First Mid Bancshares (FMBH) Q3 2024 earnings summary

Executive summary

• Net income for the nine months ended September 30, 2024 was $59.7 million, up from $50.9 million year-over-year; diluted EPS was $2.49 versus $2.40 in the prior year.

• Q3 2024 net income was $19.5 million, or $0.81 diluted EPS; adjusted net income was $19.8 million, or $0.83 diluted EPS.

• Tangible book value per share increased 6.6% sequentially and 26% year-over-year.

• The acquisition of Blackhawk Bank in Q3 2023 and Mid Rivers Insurance Group in 2024 contributed to higher net interest and non-interest income, as well as increased expenses.

• Regular quarterly dividend of $0.24 per share declared.

Financial highlights

• Net interest income for the nine months was $169.8 million, up from $136.0 million year-over-year; Q3 net interest income rose 1.4% sequentially and 14.1% year-over-year.

• Net interest margin (tax equivalent) was 3.32% for the nine months and 3.35% for Q3 2024.

• Non-interest income increased 7.5% to $69.9 million for the nine months; Q3 noninterest income was $23.0 million, up $3.6 million year-over-year.

• Non-interest expense rose 23.3% to $158.7 million for the nine months; Q3 noninterest expense was $53.9 million, up $6.8 million year-over-year.

• Provision for credit losses was $2.0 million for the nine months, down from $5.6 million year-over-year; net charge-offs were $1.9 million versus $0.2 million.

Outlook and guidance

• Management expects continued strong capital and liquidity positions, with regulatory capital ratios above well-capitalized standards.

• Focus remains on strategic initiatives, balance sheet strength, and delivering value to stakeholders.

• Forward-looking statements highlight risks from interest rates, economic conditions, and regulatory changes.

• No specific forward guidance on earnings or revenue was provided.