FMBH 10-K & 10-Q changes, risk factors and insider trading
First Mid Bancshares, Inc. · Nasdaq · State Commercial Banks · CIK 700565 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Largest changes
The Company and the banking industry are subject to government regulation, legislation, and policy. Government regulation, legislation and policy affect the Company and the banking industry as a whole, including the Company’s business and results of operations. The Company’s results of operations could be adversely affected by changes in how existing regulations are interpreted or applied by government agencies, or by the adoption of new government regulation, legislation, and policy. These changes may require the Company to invest significant funds and management attention and resources in order to reach compliance. In addition, any enforcement matters could impact supervisory and CRA ratings, which may restrict or limit the Company’s activities. Business results could be negatively effected by new regulatory accounting standards required to be implemented by the Company.see in full comparison
Difficult economic conditions and market disruption have adversely impacted the banking industry and financial markets generally and may again significantly affect the business, financial condition, or results of operations of the Company. The Company’s success depends, to a certain extent, upon economic and political conditions, local and national, as well as governmental monetary policies. Conditions such as inflation, recession, unemployment, changes in interest rates, money supply and other factors beyond the Company’s control may adversely affect its asset quality, deposit levels and loan demand and, therefore, its earnings. These adverse conditions could lead to the Company having a diminished capacity for dividend payments.see in full comparison
Full comparison: every changed paragraph (4)
Loan customers or other counterparties may not be able to perform their contractual obligations resulting in a negative impact on the Company’s earnings. Overall economic conditions affecting businesses and consumers, including the current difficult economic conditions and market disruptions, could impact the Company’s credit losses. In addition, real estate valuations could also impact the Company’s credit losses as the Company maintains $3.9$4.1 billion in loans secured by commercial, agricultural, and residential real estate. A significant decline in real estate values could have a negative effect on the Company’s financial condition and results of operations. In addition, the Company’s total loan balances by industry exceeded 25% of total risk-based capital for each of threefour industries as of December 31, 2024.2025. A listing of these industries is contained in under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations -- Loans” herein. A significant change in one of these industries such as a significant decline in agricultural crop prices, could adversely impact the Company’s credit losses.
Declines in the value of securities held in the investment portfolio may negatively affect the Company’s earnings and capital. The value of an investment in the portfolio could decrease due to changes in market factors. The market value of certain investment securities is volatile and future declines or other-than-temporary impairments could materially adversely affect the Company’s future earnings and capital. Continued volatility in the market value of certain of the investment securities, whether caused by changes in market perceptions of credit risk, as reflected in the expected market yield of the security, or actual defaults in the portfolio could result in significant fluctuations in the value of the securities. This could have a material adverse impact on the Company’s accumulated other comprehensive loss and shareholders’ equity depending upon the direction of the fluctuations.
Difficult economic conditions and market disruption have adversely impacted the banking industry and financial markets generally and may again significantly affect the business, financial condition, or results of operations of the Company. The Company’s success depends, to a certain extent, upon economic and political conditions, local and national, as well as governmental monetary policies. Conditions such as inflation, recession, unemployment, changes in interest rates, money supply and other factors beyond the Company’s control may adversely affect its asset quality, deposit levels and loan demand and, therefore, its earnings. These adverse conditions could lead to the Company having a diminished capacity for dividend payments.
The Company and the banking industry are subject to government regulation, legislation, and policy. Government regulation, legislation and policy affect the Company and the banking industry as a whole, including the Company’s business and results of operations. The Company’s results of operations could be adversely affected by changes in how existing regulations are interpreted or applied by government agencies, or by the adoption of new government regulation, legislation, and policy. These changes may require the Company to invest significant funds and management attention and resources in order to reach compliance. In addition, any enforcement matters could impact supervisory and CRA ratings, which may restrict or limit the Company’s activities. Business results could be negatively effected by new regulatory accounting standards required to be implemented by the Company.
Management's Discussion & Analysis (MD&A)
Removed heading “For the Years Ended December 31, 2024, 2023, and 2022 Overview”
Removed heading “Critical Accounting Policies and Use of Significant Estimates”
Largest changes
“Fair Value Measurements. The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company estimates the fair value of a financial instrument using a variety of valuation methods. Where financial instruments are actively traded and have quoted market prices, quoted market prices are used for fair value. …”see in full comparison
“Impairment of Goodwill and Intangible Assets. Core deposit and customer relationships, which are intangible assets with a finite life, are recorded on the Company’s consolidated balance sheets. These intangible assets were capitalized as a result of past acquisitions and are being amortized over their estimated useful lives of up to 15 years. Core deposit intangible assets, with finite lives will be tested for impairment when changes in events or circumstances indicate that its carrying amount may not be recoverable. …”see in full comparison
“As a result of the Company’s acquisition activity, goodwill, an intangible asset with an indefinite life, is reflected on the consolidated balance sheets. Goodwill is evaluated for impairment annually, unless there are factors present that indicate a potential impairment, in which case, the goodwill impairment test is performed more frequently than annually.”see in full comparison
“For the Years Ended December 31, 2024, 2023, and 2022 Overview”see in full comparison
“Investment in Debt and Equity Securities. The Company classifies its investments in debt securities as either held-to-maturity or available-for-sale. Securities classified as held-to-maturity are recorded at amortized cost. Available-for-sale and equity securities are carried at fair value. Due to the subjective nature of the valuation process, it is possible that the actual fair values of these investments could differ from the estimated amounts, thereby affecting the financial position, results of operations and cash flows of the Company. …”see in full comparison
Full comparison: every changed paragraph (121)
For the Years Ended December 31, 2024, 2023, and 2022 Overview
For the Years Ended December 31, 2025, 2024, and 2023 Overview This overview of management’s discussion and analysis highlights selected information in this document and may not contain all the information that is important to you. For a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources, and critical accounting estimates, you should carefully read this entire document. These have an impact on the Company’s consolidated financial condition and results of consolidated operations.
