• First Mid Bancshares, Inc. Announces Fourth Quarter and Full Year 2021 Results

    المصدر: Nasdaq GlobeNewswire / 27 يناير 2022 08:00:03   America/New_York

    MATTOON, Ill., Jan. 27, 2022 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter and full year period ended December 31, 2021.

    Highlights

    • Net income of $16.8 million, or $0.93 diluted EPS
    • Adjusted net income (non-GAAP) of $17.1 million, or $0.94 diluted EPS
    • Strong loan growth of 2.3% for the quarter, excluding Paycheck Protection Program (“PPP”) loans
    • Record quarter of wealth management revenues with assets under management increasing to $5.1 billion
    • Received Federal Reserve approval on January 26, 2022 for the pending Delta Bancshares acquisition

    “We ended 2021 on a high note with strong loan growth, record wealth management revenues and solid earnings,” said Joe Dively, Chairman and Chief Executive Officer. “The economic conditions in our markets are improving and our strategic emphasis on diversifying our geographic footprint is providing better opportunities for loan growth. The pipeline continues to be strong through the early part of the first quarter.   The growth in our noninterest income was led by record performance in the farm management group and proves the importance of the diversification in our business units and revenue streams.”

    “With respect to the pending acquisition of Delta Bancshares Company (“Delta”) and its subsidiary Jefferson Bank and Trust (“Jefferson”), which we announced on July 29, 2021, we received Federal Reserve approval yesterday and anticipate closing the acquisition in mid-February. We remain excited about the combination with Jefferson and its enhancement and expansion to our St. Louis metro presence. We have continued to work together with the Jefferson employees in preparing for a smooth transition and we are planning for a June bank merger and conversion,” Dively concluded.

    Net Interest Income

    Net interest income for the fourth quarter of 2021 decreased by $2.8 million, or 6.0% compared to the third quarter due to declines of $3.4 million and $0.9 million in PPP fee and accretion income, respectively. Excluding these, net interest income increased $1.5 million on a combination of loan growth, higher securities earnings and lower interest expense. For the current quarter, PPP fee income was $1.7 million and accretion income was $0.7 million. As of December 31, 2021, the Company had $0.3 million of deferred fee income on PPP loans remaining.    

    In comparison to the fourth quarter of 2020, net interest income increased $9.3 million, or 27.9%. The increase was primarily the result of the acquisition of LINCO Bancshares, Inc. and its subsidiary Providence Bank (“Providence”) in the first quarter of 2021, higher income from PPP, and the active management to lower funding costs.            

    Net Interest Margin

    Net interest margin, on a tax equivalent basis, was 3.11% for the fourth quarter of 2021, which was a decrease of 27 basis points compared to the prior quarter with the average earning asset yield down 30 basis points, partially offset by 3 basis points of lower funding costs. Excluding PPP fee income and accretion income, the net interest margin increased by 5 basis points in the quarter.   

    In comparison to the fourth quarter of last year, the net interest margin declined 6 basis points with earning asset yields down by 21 basis points and the average cost of funds lower by 15 basis points.   Excluding PPP fee income and accretion income, the net interest margin increased by 10 basis points compared to the fourth quarter of last year.

    Loan Portfolio

    Total loans ended the quarter at $4.0 billion, representing an increase of $47.8 million compared to the prior quarter. Excluding the forgiveness of $43.3 million in PPP loans during the quarter, loans increased $91.1 million, or 2.3%. The Company had $16.0 million in PPP loans remaining at the end of the quarter. Increases in loans were primarily in commercial real estate and agricultural operating lines. Overall loan growth in the quarter was dispersed by market and in industry, and the pipeline remains healthy for the first quarter of 2022.        

    Asset Quality

    The Company’s asset quality measures continued to be in a very strong position.   At quarter end, the ratio of non-performing loans to total loans was 0.55%, and the allowance for credit losses (“ACL”) to non-performing loans was 248%.   Nonperforming loans and nonperforming assets decreased in the quarter. The ratio of nonperforming assets to total assets was 0.45% at quarter end. Net charge-offs were $1.8 million during the quarter. Special mention loans decreased $10.0 million to $66.2 million and substandard loans decreased $7.2 million to $43.9 million.

