First Mid Bancshares, Inc. (FMBH) | Investment Case

1. Company Snapshot

1.a. Company Description

First Mid Bancshares, Inc., a financial holding company, provides community banking products and services to commercial, retail, and agricultural customers in the United States.It accepts various deposit products, such as demand deposits, savings accounts, money market deposits, and time deposits.The company's loan products include commercial real estate, commercial and industrial, agricultural and agricultural real estate, residential real estate, and consumer loans; and other loans comprising loans to municipalities to support community projects, such as infrastructure improvements or equipment purchases.

It also offers wealth management services, which include estate planning, investment, and farm management and brokerage services for individuals; and employee benefit services for business enterprises.In addition, the company provides property and casualty, senior insurance products, and group medical insurance for businesses; and personal lines insurance to individuals.It operates through a network of 52 banking centers in Illinois and 14 offices in Missouri, as well as a loan production office in Indiana.

The company was formerly known as First Mid-Illinois Bancshares, Inc.and changed its name to First Mid Bancshares, Inc.in April 2019.

First Mid Bancshares, Inc.was founded in 1865 and is headquartered in Mattoon, Illinois.

Show Full description

1.b. Last Insights on FMBH

The recent 3-month performance of First Mid Bancshares, Inc. was negatively impacted by a decline in earnings per share (EPS) compared to the same period last year, despite beating Wall Street estimates. The company's Q4 2024 EPS of $0.87 per share was lower than the $0.94 per share reported in Q4 2023. Additionally, the company's revenue growth was not sufficient to offset the decline in EPS, indicating a slowdown in business operations.

1.c. Company Highlights

Last Price	40.05
Change Percentage	-0.58%
Open	40.05
Previous Close	40.28
Market Cap ( Millions)	961
Volume	42173
Year High	42.4
Year Low	27.58
M A 50	37.08
M A 200	36.92

FCF Yield	13.08%
Dividend Yield	2.45%
ROE	9.85%
Debt / Equity	0.00%
Net Debt / EBIDTA	-217.44%
Price To Book	1.03
Price Earnings Ratio	10.96
Price To FCF	7.65
Price To sales	2.08
EV / EBITDA	5.37

2. Transcript Summary

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3. NewsRoom

Best Value Stock to Buy for Nov. 17th

Nov -17

Source: zacks.com

Bank First National (NASDAQ:BFC) and First Mid Bancshares (NASDAQ:FMBH) Financial Contrast

Nov -17

Source: defenseworld.net

Compared to Estimates, First Mid Bancshares (FMBH) Q3 Earnings: A Look at Key Metrics

Oct -30

Source: zacks.com

First Mid Bancshares (FMBH) Tops Q3 Earnings and Revenue Estimates

Oct -30

Source: zacks.com

First Mid Bancshares (FMBH) Beats Q2 Earnings and Revenue Estimates

Jul -24

Source: zacks.com

First Mid Bancshares (FMBH) Reports Q1 Earnings: What Key Metrics Have to Say

May -01

Source: zacks.com

First Mid Bancshares (FMBH) Beats Q1 Earnings Estimates

Apr -30

Source: zacks.com

First Mid Bancshares, Inc. Announces First Quarter 2025 Results

Apr -30

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.77%)

6. Segments

Banking and Related Activities

Expected Growth: 4.77%

First Mid Bancshares, Inc.'s 4.77% growth in Banking and Related Activities is driven by strong loan growth, increased deposit market share, and expansion of fee-based services. Additionally, strategic acquisitions, improved operating efficiency, and a favorable interest rate environment have contributed to the segment's growth.

7. Detailed Products

Commercial Banking

Provides financial solutions to businesses, including cash management, lending, and treasury management services.

Consumer Banking

Offers personal banking services, including checking and savings accounts, credit cards, and personal loans.

Wealth Management

Provides investment and wealth management services, including financial planning, investment management, and trust services.

Mortgage Banking

Offers mortgage lending services, including residential and commercial mortgage loans.

Insurance Services

Provides insurance products, including life insurance, long-term care insurance, and annuities.

Treasury Management

Offers cash management and treasury management services to help businesses optimize their cash flow.

8. First Mid Bancshares, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for First Mid Bancshares, Inc. is medium due to the presence of alternative financial institutions and digital payment systems.

Bargaining Power Of Customers

The bargaining power of customers for First Mid Bancshares, Inc. is low due to the lack of concentration of buyers and the availability of multiple banking options.

Bargaining Power Of Suppliers

The bargaining power of suppliers for First Mid Bancshares, Inc. is low due to the availability of multiple suppliers and the lack of concentration of suppliers.

Threat Of New Entrants

The threat of new entrants for First Mid Bancshares, Inc. is high due to the relatively low barriers to entry and the increasing trend of fintech companies entering the market.

Intensity Of Rivalry

The intensity of rivalry for First Mid Bancshares, Inc. is high due to the presence of multiple competitors and the increasing competition in the banking industry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	43.53%
Debt Cost	4.70%
Equity Weight	56.47%
Equity Cost	8.27%
WACC	6.72%
Leverage	77.07%

11. Quality Control: First Mid Bancshares, Inc. passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Home Bancorp

A-Score: 6.5/10

Value: 7.3

Growth: 5.9

Quality: 6.2

Yield: 4.0

Momentum: 8.5

Volatility: 7.3

1-Year Total Return ->

Ohio Valley Banc

A-Score: 6.3/10

Value: 4.4

Growth: 4.7

Quality: 6.8

Yield: 6.0

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

ChoiceOne Financial Services

A-Score: 6.1/10

Value: 5.5

Growth: 7.7

Quality: 5.4

Yield: 8.0

Momentum: 3.5

Volatility: 6.7

1-Year Total Return ->

First Mid Bancshares

A-Score: 6.0/10

Value: 6.8

Growth: 5.8

Quality: 5.2

Yield: 6.0

Momentum: 4.0

Volatility: 8.0

1-Year Total Return ->

Orange County Bancorp

A-Score: 5.3/10

Value: 6.5

Growth: 6.3

Quality: 7.1

Yield: 4.0

Momentum: 2.5

Volatility: 5.3

1-Year Total Return ->

Primis Financial

A-Score: 5.0/10

Value: 5.0

Growth: 3.9

Quality: 4.3

Yield: 8.0

Momentum: 2.5

Volatility: 6.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-7.83%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.72%

First Mid Bancshares, Inc. - US3208661062

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on FMBH

1.c. Company Highlights

Stable Momentum

Medium Volatility

Average Yield

Earnings Beats

Revenues Beats

Average Growth

Better Quality

Strong Momentum

Earnings Miss

Revenues Miss

Fairly Valued

Average Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.77%)

6. Segments

Banking and Related Activities

Expected Growth: 4.77%

7. Detailed Products

Commercial Banking

Consumer Banking

Wealth Management

Mortgage Banking

Insurance Services

Treasury Management

8. First Mid Bancshares, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: First Mid Bancshares, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

40.04$

Current Price

40.05$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA