First Mid Bancshares, Inc 8-K, filed Jan 29, 2026
First Mid Bancshares, Inc. (FMBH)
About this 8-K
First Mid Bancshares, Inc filed this 8-K on January 29, 2026.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
On January 29, 2026, the Company issued a press release to report its results of operations and financial condition as of and for the quarter ended December 31, 2025. A copy of this press release is included in Exhibit 99.1 to this Form 8-K and incorporated into this item 2.02 by reference.
The information furnished pursuant to this Item 2.02 and the related exhibits shall not be deemed "filed" by First Mid for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Forward Looking Statements
This document may contain certain forward-looking statements about First Mid and Two Rivers, such as discussions of First Mid’s and Two Rivers’ pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid and Two Rivers intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid and Two Rivers are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, the possibility that any of the anticipated benefits of the proposed transactions between First Mid and Two Rivers will not be realized within the expected time period; the risk that integration of the operations of Two Rivers with First Mid will be materially delayed or will be more costly or difficult than expected; the inability to complete the proposed transactions due to the failure to satisfy conditions to completion of the proposed transactions, including failure to obtain the required shareholder and other approvals; the failure of the proposed transactions to close for any other reason; the effect of the announcement of the proposed transactions on customer relationships and operating results; the possibility that the proposed transactions may be more expensive to complete than anticipated, including as a result of unexpected factors or events; changes in interest rates; general economic conditions and those in the market areas of First Mid and Two Rivers; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s and Two Rivers’ loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid and Two Rivers; accounting principles, policies and guidelines; and the ability to complete the proposed transactions or any of the other foregoing risks. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, First Mid and Two Rivers do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.
Important Information about the Merger and Additional Information
First Mid filed a registration statement on Form S-4 with the SEC on December 23, 2025, which as amended, was declared effective on January 16, 2026. The registration statement includes a proxy statement of Two Rivers that also constitutes a prospectus of First Mid. Two Rivers shareholders are urged to read the proxy statement/prospectus when it becomes available, which will contain important information about First Mid, Two Rivers and the proposed transaction, including detailed risk factors. The proxy statement/prospectus and other documents which were filed by First Mid with the SEC will be available free of charge at the SEC’s website, www.sec.gov. These documents also can be obtained free of charge by accessing First Mid’s website at www.firstmid.com under the tab “Investor Relations” and then under “SEC Filings.” Alternatively, when available, these documents can be obtained free of charge from First Mid upon written request to First Mid Bancshares, PO Box 499, Mattoon, IL 61938, Attention: Investor Relations; or from Two Rivers upon written request to Two Rivers Financial Group, Inc., 222 North Main St., Burlington, IA 52601-5214, Attention: Andrea Gerst, CFO. A final proxy statement/prospectus was mailed to the shareholders of Two Rivers on January 23, 2026.
Participants in the Solicitation
First Mid and Two Rivers, and certain of their respective directors, executive officers, and other members of management and employees, are participants in the solicitation of proxies in connection with the proposed transactions. Information about the directors and executive officers of First Mid is set forth in the proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on March 18, 2025. These documents can be obtained free of charge from the sources provided above. Investors may obtain additional information regarding the interests of such participants in the proposed transactions by reading the proxy statement/prospectus for such proposed transactions when it becomes available.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
(d) Exhibits.
Exhibit Index
| Exhibit No. | Description | |
| 99.1 | Press Release, dated January 29, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FIRST MID BANCSHARES, INC. | ||
| Date: January 29, 2026 | By: | /s/ Joseph R. Dively |
| Joseph R. Dively | ||
| Chairman and Chief Executive Officer | ||
EXHIBIT 99.1
First Mid Bancshares, Inc. Announces Fourth Quarter 2025 Results
MATTOON, Ill., Jan. 29, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended December 31, 2025.
Highlights
- Record high quarterly net income of $23.7 million, or $0.99 diluted EPS
- Adjusted quarterly net income* of $25.3 million, or $1.06 diluted EPS
- Total loans of $6.01 billion, quarterly increase of $187.3 million, or 3.2% and an increase of 6.0% for the year
- Total deposits of $6.40 billion, quarterly increase of $105.7 million, or 1.7% and an increase of 5.6% for the year
- Tangible book value per share* increased 4.3% during the quarter to $29.42 and an increase of 20.3% for the year
- Received regulatory approval for the acquisition of Two Rivers Financial Group, Inc.
- Board of Directors declares regular quarterly dividend of $0.25 per share
“We finished off a landmark year for First Mid with record annual earnings per share and net income. Our team executed at the highest levels on key strategic technology projects and now with our new retail online banking and core banking applications implemented, we have improved the customer experience and deployed a more efficient platform for growth. We are pleased with the continued progress towards closing our pending acquisition of Two Rivers Financial Group, Inc. as we received all regulatory approvals in the fourth quarter. We still anticipate closing to occur in the first quarter of 2026 as we enter Iowa with a great partner,” said Joseph Dively, Chairman and CEO.
“Our team was able to capitalize on opportunities late in the fourth quarter to drive over 3% loan growth during the period and 6% for the year. In addition, our commitment to creating shareholder value through a diversified income stream is reflected in the growth of our business lines, including a record year of revenue for both wealth management and insurance,” said Matthew Smith, President.
