First Mid Posts $33.3 Million Q3 Profit as Net Interest Income Rises 19.6%

First Mid Bancshares, Inc. recorded $33.297 million in net income for the quarter ended Sept. 30, as net interest income climbed 19.6% from a year earlier to $79.376 million. Diluted earnings were $1.25 per share under generally accepted accounting principles (GAAP).

Adjusted net income, a non-GAAP measure, was $33.618 million, with adjusted diluted earnings per share (EPS) of $1.26. Adjusted figures are supplemental measures and should not replace GAAP results. First Mid issued its earnings release Thursday, Oct. 29.

A year earlier, net income was $22.462 million and diluted EPS was $0.94. Noninterest income was $27.212 million, compared with $22.9 million in the year-earlier quarter. Net interest income and noninterest income totaled $106.588 million combined. First Mid separately listed adjusted total revenue of $107.426 million, a non-GAAP measure.

Tax-equivalent net interest margin was 3.76%, down three basis points from the second quarter. At Sept. 30, deposits totaled $7.616 billion, up $44.2 million from June 30. Loans totaled $6.849 billion, a decrease of $85.8 million over the same period.

“Asset quality was strong with lower classifieds and negligible net charge-offs during the quarter,” First Mid CEO Matthew Smith said.

First Mid sold securities Monday, Oct. 26, with a weighted average yield of 1.51%. The sale brought in $175.8 million in cash and produced a $14.8 million loss, which will be reflected in fourth-quarter results. The company estimated an earn-back period of less than two years after reinvesting the proceeds.