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First Mid Bancshares, Inc. has filed its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net income of $59.7 million for the nine months ended September 30, 2024, compared to $50.9 million for the same period in 2023. Diluted net income per common share was $2.49, up from $2.40 in the prior year period.
Total assets were $7.6 billion as of September 30, 2024, consistent with the year-end 2023 level. Net loan balances increased by $30.8 million, while investment securities decreased by $55.7 million during the period.
Net interest income before the provision for loan losses was $169.8 million, an increase from $136.0 million in the prior year period. The net interest margin increased to 3.32% from 2.95% in the previous year.
Total non-interest income increased by $4.9 million, or 7.5%, to $69.9 million, driven by higher insurance commissions and wealth management revenues.
Non-interest expense rose by $30.0 million, or 23.3%, to $158.7 million, primarily due to the acquisition of Blackhawk Bank and related amortization of intangibles.
Provision for credit losses was $2.0 million for the nine months ended September 30, 2024, compared to $5.6 million in the prior year period. Nonperforming loans totaled $18.2 million, down from $21.3 million at September 30, 2023.
The company's capital ratios remained strong, with a Tier 1 capital to risk-weighted assets ratio of 12.70% and a total capital to risk-weighted assets ratio of 15.24%.
First Mid Bancshares maintained various sources of liquidity, including federal fund lines, Federal Home Loan Bank advances, and an operating line of credit with The Northern Trust Company (NTRS-0.74%).
The filing also details the acquisition of Blackhawk Bancorp, Inc., completed on August 15, 2023, and the related goodwill recorded.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Mid Bancshares Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.