Net Interest Income
Net interest income for the fourth quarter of 2025 was $66.5 million, an increase of $0.2 million compared to the third quarter of 2025. Accretion income for the fourth quarter was $2.6 million, a decrease of $0.5 million compared to the prior quarter, primarily due to lower accelerated accretion from acquired loans.
In comparison to the fourth quarter of 2024, net interest income increased $7.6 million, or 12.9%. Interest income was higher by $6.1 million, inclusive of a decrease in accretion income of $0.8 million compared to the fourth quarter last year. Interest expense was lower by $1.5 million compared to the fourth quarter of last year.
Net Interest Margin
Net interest margin, on a tax equivalent basis*, was 3.73% for the fourth quarter of 2025 representing a decrease of 7 basis points over the prior quarter, with a majority of the decrease driven by lower accretion income and an increase in interest expense from our sub-debt repricing in mid-October 2025. Excluding the $0.5 million decline in accretion income, net interest margin decreased by 4 basis points for the quarter.
Loan Portfolio
Total loans ended the quarter at $6.01 billion, representing an increase of $187.3 million, or 3.2%, from the prior quarter. The increase was well diversified and included construction and land development, farm real estate, multifamily residential properties, commercial real estate, and commercial and industrial loans. The increase also included greater line of credit utilization at the end of the quarter. Residential real estate and consumer loans saw modest declines in the quarter along with seasonal paydowns in the agricultural operating segment.
For the full year 2025, loan balances increased $338.9 million, or 6.0%. The largest increases were in construction and land development, commercial real estate, agriculture operating lines, and commercial and industrial loans.
Asset Quality
Asset quality remained strong for the quarter as the allowance for credit losses (“ACL”) ended the period at $74.9 million and the ACL to total loans ratio was 1.25%, which was in line with the third quarter of 2025. In addition to the ACL, an unearned discount of $23.4 million remains at quarter end. Provision expense was recorded in the amount of $2.3 million during the quarter with growth in the loan portfolio and net charge-offs of $0.4 million, which is the lowest in 6 quarters. We continued to see credit normalization during the quarter from historical lows. At the end of the fourth quarter, the ratio of non-performing loans to total loans was 0.53%, which was an increase from the prior quarter primarily from two relationships. The borrowers are in different industries and geographies. The larger of these credits is a long-time customer in the consumer finance industry that is currently in discussions to sell their book of business. Minimal future losses are expected from this relationship. The ACL to non-performing loans ratio was 234%, a decrease from the prior quarter due to the addition of the above-mentioned relationships. The ratio of nonperforming assets to total assets increased from 0.30% in the prior quarter to 0.44%. Special mention loans increased by $59.3 million to $120.5 million and substandard loans increased $4.6 million to $80.0 million.
Deposits
Total deposits ended the quarter at $6.40 billion, which represented an increase of $105.7 million, or 1.7%, from the prior quarter. Non-interest-bearing demand deposits declined $57.7 million or 4.0% from the third quarter due to seasonal cash flow fluctuations from a few large depositors. Interest bearing demand deposits grew $193.9 million, or 10.2%.
Non-Interest Income
Non-interest income for the fourth quarter of 2025 was $21.7 million compared to $22.9 million in the prior quarter. The loss from the sale of low yielding bonds totaled $0.4 million and provided proceeds of $9.6 million that were redeployed at higher rates. These losses were lower than the third quarter of 2025 by $1.5 million. The Company paid down $20 million of subordinated debt during the quarter. The payoff included a write-down of subordinated debt-related discount costs totaling $0.3 million. The Company wrote down other investments during the quarter totaling $0.4 million. As part of the core conversion during the quarter and updated general ledger structure, a prospective change in presentation of $1.4 million in real estate sale gains for the year, which have historically been reported in “Other” non-interest income are now presented in “Other” within non-interest expenses. Excluding the aforementioned items, non-interest income for the quarter totaled $24.2 million.
Wealth management revenues for the quarter were $6.6 million, which was an increase of $1.4 million from the prior quarter and $0.3 million from the fourth quarter of 2024. Overall Ag Services revenue was $2.9 million in the period compared to $1.8 million in the prior quarter and $3.0 million in the fourth quarter of 2024. Insurance commissions for the quarter were $7.4 million, which was an increase of $0.4 million compared to the third quarter due to continued organic growth and performance of acquired books of business. Insurance commissions increased $0.6 million compared to the fourth quarter of 2024 from both organic growth and strategic acquisitions.
Non-Interest Expenses
Non-interest expense for the fourth quarter of 2025 totaled $55.9 million compared to $57.1 million in the prior quarter. During the quarter, technology expenses related to the core conversion project totaled $1.0 million. Expenses associated with the pending acquisition of Two Rivers Financial Group, Inc. totaled $0.6 million. Net gains, decreasing non-interest expenses during the quarter were from the sale of real estate and totaled $0.6 million. In addition, the previously mentioned $1.4 million in prior real estate sale gains during 2025 are now presented as other expenses and decreased this total. Excluding the aforementioned items, non-interest expenses for the quarter totaled $56.3 million. As part of the completed core conversion and updated general ledger structure, $2.1 million of “Other” expenses were prospectively changed in presentation to “Net occupancy and equipment expense”. Salaries and benefits expense increased $2.1 million from the prior quarter, driven by incentive compensation tied to the solid end to the year in our wealth management and insurance business lines, sizeable loan production during the quarter, as well as our final incentive compensation true up.