Total assets at December 31, 2025, 2024, 2023, and 20222023 were $7.97 billion, $7.52 billion, $7.59 billion, and $6.74$7.59 billion, respectively. Net loan balances increased to $5.94 billion at December 31, 2025, from $5.60 billion at December 31, 2024, and from $5.51 billion at December 31, 2023, and from $4.77 billion at December 31, 2022.2023. The increase in 20242025 was primarily due to organic growth within the established footprint. The increase in 2023 was primarily due to approximately $730.2 million of gross loans acquired, after purchase accounting adjustments, from Blackhawk Bank. The increase in 2022 was primarily due to approximately $418.5 million of loans acquired from Jefferson Bank.
Total deposit balances increased to $6.40 billion at December 31, 2025 from $6.06 billion at December 31, 2024 which was a decrease from $6.12 billion at December 31, 2023. The increase in 2025 was primarily due to an increase in CD's, brokered CDs, and non-interest bearing deposits.
Total deposit balances decreased to $6.06 billion at December 31, 2024 from $6.12 billion at December 31, 2023 which was an increase from $5.26 billion at December 31, 2022. The decrease in 2024 was due primarily to a reduction in brokered CDs and purchased CDs as part of the Company's strategy to reduce its cost of funds. The increase in 2023 was primarily due to $1.19 billion acquired from Blackhawk Bank.
Net interest margin (tax effected), defined as net interest income divided by average interest-earning assets, was 3.70% for 2025, 3.34% for 2024 and 3.05% for 2023. The increase in 2025 was primarily due to the continued efforts on improving loan yields for new and renewed loans, continued efforts to increase the performance of the investment portfolio, and a decrease in funding costs. The increase in 2024 was primarily due to efforts on improving loan yields for new and renewed loans.
Net interest margin (tax effected), defined as net interest income divided by average interest-earning assets, was 3.34% for 2024, 3.05% for 2023 and 3.13% for 2022. The increase in 2024 was primarily due to repricing of earning assets catching up to the increased cost of funding experience in 2023. The decrease in 2023 was primarily due to an increase in rates on interest-bearing deposits and borrowings.
Net interest income increased to $256.2 million in 2025 from $228.7 million in 2024 fromand $193.5 million in 20232023. During 2025 and $184.3 million in 2022. During 2024, the increase in net interest income was primarily due to the Blackhawk Bank acquisition being present for a full calendar year and the previously mentioned explanation for the increase in net interest margin (tax effected). During 2023, the increase in net interest income was primarily due to the acquisition of Blackhawk Bank.
Non-interest income increaseddecreased and increased, respectively, to $93.1 million in 2025 compared to $96.3 million in 2024 compared toand $86.8 million in 20232023. andThe $74.7 milliondecrease in 2022.2025 was primarily due to the losses recognized on the sale of low performing securities in the investment portfolio. The increase in 2024 was primarily due to the Blackhawk Bank acquisition being present for a full calendar year and the increase in insurance commissions due to the acquisition of Mid Rivers Insurance Group in 2024. The increase in 2023 was primarily due to the acquisition of Blackhawk Bank and an increase in insurance revenues.
Non-interest expenses increased to $222.2 million in 2025 compared to $215.0 million in 20242024, compared toand $185.7 million in 2023,2023. andThe $162.9 millionincrease in 2022.2025 was primarily due to the increase in incentive compensation related to over performance of budgeted financial metrics partially offset by gains on the sale of buildings as part of a branch optimization project that reduced in other expenses. The increase in 2024 is primarily due to increased employees and locations from the Blackhawk Bank acquisition being present for a full calendar year. The increase in 2023 was primarily due to the acquisition of Blackhawk Bank and nonrecurring costs tied to the acquisition and integration.
Credit quality is an area of importance to the Company. Year-end total nonperforming loans were $31.9 million at December 31, 2025 compared to $29.8 million at December 31, 20242024, compared toand $20.1 million at December 31, 2023,2023. andRepossessed $19.2Assets balances totaled $2.9 million at December 31, 2022.2025 Repossessedcompared Assetsto balances totaled $2.2$2.7 million at December 31, 20242024, compared toand $1.2 million at December 31, 2023, and $4.4 million at December 31, 2022.2023. The Company’s provision for credit losses was $9.9 million for 2025, compared to $5.6 million for 2024, compared toand $6.1 million for 2023,2023. andThe $4.8increase millionin provision expense for 2022.2025 was expected as the industry returns to a normal credit cycle. The decrease of provision expense in 2024 was primarily due to the provision requirements in 2023 for the acquisition of Blackhawk Bank. The increase in provision expense for 2023 was primarily due to the acquisition of Blackhawk Bank.
The Company’s capital position remains strong and the Company has consistently maintained regulatory capital ratios above the “well-capitalized” standards. The Company’s Tier 1 capital ratio to risk weighted assets ratio at December 31, 2025, 2024, 2023, and 20222023 was 13.55%, 12.82%, 12.02%, and 12.40%,12.02%, respectively. The Company’s total capital to risk weighted assets ratio at December 31, 2025, 2024, 2023, and 20222023 was 15.37%,15.67%, 14.84%15.37% and 15.20%,14.84%, respectively. The increaseincreases in 2025 and 2024 waswere primarily due to net income of the Company exceeding dividends paid to shareholders. The decrease in 2023 was primarily due to the acquisition of Blackhawk Bank.