    Provision expense for the quarter was $2.5 million compared to $0.6 million in the same quarter last year. As of December 31, 2021, the ACL, excluding $16.0 million of PPP loans, was 1.37% of total loans.         

    Deposits

    Total deposits ended the quarter at $4.96 billion, which represented a decrease of $32.1 million from the prior quarter. The decline was primarily in time deposits where the Company continues to let non-strategic CD’s mature without replacement. In addition, the Company had $26.2 million of FHLB borrowings mature and were not replaced in the quarter. The Company’s average rate on cost of funds was 0.26% for the quarter compared to 0.29% in the prior quarter and 0.41% in the fourth quarter of 2020.                  

    Noninterest Income

    Noninterest income for the fourth quarter of 2021 was $18.1 million compared to $16.4 million in the third quarter of 2021.   The increase was primarily due to a record quarter of wealth management revenues led by the farm management group with higher commodity prices and farmland sales. The increase was partially offset by lower mortgage banking revenues.     

    In comparison to the fourth quarter of last year, noninterest income increased $2.6 million, or 16.6%. Combined, insurance and wealth management business lines increased 19.5% over the same period last year, led by record wealth management revenues and partially due to the previously announced acquisitions within the brokerage and insurance lines of business. The other fee income services increased 12.8% compared to the fourth quarter of last year, partially due to the addition of Providence.         

    Noninterest Expenses     

    Noninterest expense for the fourth quarter totaled $36.4 million compared to $36.3 million in the third quarter. The current quarter included $0.3 million of acquisition and integration related costs. The prior quarter included $0.4 million in acquisition and integration related costs and $1.3 million in branch optimization costs.

    In comparison to the fourth quarter of 2020, noninterest expenses increased $6.1 million. The increase was primarily due to the addition of Providence, and growth in both the insurance and wealth management businesses.

    The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the fourth quarter 2021 was 55.8% compared to 52.7% in the prior quarter and 58.3% for the same period last year.

    Regulatory Capital Levels and Dividend

    The Company’s capital levels remained strong and comfortably above the “well capitalized” levels. Capital levels ended the period as follows:

    Total capital to risk-weighted assets15.79%
    Tier 1 capital to risk-weighted assets12.51%
    Common equity tier 1 capital to risk-weighted assets12.06%
    Leverage ratio9.05%  

    The Company’s Board of Directors approved its next quarterly dividend in the amount of $0.22 payable on March 1, 2022 for shareholders of record on February 10, 2022.  

    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 $6.0 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, and Texas, 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 156 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 Income,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” and “Tangible Book Value per Common Share”. 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 Delta Bancshares Company (“Delta”), such as discussions of First Mid’s and Delta’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses, and planned schedules. First Mid intends 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 Delta, 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 Delta will not be realized or will not be realized within the expected time period; the risk that integration of the operations of Delta 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 Delta; 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 Delta’s 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 Delta; accounting principles, policies and guidelines; the severity, magnitude and duration of the COVID-19 pandemic, the direct and indirect impact of such pandemic, including responses to the pandemic by the U.S., state and local governments, customers' businesses, the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect First Mid’s and Delta’s liquidity and capital positions, impair the ability of First Mid’s and Delta’s borrowers to repay outstanding loans, impair collateral values, and further increase the allowance for credit losses, and the impact of the COVID-19 pandemic on First Mid’s and Delta’s financial results, including possible lost revenue and increased expenses (including cost of capital), as well as possible goodwill impairment charges. 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, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

    Investor Contact:
    Aaron Holt
    VP, Shareholder Relations
    217-258-0463
    aholt@firstmid.com

    Matt Smith
    Chief Financial Officer
    217-258-1528
    msmith@firstmid.com

            
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Balance Sheets
    (In thousands, unaudited)
       As of
       
