First Mid Bancshares, Inc. Announces Second Quarter 2026 Results

First Mid Bancshares, Inc. Announces Second Quarter 2026 Results MATTOON, Ill., July 23, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended June 30, 2026. Highlights Net income of $27.8 million, or $1.04 diluted EPSAdjusted quarterly net income* of $33.4 million, or $1.26 diluted EPSSuccessfully completed the bank merger of Two Rivers Bank & Trust (“Two Rivers”) into First Mid Bank & Trust (“First Mid”)Total loans of $6.93 billion, quarterly decrease of $9.9 millionTotal deposits of $7.57 billion, quarterly increase of $23.9 millionTangible book value per share* increased 3.7% during the quarter to $31.15Net interest margin, tax equivalent* expanded to 3.79%, quarterly increase of 1 basis pointQuarterly adjusted return on average assets* of 1.45%Repurchased 21,872 shares and the Board of Directors declared a $0.01 increase in the quarterly dividend to $0.26 per share “First Mid delivered strong results for the period, highlighted by a record high quarter of earnings and a successful integration with Two Rivers. Despite the nonrecurring expenses tied to the integration, we grew our tangible book value at a solid pace and continued to deploy capital to build long-term shareholder value through opportunistic share repurchases, increasing our dividend, and paying off higher cost subordinated debt. The employees and customers of Two Rivers have embraced us like no other and I am really excited about our future,” said Matthew Smith, Chief Executive Officer. Net Interest Income Net interest income for the second quarter of 2026 was $79.7 million, an increase of $8.9 million compared to the first quarter of 2026. The increase was primarily driven by the inclusion of two additional months of Two Rivers’ results as compared to the first quarter, repricing benefits from retention of maturing loans at higher rates, and prudent deployment and management of cash coming off the investment portfolio and on the balance sheet. Accretion income for the second quarter was $3.8 million, an increase of $0.4 million compared to the prior quarter, primarily due to the additional months from Two Rivers. In comparison to the second quarter of 2025, net interest income increased $15.8 million, or 24.7%. Interest income was higher by $21.5 million, inclusive of a $0.4 million increase in accretion income. Interest expense was higher by $5.7 million compared to the second quarter of last year primarily from higher overall deposit balances including the addition of Two Rivers. Net Interest Margin Net interest margin, on a tax equivalent basis*, was 3.79% for the second quarter of 2026 representing an increase of 1 basis point over the prior quarter. The yield on earning assets improved by 9 basis points for the second quarter while the average cost of funds increased 8 basis points with the additional months from Two Rivers and overall deposit pricing competition. Loan Portfolio Total loans ended the quarter at $6.93 billion, representing a decrease of $9.9 million for the quarter on a combination of elevated payoffs and disciplined pricing decisions. The decrease for the quarter was primarily in multifamily residential properties and agricultural operating loans. The decline in the multifamily portfolio primarily occurred from collateral sales and subsequent payoffs. Both declines occurred in legacy markets and were not Two Rivers related. The Iowa loan portfolio balances have remained steady. Asset Quality Asset quality for the quarter was consistent with the prior period as the allowance for credit losses (“ACL”) ended the period at $87.0 million and the ACL to total loans ratio was 1.25%, which was in line with the first quarter of 2026. In addition to the overall ACL, an unearned discount of $40.9 million remains at quarter end. Provision expenses