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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _to _.

Commission file number 001-36434

FIRST MID BANCSHARES, INC.

(Exact name of Registrant as specified in its charter)


Delaware	37-1103704
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer identification no.)


1421 Charleston Avenue
Mattoon, Illinois	61938
(Address of principal executive offices)	(Zip code)

(217) 234-7454

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	FMBH	NASDAQ Global Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer ☒		Accelerated filer ☐
Non-accelerated filer ☐		Smaller reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of November 7, 2025, 24,003,654 common shares, $4.00 par value, were outstanding.

PART I

ITEM 1. FINANCIAL STATEMENTS

First Mid Bancshares, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)


(In thousands, except share data)	September 30, 2025			December 31, 2024
Assets
Cash and due from banks:
Non-interest-bearing	$	97,407		$	92,112
Interest-bearing		179,604			29,029
Federal funds sold		76			75
Cash and cash equivalents		277,087			121,216
Certificates of deposit		1,050			3,500
Investment securities:
Available-for-sale, at fair value (amortized cost of $1,240,956 and $1,257,436 at September 30, 2025 and December 31, 2024, respectively)		1,090,235			1,063,292
Held-to-maturity, at amortized cost (estimated fair value of $2,290 and $2,279 at September 30, 2025 and December 31, 2024, respectively)		2,290			2,279
Equity securities, at fair value		4,518			4,439
Loans held for sale		5,543			6,614
Loans		5,818,495			5,665,848
Less allowance for credit losses		(72,925	)		(70,182	)
Net loans		5,745,570			5,595,666
Interest receivable		41,635			38,639
Other real estate owned		1,463			2,179
Premises and equipment, net		94,673			100,234
Goodwill, net		203,391			203,391
Intangible assets, net		51,826			58,515
Bank owned life insurance		173,588			170,854
Right of use lease assets		13,329			13,861
Tax assets		50,798			66,858
Other assets		73,372			68,197
Total assets	$	7,830,368		$	7,519,734
Liabilities and stockholders’ equity
Deposits:
Non-interest-bearing	$	1,450,244		$	1,329,155
Interest-bearing		4,839,299			4,727,941
Total deposits		6,289,543			6,057,096
Securities sold under agreements to repurchase		200,506			204,122
Interest payable		7,894			5,280
FHLB borrowings		245,000			242,520
Junior subordinated debentures, net		24,419			24,280
Subordinated debt, net		79,645			87,472
Lease liabilities		13,876			14,190
Other liabilities		37,306			38,383
Total liabilities		6,898,189			6,673,343
Stockholders’ equity:
Common stock ($4 par value; authorized 45,000,000 shares; issued 24,665,382 and 24,564,356 shares in 2025 and 2024, respectively; outstanding 23,996,833 and 23,895,807 shares in 2025 and 2024, respectively)		100,662			100,258
Additional paid-in capital		516,746			512,810
Retained earnings		445,836			395,189
Deferred compensation		1,808			2,756
Accumulated other comprehensive loss		(110,012	)		(142,383	)
Treasury stock, at cost (668,549 shares in 2025 and 2024)		(22,861	)		(22,239	)
Total stockholders’ equity		932,179			846,391
Total liabilities and stockholders’ equity	$	7,830,368		$	7,519,734

See accompanying notes to unaudited condensed consolidated financial statements.

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Income (unaudited)

(In thousands, except per share data)


