First Mid Bancshares, Inc. · NASDAQ:FMBH
First Mid Bancshares — Q3 2026 Earnings Presentation
32 slides from First Mid Bancshares's earnings presentation, October 2026
Slide 1: First Mid Bancshares, Inc. Q3 2026 Investor Presentation
NASDAQ: FMBH First Mid Bancshares, Inc. Q3 2026 Investor Presentation Investor Contacts: Austin Frank Jordan Read Director of Investor Relations Chief Financial Officer & 217-258-5522 Chief Risk Officer [email protected] 217-258-3528 [email protected] firstmid.com
Slide 2: Disclosures
Disclosures Non-GAAP Measures In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this presentation contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in
Slide 3: Disclosures
Disclosures Important Information about the Merger and Additional Information First Mid will file a registration statement on Form S-4 with the SEC in connection with the proposed transactions. The registration statement will include a proxy statement of Evergreen that also constitutes a prospectus
Slide 4: Franchise Overview
Franchise Overview Personal & Commercial Banking Brokerage | Trust | Ag Services & Ag RE Brokerage Personal & Business Insurance Total Assets Total Loans Total Deposits FMWM AUM Market Cap Price/Share Div. Yield Price/TBV $9.4B $6.8B $7.6B $8.2B $1.3B $48.74 2.13% 1.56x History and Recognition Div
Slide 5: Our Vision, Our Purpose, Our Values
Our Vision To be a nimble, community-focused financial organization committed to quality, growth and earned independence for the benefit of all our stakeholders. Our Purpose COLLABORATE TO MAKE AN IMPACT. Our Values We make a positive IMPACT through our beliefs and actions. Strong, principled values
Slide 6: Proven History of Consistent Performance
Proven History of Consistent Performance Shareholder Value Quality Core Deposits Long-standing dividend history and Relationship-focused deposit disciplined capital allocation franchise supported by a diversified support shareholder returns. customer base and stable funding Annualized shareholder re
Slide 7: Quarterly Financial Performance
Quarterly Financial Performance Record quarterly net income of $33.3 million, or Reported Net Income ($000s), Adjusted Net Income ($000s) & Adjusted EPS $1.25 diluted EPS, compared with $27.8 million, $1.26 $1.26 or $1.04 diluted EPS, in the prior quarter. $35 ,000 $1.14 $1.2 5 $1.06 $33,399 $33,297
Slide 8: Quarterly Financial Performance
Quarterly Financial Performance Quarterly Highlights Net Interest Margin Quarterly reported NIM of 3.76%(1) represents a 5.5 0% 3bps decrease compared to prior quarter. The 5.48% 5.35% 5.36% 5.45% 5.51% yield on earning assets improved by 6 basis points 4.5 0% while the average cost of funds increas
Slide 9: Quality Deposit Franchise
Quality Deposit Franchise Total deposits increased $44.2 million to $7.62 billion during Core Deposits / Total Deposits the quarter. ($ in millions) $7,548 $7,572 $7,616 MMDA increased $199 million, reflecting the deposit product $6,395 refresh introduced in 2026 and continued marketing efforts $6,1
Slide 10: Loan Portfolio Characteristics
Loan Portfolio Characteristics $7,000 Loan Portfolio $6,848 ($ in millions) 3.3% 0.5% 5.8% $6,011 $6,000 2.7% 5.3% $5,581 $5,672 0.5% Geographically Dispersed Portfolio 3.0% 5.6% 5.6% 3.3% 1.0% 1.6% 5.9% 5.1% 6.2% 5.7% $5,000 $4,826 4.2% 6.0% 3.5% FL 3.3% 3.7% 4.2% Other States 2.0% 6.2% 10.7% 2% 6.
Slide 11: Ag Loan Portfolio Highlights
Ag Loan Portfolio Highlights Total Ag Portfolio Ag Loans by Geography TX, 0.2% FL, 1% WI, 1% All Other, 11% Direct Merchant OH, 2% Financing 25% MO, 3% MN, 7% IL, 47% Farmland 54% IA, 11% Ag Operating 21% IN, 18% Agricultural loan portfolio totaled $791 million or 11.5% of total loans at September 3
Slide 12: Solid Asset Quality Metrics
Solid Asset Quality Metrics Current ACL balance and historically strong credit Allowance / NPLs performance remain in a position of strength and NPLs Allowance / NPLs provide confidence during times of economic $60 ,000 328.5% 500 % 475 % 450 % 425 % uncertainty. 400 % 375 % 234.4% 197.0% 210.7% 200
Slide 13: Strong Credit Culture
Strong Credit Culture Long-standing credit discipline, conservative underwriting, and continual stress testing have supported strong performance across economic cycles. Historical net charge-offs have averaged only 14 bps annually over the 20-year period from 2006-2025 compared to the US banking ind
Slide 14: Noninterest Income Sources
Noninterest Income Sources First Mid’s diverse sources of revenue provide stability in both rising and declining rate environments Securities Gains, Net Other 6% First Mid Wealth Management Debit Card Revenue 27% 17% Mortgage Banking Revenue 3% First Mid Insurance Deposit Service Charges Group 13% 3
Slide 15: Diversified Solutions and Sources of Revenue
