Skip to main content

Market Overview

First Mid Bancshares, Inc. Announces Second Quarter 2020 Results

Share:

MATTOON, Ill., July 30, 2020 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ:FMBH) (the "Company") today announced its financial results for the quarter and year-to-date period ended June 30, 2020.

Highlights

  • Net income of $10.1 million, or $0.60 diluted EPS
  • Organic loan growth up 8.5% year-over-year, excluding Paycheck Protection Program ("PPP") and loans acquired April 21st (the Acquired Loans")
  • Strong start with the Acquired Loans and lenders in the St. Louis metro market
  • Continued supporting our communities with $260 million in total loans under the PPP

"I am proud of the strength and perseverance of the First Mid team as we have played and continue to play a key role in the support and success of the customers and communities we serve," said Joe Dively, Chairman and Chief Executive Officer.  "Our SBA expertise, along with our commitment to our communities, has allowed us to gain a significant number of new customers through the Paycheck Protection Program that will provide long-term value."

"We delivered another solid quarter of financial results despite a reserve build for the uncertain macro-economic conditions.  The team of commercial lenders and loan relationships we acquired in the second quarter have integrated successfully and are off to a great start. As our markets have either partially or fully reopened, our commercial customers who were most impacted by the shelter-in-place orders are seeing positive trends in their businesses.  While it is early in the process, approximately 80% of borrowers who have ended their initial 90-day deferral program have not needed extensions," Dively added.

"Finally, as you can see from our historical and consistent performance through various cycles, we have a very experienced underwriting team with a laser focus on asset quality.  While this may be a headwind to growth during booming economic times, this culture and philosophy outperforms in periods such as the current cycle.  When you combine our credit quality with our strong balance sheet and capital, we are uniquely positioned to not only manage the uncertainties that lie ahead, but also to take advantage of all opportunities to enhance shareholder value," Dively concluded.

Net Interest Income

Net interest income for the second quarter of 2020 increased by $1.7 million, or 5.7% compared to the first quarter of 2020.  Interest income increased by $0.8 million and interest expense decreased $0.9 million.  The increase in interest income was primarily driven by the growth in balances from the Acquired Loans and PPP loans, partially offset by less securities income, lower loan yields and less accretion income.  Total accretion income was $0.5 million, which was a decline of $0.3 million from the previous quarter.  Interest expense declined due to the changes made to rates following the Federal Reserve cutting rates in March, including maturing CD's and Federal Home Loan Bank advances.

In comparison to the second quarter of 2019, net interest income increased $0.3 million, or 0.9%.  The increase was primarily attributable to a $2.3 million decline in interest expense, partially offset by lower interest income with accretion income down $2.1 million from the same quarter last year.       

Net Interest Margin

Net interest margin, on a tax equivalent basis, was 3.25% for the second quarter of 2020 compared to 3.51% in the prior quarter.  The PPP loans carry a 1% interest rate and were dilutive to the margin by approximately 16 basis points in the quarter.  In addition, total accretion of $0.5 million for the second quarter was down from $0.8 million in the prior quarter.  Excluding the PPP and accretion income, net interest margin declined by 5 basis points in the quarter with lower yields on earning assets partially offset by lower funding costs. 

In comparison to the second quarter of 2019, net interest margin decreased 39 basis points.  The year-over-year decrease was primarily due to the impact of the PPP loans and a $2.1 million decline in accretion income.  Excluding PPP loans and accretion income, net interest margin increased one basis point in the current period compared to the second quarter of 2019.

Loan Portfolio

Total loans ended the quarter at $3.21 billion, representing an increase of $461.0 million compared to the prior quarter.  The second quarter ending balance included approximately $259.6 million in PPP loans.  Excluding the PPP loans and the $183.0 million in Acquired Loans, balances increased organically by approximately $18.4 million.  On a year-over-year basis, loans increased $658.7 million, or 25.9%.  Excluding PPP and Acquired Loans, balances increased $216.1 million, or 8.5%.     

