First Mid Bancshares, Inc. Announces Third Quarter 2026 Results

MATTOON, Ill., Oct. 29, 2026 (GLOBE NEWSWIRE) — First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended September 30, 2026.

Highlights

Net income of $33.3 million, or $1.25 diluted EPS
Adjusted quarterly net income* of $33.6 million, or $1.26 diluted EPS
Announced pending acquisition of Evergreen Bancshares, Inc. (“Evergreen”)
Total loans of $6.85 billion, quarterly decrease of $85.8 million
Total deposits of $7.62 billion, quarterly increase of $44.2 million
Quarterly return on average assets of 1.45%
In late October, 2026 the Company completed the sale of investment securities with a weighted average yield of 1.51% for a loss of $14.8 million, which provided $175.8 million in cash. The proceeds are expected to be reinvested at higher rates with an earn back period of less than 2 years.
Agreed to acquire Winship Farm Management in Putnam, IL, which is expected to add over 8,600 acres under management over the next 3 years
Board of Directors declared a regular quarterly dividend of $0.26 per share

“We delivered another strong period of financial results highlighted by a record high quarter of earnings. Asset quality was strong with lower classifieds and negligible net charge-offs during the quarter. Deposit growth was solid, while loan growth was pressured due to higher payoff activity from customer collateral sales. We continue to put a strategic focus on revenue diversification and fee business growth through the acquisition of Winship Farm Management,” said Matthew Smith, Chief Executive Officer.

“I am pleased to announce our pending acquisition of Evergreen Bancshares and its subsidiary American Bank of Freedom. We are excited to welcome their employees and customers to the First Mid family. This acquisition will deepen and extend our presence in Missouri, Illinois, and Indiana while better positioning us to move past the $10 billion asset threshold,” Smith concluded.

Net Interest Income
Net interest income for the third quarter of 2026 was $79.4 million, a decrease of $0.3 million compared to the second quarter of 2026. The decrease was primarily driven by a decline in average loan balances for the quarter along with an increase in the cost of funding from rate increases and continued deposit pricing competition. Interest income increased by $1.8 million, while interest expense increased by $2.1 million during the period. Accretion income for the third quarter was $3.8 million which was in line with the prior quarter.

In comparison to the third quarter of 2025, net interest income increased $13.0 million, or 19.6%. Interest income was higher by $20.6 million, inclusive of a $0.7 million increase in accretion income. The increase was primarily driven by organic earning asset growth along with the addition of Two Rivers Bank & Trust (“Two Rivers”). Interest expense was higher by $7.6 million compared to the third quarter of last year primarily from higher overall deposit balances including the addition of Two Rivers.

On October 26^th, 2026 the Company sold investment securities with a weighted average yield of 1.51% for a loss of $14.8 million, which provided $175.8 million in cash. The transaction will be reflected in the fourth quarter financial results. The Company expects to reinvest this cash at higher rates with an expected earn back period of less than 2 years.

Net Interest Margin
Net interest margin, on a tax equivalent basis*, was 3.76% for the third quarter of 2026 representing a decrease of 3 basis points from the prior quarter. The yield on earning assets improved by 6 basis points compared to the second quarter, but was outpaced by the increase in the average cost of funds. The increase in the average cost of funds was primarily from overall rate movements and deposit pricing competition.

Loan Portfolio
Total loans ended the quarter at $6.85 billion, representing a decrease of $85.8 million for the quarter on a combination of elevated payoffs and disciplined pricing decisions. The decrease for the quarter was primarily in commercial real estate loans. This was primarily driven by the partial collateral sale of a multi-location business and subsequent loan payoff. Growth in other portfolios was well diversified.

Asset Quality
Asset quality improved for the quarter with overall criticized assets declining $45.9 million. Special mention loans decreased by $37.6 million to $101.5 million and substandard loans decreased by $8.3 million to $131.6 million. Non-performing loans had a modest increase of $1.8 million to $43.1 million. The declines in criticized assets were primarily driven by a combination of upgrades, paydowns, and external refinances.

