MATTOON, Ill., April 24, 2024 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ:FMBH) (the "Company") today announced its financial results for the quarter ended March 31, 2024.

Highlights

Net income of $20.5 million, or $0.86 diluted EPS
Adjusted net income (non-GAAP) of $22.3 million, or $0.93 diluted EPS
Strong asset quality performance with minimal net charge offs and lower classifieds
Insurance revenues drive record high quarter of noninterest income
Named Top Workplace by USA Today
Board of Directors declares regular quarterly dividend of $0.23 per share

"Coming off an eventful year for our industry, I am pleased with the way we started 2024," said Joe Dively, Chairman and Chief Executive Officer. "The benefits of adding Blackhawk are shining through with a stable core margin, significant liquidity, and continued asset quality strength. Our revenue diversification continues to be a differentiator for us as we achieved a new record high in noninterest income on the growth and seasonality in insurance revenues. Finally, I am extremely proud of the national recognition to be named a top workplace by USA Today. We understand and foster an environment where we prioritize a culture of engagement where our employees feel valued, empowered, and connected to a broader mission of serving our customers and communities."

Net Interest Income

Net interest income for the first quarter of 2024 decreased by $2.0 million, or 3.5% compared to the fourth quarter of 2023. The decline was primarily the result of lower loan balances and less accretion income. Interest income declined by $2.3 million in the quarter, which included a decline of $0.9 million in accretion income. Accretion income in the period totaled $3.6 million. Interest expense declined $0.3 million in the quarter primarily driven by less FHLB borrowings outstanding on an increase in overall liquidity position.

In comparison to the first quarter of 2023, net interest income increased $12.3 million, or 28.4%. The increase was primarily driven by the addition of Blackhawk. For the same period, interest income increased by $24.0 million, while interest expense increased $11.7 million.

Net Interest Margin

Net interest margin, on a tax equivalent basis (non-GAAP), was 3.25% for the first quarter of 2024. While this was an 8 basis point decline compared to the prior quarter, the margin only declined by 2 basis points when the decline of $0.9 million in accretion income is considered. Earning asset yields declined by 2 basis points and the average cost of funds increased 6 basis points.

In comparison to the first quarter of last year, the net interest margin increased 31 basis points, with an average earning asset increase of 84 basis points versus the average cost of funds increase of 53 basis points.

Loan Portfolio

Total loans ended the quarter at $5.50 billion, representing a decrease of $81.3 million from the prior quarter. The declines were spread across all categories, except for Ag operating loans which increased $16.9 million. The portfolio experienced larger than normal paydowns of lines in the C&I sector during the quarter. The loan portfolio continues to be well diversified both geographically and by industry. Non-medical office exposure is approximately 3.7% of the portfolio with minimal exposure to urban markets.

Asset Quality

The first quarter was another strong period with respect to the Company's asset quality metrics. The allowance for credit losses ("ACL") ended the period at $67.9 million and the ACL to total loans ratio increased to 1.24%. In addition to the ACL, an unearned discount of $46.3 million remains at quarter end. Provision expense was recorded as a credit in the amount of $0.4 million with net charge offs of $0.4 million in the quarter. Also, at the end of the first quarter, the ratio of non-performing loans to total loans was 0.36%, and the ACL to non-performing loans was 338.6%. The ratio of nonperforming assets to total assets was 0.28% and nonperforming loans were $20.1 million at quarter end. Special mention loans declined $8.4 million in the quarter to $65.6 million and substandard loans increased $0.4 million to $29.3 million.

Deposits

Total deposits ended the quarter at $6.24 billion, which represented an increase of $119.3 million from the prior quarter. Noninterest bearing deposits increased by $50.0 million and interest-bearing demand deposits increased by $137.6 million in the period. Approximately $50.0 million of the total increase was short-term normal cash flow needs of certain customers that came in late in the quarter and was disbursed early in the second quarter. With the Company's strong liquidity position, it has been able to manage the pressure on the funding costs with a focus on relationship pricing and allowing other funding, such as brokered CDs, to roll off.

