MATTOON, Ill., July 23, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ:FMBH) (the "Company") today announced its financial results for the quarter ended June 30, 2026.

Highlights

Net income of $27.8 million, or $1.04 diluted EPS
Adjusted quarterly net income^* of $33.4 million, or $1.26 diluted EPS
Successfully completed the bank merger of Two Rivers Bank & Trust ("Two Rivers") into First Mid Bank & Trust ("First Mid")
Total loans of $6.93 billion, quarterly decrease of $9.9 million
Total deposits of $7.57 billion, quarterly increase of $23.9 million
Tangible book value per share^* increased 3.7% during the quarter to $31.15
Net interest margin, tax equivalent^* expanded to 3.79%, quarterly increase of 1 basis point
Quarterly adjusted return on average assets^* of 1.45%
Repurchased 21,872 shares and the Board of Directors declared a $0.01 increase in the quarterly dividend to $0.26 per share

"First Mid delivered strong results for the period, highlighted by a record high quarter of earnings and a successful integration with Two Rivers. Despite the nonrecurring expenses tied to the integration, we grew our tangible book value at a solid pace and continued to deploy capital to build long-term shareholder value through opportunistic share repurchases, increasing our dividend, and paying off higher cost subordinated debt. The employees and customers of Two Rivers have embraced us like no other and I am really excited about our future," said Matthew Smith, Chief Executive Officer.

Net Interest Income

Net interest income for the second quarter of 2026 was $79.7 million, an increase of $8.9 million compared to the first quarter of 2026. The increase was primarily driven by the inclusion of two additional months of Two Rivers’ results as compared to the first quarter, repricing benefits from retention of maturing loans at higher rates, and prudent deployment and management of cash coming off the investment portfolio and on the balance sheet. Accretion income for the second quarter was $3.8 million, an increase of $0.4 million compared to the prior quarter, primarily due to the additional months from Two Rivers.

In comparison to the second quarter of 2025, net interest income increased $15.8 million, or 24.7%. Interest income was higher by $21.5 million, inclusive of a $0.4 million increase in accretion income. Interest expense was higher by $5.7 million compared to the second quarter of last year primarily from higher overall deposit balances including the addition of Two Rivers.

Net Interest Margin

Net interest margin, on a tax equivalent basis^*, was 3.79% for the second quarter of 2026 representing an increase of 1 basis point over the prior quarter. The yield on earning assets improved by 9 basis points for the second quarter while the average cost of funds increased 8 basis points with the additional months from Two Rivers and overall deposit pricing competition.

Loan Portfolio

Total loans ended the quarter at $6.93 billion, representing a decrease of $9.9 million for the quarter on a combination of elevated payoffs and disciplined pricing decisions. The decrease for the quarter was primarily in multifamily residential properties and agricultural operating loans. The decline in the multifamily portfolio primarily occurred from collateral sales and subsequent payoffs. Both declines occurred in legacy markets and were not Two Rivers related. The Iowa loan portfolio balances have remained steady.

Asset Quality

Asset quality for the quarter was consistent with the prior period as the allowance for credit losses ("ACL") ended the period at $87.0 million and the ACL to total loans ratio was 1.25%, which was in line with the first quarter of 2026. In addition to the overall ACL, an unearned discount of $40.9 million remains at quarter end. Provision expenses were recorded in the amount of $1.5 million and net charge-offs totaled $1.4 million during the quarter.

Overall criticized assets declined by $9.7 million during the quarter. Special mention loans decreased by $40.5 million to $139.2 million. Substandard loans increased by $30.8 million to $139.9 million. The migration from special mention to substandard was primarily from downgrades in the agricultural segment. This continues to be driven by strained cash flows; however borrower balance sheets remain strong, with no significant losses anticipated from this segment. At the end of the second quarter, non-performing loans totaled $41.3 million, a decrease of $2.8 million during the quarter. The ratio of non-performing loans to total loans was 0.60%, which was a decrease from 0.63% in the prior quarter. The ACL to non-performing loans ratio was 211%, an increase from the prior quarter primarily from the decline in non-performing loans in the quarter. The ratio of non-performing assets to total assets decreased from 0.53% in the prior quarter to 0.51% in the current period.