       December 31, September 30, December 31,
        2021   2021   2020 
            
    Assets       
    Cash and cash equivalents $168,602  $345,206  $417,281 
    Investment securities  1,431,299   1,357,035   887,169 
    Loans (including loans held for sale) 3,995,523   3,947,769   3,138,419 
    Less allowance for credit losses  (54,655)  (53,983)  (41,910)
    Net loans   3,940,868   3,893,786   3,096,509 
    Premises and equipment, net  81,484   81,823   58,206 
    Goodwill and intangibles, net  141,376   142,656   128,120 
    Bank owned life insurance  132,375   131,547   68,955 
    Other assets   90,578   91,306   70,108 
    Total assets  $5,986,582  $6,043,359  $4,726,348 
            
    Liabilities and Stockholders' Equity     
    Deposits:       
    Non-interest bearing $1,246,673  $1,242,950  $936,926 
    Interest bearing   3,709,813   3,745,612   2,755,858 
    Total deposits   4,956,486   4,988,562   3,692,784 
    Repurchase agreement with customers 146,268   149,891   206,937 
    Other borrowings  86,446   112,641   93,969 
    Junior subordinated debentures 19,195   19,153   19,027 
    Subordinated debt  94,400   94,363   94,253 
    Other liabilities   49,893   51,524   51,150 
    Total liabilities   5,352,688   5,416,134   4,158,120 
            
    Total stockholders' equity  633,894   627,225   568,228 
    Total liabilities and stockholders' equity$5,986,582  $6,043,359  $4,726,348 
            


                
    FIRST MID BANCSHARES, INC. 
    Condensed Consolidated Statements of Income 
    (In thousands, except per share data, unaudited) 
                
       Three Months Ended  Twelve Months Ended 
       December 31,  December 31, 
        2021  2020    2021  2020 
    Interest income:           
    Interest and fees on loans $39,711 $33,254   $159,684 $126,814 
    Interest on investment securities  6,500  4,226    22,916  16,966 
    Interest on federal funds sold & other deposits 88  90    413  361 
    Total interest income   46,299  37,570    183,013  144,141 
    Interest expense:           
    Interest on deposits   2,057  2,617    9,037  12,751 
    Interest on securities sold under agreements to repurchase   52  68    231  488 
    Interest on other borrowings  336  371    1,514  1,877 
    Interest on jr. subordinated debentures  125  143    541  682 
    Interest on subordinated debt  985  931    3,939  931 
    Total interest expense   3,555  4,130    15,262  16,729 
    Net interest income   42,744  33,440    167,751  127,412 
    Provision for loan losses  2,472  603    15,151  16,103 
    Net interest income after provision for loan 40,272  32,837    152,600  111,309 
    Non-interest income:           
    Wealth management revenues  6,261  5,232    20,407  16,153 
    Insurance commissions   4,150  3,477    18,927  17,477 
    Service charges   2,067  1,527    6,808  5,862 
    Securities gains, net   36  193    124  1,106 
    Mortgage banking revenues  890  1,870    4,718  5,075 
    ATM/debit card revenue  3,074  2,369    11,974  8,962 
    Other   1,646  879    6,809  4,885 
    Total non-interest income  18,124  15,547    69,767  59,520 
    Non-interest expense:           
    Salaries and employee benefits  20,424  19,151    89,660  66,452 
    Net occupancy and equipment expense  5,712  3,962    21,546  16,708 
    Net other real estate owned (income) expense 315  (20)   3,866  42 
    FDIC insurance   406  458    1,604  1,309 
    Amortization of intangible assets  1,462  1,200    5,391  5,062 
    Stationary and supplies   311  275    1,161  1,080 
    Legal and professional expense  1,811  1,220    6,730  5,427 
    Marketing and donations  1,915  434    3,603  1,616 
    Other   4,038  3,651    22,018  13,391 
    Total non-interest expense  36,394  30,331    155,579  111,087 
    Income before income taxes  22,002  18,053    66,788  59,742 
    Income taxes   5,168  4,484    15,298  14,472 
    Net income  $16,834 $13,569   $51,490 $45,270 
                
    Per Share Information           
    Basic earnings per common share $0.93 $0.81   $2.88 $2.71 
    Diluted earnings per common share  0.93  0.81    2.87  2.70 
                