The Company’s efficiency ratio*, as adjusted in the non-GAAP reconciliation table herein, for the fourth quarter of 2025 was 57.55% compared to 58.75% in the prior quarter and 58.76% for the same period last year.
Capital Levels and Dividend
The Company’s capital levels remained strong and above the “well capitalized” levels. Capital levels ended the period as follows:
| Total capital to risk-weighted assets | 15.67% |
| Tier 1 capital to risk-weighted assets | 13.55% |
| Common equity tier 1 capital to risk-weighted assets | 13.16% |
| Leverage ratio | 11.07% |
Tangible book value per share* increased $1.21, or 4.3% during the fourth quarter of 2025. The increase was driven by both earnings and a decrease of $8.7 million related to the unrealized loss position in the Company’s investment portfolio.
The Company’s Board of Directors approved its regular quarterly dividend of $0.25 payable on February 27th, 2026 to the shareholders of record as of February 12th, 2026.
About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $8.0 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, and Wisconsin and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 160 years. More information about the Company is available on our website at www.firstmid.com.
*Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Earnings,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” “Adjusted Tangible Book Value per Common Share,” “Adjusted Return on Assets,” and “Adjusted Return on Average Common Equity”. Refer to non-GAAP reconciliation tables herein for reconciliation to comparable GAAP measures. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.
Forward Looking Statements
This document may contain certain forward-looking statements about First Mid and Two Rivers, such as discussions of First Mid’s and Two Rivers’ pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid and Two Rivers intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid and Two Rivers are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, the possibility that any of the anticipated benefits of the proposed transactions between First Mid and Two Rivers will not be realized within the expected time period; the risk that integration of the operations of Two Rivers with First Mid will be materially delayed or will be more costly or difficult than expected; the inability to complete the proposed transactions due to the failure to satisfy conditions to completion of the proposed transactions, including failure to obtain the required shareholder and other approvals; the failure of the proposed transactions to close for any other reason; the effect of the announcement of the proposed transactions on customer relationships and operating results; the possibility that the proposed transactions may be more expensive to complete than anticipated, including as a result of unexpected factors or events; changes in interest rates; general economic conditions and those in the market areas of First Mid and Two Rivers; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s and Two Rivers’ loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid and Two Rivers; accounting principles, policies and guidelines; and the ability to complete the proposed transactions or any of the other foregoing risks. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, First Mid and Two Rivers do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.
Important Information about the Merger and Additional Information
First Mid filed a registration statement on Form S-4 with the SEC on December 23, 2025, which as amended, was declared effective on January 16, 2026. The registration statement includes a proxy statement of Two Rivers that also constitutes a prospectus of First Mid. Two Rivers shareholders are urged to read the proxy statement/prospectus when it becomes available, which will contain important information about First Mid, Two Rivers and the proposed transaction, including detailed risk factors. The proxy statement/prospectus and other documents which were filed by First Mid with the SEC will be available free of charge at the SEC’s website, www.sec.gov. These documents also can be obtained free of charge by accessing First Mid’s website at www.firstmid.com under the tab “Investor Relations” and then under “SEC Filings.” Alternatively, when available, these documents can be obtained free of charge from First Mid upon written request to First Mid Bancshares, PO Box 499, Mattoon, IL 61938, Attention: Investor Relations; or from Two Rivers upon written request to Two Rivers Financial Group, Inc., 222 North Main St., Burlington, IA 52601-5214, Attention: Andrea Gerst, CFO. A final proxy statement/prospectus was mailed to the shareholders of Two Rivers on January 23, 2026.