The allowance for credit losses (“ACL”) ended the period at $86.5 million and the ACL to total loans ratio was 1.26%, which was a 1 basis point increase compared to the second quarter of 2026. In addition to the overall ACL, an unearned discount of $37.1 million remains at quarter end. Provision expense of $0.3 million was released during the quarter due to lower loan balances as well as minimal net charge offs of $0.2 million.

The ratio of non-performing loans to total loans was 0.63%, which was an increase from 0.60% in the prior quarter. The ACL to non-performing loans ratio was 201%, a decrease from 211% in the prior quarter primarily from the modest increase in non-performing loans and the slight decline in the ACL during the quarter. The ratio of non-performing assets to total assets remained flat compared to the prior quarter at 0.51%.

Deposits
Total deposits ended the quarter at $7.62 billion, which represented an increase of $44.2 million from the prior quarter. Money market accounts had the largest growth compared to the prior quarter with a $198.8 million increase. This growth was driven by the Company’s deposit product refresh in early 2026 and continued marketing of these products. The average cost of interest-bearing deposits for the quarter was 2.16%, an increase of 18 basis points from the end of the previous quarter, primarily due to overall rate movements and continued deposit pricing competition.

Non-Interest Income
Non-interest income for the third quarter of 2026 was $27.2 million compared to $28.8 million in the prior quarter and $22.9 million in the third quarter of 2025.

Wealth management revenues for the quarter were $7.4 million. Revenues decreased $0.8 million compared to the second quarter primarily from seasonality. Overall Ag Services revenue was $2.0 million in the period compared to $1.9 million in the prior quarter and $1.8 million in the third quarter of 2025. Insurance commissions for the quarter were $7.5 million, which was $1.3 million lower than the second quarter due to seasonality of contingent revenues. Third quarter insurance commissions were an increase of $0.4 million compared to the third quarter of 2025.

Non-Interest Expenses
Non-interest expense for the third quarter of 2026 totaled $65.0 million compared to $70.6 million in the second quarter of 2026. This decrease was primarily due to lower one-time merger-related costs that were recognized in the second quarter. During the third quarter, acquisition-related expenses related to Two Rivers totaled $0.4 million compared to $7.1 million in the prior quarter. Salaries and benefits expense increased by $1.0 million compared to the prior quarter primarily due to additional variable compensation for overperformance compared to plan.

The Company’s efficiency ratio*, as adjusted in the non-GAAP reconciliation table herein, for the third quarter of 2026 was 56.13% compared to 54.39% in the prior quarter and 58.75% 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	15.79%
Tier 1 capital to risk-weighted assets	14.39%
Common equity tier 1 capital to risk-weighted assets	13.91%
Leverage ratio	11.29%

Tangible book value per share* decreased $0.06, or 0.2% during the third quarter of 2026. The decrease was driven by an increase in the Company’s unrealized loss position in its investment portfolio of $32.3 million. This increase in the unrealized loss position lowered tangible book value per share* by $1.21 which was materially offset by earnings growth. During the quarter, the Company paid off $10.0 million of subordinated debt with cash on hand.

The Company’s Board of Directors declared its regular quarterly dividend of $0.26 payable on December 1, 2026 to the shareholders of record as of November 16, 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 $9.4 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, Wisconsin, and Iowa 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 Income,” “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 Average 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 forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding First Mid Bancshares, Inc. (“First Mid”), Evergreen Bancshares, Inc. (“Evergreen”) and the proposed transactions, including statements regarding anticipated benefits, integration, timing, approvals, customer relationships, operating results, expenses, market conditions, credit quality, liquidity, loan and deposit activity, and other expectations regarding the combined business. First Mid intends for these 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, are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “may,” “should,” 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 the anticipated benefits of the proposed transactions will not be realized within the expected time period; the risk that integration of Evergreen 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 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; changes in interest rates; general economic conditions and market-area conditions; legislative and/or regulatory changes; risks relating to Evergreen as a privately held company whose business and financial information has not been subject to public company reporting requirements; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality, composition and valuation of loan and investment portfolios; demand for loan products; deposit flows; competition; demand for financial services; accounting principles, policies and guidelines; and the ability to complete the proposed transactions or any of the foregoing risks. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, is 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 does not undertake any obligation to update, revise 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 transactions. The registration statement will include a proxy statement of Evergreen that also constitutes a prospectus of First Mid, which will be sent to the shareholders of Evergreen. Evergreen shareholders are urged to read the proxy statement/prospectus when it becomes available, which will contain important information about First Mid, Evergreen and the proposed transactions, 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 Evergreen upon written request to Evergreen Bancshares, Inc., 1701 Macklind Avenue, St. Louis, MO 63110, Attention: Chief Financial Officer. A final proxy statement/prospectus will be mailed to the shareholders of Evergreen.

