10-Q · May 8, 2026
First Mid Bancshares, Inc. reported a mixed performance for Q1 2026, with revenue of $70.8 million slightly underperforming estimates of $74.8 million. However, diluted EPS surpassed estimates, reaching $1.14 compared…
Earnings analysis · 10-Q
FMBH earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
FMBH’s Q2 results were mixed: GAAP diluted EPS declined to $1.04 from $1.06 sequentially, while adjusted diluted EPS was $1.26 despite $7.1 million of Two Rivers integration costs. GAAP revenue of $108.492 million…
Read full summary
FMBH’s Q2 results were mixed: GAAP diluted EPS declined to $1.04 from $1.06 sequentially, while adjusted diluted EPS was $1.26 despite $7.1 million of Two Rivers integration costs. GAAP revenue of $108.492 million declined from $127 million in Q1 2026 and $117 million in Q2 2025. The filing provided no quantitative guidance, reported no material risk-factor changes, and showed continued capital return through 21,872 share repurchases.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.04
What stood out
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Adjusted earnings exceeded GAAP results
GAAP diluted EPS was $1.04, down from $1.06 in Q1 2026, although adjusted diluted EPS was $1.26. The quarter included $7.1 million of Two Rivers integration costs.
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Revenue declined sequentially and year over year
GAAP revenue was $108.492 million, below the $127 million reported in Q1 2026 and the $117 million reported in Q2 2025, indicating sequential and year-over-year contraction.
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Share repurchases resumed
The company repurchased 21,872 shares during the quarter at an average price of $42.12 per share.
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Substantial repurchase authorization remains
The repurchase program had approximately $56.046 million remaining at June 30, 2026, providing continued capital-return capacity.
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Controls remained effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no material changes in internal control over financial reporting during the quarter.
What to watch
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Merger integration costs pressure earnings
Two Rivers integration costs were $7.1 million in the quarter, creating a material earnings drag and indicating that merger-related expenses remain a headwind to GAAP profitability.
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Core banking risks remain elevated
The company identifies credit, interest-rate, liquidity and operational risks; it reported no material changes to risk factors as of June 30, 2026, versus the December 31, 2025 Form 10-K.
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Dividend and capital-allocation constraints
The company’s ability to pay dividends and fund operations depends on dividends from First Mid Bank, and regulatory authorities limit distributions without prior approval. The company also repurchased 21,872 shares during the quarter, which competes with other uses of capital.
Management's outlook
No quantitative revenue or EPS outlook was provided in the 10-Q. The filing refers to the December 31, 2025 Form 10-K for market-risk and dividend-restriction information.
Earlier filings 4
10-K · February 27, 2026
First Mid Bancshares (FMBH) delivered modest top-line growth in 2025 with improving margins and credit metrics while continuing acquisition-led expansion. Total revenue for 2025 (sum of four quarters) was $466.0…
10-K · February 28, 2025
First Mid Bancshares positions itself as a community-focused regional financial holding company pursuing organic growth and strategic acquisitions (Blackhawk closed Aug 15, 2023) while deriving the majority of revenue…
10-Q · May 7, 2024
First Mid reported net income of $20.5 million for the three months ended March 31, 2024 (up $1.323 million vs prior-year $19.2 million), while diluted net income per common share fell to $0.86 from $0.93 a year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.