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Jun 30, 2020
First Mid Q2 2020 Earnings Report
Announced second quarter 2020 results, demonstrating resilience and strategic growth amidst uncertain economic conditions.
Key Takeaways
First Mid Bancshares reported a solid second quarter, marked by a significant increase in total loans and deposits, driven by PPP loans and acquired loans. Despite a reserve build for uncertain macro-economic conditions, the company saw growth in net interest income and managed to maintain strong capital levels.
Net interest income increased by $1.7 million, or 5.7% compared to the first quarter of 2020.
Total loans increased by $461.0 million compared to the prior quarter, including $259.6 million in PPP loans and $183.0 million in Acquired Loans.
Total deposits increased by $477.2 million from the prior quarter.
Non-performing loans declined $1.4 million to $23.1 million at quarter end.
First Mid
First Mid
Forward Guidance
The company will be closing two branches in the third quarter of 2020 as part of its ongoing initiative to optimize its branch network and manage its cost structure.