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Dec 31, 2020
First Mid Q4 2020 Earnings Report
Reported record financial results for the fourth quarter of 2020, driven by PPP loan fee income and strong performance in wealth management, insurance, and mortgage banking.
Key Takeaways
First Mid Bancshares, Inc. announced record financial results for the fourth quarter of 2020, driven by PPP loan fee income and strong performance in its wealth management division. The company also completed a subordinated debt offering and received regulatory approval for the acquisition of LINCO Bancshares, Inc.
Net interest income increased by $0.9 million compared to the third quarter of 2020, driven by PPP fee income.
Total loans ended the quarter at $3.14 billion, including $168.3 million of PPP loans.
Noninterest income increased due to strong performance in wealth management and higher insurance and mortgage banking revenues.
Noninterest expense increased due to acquisition-related costs and higher incentive compensation.
Revenue by Segment
Forward Guidance
First Mid anticipates benefits from the second round of PPP, the completion of the branch optimization plan, and the closing of the LINCO acquisition.
Positive Outlook
- Second round of PPP underway
- Branch optimization plan to be completed by mid-year
- Expected close of the LINCO acquisition in February
- Deepened presence in the St. Louis metro market
- Geographic diversity into mid-Missouri and Texas
Challenges Ahead
- Changes in interest rates
- General economic conditions
- Legislative/regulatory changes
- Monetary and fiscal policies of the U.S. Government
- Severity, magnitude and duration of COVID-19 pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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