were recorded in the amount of $1.5 million and net charge-offs totaled $1.4 million during the quarter. Overall criticized assets declined by $9.7 million during the quarter. Special mention loans decreased by $40.5 million to $139.2 million. Substandard loans increased by $30.8 million to $139.9 million. The migration from special mention to substandard was primarily from downgrades in the agricultural segment. This continues to be driven by strained cash flows; however borrower balance sheets remain strong, with no significant losses anticipated from this segment. At the end of the second quarter, non-performing loans totaled $41.3 million, a decrease of $2.8 million during the quarter. The ratio of non-performing loans to total loans was 0.60%, which was a decrease from 0.63% in the prior quarter. The ACL to non-performing loans ratio was 211%, an increase from the prior quarter primarily from the decline in non-performing loans in the quarter. The ratio of non-performing assets to total assets decreased from 0.53% in the prior quarter to 0.51% in the current period. Deposits Total deposits ended the quarter at $7.57 billion, which represented an increase of $23.9 million from the prior quarter. Money market accounts had the largest growth compared to the prior quarter with a $66.4 million increase. The average cost of interest-bearing deposits for the quarter was 1.98%, an increase of 8 basis points from the end of the previous quarter, partially due to two additional months of Two Rivers as well as continued deposit pricing competition. Non-Interest Income Non-interest income for the second quarter of 2026 was $28.8 million compared to $26.4 million in the prior quarter and $23.6 million in the second quarter of 2025. Wealth management revenues for the quarter were $8.2 million. Revenues increased $1.8 million compared to the first quarter which included two additional months of Two Rivers wealth management revenues. Overall Ag Services revenue was $1.9 million in the period compared to $2.5 million in the prior quarter and $2.3 million in the second quarter of 2025. Insurance commissions for the quarter were $8.9 million, which was an increase of $1.0 million compared to the second quarter of 2025. Second quarter insurance commissions were $1.9 million lower than the first quarter due to the seasonality of contingent revenues. Non-Interest Expenses Non-interest expense for the second quarter of 2026 totaled $70.6 million compared to $60.7 million in the first quarter of 2026. During the quarter, acquisition-related expenses related to Two Rivers totaled $7.1 million. In addition to one-time merger-related expenses, the Company’s annual merit and promotional cycle occurred in April leading to an increase in salaries and benefits expense. The Company’s efficiency ratio*, as adjusted in the non-GAAP reconciliation table herein, for the second quarter of 2026 was 54.39% compared to 55.86% in the prior quarter and 58.09% 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 assets15.41%Tier 1 capital to risk-weighted assets13.87%Common equity tier 1 capital to risk-weighted assets13.40%Leverage ratio10.92%  Tangible book value per share* increased $1.11, or 3.7% during the second quarter of 2026. The increase was driven by earnings and a decrease of $3.9 million in the unrealized loss position in the Company’s investment portfolio. During the quarter, the Company paid off $27.5 million of subordinated debt with $7.5 million in cash on hand and $20.0 million from a new term note financed at a lower rate. The Company’s Board of Directors approved an increase of $0.01 to its quarterly dividend to $0.26 payable on September 1st, 2026 to the shareholders of record as of August 18th, 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 $9.2 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, Wisconsin, and