Critical Accounting Policies and Use of Significant Estimates
Critical Accounting Policies and Use of Significant Estimates The Company has established various accounting policies that govern the application of U.S. generally accepted accounting principles in the preparation of the Company’s consolidated financial statements. The significant accounting policies of the Company are described in the footnotes to the consolidated financial statements. Certain accounting policies involve significant judgments and assumptions by management that have a material impact on the carrying value of certain assets and liabilities; management considers such accounting policies to be critical accounting policies. The judgments and assumptions used by management are based on historical experience and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ from these judgments and assumptions, which could have a material impact on the carrying values of assets and liabilities and the results of operations of the Company.
Investment in Debt and Equity Securities. The Company classifies its investments in debt securities as either held-to-maturity or available-for-sale. Securities classified as held-to-maturity are recorded at amortized cost. Available-for-sale and equity securities are carried at fair value. Due to the subjective nature of the valuation process, it is possible that the actual fair values of these investments could differ from the estimated amounts, thereby affecting the financial position, results of operations and cash flows of the Company. If the estimated value of investments is less than the cost or amortized cost, the Company evaluates whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. If such an event or change has occurred and the Company determines that the impairment is other-than-temporary, a further determination is made as to the portion of impairment that is related to credit loss. The impairment of the investment that is related to the credit loss is expensed in the period in which the event or change occurred. The remainder of the impairment is recorded in other comprehensive income (loss).
Loans. Loans are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase discounts and premiums, fair value hedge accounting adjustments and deferred loan fees and costs. Accrued interest is reported separately and is included in interest receivable in the consolidated balance sheets.
Allowance for Credit Losses - Loans. The Company believes the allowance for credit losses for loans is the critical accounting policy that requires the most significant judgments and assumptions used in the preparation of its consolidated financial statements. The allowance for credit losses foris loansa valuation account to adjust the cost basis to the amount expected to be collected, based on the Company's loss experience, current conditions, and reasonable and supportable forecasts. It represents the best estimate of losses inherent in the existing loan portfolio. An estimate of potential losses inherent in the loan portfolio are determined and an allowance for those losses is established by considering factors including historicalloan loss rates,experience, expected cash flows and estimated collateral values. In assessing these factors, the Company uses relevant available information, from internal and external sources, relating to past events,to, current conditions and reasonable and supportable forecasts.
TheIn order to determine the allowance for credit losseslosses, the portfolio is measuredsegregated oninto a collective (pool) basispools for non-impairednot individually evaluated loans withthat share similar risk characteristics. HistoricalThe Company's credit loss experience provides the basis for the estimate of expected credit losses. Adjustments to historicalthis loss informationexperience are made for relevant factors to each pool including merger and acquisition activity, economic conditions, changes in policies, procedures and underwriting, and concentrations. The Company estimates the appropriate level of allowance for credit losses for impairedindividually evaluated loans by evaluating them separately. A specific allowance is assigned to an impaireda loan when expected cash flows or collateral are less than the carrying amount of the loan.
Income Taxes. The Company is subject to the federal income tax laws of the United States, and the tax laws of the states and other jurisdictions where we conduct business. Due to the complexity of these laws, taxpayers and the taxing authorities may subject these laws to different interpretations. Management must make conclusions and estimates about the application of these innately intricate laws, related regulations, and case law. When preparing the Company’s income tax returns, management attempts to make reasonable interpretations of the tax laws. Taxing authorities have the ability to challenge management’s analysis of the tax law or any reinterpretation management makes in its ongoing assessment of facts and the developing case law. Management assesses the reasonableness of its effective tax rate quarterly based on its current estimate of net income and the applicable taxes expected for the full year. On a quarterly basis, management also reviews circumstances and developments in tax law affecting the reasonableness of deferred tax assets and liabilities and reserves for contingent tax liabilities.
Allowance for Credit Losses - Off-Balance Sheet Credit Exposures. The Company estimates expected credit losses over the contractual period that the Company is exposed to credit risk via a contractual obligation to extend credit unless the obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is included in other liabilities in the consolidated balance sheets.
Deferred Income Tax Assets/Liabilities. The Company’s net deferred income tax asset arises from differences in the dates that items of income and expense enter into our reported income and taxable income. Deferred tax assets and liabilities are established for these items as they arise. From an accounting standpoint, deferred tax assets are reviewed to determine if they are realizable based on the historical level of taxable income, estimates of future taxable income and the reversals of deferred tax liabilities. In most cases, the realization of the deferred tax asset is based on future profitability. If the Company were to experience net operating losses for tax purposes in a future period, the realization of deferred tax assets would be evaluated for a potential valuation reserve.
Additionally, the Company reviews its uncertain tax positions annually. An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely to be recognized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. A significant amount of judgment is applied to determine both whether the tax position meets the "more likely than not" test as well as to determine the largest amount of tax benefit that is greater than 50% likely to be recognized. Differences between the position taken by management and that of taxing authorities could result in a reduction of a tax benefit or increase to tax liability, which could adversely affect future income tax expense.
Impairment of Goodwill and Intangible Assets. Core deposit and customer relationships, which are intangible assets with a finite life, are recorded on the Company’s consolidated balance sheets. These intangible assets were capitalized as a result of past acquisitions and are being amortized over their estimated useful lives of up to 15 years. Core deposit intangible assets, with finite lives will be tested for impairment when changes in events or circumstances indicate that its carrying amount may not be recoverable. Core deposit intangible assets were tested for impairment during 2024 as part of the goodwill impairment test and no impairment was deemed necessary.
As a result of the Company’s acquisition activity, goodwill, an intangible asset with an indefinite life, is reflected on the consolidated balance sheets. Goodwill is evaluated for impairment annually, unless there are factors present that indicate a potential impairment, in which case, the goodwill impairment test is performed more frequently than annually.