	Three months ended						Nine months ended
	September 30,						September 30,
(In thousands, except per share data)	2025			2024			2025			2024
Interest income:
Interest and fees on loans	$	87,020		$	81,775		$	251,722		$	239,158
Interest on investment securities		7,659			7,036			21,331			21,846
Interest on certificates of deposit		23			39			87			102
Interest on federal funds sold		1			28			2			53
Interest on deposits with other financial institutions		1,432			2,304			3,953			6,378
Total interest income		96,135			91,182			277,095			267,537
Interest expense:
Interest on deposits		25,179			28,341			73,865			80,775
Interest on securities sold under agreements to repurchase		1,105			1,444			3,503			5,115
Interest on other borrowings		2,186			2,195			6,060			6,757
Interest on junior subordinated debentures		452			567			1,384			1,646
Interest on subordinated debentures		850			1,092			2,648			3,466
Total interest expense		29,772			33,639			87,460			97,759
Net interest income		66,363			57,543			189,635			169,778
Provision for credit losses		3,353			1,266			7,572			1,992
Net interest income after provision for credit losses		63,010			56,277			182,063			167,786
Other income:
Wealth management revenues		5,145			5,816			16,350			16,543
Insurance commissions		7,089			6,003			24,854			21,747
Service charges		3,240			3,121			9,136			9,304
Investment securities losses, net		(1,930	)		(277	)		(2,111	)		(433	)
Mortgage banking revenue, net		1,255			1,109			3,036			2,853
ATM/debit card revenue		4,182			4,267			12,464			12,603
Bank owned life insurance		1,255			1,196			4,148			3,509
Other		2,673			1,788			3,489			3,797
Total other income		22,909			23,023			71,366			69,923
Other expense:
Salaries and employee benefits		33,570			31,565			98,941			92,177
Net occupancy and equipment expense		9,196			8,055			25,544			23,122
Net other real estate owned expense		217			107			393			171
FDIC insurance		874			829			2,596			2,600
Amortization of intangible assets		3,128			3,405			9,480			10,242
Stationery and supplies		411			482			1,209			1,243
Legal and professional		2,454			2,573			8,287			7,558
ATM/debit card		2,052			1,869			5,027			4,341
Marketing and donations		959			836			2,588			2,512
Other		4,285			4,212			12,315			14,720
Total other expense		57,146			53,933			166,380			158,686
Income before income taxes		28,773			25,367			87,049			79,023
Income taxes		6,311			5,885			18,978			19,293
Net income	$	22,462		$	19,482		$	68,071		$	59,730
Per share data:
Basic net income per common share	$	0.94		$	0.81		$	2.85		$	2.50
Diluted net income per common share		0.94			0.81			2.84			2.49

See accompanying notes to unaudited condensed consolidated financial statements.

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Comprehensive Income (unaudited)


	Three months ended						Nine months ended
	September 30,						September 30,
(In thousands)	2025			2024			2025			2024
Net income	$	22,462		$	19,482		$	68,071		$	59,730
Other comprehensive income
Unrealized gains on available-for-sale securities, net of tax expense of ($7,253) and ($11,316) for three months ended September 30, 2025 and 2024, respectively, and ($11,591) and ($7,300) for the nine months ended September 30, 2025 and 2024, respectively		19,295			30,106			30,837			19,421
Less: reclassification adjustment for realized losses included in net income, net of tax benefit of $527 and $77 for three months ended September 30, 2025 and 2024, respectively, and $577 and $119 for the nine months ended September 30, 2025 and 2024, respectively		(1,403	)		(200	)		(1,534	)		(314	)
Other comprehensive income, net of taxes		20,698			30,306			32,371			19,735
Comprehensive income	$	43,160		$	49,788		$	100,442		$	79,465

See accompanying notes to unaudited condensed consolidated financial statements.

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

For the three months ended September 30, 2025 and 2024


(In thousands)	Common Stock			Additional Paid-In- Capital			Retained Earnings			Deferred Compensation		Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
June 30, 2025	$	100,630		$	516,495		$	429,342		$	1,028	$	(130,710	)	$	(22,645	)	$	894,140
Net income		—			—			22,462			—		—			—			22,462
Other comprehensive income, net tax		—			—			—			—		20,698			—			20,698
Cash dividends on common stock (.25/share)		—			—			(5,968	)		—		—			—			(5,968	)
Forfeiture of 534 restricted shares pursuant to the 2017 stock incentive plan		(2	)		(18	)		—			—		—			—			(20	)
Issuance of 8,522 common shares pursuant to the employee stock purchase plan		34			217			—			—		—			—			251
Deferred compensation		—			—			—			236		—			(216	)		20
Vested restricted shares/units compensation expense		—			52			—			544		—			—			596
September 30, 2025	$	100,662		$	516,746		$	445,836		$	1,808	$	(110,012	)	$	(22,861	)	$	932,179

