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• Like a Bank of America or JPMorgan Chase, but scaled down and focused on communities in Illinois and Missouri.
• A regional version of PNC Bank or U.S. Bank, providing a full range of financial services, but primarily within Illinois and Missouri.

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• Deposit Services: Provides checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Lending Services: Offers a variety of loans, including commercial, real estate (residential and commercial), and consumer loans.
• Wealth Management & Trust Services: Delivers financial planning, investment management, and trust services to individuals, families, and businesses.
• Treasury Management Services: Supplies cash management solutions designed to optimize cash flow and financial operations for businesses.
• Insurance Services: Offers property & casualty, life, and employee benefits insurance products through its subsidiary.

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First Mid Bancshares (FMBH) is a bank holding company that provides a wide range of banking and financial services. As a financial institution, it does not have a few "major customers" in the traditional sense of product sales to other companies. Instead, its customer base is diversified across various segments, primarily serving both individuals and businesses.

The company primarily serves the following three categories of customers:

1. Retail/Consumer Customers: This category includes individuals and households who utilize First Mid's personal banking services. These services typically encompass checking and savings accounts, consumer loans (such as auto loans and personal loans), residential mortgages, credit cards, and other personal financial products.
2. Commercial/Business Customers: This category includes small to medium-sized businesses, corporations, and non-profit organizations. First Mid provides them with commercial banking services such as business checking and savings accounts, commercial real estate loans, lines of credit, term loans, equipment financing, treasury management services, and other business-specific financial solutions.
3. Wealth Management & Trust Customers: This category serves high-net-worth individuals, families, and institutional clients. First Mid offers comprehensive wealth management services, including investment management, financial planning, trust and estate services, and private banking.

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Here are the major suppliers for First Mid Bancshares (FMBH):

• Fiserv, Inc. (FI)
• nCino, Inc. (NCNO)
• Grant Thornton LLP
• Visa Inc. (V)
• Mastercard Incorporated (MA)

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Joe Dively Chairman and Chief Executive Officer

Joe Dively was appointed Chief Executive Officer of First Mid Bancshares in May 2011, having served on the board of directors since 2004. He also holds the title of President of First Mid Bank & Trust. Prior to joining First Mid, Dively served as Senior Vice President of Consolidated Communications Holdings, Inc., a publicly traded telecommunications holding company, where he worked for two decades. His background also includes a role as Senior Vice President of Sales at McLeodUSA, as well as various sales and marketing positions at IBM and Caterpillar Tractor before 1991. Dively holds a Bachelor of Science degree in Business from Eastern Illinois University and has completed executive education courses at Harvard University and The University of Chicago, Graduate School of Business. He has been an active member of the business community, serving as chair of the Illinois Chamber of Commerce, chair of the Sarah Bush Lincoln Health System, and president of the Charleston Chamber of Commerce.

Jordan Read Executive Vice President, Chief Financial Officer & Chief Risk Officer

Jordan Read assumed the role of Chief Financial Officer in addition to his duties as Chief Risk Officer, effective June 24, 2025. He joined First Mid in 2021 as Chief Risk Officer, where he has been responsible for overseeing key departments including Compliance, Loan Review, Enterprise Risk Management, and Community Development.

Matthew Smith President

Matthew Smith was promoted to President of First Mid Bancshares, Inc., effective June 24, 2025. He joined First Mid in 2016 as Chief Financial Officer and was instrumental in developing the company's financial strategy, managing its balance sheet and capital strategy, engaging with analysts and investors, and guiding mergers and acquisitions. In 2021, his responsibilities expanded to include oversight of credit administration. During his tenure as CFO, First Mid experienced significant growth, with total assets increasing from $2.8 billion to $7.6 billion and revenue more than tripling due to strategic expansion and organic growth.

Mike Taylor Senior Executive Vice President, Chief Operating Officer

Mike Taylor serves as the Senior Executive Vice President and Chief Operating Officer for First Mid Bancshares, Inc.