Deposits

Total deposits ended the quarter at $7.57 billion, which represented an increase of $23.9 million from the prior quarter. Money market accounts had the largest growth compared to the prior quarter with a $66.4 million increase. The average cost of interest-bearing deposits for the quarter was 1.98%, an increase of 8 basis points from the end of the previous quarter, partially due to two additional months of Two Rivers as well as continued deposit pricing competition.

Non-Interest Income

Non-interest income for the second quarter of 2026 was $28.8 million compared to $26.4 million in the prior quarter and $23.6 million in the second quarter of 2025.

Wealth management revenues for the quarter were $8.2 million. Revenues increased $1.8 million compared to the first quarter which included two additional months of Two Rivers wealth management revenues. Overall Ag Services revenue was $1.9 million in the period compared to $2.5 million in the prior quarter and $2.3 million in the second quarter of 2025. Insurance commissions for the quarter were $8.9 million, which was an increase of $1.0 million compared to the second quarter of 2025. Second quarter insurance commissions were $1.9 million lower than the first quarter due to the seasonality of contingent revenues.

Non-Interest Expenses

Non-interest expense for the second quarter of 2026 totaled $70.6 million compared to $60.7 million in the first quarter of 2026. During the quarter, acquisition-related expenses related to Two Rivers totaled $7.1 million. In addition to one-time merger-related expenses, the Company’s annual merit and promotional cycle occurred in April leading to an increase in salaries and benefits expense.

The Company’s efficiency ratio^*, as adjusted in the non-GAAP reconciliation table herein, for the second quarter of 2026 was 54.39% compared to 55.86% in the prior quarter and 58.09% 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	15.41%
Tier 1 capital to risk-weighted assets	13.87%
Common equity tier 1 capital to risk-weighted assets	13.40%
Leverage ratio	10.92%

Tangible book value per share^* increased $1.11, or 3.7% during the second quarter of 2026. The increase was driven by earnings and a decrease of $3.9 million in the unrealized loss position in the Company’s investment portfolio. During the quarter, the Company paid off $27.5 million of subordinated debt with $7.5 million in cash on hand and $20.0 million from a new term note financed at a lower rate.

The Company’s Board of Directors approved an increase of $0.01 to its quarterly dividend to $0.26 payable on September 1^st, 2026 to the shareholders of record as of August 18^th, 2026.

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 $9.2 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, Wisconsin, and Iowa 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 160 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," "Tangible Book Value per Common Share," "Adjusted Tangible Book Value per Common Share," "Adjusted Return on Average Assets," and "Adjusted Return on Average Common Equity". Refer to non-GAAP reconciliation tables herein for reconciliation to comparable GAAP measures. 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 Bancshares, Inc. (the "Company"), such as discussions of the completed merger of Two Rivers Bank & Trust ("Two Rivers") into First Mid Bank & Trust ("First Mid"), the Company’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses, capital management, and planned schedules. The Company 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 the Company, 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 the Company and 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 the Company’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 the Company and First Mid; and accounting principles, policies and guidelines.

Additional information concerning the Company, including additional factors and risks that could materially affect the Company’s financial results, is included in the Company’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, the Company does 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, Director of Investor Relations

217-258-5522

afrank@firstmid.com

Jordan Read

Chief Financial and Risk Officer

217-258-3528

jread@firstmid.com

– Tables Follow –


FIRST MID BANCSHARES, INC.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
	As of
	As of
	June 30,			December 31,			June 30,
		2026			2025			2025

Assets
Cash and cash equivalents	$	303,853		$	254,920		$	190,017
Investment securities		1,290,563			1,085,499			1,085,701
Loans (including loans held for sale)		6,934,342			6,011,374			5,766,999
Less allowance for credit losses		(86,989	)		(74,875	)		(71,160	)
Net loans		6,847,353			5,936,499			5,695,839
Premises and equipment, net		101,879			90,782			97,740
Goodwill and intangibles, net		273,456			253,016			255,547
Bank Owned Life Insurance		187,134			174,915			172,333
Other assets		205,729			171,027			183,298
Total assets	$	9,209,967		$	7,966,658		$	7,680,475

Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing	$	1,486,592		$	1,392,534		$	1,321,446
Interest bearing		6,084,952			5,002,739			4,868,753
Total deposits		7,571,544			6,395,273			6,190,199
Repurchase agreements with customers		196,991			196,716			193,941
Other borrowings		209,567			270,000			245,000
Junior subordinated debentures		32,705			24,454			24,384
Subordinated debt		34,077			60,008			79,590
Other liabilities		63,339			61,515			53,221
Total liabilities		8,108,223			7,007,966			6,786,335

Total stockholders' equity		1,101,744			958,692			894,140
Total liabilities and stockholders' equity	$	9,209,967		$	7,966,658		$	7,680,475


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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Interest income:
Interest and fees on loans	$	102,668	$	84,784	$	193,654	$	164,702
Interest on investment securities		9,375		6,895		17,260		13,672
Interest on federal funds sold & other deposits		2,841		1,722		4,590		2,586
Total interest income		114,884		93,401		215,504		180,960
Interest expense:
Interest on deposits		30,328		24,964		55,102		48,686
Interest on securities sold under agreements to repurchase		1,030		1,218		2,055		2,398
Interest on other borrowings		2,579		2,043		4,977		3,874
Interest on subordinated debt		710		849		1,880		1,798
Interest on jr. subordinated debentures		578		464		1,046		932
Total interest expense		35,225		29,538		65,060		57,688
Net interest income		79,659		63,863		150,444		123,272
Provision for credit losses		1,545		2,567		4,143		4,219
Net interest income after provision for credit losses		78,114		61,296		146,301		119,053
Non-interest income:
Wealth management revenues		8,206		5,394		14,581		11,205
Insurance commissions		8,870		7,840		19,677		17,765
Service charges		3,459		2,995		6,539		5,896
Net securities gains/(losses)		63		0		83		(181	)
Mortgage banking revenues		814		1,070		1,535		1,781
ATM/debit card revenue		4,799		4,636		8,934		8,282
Other		2,622		1,658		3,925		3,709
Total non-interest income		28,833		23,593		55,274		48,457
Non-interest expense:
Salaries and employee benefits		38,460		33,623		73,476		65,371
Net occupancy and equipment expense		10,892		7,869		20,718		16,348
Net other real estate owned expense		218		75		430		176
FDIC insurance		1,063		873		2,003		1,722
Amortization of intangible assets		3,878		3,121		7,179		6,352
Stationery and supplies		311		367		613		798
Legal and professional expense		2,760		2,757		5,460		5,833
ATM/debit card expense		2,218		1,144		4,025		2,975
Marketing and donations		818		777		1,642		1,629
Other		10,009		4,156		15,806		8,030
Total non-interest expense		70,627		54,762		131,352		109,234
Income before income taxes		36,320		30,127		70,223		58,276
Income taxes		8,531		6,689		16,107		12,667
Net income	$	27,789	$	23,438	$	54,116	$	45,609

Per Share Information
Basic earnings per common share	$	1.05	$	0.98	$	2.11	$	1.91
Diluted earnings per common share		1.04		0.98		2.10		1.90

Weighted average shares outstanding		26,458,805		23,867,592		25,622,671		23,863,229
Diluted weighted average shares outstanding		26,604,784		23,988,974		25,754,019		23,974,183