Noninterest Income

Noninterest income for the first quarter of 2024 was a record high of $24.5 million compared to $21.8 million in the fourth quarter of 2023. The increase was primarily driven by a new high in insurance revenues, which are also seasonally highest in the first quarter, with an increase of $3.8 million. Wealth management revenues increased $0.3 million and assets under management increased to $6.2 billion. Mortgage banking and all other banking fees declined in the quarter.

In comparison to the first quarter of 2023, noninterest income increased $2.0 million, or 8.9%, due to a combination of organic growth and the addition of Blackhawk. Insurance revenues increased by $0.7 million, or 8.7% compared to the first quarter of 2024.

Noninterest Expenses

Noninterest expense for the first quarter of 2024 totaled $53.4 million compared to $57.0 million in the prior quarter. The current quarter included $2.3 million of nonrecurring integration related costs, which was a decrease of $3.3 million from the prior quarter. In addition, the Company recorded a credit for $0.9 million in debit card fees for a negotiated agreement with its primary provider.

In comparison to the first quarter of 2023, noninterest expenses increased $11.8 million. The increase was primarily driven by the addition of Blackhawk. Nonrecurring costs were $2.3 million in the current quarter and $0.2 million in the same quarter last year.

The Company's efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the first quarter 2024 was 59.1% compared to 58.9% in the prior quarter and 59.0% for the same period last year.

Capital Levels and Dividend

The Company's capital levels remained strong and above the "well capitalized" levels. Capital levels ended the period as follows:

Total capital to risk-weighted assets		15.35%
Tier 1 capital to risk-weighted assets		12.46%
Common equity tier 1 capital to risk-weighted assets		12.06%
Leverage ratio		9.71%

Tangible book value per common share increased in the period to $22.49 with earnings growth more than offsetting a negative $11.2 million impact to accumulated other comprehensive income ("AOCI") from an increase in the unrealized loss position in the bond portfolio.

The Company's Board of Directors approved a regular quarterly dividend of $0.23 payable on May 31, 2024, for shareholders of record on May 15, 2024.

About First Mid: 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. First Mid is a $7.7 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, Missouri, Texas, and Wisconsin and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 159 years. More information about the Company is available on our website at www.firstmid.com.

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 "Adjusted Net Income," "Adjusted Diluted EPS," "Efficiency Ratio," "Net Interest Margin, tax equivalent," and "Tangible Book Value per Common Share". 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 and planned schedules. 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 1995. 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 and/or 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; and the impact of the global COVID-19 pandemic on First Mid's businesses. 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 SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. 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:

Austin Frank

SVP, Shareholder Relations

217-258-5522

afrank@firstmid.com

Matt Smith

Chief Financial Officer

217-258-1528

msmith@firstmid.com

– Tables Follow –


	FIRST MID BANCSHARES, INC.
	Condensed Consolidated Balance Sheets
	(In thousands, unaudited)
	As of
	As of
	March 31,			December 31,			March 31,
		2024			2023			2023

Assets
Cash and cash equivalents	$	355,701		$	143,064		$	169,134
Investment securities		1,149,752			1,179,402			1,217,754
Loans (including loans held for sale)		5,499,295			5,580,565			4,760,631
Less allowance for credit losses		(67,936	)		(68,675	)		(58,223	)
Net loans		5,431,359			5,511,890			4,702,408
Premises and equipment, net		101,666			101,396			90,178
Goodwill and intangibles, net		260,699			264,231			168,373
Bank Owned Life Insurance		167,247			166,125			151,366
Other assets		211,822			220,686			183,637
Total assets	$	7,678,246		$	7,586,794		$	6,682,850

Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing	$	1,448,299		$	1,398,234		$	1,262,181
Interest bearing		4,794,637			4,725,425			3,768,597
Total deposits		6,242,936			6,123,659			5,030,778
Repurchase agreements with customers		210,719			213,721			228,664
Other borrowings		238,761			263,787			595,021
Junior subordinated debentures		24,113			24,058			19,406
Subordinated debt		106,862			106,755			94,593
Other liabilities		56,903			61,610			52,523
Total liabilities		6,880,294			6,793,590			6,020,985

Total stockholders' equity		797,952			793,204			661,865
Total liabilities and stockholders' equity	$	7,678,246		$	7,586,794		$	6,682,850


FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)

	Three Months Ended
	March 31,
		2024			2023
Interest income:
Interest and fees on loans	$	77,823		$	56,236
Interest on investment securities		7,405			7,127
Interest on federal funds sold & other deposits		2,444			308
Total interest income		87,672			63,671
Interest expense:
Interest on deposits		26,096			12,767
Interest on securities sold under agreements to repurchase		2,056			1,463
Interest on other borrowings		2,314			4,883
Interest on jr. subordinated debentures		542			379
Interest on subordinated debt		1,194			988
Total interest expense		32,202			20,480
Net interest income		55,470			43,191
Provision for credit losses		(357	)		(817	)
Net interest income after provision for loan		55,827			44,008
Non-interest income:
Wealth management revenues		5,322			5,514
Insurance commissions		9,213			8,480
Service charges		2,956			2,203
Net securities gains/(losses)		0			(46	)
Mortgage banking revenues		706			150
ATM/debit card revenue		4,055			3,083
Other		2,226			3,095
Total non-interest income		24,478			22,479
Non-interest expense:
Salaries and employee benefits		30,448			26,071
Net occupancy and equipment expense		7,560			6,005
Net other real estate owned (income) expense		(21	)		133
FDIC insurance		869			463
Amortization of intangible assets		3,497			1,522
Stationary and supplies		391			292
Legal and professional expense		2,449			1,690
ATM/debit card expense		1,191			1,223
Marketing and donations		862			654
Other		6,116			3,524
Total non-interest expense		53,362			41,577
Income before income taxes		26,943			24,910
Income taxes		6,440			5,730
Net income	$	20,503		$	19,180

Per Share Information
Basic earnings per common share	$	0.86		$	0.94
Diluted earnings per common share		0.86			0.93

Weighted average shares outstanding		23,872,731			20,492,254
Diluted weighted average shares outstanding		23,960,335			20,563,972


FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)

	For the Quarter Ended
	March 31,			December 31,		September 30,		June 30,			March 31,
		2024			2023		2023		2023			2023
Interest income:
Interest and fees on loans	$	77,823		$	78,676	$	69,143	$	58,368		$	56,236
Interest on investment securities		7,405			8,515		9,284		7,193			7,127
Interest on federal funds sold & other deposits		2,444			2,736		2,011		569			308
Total interest income		87,672			89,927		80,438		66,130			63,671
Interest expense:
Interest on deposits		26,096			25,900		22,047		16,580			12,767
Interest on securities sold under agreements to repurchase		2,056			1,754		1,625		1,723			1,463
Interest on other borrowings		2,314			3,073		4,749		4,084			4,883
Interest on jr. subordinated debentures		542			545		545		390			379
Interest on subordinated debt		1,194			1,193		1,029		986			988
Total interest expense		32,202			32,465		29,995		23,763			20,480
Net interest income		55,470			57,462		50,443		42,367			43,191
Provision for credit losses		(357	)		552		5,911		458			(817	)
Net interest income after provision for loan		55,827			56,910		44,532		41,909			44,008
Non-interest income:
Wealth management revenues		5,322			4,998		4,940		5,341			5,514
Insurance commissions		9,213			5,398		5,199		5,737			8,480
Service charges		2,956			3,298		2,994		2,386			2,203
Securities gains, net		0			46		3,389		(6	)		(46	)
Mortgage banking revenues		706			954		846		332			150
ATM/debit card revenue		4,055			4,233		3,766		3,265			3,083
Other		2,226			2,841		1,919		2,431			3,095
Total non-interest income		24,478			21,768		23,053		19,486			22,479
Non-interest expense:
Salaries and employee benefits		30,448			29,925		25,422		23,544			26,071
Net occupancy and equipment expense		7,560			7,977		6,929		6,035			6,005
Net other real estate owned (income) expense		(21	)		800		902		27			133
FDIC insurance		869			1,015		785		1,076			463
Amortization of intangible assets		3,497			3,560		2,568		1,477			1,522
Stationary and supplies		391			404		335		315			292
Legal and professional expense		2,449			2,065		1,844		1,780			1,690
ATM/debit card expense		1,191			1,332		1,751		1,016			1,223
Marketing and donations		862			679		764		908			654
Other		6,116			9,268		5,796		3,864			3,524
Total non-interest expense		53,362			57,025		47,096		40,042			41,577
Income before income taxes		26,943			21,653		20,489		21,353			24,910
Income taxes		6,440			3,582		5,372		4,786			5,730
Net income	$	20,503		$	18,071	$	15,117	$	16,567		$	19,180