Participants in the Solicitation
First Mid and Evergreen, 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 2026 annual meeting of stockholders, which was filed with the SEC on March 17, 2026. This document can be obtained free of charge from the sources provided above. Information about Evergreen’s directors and executive officers, and a description of their direct and indirect interests in the proposed transactions, by security holdings or otherwise, will be included in the proxy statement/prospectus when it becomes available. 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 Contacts
Austin Frank	Jordan Read
SVP, Director of Investor Relations	EVP, Chief Financial and Risk Officer
217-258-5522	217-258-3528
afrank@firstmid.com	jread@firstmid.com

– Tables Follow –


FIRST MID BANCSHARES, INC.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)

	As of
	September 30,			December 31,			September 30,
		2026			2025			2025

Assets
Cash and cash equivalents	$	511,334		$	254,920		$	277,087
Investment securities		1,338,631			1,085,499			1,098,093
Loans (including loans held for sale)		6,848,571			6,011,374			5,824,038
Less allowance for credit losses		(86,496	)		(74,875	)		(72,925	)
Net loans		6,762,075			5,936,499			5,751,113
Premises and equipment, net		101,869			90,782			94,673
Goodwill and intangibles, net		269,877			253,016			255,217
Bank Owned Life Insurance		188,584			174,915			173,588
Other assets		217,950			171,027			180,597
Total assets	$	9,390,320		$	7,966,658		$	7,830,368

Liabilities and Stockholders’ Equity
Deposits:
Non-interest bearing	$	1,465,347		$	1,392,534		$	1,450,244
Interest bearing		6,150,417			5,002,739			4,839,299
Total deposits		7,615,764			6,395,273			6,289,543
Repurchase agreements with customers		187,726			196,716			200,506
Other borrowings		359,186			270,000			245,000
Junior subordinated debentures		34,133			24,454			24,419
Subordinated debt		22,773			60,008			79,645
Other liabilities		73,843			61,515			59,076
Total liabilities		8,293,425			7,007,966			6,898,189

Total stockholders’ equity		1,096,895			958,692			932,179
Total liabilities and stockholders’ equity	$	9,390,320		$	7,966,658		$	7,830,368