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

	For the Quarter Ended
	June 30,		March 31,		December 31,			September 30,			June 30,
	2026		2026		2025			2025			2025
Interest income:
Interest and fees on loans	$	102,668	$	90,986	$	86,972		$	87,020		$	84,784
Interest on investment securities		9,375		7,885		7,552			7,659			6,895
Interest on federal funds sold & other deposits		2,841		1,749		1,371			1,456			1,722
Total interest income		114,884		100,620		95,895			96,135			93,401
Interest expense:
Interest on deposits		30,328		24,774		24,462			25,179			24,964
Interest on securities sold under agreements to repurchase		1,030		1,025		987			1,105			1,218
Interest on other borrowings		2,579		2,398		2,341			2,186			2,043
Interest on subordinated debt		710		1,170		1,142			850			849
Interest on jr. subordinated debentures		578		468		433			452			464
Total interest expense		35,225		29,835		29,365			29,772			29,538
Net interest income		79,659		70,785		66,530			66,363			63,863
Provision for credit losses		1,545		2,598		2,349			3,353			2,567
Net interest income after provision for credit losses		78,114		68,187		64,181			63,010			61,296
Non-interest income:
Wealth management revenues		8,206		6,375		6,591			5,145			5,394
Insurance commissions		8,870		10,807		7,441			7,089			7,840
Service charges		3,459		3,080		3,161			3,240			2,995
Net securities gains/(losses)		63		20		(398	)		(1,930	)		0
Mortgage banking revenues		814		721		624			1,255			1,070
ATM/debit card revenue		4,799		4,135		3,947			4,182			4,636
Other		2,622		1,303		319			3,928			1,658
Total non-interest income		28,833		26,441		21,685			22,909			23,593
Non-interest expense:
Salaries and employee benefits		38,460		35,016		35,674			33,570			33,623
Net occupancy and equipment expense		10,892		9,826		11,035			9,196			7,869
Net other real estate owned expense		218		212		146			217			75
FDIC insurance		1,063		940		880			874			873
Amortization of intangible assets		3,878		3,301		2,963			3,128			3,121
Stationery and supplies		311		302		561			411			367
Legal and professional expense		2,760		2,700		2,459			2,454			2,757
ATM/debit card expense		2,218		1,807		1,918			2,052			1,144
Marketing and donations		818		824		760			959			777
Other		10,009		5,797		(529	)		4,285			4,156
Total non-interest expense		70,627		60,725		55,867			57,146			54,762
Income before income taxes		36,320		33,903		29,999			28,773			30,127
Income taxes		8,531		7,576		6,321			6,311			6,689
Net income	$	27,789	$	26,327	$	23,678		$	22,462		$	23,438

Per Share Information
Basic earnings per common share	$	1.05	$	1.06	$	0.99		$	0.94		$	0.98
Diluted earnings per common share		1.04		1.06		0.99			0.94			0.98

Weighted average shares outstanding		26,458,805		24,777,247		23,891,160			23,876,020			23,867,592
Diluted weighted average shares outstanding		26,604,784		24,893,802		24,000,061			23,997,198			23,988,974


FIRST MID BANCSHARES, INC.
Consolidated Financial Highlights and Ratios
(Dollars in thousands, except per share data)
(Unaudited)
	As of and for the Quarter Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
		2026			2026			2025			2025			2025

Loan Portfolio
Construction and land development	$	361,748		$	316,723		$	360,687		$	336,795		$	298,812
Farm real estate loans		422,537			400,783			373,408			367,473			381,517
1-4 Family residential properties		733,869			734,053			489,854			495,537			495,787
Multifamily residential properties		390,847			456,185			339,482			330,549			360,604
Commercial real estate		2,923,176			2,948,024			2,564,670			2,432,180			2,393,640
Loans secured by real estate		4,832,177			4,855,768			4,128,101			3,962,534			3,930,360
Agricultural operating loans		356,814			370,931			308,275			311,594			306,374
Commercial and industrial loans		1,502,951			1,499,079			1,381,598			1,349,863			1,324,653
Consumer loans		35,478			39,597			31,918			36,317			41,604
All other loans		206,922			178,901			161,482			163,730			164,008
Total loans		6,934,342			6,944,276			6,011,374			5,824,038			5,766,999

Deposit Portfolio
Non-interest bearing demand deposits	$	1,486,592		$	1,489,747		$	1,392,534		$	1,450,244		$	1,321,446
Interest bearing demand deposits		2,435,498			2,394,069			2,095,370			1,901,516			1,947,744
Savings deposits		711,999			781,451			639,412			617,311			632,925
Money Market		1,373,685			1,307,240			1,138,464			1,184,964			1,206,140
Time deposits		1,563,770			1,575,132			1,129,493			1,135,508			1,081,944
Total deposits		7,571,544			7,547,639			6,395,273			6,289,543			6,190,199