Participants in the Solicitation
First Mid and Two Rivers, and certain of their respective directors, executive officers, and other members of management and employees, are participants in the solicitation of proxies in connection with the proposed transactions. Information about the directors and executive officers of First Mid is set forth in the proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on March 18, 2025. These documents can be obtained free of charge from the sources provided above. Investors may obtain additional information regarding the interests of such participants in the proposed transactions by reading the proxy statement/prospectus for such proposed transactions when it becomes available.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Investor Contact:
Austin Frank
SVP, Shareholder Relations
217-258-5522
afrank@firstmid.com
Jordan Read
Chief Financial and Risk Officer
217-258-3528
jread@firstmid.com
– Tables Follow –
| FIRST MID BANCSHARES, INC. | |||||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||||
| (In thousands, unaudited) | |||||||||||||
| As of | |||||||||||||
| December 31, | September 30, | December 31, | |||||||||||
| 2025 | 2025 | 2024 | |||||||||||
| Assets | |||||||||||||
| Cash and cash equivalents | $ | 254,920 | $ | 277,087 | $ | 121,216 | |||||||
| Investment securities | 1,085,499 | 1,098,093 | 1,073,510 | ||||||||||
| Loans (including loans held for sale) | 6,011,374 | 5,824,038 | 5,672,462 | ||||||||||
| Less allowance for credit losses | (74,875 | ) | (72,925 | ) | (70,182 | ) | |||||||
| Net loans | 5,936,499 | 5,751,113 | 5,602,280 | ||||||||||
| Premises and equipment, net | 90,782 | 94,673 | 100,234 | ||||||||||
| Goodwill and intangibles, net | 253,016 | 255,217 | 261,906 | ||||||||||
| Bank Owned Life Insurance | 174,915 | 173,588 | 170,854 | ||||||||||
| Other assets | 171,027 | 180,597 | 189,734 | ||||||||||
| Total assets | $ | 7,966,658 | $ | 7,830,368 | $ | 7,519,734 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||||
| Deposits: | |||||||||||||
| Non-interest bearing | $ | 1,392,534 | $ | 1,450,244 | $ | 1,329,155 | |||||||
| Interest bearing | 5,002,739 | 4,839,299 | 4,727,941 | ||||||||||
| Total deposits | 6,395,273 | 6,289,543 | 6,057,096 | ||||||||||
| Repurchase agreements with customers | 196,716 | 200,506 | 204,122 | ||||||||||
| Other borrowings | 270,000 | 245,000 | 242,520 | ||||||||||
| Junior subordinated debentures | 24,454 | 24,419 | 24,280 | ||||||||||
| Subordinated debt | 60,008 | 79,645 | 87,472 | ||||||||||
| Other liabilities | 61,515 | 59,076 | 57,853 | ||||||||||
| Total liabilities | 7,007,966 | 6,898,189 | 6,673,343 | ||||||||||
| Total stockholders' equity | 958,692 | 932,179 | 846,391 | ||||||||||
| Total liabilities and stockholders' equity | $ | 7,966,658 | $ | 7,830,368 | $ | 7,519,734 | |||||||
| FIRST MID BANCSHARES, INC. | |||||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||||
| (In thousands, except per share data, unaudited) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Interest income: | |||||||||||||||
| Interest and fees on loans | $ | 86,972 | $ | 81,288 | $ | 338,694 | $ | 320,446 | |||||||
| Interest on investment securities | 7,552 | 6,990 | 28,883 | 28,836 | |||||||||||
| Interest on federal funds sold & other deposits | 1,371 | 1,564 | 5,413 | 8,097 | |||||||||||
| Total interest income | 95,895 | 89,842 | 372,990 | 357,379 | |||||||||||
| Interest expense: | |||||||||||||||
| Interest on deposits | 24,462 | 26,144 | 98,327 | 106,919 | |||||||||||
| Interest on securities sold under agreements to repurchase | 987 | 1,333 | 4,490 | 6,448 | |||||||||||
| Interest on other borrowings | 2,341 | 1,917 | 8,401 | 8,673 | |||||||||||
| Interest on jr. subordinated debentures | 433 | 510 | 1,817 | 2,156 | |||||||||||
| Interest on subordinated debt | 1,142 | 988 | 3,790 | 4,454 | |||||||||||
| Total interest expense | 29,365 | 30,892 | 116,825 | 128,650 | |||||||||||
| Net interest income | 66,530 | 58,950 | 256,165 | 228,729 | |||||||||||
| Provision for credit losses | 2,349 | 3,643 | 9,921 | 5,635 | |||||||||||
| Net interest income after provision for credit losses | 64,181 | 55,307 | 246,244 | 223,094 | |||||||||||
| Non-interest income: | |||||||||||||||