Per Share Information
Basic earnings per common share	$	0.86		$	0.76	$	0.68	$	0.81		$	0.94
Diluted earnings per common share		0.86			0.76		0.68		0.80			0.93

Weighted average shares outstanding		23,872,731			23,837,853		22,220,438		20,528,717			20,492,254
Diluted weighted average shares outstanding		23,960,335			23,921,758		22,319,334		20,628,239			20,563,972


	FIRST MID BANCSHARES, INC.
	Consolidated Financial Highlights and Ratios
	(Dollars in thousands, except per share data)
	(Unaudited)
	As of and for the Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2024			2023			2023			2023			2023

Loan Portfolio
Construction and land development	$	186,851		$	205,077		$	189,206		$	151,574		$	159,157
Farm real estate loans		388,941			391,132			399,834			392,220			401,957
1-4 Family residential properties		518,641			542,469			531,699			418,932			424,545
Multifamily residential properties		312,758			319,129			327,067			303,482			301,808
Commercial real estate		2,396,092			2,384,704			2,392,834			2,056,529			2,003,647
Loans secured by real estate		3,803,283			3,842,511			3,840,640			3,322,737			3,291,114
Agricultural operating loans		213,217			196,272			179,447			148,318			146,847
Commercial and industrial loans		1,227,906			1,266,159			1,242,653			1,094,522			1,078,021
Consumer loans		79,569			91,014			99,542			80,241			88,430
All other loans		175,320			184,609			177,783			167,598			156,219
Total loans		5,499,295			5,580,565			5,540,065			4,813,416			4,760,631

Deposit Portfolio
Non-interest bearing demand deposits	$	1,448,299		$	1,398,234		$	1,389,022		$	1,171,047		$	1,262,181
Interest bearing demand deposits		1,974,857			1,837,296			1,940,162			1,477,765			1,419,791
Savings deposits		704,777			710,586			734,377			602,523			639,691
Money Market		1,107,177			1,129,950			1,161,957			923,259			878,452
Time deposits		1,007,826			1,047,593			1,120,806			1,044,991			830,663
Total deposits		6,242,936			6,123,659			6,346,324			5,219,585			5,030,778

Asset Quality
Non-performing loans	$	20,064		$	20,128		$	21,269		$	18,637		$	15,163
Non-performing assets		21,471			21,292			23,565			22,615			19,225
Net charge-offs (recoveries)		381			118			181			(38	)		53
Allowance for credit losses to non-performing loans		338.60	%		341.19	%		320.85	%		315.07	%		383.98	%
Allowance for credit losses to total loans outstanding		1.24	%		1.23	%		1.23	%		1.22	%		1.22	%
Nonperforming loans to total loans		0.36	%		0.36	%		0.38	%		0.39	%		0.32	%
Nonperforming assets to total assets		0.28	%		0.28	%		0.30	%		0.34	%		0.29	%
Special Mention loans		65,693			74,050			73,732			40,687			47,022
Substandard and Doubtful loans		29,296			28,945			30,575			28,255			29,931

