First Mid Bancshares (FMBH) has followed up its latest Q1 2026 earnings release with a trailing twelve month snapshot that shows total revenue of US$339.3 million and net income of US$91.7 million through Q4 2025, translating into basic EPS of US$3.84. Over the past reported quarters, total revenue has moved from US$79.3 million in Q3 2024 to US$85.9 million in Q3 2025, while quarterly basic EPS shifted from US$0.81 to US$0.94 over the same span, giving a sense of the recent top and bottom line run rate. With a trailing net profit margin of 27% compared with last year’s 24.7%, the latest results suggest tighter cost control and firmer profitability on each dollar of revenue.

See our full analysis for First Mid Bancshares.

With the recent numbers on the table, the next step is to see how this earnings profile aligns with the prevailing narratives, both bullish and cautious, that investors follow most closely.

Loan book edges past US$6.0b with steady TTM growth

• Total loans moved from US$5,655.8 million in Q3 2024 to US$6,039.2 million by Q4 2025 on a trailing twelve month basis, giving a picture of a loan book that has been gradually scaling over the reported periods.
• Supporters with a bullish tilt often focus on this kind of steady volume story, yet the figures leave room for questions:
  • TTM total revenue rose from US$319.4 million in Q4 2024 to US$339.3 million by Q4 2025 while total loans grew by roughly US$329 million over the same span, so income appears to be keeping pace with balance sheet growth rather than lagging it.
  • At the same time, non performing loans within that growing book sit at US$31.9 million at Q4 2025 compared with US$29.8 million a year earlier, which bullish readers may watch closely because credit quality needs to stay healthy for loan growth to translate into durable earnings.

Net interest margin holds around 3.7%

• The trailing twelve month net interest margin is reported at 3.7%, compared with 3.34% a year earlier and quarterly prints of 3.6% to 3.8% during 2025, so pricing on loans and deposits looks relatively stable in the recent data set.
• What is surprising for a more cautious, bearish leaning view is how these margin figures interact with earnings quality:
  • Net income excluding extra items on a TTM basis rose from US$78.9 million in Q4 2024 to US$91.7 million in Q4 2025 alongside that 3.7% margin, which challenges a bearish concern that profitability might weaken as the bank grows.
  • Basic EPS on the same trailing basis moved from US$3.31 to US$3.84, so per share earnings are keeping in line with the margin profile rather than being diluted, an outcome that does not obviously align with a pessimistic stance on core banking returns.

27% margin and valuation gap create tension

• With a trailing net profit margin of 27% and a trailing P/E of 12.2x versus peer and US banks averages of 10.3x and 11.4x, the shares look richer than some comparables even though a DCF fair value of US$93.05 sits well above the current share price of US$42.09.
• Consensus style bullish arguments about value are heavily tested by these numbers:
  • On one side, the margin improvement from 24.7% last year to 27% and trailing 12 month earnings growth of 16.3% versus a 5 year rate of 12.6% support the idea of efficient operations.
  • On the other, trading at roughly 12.2x earnings while a DCF fair value of US$93.05 suggests a very wide gap to the current US$42.09 price, so investors weighing the bullish case need to decide how much weight to place on the model versus simple peer multiples.

To see how these numeric tensions between profitability, multiples, and modelled value fit into the wider story for First Mid Bancshares, it is worth reading the broader range of community views and how they interpret the same set of figures. 📊 Read the what the Community is saying about First Mid Bancshares.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on First Mid Bancshares's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Do these figures leave you feeling more confident or cautious about First Mid Bancshares? Take a moment to review the numbers yourself, consider both sides of the story, and then check the 2 key rewards and 2 important warning signs.

See What Else Is Out There

While First Mid Bancshares shows solid profitability and loan growth, its richer 12.2x P/E and rising non performing loans highlight valuation and risk trade offs some investors may question.

If that mix of pricing pressure and credit risk makes you hesitate, it may be worth scanning for stronger quality at better prices using the 74 resilient stocks with low risk scores.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.