| Wealth management revenues | 6,591 | 6,275 | 22,941 | 22,818 | |||||||||||
| Insurance commissions | 7,441 | 6,805 | 32,295 | 28,552 | |||||||||||
| Service charges | 3,161 | 3,058 | 12,297 | 12,362 | |||||||||||
| Net securities losses | (398 | ) | 0 | (2,509 | ) | (433 | ) | ||||||||
| Mortgage banking revenues | 624 | 1,104 | 3,660 | 3,957 | |||||||||||
| ATM/debit card revenue | 3,947 | 4,204 | 16,411 | 16,807 | |||||||||||
| Other | 319 | 4,917 | 7,956 | 12,223 | |||||||||||
| Total non-interest income | 21,685 | 26,363 | 93,051 | 96,286 | |||||||||||
| Non-interest expense: | |||||||||||||||
| Salaries and employee benefits | 35,674 | 31,957 | 134,615 | 124,134 | |||||||||||
| Net occupancy and equipment expense | 11,035 | 7,285 | 36,579 | 30,407 | |||||||||||
| Net other real estate owned expense | 146 | 240 | 539 | 411 | |||||||||||
| FDIC insurance | 880 | 863 | 3,476 | 3,463 | |||||||||||
| Amortization of intangible assets | 2,963 | 3,314 | 12,443 | 13,556 | |||||||||||
| Stationery and supplies | 561 | 642 | 1,770 | 1,885 | |||||||||||
| Legal and professional expense | 2,459 | 5,386 | 10,746 | 12,944 | |||||||||||
| ATM/debit card expense | 1,918 | 2,043 | 6,945 | 6,384 | |||||||||||
| Marketing and donations | 760 | 906 | 3,348 | 3,418 | |||||||||||
| Other | (529 | ) | 3,661 | 11,786 | 18,381 | ||||||||||
| Total non-interest expense | 55,867 | 56,297 | 222,247 | 214,983 | |||||||||||
| Income before income taxes | 29,999 | 25,373 | 117,048 | 104,397 | |||||||||||
| Income taxes | 6,321 | 6,205 | 25,299 | 25,498 | |||||||||||
| Net income | $ | 23,678 | $ | 19,168 | $ | 91,749 | $ | 78,899 | |||||||
| Per Share Information | |||||||||||||||
| Basic earnings per common share | $ | 0.99 | $ | 0.80 | $ | 3.84 | $ | 3.31 | |||||||
| Diluted earnings per common share | 0.99 | 0.80 | 3.83 | 3.30 | |||||||||||
| Weighted average shares outstanding | 23,891,160 | 23,818,806 | 23,873,495 | 23,800,523 | |||||||||||
| Diluted weighted average shares outstanding | 24,000,061 | 23,908,340 | 23,986,508 | 23,895,681 | |||||||||||
| FIRST MID BANCSHARES, INC. | |||||||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||||||
| (In thousands, except per share data, unaudited) | |||||||||||||||||
| For the Quarter Ended | |||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | |||||||||||||
| Interest income: | |||||||||||||||||
| Interest and fees on loans | $ | 86,972 | $ | 87,020 | $ | 84,784 | $ | 79,918 | $ | 81,288 | |||||||
| Interest on investment securities | 7,552 | 7,659 | 6,895 | 6,777 | 6,990 | ||||||||||||
| Interest on federal funds sold & other deposits | 1,371 | 1,456 | 1,722 | 864 | 1,564 | ||||||||||||
| Total interest income | 95,895 | 96,135 | 93,401 | 87,559 | 89,842 | ||||||||||||
| Interest expense: | |||||||||||||||||
| Interest on deposits | 24,462 | 25,179 | 24,964 | 23,722 | 26,144 | ||||||||||||
| Interest on securities sold under agreements to repurchase | 987 | 1,105 | 1,218 | 1,180 | 1,333 | ||||||||||||
| Interest on other borrowings | 2,341 | 2,186 | 2,043 | 1,831 | 1,917 | ||||||||||||
| Interest on jr. subordinated debentures | 433 | 452 | 464 | 468 | 510 | ||||||||||||
| Interest on subordinated debt | 1,142 | 850 | 849 | 949 | 988 | ||||||||||||
| Total interest expense | 29,365 | 29,772 | 29,538 | 28,150 | 30,892 | ||||||||||||
| Net interest income | 66,530 | 66,363 | 63,863 | 59,409 | 58,950 | ||||||||||||
| Provision for credit losses | 2,349 | 3,353 | 2,567 | 1,652 | 3,643 | ||||||||||||
| Net interest income after provision for credit losses | 64,181 | 63,010 | 61,296 | 57,757 | 55,307 | ||||||||||||
| Non-interest income: | |||||||||||||||||
| Wealth management revenues | 6,591 | 5,145 | 5,394 | 5,800 | 6,275 | ||||||||||||
| Insurance commissions | 7,441 | 7,089 | 7,840 | 9,925 | 6,805 | ||||||||||||
| Service charges | 3,161 | 3,240 | 2,995 | 2,901 | 3,058 | ||||||||||||
| Net securities losses | (398 | ) | (1,930 | ) | 0 | (181 | ) | 0 | |||||||||
| Mortgage banking revenues | 624 | 1,255 | 1,070 | 711 | 1,104 | ||||||||||||
| ATM/debit card revenue | 3,947 | 4,182 | 4,636 | 3,646 | 4,204 | ||||||||||||
| Other | 319 | 3,928 | 1,658 | 2,062 | 4,917 | ||||||||||||
| Total non-interest income | 21,685 | 22,909 | 23,593 | 24,864 | 26,363 | ||||||||||||
| Non-interest expense: | |||||||||||||||||
| Salaries and employee benefits | 35,674 | 33,570 | 33,623 | 31,748 | 31,957 | ||||||||||||
| Net occupancy and equipment expense | 11,035 | 9,196 | 7,869 | 8,479 | 7,285 | ||||||||||||