Fair Value Measurements. The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company estimates the fair value of a financial instrument using a variety of valuation methods. Where financial instruments are actively traded and have quoted market prices, quoted market prices are used for fair value. When the financial instruments are not actively traded, other observable market inputs, such as quoted prices of securities with similar characteristics, may be used, if available, to determine fair value. When observable market prices do not exist, the Company estimates fair value. The Company’s valuation methods consider factors such as liquidity and concentration concerns. Other factors such as model assumptions, market dislocations, and unexpected correlations can affect estimates of fair value. Imprecision in estimating these factors can impact the amount of revenue or loss recorded.
ASC 820 establishes a framework for measuring the fair value of financial instruments that considers the attributes specific to particular assets or liabilities and establishes a three-level hierarchy for determining fair value based on the transparency of inputs to each valuation as of the fair value measurement date. The three levels are defined as follows:
Level 1 — quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 — inputs include quoted prices for similar assets and liabilities in active markets, quoted prices of identical or similar assets or liabilities in markets that are not active, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 — inputs that are unobservable and significant to the fair value measurement.
At the end of each quarter, the Company assesses the valuation hierarchy for each asset or liability measured. From time to time, assets or liabilities may be transferred within hierarchy levels due to changes in availability of observable market inputs to measure fair value at the measurement date. Transfers into or out of hierarchy levels are based upon the fair value at the beginning of the reporting period. A more detailed description of the fair values measured at each level of the fair value hierarchy can be found in Note 11 – “Disclosures of Fair Values of Financial Instruments.”
Net interest income on a tax-effected basis increased $27.5 million or 11.8% in 2025 compared to an increase of $35.3 million or 17.9% in 2024. Net interest income on a tax-effected basis and tax effected net interest margin increased primarily due to the continued focus on loan yields for new and renewed loans, continued efforts to increase the performance of the investment portfolio, and a decrease in funding costs.
Net interest income on a tax-effected basis increased $35.3 million or 17.9% in 2024 compared to an increase of $9.1 million or 4.8% in 2023. Net interest income on a tax-effected basis increased primarily due to the growth in average earnings assets including loans and interest-bearing deposits. The tax-effected net interest margin increased primarily due to higher interest-bearing liability costs in 2023 being more than offset by the repricing of earning assets.
In 2024,2025, average earning assets increased by $446.6$154.3 million, or 7.0%,2.2%, and average interest-bearing liabilities increased by $268.8$46.4 million or 5.3%.0.9%. These increases were primarily due to assetsorganic and liabilities acquired from Blackhawk Bank being present for the entire calendar year. Changes in average balances are shown below:growth.
Average interest-bearing cash deposits held by the Company increased $62.9 million or 76.1% in 2024 compared to 2023. In 2023, average interest-bearing cash deposits held by the Company increased $26.1 million or 46.2% compared to 2022.
Average federal funds sold decreased $8.0 million or 96.4% in 2024 compared to 2023. In 2023, average federal funds sold increased $2.5 million or 43.8% compared to 2022.
Average certificates of deposit investments increased $1.2 million or 67.6% in 2024 compared to 2023. In 2023, average certificates of deposit investments increased $0.1 million or 3.8% compared to 2022.
Average loans increased by $478.6 million or 9.4% in 2024 compared to 2023. In 2023, average loans increased by $561.4 million or 12.4% compared to 2022.
Average securities decreased by $88.1 million or 7.1% in 2024 compared to 2023. In 2023, average securities decreased by $141.0 million or 10.2% compared to 2022.
Average interest-bearing deposits increased by $492.3 million or 11.6% in 2024 compared to 2023. In 2023, average deposits increased by $323.3 million or 8.2% compared to 2022.
Average securities sold under agreements to repurchase decreased by $3.5 million or 1.60% in 2024 compared to 2023. In 2023, average securities sold under agreements to repurchase increased by $23.1 million or 11.4% compared to 2022.
Average borrowings and other debt decreased by $219.9 million or 37.7% in 2024 compared to 2023. In 2023, average borrowings and other debt increased by $193.0 million or 49.4% compared to 2022.
Net interest margin increased to 3.34% compared to 3.05% in 2023 and 3.13% in 2022. Asset yields increased by 52 basis points in 2024, and interest- bearing liabilities increased by 31 basis points.
The provision for credit losses in 20242025 was $5.6$9.9 million compared to $5.6 million in 2024 and $6.1 million in 2023 and $4.8 million in 2022.2023. Nonperforming loans increased to $31.9 million at December 31, 2025 from $29.8 million at December 31, 2024 fromand $20.1 million at December 31, 20232023. andThe $19.2increase millionin atprovision Decemberexpense 31,in 2022.2025 was expected as the industry returns to a normal credit cycle. The decrease in provision expense in 2024 was primarily due to the required provision in 2023 tied to the Blackhawk Bank acquisition. The increase in provision expense in 2023 was primarily related to the acquisition of Blackhawk Bank. Net charge-offs were $5.2 million during 2025, $4.1 million during 2024,2024 and $0.3 million during 2023 and $1.2 million during 2022.2023. For information on credit loss experience and nonperforming loans, see “Nonperforming Loans and Nonperforming Other Assets” and “Loan Quality and Allowance for Credit Losses” herein.
An important source of the Company’s revenue is derived from other income. The following table sets forth the major components of other income for the last three years (dollars in thousands):
Total non-interest income increaseddecreased and increased, respectively, to $93.1 million in 2025 compared to $96.3 million in 2024 compared toand $86.8 million in 2023 and $74.7 million in 2022.2023. The primary reasons for the more significant year-to-year changes in other income components are as follows:
Wealth management revenues increased in 2024 primarily due to growth in net brokerage fees and trust management fees. The decrease in 2023 was primarily due to lower commodity prices and higher interest rates resulting in less farm management income. Total assets under management were $6.6 billion at December 31, 2025 compared to $6.4 billion at December 31, 2024 compared toand $6.1 billion at December 31, 2023 and $5.3 billion at December 31, 2022.2023.