Diversified Solutions and Sources of Revenue • Integrated Wealth Management, Trust, and Ag • Largest community bank-affiliated insurance agency Services platform providing diversified, recurring in Illinois and top ten in the United States revenue streams • Broad personal & commercial insurance offe
Slide 16: Diversified Solutions and Sources of Revenue
Diversified Solutions and Sources of Revenue $7.0 $32.3 $30 $6.0 $28.6 $5.0 $22.5 $22.8 $22.9 $24.8 $20.4 $20.8 $20 $21.6 $4.0 $17.5 $16.0 $18.9 $15.6 $16.2 $3.0 $10 $8.5 $2.0 $5.4 $5.9 $1.0 $5.1 $5.6 $4.6 $ in millions $3.9 $ in billions $3.5 $1.8 $2.1 $0 $0.0 2014 2015 2016 2017 2018 2019 2020 202
Slide 17: Technology & Digital Solutions
Technology & Digital Solutions First Mid is committed to delivering valued digital solutions that meet our customers’ expectations while enhancing their overall banking experience. Positioned for the Future Mobile Banking Upgrade Continued investment in digital banking, lending and customer relation
Slide 18: Strong Capital Position
Strong Capital Position Regulatory capital ratios remain strong and above the “well Total Capital Ratio capitalized” levels at quarter-end. 15.99% 15.67% 15.79% 15.48% TBV per share was $31.09, a decrease of 0.2% during the quarter. TBV 15.41% per share has increased 10% over the past 12 months. Lev
Slide 19: Providing Shareholder Value
Providing Shareholder Value FMBH Shareholder Value 12.00% Earnings Per Share $3.98 11.1% $3.88 $4.00 $3.77 Adjusted EPS $3.50 $3.47 10.00% $3.83 $3.50 Diluted EPS $3.60 7.4% $3.00 $3.30 8.00% $2.74 $3.15 $2.87 $2.87 $2.50 $2.70 6.00% $2.52 $2.00 $2.13 4.00% $2.05 $1.50 2.00% $1.00 $0.50 0.00% Annual
Slide 20: Quarterly TBV Growth
Quarterly TBV Growth QUARTERLY TBV GROWTH TBV Adjusted TBV 3.3% 36 2.8% 1.4% 2.6% 2.2% 2.8% 32 2.6% 3.7% -0.2% 2.4% 0.3% 2.4% 2.9% 2.1% 2.7% 2.7% 0.9% 4.3% 2.7% 2.6% 2.5% 6.0% 28 -11.8% 4.3% 4.4% 6.6% -1.5% 6.2% 24 -2.4% 3.5% -7.9% 7.8% 12.5% 1.3% -5.2% -16.0% 20 16 The closing date of the Jefferson
Slide 21: Capital Management & Acquisitions
Capital Management & Acquisitions Significant Capital Events April 2026-July 2026 Paid down $7.5 million in subordinated debt in April and $10.0 million in July March 2026-May 2026 Repurchased $1.4 million of shares Aug 2024 - Oct 2025 Strategically repurchased subordinated debt totaling $40 million
Slide 22: Experienced Acquirer
Experienced Acquirer 11 8 ~$7B ~$800M Transactions Since 2015 Whole-Bank Acquisitions Assets Acquired Aggregate Disclosed Transaction Value 2015 2018 2020 2021 2023 2027 Old National First Stifel Stifel Blackhawk Evergreen BancTrust Branches Loan Book & Team Loan Book & Team Whole Bank Whole Bank Wh
Slide 23: Overview of Evergreen Bancshares, Inc.
Overview of Evergreen Bancshares, Inc. American Bank of Freedom: Relationship-Driven Community Banking in the St. Louis Region Complementary Branch Footprint Bank-Level Financial Highlights ■ Founded in 1880 FMBH (88) FMBH LPO (1) Evergreen (10) ■ Headquartered in Wellsville, MO $932M $712M $727M To
Slide 24: Strategic Acquisition of Evergreen Bancshares, Inc.
Strategic Acquisition of Evergreen Bancshares, Inc. ■ Deepens First Mid’s St. Louis and I-70 corridor presence while expanding into Indianapolis with Pro Forma Financial Impacts a full-service branch alongside the existing LPO ■ Cultural alignment across commercial banking capabilities with establis
Slide 25: Experienced Management Team
Experienced Management Team Matthew K. Smith Michael L. Taylor Chief Executive Officer & President SEVP, Chief Operating Officer Matt joined First Mid in 2016. Mike joined First Mid in 2000. Jordan D. Read Bradley L. Beesley Clay M. Dean EVP, Chief Executive Officer EVP, Chief Financial Officer & EV
Slide 26: Board of Directors
Board of Directors Joseph R. Dively Matthew K. Smith Executive Chairman of the Board, Chief Executive Officer & President First Mid Bancshares, Inc. First Mid Bancshares, Inc. Holly B. Adams Robert S. Cook Zachary I. Horn Lead Independent Director Chair, Nominating and President and Founder, Preside
Slide 27: Key Financial Metrics
Key Financial Metrics
Slide 28: Selected Balance Sheet Data
Selected Balance Sheet Data Selected Balance Sheet Data ($000s) ASSETS Q3'2026 2025 2024 2023 2022 2021 Cash and cash equivalents $511,334 $254,920 $121,216 $143,064 $152,433 $168,602 Investment securities 1,338,631 1,085,499 1,073,510 1,179,402 1,223,720 1,431,299 Net loans 6,762,075 5,936,499 5,60
Slide 29: Selected Income Statement Data
Selected Income Statement Data Selected Income Statement Data ($000s) Q3 2026 2025 2024 2023 2022 2021 Interest income $116,718 $372,990 $357,379 $300,166 $215,891 $183,013 Interest expense 37,342 116,825 128,651 106,703 31,614 15,262 Net interest income 79,376 256,165 228,728 193,463 184,277 167,75
Slide 30: Non-GAAP Measures
Non-GAAP Measures
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 31
Slide 32: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 32