Common Share Data
Common shares outstanding		23,888,929			23,827,137			23,830,038			20,528,192			20,519,717
Book value per common share	$	33.40		$	33.29		$	30.97		$	32.18		$	32.26
Tangible book value per common share ⁽¹⁾		22.49			22.20			19.73			23.48			24.05
Tangible book value per common share excluding other comprehensive income at period end ⁽¹⁾		28.67			27.93			27.24			30.87			30.77
Market price of stock		32.68			34.66			26.56			24.14			27.22

Key Performance Ratios and Metrics
End of period earning assets	$	6,923,742		$	6,780,160		$	7,007,282		$	6,023,553		$	5,995,674
Average earning assets		6,884,855			6,948,309			6,593,781			6,049,626			6,052,264
Average rate on average earning assets (tax equivalent)		5.16	%		5.18	%		4.89	%		4.43	%		4.32	%
Average rate on cost of funds		1.91	%		1.85	%		1.83	%		1.59	%		1.38	%
Net interest margin (tax equivalent) ⁽¹⁾		3.25	%		3.33	%		3.06	%		2.84	%		2.94	%
Return on average assets		1.07	%		0.93	%		0.90	%		0.99	%		1.15	%
Adjusted return on average assets ⁽¹⁾		1.17	%		1.16	%		0.94	%		1.03	%		1.18	%
Return on average common equity		10.37	%		9.76	%		8.70	%		10.07	%		12.11	%
Adjusted return on average common equity ⁽¹⁾		11.28	%		12.11	%		9.82	%		10.42	%		11.92	%
Efficiency ratio (tax equivalent) ⁽¹⁾		59.09	%		58.91	%		58.60	%		60.37	%		59.01	%
Full-time equivalent employees		1,188			1,187			1,224			995			988


¹ Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.

FIRST MID BANCSHARES, INC.
Net Interest Margin
(In thousands, unaudited)
	For the Quarter Ended March 31, 2024
	QTD Average					Average
	Balance			Interest		Rate
INTEREST EARNING ASSETS
Interest bearing deposits	$	173,365		$	2,407	5.58	%
Federal funds sold		1,094			17	6.25	%
Certificates of deposits investments		1,545			20	5.21	%
Investment Securities:
Taxable (total less municipals)		904,451			5,470	2.42	%
Tax-exempt (Municipals)		280,215			2,450	3.50	%
Loans (net of unearned income)		5,524,185			77,924	5.67	%

Total interest earning assets		6,884,855			88,288	5.16	%

NONEARNING ASSETS
Cash and due from banks		102,922
Premises and equipment		101,530
Other nonearning assets		624,205
Allowance for loan losses		(69,059	)

Total assets	$	7,644,453

INTEREST BEARING LIABILITIES
Demand deposits	$	3,036,837		$	16,612	2.20	%
Savings deposits		707,849			178	0.10	%
Time deposits		1,028,045			9,306	3.64	%
Total interest bearing deposits		4,772,731			26,096	2.20	%
Repurchase agreements		264,587			2,056	3.13	%
FHLB advances		258,554			2,314	3.60	%
Federal funds purchased		-			-	0.00	%
Subordinated debt		106,791			1,194	4.50	%
Jr. subordinated debentures		24,084			542	9.05	%
Other debt		-			-	0.00	%
Total borrowings		654,016			6,106	3.75	%
Total interest bearing liabilities		5,426,747			32,202	2.39	%

NONINTEREST BEARING LIABILITIES
Demand deposits		1,367,798		Average cost of funds		1.91	%
Other liabilities		59,056
Stockholders' equity		790,852