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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2026			2025			2026		2025
Interest income:
Interest and fees on loans	$	104,013		$	87,020		$	297,667	$	251,722
Interest on investment securities		10,733			7,659			27,993		21,331
Interest on federal funds sold & other deposits		1,972			1,456			6,562		4,042
Total interest income		116,718			96,135			332,222		277,095
Interest expense:
Interest on deposits		33,165			25,179			88,267		73,865
Interest on securities sold under agreements to repurchase		941			1,105			2,996		3,503
Interest on other borrowings		2,148			2,186			7,125		6,060
Interest on subordinated debt		500			850			2,380		2,648
Interest on jr. subordinated debentures		588			452			1,634		1,384
Total interest expense		37,342			29,772			102,402		87,460
Net interest income		79,376			66,363			229,820		189,635
Provision (release of provision) for credit losses		(299	)		3,353			3,844		7,572
Net interest income after provision for credit losses		79,675			63,010			225,976		182,063
Non-interest income:
Wealth management revenues		7,370			5,145			21,951		16,350
Insurance commissions		7,529			7,089			27,206		24,854
Service charges		4,156			3,240			10,695		9,136
Net securities gains/(losses)		35			(1,930	)		118		(2,111	)
Mortgage banking revenues		946			1,255			2,481		3,036
ATM/debit card revenue		4,900			4,182			13,834		12,464
Other		2,276			3,928			6,201		7,637
Total non-interest income		27,212			22,909			82,486		71,366
Non-interest expense:
Salaries and employee benefits		39,411			33,570			112,887		98,941
Net occupancy and equipment expense		10,289			9,196			31,007		25,544
Net other real estate owned expense		537			217			967		393
FDIC insurance		1,016			874			3,019		2,596
Amortization of intangible assets		3,718			3,128			10,897		9,480
Stationery and supplies		339			411			952		1,209
Legal and professional expense		2,954			2,454			8,414		8,287
ATM/debit card expense		2,096			2,052			6,121		5,027
Marketing and donations		954			959			2,596		2,588
Other		3,648			4,285			19,454		12,315
Total non-interest expense		64,962			57,146			196,314		166,380
Income before income taxes		41,925			28,773			112,148		87,049
Income taxes		8,628			6,311			24,735		18,978
Net income	$	33,297		$	22,462		$	87,413	$	68,071

Per Share Information
Basic earnings per common share	$	1.26		$	0.94		$	3.37	$	2.85
Diluted earnings per common share		1.25			0.94			3.36		2.84

Weighted average shares outstanding		26,455,825			23,876,020			25,903,440		23,867,537
Diluted weighted average shares outstanding		26,601,826			23,997,198			26,039,726		23,981,938


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

	For the Quarter Ended
	September 30,			June 30,		March 31,		December 31,			September 30,
		2026			2026		2026		2025			2025
Interest income:
Interest and fees on loans	$	104,013		$	102,668	$	90,986	$	86,972		$	87,020
Interest on investment securities		10,733			9,375		7,885		7,552			7,659
Interest on federal funds sold & other deposits		1,972			2,841		1,749		1,371			1,456
Total interest income		116,718			114,884		100,620		95,895			96,135
Interest expense:
Interest on deposits		33,165			30,328		24,774		24,462			25,179
Interest on securities sold under agreements to repurchase		941			1,030		1,025		987			1,105
Interest on other borrowings		2,148			2,579		2,398		2,341			2,186
Interest on subordinated debt		500			710		1,170		1,142			850
Interest on jr. subordinated debentures		588			578		468		433			452
Total interest expense		37,342			35,225		29,835		29,365			29,772
Net interest income		79,376			79,659		70,785		66,530			66,363
Provision (release of provision) for credit losses		(299	)		1,545		2,598		2,349			3,353
Net interest income after provision for credit losses		79,675			78,114		68,187		64,181			63,010
Non-interest income:
Wealth management revenues		7,370			8,206		6,375		6,591			5,145
Insurance commissions		7,529			8,870		10,807		7,441			7,089
Service charges		4,156			3,459		3,080		3,161			3,240
Net securities gains/(losses)		35			63		20		(398	)		(1,930	)
Mortgage banking revenues		946			814		721		624			1,255
ATM/debit card revenue		4,900			4,799		4,135		3,947			4,182
Other		2,276			2,622		1,303		319			3,928
Total non-interest income		27,212			28,833		26,441		21,685			22,909
Non-interest expense:
Salaries and employee benefits		39,411			38,460		35,016		35,674			33,570
Net occupancy and equipment expense		10,289			10,892		9,826		11,035			9,196
Net other real estate owned expense		537			218		212		146			217
FDIC insurance		1,016			1,063		940		880			874
Amortization of intangible assets		3,718			3,878		3,301		2,963			3,128
Stationery and supplies		339			311		302		561			411
Legal and professional expense		2,954			2,760		2,700		2,459			2,454
ATM/debit card expense		2,096			2,218		1,807		1,918			2,052
Marketing and donations		954			818		824		760			959
Other		3,648			10,009		5,797		(529	)		4,285
Total non-interest expense		64,962			70,627		60,725		55,867			57,146
Income before income taxes		41,925			36,320		33,903		29,999			28,773
Income taxes		8,628			8,531		7,576		6,321			6,311
Net income	$	33,297		$	27,789	$	26,327	$	23,678		$	22,462

