First Mid Bancshares (FMBH) Q4 2024 earnings summary

Executive summary

• Net income for Q4 2024 was $19.2 million ($0.80 diluted EPS); adjusted net income was $20.9 million ($0.87 diluted EPS).

• Loan growth and lower interest expense led to a 6 basis point expansion in net interest margin.

• Wealth management and insurance revenues rose over 11% sequentially, with a 26% year-over-year increase.

• Board declared a regular quarterly dividend of $0.24 per share, payable February 28, 2025.

Financial highlights

• Net interest income increased 2.4% sequentially and 2.6% year-over-year.

• Noninterest income rose to $26.4 million, up 21.1% year-over-year, driven by wealth management, insurance, and property sales.

• Noninterest expense was $56.3 million, up from the prior quarter due to technology project costs, but down $0.7 million year-over-year due to lower acquisition-related expenses.

• Efficiency ratio (non-GAAP) improved to 59.5% from 61.3% in the prior quarter.

Outlook and guidance

• Strategic technology investments are expected to enhance customer experience and operational efficiency into 2025.

• Lower effective tax rate anticipated due to Illinois tax law changes and business diversification.