First Mid reported second-quarter 2026 net income of $27.8 million, or $1.04 diluted EPS, and adjusted quarterly net income of $33.4 million, or $1.26 adjusted diluted EPS. The company completed the merger integration of Two Rivers Bank & Trust into its banking operations and saw tangible book value per share rise 3.7% to $31.15. Total loans were $6.93 billion and total deposits increased to $7.57 billion for the quarter.
Financial Highlights
- Net income: $27.8 million for Q2 2026; diluted EPS $1.04.
- Adjusted quarterly net income (non-GAAP): $33.4 million; adjusted diluted EPS $1.26.
- Net interest income: $79.7 million for the quarter; net interest margin (tax equivalent) 3.79%.
- Total deposits: $7.57 billion at quarter-end; total loans: $6.93 billion.
- Tangible book value per share (non-GAAP): $31.15, up 3.7% during the quarter.
Business Highlights
- Completed integration of Two Rivers Bank & Trust into First Mid Bank & Trust, contributing additional months of revenue and expense activity in the quarter.
- Deposit composition change: money market accounts led quarter growth with a $66.4 million increase.
- Loan activity: quarter-end loans decreased by $9.9 million driven by elevated payoffs in multifamily residential properties and agricultural operating loans; Iowa portfolio remained steady.
- Asset-quality trends: non-performing loans declined to $41.3 million (0.60% of loans); allowance for credit losses totaled $87.0 million (1.25% of total loans).
- Operational actions: repurchased 21,872 shares, increased quarterly dividend by $0.01 to $0.26 per share, and paid off $27.5 million of subordinated debt while refinancing $20.0 million at a lower rate.
Original SEC Filing:
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