FIRST MID BANCSHARES, INC. Files 2023 Annual Report (10-K)

TL;DR

<b>FIRST MID BANCSHARES, INC. has filed its 2023 10-K annual report.</b>

AI Summary

FIRST MID BANCSHARES, INC. (FMBH) filed a Annual Report (10-K) with the SEC on March 6, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company name: FIRST MID BANCSHARES, INC. Standard Industrial Classification: State Commercial Banks [6022]. Incorporated in Delaware. Business and mailing address: 1515 Charleston Ave, Mattoon, IL 61938.

Why It Matters

For investors and stakeholders tracking FIRST MID BANCSHARES, INC., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — FIRST MID BANCSHARES, INC. shows moderate risk based on this filing. The filing contains numerous specific financial data points and risk factor categories typical for a financial institution, indicating a standard level of complexity and potential risks inherent in the banking sector.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand FIRST MID BANCSHARES, INC.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-06 — Filing Date (Filed as of date)
• 153 — Public Document Count (Number of documents in the filing)
• 001-36434 — SEC File Number (SEC file number for the company)

Key Players & Entities

• FIRST MID BANCSHARES, INC. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-03-06 (date) — Filing date
• 6022 (industry_code) — Standard Industrial Classification
• DE (state) — State of incorporation
• MATTOON (location) — Business address city
• IL (state) — Business address state
• 61938 (zip_code) — Business address zip

FAQ

Industry Context

FIRST MID BANCSHARES, INC. operates within the State Commercial Banks industry (SIC 6022). This sector is characterized by providing a wide range of financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities aimed at ensuring stability, consumer protection, and market integrity.

What Investors Should Do

1. Analyze the company's financial statements for the fiscal year ended December 31, 2023.
2. Review the risk factors section to understand potential challenges and mitigation strategies.
3. Compare key financial metrics with previous years and industry benchmarks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-06: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from previous filings would be needed for a full analysis.

Key Financial Figures

• $4.00 — hares of the Registrant's common stock, $4.00par value, were outstanding. DOCUMENTS
• $3,500 — evelopment by providing employees up to $3,500 annually for eligible educational cours
• $70,000 — inflation by awarding employees making $70,000 or less a 3% wage increase outside of t
• $0.50 — y increased the starting rate of pay by $0.50 per hour which impacted several of our
• $133,000 — contribution to the United Way of over $133,000. Business Strategies Vision Stateme
• $996 million — l real estate loans have increased from $996 million at December 31, 2019 to $2.4 billion at
• $2.4 billion — om $996 million at December 31, 2019 to $2.4 billion at December 31, 2023. Of this increase,
• $343 million — , 2023. Of this increase, approximately $343 million was the result of strategic acquisition
• $10 million — all underwriting decisions in excess of $10 million and up to $30 million. The Board of Dir
• $30 million — ions in excess of $10 million and up to $30 million. The Board of Directors must approve al
• $128.1 million — al lending limit for First Mid Bank was $128.1 million at December 31, 2023. While the underly
• $3.8 million — th average net charge offs amounting to $3.8 million (0.08% of total loans) over the past fi
• $20.1 million — st five years. Nonperforming loans were $20.1 million (0.36% of total loans) at December 31,
• $0.01 — , each share of common stock, par value $0.01 per share, of Blackhawk issued and outs
• $93.51 million — res of First Mid common stock valued at $93.51 million and $1,928 of cash in lieu of fractiona

Filing Documents

• fmbh-20231231.htm (10-K) — 9277KB
• fmbh-ex21_1.htm (EX-21.1) — 5KB
• fmbh-ex23_1.htm (EX-23.1) — 5KB
• fmbh-ex31_1.htm (EX-31.1) — 14KB
• fmbh-ex31_2.htm (EX-31.2) — 13KB
• fmbh-ex32_1.htm (EX-32.1) — 6KB
• fmbh-ex32_2.htm (EX-32.2) — 6KB
• fmbh-ex97_1.htm (EX-97.1) — 37KB
• 0000950170-24-026921.txt (&nbsp;) — 38160KB
• fmbh-20231231.xsd (EX-101.SCH) — 3397KB
• fmbh-20231231_htm.xml (XML) — 10411KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 12 Item 1B Unresolved Staff Comments 15 Item 1C Cybersecurity 15 Item 2

Properties

Properties 16 Item 3

Legal Proceedings

Legal Proceedings 16 Item 4 Mine Safety Disclosures 16 Part II Item 5 Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Item 6 [Reserved] 17 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Item 9 Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 86 Item 9A

Controls and Procedures

Controls and Procedures 86 Item 9B Other Information 88 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88 Part III Item 10 Directors, Executive Officers and Corporate Governance 88 Item 11

Executive Compensation

Executive Compensation 88 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88 Item 13 Certain Relationships and Related Transactions, and Director Independence 89 Item 14 Principal Accountant Fees and Services 89 Part IV Item 15 Exhibit and Financial Statement Schedules 89 Item 16 Form 10-K Summary 89 Exhibit Index 90

Signatures

Signatures 92 PAR T I

B USINESS

ITEM 1. B USINESS Company and Subsidiaries First Mid Bancshares, Inc. (the "Company"), is a financial holding company. The Company is engaged in the business of banking through its wholly owned subsidiary, First Mid Bank & Trust, N.A. ("First Mid Bank"). The Company offers insurance products and services to customers through its wholly owned subsidiary, First Mid Insurance Group, Inc. ("First Mid Insurance"). The Company offers trust, farm services, investment services, and retirement planning through its wholly owned subsidiary, First Mid Wealth Management Company. The Company also wholly owns a captive insurance company, First Mid Captive, Inc. through First Mid Bank, the Company owns an investment subsidiary, First Mid Investments, Inc. In addition, the Company wholly owns five statutory business trusts, First Mid-Illinois Statutory Trust II ("First Mid Trust II"), Clover Leaf Statutory Trust I ("CLST Trust"), FBTC Statutory Trust I ("FBTCST I"), Blackhawk Statutory Trust I (BHST I), and Blackhawk Statutory Trust II (BHST II) all of which are unconsolidated subsidiaries of the Company. On August 15, 2023, the Company acquired Blackhawk Bank, which was merged into First Mid Bank on December 1, 2023. The Company, a Delaware corporation, was incorporated on September 8, 1981, and pursuant to the approval of the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") became the holding company owning all of the outstanding stock of First National Bank, Mattoon ("First National") on June 1, 1982. First National changed its name to First Mid-Illinois Bank & Trust, N.A. in 1992, and subsequently changed its name to First Mid Bank & Trust, N.A. in 2019. The Company has also acquired all the outstanding stock of a number of community banks or thrift institutions, and subsequently combined their operations with those of the Company and First Mid Bank. Human Capital The Company seeks to provide a work environment that attracts, develops, and

View Full Filing

View this 10-K filing on SEC EDGAR