Insurance commissions increased in 2025 primarily due to Mid Rivers Insurance Group Inc. acquisition being present the entire calendar year and the acquisition of part of AAdvantage Insurance Group LLC's book of business in July 2025 accompanied by organic growth. The increase in 2024 was primarily due the acquisition of Mid Rivers Insurance Group and Purdum, Gray, Ingledue, Beck Inc. Insurance being present the entire calendar year.
Insurance commissions increased in 2024 primarily due the acquisition of MRIG and PGIB Insurance being present the entire calendar year. The increase in 2023 was primarily due to higher commission and contingency income and the acquisition of PGIB Insurance.
Fees from service charges increased in 2024 primarily due to Blackhawk Bank being present the entire calendar year. The increase in 2023 was primarily due to the acquisition of Blackhawk Bank.
Net securities losses in 2025 were $2.5 million compared to losses of $433,000 in 2024 and gains $3.4 million in 2023. The losses in 2025 and 2024 were due to management's efforts to improve earning asset yields through the sales of low-yielding bonds.
Net securities losses in 2024 were $433,000 compared to gains of $3.4 million in 2023 and $33,000 in 2022. The loss in 2024 was due to balance sheet restructuring. The gain in 2023 were primarily due to securities sold soon after the close of the acquisition of Blackhawk Bank.
The increase in mortgage banking income during 2024 was primarily due to Blackhawk Bank being present the entire calendar year. Loans sold balances were as follows:
$125.5 million (representing 821 loans) in 2024
$57.5 million (representing 413 loans) in 2023
$62.3 million (representing 422 loans) in 2022
First Mid Bank generally releases the servicing rights on loans sold into the secondary market.
Revenue from ATMs and debit cards increased in 2024 primarily due to Blackhawk Bank being present the entire calendar year and in 2023 primarily due to the acquisition of Blackhawk Bank.year.
Other income decreased during 2025 primarily due to the repurchase of subordinated debt resulting in a gain in 2024 instead of a loss in 2025, recognition of contingent income accrued by Blackhawk Bank prior to their acquisition in 2024, and gains on the sale of fixed assets being presented in other income in 2024 compared to other expenses in 2025. Other income increased during 2024 primarily due to Blackhawk Bank being present the entire calendar year.
Bank owned life insurance decreased during 2024 due to the lower interest rates during part of the year. The increase in 2023 was due to the addition of Blackhawk Bank and higher interest rates.
Other income increased during 2024 primarily due to Blackhawk Bank being present the entire calendar year. Other income increased during 2023 primarily due to the acquisition of Blackhawk Bank.
What changed in the latest 10-Q
Risk Factors
Various risks and uncertainties, some of which are difficult to predict and beyond the Company’s control, could negatively impact the Company. As a financial institution, the Company is exposed to credit risk, interest rate and liquidity risk, operational risk, risks from economic and market conditions, and other general business risks, among others. Adverse experience with these or other risks could have a material impact on the Company’s financial condition and results of operations, as well as the value of its common stock.
See the risk factors and “Supervision and Regulation General” described in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2025. There have been no material changes to the risk factors described in the Company's Annual Report on Form 10-K for the year-ended December 31, 2025.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
Largest changes
“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. While MBS and CMOs are no longer explicitly rated by credit rating agencies, the industry recognizes that they are backed by agencies which have an implied government guarantee.”see in full comparison
Repossessed assets sold during the firstsee in full comparisonthreesix months of 2026 resulted in netlossesgains of$2,000$1,000 related to real estate asset sales and no net losses related to other assets sales.The Company also recognized no deferred losses, recorded $50,000 of write-downs on real estate properties owned and recorded no change in fair market value discount.
“Credit ratings reflect the lowest current rating assigned by a nationally recognized credit rating agency.”see in full comparison
“In addition to information presented in accordance with generally accepted accounting principles (“GAAP”), this document 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 document, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. …”see in full comparison
This document may contain certain forward-looking statements about the Company, such as discussions of the Company’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses 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, the possibility that any of the anticipated benefits of thesee in full comparisonproposedtransactions 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 bematerially delayed or will bemore costly or difficult than expected; the effect of the announcement of theproposedtransactionstransactionsand integration of the operations of Two Rivers on customer relationships and operating results; the possibility that theproposedtransactions 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 the Company; 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,competition; demand for financial services in the market areas of the Company; accounting principles, policies and guidelines; or any of the other foregoing risks. Additional information concerning the Company, including additional factors and risks that could materially affect the Company’s financial results, are 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.
“On April 10, 2026, the Company issued $20.0 million principal amount of a Floating Rate Note Payable due 2029 (“First Mid Note Payable”). The First Mid Note Payable was issued pursuant to an Indenture between the Company and Bankers Bank, as trustee. This Indenture governs the terms of the First Mid Note Payable and provides that such note will mature on April 10, 2029. The notes will bear interest at a floating rate equal to thirty-day Term SOFR plus a spread of 275 basis points (6.34% at June 30, 2026). …”see in full comparison
Full comparison: every changed paragraph (92)
The following discussion and analysis is intended to provide a better understanding of the consolidated financial condition and results of operations of the Company and its subsidiaries for the three and six months ended MarchJune 31,30, 2026 and 2025. This discussion and analysis should be read in conjunction with the consolidated financial statements, related notes and selected financial data appearing elsewhere in this report.
