First Mid Bancshares, Inc.
- Open
- 49.01
- Day high
- 49.47
- Day low
- 48.82
- Prev close
- 49.23
- Volume
- 158K
- Mkt cap
- $1.3B
- P/E (TTM)
- 12.4
- EPS (TTM)
- $3.97
- P/B
- 1.2
- P/S
- 2.9
- Yield
- 2.03%
- Per share
- $1.00
First Mid Bancshares, Inc. (FMBH) is a Financial Services company listed on NASDAQ. The stock is up 26% over the past year.
First Mid Bancshares, Inc. (FMBH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FMBH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $1.03 | $1.14 | +10.7% | $99M | +2.2% |
| Jan 29, 2026 | $1.06 | $1.06 | +0.0% | $88M | +31.3% |
| Oct 30, 2025 | $0.96 | $0.97 | +1.0% | $93M | +42.4% |
| Jul 24, 2025 | $0.91 | $0.99 | +8.8% | $86M | +31.6% |
| Apr 30, 2025 | $0.94 | $0.96 | +2.1% | $82M | +41.4% |
| Jan 23, 2025 | $0.82 | $0.87 | +6.1% | $83M | +42.4% |
| Oct 31, 2024 | $0.84 | $0.81 | -3.6% | $79M | +34.8% |
| Aug 1, 2024 | $0.79 | $0.82 | +3.8% | $78M | +39.9% |
| Apr 24, 2024 | $0.85 | $0.86 | +1.2% | $79M | +43.3% |
| Jan 25, 2024 | $0.84 | $0.76 | -9.5% | $78M | +38.4% |
| Oct 26, 2023 | $0.63 | $0.77 | +22.2% | $72M | +47.0% |
| Jul 27, 2023 | $0.73 | $0.80 | +9.6% | $61M | +43.6% |
FMBH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Cook Robert Sdirector | Grant | 270 | $48.79 |
| Jul 6, 2026 | Zimmer James Edwindirector | Grant | 260 | $48.79 |
| Jul 6, 2026 | McRae Eric Sofficer: EVP, Chief Lending Officer | Grant | 87 | $48.79 |
| Jul 6, 2026 | SMITH MATTHEW Kofficer: CEO & President | Grant | 66 | $48.79 |
| Jul 6, 2026 | Westerhold Marydirector | Grant | 273 | $48.79 |
| May 11, 2026 | Nelson Regina Pofficer: EVP, Chief Marketing Officer | Grant | 1,000 | $43.94 |
| Apr 6, 2026 | SMITH MATTHEW Kofficer: President | Grant | 65 | $41.15 |
| Apr 6, 2026 | McRae Eric Sofficer: EVP, Chief Lending Officer | Grant | 86 | $41.15 |
| Apr 6, 2026 | Cook Robert Sdirector | Grant | 320 | $41.15 |
| Apr 6, 2026 | Westerhold Marydirector | Grant | 323 | $41.15 |
| Apr 6, 2026 | Zimmer James Edwindirector | Grant | 308 | $41.15 |
| Mar 31, 2026 | Wolak Stas Rofficer: EVP Chief Retail Banking Ofc. | Sell | 430 | $43.67 |
| Feb 18, 2026 | Zimmer James Edwindirector | Buy | 38 | $43.67 |
| Feb 18, 2026 | Zimmer James Edwindirector | Buy | 53 | $43.60 |
| Feb 18, 2026 | Zimmer James Edwindirector | Buy | 44 | $43.72 |
Source: FMBH SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full FMBH insider & 13F page →First Mid Bancshares, Inc. company profile
Overview
First Mid Bancshares, Inc. (NASDAQ:FMBH) is a regional financial holding company founded in 1865 and headquartered in Mattoon, Illinois. Originally known as First Mid-Illinois Bancshares, Inc., the company changed its name to First Mid Bancshares in April 2019 to reflect its expanded geographic footprint. The company has grown from its Illinois roots to become a multi-state community banking organization serving customers across the Midwest through 52 banking centers in Illinois, 14 offices in Missouri, and a loan production office in Indiana.
Business
First Mid Bancshares operates as a traditional community bank, providing comprehensive financial services to commercial, retail, and agricultural customers across the Midwest. The company's core business revolves around accepting customer deposits and lending those funds to borrowers, earning income from the interest rate spread between what it pays depositors and what it charges borrowers. The company offers a full range of deposit products including demand deposits (checking accounts), savings accounts, money market deposits, and time deposits (certificates of deposit). These deposits form the funding base for the bank's lending operations and represent the primary source of low-cost capital. On the lending side, First Mid provides several loan categories: commercial real estate loans for business property purchases and development, commercial and industrial loans for working capital and equipment financing, agricultural and agricultural real estate loans serving the farming communities in their markets, residential real estate loans for home purchases and refinancing, and consumer loans for personal financing needs. The bank also extends loans to municipalities for community infrastructure projects and equipment purchases. Beyond traditional banking, First Mid operates additional business lines including wealth management services that provide estate planning, investment advisory, and farm management services primarily to high-net-worth individuals. The company also offers insurance services through its insurance subsidiary, providing property and casualty insurance, senior insurance products, group medical insurance for businesses, and personal lines insurance to individuals. While specific revenue breakdowns are not disclosed, the traditional banking operations of net interest income from loans and deposits likely represent approximately 70-80% of total revenue, with fee-based services from wealth management and insurance contributing the remainder.