June 30, 2024	$	100,194		$	512,181		$	367,967		$	1,382	$	(146,998	)	$	(21,081	)	$	813,645
Net income		—			—			19,482			—		—			—			19,482
Other comprehensive income, net tax		—			—			—			—		30,306			—			30,306
Cash dividends on common stock (.24/share)		—			—			(5,713	)		—		—			—			(5,713	)
Forfeiture of 1,201 restricted shares pursuant to the 2017 stock incentive plan		(4	)		(34	)		—			—		—			—			(38	)
Issuance of 9,384 common shares pursuant to the employee stock purchase plan		37			217			—			—		—			—			254
Deferred compensation		—			—			—			292		—			(255	)		37
Vested restricted shares/units compensation expense		—			51			—			473		—			—			524
September 30, 2024	$	100,227		$	512,415		$	381,736		$	2,147	$	(116,692	)	$	(21,336	)	$	858,497

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

For the nine months ended September 30, 2025


(In thousands)	Common Stock		Additional Paid-In- Capital			Retained Earnings			Deferred Compensation			Accumulated Other Comprehensive Loss			Treasury Stock			Total
December 31, 2024	$	100,258	$	512,810		$	395,189		$	2,756		$	(142,383	)	$	(22,239	)	$	846,391
Net income		—		—			68,071			—			—			—			68,071
Other comprehensive income, net tax		—		—			—			—			32,371			—			32,371
Cash dividends on common stock (0.73/share)		—		—			(17,424	)		—			—			—			(17,424	)
Issuance of 72,934 restricted shares pursuant to 2017 stock incentive plan, net of forfeitures		292		2,551			—			—			—			—			2,843
Issuance of 5,600 common shares pursuant to 2017 stock incentive plan		22		196			—			—			—			—			218
Issuance of 22,492 common shares pursuant to the employee stock purchase plan		90		587			—			—			—			—			677
Deferred compensation		—		—			—			(2,590	)		—			(622	)		(3,212	)
Grant of restricted units pursuant to 2017 stock incentive plan		—		2,070			—			—			—			—			2,070
Release of restricted units pursuant to 2017 stock incentive plan		—		(1,634	)		—			—			—			—			(1,634	)
Vested restricted shares/units compensation expense		—		166			—			1,642			—			—			1,808
September 30, 2025	$	100,662	$	516,746		$	445,836		$	1,808		$	(110,012	)	$	(22,861	)	$	932,179

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

For the nine months ended September 30, 2024


(In thousands)	Common Stock		Additional Paid-In- Capital			Retained Earnings			Deferred Compensation			Accumulated Other Comprehensive Loss			Treasury Stock			Total
December 31, 2023	$	99,919	$	509,314		$	338,662		$	2,629		$	(136,427	)	$	(20,893	)	$	793,204
Net income		—		—			59,730			—			—			—			59,730
Other comprehensive loss, net tax		—		—			—			—			19,735			—			19,735
Cash dividends on common stock (0.70/share)		—		—			(16,656	)		—			—			—			(16,656	)
Issuance of 45,995 restricted shares pursuant to 2017 stock incentive plan, net of forfeitures		185		1,356			—			—			—			—			1,541
Issuance of 5,600 common shares pursuant to 2017 stock incentive plan		22		166			—			—			—			—			188
Issuance of 25,319 common shares pursuant to the employee stock purchase plan		101		551			—			—			—			—			652
Deferred compensation		—		—			—			(1,934	)		—			(443	)		(2,377	)
Grant of restricted units pursuant to 2017 stock incentive plan		—		1,485			—			—			—			—			1,485
Release of restricted units pursuant to 2017 stock incentive plan		—		(617	)		—			—			—			—			(617	)
Vested restricted shares/units compensation expense		—		160			—			1,452			—			—			1,612
September 30, 2024	$	100,227	$	512,415		$	381,736		$	2,147		$	(116,692	)	$	(21,336	)	$	858,497

See accompanying notes to unaudited condensed consolidated financial statements.

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)