    Weighted average shares outstanding  18,086,949  16,735,926    17,886,998  16,716,880 
    Diluted weighted average shares outstanding 18,135,380  16,779,129    17,939,007  16,762,856 
                


    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,
           2021  2021  2021   2021  2020 
    Interest income:              
    Interest and fees on loans    $39,711 $43,292 $40,795  $35,886 $33,254 
    Interest on investment securities     6,500  5,835  5,739   4,842  4,226 
    Interest on federal funds sold & other deposits    88  136  101   88  90 
    Total interest income      46,299  49,263  46,635   40,816  37,570 
    Interest expense:              
    Interest on deposits      2,057  2,234  2,262   2,484  2,617 
    Interest on securities sold under agreements to repurchase   52  52  57   70  68 
    Interest on other borrowings     336  359  445   374  371 
    Interest on jr. subordinated debentures     125  137  139   140  143 
    Interest on subordinated debt     985  985  985   984  931 
    Total interest expense      3,555  3,767  3,888   4,052  4,130 
    Net interest income      42,744  45,496  42,747   36,764  33,440 
    Provision for loan losses     2,472  1,103  (560)  12,136  603 
    Net interest income after provision for loan    40,272  44,393  43,307   24,628  32,837 
    Non-interest income:              
    Wealth management revenues     6,261  4,204  5,016   4,926  5,232 
    Insurance commissions      4,150  3,932  4,988   5,857  3,477 
    Service charges      2,067  1,838  1,539   1,364  1,527 
    Securities gains, net      36  11  73   4  193 
    Mortgage banking revenues     890  1,477  1,691   1,409  1,870 
    ATM/debit card revenue     3,074  3,060  3,141   2,699  2,369 
    Other      1,646  1,837  1,836   1,490  879 
    Total non-interest income     18,124  16,359  18,284   17,749  15,547 
    Non-interest expense:              
    Salaries and employee benefits     20,424  21,092  24,908   23,487  19,151 
    Net occupancy and equipment expense     5,712  5,382  5,482   4,970  3,962 
    Net other real estate owned (income) expense    315  1,507  1,966   78  (20)
    FDIC insurance      406  268  478   452  458 
    Amortization of intangible assets     1,462  1,414  1,295   1,220  1,200 
    Stationary and supplies      311  299  235   316  275 
    Legal and professional expense     1,811  1,878  1,639   1,402  1,220 
    Marketing and donations     1,915  679  507   502  434 
    Other      4,038  3,802  9,503   5,173  3,651 
    Total non-interest expense     36,394  36,321  46,013   37,600  30,331 
    Income before income taxes     22,002  24,431  15,578   4,777  18,053 
    Income taxes      5,168  6,105  3,357   668  4,484 
    Net income     $16,834 $18,326 $12,221  $4,109 $13,569 
                   
    Per Share Information              
    Basic earnings per common share    $0.93 $1.01 $0.68  $0.24 $0.81 
    Diluted earnings per common share     0.93  1.01  0.68   0.24  0.81 
                   
    Weighted average shares outstanding     18,086,949  18,083,126  18,067,190   17,299,927  16,735,926 
    Diluted weighted average shares outstanding    18,135,380  18,136,146  18,120,210   17,352,947  16,779,129 


    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, 
        2021   2021   2021   2021   2020  
                 
    Loan Portfolio             
    Construction and land development $145,118  $180,061  $141,568  $165,376  $122,479  
    Farm real estate loans  279,272   278,788   277,362   269,652   254,341  
    1-4 Family residential properties  400,313   412,565   394,902   412,470   325,762  
    Multifamily residential properties  298,942   306,911   274,910   297,984   189,632  
    Commercial real estate  1,666,198   1,583,255   1,480,198   1,402,885   1,174,300  
    Loans secured by real estate  2,789,843   2,761,580   2,568,940   2,548,367   2,066,514  
    Agricultural operating loans  151,484   126,534   123,101   121,070   137,352  
    Commercial and industrial loans  832,008   835,860   864,554   1,017,400   738,313  
    Consumer loans   78,442   80,064   84,541   91,705   78,002  
    All other loans   143,746   143,731   155,168   164,557   118,238  
    Total loans   3,995,523   3,947,769   3,796,304   3,943,099   3,138,419  
                 
