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Mar 31, 2021
First Mid Q1 2021 Earnings Report
Reported strong financial performance with record high adjusted earnings, driven by successes across all business lines and the closing of the LINCO acquisition.
Key Takeaways
First Mid Bancshares reported a strong start to 2021 with record high adjusted earnings, driven by successes across business lines and the closing of the LINCO acquisition. The company's net interest income increased, and it played an important role in assisting clients with the Paycheck Protection Program (PPP).
Net interest income increased by $3.3 million, or 9.9% compared to the fourth quarter of 2020.
Total loans ended the quarter at $3.94 billion, representing an increase of $804.7 million compared to the prior quarter.
Total deposits ended the quarter at $4.74 billion, which represented an increase of $1.04 billion from the prior quarter.
Noninterest income for the first quarter of 2021 was $17.7 million compared to $15.5 million in the fourth quarter of 2020.
Revenue by Segment
Forward Guidance
This document may contain certain forward-looking statements about First Mid Bancshares, Inc. (“First Mid”), such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules.
Positive Outlook
- First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1955.
- Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid, are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions.
- Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
- The Company’s Board of Directors approved a regular quarterly dividend in the amount of $0.205 payable on June 1, 2021 for shareholders of record on May 18, 2021.
- Capital levels ended the period as follows: The Company’s Board of Directors approved a regular quarterly dividend in the amount of $0.205 payable on June 1, 2021 for shareholders of record on May 18, 2021.
Challenges Ahead
Historical Earnings Impact
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Avg. Return Before/After Earnings
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