	Nine months ended September 30,
(In thousands)	2025			2024
Cash flows from operating activities:
Net income	$	68,071		$	59,730
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		7,572			1,992
Depreciation, amortization and accretion, net		14,858			15,630
Change in cash surrender value of bank owned life insurance		(3,661	)		(3,509	)
Gain on death benefit paid from bank owned life insurance		(487	)		—
Stock-based compensation expense		1,996			1,741
Operating lease payments		(2,483	)		(2,502	)
Loss on investment securities, net		2,111			433
Loss (gain) on sales and write-downs of other real estate owned, net		238			(33	)
Loss (gain) on sale of premises and equipment		(1,260	)		8
Gain on sale of loans held for sale, net		(2,785	)		(2,631	)
Loss (gain) on repayment of subordinated debentures		289			(493	)
Gain on repayment of FHLB advances		(85	)		—
Increase in accrued interest receivable		(2,996	)		(3,305	)
Increase in accrued interest payable		2,840			1,393
Origination of loans held for sale		(119,883	)		(103,534	)
Proceeds from sale of loans held for sale		123,739			103,060
Decrease in other assets		1,665			21,398
Decrease in other liabilities		(1,068	)		(3,227	)
Net cash provided by operating activities		88,671			86,151
Cash flows from investing activities:
Proceeds from maturities of certificates of deposit		2,450			245
Purchases of certificates of deposit		—			(2,275	)
Proceeds from sales of securities available-for-sale		42,094			32,338
Proceeds from maturities of securities available-for-sale		87,543			71,126
Purchases of securities available-for-sale		(116,705	)		(16,299	)
Purchase of securities held-to-maturity		(56	)		(57	)
Net increase in loans		(157,373	)		(33,305	)
Purchases of premises and equipment		(4,814	)		(3,703	)
Proceeds from sale of premises and equipment		7,871			7
Proceeds from sales of other real property owned		590			318
Proceeds from bank owned life insurance death benefit		1,414			—
Net cash used in acquisition		(2,300	)		(8,944	)
Net cash provided by (used in) investing activities		(139,286	)		39,451
Cash flows from financing activities:
Net increase (decrease) in deposits		232,447			(34,825	)
Decrease in repurchase agreements		(3,616	)		(9,378	)
Proceeds from FHLB advances		150,000			75,000
Repayment of FHLB advances		(147,435	)		(100,000	)
Proceeds from short-term debt		4,000			—
Repayment of short-term debt		(4,000	)		—
Repayment of subordinated debentures		(8,381	)		(19,455	)
Proceeds from issuance of common stock		895			839
Dividends paid on common stock		(17,424	)		(16,656	)
Net cash provided by (used in) financing activities		206,486			(104,475	)
Increase in cash and cash equivalents		155,871			21,127
Cash and cash equivalents at beginning of period		121,216			143,064
Cash and cash equivalents at end of period	$	277,087		$	164,191

See accompanying notes to unaudited condensed consolidated financial statements.

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)


	Nine months ended September 30,
(In thousands)	2025		2024
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest	$	84,846	$	96,705
Income taxes, net of refunds
Federal		9,091		(441	)
State of Illinois		3,756		(246	)
State of Missouri		573		(2	)
State of Indiana		131		(2	)
State of Wisconsin		385		(811	)
State of Florida		43		68
State of Texas		6		(11	)
Supplemental disclosures of noncash investing and financing activities
Loans transferred to other real estate	$	103	$	491
Initial recognition of right-of-use assets		1,584		2,404
Initial recognition of lease liabilities		1,584		2,404

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1 -- Basis of Accounting and Consolidation

The unaudited condensed consolidated financial statements include the accounts of First Mid Bancshares, Inc. (“Company”) and its wholly owned subsidiaries: First Mid Bank & Trust, N.A. (“First Mid Bank”), First Mid Wealth Management Company, First Mid Insurance Group, Inc. (“First Mid Insurance”), and First Mid Captive, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. The financial information reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods ended September 30, 2025 and 2024, and all such adjustments are of a normal recurring nature. Certain amounts in the prior year’s consolidated financial statements may have been reclassified to conform to the September 30, 2025 presentation and there was no impact on net income or stockholders’ equity. The results of the interim period ended September 30, 2025 are not necessarily indicative of the results expected for the year ending December 31, 2025. The 2024 year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America.

The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements and related footnote disclosures although the Company believes that the disclosures made are adequate to make the information not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2024 Annual Report on Form 10-K.

AAdvantage Insurance Group LLC

During the quarter ended September 30, 2025, a portion of AAdvantage Insurance Group LLC’s (AAIG) customer list was acquired by the Company for a purchase price of $2.8 million and immediately assigned to First Mid Insurance Group.

Mid Rivers Insurance Group, Inc.

During the quarter ended September 30, 2024, Mid Rivers Insurance Group, Inc. (MRIG) was acquired by the Company for a purchase price of $10.1 million and immediately merged into First Mid Insurance Group.

