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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 March 31, 2026

☐ 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 May 8, 2026, 26,615,796 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)	March 31, 2026			December 31, 2025
Assets
Cash and due from banks:
Non-interest-bearing	$	64,893		$	57,224
Interest-bearing		411,190			197,620
Federal funds sold		949			76
Cash and cash equivalents		477,032			254,920
Certificates of deposit		3,060			1,740
Investment securities:
Available-for-sale, at fair value (amortized cost of $1,325,037 and $1,215,813 at March 31, 2026 and December 31, 2025, respectively)		1,176,071			1,076,883
Held-to-maturity, at amortized cost (estimated fair value of $2,271 and $2,288 at March 31, 2026 and December 31, 2025, respectively)		2,271			2,288
Equity securities, at fair value		4,717			4,588
Loans held for sale, at fair value		4,909			5,203
Loans		6,939,367			6,006,171
Less allowance for credit losses		(86,814	)		(74,875	)
Net loans		6,852,553			5,931,296
Interest receivable		46,753			39,949
Other real estate owned, net		5,529			2,857
Premises and equipment, net		101,935			90,782
Goodwill, net		203,391			203,391
Intangible assets, net		73,956			49,625
Bank owned life insurance		186,042			174,915
Right of use assets		13,411			12,674
Current tax assets		—			714
Deferred tax assets		61,834			45,453
Other assets		75,153			69,380
Total assets	$	9,288,617		$	7,966,658
Liabilities and stockholders’ equity
Deposits:
Non-interest-bearing	$	1,489,747		$	1,392,534
Interest-bearing		6,057,892			5,002,739
Total deposits		7,547,639			6,395,273
Repurchase agreements with customers		208,811			196,716
Interest payable		6,600			5,782
Other borrowings		295,106			270,000
Subordinated debt, net		60,072			60,008
Junior subordinated debt, net		34,022			24,454
Lease liabilities		13,954			13,210
Current tax liabilities		10,602			—
Other liabilities		35,185			42,523
Total liabilities		8,211,991			7,007,966
Commitments and contingent liabilities (Note 12)
Stockholders’ equity:
Common stock ($4 par value; authorized 45,000,000 shares; issued 27,307,663 and 24,671,969 shares in March 31, 2026 and December 31, 2025, respectively; outstanding 26,609,307 and 23,986,299 shares in March 31, 2026 and December 31, 2025, respectively)		111,231			100,688
Additional paid-in capital		614,974			516,984
Retained earnings		483,886			463,543
Deferred compensation		(205	)		2,654
Accumulated other comprehensive loss		(108,708	)		(101,301	)
Treasury stock, at cost (698,356 and 685,670 shares in March 31, 2026 and December 31, 2025)		(24,552	)		(23,876	)
Total stockholders’ equity		1,076,626			958,692
Total liabilities and stockholders’ equity	$	9,288,617		$	7,966,658

See accompanying notes to unaudited condensed consolidated financial statements.

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Income (unaudited)


	Three months ended
	March 31,
(In thousands, except per share data)	2026			2025
Interest income:
Interest and fees on loans	$	90,986		$	79,918
Interest on investment securities
Taxable		6,012			4,982
Exempt from federal income tax		1,873			1,795
Interest on certificates of deposit		21			36
Interest on federal funds sold		2			1
Interest on deposits with other financial institutions		1,726			827
Total interest income		100,620			87,559
Interest expense:
Interest on deposits		24,774			23,722
Interest on repurchase agreements with customers		1,025			1,180
Interest on other borrowings		2,398			1,831
Interest on subordinated debt		1,170			949
Interest on junior subordinated debt		468			468
Total interest expense		29,835			28,150
Net interest income		70,785			59,409
Provision for credit losses		2,598			1,652
Net interest income after provision for credit losses		68,187			57,757
Other income:
Wealth management revenues		6,375			5,800
Insurance commissions		10,807			9,925
Service charges		3,080			2,901
Investment securities gains (losses), net		20			(181	)
Mortgage banking revenue, net		721			711
ATM / debit card revenue		4,135			3,646
Bank owned life insurance		1,340			1,687
Other income		(37	)		375
Total other income		26,441			24,864
Other expense:
Salaries and employee benefits		35,016			31,748
Net occupancy and equipment expense		9,826			8,479
Net other real estate owned expense		212			101
FDIC insurance expense		940			849
Amortization of intangible assets		3,301			3,231
Stationery and supplies		302			431
Legal and professional		2,700			3,076
ATM / debit card expense		1,807			1,831
Marketing and donations		824			852
Other expense		5,797			3,874
Total other expense		60,725			54,472
Income before income taxes		33,903			28,149
Income taxes		7,576			5,978
Net income	$	26,327		$	22,171
Per share data:
Basic net income per common share	$	1.06		$	0.93
Diluted net income per common share		1.06			0.93

See accompanying notes to unaudited condensed consolidated financial statements.