The Company has a diversified loan portfolio.  The Company decided to continue to provide additional disclosures on industry segments with escalated monitoring and stress testing from the COVID-19 shelter in place.  At quarter end, the more vulnerable sectors due to COVID-19, excluding PPP loans, were:  1) Retail Shopping/Strip centers, which represented 4.2% of outstanding loans, 2) Hotels, which represented 4.1% of outstanding loans, and 3) Restaurants, which represented 3.0% of outstanding loans.  Most of the largest borrowers in the hotel and restaurant sector own and operate multiple businesses across various industries providing a diverse cash flow stream to support their loans and have provided personal guarantees.  

The Company began offering a 90-day principal and interest deferral program primarily for the hotel and restaurant sector in late March.  Subsequently, the Company offered a principal deferral program to select borrowers upon request primarily in the commercial real estate market.  In addition, the Company offered a residential mortgage and consumer principal and interest deferral program.  As of July 17th, 2020, approximately 80%, or $141.3 million, of the $177.5 million in deferred loans that reached the end of the original deferral period were not extended to a new deferral period.  After reaching a peak of approximately $424.0 million in deferrals, the Company had total outstanding deferrals of $282.6 million, or 8.8% of total outstanding loans on July 17th, 2020.

The Company will continue to monitor and grant additional deferrals based upon the facts and circumstances of each borrower's financial position.  These loan deferrals and modifications have been executed consistent with the CARES Act and are not included in our non-performing loans.     

Asset Quality

The Company's asset quality measures continue to reflect a strong credit culture.  The allowance for loan losses, excluding $259.6 million of PPP loans, was 1.30% of total loans.  Also, the remaining fair value mark on certain acquired loans represents seven basis points in addition to the current allowance.  The ratio of non-performing loans to total loans was 0.72%, and the allowance for loan losses to non-performing loans was 166.2%.  Non-performing loans declined $1.4 million to $23.1 million at quarter end.  Non-performing assets to total assets declined to 0.57%.  Net charge-offs were $0.6 million during the second quarter compared to $1.2 million in the prior quarter. 

Provision expense was recorded in the amount of $6.1 million in the second quarter reflecting $5.5 million of a reserve build above the $0.6 million in net charge-offs.  This reserve build was recorded under Accounting Standards Update 2016-13 known as the current expected credit loss model.  The Company's required allowance for credit loss was calculated using a combination of, among other things, historical loss experience and the uncertainty of future macro-economic conditions.

Deposits

Total deposits ended the quarter at $3.39 billion, which represented an increase of $477.2 million from the prior quarter.  The increase includes approximately $160.0 million of funding under the depository agreement setup for the acquired loans. The Company's average rate on cost of funds was 0.43% for the quarter compared to 0.60% in the first quarter and 0.76% in the second quarter of 2019.  Total interest-bearing deposit costs declined by 17 basis points in the first quarter 2020 and declined by 32 basis points year-over-year.        

Noninterest Income

Noninterest income for the second quarter of 2020 was $13.9 million compared to $16.5 million in the first quarter and $13.6 million in the second quarter of last year.  The decrease compared to first quarter was primarily driven by the timing of insurance revenues, which are seasonally higher in the first quarter.  Excluding insurance revenues, noninterest income was essentially flat in the second quarter 2020.  In addition, the current period included a negative $0.2 million mortgage servicing rights valuation adjustment.

In comparison to the second quarter of 2019, noninterest income increased $0.3 million, or 2.2% with increases in insurance, wealth management, and mortgage banking more than offsetting declines in services charges and late fees recorded in other income.  The Company's fee businesses continue to provide significant diversification and are a valuable and consistent income generator.  Our First Mid Wealth Management division ended the quarter with $4.1 billion in assets under management.        

Noninterest Expenses    

Noninterest expense for the second quarter totaled $26.1 million compared to $27.7 million in the first quarter and $30.2 million in the second quarter last year.  The current quarter was lower than the first quarter primarily due to the seasonality of our business lines as well as the deferral of loan origination costs related to the PPP loans. 

The second quarter of 2019 included $2.4 million of costs related to the Soy Capital acquisition and integration versus $0.1 million of acquisition costs in the current period.  The remaining year-over-year decline was primarily driven by lower occupancy and equipment costs, less OREO expense, and lower amortization of intangibles.

