other comprehensive income at period end⁽¹⁾		32.79		32.07		31.21		30.42		29.70
Market price of stock		37.88		37.49		34.90		36.82		38.91

Key Performance Ratios and Metrics
End of period earning assets	$	7,101,811	$	6,924,934	$	6,844,096	$	6,775,075	$	6,786,458
Average earning assets		7,014,675		6,975,783		6,769,858		6,884,303		6,857,070
Average rate on average earning assets (tax equivalent)		5.48%		5.41%		5.29%		5.24%		5.35%
Average rate on cost of funds		1.75%		1.75%		1.74%		1.83%		2.00%
Net interest margin (tax equivalent)⁽¹⁾⁽²⁾		3.80%		3.72%		3.60%		3.41%		3.35%
Return on average assets		1.17%		1.20%		1.19%		1.01%		1.03%
Adjusted return on average assets⁽¹⁾		1.21%		1.23%		1.23%		1.10%		1.05%
Return on average common equity		9.95%		10.52%		10.35%		9.04%		9.40%
Adjusted return on average common equity⁽¹⁾		10.34%		10.80%		10.78%		9.80%		9.58%
Efficiency ratio (tax equivalent)⁽¹⁾		58.75%		58.09%		58.88%		58.76%		61.33%
Full-time equivalent employees		1,178		1,190		1,194		1,198		1,207

_{¹Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.}
_{²During 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 September 30, 2025
	QTD Average					Average
	Balance			Interest		Rate
INTEREST EARNING ASSETS
Interest bearing deposits	$	123,271		$	1,432	4.61	%
Federal funds sold		76			1	5.22	%
Certificates of deposit investments		2,009			23	4.54	%
Investment Securities		1,130,674			8,146	2.88	%
Loans (net of unearned income)		5,758,645			87,311	6.02	%

Total interest earning assets		7,014,675			96,913	5.48	%

NONEARNING ASSETS
Other nonearning assets		769,758
Allowance for loan losses		(72,065	)

Total assets	$	7,712,368

INTEREST BEARING LIABILITIES
Demand deposits	$	3,203,911		$	15,983	1.98	%
Savings deposits		625,166			180	0.11	%
Time deposits		1,077,433			9,014	3.32	%
Total interest bearing deposits		4,906,510			25,177	2.04	%
Repurchase agreements		192,187			1,105	2.28	%
FHLB advances		233,043			2,181	3.71	%
Federal funds purchased		46			5	0.00	%
Subordinated debt		79,609			850	4.24	%
Jr. subordinated debentures		24,400			452	7.35	%
Other debt		-			-	0.00	%
Total borrowings		529,285			4,593	3.44	%
Total interest bearing liabilities		5,435,795			29,770	2.17	%

NONINTEREST BEARING LIABILITIES
Demand deposits		1,331,638		Avg Cost of Funds		1.75	%
Other liabilities		41,524
Stockholders' equity		903,411

Total liabilities & stockholders' equity	$	7,712,368

Net Interest Earnings / Spread				$	67,143	3.31	%

Tax effected yield on interest earning assets						3.80	%

^{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
	September 30,			June 30,			March 31,			December 31,			September 30,
		2025			2025			2025			2024			2024

Net interest income as reported	$	66,363		$	63,863		$	59,409		$	58,950		$	57,543
Net interest income, (tax equivalent)		67,143			64,634			60,162			59,717			58,627
Average earning assets		7,014,675			6,975,783			6,769,858			6,884,303			6,857,070
Net interest margin (tax equivalent)		3.80%			3.72%			3.60%			3.41%			3.35%


Common stockholder's equity	$	932,179		$	894,140		$	870,949		$	846,391		$	858,497
Goodwill and intangibles, net		255,217			255,547			258,671			261,906			265,139
Common shares outstanding		23,997			23,989			23,982			23,896			23,904
Tangible Book Value per common share	$	28.21		$	26.62		$	25.53		$	24.46		$	24.82
Accumulated other comprehensive loss (AOCI)		(110,012	)		(130,710	)		(136,097	)		(142,383	)		(116,692	)
Adjusted tangible book value per common share	$	32.79		$	32.07		$	31.21		$	30.42		$	29.70


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

	As of and for the Quarter Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
		2025			2025			2025			2024			2024
Adjusted earnings Reconciliation
Net Income - GAAP	$	22,462		$	23,438		$	22,171		$	19,168		$	19,482
Adjustments (post-tax):⁽¹⁾
Nonrecurring technology project expenses		360			246			728			1,710			-
Net (gain)/loss on securities sales		1,525			-			143			-			219
Net (gain)/loss on real estate sales		(1,033	)		-			-			-			-
Nonrecurring severance expense		15			-			-			-			-
Integration and acquisition expenses		13			3			41			-			137
Total non-recurring adjustments (non-GAAP)	$	880		$	249		$	912		$	1,710		$	356

Adjusted earnings - non-GAAP	$	23,342		$	23,687		$	23,083		$	20,878		$	19,838
Adjusted diluted earnings per share (non-GAAP)	$	0.97		$	0.99		$	0.96		$	0.87		$	0.83
Adjusted return on average assets (non-GAAP)		1.21%			1.23%			1.23%			1.10%			1.05%
Adjusted return on average common equity (non-GAAP)		10.34%			10.80%			10.78%			9.80%			9.58%


Efficiency Ratio Reconciliation
Noninterest expense - GAAP	$	57,146		$	54,762		$	54,472		$	56,297		$	53,933
Other real estate owned property income (expense)		(217	)		(75	)		(101	)		(240	)		(107	)
Amortization of intangibles		(3,128	)		(3,121	)		(3,231	)		(3,314	)		(3,405	)
Loss on real estate sales		(95	)		-			-			-			-
Nonrecurring severance expense		(19	)		-			-			-			-
Nonrecurring technology project expense		(456	)		(311	)		(921	)		(2,164	)		-
Integration and acquisition expenses		(17	)		(4	)		(52	)		-			(174	)
Adjusted noninterest expense (non-GAAP)	$	53,214		$	51,251		$	50,167		$	50,579		$	50,247

Net interest income -GAAP	$	66,363		$	63,863		$	59,409		$	58,950		$	57,543
Effect of tax-exempt income⁽¹⁾		780			771			753			767			1,084
Adjusted net interest income (non-GAAP)	$	67,143		$	64,634		$	60,162		$	59,717		$	58,627

Noninterest income - GAAP	$	22,909		$	23,593		$	24,864		$	26,363		$	23,023
Gain on real estate sales		(1,403	)	$	-		$	-		$	-		$	-
Net (gain)/loss on securities sales		1,930			0			181			0			277
Adjusted noninterest income (non-GAAP)	$	23,436		$	23,593		$	25,045		$	26,363		$	23,300

Adjusted total revenue (non-GAAP)	$	90,579		$	88,227		$	85,207		$	86,080		$	81,927

Efficiency ratio (non-GAAP)		58.75%			58.09%			58.88%			58.76%			61.33%

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

First Mid Bancshares, Inc. Announces Third Quarter 2025 Results