First Mid Bancshares (FMBH) Investor presentation summary

Strategic rationale and market expansion

• Accelerates scale and market reach with a strategic partnership, adding $1.1B in assets and $1.2B in AUM, and leading market share in Southeast Iowa.

• Provides entry into attractive, growing Iowa markets, including Burlington, Fort Madison, Des Moines, Henry, and Iowa City, with strong deposit market positions.

• Expands pro forma assets to ~$9B and wealth AUM to ~$8B, enhancing footprint diversification.

• Shared values and cultural alignment support a smooth integration and continued community banking excellence.

Financial impact and transaction terms

• Transaction is 100% stock, with a fixed exchange ratio of 1.225x FMBH shares per TRVR share, valuing the deal at $94.1 million.

• Pricing at 104% of tangible book value and 8.5x 2026E earnings, with significant EPS accretion (~12.3% by 2027E) and a 2.1-year tangible book value earnback.

• Pro forma capital remains robust, with a CET1 ratio of ~12.8% and TCE/TA of ~8.8% at closing.

• Cost savings modeled at 27% of TRVR’s noninterest expense, phased in over two years; one-time pre-tax merger expenses of $14.5 million.

Deposit and loan franchise

• Pro forma deposit base is ~90% low-cost core deposits, with non-interest bearing deposits at ~22% of total.

• Loan portfolio is well-diversified across asset types and geographies, with a stable loan/deposit ratio of 92%.

• Two Rivers’ deposit engine has delivered a 6% CAGR over the past decade, with a Q3’25 cost of deposits at 1.93%.