FIRST MID BANCSHARES, INC. 8-K

What Happened

• First Mid Bancshares, Inc. announced on April 10, 2026 that it entered a Business Loan Agreement with Bankers’ Bank providing a $15.0 million revolving line of credit and a separate $20.0 million term loan. The new arrangements replace the prior $15.0 million Northern Trust revolving facility, which matured and terminated on April 3, 2026 with no amounts outstanding.

Key Details

• Revolving line: $15.0 million capacity, evidenced by a Revolving Note dated April 10, 2026; matures April 10, 2027; interest = WSJ Prime (Midwest) minus 0.75% with a 4.50% floor; initial rate ≈ 6.00%; quarterly interest payments.
• Term loan: $20.0 million original principal, evidenced by a Term Note dated April 10, 2026; matures April 10, 2029; payable monthly (principal + interest) with a balloon at maturity; interest = 30‑day average SOFR + 2.75%; initial rate ≈ 6.402%.
• Security and covenants: Obligations secured by a negative pledge/negative assignment on 100% of the common stock of First Mid Bank & Trust, N.A. Loan includes customary reps, affirmative/negative covenants, financial/regulatory covenants (including capital ratio requirements) and reporting obligations.
• Use of proceeds: Revolver for general corporate and liquidity needs (e.g., working capital); term loan proceeds to pay down a portion of existing subordinated debt.

Why It Matters

• The new credit package provides the company with $35.0 million of committed borrowing capacity, supporting near‑term liquidity and refinancing of subordinated debt. Investors should note the fixed covenant package and the security interest in the bank subsidiary’s stock, as well as the interest-rate structure (prime-based revolver with floor; SOFR-based term loan) and the differing maturities (2027 revolver, 2029 term loan).