First Mid Bancshares (FMBH) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly net income of $23.7 million ($0.99 diluted EPS) and adjusted net income of $25.3 million ($1.06 diluted EPS) for Q4 2025, capping a year of record annual earnings per share and net income.

• Total loans grew 3.2% sequentially and 6.0% year-over-year to $6.01 billion; total deposits rose 1.7% sequentially and 5.6% year-over-year to $6.40 billion.

• Regulatory approval received for the acquisition of Two Rivers Financial Group, with closing anticipated in Q1 2026.

• Tangible book value per share increased 4.3% in the quarter and 20.3% for the year, reaching $29.42.

• Board declared a regular quarterly dividend of $0.25 per share.

Financial highlights

• Net interest income for Q4 2025 was $66.5 million, up $0.2 million sequentially and $7.6 million (12.9%) year-over-year.

• Net interest margin (tax equivalent) was 3.73%, down 7 bps from Q3 2025, mainly due to lower accretion income and higher interest expense from sub-debt repricing.

• Non-interest income was $21.7 million, with adjusted non-interest income at $24.2 million after excluding losses and write-downs.

• Non-interest expense was $55.9 million, with technology and acquisition-related expenses totaling $1.6 million; adjusted non-interest expense was $56.3 million.

• Efficiency ratio (non-GAAP) improved to 57.55% from 58.75% in Q3 2025 and 58.76% in Q4 2024.

Outlook and guidance

• Anticipates closing the Two Rivers Financial Group acquisition in Q1 2026, expanding into Iowa.

• Management expects continued growth in diversified income streams, including wealth management and insurance.