The GAAP EPS miss vs consensus is a near-term headwind, but the strong adjusted EPS, NII growth, and NIM expansion signal solid underlying performance from the Two Rivers acquisition. Monitor the next 10-Q for loan growth trajectory and credit migration in the agricultural portfolio, which drove a $30.8M increase in substandard loans.
Price Chart
Executive Summary
First Mid Bancshares reported Q2 2026 GAAP diluted EPS of $1.04 on net income of $27.8M, with adjusted diluted EPS of $1.26. Net interest income rose 24.7% YoY to $79.7M, driven by the full-quarter inclusion of the Two Rivers acquisition, while NIM expanded 1bp QoQ to 3.79%. The bank completed the Two Rivers bank merger, paid down $27.5M in subordinated debt, and raised the quarterly dividend by $0.01 to $0.26. While GAAP EPS of $1.04 missed the Street consensus of $1.12, the adjusted EPS of $1.26 and strong NII growth signal healthy core operations post-acquisition.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of $1.04 on net income of $27.8M for Q2 2026
- Adjusted diluted EPS of $1.26, up from $1.14 in Q1 2026
- Net interest income rose 24.7% YoY to $79.7M
- Net interest margin (tax-equivalent) expanded 1bp QoQ to 3.79%
- Total loans of $6.93B, down $9.9M QoQ; total deposits of $7.57B, up $23.9M QoQ
- Tangible book value per share increased 3.7% QoQ to $31.15
- Completed bank merger of Two Rivers Bank & Trust into First Mid Bank & Trust
- Paid off $27.5M of subordinated debt; raised quarterly dividend to $0.26 per share
- Repurchased 21,872 shares during the quarter
- Non-performing loans ratio improved to 0.60% from 0.63% in Q1 2026
Financial Impact
GAAP EPS of $1.04 missed the $1.12 consensus by 7.1%, but adjusted EPS of $1.26 beat by 12.5%. Net interest income grew 24.7% YoY to $79.7M.
Risk Factors
- GAAP EPS of $1.04 missed Street consensus of $1.12, which may pressure the stock near-term
- Substandard loans increased $30.8M QoQ to $139.9M, driven by agricultural credit downgrades
- Total loans declined $9.9M QoQ due to elevated payoffs and disciplined pricing
- Average cost of interest-bearing deposits rose 8bp to 1.98%, reflecting deposit pricing competition
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-004848 |
| Document: f8k_072226.htm | 0001171843-26-004848 |
| Document: 0001171843-26-004848-index-headers.html | 0001171843-26-004848 |
| Document: 0001171843-26-004848-index.html | 0001171843-26-004848 |
| Document: 0001171843-26-004848.txt | 0001171843-26-004848 |
| 8-K Data (Synthetic) | 0001171843-26-004848 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $49.26 | awaiting T+60 | — | $51.11 (+3.76%) |
Oct 16, 2026 10d ago | SC 13D/A | $49.73 | awaiting T+60 | — | $51.11 (+2.77%) |
Jul 23, 2026 13w ago | 8-K | $50.05 $49.29 | ▼ −1.52% | ▼ −6.07% | $51.11 (+2.12%) |
Jul 15, 2026 14w ago | 8-K | $48.77 $49.24 | ▲ +0.96% | ▼ −1.57% | $51.11 (+4.80%) |
Apr 29, 2026 25w ago | 8-K | $41.84 $51.16 | ▲ +22.27% | ▲ +19.16% | $51.11 (+22.15%) |
Apr 29, 2026 25w ago | Press Release | $41.84 $51.16 | ▲ +22.27% | ▲ +19.16% | $51.11 (+22.15%) |
Apr 29, 2026 25w ago | 8-K | $41.84 $51.16 | ▲ +22.27% | ▲ +19.16% | $51.11 (+22.15%) |
Apr 15, 2026 27w ago | 8-K | $43.47 $47.93 | ▲ +10.26% | ▲ +2.12% | $51.11 (+17.58%) |
Mar 17, 2026 31w ago | DEFA14A | $39.38 $45.67 | ▲ +15.97% | ▲ +6.11% | $51.11 (+29.79%) |
Mar 2, 2026 34w ago | Press Release | $41.50 $44.29 | ▲ +6.72% | ▼ −2.60% | $51.11 (+23.16%) |
US Market Status
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