Per Share Information
Basic earnings per common share	$	1.26		$	1.05	$	1.06	$	0.99		$	0.94
Diluted earnings per common share		1.25			1.04		1.06		0.99			0.94

Weighted average shares outstanding		26,455,825			26,458,805		24,777,247		23,891,160			23,876,020
Diluted weighted average shares outstanding		26,601,826			26,604,784		24,893,802		24,000,061			23,997,198


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,
		2026			2026			2026			2025			2025

Loan Portfolio
Construction and land development	$	386,754		$	361,748		$	316,723		$	360,687		$	336,795
Farm real estate loans		426,928			422,537			400,783			373,408			367,473
1-4 Family residential properties		735,724			733,869			734,053			489,854			495,537
Multifamily residential properties		393,982			390,847			456,185			339,482			330,549
Commercial real estate		2,815,862			2,923,176			2,948,024			2,564,670			2,432,180
Loans secured by real estate		4,759,250			4,832,177			4,855,768			4,128,101			3,962,534
Agricultural operating loans		363,770			356,814			370,931			308,275			311,594
Commercial and industrial loans		1,469,640			1,502,951			1,499,079			1,381,598			1,349,863
Consumer loans		31,637			35,478			39,597			31,918			36,317
All other loans		224,274			206,922			178,901			161,482			163,730
Total loans		6,848,571			6,934,342			6,944,276			6,011,374			5,824,038

Deposit Portfolio
Non-interest bearing demand deposits	$	1,465,347		$	1,486,592		$	1,489,747		$	1,392,534		$	1,450,244
Interest bearing demand deposits		2,337,451			2,435,498			2,394,069			2,095,370			1,901,516
Savings deposits		690,034			711,999			781,451			639,412			617,311
Money Market		1,572,439			1,373,685			1,307,240			1,138,464			1,184,964
Time deposits		1,550,493			1,563,770			1,575,132			1,129,493			1,135,508
Total deposits		7,615,764			7,571,544			7,547,639			6,395,273			6,289,543

Asset Quality
Non-performing loans	$	43,069		$	41,293		$	44,074		$	31,948		$	22,199
Non-performing assets		48,099			47,098			49,621			34,807			23,670
Net charge-offs (recoveries)		194			1,370			1,500			399			1,588
Allowance for credit losses to non-performing loans		200.83	%		210.66	%		196.98	%		234.37	%		328.51	%
Allowance for credit losses to total loans outstanding		1.26	%		1.25	%		1.25	%		1.25	%		1.25	%
Nonperforming loans to total loans		0.63	%		0.60	%		0.63	%		0.53	%		0.38	%
Nonperforming assets to total assets		0.51	%		0.51	%		0.53	%		0.44	%		0.30	%
Special Mention loans		101,513			139,154			179,648			120,510			61,195
Substandard and Doubtful loans		131,598			139,902			109,127			79,956			75,309

Common Share Data
Common shares outstanding		26,601,445			26,594,524			26,609,307			23,986,299			23,996,833
Book value per common share	$	41.23		$	41.43		$	40.46		$	39.97		$	38.85
Tangible book value per share⁽¹⁾		31.09			31.15			30.04			29.42			28.21
Tangible book value per share excluding other comprehensive income at period end⁽¹⁾		36.24			35.09			34.12			33.64			32.79
Market price of stock		48.74			48.09			41.19			39.00			37.88