The Company will be closing two branches in the third quarter of 2020 as part of its ongoing initiative to optimize its branch network and manage its cost structure.  The continued increase in the use of the Company's advanced digital platform and the location of other nearby First Mid locations is expected to minimize any disruption to the customer.

The Company's efficiency ratio, on a tax equivalent basis, for the second quarter 2020 improved to 54.3% compared to 57.1% in the prior quarter and 62.3% for the same period last year.

Regulatory Capital Levels

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 assets 15.19%
Tier 1 capital to risk-weighted assets 14.07%
Common equity tier 1 capital to risk-weighted assets 13.46%
Leverage ratio 10.43%

Capital levels declined in the period compared to the prior quarter as the Company paid its semi-annual dividend of $0.40 per share in June and the balance sheet increased from both organic growth and Acquired Loans.

About Us: 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.  Our mission is to fulfill the financial needs of our communities with exceptional personal service, professionalism and integrity, and deliver meaningful value and results for our customers and shareholders.

First Mid is a $4.5 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 and eastern Missouri and a loan production office in the greater Indianapolis area.  Together, our First Mid team takes great pride in their work and their ability to serve our customers well over the last 155 years. 

More information about the Company is available on our website at www.firstmid.com.  Our stock is traded in The NASDAQ Stock Market LLC under the ticker symbol "FMBH".

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 "Net Interest Margin, tax equivalent," "Tangible Book Value per Common Share," and "Common Equity Tier 1 Capital to Risk Weighted Assets".  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, such as discussions of First Mid's pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses, planned schedules and impacts from COVID-19. 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 1955. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid, 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, changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative/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 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; 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 government, businesses and consumers, on First Mid's operations and personnel, commercial activity and demand across First Mid's business and customers' businesses; the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect First Mid's liquidity and capital positions, impair the ability of First Mid'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 financial results, including possible lost revenue and increased expenses (including the 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 Securities and Exchange Commission (the "SEC"), including its Annual Reports on Form 10-K. 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

– Tables Follow –

FIRST MID BANCSHARES, INC.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
           
      As of     
  June 30,   December 31,   June 30,
    2020       2019       2019  
           
Assets          
Cash and cash equivalents $ 238,487     $ 85,080     $ 168,416  
Investment securities   727,154       760,215       833,763  
Loans (including loans held for sale)   3,205,262       2,695,347       2,546,543  
Less allowance for loan losses   (38,381 )     (26,911 )     (26,359 )
Net loans   3,166,881       2,668,436       2,520,184  
Premises and equipment, net   58,905       59,491       59,898  
Goodwill and intangibles, net   130,656       133,257       135,762  
Bank owned life insurance   68,084       67,225       66,347  
Other assets   68,144       65,722       58,471  
Total assets $ 4,458,311     $ 3,839,426     $ 3,842,841  
           
Liabilities and Stockholders' Equity          
Deposits:          
Non-interest bearing $ 817,623     $ 633,331     $ 603,823  
Interest bearing   2,568,204       2,284,035       2,408,667  
Total deposits   3,385,827       2,917,366       3,012,490  
Repurchase agreement with customers   350,288       208,109       152,264  
Other borrowings   103,939       118,895       95,826  
Junior subordinated debentures   18,942       18,858       29,084  
Other liabilities   50,042       49,589       44,219  
Total liabilities   3,909,038       3,312,817       3,333,883  
           
Total stockholders' equity   549,273       526,609       508,958  
Total liabilities and stockholders' equity $ 4,458,311     $ 3,839,426     $ 3,842,841  
           


 
FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)
                 