| Net other real estate owned expense | 146 | 217 | 75 | 101 | 240 | ||||||||||||
| FDIC insurance | 880 | 874 | 873 | 849 | 863 | ||||||||||||
| Amortization of intangible assets | 2,963 | 3,128 | 3,121 | 3,231 | 3,314 | ||||||||||||
| Stationary and supplies | 561 | 411 | 367 | 431 | 642 | ||||||||||||
| Legal and professional expense | 2,459 | 2,454 | 2,757 | 3,076 | 5,386 | ||||||||||||
| ATM/debit card expense | 1,918 | 2,052 | 1,144 | 1,831 | 2,043 | ||||||||||||
| Marketing and donations | 760 | 959 | 777 | 852 | 906 | ||||||||||||
| Other | (529 | ) | 4,285 | 4,156 | 3,874 | 3,661 | |||||||||||
| Total non-interest expense | 55,867 | 57,146 | 54,762 | 54,472 | 56,297 | ||||||||||||
| Income before income taxes | 29,999 | 28,773 | 30,127 | 28,149 | 25,373 | ||||||||||||
| Income taxes | 6,321 | 6,311 | 6,689 | 5,978 | 6,205 | ||||||||||||
| Net income | $ | 23,678 | $ | 22,462 | $ | 23,438 | $ | 22,171 | $ | 19,168 | |||||||
| Per Share Information | |||||||||||||||||
| Basic earnings per common share | $ | 0.99 | $ | 0.94 | $ | 0.98 | $ | 0.93 | $ | 0.80 | |||||||
| Diluted earnings per common share | 0.99 | 0.94 | 0.98 | 0.93 | 0.80 | ||||||||||||
| Weighted average shares outstanding | 23,891,160 | 23,876,020 | 23,867,592 | 23,858,817 | 23,818,806 | ||||||||||||
| Diluted weighted average shares outstanding | 24,000,061 | 23,997,198 | 23,988,974 | 23,959,228 | 23,908,340 | ||||||||||||
| FIRST MID BANCSHARES, INC. | ||||||||||||||||||||
| Consolidated Financial Highlights and Ratios | ||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| As of and for the Quarter Ended | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | ||||||||||||||||
| Loan Portfolio | ||||||||||||||||||||
| Construction and land development | $ | 360,687 | $ | 336,795 | $ | 298,812 | $ | 269,148 | $ | 236,093 | ||||||||||
| Farm real estate loans | 373,408 | 367,473 | 381,517 | 373,413 | 390,760 | |||||||||||||||
| 1-4 Family residential properties | 489,854 | 495,537 | 495,787 | 488,139 | 496,597 | |||||||||||||||
| Multifamily residential properties | 339,482 | 330,549 | 360,604 | 356,858 | 332,644 | |||||||||||||||
| Commercial real estate | 2,564,670 | 2,432,180 | 2,393,640 | 2,397,985 | 2,417,585 | |||||||||||||||
| Loans secured by real estate | 4,128,101 | 3,962,534 | 3,930,360 | 3,885,543 | 3,873,679 | |||||||||||||||
| Agricultural operating loans | 308,275 | 311,594 | 306,374 | 296,811 | 239,671 | |||||||||||||||
| Commercial and industrial loans | 1,381,598 | 1,349,863 | 1,324,653 | 1,303,712 | 1,335,920 | |||||||||||||||
| Consumer loans | 31,918 | 36,317 | 41,604 | 47,220 | 53,960 | |||||||||||||||
| All other loans | 161,482 | 163,730 | 164,008 | 165,572 | 169,232 | |||||||||||||||
| Total loans | 6,011,374 | 5,824,038 | 5,766,999 | 5,698,858 | 5,672,462 | |||||||||||||||
| Deposit Portfolio | ||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 1,392,534 | $ | 1,450,244 | $ | 1,321,446 | $ | 1,394,590 | $ | 1,329,155 | ||||||||||
| Interest bearing demand deposits | 2,095,370 | 1,901,516 | 1,947,744 | 1,814,427 | 1,907,733 | |||||||||||||||
| Savings deposits | 639,412 | 617,311 | 632,925 | 643,289 | 636,427 | |||||||||||||||
| Money Market | 1,138,464 | 1,184,964 | 1,206,140 | 1,215,420 | 1,196,537 | |||||||||||||||
| Time deposits | 1,129,493 | 1,135,508 | 1,081,944 | 1,062,654 | 987,244 | |||||||||||||||
| Total deposits | 6,395,273 | 6,289,543 | 6,190,199 | 6,130,380 | 6,057,096 | |||||||||||||||
| Asset Quality | ||||||||||||||||||||
| Non-performing loans | $ | 31,948 | $ | 22,199 | $ | 21,895 | $ | 26,598 | $ | 29,835 | ||||||||||
| Non-performing assets | 34,807 | 23,670 | 23,572 | 28,703 | 32,030 | |||||||||||||||
| Net charge-offs (recoveries) | 399 | 1,588 | 1,458 | 1,783 | 2,235 | |||||||||||||||
| Allowance for credit losses to non-performing loans | 234.37 | % | 328.51 | % | 325.00 | % | 263.36 | % | 235.23 | % | ||||||||||
| Allowance for credit losses to total loans outstanding | 1.25 | % | 1.25 | % | 1.23 | % | 1.23 | % | 1.24 | % | ||||||||||
| Nonperforming loans to total loans | 0.53 | % | 0.38 | % | 0.38 | % | 0.47 | % | 0.53 | % | ||||||||||
| Nonperforming assets to total assets | 0.44 | % | 0.30 | % | 0.31 | % | 0.38 | % | 0.43 | % | ||||||||||
| Special Mention loans | 120,510 | 61,195 | 81,815 | 74,019 | 57,848 | |||||||||||||||
| Substandard and Doubtful loans | 79,956 | 75,309 | 39,031 | 33,884 | 35,516 | |||||||||||||||
| Common Share Data | ||||||||||||||||||||