Key Performance Ratios and Metrics
End of period earning assets	$	8,670,790		$	8,496,204		$	8,574,933		$	7,325,978		$	7,101,811
Average earning assets		8,470,595			8,520,559			7,670,723			7,168,176			7,014,675
Average rate on average earning assets (tax equivalent)		5.51	%		5.45	%		5.36	%		5.35	%		5.48	%
Average rate on cost of funds		1.85	%		1.75	%		1.67	%		1.71	%		1.75	%
Net interest margin (tax equivalent)⁽¹⁾		3.76	%		3.79	%		3.78	%		3.73	%		3.80	%
Return on average assets		1.45	%		1.20	%		1.26	%		1.21	%		1.17	%
Adjusted return on average assets⁽¹⁾		1.46	%		1.45	%		1.37	%		1.30	%		1.21	%
Return on average common equity		12.07	%		10.19	%		10.45	%		10.01	%		9.95	%
Adjusted return on average common equity⁽¹⁾		12.19	%		12.25	%		11.29	%		10.71	%		10.34	%
Return on average tangible common equity		16.02	%		13.64	%		14.10	%		13.68	%		13.88	%
Adjusted return on average tangible common equity		16.17	%		16.39	%		15.24	%		14.63	%		14.42	%
Efficiency ratio (tax equivalent)⁽¹⁾		56.13	%		54.39	%		55.86	%		57.55	%		58.75	%
Full-time equivalent employees		1,313			1,316			1,335			1,170			1,178
_{¹ Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.}

FIRST MID BANCSHARES, INC.
Net Interest Margin
(Dollars in thousands, unaudited)

	For the Quarter Ended September 30, 2026
	QTD Average					Average
	Balance			Interest		Rate
INTEREST EARNING ASSETS
Interest bearing deposits	$	242,510		$	1,930	3.16	%
Federal funds sold		75			1	5.29	%
Certificates of deposits investments		4,281			41	3.80	%
Investment Securities		1,333,818			11,243	3.37	%
Loans (net of unearned income)		6,889,911			104,345	6.01	%

Total interest earning assets		8,470,595			117,560	5.51	%

NONEARNING ASSETS
Other nonearning assets		797,980
Allowance for loan losses		(87,905	)

Total assets	$	9,180,670

INTEREST BEARING LIABILITIES
Demand deposits	$	3,792,673		$	19,524	2.04	%
Savings deposits		705,758			316	0.18	%
Time deposits		1,585,639			13,324	3.33	%
Total interest bearing deposits		6,084,070			33,164	2.16	%
Repurchase agreements		191,935			941	1.95	%
FHLB advances		175,815			1,519	3.43	%
Federal funds purchased		89			1	0.00	%
Subordinated debt		24,266			500	8.17	%
Jr. subordinated debentures		34,100			588	6.84	%
Other debt		39,501			628	6.31	%
Total borrowings		465,706			4,177	3.56	%
Total interest bearing liabilities		6,549,776			37,341	2.26	%

NONINTEREST BEARING LIABILITIES
Demand deposits		1,459,511		Avg Cost of Funds		1.85	%
Other liabilities		68,135
Stockholders’ equity		1,103,248

Total liabilities & stockholders’ equity	$	9,180,670

Net Interest Earnings / Spread				$	80,219	3.25	%

Tax effected yield on interest earning assets						3.76	%

_{Net interest margin, tax equivalent is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.}


FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(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,
		2026			2026			2026			2025			2025

Net interest income as reported	$	79,376		$	79,659		$	70,785		$	66,530		$	66,363
Net interest income, (tax equivalent)		80,219			80,459			71,581			67,314			67,143
Average earning assets		8,470,595			8,520,559			7,670,723			7,168,176			7,014,675
Net interest margin (tax equivalent)		3.76	%		3.79	%		3.78	%		3.73	%		3.80	%


Common stockholder’s equity	$	1,096,895		$	1,101,744		$	1,076,626		$	958,692		$	932,179
Goodwill and intangibles, net		269,877			273,456			277,347			253,016			255,217
Common shares outstanding		26,601			26,595			26,609			23,986			23,997
Tangible Book Value per common share	$	31.09		$	31.15		$	30.04		$	29.42		$	28.21
Accumulated other comprehensive loss (AOCI)		(137,145	)		(104,824	)		(108,708	)		(101,301	)		(110,012	)
Adjusted tangible book value per common share	$	36.24		$	35.09		$	34.12		$	33.64		$	32.79


FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(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,
		2026			2026			2026			2025			2025
Adjusted earnings reconciliation
Net Income – GAAP	$	33,297		$	27,789		$	26,327		$	23,678		$	22,462
Adjustments (post-tax)⁽¹⁾
Net (gain)/loss on securities sales		(28	)		(50	)		(16	)		314			1,525
Net loss on subordinated debt repayment		24			74			–			237			–
Net loss on other investments		–			–			422			349			–
Technology project expenses		–			–			25			761			360
Net gain on real estate		–			–			–			(443	)		(1,033	)
Severance expense		–			–			–			–			15
Integration and acquisition expenses		325			5,586			1,690			434			13
Total adjustments (non-GAAP)	$	321		$	5,610		$	2,122		$	1,652		$	880

Adjusted earnings – non-GAAP	$	33,618		$	33,399		$	28,449		$	25,330		$	23,342
Adjusted diluted earnings per share (non-GAAP)	$	1.26		$	1.26		$	1.14		$	1.06		$	0.97
Adjusted return on average assets (non-GAAP)		1.46	%		1.45	%		1.37	%		1.30	%		1.21	%
Adjusted return on average common equity (non-GAAP)		12.19	%		12.25	%		11.29	%		10.71	%		10.34	%


Efficiency ratio reconciliation
Noninterest expense – GAAP	$	64,962		$	70,627		$	60,725		$	55,867		$	57,146
Other real estate owned property income (expense)		(537	)		(218	)		(212	)		(76	)		(217	)
Amortization of intangibles		(3,718	)		(3,878	)		(3,301	)		(2,963	)		(3,128	)
Gain/(loss) on real estate		–			–			–			560			(95	)
Severance expense		–			–			–			–			(19	)
Technology project expense		–			–			(32	)		(963	)		(456	)
Integration and acquisition expenses		(411	)		(7,071	)		(2,139	)		(549	)		(17	)
Adjusted noninterest expense (non-GAAP)	$	60,296		$	59,460		$	55,041		$	51,876		$	53,214

Net interest income -GAAP	$	79,376		$	79,659		$	70,785		$	66,530		$	66,363
Effect of tax-exempt income⁽¹⁾		843			800			796			784			780
Adjusted net interest income (non-GAAP)	$	80,219		$	80,459		$	71,581		$	67,314		$	67,143

Noninterest income – GAAP	$	27,212		$	28,833		$	26,441		$	21,685		$	22,909
Gain on real estate sales		–			–			–			–			(1,403	)
Net (gain)/loss on securities sales		(35	)		(63	)		(20	)		398			1,930
Net loss on subordinated debt repayment		30			94			–			300			–
Net loss on other investments		–			–			534			442			–
Adjusted noninterest income (non-GAAP)	$	27,207		$	28,864		$	26,955		$	22,825		$	23,436

Adjusted total revenue (non-GAAP)	$	107,426		$	109,323		$	98,536		$	90,139		$	90,579

Efficiency ratio (non-GAAP)		56.13	%		54.39	%		55.86	%		57.55	%		58.75	%

Adjusted return on average tangible common equity reconciliation
Adjusted earnings – non-GAAP	$	33,618		$	33,399		$	28,449		$	25,330		$	23,342
Annualized adjusted earnings- non-GAAP		134,472			133,596			113,794			101,320			93,368

Average common stockholder’s equity		1,103,248			1,090,377			1,008,214			946,150			903,411
Average goodwill		203,683			203,677			203,392			203,391			203,391
Average other intangibles		68,063			71,813			57,973			50,413			52,572
Average tangible common stockholder’s equity	$	831,502		$	814,887		$	746,849		$	692,346		$	647,448

Adjusted return on average tangible common equity (non-GAAP)		16.17	%		16.39	%		15.24	%		14.63	%		14.42	%
_{(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.}

Media gallery

About The Author

First Mid Bancshares, Inc.