This document may contain certain forward-looking statements about the Company, such as discussions of the Company’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses 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, 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 effect of the announcement of the proposedtransactions transactionsand integration of the operations of Two Rivers 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 the Company; 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,competition; demand for financial services in the market areas of the Company; accounting principles, policies and guidelines; or any of the other foregoing risks. Additional information concerning the Company, including additional factors and risks that could materially affect the Company’s financial results, are 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.
Non-GAAP Measures
In addition to information presented in accordance with generally accepted accounting principles (“GAAP”), this document 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 document, 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 “Average common equity to average assets.” While the Company believes this non-GAAP financial measure provides 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.
Net income was $26.3$54.1 million and $22.2$45.6 million for the threesix months ended MarchJune 31,30, 2026 and 2025, respectivelyrespectively, and diluted net income per common share was $1.06$2.10 and $0.93$1.90 for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively.
Total assets were $9.3$9.2 billion at MarchJune 31,30, 2026, compared to $8.0 billion as of December 31, 2025. Net loan balances were $6.9$6.8 billion at MarchJune 31,30, 2026 compared to $5.9 billion at December 31, 2025.
Total deposit balances increased to $7.5$7.6 billion at MarchJune 31,30, 2026 from $6.4 billion at December 31, 2025. The increase was primarily due to the acquisition of Two Rivers Bank.
Net interest margin (tax equivalent), defined as net interest income divided by average interest-earning assets, was 3.78%3.79% for the threesix months ended MarchJune 31,30, 2026, up from 3.60%3.66% for the same period in 2025. This increase was primarily due to an increase in earning asset yields and decreased funding costs.
Credit quality is an area of importance to the Company. Total nonperforming loans were $44.1$41.3 million at MarchJune 31,30, 2026, compared to $26.6$21.9 million at MarchJune 31,30, 2025 and $31.9 million at December 31, 2025. See the discussion under the heading “Loan Quality and Allowance for Credit Losses” for a detailed explanation of these balances. Repossessed asset balances totaled $5.5$5.8 million at MarchJune 31,30, 2026 compared to $2.1$1.7 million at MarchJune 31,30, 2025 and $2.9 million at December 31, 2025.
The Company’s provision for credit losses for the threesix months ended MarchJune 31,30, 2026 and 2025 was $2.6$4.1 million and $1.7$4.2 million, respectively. The increasedecrease in provision expense was expecteda asresult the industry returns toof a normaldecrease creditin cyclenet fromcharge-offs historicallypartially lowoffset creditby losses.an increase in gross loan balances.
The Company’s capital position remains strong, and the Company has consistently maintained regulatory capital ratios above the “well-capitalized” standards. The Company’s Tier 1 capital to risk weighted assets ratio at MarchJune 31,30, 2026 and 2025 and December 31, 2025 was 13.57%,13.87%, 13.13%13.31% and 13.55%, respectively. The Company’s total capital to risk weighted assets ratio at MarchJune 31,30, 2026 and 2025, and December 31, 2025 was 15.48%,15.41%, 15.59%15.76% and 15.67%, respectively.
The Company and Two Rivers Bank enterenters into financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include lines of credit, letters of credit and other commitments to extend credit. The total outstanding commitments at MarchJune 31,30, 2026 and 2025, were $1.5$1.6 billion and $1.5$1.4 billion, respectively. See Note 12 - “Commitments and Contingent Liabilities” herein for further information.
For analytical purposes, net interest income is presented on a full tax equivalent (TE) basis in the table that follows. The federal statutory rate in effect of 21% for 2026 and 2025 was used. The TE analysis portrays the income tax benefits associated with the tax-exempt assets. The year-to-date net yield on interest-earning assets excluding the TE adjustments of $796,000$1.6 million and $753,000$1.5 million for 2026 and 2025, respectively, were 3.74%3.75% and 3.56%3.62% at MarchJune 31,30, 2026 and 2025, respectively.
The Company’s average balances, fully tax equivalent interest income and interest expense, and rates earned or paid for major balance sheet categories are set forth for the three and six months ended MarchJune 31,30, 2026 and 2025 in the following table (dollars in thousands):
Tax-exempt income is shown on a fully tax equivalent basis.
Nonaccrual loans have been included in the average balances. Balances are net of unaccreted discounts related to loans acquired.
(3)
Includes loans held for sale.
Changes in net interest income may also be analyzed by segregating the volume and rate components of interest income and interest expense. The following table summarizes the approximate relative contribution of changes in average volume and interest rates to changes in net interest income for the three and six months ended MarchJune 31,30, 2026 and 2025, compared to the same period in 2025 (in thousands):
Changes attributable to the combined impact of volume and rate have been allocated proportionately to the change due to volume and the change due to rate.
Nonaccrual loans have been included in the average balances. Balances are net of unaccreted discounts related to loans acquired.
Net interest income on a tax equivalent basis increased $11.4$27.2 million, or 18.98%,21.83%, to $71.6$152.0 million for the threesix months ended MarchJune 31,30, 2026, from $60.2$124.8 million for the same period in 2025. Net interest income on a tax equivalent basis and tax equivalent net interest margin increased primarily due to an increase in earning asset yields and a decrease in depositthe rates.cost of funding.
For the threesix months ended MarchJune 31,30, 2026, average earning assets increased $900.9$1.2 million,billion, or 13.31%,17.79%, and average interest-bearing liabilities increased $661.0$1.0 millionbillion or 12.69%19.58% compared with average balances for the same period in 2025.
The provision for credit losses for the threesix months ended MarchJune 31,30, 2026 and 2025 was $2.6$4.1 million and $1.7$4.2 million, respectively. Nonperforming loans were $44.1$41.3 million and $26.6$21.9 million as of MarchJune 31,30, 2026 and 2025, respectively. Net charge offs were $1.5$2.9 million for the threesix months ended MarchJune 31,30, 2026, compared to net charge offs of $1.8$3.2 million for MarchJune 31,30, 2025. For information on credit loss experience and nonperforming loans, see “Nonperforming Loans and Nonperforming Other Assets” and “Loan Quality and Allowance for Credit Losses” herein.