  Three Months Ended
    Six Months Ended
  June 30,
    June 30,
    2020       2019       2020       2019
Interest income:                
Interest and fees on loans $ 31,382     $ 31,539     $ 61,409     $ 63,643
Interest on investment securities   4,077       5,436       8,666       10,645
Interest on federal funds sold & other deposits   76       596       201       1,334
Total interest income   35,535       37,571       70,276       75,622
Interest expense:                
Interest on deposits   3,105       4,940       6,966       9,318
Interest on securities sold under agreements to repurchase   158       215       352       475
Interest on other borrowings   516       697       1,111       1,420
Interest on subordinated debt   174       406       392       844
Total interest expense   3,953       6,258       8,821       12,057
Net interest income   31,582       31,313       61,455       63,565
Provision for loan losses   6,136       91       11,617       1,038
Net interest income after provision for loan   25,446       31,222       49,838       62,527
Non-interest income:                
Wealth management revenues   3,827       3,587       7,453       7,232
Insurance commissions   4,088       3,760       10,709       9,315
Service charges   1,111       1,959       2,889       3,761
Securities gains, net   287       218       818       272
Mortgage banking revenues   1,236       346       1,544       585
ATM/debit card revenue   2,239       2,202       4,226       4,218
Other   1,097       1,516       2,756       2,844
Total non-interest income   13,885       13,588       30,395       28,227
Non-interest expense:                
Salaries and employee benefits   15,455       15,565       31,955       32,139
Net occupancy and equipment expense   4,141       4,543       8,383       8,998
Net other real estate owned (income) expense   (2 )     188       (48 )     241
FDIC insurance   289       197       382       476
Amortization of intangible assets   1,290       1,823       2,585       3,179
Stationary and supplies   275       264       543       551
Legal and professional expense   1,489       1,304       2,887       2,498
Marketing and donations   314       481       795       935
Other   2,847       5,822       6,347       9,480
Total non-interest expense   26,098       30,187       53,829       58,497
Income before income taxes   13,233       14,623       26,404       32,257
Income taxes   3,096       3,642       6,268       7,960
Net income $ 10,137     $ 10,981     $ 20,136     $ 24,297
                 
Per Share Information                
Basic earnings per common share $ 0.61     $ 0.66     $ 1.21     $ 1.46
Diluted earnings per common share   0.60       0.66       1.20       1.45
                 
Weighted average shares outstanding   16,709,886       16,683,194       16,701,536       16,674,646
Diluted weighted average shares outstanding   16,756,794       16,717,974       16,748,444       16,709,426
                             


FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)
                   
  For the Quarter Ended
  June 30,   March 31,   December 31,
  September 30,
  June 30,
  2020     2020       2019       2019     2019
Interest income:                  
Interest and fees on loans $ 31,382   $ 30,027     $ 31,206     $ 31,976     $ 31,539
Interest on investment securities   4,077     4,589       5,101       5,297       5,436
Interest on federal funds sold & other deposits     125       214       305       596
Total interest income   35,535     34,741       36,521       37,578       37,571
Interest expense:                  
Interest on deposits   3,105     3,861       4,447       5,174       4,940
Interest on securities sold under agreements to repurchase     194       240       196       215
Interest on other borrowings   516     595       610       691       697
Interest on subordinated debt   174     218       240       392       406
Total interest expense   3,953     4,868       5,537       6,453       6,258
Net interest income   31,582     29,873       30,984         31,125         31,313
Provision for loan losses   6,136     5,481       2,737       2,658       91
Net interest income after provision for loan     24,392       28,247         28,467         31,222
Non-interest income:                  
Wealth management revenues   3,827     3,626       5,027       3,311       3,587
Insurance commissions   4,088     6,621       3,361       3,353       3,760
Service charges   1,111     1,778       1,985       2,091       1,959
Securities gains, net   287     531       479       51       218
Mortgage banking revenues   1,236     308       579       582       346
ATM/debit card revenue   2,239     1,987       2,100       2,173       2,202
Other   1,097     1,659       1,342       1,356       1,516
Total non-interest income   13,885     16,510       14,873       12,917       13,588
Non-interest expense:                  
Salaries and employee benefits   15,455     16,500       15,942       14,497       15,565
Net occupancy and equipment expense   4,141     4,242       4,305       4,377       4,543
Net other real estate owned (income) expense     (46 )     30       172       188
FDIC insurance   289     93       (170 )     (87 )     197
Amortization of intangible assets   1,290     1,295       1,296       1,373       1,823
Stationary and supplies   275     268       269       284       264
Legal and professional expense   1,489     1,398       1,451       1,215       1,304
Marketing and donations   314     481       573       523       481
Other   2,847     3,500       3,905       3,540       5,822
Total non-interest expense   26,098     27,731       27,601       25,894       30,187
Income before income taxes   13,233     13,171       15,519       15,490       14,623
Income taxes   3,096     3,172       3,543       3,820       3,642
Net income $ 10,137   $ 9,999     $ 11,976     $   11,670     $   10,981
                   