Website

The Company maintains a website at www.firstmid.com. All periodic and current reports of the Company and amendments to these reports filed with the Securities and Exchange Commission (“SEC”) can be accessed, free of charge, through this website as soon as reasonably practicable after these materials are filed with the SEC.

General Litigation

The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations and cash flows of the Company.

Segment Reporting

The Company operates as a single segment entity for financial reporting purposes and has adopted ASU 2023-07 during the year ended December 31, 2024. The Chief Financial and Risk Officer, Jordan D. Read (CFO), serves as the Company’s chief operating decision maker (CODM). The CODM allocates resources and assesses performance of the Company based on the consolidated performance, excluding all significant intercompany balances and transactions, of the Company and its wholly owned subsidiaries and does not significantly utilize disaggregated segment financial information for decision making and resource allocation. Management has reviewed the requirements of ASU 2023-07 and has determined that no additional segment disclosures are required. Specifically,

•

the Company does not use the tracked performance on the disaggregated segment level for decision-making or resource allocation purposes,

•

no significant segment-specific expenses or performance metrics are used internally for decision-making or resource allocation purposes, and

•

the level of financial consolidation presented in these financial statements aligns with the CODM’s internal reporting and decision-making process.

Based on this assessment the Company’s financial statement disclosures fully comply with ASC 2023-07, and no additional qualitative segment disclosures are necessary.

Stock Plans

At the Annual Meeting of Stockholders held April 26, 2017, the stockholders approved the First Mid-Illinois Bancshares, Inc. 2017 Stock Incentive Plan (“SI Plan”). The SI Plan was implemented to succeed the Company’s 2007 Stock Incentive Plan, which had a ten-year term. The SI Plan is intended to provide a means whereby directors, employees, consultants and advisors of the Company and its subsidiaries may sustain a sense of proprietorship and personal involvement in the continued development and financial success of the Company and its subsidiaries, thereby advancing the interests of the Company and its stockholders. Accordingly, directors and selected employees, consultants and advisors may be provided the opportunity to acquire shares of common stock of the Company on the terms and conditions established in the SI Plan.

Following the stockholders’ approval at the 2025 annual meeting of the Company, a maximum of 1,000,000 shares of common stock may be issued under the SI Plan. There have been no stock options awarded under any Company plan since 2008. The Company has awarded 79,635 and 53,766 shares of restricted stock during the nine months ended September 30, 2025 and 2024, respectively, and 53,130 and 39,150 restricted stock units during the nine months ended September 30, 2025 and 2024, respectively.

Employee Stock Purchase Plan

At the Annual Meeting of Stockholders held April 25, 2018, the stockholders approved the First Mid-Illinois Bancshares, Inc. Employee Stock Purchase Plan (“ESPP”). The ESPP is intended to promote the interests of the Company by providing eligible employees with the opportunity to purchase shares of common stock of the Company at a 15% discount through payroll deductions. The ESPP is also intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code.

A maximum of 600,000 shares of common stock may be issued under the ESPP. During the nine months ended September 30, 2025 and 2024, 22,492 shares and 25,319 shares, respectively, were issued pursuant to the ESPP.

Captive Insurance Company

First Mid Captive, Inc. (the “Captive"), a wholly owned subsidiary of the Company which was formed and began operations in December 2019, is a Nevada-based captive insurance company. The Captive insures against certain risks unique to operations of the Company and its subsidiaries for which insurance may not be currently available or economically feasible in today's insurance marketplace. The Captive pools resources with several other similar insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves. The Captive is subject to regulations of the State of Nevada and undergoes periodic examinations by the Nevada Division of Insurance. It has elected to be taxed under Section 831(b) of the Internal Revenue Code. Pursuant to Section 831(b), if gross premiums do not exceed $2.85 million, then the Captive is taxable solely on its investment income. The Captive is included in the Company's consolidated financial statements and its federal income return.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss included in stockholders’ equity as of September 30, 2025 and December 31, 2024 are as follows (in thousands):


	Unrealized Losses on Securities
September 30, 2025
Net unrealized losses on securities available-for-sale	$	(150,721	)
Tax benefit		40,709
Balance at September 30, 2025	$	(110,012	)

December 31, 2024
Net unrealized losses on securities available-for-sale	$	(194,144	)
Tax benefit		51,761
Balance at December 31, 2024	$	(142,383	)

