First Mid Bancshares Reports $78.9 Million Net Income for Fiscal Year 2024

First Mid Bancshares, Inc. reported a net income of $78.9 million for the fiscal year ending December 31, 2024, reflecting an increase from $68.9 million in 2023. The diluted earnings per share rose to $3.30, up from $3.15 the previous year. Total assets decreased slightly to $7.52 billion from $7.59 billion in 2023, while net loans increased to $5.60 billion, compared to $5.51 billion in 2023. The company’s net interest margin improved to 3.34%, up from 3.05% in 2023, primarily due to the repricing of earning assets catching up to the increased cost of funding.

The company experienced significant changes in its financial performance, particularly due to the acquisition of Blackhawk Bancorp, which was completed on August 15, 2023. This acquisition contributed to a substantial increase in net interest income, which rose to $228.7 million in 2024 from $193.5 million in 2023. Non-interest income also increased to $96.3 million, driven by higher insurance commissions and the full-year impact of the Blackhawk acquisition. However, non-interest expenses rose to $215.0 million, largely due to the integration of Blackhawk Bank and increased employee costs.

Operationally, First Mid Bancshares expanded its footprint, operating 82 banking offices across multiple states, including Illinois, Missouri, Wisconsin, and Texas. The company’s employee headcount increased to 1,198 full-time equivalents as of December 31, 2024, compared to 1,187 in 2023. The company also reported a rise in nonperforming loans to $29.8 million, up from $20.1 million in 2023, indicating a need for continued vigilance in credit quality management.

Looking ahead, First Mid Bancshares aims to maintain its growth trajectory through both organic growth and strategic acquisitions. The company’s management emphasized the importance of enhancing shareholder value by increasing profits and maintaining a strong balance sheet. The company’s capital ratios remain robust, with a total risk-based capital ratio of 15.37% and a Tier 1 capital ratio of 12.82%, both exceeding regulatory requirements. The outlook for 2025 includes a focus on improving operational efficiencies and further integrating recent acquisitions to drive future profitability.