Overview

• US community bank's Q2 adjusted net income beat analyst expectations

• Company completed merger of Two Rivers Bank & Trust during the quarter

• Quarterly dividend increased by $0.01 to $0.26 per share

Outlook

• Company did not provide specific guidance or outlook for future quarters or the full year

Result Drivers

• TWO RIVERS MERGER - Inclusion of Two Rivers Bank & Trust for a full quarter drove increases in net interest income and non-interest income

• LOAN REPRICING - Retention of maturing loans at higher rates contributed to net interest income growth

• MERGER EXPENSES - Non-interest expenses rose due to $7.1 mln in acquisition-related costs and annual merit increases

Company press release: ID:nGNX16XMB1

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 EPS		$1.04
Q2 Adjusted Net Income	Beat	$33.40 mln	$27.95 mln (6 Analysts)
Q2 Net Income		$27.79 mln
Q2 Net Interest Income		$79.66 mln
Q2 Dividend		$0.26

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for First Mid Bancshares Inc is $50.00, about 3.1% above its July 22 closing price of $48.50

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads

• July 23 - Civista Bancshares Q2 profit rises 30%, interest margin expands

• July 22 - Fulton Financial Q2 adjusted EPS rises on Blue Foundry deal

• July 23 - Dime Community Bancshares Q2 revenue hits record on loan growth

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