Iowa 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 Income,” “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 Average 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 Bancshares, Inc. (the “Company”), such as discussions of the completed merger of Two Rivers Bank & Trust (“Two Rivers”) into First Mid Bank & Trust (“First Mid”), the Company’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses, capital management, and planned schedules. The Company intends 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 the Company, 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, changes in interest rates; general economic conditions and those in the market areas of the Company and First Mid; 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 the Company’s 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 the Company and First Mid; and accounting principles, policies and guidelines. Additional information concerning the Company, including additional factors and risks that could materially affect the Company’s financial results, is included in the Company’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, the Company does not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise. Investor Contact: Austin Frank SVP, Director of Investor 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 June 30, December 31, June 30, 2026 2025 2025 Assets Cash and cash equivalents$303,853 $254,920 $190,017 Investment securities 1,290,563 1,085,499 1,085,701 Loans (including loans held for sale) 6,934,342 6,011,374 5,766,999 Less allowance for credit losses (86,989) (74,875) (71,160)Net loans 6,847,353 5,936,499 5,695,839 Premises and equipment, net 101,879 90,782 97,740 Goodwill and intangibles, net 273,456 253,016 255,547 Bank Owned Life Insurance 187,134 174,915 172,333 Other assets 205,729 171,027 183,298 Total assets$9,209,967 $7,966,658 $7,680,475 Liabilities and Stockholders' Equity Deposits: Non-interest bearing$1,486,592 $1,392,534 $1,321,446 Interest bearing 6,084,952 5,002,739 4,868,753 Total deposits 7,571,544 6,395,273 6,190,199 Repurchase agreements with customers 196,991 196,716 193,941 Other borrowings 209,567 270,000 245,000 Junior subordinated debentures 32,705 24,454 24,384 Subordinated debt 34,077 60,008 79,590 Other liabilities 63,339 61,515 53,221 Total liabilities 8,108,223 7,007,966 6,786,335 Total stockholders' equity 1,101,744 958,692 894,140 Total liabilities and stockholders' equity$9,209,967 $7,966,658 $7,680,475 FIRST MID BANCSHARES, INC.Condensed Consolidated Statements of Income(In thousands, except per share data and share amounts, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Interest income: Interest and fees on loans$102,668 $84,784 $193,654 $164,702 Interest on investment securities 9,375 6,895 17,260 13,672 Interest on federal funds sold & other deposits 2,841 1,722 4,590 2,586 Total interest income 114,884 93,401 215,504 180,960 Interest expense: Interest on deposits 30,328 24,964 55,102 48,686 Interest on securities sold under agreements to repurchase 1,030 1,218 2,055 2,398 Interest on other borrowings 2,579 2,043 4,977 3,874 Interest on subordinated debt 710 849 1,880 1,798 Interest on jr. subordinated debentures 578 464 1,046 932 Total interest expense 35,225 29,538 65,060 57,688 Net interest income 79,659 63,863 150,444 123,272 Provision for credit losses 1,545 2,567 4,143 4,219 Net interest income after provision for credit losses 78,114 61,296 146,301 119,053 Non-interest income: Wealth management revenues 8,206 5,394 14,581 11,205 Insurance commissions 8,870 7,840 19,677 17,765 Service charges 3,459 2,995 6,539 5,896 Net securities gains/(losses) 63 0 83 (181)Mortgage banking revenues 814 1,070 1,535 1,781 ATM/debit card revenue 4,799 4,636 8,934 8,282 Other 2,622 1,658 3,925 3,709 Total non-interest income 28,833 23,593 