Asset Quality
Non-performing loans	$	41,293		$	44,074		$	31,948		$	22,199		$	21,895
Non-performing assets		47,098			49,621			34,807			23,670			23,572
Net charge-offs (recoveries)		1,370			1,500			399			1,588			1,458
Allowance for credit losses to non-performing loans		210.66	%		196.98	%		234.37	%		328.51	%		325.00	%
Allowance for credit losses to total loans outstanding		1.25	%		1.25	%		1.25	%		1.25	%		1.23	%
Nonperforming loans to total loans		0.60	%		0.63	%		0.53	%		0.38	%		0.38	%
Nonperforming assets to total assets		0.51	%		0.53	%		0.44	%		0.30	%		0.31	%
Special Mention loans		139,154			179,648			120,510			61,195			81,815
Substandard and Doubtful loans		139,902			109,127			79,956			75,309			39,031

Common Share Data
Common shares outstanding		26,594,524			26,609,307			23,986,299			23,996,833			23,988,845
Book value per common share	$	41.43		$	40.46		$	39.97		$	38.85		$	37.27
Tangible book value per share ⁽¹⁾		31.15			30.04			29.42			28.21			26.62
Tangible book value per share excluding other comprehensive income at period end ⁽¹⁾		35.09			34.12			33.64			32.79			32.07
Market price of stock		48.09			41.19			39.00			37.88			37.49

Key Performance Ratios and Metrics
End of period earning assets	$	8,496,204		$	8,574,933		$	7,325,978		$	7,101,811		$	6,924,934
Average earning assets		8,520,559			7,670,723			7,168,176			7,014,675			6,975,783
Average rate on average earning assets (tax equivalent)		5.45	%		5.36	%		5.35	%		5.48	%		5.41	%
Average rate on cost of funds		1.75	%		1.67	%		1.71	%		1.75	%		1.75	%
Net interest margin (tax equivalent) ⁽¹⁾		3.79	%		3.78	%		3.73	%		3.80	%		3.72	%
Return on average assets		1.20	%		1.26	%		1.21	%		1.17	%		1.20	%
Adjusted return on average assets ⁽¹⁾		1.45	%		1.37	%		1.30	%		1.21	%		1.23	%
Return on average common equity		10.19	%		10.45	%		10.01	%		9.95	%		10.52	%
Adjusted return on average common equity ⁽¹⁾		12.25	%		11.29	%		10.71	%		10.34	%		10.80	%
Efficiency ratio (tax equivalent) ⁽¹⁾		54.39	%		55.86	%		57.55	%		58.75	%		58.09	%
Full-time equivalent employees		1,316			1,335			1,170			1,178			1,190


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


FIRST MID BANCSHARES, INC.
Net Interest Margin
(Dollars in thousands, unaudited)

	For the Quarter Ended June 30, 2026
	QTD Average					Average
	Balance			Interest		Rate
INTEREST EARNING ASSETS
Interest bearing deposits	$	328,363		$	2,801	3.42	%
Federal funds sold		793			6	3.03	%
Certificates of deposits investments		3,350			34	4.07	%
Investment Securities		1,247,888			9,868	3.16	%
Loans (net of unearned income)		6,940,165			102,976	5.95	%

Total interest earning assets		8,520,559			115,685	5.45	%

NONEARNING ASSETS
Other nonearning assets		793,920
Allowance for loan losses		(87,449	)

Total assets	$	9,227,030

INTEREST BEARING LIABILITIES
Demand deposits	$	3,855,881		$	17,237	1.79	%
Savings deposits		757,972			464	0.25	%
Time deposits		1,543,651			12,628	3.28	%
Total interest bearing deposits		6,157,504			30,329	1.98	%
Repurchase agreements		200,906			1,030	2.06	%
FHLB advances		242,163			2,115	3.50	%
Subordinated debt		36,897			710	7.72	%
Jr. subordinated debentures		34,045			578	6.81	%
Other debt		37,149			464	5.01	%
Total borrowings		551,161			4,897	3.56	%
Total interest bearing liabilities		6,708,665			35,226	2.11	%

NONINTEREST BEARING LIABILITIES
Demand deposits		1,365,854		Avg Cost of Funds		1.75	%
Other liabilities		62,134
Stockholders' equity		1,090,377

Total liabilities & stockholders' equity	$	9,227,030

Net Interest Earnings / Spread				$	80,459	3.34	%

Tax effected yield on interest earning assets						3.79	%

Net interest margin, tax equivalent is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.


