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First Mid Bancshares serves businesses and individuals through First Mid Bank & Trust, N.A. Customer deposits provide most of the funding for its loans and investments. Borrowers pay interest, and the bank earns the difference between interest received and interest paid on deposits and borrowings. Lending generates most of the company’s revenue; commercial real estate is its largest loan category.
The company also earns insurance commissions through First Mid Insurance Group, Inc. and revenue from investment, estate-planning, farm-management and retirement services through First Mid Wealth Management Company. These businesses supplement banking rather than drive most of its revenue.
The business depends on retaining deposits at rates that leave a positive interest spread and on borrowers’ ability to repay. Operations and loans are concentrated in central Illinois, where agricultural business relationships are important, tying loan performance to local property markets and farm income. At the parent-company level, funding operations and paying shareholder dividends depend on dividends from First Mid Bank; regulators limit how much the bank can distribute without prior approval.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Midland States Bancorp, Inc. competes with First Mid for business borrowers, depositors and wealth-management customers in Illinois and Missouri. Its wealth-management assets under administration offer a comparison for First Mid's ability to attract customers' investment and trust business.
First Busey Corporation competes with First Mid for business banking, deposits and wealth-management customers in central Illinois and the St. Louis area.
First Financial Corporation competes with First Mid for borrowers, depositors and trust customers in east-central Illinois. Its Illinois branch network shows the local reach of a rival offering business, home and consumer loans alongside deposit and trust services.
Central Bancompany, Inc. competes with First Mid for Missouri households' and businesses' banking and wealth-management relationships. Its emphasis on local decisions and customer service makes its progress with those customers worth watching for First Mid's Missouri franchise.
Enterprise Financial Services Corporation competes with First Mid for Missouri business loans, deposits and wealth-management customers, focusing primarily on privately held businesses and their owner families. Watch its business-client deposits: Enterprise uses customer deposits as its main source of funding for loan growth.
Byline Bancorp, Inc.'s lending to Chicago-area businesses and commercial-property borrowers offers a regional credit comparison for First Mid's Illinois-centered commercial loans. Watch credit quality in those loans, while keeping Chicago-area borrowers distinct from First Mid's central Illinois customer base.
Mercantile Bank Corp and First Mid both use customer deposits to fund business and commercial-property loans, leaving earnings exposed to similar borrower-credit and interest-margin pressures. Mercantile's generally floating-rate commercial-property term loans make the gap between loan interest earned and deposit interest paid a useful comparison.
Independent Bank Corp. and First Mid both depend heavily on income from borrowers, so loan repricing and the cost of attracting deposits matter to both. In 2025, loan interest and fees supplied 75.7% of Independent's total revenue, while lending activities supplied approximately 74% of First Mid's total revenue.
German American Bancorp, Inc. and First Mid both use local deposits to fund agricultural and commercial-property borrowers and earn additional income from wealth services. Its agricultural-loan credit quality offers a comparison for First Mid's exposure to farming customers, though German American serves different local markets.
1st Source Corp offers a comparison for First Mid's mix of Midwestern business banking, wealth management and insurance for individuals and businesses. Keep its larger emphasis on specialized equipment loans and leases in mind: financing aircraft, trucks and construction equipment makes its loan business different from First Mid's.
Peoples Bancorp Inc/OH offers a comparison for First Mid's diversified revenue model: both serve business and consumer banking customers while also providing insurance and investment services. Its insurance and investment income is the part to compare with First Mid's insurance commissions and wealth-management revenue, rather than looking only at lending.
Univest Financial Corporation, like First Mid, supplements banking with arranging insurance and advising customers on investments. Its insurance-agency and investment-advisory results offer a comparison for First Mid's revenue outside the interest it earns from lending.
Mercantile Bank Corp earningsMBWM
Mercantile Bank's commercial-property loan income and deposit costs show whether loan repricing is keeping up with funding costs, a useful comparison for First Mid's margin.
Read Mercantile's loan yields alongside its deposit costs and the resulting net interest margin. If loan income is gaining ground on deposit costs, repricing its floating-rate commercial-property loans is outpacing funding costs, which would ease a similar pressure for First Mid. If its margin narrows, funding costs or loan pricing are still squeezing banks, and First Mid faces that same pressure.
Peoples Bancorp Inc/OH earningsPEBO
Peoples Bancorp's insurance and investment-services income shows whether a bank's businesses beyond lending are contributing, a useful comparison for First Mid's insurance and wealth management.
Separate Peoples Bancorp's insurance and investment-services income from its lending results. If both non-lending sources strengthen, customers are bringing in more revenue through insurance and investment services, supporting the relevance of First Mid's insurance commissions and wealth-management income. If those sources weaken, First Mid's comparable fee businesses face a less supportive backdrop.
Enterprise Financial Services Corporation earningsEFSC
Enterprise Financial Services' business deposits and lending show whether companies are keeping funds at the bank to support loans, and offer a read on First Mid's competition for Missouri business deposits.
Read business-client deposit trends alongside loan trends. Rising deposits with loan growth show customer funds are supporting lending, a steadier backdrop for First Mid's competition for Missouri business deposits. If loans grow while deposits fall, customer funding is not keeping pace, and banks may have to work harder to fund lending at stable cost—an added competitive challenge for First Mid.
German American Bancorp, Inc. earningsGABC
German American's agricultural-loan credit quality shows how its farm borrowers are repaying, a comparison for First Mid's sizable agricultural lending in a different local market.
Look at delinquencies and credit losses on German American's agricultural loans, alongside whether those loans are growing. More lending with stable delinquencies and losses suggests its farm borrowers are keeping up, a reassuring comparison for First Mid's agricultural book. Rising delinquencies or losses point to greater pressure on farm borrowers; First Mid must still judge its own customers because the banks serve different local markets.
First Busey Corporation earningsBUSE
First Busey's lending, deposits and wealth-management business in central Illinois and the St. Louis area show how it is faring for local customer relationships it shares with First Mid.
Read First Busey's loan and deposit trends alongside its wealth-management results. Growth across all three would show it continuing to attract borrowers, depositors and wealth customers in markets shared with First Mid, sharpening local competition. Weakness would suggest less competitive pressure, but would not establish whether First Mid itself is gaining customers.
Fed Interest Rate Decision
First Mid earns most of its revenue from lending, so the Fed’s rate decision can change what it earns on loans and investments versus what it pays for deposits and borrowings.
Expected4.0%Last release4.0%
If it comes in above expectations
If rates rise more than expected, First Mid may earn more on loans and investments that reprice, but higher deposit and borrowing costs or weaker loan demand could narrow the spread and reduce earnings.
If it comes in below expectations
If rates fall more than expected, First Mid may pay less for deposits and borrowings, but yields on loans and investments may also decline, potentially narrowing the spread and reducing earnings.
First Mid Bancshares, Inc. earningsThis company
First Mid earns mainly from the gap between interest on loans and investments and interest paid on deposits, so this report shows whether that gap can keep widening without credit quality weakening.
Read net interest margin alongside credit quality. Net interest margin is the interest income left after interest expense, measured against earning assets; delinquencies and credit-loss provisions help show whether borrowers are falling behind. A wider margin with steady credit quality says loan pricing and deposit costs are working in First Mid's favor without credit risk eroding the gain. A narrowing margin or rising credit losses says this earnings engine is under pressure and loan growth may be adding risk faster than profit.