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Comprehensive Income (unaudited)


	Three months ended
	March 31,
(In thousands)	2026			2025
Net income	$	26,327		$	22,171
Other comprehensive income (loss)
Unrealized gains (losses) on available-for-sale securities, net of taxes of $2,778 and ($2,594) for three months ended March 31, 2026 and 2025, respectively		(7,392	)		6,902
Less: reclassification adjustment for realized gains (losses) included in net income, net of taxes of ($5) and $50 for three months ended March 31, 2026 and 2025, respectively		15			(131	)
Other comprehensive income (loss), net of taxes		(7,407	)		7,033
Comprehensive income	$	18,920		$	29,204

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 March 31, 2026


(In thousands)	Common Stock		Additional Paid-In- Capital			Retained Earnings			Deferred Compensation			Accumulated Other Comprehensive Loss			Treasury Stock			Total
December 31, 2025	$	100,688	$	516,984		$	463,543		$	2,654		$	(101,301	)	$	(23,876	)	$	958,692
Net income		—		—			26,327			—			—			—			26,327
Other comprehensive income, net of tax		—		—			—			—			(7,407	)		—			(7,407	)
Dividends on common stock ($.25 per share)		—		—			(5,984	)		—			—			—			(5,984	)
Issuance of 81,913 restricted common shares pursuant to 2017 stock incentive plan, net of forfeitures		328		3,241			—			—			—			—			3,569
Issuance of 6,975 common shares pursuant to 2017 stock incentive plan, net of forfeitures		28		276			—			—			—			—			304
Issuance of 6,975 common shares pursuant to the employee stock purchase plan		28		194			—			—			—			—			222
Issuance of 2,539,831 common shares pursuant to acquisition of Two Rivers Financial Group, Inc.		10,159		93,999			—			—			—			—			104,158
Purchase of 12,686 treasury shares		—		—			—			—			—			(500	)		(500	)
Deferred compensation		—		—			—			(3,563	)		—			(176	)		(3,739	)
Grant of restricted stock units pursuant to the 2017 stock incentive plan		—		2,299			—			—			—			—			2,299
Release of restricted stock units pursuant to 2017 stock incentive plan		—		(2,070	)		—			—			—			—			(2,070	)
Vested restricted shares/units compensation expense		—		51			—			704			—			—			755
March 31, 2026	$	111,231	$	614,974		$	483,886		$	(205	)	$	(108,708	)	$	(24,552	)	$	1,076,626

First Mid Bancshares, Inc.

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

For the three months ended March 31, 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		—		—			22,171			—			—			—			22,171
Other comprehensive income, net of tax		—		—			—			—			7,033			—			7,033
Dividends on common stock ($.24 per share)		—		—			(5,727	)		—			—			—			(5,727	)
Issuance of 73,618 restricted common shares pursuant to 2017 stock incentive plan, net of forfeitures		294		2,575			—			—			—			—			2,869
Issuance of 5,600 common shares pursuant to 2017 stock incentive plan, net of forfeitures		22		196			—			—			—			—			218
Issuance of 6,891 common shares pursuant to the employee stock purchase plan		28		188			—			—			—			—			216
Deferred compensation		—		—			—			(2,779	)		—			(181	)		(2,960	)
Grant of restricted stock units pursuant to the 2017 stock incentive plan		—		1,791			—			—			—			—			1,791
Release of restricted stock units pursuant to 2017 stock incentive plan		—		(1,634	)		—			—			—			—			(1,634	)
Vested restricted shares/units compensation expense		—		49			—			532			—			—			581
March 31, 2025	$	100,602	$	515,975		$	411,633		$	509		$	(135,350	)	$	(22,420	)	$	870,949

See accompanying notes to unaudited condensed consolidated financial statements.