55,274 48,457 Non-interest expense: Salaries and employee benefits 38,460 33,623 73,476 65,371 Net occupancy and equipment expense 10,892 7,869 20,718 16,348 Net other real estate owned expense 218 75 430 176 FDIC insurance 1,063 873 2,003 1,722 Amortization of intangible assets 3,878 3,121 7,179 6,352 Stationery and supplies 311 367 613 798 Legal and professional expense 2,760 2,757 5,460 5,833 ATM/debit card expense 2,218 1,144 4,025 2,975 Marketing and donations 818 777 1,642 1,629 Other 10,009 4,156 15,806 8,030 Total non-interest expense 70,627 54,762 131,352 109,234 Income before income taxes 36,320 30,127 70,223 58,276 Income taxes 8,531 6,689 16,107 12,667 Net income$27,789 $23,438 $54,116 $45,609 Per Share Information Basic earnings per common share$1.05 $0.98 $2.11 $1.91 Diluted earnings per common share 1.04 0.98 2.10 1.90 Weighted average shares outstanding 26,458,805 23,867,592 25,622,671 23,863,229 Diluted weighted average shares outstanding 26,604,784 23,988,974 25,754,019 23,974,183 FIRST MID BANCSHARES, INC.Condensed Consolidated Statements of Income(In thousands, except per share data and share amounts, unaudited) For the Quarter Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025Interest income: Interest and fees on loans $102,668 $90,986 $86,972 $87,020 $84,784Interest on investment securities 9,375 7,885 7,552 7,659 6,895Interest on federal funds sold & other deposits 2,841 1,749 1,371 1,456 1,722Total interest income 114,884 100,620 95,895 96,135 93,401Interest expense: Interest on deposits 30,328 24,774 24,462 25,179 24,964Interest on securities sold under agreements to repurchase 1,030 1,025 987 1,105 1,218Interest on other borrowings 2,579 2,398 2,341 2,186 2,043Interest on subordinated debt 710 1,170 1,142 850 849Interest on jr. subordinated debentures 578 468 433 452 464Total interest expense 35,225 29,835 29,365 29,772 29,538Net interest income 79,659 70,785 66,530 66,363 63,863Provision for credit losses 1,545 2,598 2,349 3,353 2,567Net interest income after provision for credit losses 78,114 68,187 64,181 63,010 61,296Non-interest income: Wealth management revenues 8,206 6,375 6,591 5,145 5,394Insurance commissions 8,870 10,807 7,441 7,089 7,840Service charges 3,459 3,080 3,161 3,240 2,995Net securities gains/(losses) 63 20 (398) (1,930) 0Mortgage banking revenues 814 721 624 1,255 1,070ATM/debit card revenue 4,799 4,135 3,947 4,182 4,636Other 2,622 1,303 319 3,928 1,658Total non-interest income 28,833 26,441 21,685 22,909 23,593Non-interest expense: Salaries and employee benefits 38,460 35,016 35,674 33,570 33,623Net occupancy and equipment expense 10,892 9,826 11,035 9,196 7,869Net other real estate owned expense 218 212 146 217 75FDIC insurance 1,063 940 880 874 873Amortization of intangible assets 3,878 3,301 2,963 3,128 3,121Stationery and supplies 311 302 561 411 367Legal and professional expense 2,760 2,700 2,459 2,454 2,757ATM/debit card expense 2,218 1,807 1,918 2,052 1,144Marketing and donations 818 824 760 959 777Other 10,009 5,797 (529) 4,285 4,156Total non-interest expense 70,627 60,725 55,867 57,146 54,762Income before income taxes 36,320 33,903 29,999 28,773 30,127Income taxes 8,531 7,576 6,321 6,311 6,689Net income $27,789 $26,327 $23,678 $22,462 $23,438 Per Share Information Basic earnings per common share $1.05 $1.06 $0.99 $0.94 $0.98Diluted earnings per common share 1.04 1.06 0.99 0.94 0.98 Weighted average shares outstanding 26,458,805 24,777,247 23,891,160 23,876,020 23,867,592Diluted weighted average shares outstanding 26,604,784 24,893,802 24,000,061 23,997,198 23,988,974 FIRST MID BANCSHARES, INC.Consolidated Financial Highlights and Ratios(Dollars in thousands, except per share data)(Unaudited) As of and for the Quarter Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Loan Portfolio Construction and land development $361,748 $316,723 $360,687 $336,795 $298,812 Farm real estate loans 422,537 400,783 373,408 367,473 381,517 1-4 Family residential properties 733,869 734,053 489,854 495,537 495,787 Multifamily residential properties 390,847 456,185 339,482 330,549 360,604 Commercial real estate 2,923,176 2,948,024 2,564,670 2,432,180 2,393,640 Loans secured by real estate 4,832,177 4,855,768 4,128,101 3,962,534 3,930,360 Agricultural operating loans 356,814 370,931 308,275 311,594 306,374 Commercial and industrial loans 1,502,951 1,499,079 1,381,598 1,349,863 1,324,653 Consumer loans 35,478 39,597 31,918 36,317 41,604 All other loans 206,922 178,901 161,482 163,730 164,008 Total loans 6,934,342 6,944,276 6,011,374 5,824,038 5,766,999 Deposit Portfolio Non-interest bearing demand deposits $1,486,592 $1,489,747 $1,392,534 $1,450,244 $1,321,446 Interest bearing demand deposits 2,435,498 2,394,069 2,095,370 1,901,516 1,947,744 Savings deposits 711,999 781,451 639,412 617,311 632,925 Money Market 1,373,685 1,307,240 1,138,464 1,184,964 1,206,140 Time deposits 1,563,770 1,575,132 1,129,493 1,135,508 1,081,944 Total deposits 7,571,544 7,547,639 6,395,273 6,289,543 6,190,199 Asset Quality Non-performing loans $41,293 $44,074 $31,948 $22,199 $21,895 Non-performing assets 47,098 49,621 34,807 23,670 23,572 Net charge-offs (recoveries) 1,370 1,500 399 1,588 1,458 Allowance for credit losses to non-performing loans 210.66% 196.98% 234.37% 328.51% 325.00%Allowance for credit losses to total loans outstanding 1.25% 1.25% 1.25% 1.25% 1.23%Nonperforming loans to total loans 0.60% 0.63% 0.53% 0.38% 0.38%Nonperforming assets to total assets 0.51% 0.53% 0.44% 0.30% 0.31%Special Mention loans 139,154 179,648 120,510 61,195 81,815 Substandard and Doubtful loans 139,902 109,127 79,956 75,309 39,031 Common Share Data Common shares outstanding 26,594,524 26,609,307 23,986,299 23,996,833 23,988,845 Book value per common share $41.43 $40.46 $39.97 $38.85 $37.27 Tangible book value per share(1) 31.15 30.04 29.42 28.21 26.62 Tangible book value per share excluding other comprehensive income at period end(1) 35.09 34.12 33.64 32.79 32.07 Market price of stock 48.09 41.19 39.00 37.88 37.49 Key Performance Ratios and Metrics End of period earning assets $8,496,204 $8,574,933 $7,325,978 $7,101,811 $6,924,934 Average earning assets 8,520,559 7,670,723 7,168,176 7,014,675 6,975,783 Average rate on average earning assets (tax equivalent) 5.45% 5.36% 5.35% 5.48% 5.41%Average rate on cost of funds 1.75% 1.67% 1.71% 1.75% 1.75%Net interest margin (tax equivalent)(1) 3.79% 3.78% 3.73% 3.80% 3.72%Return on average assets 1.20% 1.26% 1.21% 1.17% 1.20%Adjusted return on average assets(1) 1.45% 1.37% 1.30% 1.21% 1.23%Return on average common equity 10.19% 10.45% 10.01% 9.95% 10.52%Adjusted return on average common equity(1) 12.25% 11.29% 10.71% 10.34% 10.80%Efficiency ratio (tax equivalent)(1) 54.39% 55.86% 57.55% 58.75% 58.09%Full-time equivalent employees 1,316 1,335 1,170 1,178 1,190 1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. FIRST MID BANCSHARES, INC.Net Interest Margin(Dollars in thousands, unaudited) For the Quarter Ended June 30, 2026 QTD Average Average Balance Interest RateINTEREST EARNING ASSETS Interest bearing deposits$328,363 $2,801 3.42%Federal funds sold 793 6 3.03%Certificates of deposits investments 3,350 34 4.07%Investment Securities 1,247,888 9,868 3.16%Loans (net of unearned income) 6,940,165 102,976 5.95% Total interest earning assets 8,520,559 115,685 5.45% NONEARNING ASSETS Other nonearning assets 793,920 Allowance for loan losses (87,449) Total assets$9,227,030 INTEREST BEARING LIABILITIES Demand deposits$3,855,881 $17,237 1.79%Savings deposits 757,972 464 0.25%Time deposits 1,543,651 12,628 3.28%Total interest bearing deposits 6,157,504 30,329 1.98%Repurchase agreements 200,906 1,030 2.06%FHLB advances 242,163 2,115 3.50%Subordinated