An important source of the Company’s revenue is derived from other income. The following table sets forth the major components of other income for the three and six months ended MarchJune 31,30, 2026 and 2025 (in thousands):
The primary reasons for the more significant changes in other income components for the three and six months ended MarchJune 31,30, 2026 compared to the same period in 2025 are as follows:
Wealth management revenues increased for the three and six month periods due to the acquisition of Two Rivers on February 28, 2026, including their trust and brokerage portfolio.portfolio, the acquisition of RFMS in December of 2025, and organic growth.
Insurance commissions increased for the three and six month periods primarily due to the acquisition of a portion of AAIG's customer list in July 2025 and the customer list of Downs Insurance Agency, Inc.DIA in January 2026 as well as organic growth.
ATM / debit card revenue increased primarily due to the acquisition of Two Rivers Bank in the quarter ended March 31, 2026.
The major categories of other expense include salaries and employee benefits, occupancy and equipment expenses and other operating expenses associated with day-to-day operations. The following table sets forth the major components of other expense for the three and six months ended MarchJune 31,30, 2026 and 2025 (dollars in thousands):
The primary reasons for the more significant changes in other expense components for the three and six months ended MarchJune 31,30, 2026 compared to the same period in 2025 are as follows:
The increase for the three and six month periods in salaries and employee benefits, the largest component of other expense, is primarily due to the increase in full-time equivalent employees from 1,1941,190 to 1,3351,316 at MarchJune 31,30, 2025 and 2026, respectively, due to the acquisition of Two Rivers.Rivers and the Company's annual merit and promotional cycle that occurs in April.
The increase for the three and six month periods in occupancy and equipment expense is primarily due to the acquisition of Two Rivers and the related expanded real estate footprint.footprint and increase in full-time equivalent employees.
The increase for the three and six month periods in ATM / debit card expense is primarily due to the acquisition of Two Rivers and the related increase in the volume of transactions.
The increase for the three and six month periods in all other operating expenses duringis the quarter ended March 31, 2026, wereprimarily due to integration and acquisition expenses related expensesto forthe acquisition of Two Rivers Bank on February 28, 2026.
Total income tax expense amounted to $7.6$16.1 million for the threesix months ended MarchJune 31,30, 2026, compared to $6.0$12.7 million for the same period in 2025. Effective tax rates were 22.3%22.9% for the threesix months ended MarchJune 31,30, 2026, compared to 21.2%21.7% for the same period in 2025. The Company files U.S. federal and state of Florida, Illinois, Indiana, Iowa, Missouri, Texas, and Wisconsin income tax returns.
The following table sets forth the amortized cost of the available-for-sale and held-to-maturity securities as of MarchJune 31,30, 2026 and December 31, 2025 (dollars in thousands):
At MarchJune 31,30, 2026, the amortized cost of the Company’s investment portfolio increased by $109.2$208.2 million from December 31, 2025 primarily due to the acquisition of Two Rivers Bank, subsequent sale of their entire portfolio, reinvestment of a portion of the proceeds, and the redeployment of some of the proceeds to other areas of the balance sheet. When purchasing investment securities, the Company considers its overall liquidity and interest rate risk profile, as well as the adequacy of expected returns relative to the risks assumed.
The table below presents the credit ratings as of MarchJune 31,30, 2026 for investment securities (in thousands):
Credit ratings reflect the lowest current rating assigned by a nationally recognized credit rating agency.
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. While MBS and CMOs are no longer explicitly rated by credit rating agencies, the industry recognizes that they are backed by agencies which have an implied government guarantee.
The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at MarchJune 31,30, 2026, and the weighted average yield for each range of maturities (dollars in thousands):
The weighted average yields are calculated on the basis of the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax equivalent yields have been calculated using a 21% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, which the book value exceeded 10% of stockholders' equity at MarchJune 31,30, 2026. Investment securities carried at approximately $481.4 million and $473.8 million at March 31, 2026, and December 31, 2025, respectively, were pledged to secure public deposits and repurchase agreements and for other purposes as permitted or required by law.
The loan portfolio (net of unearned interest) is the largest category of the Company’s earning assets. The following table summarizes the composition of the loan portfolio, including loans held for sale, as of MarchJune 31,30, 2026, and December 31, 2025 (dollars in thousands):
Loan balances increased $932.9$923.0 million, or 15.5%.15.4%. The increase was primarily due to the acquisition of Two Rivers. The balance of real estate loans held for sale, included in the balances shown above, amounted to $4.9$6.7 million and $5.2 million as of MarchJune 31,30, 2026 and December 31, 2025, respectively.
First Mid Bank and Two Rivers Bank dodoes not have a concentration, as defined by the regulatory agencies and land development loans or commercial real estate loans as a percentage of the total amount of the Company's total capital for the periods shown above. At MarchJune 31,30, 2026 and December 31, 2025, First Mid Bank and Two Rivers Bank did have industry loan concentrations in excess of 25% of the sum of Tier 1 Capital and allowance for loan loss in the following industries (dollars in thousands):
First Mid Bank and Two Rivers Bank had no further industry loan concentrations in excess of 25% of the sum of Tier 1 Capital and allowance for loan loss.
The following table presents the balance of loans outstanding as of MarchJune 31,30, 2026, by contractual maturities (in thousands):
Based upon remaining contractual maturity.
Includes demand loans, past due loans, and overdrafts.
