First Mid Bancshares Q3 profit tops estimates on deposit growth
FMBH•First Mid Bancshares reported Q3 adjusted net income of $33.60 million, above analysts’ $30.12 million estimate, as deposits increased and total loans declined.
1. Earnings and deposits
First Mid Bancshares reported Q3 adjusted net income of $33.60 million, beating the $30.12 million consensus estimate. Net income was $33.30 million, and net interest income was $79.38 million. Deposits grew, which the company attributed to a refresh of deposit products and continued marketing, while total loans declined amid higher payoff activity tied to customer collateral sales.
2. Acquisitions and outlook
The company announced a pending acquisition of Evergreen Bancshares and agreed to acquire Winship Farm Management. It expects to reinvest $175.8 million in cash at higher rates, with an earn-back period of less than two years. Asset quality improved, with lower criticized assets and minimal net charge-offs.