debt 36,897 710 7.72%Jr. subordinated debentures 34,045 578 6.81%Other debt 37,149 464 5.01%Total borrowings 551,161 4,897 3.56%Total interest bearing liabilities 6,708,665 35,226 2.11% NONINTEREST BEARING LIABILITIES Demand deposits 1,365,854 Avg Cost of Funds1.75%Other liabilities 62,134 Stockholders' equity 1,090,377 Total liabilities & stockholders' equity$9,227,030 Net Interest Earnings / Spread $80,459 3.34% Tax effected yield on interest earning assets 3.79% Net interest margin, tax equivalent is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. FIRST MID BANCSHARES, INC.Reconciliation of Non-GAAP Financial Measures(Dollars in thousands, except per share data, unaudited) As of and for the Quarter Ended June 30, March 31, December 31, September 30,June 30, 2026 2026 2025 2025 2025 Net interest income as reported $79,659 $70,785 $66,530 $66,363 $63,863 Net interest income, (tax equivalent) 80,459 71,581 67,314 67,143 64,634 Average earning assets 8,520,559 7,670,723 7,168,176 7,014,675 6,975,783 Net interest margin (tax equivalent) 3.79% 3.78% 3.73% 3.80% 3.72% Common stockholder's equity $1,101,744 $1,076,626 $958,692 $932,179 $894,140 Goodwill and intangibles, net 273,456 277,347 253,016 255,217 255,547 Common shares outstanding 26,595 26,609 23,986 23,997 23,989 Tangible Book Value per common share $31.15 $30.04 $29.42 $28.21 $26.62 Accumulated other comprehensive loss (AOCI) (104,824) (108,708) (101,301) (110,012) (130,710)Adjusted tangible book value per common share$35.09 $34.12 $33.64 $32.79 $32.07 FIRST MID BANCSHARES, INC.Reconciliation of Non-GAAP Financial Measures(Dollars in thousands, except per share data, unaudited) As of and for the Quarter Ended June 30, March 31, December 31, September 30,June 30, 2026 2026 2025 2025 2025 Adjusted earnings Reconciliation Net Income - GAAP $27,789 $26,327 $23,678 $22,462 $23,438 Adjustments (post-tax) (1) Net (gain)/loss on securities sales (50) (16) 314 1,525 - Net loss on subordinated debt repayment 74 - 237 - - Net loss on other investments - 422 349 - - Technology project expenses - 25 761 360 246 Net gain on real estate - - (443) (1,033) - Severance expense - - - 15 - Integration and acquisition expenses 5,586 1,690 434 13 3 Total adjustments (non-GAAP)$5,610 $2,122 $1,652 $880 $249 Adjusted earnings - non-GAAP$33,399 $28,449 $25,330 $23,342 $23,687 Adjusted diluted earnings per share (non-GAAP)$1.26 $1.14 $1.06 $0.97 $0.99 Adjusted return on average assets (non-GAAP) 1.45% 1.37% 1.30% 1.21% 1.23%Adjusted return on average common equity (non-GAAP) 12.25% 11.29% 10.71% 10.34% 10.80% Efficiency Ratio Reconciliation Noninterest expense - GAAP$70,627 $60,725 $55,867 $57,146 $54,762 Other real estate owned property income (expense) (218) (212) (76) (217) (75)Amortization of intangibles (3,878) (3,301) (2,963) (3,128) (3,121)Gain/(loss) on real estate - - 560 (95) - Severance expense - - - (19) - Technology project expense - (32) (963) (456) (311)Integration and acquisition expenses (7,071) (2,139) (549) (17) (4)Adjusted noninterest expense (non-GAAP)$59,460 $55,041 $51,876 $53,214 $51,251 Net interest income -GAAP$79,659 $70,785 $66,530 $66,363 $63,863 Effect of tax-exempt income(1) 800 796 784 780 771 Adjusted net interest income (non-GAAP)$80,459 $71,581 $67,314 $67,143 $64,634 Noninterest income - GAAP$28,833 $26,441 $21,685 $22,909 $23,593 Gain on real estate sales - - - (1,403) - Net (gain)/loss on securities sales (63) (20) 398 1,930 - Net loss on subordinated debt repayment 94 - 300 - - Net loss on other investments - 534 442 - - Adjusted noninterest income (non-GAAP)$28,864 $26,955 $22,825 $23,436 $23,593 Adjusted total revenue (non-GAAP)$109,323 $98,536 $90,139 $90,579 $88,227 Efficiency ratio (non-GAAP) 54.39% 55.86% 57.55% 58.75% 58.09% (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%. Source: First Mid Bancshares, Inc.