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)


	Three months ended March 31,
(In thousands)	2026			2025
Cash flows from operating activities:
Net income	$	26,327		$	22,171
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		2,598			1,652
Depreciation, amortization and accretion, net		5,356			4,996
Change in cash surrender value of bank owned life insurance		(1,340	)		(1,200	)
Gain on cash surrender value of bank owned life insurance		—			(487	)
Stock-based compensation expense		865			688
Operating lease payments		(852	)		(822	)
Loss (gain) on sale of investment securities, net		(20	)		181
Loss on sales and write-downs of other real estate owned, net		52			80
Loss on sale of premises and equipment		6			14
Gain on sale of loans held for sale, net		(927	)		(641	)
Loss on repayment of subordinated debt		—			289
Gain on repayment of other borrowings		—			(85	)
Decrease (increase) in accrued interest receivable		(2,396	)		1,186
Increase in accrued interest payable		31			1,486
Origination of loans held for sale		(34,261	)		(25,500	)
Proceeds from sale of loans held for sale		33,924			29,111
Decrease (increase) in other assets		(2,245	)		21,118
Decrease in other liabilities		(2,041	)		(6,353	)
Net cash provided by operating activities		25,077			47,884

Cash flows from investing activities:
Proceeds from maturities of certificates of deposits		840			980
Purchases of certificates of deposits		(2,160	)		—
Proceeds from sales of investment securities available-for-sale		167,803			8,291
Proceeds from maturities of investment securities available-for-sale		24,027			23,927
Purchases of investment securities available-for-sale		(131,846	)		(500	)
Purchase of investment securities held-to-maturity		(3	)		(21	)
Net increase in loans		(63,743	)		(31,149	)
Purchases of premises and equipment		(1,960	)		(1,930	)
Proceeds from sale of premises and equipment		20			3,500
Proceeds from sales of other real property owned, net		270			33
Proceeds from bank owned life insurance death benefit		—			1,414
Purchase of other investments		(1,984	)		—
Net cash provided by acquisition		88,269			—
Net cash provided by investing activities		79,533			4,545

Cash flows from financing activities:
Net increase in deposits		111,573			73,284
Increase in repurchase agreements with customers		12,095			15,650
Proceeds from other borrowings		—			54,000
Repayment of other borrowings		(206	)		(101,435	)
Repayment of subordinated debt		—			(8,381	)
Proceeds from issuance of common stock		524			434
Purchase of treasury stock		(500	)		—
Dividends paid on common stock		(5,984	)		(5,727	)
Net cash provided by financing activities		117,502			27,825
Increase in cash and cash equivalents		222,112			80,254
Cash and cash equivalents at beginning of period		254,920			121,216
Cash and cash equivalents at end of period	$	477,032		$	201,470

First Mid Bancshares, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)


	Three months ended March 31,
(In thousands)	2026			2025
Supplemental disclosures of cash flow information
Cash paid (received) during the period for:
Interest	$	29,017		$	26,805
Income taxes, net of refunds
US Federal	$	—		$	(1,009	)
State of Illinois		(206	)		(154	)
State of Wisconsin		(80	)		—
Other		—			(28	)
Total income taxes, net of refunds	$	(286	)	$	(1,191	)
Supplemental disclosures of noncash investing and financing activities
Loans transferred to other real estate owned	$	2,023		$	—
Fixed assets transferred to other real estate owned		950			—
Initial recognition of right-of-use assets in exchange for lease liabilities		57			668
Supplemental disclosures for purchases of capital stock
Fair value of assets acquired	$	1,186,786		$	11,449
Consideration paid:
Cash paid		2			9,000
Common stock issued		104,159			—
Total consideration paid		104,161			9,000
Fair value of liabilities assumed	$	1,082,625		$	2,449

See accompanying notes to unaudited condensed consolidated financial statements.

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”), Two Rivers Bank & Trust (“Two Rivers Bank”), First Mid Wealth Management Company (“First Mid Wealth Management”), First Mid Insurance Group, Inc. (“First Mid Insurance”), and First Mid Captive, Inc. (“the Captive”). 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 March 31, 2026 and 2025, 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 March 31, 2026 presentation and there was no impact on net income or stockholders’ equity. The results of the interim period ended March 31, 2026 are not necessarily indicative of the results expected for the year-ending December 31, 2026. The 2025 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 2025 Annual Report on Form 10-K.