    Deposit Portfolio            
    Non-interest bearing demand deposits $1,246,673  $1,242,950  $1,157,009  $1,185,181  $936,926  
    Interest bearing demand deposits  1,452,765   1,416,361   1,418,717   1,268,882   1,031,183  
    Savings deposits   626,523   612,404   598,232   668,098   499,427  
    Money Market   1,068,473   1,075,852   842,771   803,946   748,179  
    Time deposits   562,052   640,995   722,593   811,586   477,069  
    Total deposits   4,956,486   4,988,562   4,739,322   4,737,693   3,692,784  
                 
    Asset Quality            
    Non-performing loans $22,036  $27,723  $30,410  $31,984  $28,123  
    Non-performing assets  27,055   33,359   37,648   45,323   30,616  
    Net charge-offs   1,800   1,717   261   702   608  
    Allowance for credit losses to non-performing loans 248.03%  194.72%  179.54%  173.27%  149.02% 
    Allowance for credit losses to total loans outstanding1.37%1 1.39%1 1.50%1 1.50%1 1.41%1 
    Nonperforming loans to total loans  0.55%  0.70%  0.80%  0.81%  0.90% 
    Nonperforming assets to total assets  0.45%  0.55%  0.65%  0.78%  0.65% 
                 
    Common Share Data           
    Common shares outstanding  18,080,303   18,083,126   18,078,474   18,042,256   16,741,208  
    Book value per common share $35.06  $34.69  $34.08  $33.36  $33.94  
    Tangible book value per common share (2) 27.24   26.80   26.33   25.68   26.29  
    Market price of stock  42.79   41.06   40.51   43.93   33.66  
                 
    Key Performance Ratios and Metrics           
    End of period earning assets $5,504,517  $5,542,199  $5,269,882  $5,374,848  $4,367,717  
    Average earning assets  5,539,819   5,396,239   5,380,411   4,769,975   4,238,388  
    Average rate on average earning assets (tax equivalent) 3.37%  3.67%  3.52%  3.52%  3.58% 
    Average rate on cost of funds  0.26%  0.29%  0.30%  0.36%  0.41% 
    Net interest margin (tax equivalent) (2)  3.11%  3.38%  3.22%  3.16%  3.17% 
    Return on average assets  1.12%  1.25%  0.84%  0.32%  1.18% 
    Return on average common equity  10.74%  11.67%  8.00%  2.78%  9.66% 
    Efficiency ratio (tax equivalent) (2)  55.75%  52.73%  59.91%  61.20%  58.27% 
    Full-time equivalent employees  965   960   960   983   824  
                 
                 
    1 Excludes Paycheck Protection Program loans.           
    2 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.         
                 


    FIRST MID BANCSHARES, INC. 
    Net Interest Margin 
    (In thousands, unaudited)  
      For the Quarter Ended December 31, 2021  
      QTD Average   Average  
      Balance Interest Rate  
    INTEREST EARNING ASSETS       
    Interest bearing deposits$177,018  $74 0.17%  
    Federal funds sold 1,355   - 0.00%  
    Certificates of deposits investments 2,591   14 2.14%  
    Investment Securities:       
    Taxable (total less municipals) 1,061,070   4,342 1.64%  
    Tax-exempt (Municipals) 366,367   2,732 2.98%  
    Loans (net of unearned income) 3,931,418   39,885 4.02%  
             
    Total interest earning assets 5,539,819   47,047 3.37%  
             
    NONEARNING ASSETS       
    Cash and due from banks 106,944       
    Premises and equipment 81,650       
    Other nonearning assets 349,884       
    Allowance for loan losses (54,874)      
             
