First Mid Bancshares, Inc. (NASDAQ: FMBH)

First Mid Bancshares, Inc. is a financial holding company engaged in banking, insurance, wealth management, and related financial services through its subsidiaries. The Company operates primarily through First Mid Bank & Trust, N. A., which provides traditional banking products and services, and First Mid Insurance Group, Inc., which offers insurance products and services. Additional subsidiaries include First Mid Wealth Management Company, providing trust, investment, and retirement planning services, and First Mid Captive, Inc., a wholly owned captive insurance entity. The Company also owns First Mid Investments, Inc., an investment subsidiary of First Mid Bank, and several statutory business trusts that are unconsolidated subsidiaries.

The Company generates revenue through interest income from loans and investments, service fees from wealth management and insurance activities, and commissions from insurance brokerage. Banking activities, particularly lending, represent the largest revenue source, with approximately 74% of total revenues derived from lending activities in the fiscal year ended December 31, 2025. Revenue is also generated from deposit-related fees, investment advisory services, insurance premiums, and trust and estate administration fees. The Company serves individual consumers, businesses, and institutional clients across its geographic footprint in Illinois, Missouri, Wisconsin, Texas, and Indiana.

The company operates through the following segments:

• Banking: This segment provides commercial and retail lending, deposit services, and treasury management through First Mid Bank & Trust, N. A. It includes residential mortgages, commercial real estate loans, commercial and industrial loans, and consumer lending products. The segment also offers checking, savings, money market, and time deposit accounts to customers.

• Insurance: This segment offers property and casualty insurance, senior insurance products, group medical insurance for businesses, and personal lines insurance to individuals through First Mid Insurance Group, Inc. It operates as an insurance brokerage, placing coverage with various carriers to meet client needs. The segment expanded through the acquisition of Mid Rivers Insurance Group, Inc., which was merged into First Mid Insurance during the quarter ended September 30, 2024.

• Wealth Management: This segment delivers trust services, investment management, retirement planning, farm services, and brokerage offerings via First Mid Wealth Management Company. It provides estate planning, asset management, and employee benefit services for businesses, as well as farm management and investment advisory services for individual clients. The segment also includes First Mid Investments, Inc., which supports investment activities for the bank and its clients.

First Mid Bancshares, Inc. holds a strong position as a community-focused financial institution in the Midwest, competing with regional banks, savings associations, and credit unions in Illinois, Missouri, Wisconsin, and Texas. The Company differentiates itself through localized decision-making, long-standing community relationships, and a broad product set enabled by its financial holding company structure. Its consistent financial performance, solid capital ratios exceeding regulatory minimums, and growth through both organic means and strategic acquisitions support its competitive standing in the markets it serves.

The Company serves a diverse customer base including individuals, small and medium-sized businesses, agricultural clients, and municipal entities across its operating regions. Specific customer references are not detailed in the filing, but the Company notes it serves sixty different communities through its branch network, with a focus on delivering tailored financial solutions to local markets. Its customer relationships span personal banking, business lending, wealth advisory, and insurance coverage, reflecting a broad-based retail and commercial clientele.