| Common shares outstanding | 23,986,299 | 23,996,833 | 23,988,845 | 23,981,916 | 23,895,807 | |||||||||||||||
| Book value per common share | $ | 39.97 | $ | 38.85 | $ | 37.27 | $ | 36.32 | $ | 35.42 | ||||||||||
| Tangible book value per common share (1) | 29.42 | 28.21 | 26.62 | 25.53 | 24.46 | |||||||||||||||
| Tangible book value per common share excluding other comprehensive income at period end (1) | 33.64 | 32.79 | 32.07 | 31.21 | 30.42 | |||||||||||||||
| Market price of stock | 39.00 | 37.88 | 37.49 | 34.90 | 36.82 | |||||||||||||||
| Key Performance Ratios and Metrics | ||||||||||||||||||||
| End of period earning assets | $ | 7,325,978 | $ | 7,101,811 | $ | 6,924,934 | $ | 6,844,096 | $ | 6,775,075 | ||||||||||
| Average earning assets | 7,168,176 | 7,014,675 | 6,975,783 | 6,769,858 | 6,884,303 | |||||||||||||||
| Average rate on average earning assets (tax equivalent) | 5.35 | % | 5.48 | % | 5.41 | % | 5.29 | % | 5.24 | % | ||||||||||
| Average rate on cost of funds | 1.71 | % | 1.75 | % | 1.75 | % | 1.74 | % | 1.83 | % | ||||||||||
| Net interest margin (tax equivalent) (1)(2) | 3.73 | % | 3.80 | % | 3.72 | % | 3.60 | % | 3.41 | % | ||||||||||
| Return on average assets | 1.21 | % | 1.17 | % | 1.20 | % | 1.19 | % | 1.01 | % | ||||||||||
| Adjusted return on average assets (1) | 1.30 | % | 1.21 | % | 1.23 | % | 1.23 | % | 1.10 | % | ||||||||||
| Return on average common equity | 10.01 | % | 9.95 | % | 10.52 | % | 10.35 | % | 9.04 | % | ||||||||||
| Adjusted return on average common equity (1) | 10.71 | % | 10.34 | % | 10.80 | % | 10.78 | % | 9.80 | % | ||||||||||
| Efficiency ratio (tax equivalent) (1) | 57.55 | % | 58.75 | % | 58.09 | % | 58.88 | % | 58.76 | % | ||||||||||
| Full-time equivalent employees | 1,170 | 1,178 | 1,190 | 1,194 | 1,198 | |||||||||||||||
| 1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. | ||||||||||||||||||||
| 2 During the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and research analysts. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets. | ||||||||||||||||||||
| FIRST MID BANCSHARES, INC. | |||||||||
| Net Interest Margin | |||||||||
| (In thousands, unaudited) | |||||||||
| For the Quarter Ended December 31, 2025 | |||||||||
| QTD Average | Average | ||||||||
| Balance | Interest | Rate | |||||||
| INTEREST EARNING ASSETS | |||||||||
| Interest bearing deposits | $ | 166,801 | $ | 1,354 | 3.22 | % | |||
| Federal funds sold | 76 | 1 | 5.22 | % | |||||
| Certificates of deposit investments | 1,523 | 16 | 4.17 | % | |||||
| Investment Securities | 1,123,304 | 8,041 | 2.86 | % | |||||
| Loans (net of unearned income) | 5,876,472 | 87,267 | 5.89 | % | |||||
| Total interest earning assets | 7,168,176 | 96,679 | 5.35 | % | |||||
| NONEARNING ASSETS | |||||||||
| Other nonearning assets | 716,463 | ||||||||
| Allowance for loan losses | (73,813 | ) | |||||||
| Total assets | $ | 7,810,826 | |||||||
| INTEREST BEARING LIABILITIES | |||||||||
| Demand deposits | $ | 3,165,580 | $ | 14,835 | 1.86 | % | |||
| Savings deposits | 628,895 | 273 | 0.17 | % | |||||
| Time deposits | 1,120,841 | 9,354 | 3.31 | % | |||||
| Total interest bearing deposits | 4,915,316 | 24,462 | 1.97 | % | |||||
| Repurchase agreements | 204,558 | 987 | 1.91 | % | |||||
| FHLB advances | 257,500 | 2,339 | 3.60 | % | |||||
| Federal funds purchased | 109 | 2 | 0.00 | % | |||||
| Subordinated debt | 62,965 | 1,142 | 7.20 | % | |||||
| Jr. subordinated debentures | 24,435 | 433 | 7.03 | % | |||||
| Total borrowings | 549,567 | 4,903 | 3.54 | % | |||||
| Total interest bearing liabilities | 5,464,883 | 29,365 | 2.13 | % | |||||
| NONINTEREST BEARING LIABILITIES | |||||||||
| Demand deposits | 1,342,458 | Avg Cost of Funds | 1.71 | % | |||||
| Other liabilities | 57,335 | ||||||||
| Stockholders' equity | 946,150 | ||||||||
| Total liabilities & stockholders' equity | $ | 7,810,826 | |||||||
| Net Interest Earnings / Spread | $ | 67,314 | 3.22 | % | |||||
| Tax effected yield on interest earning assets | 3.73 | % | |||||||
| Tax equivalent net interest margin is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. | |||||||||
| FIRST MID BANCSHARES, INC. | |||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||
| (In thousands, unaudited) | |||||||||||||||||||
| As of and for the Quarter Ended | |||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | |||||||||||||||
| Net interest income as reported | $ | 66,530 | $ | 66,363 | $ | 63,863 | $ | 59,409 | $ | 58,950 | |||||||||
| Net interest income, (tax equivalent) | 67,314 | 67,143 | 64,634 | 60,162 | 59,717 | ||||||||||||||