Total liabilities & stockholders' equity	$	7,644,453

Net Interest Earnings / Spread				$	56,086	2.77	%

Impact of Non-Interest Bearing Funds						0.48	%

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
	March 31,			December 31,			September 30,			June 30,			March 31,
		2024			2023			2023			2023			2023

Net interest income as reported	$	55,470		$	57,462		$	50,443		$	42,367		$	43,191
Net interest income, (tax equivalent)		56,086			58,255			51,212			43,109			43,947
Average earning assets		6,884,855			6,948,309			6,593,781			6,049,626			6,052,264
Net interest margin (tax equivalent)		3.25	%		3.33	%		3.06	%		2.84	%		2.94	%


Common stockholder's equity	$	797,952		$	793,204		$	737,948		$	660,687		$	661,865
Goodwill and intangibles, net		260,699			264,231			267,793			178,615			168,373
Common shares outstanding		23,889			23,827			23,830			20,528			20,520
Tangible Book Value per common share	$	22.49		$	22.20		$	19.73		$	23.48		$	24.05
Accumulated other comprehensive loss (AOCI)		(147,667	)		(136,427	)		(178,903	)		(151,566	)		(137,901	)
Adjusted tangible book value per common share	$	28.67		$	27.93		$	27.24		$	30.87		$	30.77


FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)

	As of and for the Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2024			2023			2023			2023			2023
Adjusted earnings Reconciliation
Net Income - GAAP	$	20,503		$	18,071		$	15,117		$	16,567		$	19,180
Adjustments (post-tax): ⁽¹⁾
Acquisition ACL on non-PCD assets in provision expense		-			-			2,985			-			-
Nonrecurring severance expense		-			-			-			-			416
Net (gain)/loss on securities sales		-			(36	)		(2,677	)		-			-
Integration and acquisition expenses		1,804			4,385			1,653			589			135
Total non-recurring adjustments (non-GAAP)	$	1,804		$	4,348		$	1,962		$	589		$	551

Adjusted earnings - non-GAAP	$	22,307		$	22,419		$	17,079		$	17,156		$	19,731
Adjusted diluted earnings per share (non-GAAP)	$	0.93		$	0.94		$	0.77		$	0.83		$	0.96
Adjusted return on average assets - non-GAAP		1.17	%		1.16	%		0.94	%		1.03	%		1.18	%
Adjusted return on average common equity - non-GAAP		11.28	%		12.11	%		9.82	%		10.42	%		11.92	%

Efficiency Ratio Reconciliation
Noninterest expense - GAAP	$	53,362		$	57,025		$	47,096		$	40,042		$	41,577
Other real estate owned property income (expense)		21			(800	)		(902	)		(27	)		(133	)
Amortization of intangibles		(3,497	)		(3,560	)		(2,568	)		(1,477	)		(1,522	)
Nonrecurring severance expense		-			-			-			-			(527	)
Integration and acquisition expenses		(2,283	)		(5,550	)		(2,093	)		(745	)		(171	)
Adjusted noninterest expense (non-GAAP)	$	47,603		$	47,115		$	41,533		$	37,793		$	39,224

Net interest income -GAAP	$	55,470		$	57,462		$	50,443		$	42,367		$	43,192
Effect of tax-exempt income ⁽¹⁾		616			793			769			742			755
Adjusted net interest income (non-GAAP)	$	56,086		$	58,255		$	51,212		$	43,109		$	43,947

Noninterest income - GAAP	$	24,478		$	21,768		$	23,053		$	19,486		$	22,479
Net (gain)/loss on securities sales		0			(46	)		(3,389	)		6			46
Adjusted noninterest income (non-GAAP)	$	24,478		$	21,722		$	19,664		$	19,492		$	22,525

Adjusted total revenue (non-GAAP)	$	80,564		$	79,977		$	70,876		$	62,601		$	66,472

Efficiency ratio (non-GAAP)		59.09	%		58.91	%		58.60	%		60.37	%		59.01	%

(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.

First Mid Bancshares, Inc. Announces First Quarter 2024 Results