    Total assets$6,023,423       
             
    INTEREST BEARING LIABILITIES       
    Demand deposits$2,474,758  $1,168 0.19%  
    Savings deposits 618,900   117 0.08%  
    Time deposits 598,414   772 0.51%  
    Total interest bearing deposits 3,692,072   2,057 0.22%  
    Repurchase agreements 159,268   52 0.13%  
    FHLB advances 102,590   336 1.30%  
    Subordinated debt 94,376   985 4.14%  
    Jr. subordinated debentures 19,168   125 2.59%  
    Total borrowings 375,402   1,498 1.58%  
    Total interest bearing liabilities 4,067,474   3,555 0.35%  
             
    NONINTEREST BEARING LIABILITIES       
    Demand deposits 1,278,866  Average cost of funds0.26%  
    Other liabilities 50,305       
    Stockholders' equity 626,778       
             
    Total liabilities & stockholders' equity$6,023,423       
             
    Net Interest Earnings / Spread  $43,492 3.02%  
             
    Impact of Non-Interest Bearing Funds    0.09%  
             
    Tax effected yield on interest earning assets   3.11%  
             


    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, 
          2021   2021   2021   2021   2020  
                   
    Net interest income as reported  $42,744  $45,496  $42,747  $36,764  $33,440  
    Net interest income, (tax equivalent)  43,492   46,165   43,359   37,359   34,040  
    Average earning assets   5,539,819   5,396,239   5,380,411   4,769,975   4,238,388  
    Net interest margin (tax equivalent)  3.11%  3.38%  3.22%  3.16%  3.17% 
                   
                   
    Common stockholder's equity  $633,894  $627,225  $616,066  $601,884  $568,228  
    Goodwill and intangibles, net   141,376   142,656   139,995   138,606   128,120  
    Common shares outstanding   18,080   18,083   18,078   18,042   16,741  
    Tangible Book Value per common share $27.24  $26.80  $26.33  $25.68  $26.29  
                   


    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 31, September 30,June 30, March 31, December 31, 
          2021   2021   2021   2021   2020  
    Adjusted earnings Reconciliation           
    Net Income - GAAP   $16,834  $18,326  $12,221  $4,109  $13,569  
    Adjustments (post-tax): (1)            
    Acquisition ACL on non-PCD assets in provision expense -   -   -   9,072   -  
    Branch optimization costs   -   999   960   -   -  
    Integration and acquisition expenses  225   348   4,634   2,036   292  
    Total non-recurring adjustments (non-GAAP)$225  $1,347  $5,595  $11,108  $292  
                   
    Adjusted earnings - non-GAAP  $17,059  $19,673  $17,816  $15,217  $13,861  
    Adjusted diluted earnings per share (non-GAAP)$0.94  $1.08  $0.98  $0.88  $0.83  
                   
    Efficiency Ratio Reconciliation            
    Noninterest expense - GAAP  $36,394  $36,321  $46,013  $37,600  $30,331  
    Other real estate owned property income (expense) (315)  (242)  (751)  (78)  20  
    Amortization of intangibles   (1,462)  (1,414)  (1,295)  (1,220)  (1,200) 
    Branch optimization costs   -   (1,265)  (1,215)  -   -  
    integration and acquisition expenses  (285)  (440)  (5,866)  (2,578)  (369) 
      Adjusted noninterest expense (non-GAAP) $34,332  $32,960  $36,886  $33,724  $28,782  
                   
    Net interest income -GAAP  $42,744  $45,496  $42,747  $36,764  $33,440  
    Effect of tax-exempt income (1)   748   669   612   595   601  
      Adjusted net interest income (non-GAAP) $43,492  $46,165  $43,359  $37,359  $34,041  
                   
    Noninterest income - GAAP  $18,124  $16,359  $18,284  $17,749  $15,547  
    Gain on sales of investment securities, net  (36)  (11)  (73)  (4)  (193) 
      Adjusted noninterest income (non-GAAP) $18,088  $16,348  $18,211  $17,745  $15,354  
                   
      Adjusted total revenue (non-GAAP) $61,580  $62,513  $61,570  $55,104  $49,395  
                   
    Efficiency ratio (non-GAAP)   55.75%  52.73%  59.91%  61.20%  58.27% 
                   
    (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.      

     


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