First Mid Bancshares (FMBH) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 was $22.2 million, with diluted EPS of $0.93, up year-over-year and sequentially.

• Adjusted net income (non-GAAP) was $23.1 million ($0.96 diluted EPS), up $0.09 sequentially.

• Net interest margin rose to 3.60%, up 19 basis points sequentially and 35 basis points year-over-year.

• Loans and deposits grew during a seasonally pressured quarter.

• Completed a retail online system conversion to enhance customer experience and operational efficiency.

Financial highlights

• Net interest income before provision for loan losses was $59.4 million, up from $55.5 million year-over-year.

• Noninterest income was $24.9 million, up 1.6% year-over-year, led by insurance and wealth management revenues.

• Noninterest expense totaled $54.5 million, up 2.1% year-over-year, mainly due to compensation increases and technology costs.

• Adjusted return on average assets was 1.23%; adjusted return on average common equity was 10.78%.

• Efficiency ratio (non-GAAP) was 58.9%, stable compared to prior periods.

Outlook and guidance

• Management expects continued strong capital and liquidity positions, with no material changes to risk factors since year-end.

• Management remains cautious amid macroeconomic uncertainty but highlights a disciplined credit culture and diversified revenue sources.