Revenue model
First Mid Bancshares generates revenue primarily through the traditional banking model of net interest income - the difference between interest earned on loans and investments and interest paid on deposits and borrowings. This spread, known as net interest margin, forms the foundation of the bank's profitability. The company also earns non-interest income from various fee-based services including loan origination fees, deposit service charges, wealth management fees, and insurance commissions. The bank's customers include commercial businesses requiring working capital and real estate financing, agricultural operations needing seasonal and equipment financing, individual consumers seeking mortgages and personal loans, and municipalities funding infrastructure projects. Depositors range from individual savers to businesses maintaining operating accounts, providing the low-cost funding base essential to profitable lending operations. Several factors significantly impact First Mid's margins and profitability. Interest rate environment is the most critical factor - rising rates generally benefit banks by allowing them to charge higher loan rates while deposit costs often lag, expanding net interest margins. Conversely, falling rates compress margins as loan yields decline faster than deposit costs. Credit quality directly affects profitability through loan loss provisions - economic downturns in their agricultural and commercial markets could increase defaults and reduce earnings. Competition from larger regional banks and credit unions pressures both loan pricing and deposit rates, potentially compressing margins. The bank's agricultural exposure creates sensitivity to commodity prices, weather conditions, and farm income levels, which can significantly impact loan demand and credit quality in their rural markets. Regulatory changes affecting capital requirements or compliance costs can also impact profitability, while local economic conditions in Illinois and Missouri directly influence loan demand and credit losses.
Competitive moat
First Mid Bancshares operates with a modest competitive moat typical of well-established community banks, though this moat is not particularly wide or defensible. The company's primary competitive advantages stem from its deep local market knowledge and long-standing customer relationships built over more than 150 years of operation in its core Illinois and Missouri markets. Community banks like First Mid benefit from their ability to make lending decisions locally and provide personalized service that larger regional or national banks often cannot match. The bank's agricultural lending expertise represents a specialized capability that provides some differentiation in rural markets where understanding farming cycles, commodity markets, and seasonal cash flows is crucial. This knowledge barrier can be difficult for non-agricultural lenders to replicate quickly. Additionally, the company's established branch network creates some switching costs for customers who value convenient local banking relationships. However, these competitive advantages are relatively weak and face significant challenges. The banking industry is highly commoditized, with loan and deposit products being largely interchangeable across institutions. Large regional banks can often offer more competitive pricing due to their scale advantages and lower cost of funds. Credit unions provide tax-advantaged competition for both loans and deposits. The rise of digital banking and fintech companies increasingly threatens traditional community banking relationships, particularly among younger customers who prioritize convenience over personal relationships. First Mid's moat is further challenged by the consolidation trend in community banking, where larger institutions acquire smaller banks to achieve scale efficiencies. The company's relatively small size (under $8 billion in assets) limits its ability to invest heavily in technology or compete on pricing with much larger institutions. Geographic concentration in Illinois and Missouri also creates vulnerability to regional economic downturns that could simultaneously impact multiple business lines.
Risks & safety
First Mid Bancshares presents a moderate margin of safety typical of well-capitalized community banks, though with some areas of concern related to asset quality and interest rate sensitivity. • Solvency and Capital: The bank maintains solid capitalization with a debt-to-equity ratio of 0.43 as of Q4 2024, indicating conservative leverage. Total assets of $7.5 billion are supported by $825 million in shareholders' equity, providing adequate cushion for potential losses. • Liquidity Position: Cash and short-term investments of $125 million provide reasonable liquidity, though the current ratio of 0.20 reflects the typical banking model where long-term assets (loans) are funded by short-term liabilities (deposits). This is normal for banks but creates inherent liquidity risk. • Profitability Metrics: Return on equity of 9.3% for 2024 demonstrates solid profitability, while the price-to-earnings ratio of 11.1x suggests reasonable valuation. Price-to-book ratio of 1.04x indicates the stock trades close to tangible book value. • Credit Quality Concerns: The Graham net-net working capital of negative $229 million reflects the banking business model but also highlights asset quality risks if loan losses materialize significantly. • Interest Rate Risk: The bank's asset-liability duration mismatch creates vulnerability to interest rate volatility, particularly if rates decline rapidly and compress net interest margins. • Scale Limitations: With under $8 billion in assets, the bank lacks the scale advantages of larger regional institutions, potentially limiting long-term competitiveness and profitability.
Recent development
Based on the available financial data, First Mid Bancshares has demonstrated steady operational performance over the past several years, though specific strategic initiatives are not detailed due to the absence of earnings call transcripts. The company's revenue grew from $255 million in 2022 to $319 million in 2024, representing a compound annual growth rate of approximately 12%, indicating successful business expansion. The bank has maintained consistent profitability with net income ranging from $69 million to $79 million annually over the 2022-2024 period, suggesting stable core banking operations despite interest rate volatility during this period. The company's return on equity has remained healthy, fluctuating between 8.7% and 11.5%, demonstrating effective capital deployment. Geographic expansion appears to be a key strategic focus, as evidenced by the company's name change from First Mid-Illinois Bancshares to First Mid Bancshares in 2019, reflecting its expansion beyond Illinois into Missouri and Indiana. The current footprint of 52 Illinois locations, 14 Missouri offices, and an Indiana loan production office suggests a methodical approach to regional growth. The company has maintained strong capital ratios throughout the period, with debt-to-equity ratios remaining below 1.0x, indicating conservative balance sheet management during a period of significant interest rate changes and economic uncertainty. Cash flow from operations has remained consistently positive, ranging from $65 million to $124 million annually, providing financial flexibility for growth investments and dividend payments.
FMBH company profile · for informational purposes only — not investment advice.
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