First Mid Bancshares Files Q3 2024 10-Q
Ticker: FMBH · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 700565
| Field | Detail |
|---|---|
| Company | First Mid Bancshares, INC. (FMBH) |
| Form Type | 10-Q |
| Filed Date | Nov 8, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $4.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, loans, banking
TL;DR
**FMBH Q3 10-Q filed. Loan portfolio details and interest income highlighted.**
AI Summary
First Mid Bancshares, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial performance, including details on its loan portfolio and interest income. Specific figures for loans past due and principal forgiveness were noted in relation to its real estate loan segments.
Why It Matters
This filing provides insight into the financial health and loan performance of First Mid Bancshares, a regional bank, which can impact investors and the local economy.
Risk Assessment
Risk Level: medium — As a financial institution, First Mid Bancshares is subject to risks associated with loan defaults, interest rate fluctuations, and regulatory changes.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
- 2024-01-01 — Reporting Period Start Date (Indicates the beginning of the fiscal quarter being reported.)
- 2023-12-31 — Previous Year End Date (Provides a comparison point to the prior fiscal year end.)
Key Players & Entities
- FIRST MID BANCSHARES, INC. (company) — Filer
- 20240930 (date) — Period of Report
- 20241108 (date) — Filing Date
- MATTOON, IL (location) — Business Address
- FIRST MID ILLINOIS BANCSHARES INC (company) — Former Company Name
FAQ
What was the total interest and fee income from loans and leases for the period?
The filing references FASB US GAAP for 'InterestAndFeeIncomeLoansAndLeases' multiple times, indicating this is a key financial metric, but specific dollar amounts are not provided in this excerpt.
What is the status of loans that are 90 days or more past due?
The filing mentions 'us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember', indicating that data on these loans is reported, but specific figures are not in this excerpt.
Does the company report on principal forgiveness for real estate loans?
Yes, the filing includes 'us-gaap:PrincipalForgivenessMember' in relation to 'us-gaap:RealEstateLoanMember', suggesting this is a tracked metric.
What is the company's primary business classification?
First Mid Bancshares, Inc. is classified under 'STATE COMMERCIAL BANKS [6022]' according to its SIC code.
When did the company change its name from First Mid Illinois Bancshares Inc?
The company changed its name from First Mid Illinois Bancshares Inc. on March 26, 2004.
Filing Stats: 4,440 words · 18 min read · ~15 pages · Grade level 17.1 · Accepted 2024-11-08 09:54:38
Key Financial Figures
- $4.00 — mber 8, 2024, 23,911,668 common shares, $4.00 par value, were outstanding. PART I
Filing Documents
- fmbh-20240930.htm (10-Q) — 7002KB
- fmbh-ex31_1.htm (EX-31.1) — 14KB
- fmbh-ex31_2.htm (EX-31.2) — 14KB
- fmbh-ex32_1.htm (EX-32.1) — 5KB
- fmbh-ex32_2.htm (EX-32.2) — 5KB
- 0000950170-24-123741.txt ( ) — 27710KB
- fmbh-20240930.xsd (EX-101.SCH) — 2279KB
- fmbh-20240930_htm.xml (XML) — 7840KB
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS First Mid Bancshares, Inc. Condensed Consolida ted Balance Sheets (Unaudited) (In thousands, except share data) September 30, 2024 December 31, 2023 Assets Cash and due from banks: Non-interest bearing $ 118,098 $ 122,871 Interest bearing 46,067 11,211 Federal funds sold 26 8,982 Cash and cash equivalents 164,191 143,064 Certificates of deposit 3,500 1,470 Investment securities: Available-for-sale, at fair value (amortized cost of $ 1,274,661 and $ 1,363,721 at September 30, 2024 and December 31, 2023, respectively) 1,115,552 1,171,572 Held-to-maturity, at amortized cost (estimated fair value of $ 2,298 and $ 2,286 at September 30, 2024 and December 31, 2023, respectively) 2,298 2,286 Equity securities, at fair value 4,424 4,074 Loans held for sale 8,085 4,980 Loans 5,606,506 5,575,585 Less allowance for credit losses ( 68,774 ) ( 68,675 ) Net loans 5,537,732 5,506,910 Interest receivable 38,387 35,082 Other real estate owned 1,832 1,163 Premises and equipment, net 101,464 101,396 Goodwill, net 203,391 196,461 Intangible assets, net 61,748 67,770 Bank owned life insurance 169,635 166,125 Right of use lease assets 14,560 14,306 Deferred tax asset, net 55,591 70,067 Other assets 80,099 100,068 Total assets $ 7,562,489 $ 7,586,794 Liabilities and stockholders' equity Deposits: Non-interest bearing $ 1,387,290 $ 1,398,234 Interest bearing 4,701,544 4,725,425 Total deposits 6,088,834 6,123,659 Securities sold under agreements to repurchase 204,343 213,721 Interest payable 6,491 5,437 FHLB borrowings 238,712 263,787 Junior subordinated debentures, net 24,224 24,058 Subordinated debt, net 87,373 106,755 Lease liabilities 14,873 14,615 Other liabilities 39,142 41,558 Total liabilities 6,703,992 6,793,590 Stockho