FIRST MID BANCSHARES, INC.
Consolidated Financial Highlights and Ratios
(Dollars in thousands, except per share data)
(Unaudited)
    As of and for the Quarter Ended
    June 30,   March 31,   December 31,   September 30,   June 30,
      2020       2020       2019       2019       2019  
                     
Loan Portfolio                    
Construction and land development   $ 180,934     $ 123,326     $ 94,142     $ 68,821     $ 57,069  
Farm real estate loans     251,382       242,891       240,241       229,715       229,924  
1-4 Family residential properties     342,036       325,128       336,427       347,370       355,143  
Multifamily residential properties     141,015       139,734       153,948       154,859       167,709  
Commercial real estate     1,123,540       1,002,868       995,702       954,992       888,711  
Loans secured by real estate     2,038,907       1,833,947       1,820,460       1,755,757       1,698,556  
Agricultural operating loans     149,043       139,136       136,124       121,650       118,216  
Commercial and industrial loans     811,169       565,789       528,973       543,937       530,405  
Consumer loans     82,084       82,104       83,183       83,171       84,907  
All other loans     124,059       123,322       126,607       119,043       114,459  
Total loans     3,205,262       2,744,298       2,695,347       2,623,558       2,546,543  
                     
Deposit Portfolio                    
Non-interest bearing demand deposits   $ 817,623     $ 642,384     $ 633,331     $ 596,518     $ 603,823  
Interest bearing demand deposits     938,710       827,387       850,956       899,763       844,931  
Savings deposits     474,545       441,998       428,778       431,497       438,769  
Money Market     625,361       441,381       419,801       435,517       473,160  
Time deposits     529,588       555,477       584,500       625,630       651,807  
Total deposits     3,385,827       2,908,627       2,917,366       2,988,925       3,012,490  
                     
Asset Quality                    
Non-performing loans   $ 23,096     $ 24,463     $ 27,818     $ 24,203     $ 25,773  
Non-performing assets     25,397       27,306       31,538       28,645       29,380  
Net charge-offs     631       1,188       2,567       2,276       436  
Allowance for loan losses to non-performing loans   166.18 %     134.39 %     96.74 %     110.49 %     102.27 %
Allowance for loan losses to total loans outstanding 1.30%1     1.20 %     1.00 %     1.02 %     1.04 %
Nonperforming loans to total loans     0.72 %     0.89 %     1.03 %     0.92 %     1.01 %
Nonperforming assets to total assets     0.57 %     0.71 %     0.82 %     0.75 %     0.77 %
                     
Common Share Data                    
Common shares outstanding     16,728,190       16,702,484       16,673,480       16,663,095       16,694,316  
Book value per common share   $ 32.84     $ 31.91     $ 31.58     $ 31.32     $ 30.49  
Tangible book value per common share     25.02       24.00       23.59       23.25       22.35  
Market price of stock     26.23       23.74       35.25       34.62       34.92  
                     
Key Performance Ratios and Metrics                    
End of period earning assets   $ 4,093,511     $ 3,492,271     $ 3,464,144     $ 3,444,775     $ 3,447,695  
Average earning assets     3,942,832       3,451,123       3,464,200       3,444,088       3,470,776  
Average rate on average earning assets (tax equivalent)   3.68 %     4.11 %     4.24 %     4.39 %     4.40 %
Average rate on cost of funds     0.43 %     0.60 %     0.67 %     0.79 %     0.76 %
Net interest margin (tax equivalent)     3.25 %     3.51 %     3.57 %     3.60 %     3.64 %
Return on average assets     0.94 %     1.05 %     1.25 %     1.22 %     1.15 %
Return on average common equity     7.47 %     7.48 %     9.17 %     9.04 %     8.80 %
Efficiency ratio (tax equivalent) 2     54.27 %     57.14 %     57.23 %     54.69 %     62.31 %
Full-time equivalent employees     828       835       827       830       826  
                     
1 Excludes Payment Protection Program loans.
2 Represents non-interest expense divided by the sum of fully tax equivalent net interest income and non-interest income.  Non-interest expense adjustments exclude foreclosed property expense and amortization of intangibles.  Net-interest income includes tax equivalent adjustments and non-interest income excludes gains and losses on the sale of investment securities.
 