| Average earning assets | 7,168,176 | 7,014,675 | 6,975,783 | 6,769,858 | 6,884,303 | ||||||||||||||
| Net interest margin (tax equivalent) | 3.73 | % | 3.80 | % | 3.72 | % | 3.60 | % | 3.41 | % | |||||||||
| Common stockholder's equity | $ | 958,692 | $ | 932,179 | $ | 894,140 | $ | 870,949 | $ | 846,391 | |||||||||
| Goodwill and intangibles, net | 253,016 | 255,217 | 255,547 | 258,671 | 261,906 | ||||||||||||||
| Common shares outstanding | 23,986 | 23,997 | 23,989 | 23,982 | 23,896 | ||||||||||||||
| Tangible Book Value per common share | $ | 29.42 | $ | 28.21 | $ | 26.62 | $ | 25.53 | $ | 24.46 | |||||||||
| Accumulated other comprehensive loss (AOCI) | (101,301 | ) | (110,012 | ) | (130,710 | ) | (136,097 | ) | (142,383 | ) | |||||||||
| Adjusted tangible book value per common share | $ | 33.64 | $ | 32.79 | $ | 32.07 | $ | 31.21 | $ | 30.42 | |||||||||
| FIRST MID BANCSHARES, INC. | |||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||
| (In thousands, except per share data, unaudited) | |||||||||||||||||||
| As of and for the Quarter Ended | |||||||||||||||||||
| December, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | |||||||||||||||
| Adjusted earnings Reconciliation | |||||||||||||||||||
| Net Income - GAAP | $ | 23,678 | $ | 22,462 | $ | 23,438 | $ | 22,171 | $ | 19,168 | |||||||||
| Adjustments (post-tax) (1) | |||||||||||||||||||
| Net (gain)/loss on securities sales | 314 | 1,525 | - | 143 | - | ||||||||||||||
| Net (gain)/loss on subordinated debt repayment | 237 | - | - | - | - | ||||||||||||||
| Net (gain)/loss on other investments | 349 | - | - | - | - | ||||||||||||||
| Technology project expenses | 761 | 360 | 246 | 728 | 1,710 | ||||||||||||||
| Net (gain)/loss on real estate | (443 | ) | (1,033 | ) | - | - | - | ||||||||||||
| Severance expense | - | 15 | - | - | - | ||||||||||||||
| Integration and acquisition expenses | 434 | 13 | 3 | 41 | - | ||||||||||||||
| Total adjustments (non-GAAP) | $ | 1,652 | $ | 880 | $ | 249 | $ | 912 | $ | 1,710 | |||||||||
| Adjusted earnings - non-GAAP | $ | 25,330 | $ | 23,342 | $ | 23,687 | $ | 23,083 | $ | 20,878 | |||||||||
| Adjusted diluted earnings per share (non-GAAP) | $ | 1.06 | $ | 0.97 | $ | 0.99 | $ | 0.96 | $ | 0.87 | |||||||||
| Adjusted return on average assets (non-GAAP) | 1.30 | % | 1.21 | % | 1.23 | % | 1.23 | % | 1.10 | % | |||||||||
| Adjusted return on average common equity (non-GAAP) | 10.71 | % | 10.34 | % | 10.80 | % | 10.78 | % | 9.80 | % | |||||||||
| Efficiency Ratio Reconciliation | |||||||||||||||||||
| Noninterest expense - GAAP | $ | 55,867 | $ | 57,146 | $ | 54,762 | $ | 54,472 | $ | 56,297 | |||||||||
| Other real estate owned property income (expense) | (76 | ) | (217 | ) | (75 | ) | (101 | ) | (240 | ) | |||||||||
| Amortization of intangibles | (2,963 | ) | (3,128 | ) | (3,121 | ) | (3,231 | ) | (3,314 | ) | |||||||||
| Gain/(loss) on real estate | 560 | (95 | ) | - | - | - | |||||||||||||
| Severance expense | - | (19 | ) | - | - | - | |||||||||||||
| Technology project expense | (963 | ) | (456 | ) | (311 | ) | (921 | ) | (2,164 | ) | |||||||||
| Integration and acquisition expenses | (549 | ) | (17 | ) | (4 | ) | (52 | ) | - | ||||||||||
| Adjusted noninterest expense (non-GAAP) | $ | 51,876 | $ | 53,214 | $ | 51,251 | $ | 50,167 | $ | 50,579 | |||||||||
| Net interest income -GAAP | $ | 66,530 | $ | 66,363 | $ | 63,863 | $ | 59,409 | $ | 58,950 | |||||||||
| Effect of tax-exempt income(1) | 784 | 780 | 771 | 753 | 767 | ||||||||||||||
| Adjusted net interest income (non-GAAP) | $ | 67,314 | $ | 67,143 | $ | 64,634 | $ | 60,162 | $ | 59,717 | |||||||||
| Noninterest income - GAAP | $ | 21,685 | $ | 22,909 | $ | 23,593 | $ | 24,864 | $ | 26,363 | |||||||||
| Gain on real estate sales | 0 | (1,403 | ) | - | - | - | |||||||||||||
| Net (gain)/loss on securities sales | 398 | 1,930 | - | 181 | - | ||||||||||||||
| Net (gain)/loss on subordinated debt repayment | 300 | - | - | - | - | ||||||||||||||
| Net (gain)/loss on other investments | 442 | - | - | - | - | ||||||||||||||
| Adjusted noninterest income (non-GAAP) | $ | 22,825 | $ | 23,436 | $ | 23,593 | $ | 25,045 | $ | 26,363 | |||||||||
| Adjusted total revenue (non-GAAP) | $ | 90,139 | $ | 90,579 | $ | 88,227 | $ | 85,207 | $ | 86,080 | |||||||||
| Efficiency ratio (non-GAAP) | 57.55 | % | 58.75 | % | 58.09 | % | 58.88 | % | 58.76 | % | |||||||||
| (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%. | |||||||||||||||||||