First Mid Bancshares reports Q3 adjusted EPS 97c, consensus 97c

Net interest margin tax equivalent expands to 3.80%, quarterly increase of 8 basis points, helping drive the sixth consecutive quarter of growth in net interest income; Tangible book value per share increased 6.0% during the quarter to $28.21. Reports CET1 ratio 13.13%. “The third quarter reflected solid financial and operating performance led by further expansion of our net interest margin while delivering growth in both loans and deposits. We executed on our strategic plan to drive greater efficiency by completing the conversion of our core operating system in late October and closing 8 full-service branches across our footprint during the quarter. The branch closures align with the continued migration in customer preferences to a more digital first mindset. The core system conversion will not only provide cost savings, but will also provide process efficiencies that will set us up well for future growth” said Matthew Smith, President.