FIRST MID BANCSHARES, INC.
Net Interest Margin
(In thousands, unaudited)
  For the Quarter Ended June 2020  
  QTD Average       Average
  Balance   Interest   Rate
INTEREST EARNING ASSETS          
Interest bearing deposits $ 152,090     $ 55   0.15 %
Federal funds sold   1,069       -   0.00 %
Certificates of deposits investments   4,154       21   2.03 %
Investment Securities:          
Taxable (total less municipals)   507,466       2,751   2.17 %
Tax-exempt (Municipals)   182,585       1,678   3.68 %
Loans (net of unearned income)   3,095,468       31,566   4.10 %
           
Total interest earning assets   3,942,832       36,071   3.68 %
           
NONEARNING ASSETS          
Cash and due from banks   80,492          
Premises and equipment   59,155          
Other nonearning assets   254,386          
Allowance for loan losses   (36,215 )        
           
Total assets $ 4,300,650          
           
INTEREST BEARING LIABILITIES          
Demand deposits $ 1,464,173     $ 697   0.19 %
Savings deposits   465,281       98   0.08 %
Time deposits   541,413       2,310   1.72 %
Total interest bearing deposits   2,470,867       3,105   0.51 %
Repurchase agreements   301,810       158   0.21 %
FHLB advances   114,368       505   1.78 %
Federal funds purchased   0       0   0.00 %
Subordinated debt   18,915       174   3.70 %
Other borrowings   1,868       11   2.37 %
Total borrowings   436,961       848   0.78 %
Total interest bearing liabilities   2,907,828       3,953   0.55 %
           
NONINTEREST BEARING LIABILITIES          
Demand deposits   799,332     Average cost of funds 0.43 %
Other liabilities   50,804          
Stockholders' equity   542,686          
           
Total liabilities & stockholders' equity $ 4,300,650          
           
Net Interest Earnings / Spread     $ 32,118   3.13 %
           
Impact of Non-Interest Bearing Funds         0.12 %
           
Tax effected yield on interest earning assets         3.25 %
           


FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, unaudited)
                   
  As of and for the Quarter Ended
  June 30,   March 31,   December 31, September 30, June 30,
    2020       2020       2019       2019       2019  
                   
Net interest income as reported $ 31,582     $ 29,873     $ 30,984     $ 31,125     $ 31,313  
Net interest income, (tax equivalent)   32,118       30,393       31,517       31,659       31,850  
Average earning assets   3,942,832       3,451,123       3,464,200       3,444,088       3,470,776  
Net interest margin (tax equivalent) 1   3.25 %     3.51 %     3.57 %     3.60 %     3.64 %
                   
                   
Common stockholder's equity $ 549,273     $ 533,051     $ 526,609     $ 521,959     $ 508,958  
Goodwill and intangibles, net   130,656       132,199       133,257       134,461       135,762  
Common shares outstanding   16,728       16,702       16,673       16,663       16,695  
Tangible Book Value per common share $ 25.02     $ 24.00     $ 23.59     $ 23.25     $ 22.35  
                   
                   
Common equity tier 1 capital $ 417,326     $ 410,565     $ 398,536     $ 391,429     $ 379,581  
Risk weighted assets   3,101,449       2,854,102       2,822,648       2,923,245       2,935,236  
Common equity tier 1 capital to risk weighted assets  2   13.46 %     14.39 %     14.12 %     13.39 %     12.93 %
                   
                   
1 Annualized and calculated on a tax equivalent basis where interest earned on tax-exempt securities and loans is adjusted to an amount comparable to interest subject to normal income taxes assuming a federal tax rate of 21% and includes the impact of non-interest bearing funds.
                   
2 Defined as total common equity adjusted for gains/(losses) less goodwill and intangibles divided by risk weighted assets as of period end.

Primary Logo

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com