As of MarchJune 31,30, 2026, loans with maturities over one year consisted of approximately $3.2$3.0 billion in fixed rate loans and approximately $2.1$2.3 billion in variable rate loans. The loan maturities noted above are based on the contractual provisions of the individual loans. The Company has no general policy regarding renewals and borrower requests, which are handled on a case-by-case basis.
The following table presents information concerning the aggregate amount of nonperforming loans and repossessed assets at MarchJune 31,30, 2026 and December 31, 2025 (dollars in thousands):
The $12.1$9.4 million increase in nonaccrual loans during 2026 resulted from the net of $10.9 million of loans acquired from Two Rivers Bank, $5.8$4.8 million of loans put on nonaccrual status, offset by $1.1$2.4 million of loans becoming current or paid-off, $2.0$2.4 million of loans transferred to other real estate owned, and $1.5 million of loans charged off.
Interest income that would have been reported if nonaccrual and restructured loans had been performing totaled $501,000$1.8 million and $471,000$662,000 for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively.
The $2.7$2.9 million increase in repossessed assets during 2026 resulted from $3.0$3.4 million of additional assets repossessed and $280,000$354,000 of repossessed assets sold, $50,000$100,000 of write-downs on existing assets, and no$0 deferred fair value marks were recognized. The following table summarizes the composition of repossessed assets (dollars in thousands):
Repossessed assets sold during the first threesix months of 2026 resulted in net lossesgains of $2,000$1,000 related to real estate asset sales and no net losses related to other assets sales. The Company also recognized no deferred losses, recorded $50,000 of write-downs on real estate properties owned and recorded no change in fair market value discount.
Management recognizes there are risk factors that are inherent in the Company’s loan portfolio. All financial institutions face risk factors in their loan portfolios because risk exposure is a function of the business. A portion of the Company’s operations (and therefore its loans) are concentrated in Illinois, where agriculture is the dominant industry. Accordingly, lending and other business relationships with agriculture-based businesses are critical to the Company’s success. At MarchJune 31,30, 2026, the Company’s loan portfolio included $775.4$783.0 million of loans to borrowers whose businesses are directly related to agriculture. Of this amount, $646.4$656.5 million was concentrated in other grain farming. Total loans to borrowers whose businesses are directly related to agriculture increased $93.9$101.6 million from $681.4 million at December 31, 2025 while loans concentrated in other grain farming increased $68.5$78.6 million from $577.9 million at December 31, 2025. While the Company adheres to sound underwriting practices, including collateralization of loans, any extended period of low commodity prices, drought conditions, significantly reduced yields on crops and/or reduced levels of government assistance to the agricultural industry could result in an increase in the level of problem agriculture loans and potentially result in credit losses within the agricultural portfolio. The Company also has $1.3 billion loans to lessors of non-residential buildings and $756.1$717.4 million of loans to lessors of residential buildings and dwellings.
Analysis of the allowance for credit losses as of MarchJune 31,30, 2026 and 2025, and of changes in the allowance for the three and six months ended MarchJune 31,30, 2026 and 2025, is summarized as follows (dollars in thousands):
During the first threesix months of 2026, the Company had net charge offs of $1.5$2.9 million compared to net charge offs of $1.8$3.2 million during the same period of 2025. During the first threesix months of 2026, the Company had the following significant charge offs, two commercial real estate loans to one borrower totaling $1.1 million andmillion, one commercial loan to one borrower totaling $290,000.$290,000, and ten agricultural loans to nine borrowers totaling $1.8 million. During the first threesix months of 2025, the Company had the following significant charge offs, one commercial real estate loan to one borrower totaling $338,000, threenine agricultural loans to twoeight borrowers totaling $996,000,$1.8 million, and onethree commercial operating loanloans to onethree borrowerborrowers totaling $145,000.$620,000.
Funding of the Company’s earning assets is substantially provided by a combination of consumer, commercial and public fund deposits. The Company continues to focus its strategies and emphasis on commercial and retail core deposits, the major component of funding sources. The following table sets forth the average deposits and weighted average rates for the threesix months ended MarchJune 31,30, 2026 and for the year-ended December 31, 2025 (dollars in thousands):
FMBH insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-02 | Zimmer James Edwin |
Grant/award | 255 | $49.96 | $12.7K |
| 2026-10-02 | Cook Robert S |
Grant/award | 265 | $49.96 | $13.2K |
| 2026-10-02 | Westerhold Mary |
Grant/award | 267 | $49.96 | $13.4K |
| 2026-10-02 | Smith Matthew K |
Grant/award | 59 | $49.96 | $2.9K |
| 2026-10-02 | Mcrae Eric S |
Grant/award | 73 | $49.96 | $3.7K |
| 2026-07-02 | Zimmer James Edwin |
Grant/award | 260 | $48.79 | $12.7K |
| 2026-07-02 | Westerhold Mary |
Grant/award | 273 | $48.79 | $13.3K |
| 2026-07-02 | Smith Matthew K |
Grant/award | 66 | $48.79 | $3.2K |
| 2026-07-02 | Mcrae Eric S |
Grant/award | 87 | $48.79 | $4.2K |
| 2026-07-02 | Cook Robert S |
Grant/award | 270 | $48.79 | $13.2K |
| 2026-05-08 | Nelson Regina P |
Grant/award | 1,000 | $43.94 | $43.9K |
Well-known investors holding FMBH (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 135,673 | $6.5M | 0.0% | Added 19% |
| Two Sigma Investments | 2026-06-30 | 100,382 | $4.8M | 0.0% | Added 61% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 62,757 | $3.0M | 0.0% | New position |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 15,670 | $645.4K | — | Sold out |
| Millennium Management (Israel Englander) | 2026-06-30 | 9,920 | $477.1K | 0.0% | Reduced 81% |