Acquisitions

Downs Insurance Agency, Inc. During the quarter ended March 31, 2026, Downs Insurance Agency, Inc. (DIA) customer list was acquired by the Company for a purchase price of $1.4 million and immediately assigned to First Mid Insurance Group.

Two Rivers Financial Group, Inc. On October 29, 2025, the Company and Star Sub LLC, a newly formed Iowa limited liability company and wholly-owned subsidiary of the Company, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Two Rivers Financial Group, Inc., an Iowa corporation (Two Rivers), pursuant to which, among other things, the Company agreed to acquire 100% of the issued and outstanding shares of Two Rivers pursuant to a business combination whereby Two Rivers would merge with and into Star Sub LLC, whereupon the separate corporate existence of Two Rivers would cease and Star Sub LLC would continue as a surviving company and a wholly-owned subsidiary of the Company (the “Merger”).

Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each share of common stock of Two Rivers issued and outstanding immediately prior to the effective time of the Merger (other than shares held in treasury by Two Rivers) was converted into and became the right to receive 1.225 shares of common stock of the Company, and cash-in-lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration payable by the Company at the closing of the Merger to Two Rivers shareholders and equity award holders was 2,539,831 shares of the Company common stock valued at $104.2 million and $2,000 of cash-in-lieu of fractional shares.

It is anticipated that Two Rivers Bank will be merged with and into First Mid Bank in June 2026. At which time, Two Rivers Bank offices will become branches of First Mid Bank.

Ray Farm Management During the quarter ended December 31, 2025, Ray Farm Management Services, Inc.’s (RFMS) customer list was acquired by the Company for a purchase price of $764,000 and immediately assigned to First Mid Wealth Management.

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.

Note 5 and 8 provide further information on the intangibles acquired in the above acquisitions.

Summary of Significant Accounting Policies

Segment Reporting

The Company operates as a single segment entity for financial reporting purposes. The Chief Financial and Risk Officer, Jordan 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. As of March 31, 2026, management has reviewed the requirements of generally accepted accounting principles 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 generally accepted accounting principles, and no additional qualitative segment disclosures are necessary.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss included in stockholders’ equity as of March 31, 2026 and December 31, 2025 are as follows (in thousands):


	Unrealized Losses on Securities
March 31, 2026
Net unrealized losses on securities available-for-sale	$	(148,966	)
Tax benefit		40,258
Balance at March 31, 2026	$	(108,708	)

December 31, 2025
Net unrealized losses on securities available-for-sale	$	(138,930	)
Tax benefit		37,629
Balance at December 31, 2025	$	(101,301	)

Amounts reclassified from accumulated other comprehensive loss and the affected line items in the statements of income during the three months ended March 31, 2026 and 2025, were as follows (in thousands):


	Amounts Reclassified from Other Comprehensive Income (Loss)
		Three months ended
		March 31,						Affected Line Item in the
		2026			2025			Statements of Income
Realized gain (loss) on available-for-sale securities, net		$	20		$	(181	)	Investment securities gains (losses), net (total reclassified amount before tax)
Income tax benefit (expense)			(5	)		50		Income taxes
Total reclassifications out of accumulated other comprehensive income (loss)		$	15		$	(131	)	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 November 2025, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) 2025-08, Financial Instruments Credit Losses (Topic 326): Purchased Loans (ASU 2025-08). The update was published with the intent to eliminate the current expected credit loss (CECL) “double count” on non-Purchase Credit Deteriorated (PCD) Loans. The update accomplishes this through using “gross up” methodology that is similar to the methodology used on PCD Loans. In the new method all “purchased seasoned loans” are grossed up for the Allowance of Credit Losses (ACL) expected on the loans. Purchased seasoned loans are defined as either:

•

a loan that is obtained through a business combination accounted for using the acquisition method (most common for the Company)

•

a loan obtained through a transfer that is not a business combination accounted for using the acquisition method or initially recognized through the consolidation of a variable interest entity and these loans must meet both of following criteria:

•

the loan is obtained more than 90 days after its origination date; and

•

the acquirer was not involved in the loan’s origination.

The Company adopted this standard as of January 1, 2026.

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 assumed conversion of the Company’s convertible preferred stock and the Company’s stock options and restricted stock awarded, unless anti-dilutive.