Clay Dean Chief Executive Officer, First Mid Insurance Group

Clay Dean has served as Chief Executive Officer of First Mid Insurance Group since 2014 and as Executive Vice President of First Mid Bancshares, Inc. since 2019. He also holds the position of Chief Insurance Services Officer & SVP for First Mid Bank & Trust NA since 2014. His prior experience includes serving as Vice President at NewAlliance Bank (Trust Co. of Connecticut) from 2008 to 2010 and as Vice President at Beech Hill Advisors, Inc. Dean earned his graduate degree from Yale University in 2000 and his undergraduate degree from the University of Illinois. He joined First Mid-Illinois Bank & Trust in 2010, initially as Senior Vice President, Business Development, then as Senior Vice President, Chief Deposit Services Officer, before taking on his current role as CEO of First Mid Insurance Group.

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The key risks for First Mid Bancshares (FMBH) are primarily influenced by macroeconomic factors and the regulatory environment typical of the banking industry.

1. Interest Rate Fluctuations and General Economic Conditions: First Mid Bancshares, like other regional banks, faces significant exposure to changes in interest rates and the broader economic landscape. The bank's net interest income (NII) growth is highly sensitive to the interest rate environment, meaning fluctuations can directly impact profitability. General economic conditions also affect loan demand, deposit flows, and the overall financial health of the bank's customers and communities.
2. Legislative and Regulatory Changes: As a financial institution, First Mid Bancshares operates within a heavily regulated industry. Changes in governmental monetary and fiscal policies, including those from the U.S. Treasury and the Federal Reserve Board, or other legislative and regulatory shifts, can materially affect the company's operations, compliance costs, and financial results.
3. Intense Competition: First Mid Bancshares faces intense local competition within its market areas. This competitive pressure can impact demand for its financial services and products, affecting its ability to attract and retain customers and maintain its market share.

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The clear emerging threat for First Mid Bancshares (FMBH) is the aggressive competition from digital-first fintech companies and neobanks. These entities operate with significantly lower overhead due to the absence of physical branches, allowing them to offer more attractive interest rates on deposits, lower fees, and superior mobile-centric user experiences. They directly target traditional banking services such as checking, savings, and consumer lending, increasingly capturing market share, particularly among younger demographics and tech-savvy customers who prioritize digital convenience over physical branch access. This trend is pressuring traditional regional banks like FMBH to invest heavily in technology and digital transformation to remain competitive, while simultaneously facing potential erosion of their deposit base and loan portfolios.

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First Mid Bancshares, Inc. (FMBH) is a community-focused financial organization primarily offering banking, wealth management, insurance, agricultural, and brokerage services. The company operates across Illinois, Missouri, Texas, Wisconsin, and has a loan production office in Indiana, making the addressable market predominantly the Midwest and parts of the South Central United States.

Addressable Markets:

• Commercial Banking

  The U.S. commercial banking market was valued at approximately $229 billion in 2023 and is projected to reach $339 billion by 2032, growing at a compound annual growth rate (CAGR) of nearly 5% between 2024 and 2032. Another report estimates the U.S. commercial banking market size at $732.5 billion in 2025, forecasted to reach $915.45 billion by 2030 with a 4.56% CAGR. Commercial lending, a key component, held approximately two-fifths of the market in 2023 and is expected to grow fastest. The global commercial lending market size was valued at $11,874.88 billion in 2024 and is projected to reach nearly $25,270.32 billion by 2032, growing at a CAGR of 9.9% from 2025 to 2032. Specifically for the Midwest, the banking market is characterized by a strong agricultural and manufacturing base, with banks typically focusing on serving small to medium-sized enterprises (SMEs) and the agricultural sector.

• Community Banking

  The U.S. community banking market was valued at $6.35 billion in 2024 and is projected to grow at a CAGR of 3.8%. Another estimate places the U.S. community banking market at $17.79 billion in 2024, expanding to $19.39 billion in 2025 with a CAGR of 9.0%, and further to $26.98 billion by 2029 with a CAGR of 8.6%. Globally, the community banking market size is expected to grow from $15.87 billion in 2023 to $27.63 billion by 2033, at a CAGR of 5.70%. North America, which includes the U.S., held a dominant market position in 2024, capturing over 40% of the global market share.