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

	As of and for the Quarter Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
		2026			2026			2025			2025			2025

Net interest income as reported	$	79,659		$	70,785		$	66,530		$	66,363		$	63,863
Net interest income, (tax equivalent)		80,459			71,581			67,314			67,143			64,634
Average earning assets		8,520,559			7,670,723			7,168,176			7,014,675			6,975,783
Net interest margin (tax equivalent)		3.79	%		3.78	%		3.73	%		3.80	%		3.72	%


Common stockholder's equity	$	1,101,744		$	1,076,626		$	958,692		$	932,179		$	894,140
Goodwill and intangibles, net		273,456			277,347			253,016			255,217			255,547
Common shares outstanding		26,595			26,609			23,986			23,997			23,989
Tangible Book Value per common share	$	31.15		$	30.04		$	29.42		$	28.21		$	26.62
Accumulated other comprehensive loss (AOCI)		(104,824	)		(108,708	)		(101,301	)		(110,012	)		(130,710	)
Adjusted tangible book value per common share	$	35.09		$	34.12		$	33.64		$	32.79		$	32.07


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

	As of and for the Quarter Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
		2026			2026			2025			2025			2025
Adjusted earnings Reconciliation
Net Income - GAAP	$	27,789		$	26,327		$	23,678		$	22,462		$	23,438
Adjustments (post-tax) ⁽¹⁾
Net (gain)/loss on securities sales		(50	)		(16	)		314			1,525			-
Net loss on subordinated debt repayment		74			-			237			-			-
Net loss on other investments		-			422			349			-			-
Technology project expenses		-			25			761			360			246
Net gain on real estate		-			-			(443	)		(1,033	)		-
Severance expense		-			-			-			15			-
Integration and acquisition expenses		5,586			1,690			434			13			3
Total adjustments (non-GAAP)	$	5,610		$	2,122		$	1,652		$	880		$	249

Adjusted earnings - non-GAAP	$	33,399		$	28,449		$	25,330		$	23,342		$	23,687
Adjusted diluted earnings per share (non-GAAP)	$	1.26		$	1.14		$	1.06		$	0.97		$	0.99
Adjusted return on average assets (non-GAAP)		1.45	%		1.37	%		1.30	%		1.21	%		1.23	%
Adjusted return on average common equity (non-GAAP)		12.25	%		11.29	%		10.71	%		10.34	%		10.80	%


Efficiency Ratio Reconciliation
Noninterest expense - GAAP	$	70,627		$	60,725		$	55,867		$	57,146		$	54,762
Other real estate owned property income (expense)		(218	)		(212	)		(76	)		(217	)		(75	)
Amortization of intangibles		(3,878	)		(3,301	)		(2,963	)		(3,128	)		(3,121	)
Gain/(loss) on real estate		-			-			560			(95	)		-
Severance expense		-			-			-			(19	)		-
Technology project expense		-			(32	)		(963	)		(456	)		(311	)
Integration and acquisition expenses		(7,071	)		(2,139	)		(549	)		(17	)		(4	)
Adjusted noninterest expense (non-GAAP)	$	59,460		$	55,041		$	51,876		$	53,214		$	51,251

Net interest income -GAAP	$	79,659		$	70,785		$	66,530		$	66,363		$	63,863
Effect of tax-exempt income ⁽¹⁾		800			796			784			780			771
Adjusted net interest income (non-GAAP)	$	80,459		$	71,581		$	67,314		$	67,143		$	64,634

Noninterest income - GAAP	$	28,833		$	26,441		$	21,685		$	22,909		$	23,593
Gain on real estate sales		-			-			-			(1,403	)		-
Net (gain)/loss on securities sales		(63	)		(20	)		398			1,930			-
Net loss on subordinated debt repayment		94			-			300			-			-
Net loss on other investments		-			534			442			-			-
Adjusted noninterest income (non-GAAP)	$	28,864		$	26,955		$	22,825		$	23,436		$	23,593

Adjusted total revenue (non-GAAP)	$	109,323		$	98,536		$	90,139		$	90,579		$	88,227

Efficiency ratio (non-GAAP)		54.39	%		55.86	%		57.55	%		58.75	%		58.09	%

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