First Mid Bancshares, Inc. reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Interest income rose to $91.2 million for the third quarter of 2024, up from $80.4 million in 2023. This increase was driven by higher interest and fees on loans, which reached $81.8 million, compared to $69.1 million in the prior year. Net interest income also saw a substantial increase, totaling $57.5 million for the third quarter of 2024, compared to $50.4 million in 2023. After accounting for provisions for credit losses, net interest income was $56.3 million, up from $44.5 million.

Net income for the third quarter of 2024 was $19.5 million, a notable increase from $15.1 million in 2023, resulting in basic and diluted earnings per share of $0.81, compared to $0.68 in the previous year. For the nine-month period, net income reached $59.7 million, up from $50.9 million in 2023, with basic earnings per share increasing to $2.50 from $2.41.

The company’s total stockholders' equity increased to $858.5 million as of September 30, 2024, from $793.2 million at the end of 2023, largely due to retained earnings and a rise in the market value of available-for-sale securities. The acquisition of Blackhawk Bancorp, Inc. on August 15, 2023, contributed to this growth, with the issuance of 3.29 million common shares valued at $93.5 million.

Total assets as of September 30, 2024, were reported at $7.6 billion, unchanged from December 31, 2023. The company’s loan portfolio increased slightly to $5.6 billion, with a notable rise in agricultural loans, particularly in corn and grain farming. Nonperforming loans decreased to $18.2 million from $21.3 million a year earlier.

The company’s net interest margin improved to 3.32% for the nine months ended September 30, 2024, compared to 2.95% in 2023, reflecting higher yields on earning assets. However, total non-interest expenses rose by 23.3% to $158.7 million, attributed to the acquisition and increased operational costs.

First Mid Bancshares continues to maintain a strong capital position, with a Tier 1 capital ratio of 12.70% and total capital to risk-weighted assets at 15.24%, both exceeding regulatory requirements. The company’s liquidity remains robust, supported by various funding sources, including Federal Home Loan Bank advances.