• Wealth Management

  The global wealth management market size was valued at $1.25 trillion in 2020 and is projected to reach $3.43 trillion by 2030, growing at a CAGR of 10.7% from 2021 to 2030. North America held the largest share in the wealth management industry in 2020. Another report indicates the global wealth management market size was $703.38 billion in 2021 and is forecasted to reach $1062.75 billion by 2029, with a CAGR of 4.78% from 2023 to 2030. The U.S. wealth management market is characterized by a high number of high-net-worth individuals (HNWIs), with 7.5 million in 2021. The market is expected to increase by $460.1 billion, at a CAGR of 8.5% from 2024 to 2029.

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First Mid Bancshares (FMBH) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Net Interest Income Growth and Net Interest Margin Expansion: The company has demonstrated consistent growth in its net interest income, with its net interest margin expanding to 3.80% in Q3 2025, marking the sixth consecutive quarter of growth in net interest income. This expansion is driven by higher yields on earning assets. Continued favorable interest rate environments or effective asset-liability management will contribute to sustained net interest income growth.
2. Loan and Deposit Growth: First Mid Bancshares continues to focus on growing its core banking activities, as evidenced by the increase in total loans and deposits. In Q3 2025, total loans increased by $57.0 million to $5.82 billion, and total deposits rose by $99.3 million to $6.29 billion. Growth in these areas, particularly in commercial real estate, construction, and agriculture operating lines, directly translates to increased interest-earning assets and funding for further lending.
3. Strategic Acquisitions and Market Expansion: A significant driver of future revenue growth for FMBH is its strategy of disciplined and strategic mergers and acquisitions (M&A). The company has announced pending acquisitions of Two Rivers Financial Group, Inc. and Ray Farm Management Services, Inc. This strategy, coupled with the organic expansion of products and services into new geographic markets, is expected to broaden its customer base and service offerings.
4. Diversification and Growth of Non-Interest Income: First Mid Bancshares emphasizes diversified revenue streams, with approximately 30% of its revenue generated from non-interest income. Key areas include its position as Illinois' largest community bank insurance agency and its wealth management services, which manage $6.4 billion in assets. Expanding these non-interest offerings into existing and new markets is a stated growth strategy.

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Share Repurchases

Information regarding the dollar amount of share repurchases made and authorized to be made in the future over the last 3-5 years is not explicitly available in the provided search results.

Share Issuance

• In 2023, First Mid Bancshares issued 3,290,222 shares of common stock, valued at $93.51 million, as part of the total consideration for the acquisition of Blackhawk Bancorp, Inc.
• First Mid Bancshares is expected to issue approximately 2,556,140 shares of common stock to Two Rivers Financial Group shareholders and equity award holders upon the closing of their acquisition, anticipated in the first quarter of 2026.

Outbound Investments

• On August 15, 2023, First Mid Bancshares completed the acquisition of Blackhawk Bancorp, Inc., which added approximately $1.3 billion in total assets and expanded First Mid's presence into northern Illinois and southern Wisconsin. The total consideration included 3,290,222 shares of First Mid common stock valued at $93.51 million, along with $1,928 in cash.
• On February 14, 2022, the acquisition of Delta Bancshares Company closed, contributing to an increase in First Mid's asset size to $6.7 billion and expanding its presence in the St. Louis market.
• On October 30, 2025, First Mid Bancshares announced a definitive agreement to acquire Two Rivers Financial Group, Inc. in an all-stock transaction valued at approximately $94.1 million, based on First Mid's stock price on October 28, 2025. Two Rivers had about $1.1 billion in total assets as of September 30, 2025, and the transaction is expected to close in Q1 2026.

Capital Expenditures

• First Mid made substantial investments in its digital infrastructure in 2023.
• In the fourth quarter of 2024, the company incurred $2.2 million in nonrecurring expenses related to technology projects, which included retail and core system technology initiatives.
• Ongoing investments are focused on necessary technology to maintain competitiveness, achieve greater efficiencies, and enhance the customer experience, as outlined in their "Elevate 2027" strategic plan.