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FMBH

First Mid Bancshares, Inc.

FMBH

First Mid Bancshares, Inc. • NASDAQ
$38.06 ▼ -0.44% (-0.17)
Market Cap $913.58 M
52w High $42.72
52w Low $27.58
Dividend Yield 0.98%
P/E 10.43
Volume 23.73K
Outstanding Shares 24.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $122.318M ▲ $31.638M ▼ $22.462M ▼ 18.364% ▼ $0.94 ▼ $33.767M ▼
Q2-2025 $115.85M ▲ $53.618M ▲ $23.438M ▲ 20.231% ▲ $0.98 ▲ $34.995M ▲
Q1-2025 $110.592M ▼ $52.641M ▼ $22.171M ▲ 20.048% ▲ $0.93 ▲ $33.145M ▲
Q4-2024 $114.162M ▲ $54.254M ▲ $19.168M ▼ 16.79% ▼ $0.8 ▼ $30.521M ▼
Q3-2024 $112.336M $52.064M $19.482M 17.343% $0.82 $30.649M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.375B ▲ $7.83B ▲ $6.898B ▲ $932.179M ▲
Q2-2025 $436.809M ▼ $7.68B ▲ $6.786B ▲ $894.14M ▲
Q1-2025 $453.51M ▼ $7.573B ▲ $6.702B ▲ $870.949M ▲
Q4-2024 $1.188B ▼ $7.52B ▼ $6.673B ▼ $846.391M ▼
Q3-2024 $1.283B $7.562B $6.704B $858.497M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $22.462M ▼ $33.04M ▲ $-46.162M ▲ $100.192M ▲ $87.07M ▲ $31.939M ▲
Q2-2025 $23.438M ▲ $7.747M ▼ $-97.669M ▼ $78.469M ▲ $-11.453M ▼ $5.964M ▼
Q1-2025 $22.171M ▲ $47.884M ▲ $4.545M ▲ $27.825M ▲ $80.254M ▲ $45.954M ▲
Q4-2024 $19.168M ▼ $38.274M ▲ $-46.96M ▼ $-34.289M ▲ $-42.975M ▲ $37.032M ▲
Q3-2024 $19.482M $33.131M $-29.813M $-74.607M $-71.289M $32.023M

Five-Year Company Overview

Income Statement

Income Statement Income has grown steadily over the past five years, showing a bank that has expanded its business and fee streams while keeping core profitability intact. Profit levels have generally moved up with revenue, though earnings per share appear to have peaked earlier and then eased a bit, suggesting some pressure on margins or higher operating costs more recently. Overall, the income statement reflects a mature regional bank that is still growing, but now working harder to maintain the same level of profit per share as technology, compliance, and funding costs evolve.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets rising over time, likely driven by loan growth and acquisitions. Shareholder equity has also built up, which is a positive sign for financial strength and loss-absorbing capacity. Debt levels have moved around but are higher than several years ago, pointing to greater use of wholesale funding or other borrowings to support growth. Cash balances are lower than the unusually high levels seen early in the decade, which is typical as excess pandemic-era liquidity normalizes. Overall, the bank appears adequately capitalized with a growing asset base, but somewhat more reliant on borrowings than before.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive and has gradually improved, indicating that the core banking engine is generating dependable cash. Free cash flow is very close to operating cash flow because capital spending is modest, which is common for a services-heavy bank. This pattern suggests First Mid can largely fund its growth and technology investments from its own cash generation, without needing heavy external financing for physical assets. The stability of cash flows is a key strength, especially in a rate-sensitive, cyclical industry like regional banking.

Competitive Edge

Competitive Edge First Mid operates as a diversified regional financial platform, not just a traditional lender. Its mix of banking, wealth management, insurance, and especially agricultural services gives it multiple revenue streams and deeper relationships with clients. The longstanding community banking presence and deep expertise in agriculture create a local loyalty and knowledge advantage that is hard for national competitors to replicate quickly. On the other hand, it still faces the usual pressures on regional banks: intense competition for deposits, sensitivity to local economic conditions, and the need to keep up with ever-improving digital offerings. Its acquisition track record is a plus, but also introduces ongoing integration and credit culture risks that must be managed carefully.

Innovation and R&D

Innovation and R&D While it does not run a lab-style R&D program, First Mid is clearly investing in innovation through technology partnerships and specialized services. The migration to Jack Henry’s modern core platform is a major step, giving the bank access to a broad ecosystem of fintech tools and enabling faster digital product rollout. Its niche innovations in agricultural services—such as farm management, data-driven crop insights, and integrated financial solutions—act as a form of practical R&D tailored to its core markets. The key question going forward is execution: whether the bank can translate these tech and service investments into better customer experience, higher efficiency, and durable competitive differentiation without letting implementation complexity or costs undermine the benefits.

Summary

First Mid Bancshares looks like a steadily growing, community-rooted regional bank that has broadened into a full-service financial platform. Its financials show rising revenue, solid profitability, and a stronger capital base over time, supported by reliable cash generation. The bank’s distinctive strengths come from its diversified model and deep expertise in agricultural and regional markets, paired with a deliberate push into modern core technology and digital tools. Main watch points include margin pressure in a changing rate environment, higher reliance on debt funding, execution risk around acquisitions and tech upgrades, and ongoing competition for both deposits and talent. Overall, it presents the profile of a long-established institution actively trying to modernize while leaning on its historic strengths in local relationships and specialized services.