Amounts reclassified from accumulated other comprehensive loss and the affected line items in the statements of income during the three and nine months ended September 30, 2025 and 2024, were as follows (in thousands):


	Amounts Reclassified from Other Comprehensive Loss
	Three months ended						Nine months ended
	September 30,						September 30,
	2025			2024			2025			2024			Affected Line Item in the Statements of Income
Realized loss on available-for-sale securities, net	$	(1,930	)	$	(277	)	$	(2,111	)	$	(433	)	Securities losses, net
Tax effect		527			77			577			119		Income taxes
Total reclassifications out of accumulated other comprehensive loss	$	(1,403	)	$	(200	)	$	(1,534	)	$	(314	)	Net reclassified amount

See “Note 3 – Investment Securities” for more detailed information regarding unrealized losses on available-for-sale securities.

New Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” to require additional disclosures within the notes to the financial statements about certain expense items. Specifically, disaggregation of income statement captions that contain expenses within the following five categories is required: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization (“DD&A”) costs recognized as part of oil- and gas-producing activities or other amounts of depletion expense. Further, this update requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. This update provides a practical expedient for banks and bank holding companies to continue presenting salaries and employee benefits in conformity with SEC Rule 210.9-04 instead of requiring those entities to apply the employee compensation definition included in Subtopic 220-40. The amendments in this update may be applied on either a prospective or retrospective basis and will be effective for the Company beginning with the annual reporting period ending December 31, 2027, and interim reporting periods beginning January 1, 2028. The Company does not expect adoption of this ASU to have any impact on its financial position or results of operations because it only results in additional disclosures.

In December 2023, the Financial Accounting Standards Board issued ASU No. 2023-09, Income Tax (Topic 740): Improvements to Income Tax Disclosures. The amendments expand the disclosure requirements of income taxes, primarily related to the income tax rate reconciliation and income taxes paid with the intention to enhance transparency and decision usefulness of income tax disclosures. The amendments are effective for the fiscal years beginning after December 15, 2024 10-K filings. Early adoption was permitted but not applied. The adoption of this accounting pronouncement will have no impact on the Financial Statements aside from additional disclosures presented in the Notes to Consolidated Financial Statements in the year ending December 31, 2025 10-K filing.

Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding. Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the Company’s stock options, unless anti-dilutive.

The components of basic and diluted net income per common share available to common stockholders for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Basic net income per common share
Available to common stockholders:
Net income	$	22,462,000	$	19,482,000	$	68,071,000	$	59,730,000
Weighted average common shares outstanding		23,876,020		23,905,099		23,867,537		23,891,430
Basic earnings per common share	$	0.94	$	0.81	$	2.85	$	2.50

Diluted net income per common share
Available to common stockholders:
Net income applicable to diluted earnings per share	$	22,462,000	$	19,482,000	$	68,071,000	$	59,730,000
Weighted average common shares outstanding		23,876,020		23,905,099		23,867,537		23,891,430
Dilutive potential common shares: restricted stock awarded		121,178		101,548		114,401		97,048
Diluted weighted average common shares outstanding		23,997,198		24,006,647		23,981,938		23,988,478
Diluted earnings per common share	$	0.94	$	0.81	$	2.84	$	2.49

There were no shares excluded when computing diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 because they were anti-dilutive.

Note 3 -- Investment Securities

The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at September 30, 2025 and December 31, 2024 were as follows (in thousands):

          
         Amortized
Cost

         Gross
Unrealized
Gains

         Gross
Unrealized
(Losses)

         Fair Value

         September 30, 2025

For the transition period from _______________to _______________.

FIRST MID BANCSHARES, INC.

Delaware

37-1103704

1421 Charleston Avenue

Mattoon, Illinois

61938

(217) 234-7454

First Mid Bancshares, Inc.

First Mid Bancshares, Inc.

First Mid Bancshares, Inc.

First Mid Bancshares, Inc.

First Mid Bancshares, Inc.

First Mid Bancshares, Inc.

First Mid Bancshares, Inc.

Notes to Condensed Consolidated Financial Statements (unaudited)

Website

General Litigation

Segment Reporting

Stock Plans

Captive Insurance Company

Accumulated Other Comprehensive Loss

New Accounting Pronouncements

Note 2 -- Earnings Per Share

Note 3 -- Investment Securities

For the transition period from _to _.

FIRST MID BANCSHARES, INC. 10-Q