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what it is
First Mid sells local banking, insurance, and wealth advice across four states through one community-finance umbrella.
how it gets paid
Last year First Mid Bancshares made $373M in revenue. Net interest income was the main engine at $252M, or 68% of sales.
why it's growing
Revenue grew 4.4% last year. Revenue rose 188% vs. prior year and EPS jumped 202%.
what just happened
Revenue hit $277M and EPS reached $2.84, both far above the prior year.
At a glance
B+ balance sheet — decent shape, but not bulletproof
85/100 earnings predictability — you can trust these numbers
11.5x trailing p/e — the market's not buying it — or you found a deal
2.5% dividend yield — cash in your pocket every quarter
$3.84 fy2025 eps est
xvary composite: 58/100 — below average
What they do
First Mid sells local banking, insurance, and wealth advice across four states through one community-finance umbrella.
This is less about a flashy product and more about being where your money already lives. First Mid runs an $8 billion community banking platform, and moving your checking, loan, insurance, and trust accounts at once is a hassle. Friction moat (switching costs → leaving is annoying → customers stay longer) matters more when the stock trades at just 11.5 times earnings.
How they make money
$373M
annual revenue · their business grew +4.4% last year
Net interest income
$252M
Insurance commissions and fees
$58M
Service charges and deposit fees
$31M
Wealth management and trust
$18M
Mortgage and other noninterest income
$14M
The products that matter
community banking
First Mid Bank & Trust
$7.5B in total assets
this is the core business. it gives you the balance-sheet scale, and at $7.5B in assets it is about 50% larger than Midland States Bancorp on the comparison used in this snapshot.
core earnings engine
insurance sales
First Mid Insurance Group
$~56M estimated annual revenue
this fee business matters because it sits outside pure lending. in a company with a 19.7% net margin, diversification is not a side note — it is part of the margin story.
fee income
wealth management
First Mid Wealth Management
$~37M estimated annual revenue
it is the smallest of the three major pieces, but $~37M is still meaningful when you are evaluating how much of FMBH depends on traditional banking spreads.
secondary stabilizer
Key numbers
$3.84
2025 EPS estimate
Profit per share → annual earnings for each share you own → so what: the $3.84 estimate puts the stock at about 11.5x earnings at $44.13.
$373M
annual revenue
Revenue is the top line. Plain English: all money coming in before costs. So what: First Mid is still a sub-$400M revenue bank despite a full-service pitch.
$354M
long-term debt
Long-term debt → money owed over years → so what: debt equals 25% of capital, which is workable but leaves less room for mistakes.
2.5%
dividend yield
Dividend yield → cash paid back to you each year as a share of the stock price → so what: you get paid to wait, but not enough to ignore execution risk.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $354M (25% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FMBH right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $277M and EPS reached $2.84, both far above the prior year.
Revenue rose 188% vs. prior year and EPS jumped 202%. Deadpan fact bomb: one quarter produced $2.84 of EPS against a full-year 2025 estimate of $3.84, which tells you the reported quarter included unusual strength.
$277M
revenue
$2.84
eps
188%
revenue growth
the number that mattered
The 202% EPS jump matters most because banks do not usually triple-looking quarter profits without a real catalyst, an accounting quirk, or both.
source: company earnings report, 2026
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What could go wrong
the #1 risk is integrating Two Rivers without giving back the margin you are paying for.
high
Two Rivers integration
the deal closed march 2, 2026. that puts systems, costs, and customer retention at the center of the next few quarters. a bank with a 19.7% net margin does not need a huge slip for the market to notice.
if integration costs bite, the 19.7% net margin is the first number likely to move
med
interest-rate sensitivity in the banking book
banking is roughly 70% of revenue. in plain english: most of the business still lives and dies with spreads, deposit costs, and loan pricing even after you add insurance and wealth.
this exposes most of the $~260M banking segment to rate pressure
med
no hard moat
FMBH has scale for a community bank, but not enough scale to bully the market. if pricing gets more competitive across midwest banking, insurance, or wealth, the valuation discount may be deserved rather than temporary.
a cheap multiple does not help if earnings stop compounding
around 70% of revenue still comes from banking, and the stock is cheap largely because investors want proof the post-close margin holds. if that 19.7% slips, the valuation argument weakens fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
integration
Two Rivers has moved from theory to execution
the deal closed on march 2, 2026. the next filings need to show that cost saves arrive before customer friction does.
earnings
next report should show the first real post-close read
the page points to late april 2026. analysts are looking for $4.50 in 2026 EPS, so guidance quality matters as much as the quarter itself.
margin
19.7% net margin is the number to defend
a regional bank can trade cheap for a long time. what changes that is proving the recent profitability level survives integration and rate noise.
capital return
the 1.2M-share buyback is a management tell
repurchasing up to 5% of shares at around 10–11x earnings would be disciplined capital allocation. announcing it is one thing. using it is another.
Analyst rankings
earnings predictability
85 / 100
in human-speak, analysts think the business is steady enough that surprise quarters are the exception, not the rule.
risk rank
3
that puts it around the middle of the pack for safety. not a bunker stock, not a balance-sheet accident.
price stability
75 / 100
the shares have been steadier than many small caps. that usually happens when the market sees a bank as functional, not flashy.
source: institutional data
Institutional activity
institutional ownership data for FMBH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$44
current price
n/a
target midpoint · n/a from current
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