The components of basic and diluted net income per common share available to common stockholders for the three months ended March 31, 2026 and 2025 were as follows:


	Three months ended
	March 31,
	2026		2025
Basic net income per common share available to common stockholders:
Net income available to common stockholders	$	26,327,000	$	22,171,000
Weighted average common shares outstanding		24,777,247		23,858,817
Basic earnings per common share	$	1.06	$	0.93
Diluted net income per common share available to common stockholders:
Net income available to common stockholders	$	26,327,000	$	22,171,000
Weighted average common shares outstanding		24,777,247		23,858,817
Dilutive potential common shares:
Restricted stock awarded		116,555		100,411
Diluted weighted average common shares outstanding		24,893,802		23,959,228
Diluted earnings per common share	$	1.06	$	0.93

There were no shares not considered in computing diluted earnings per share for the three months ended March 31, 2026 and 2025.

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 March 31, 2026 and December 31, 2025 were as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
March 31, 2026
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	153,813	$	—	$	(10,234	)	$	143,579
Obligations of states and political subdivisions		327,480		234		(52,478	)		275,236
Mortgage-backed securities (1)		819,041		1,258		(86,948	)		733,351
Corporate bonded debt		24,703		—		(798	)		23,905
Total available-for-sale	$	1,325,037	$	1,492	$	(150,458	)	$	1,176,071
Held-to-maturity:
Other securities	$	2,271	$	—	$	—		$	2,271
December 31, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	153,859	$	3	$	(9,782	)	$	144,080
Obligations of states and political subdivisions		327,950		341		(47,658	)		280,633
Mortgage-backed securities (1)		705,728		2,458		(83,520	)		624,666
Corporate bonded debt		28,276		—		(772	)		27,504
Total available-for-sale	$	1,215,813	$	2,802	$	(141,732	)	$	1,076,883
Held-to-maturity:
Other securities	$	2,288	$	—	$	—		$	2,288

(1) Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB.

The Company also had $4.7 million and $4.6 million of equity securities, at fair value, as of March 31, 2026 and December 31, 2025, respectively. All the Company's held-to-maturity securities are government agency-backed securities for which the risk of loss is minimal. As such, as of March 31, 2026, the Company did not record an allowance for credit losses on its held-to-maturity securities.

Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the three months ended March 31, 2026 and 2025 (in thousands):


	Three months ended
	March 31,
	2026			2025
Proceeds from sales	$	167,803		$	8,291
Gross gains		20			—
Gross losses		—			(181	)
Income tax benefit (expense)		(5	)		49

The following table presents the aging of gross unrealized losses and fair value by investment category as of March 31, 2026 and December 31, 2025 (in thousands):


	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
March 31, 2026
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	797	$	—		$	142,331	$	(10,234	)	$	143,128	$	(10,234	)
Obligations of states and political subdivisions		32,023		(431	)		225,095		(52,047	)		257,118		(52,478	)
Mortgage-backed securities (1)		170,102		(3,042	)		465,341		(83,906	)		635,443		(86,948	)
Corporate bonded debt		3,975		(24	)		17,180		(774	)		21,155		(798	)
Total	$	206,897	$	(3,497	)	$	849,947	$	(146,961	)	$	1,056,844	$	(150,458	)
December 31, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	—	$	—		$	142,833	$	(9,782	)	$	142,833	$	(9,782	)
Obligations of states and political subdivisions		5,923		(8	)		246,076		(47,650	)		251,999		(47,658	)
Mortgage-backed securities (1)		11,327		(102	)		480,583		(83,418	)		491,910		(83,520	)
Corporate bonded debt		3,967		(33	)		19,203		(739	)		23,170		(772	)
Total	$	21,217	$	(143	)	$	888,695	$	(141,589	)	$	909,912	$	(141,732	)

(1) Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB.

At March 31, 2026, there were four hundred sixty-three available-for-sale securities with a fair value of $849.9 million and unrealized losses of $147.0 million in a continuous unrealized loss position for twelve months or more. At December 31, 2025, there were four hundred eighty-eight available-for-sale securities with a fair value of $888.7 million and unrealized losses of $141.6 million in a continuous unrealized loss position for twelve months or more.

At March 31, 2026 and December 31, 2025, there were no held-to-maturity securities in a continuous unrealized loss position for twelve months or more.

The Company does not consider available-for-sale securities with unrealized losses at March 31, 2026, to be experiencing credit losses and recognized no resulting allowance for credit losses. The Company does not intend to sell a significant amount of the investments unless they are acquired and subsequently marked to fair value, and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities. The unrealized losses occurred as a result of changes in interest rates, market spreads, and market conditions after purchase.

Note 4 -- Loans and Allowance for Credit Losses

Loans are stated at the principal amount outstanding net of unearned discounts, unearned income, and allowance for credit losses. Unearned income includes deferred loan origination fees reduced by loan origination costs and is amortized to interest income over the life of the related loan using methods that approximated the effective interest rate method. Interest on substantially all loans is credited to income based on the principal amount outstanding.

A summary of loans at March 31, 2026 and December 31, 2025 follows (in thousands):


	March 31, 2026		December 31, 2025
Construction and land development	$	319,945	$	361,678
Agricultural real estate		405,226		374,143
1-4 family residential properties		746,704		494,258
Multifamily residential properties		457,705		340,324
Commercial real estate		2,972,812		2,582,404
Loans secured by real estate		4,902,392		4,152,807
Agricultural loans		370,124		307,290
Commercial and industrial loans		1,502,384		1,385,421
Consumer loans		39,672		32,109
All other loans		179,008		161,604
Total gross loans		6,993,580		6,039,231
Less: loans held for sale		4,909		5,203
Total gross loans held for investment		6,988,671		6,034,028
Less:
Net deferred loan fees, premiums, and discounts		49,304		27,857
Allowance for credit losses		86,814		74,875
Net loans	$	6,852,553	$	5,931,296

Net loans increased $921.3 million as of March 31, 2026 compared to December 31, 2025. Loans expected to be sold are classified as held for sale in the consolidated financial statements and are recorded at the lower of aggregate cost or fair value, taking into consideration future commitments to sell the loans. These loans are primarily for 1-4 family residential properties. Accrued interest on loans, which is excluded from the amortized cost of the balances above, totaled $40.1 million and $35.1 million at March 31, 2026 and December 31, 2025, respectively.

The structure of the Company’s loan approval process is based on progressively larger lending authorities granted to individual loan officers, loan committees, and ultimately the board of directors. Outstanding balances to one borrower or affiliated borrowers are limited by federal regulation; however, limits well below the regulatory thresholds are generally observed. The vast majority of the Company’s loans are to businesses located in the geographic market areas served by the Company’s branch network. Additionally, a significant portion of the collateral securing the loans in the portfolio is located within the Company’s primary geographic footprint. In general, the Company adheres to loan underwriting standards consistent with industry guidelines for all loan segments.

The Company’s lending can be summarized into the following primary areas:

Commercial Real Estate Loans. Commercial real estate loans are generally comprised of loans to small business entities to purchase or expand structures in which the business operations are housed, loans to owners of real estate who lease space to non-related commercial entities, loans for construction and land development, loans to hotel and motel operators, and loans to owners of multifamily residential structures, such as apartment buildings. Commercial real estate loans are underwritten based on historical and projected cash flows of the borrower and secondarily on the underlying real estate pledged as collateral on the debt. For the various types of commercial real estate loans, minimum criteria have been established within the Company’s loan policy regarding debt service coverage while maximum limits on loan-to-value and amortization periods have been defined. Maximum loan-to-value ratios range from 65% to 85% depending upon the type of real estate collateral, while the desired minimum debt coverage ratio is 1.20x to 1.35x. Amortization periods for commercial real estate loans are generally limited to twenty to thirty years, depending on the collateral type and loan-to-value. The Company’s commercial real estate portfolio is below the threshold of 300 percent of the Company's total capital that would designate a concentration in commercial real estate lending, as established by the federal banking regulators.

The following table represents the gross commercial real estate loans by property type as of March 31, 2026 (in thousands):


	March 31, 2026	December 31, 2025
First Mid Bank

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.

Notes to Condensed Consolidated Financial Statements (unaudited)

Summary of Significant Accounting Policies

Segment Reporting

Accumulated Other Comprehensive Loss

New Accounting Pronouncements

Note 2 -- Earnings Per Share

Note 3 -- Investment Securities

Note 4 -- Loans and Allowance for Credit Losses

For the transition period from _to _.

FIRST MID BANCSHARES, INC. 10-Q