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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 55.6GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
9.1%
Sector: 8.5%
Dividend Analysis audit
INCOME
2.56%
Trailing Yield
$2.56
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
33%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, FIRST MID BANCSHARES, INC. (FMBH) receives a "Hold" rating with a composite score of 54.5/100, ranked #611 out of 4446 stocks. Key factor scores: Quality 56/100, Value 69/100, Momentum 52/100. This is quantitative analysis only — not investment advice.
FIRST MID BANCSHARES, INC. (FMBH) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does FIRST MID BANCSHARES, INC. Do?
First Mid Bancshares, Inc., a financial holding company, provides community banking products and services to commercial, retail, and agricultural customers in the United States. It accepts various deposit products, such as demand deposits, savings accounts, money market deposits, and time deposits. The company's loan products include commercial real estate, commercial and industrial, agricultural and agricultural real estate, residential real estate, and consumer loans; and other loans comprising loans to municipalities to support community projects, such as infrastructure improvements or equipment purchases. It also offers wealth management services, which include estate planning, investment, and farm management and brokerage services for individuals; and employee benefit services for business enterprises. In addition, the company provides property and casualty, senior insurance products, and group medical insurance for businesses; and personal lines insurance to individuals. It operates through a network of 52 banking centers in Illinois and 14 offices in Missouri, as well as a loan production office in Indiana. The company was formerly known as First Mid-Illinois Bancshares, Inc. and changed its name to First Mid Bancshares, Inc. in April 2019. First Mid Bancshares, Inc. was founded in 1865 and is headquartered in Mattoon, Illinois. FIRST MID BANCSHARES, INC. (FMBH) is classified as a small-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Joseph R. Dively and employs approximately 1,070 people, headquartered in MATTOON, Illinois. With a market capitalization of $1.1B, FMBH is one of the notable companies in the Financials sector.
FIRST MID BANCSHARES, INC. (FMBH) Stock Rating — Hold (April 2026)
As of April 2026, FIRST MID BANCSHARES, INC. receives a Hold rating with a composite score of 54.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.FMBH ranks #611 out of 4,446 stocks in our coverage universe. Within the Financials sector, FIRST MID BANCSHARES, INC. ranks #184 of 891 stocks, placing it in the top quartile of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
FMBH Stock Price and 52-Week Range
FIRST MID BANCSHARES, INC. (FMBH) currently trades at $43.34. The stock lost $0.59 (1.3%) in the most recent trading session. The 52-week high for FMBH is $44.85, which means the stock is currently trading -3.4% from its annual peak. The 52-week low is $27.58, putting the stock 57.2% above its annual trough. Recent trading volume was 39K shares, suggesting relatively thin trading activity.
Is FMBH Overvalued or Undervalued? — Valuation Analysis
FIRST MID BANCSHARES, INC. (FMBH) carries a value factor score of 69/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 12.94x, compared to the Financials sector average of 14.88x — a discount of 13%. The price-to-book ratio stands at 1.18x, versus the sector average of 1.22x. The price-to-sales ratio is 3.08x, compared to 0.90x for the average Financials stock. On an enterprise value basis, FMBH trades at 13.23x EV/EBITDA, versus 3.26x for the sector.
Overall, FMBH's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
FIRST MID BANCSHARES, INC. Profitability — ROE, Margins, and Quality Score
FIRST MID BANCSHARES, INC. (FMBH) earns a quality factor score of 56/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 9.1%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 1.1% versus the sector average of 1.2%.
On a margin basis, FIRST MID BANCSHARES, INC. reports gross margins of 0.0%. The operating margin is 30.5% (sector: 21.8%). Net profit margin stands at 23.8%, versus 17.7% for the average Financials stock. Revenue growth is running at 8.4% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
FMBH Debt, Balance Sheet, and Financial Health
FIRST MID BANCSHARES, INC. has a debt-to-equity ratio of 37.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.14x, suggesting adequate working capital coverage. Total debt on the balance sheet is $354M. Cash and equivalents stand at $97M.
FMBH has a beta of 0.80, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for FIRST MID BANCSHARES, INC. is 83/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
FIRST MID BANCSHARES, INC. Revenue and Earnings History — Quarterly Trend
In TTM 2026, FIRST MID BANCSHARES, INC. reported revenue of $368M and earnings per share (EPS) of $3.84. Net income for the quarter was $88M. Gross margin was 0.0%. Operating income came in at $112M.
In FY 2025, FIRST MID BANCSHARES, INC. reported revenue of $373M and earnings per share (EPS) of $3.84. Net income for the quarter was $92M. Revenue grew 4.4% year-over-year compared to FY 2024. Operating income came in at $117M.
In Q3 2025, FIRST MID BANCSHARES, INC. reported revenue of $96M and earnings per share (EPS) of $0.94. Net income for the quarter was $22M. Revenue grew 5.4% year-over-year compared to Q3 2024. Operating income came in at $29M.
In Q2 2025, FIRST MID BANCSHARES, INC. reported revenue of $93M and earnings per share (EPS) of $0.98. Net income for the quarter was $23M. Revenue grew 5.3% year-over-year compared to Q2 2024. Operating income came in at $30M.
Over the past 8 quarters, FIRST MID BANCSHARES, INC. has demonstrated a growth trajectory, with revenue expanding from $89M to $368M. Investors analyzing FMBH stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
FMBH Dividend Yield and Income Analysis
FIRST MID BANCSHARES, INC. (FMBH) currently pays a dividend yield of 2.6%. At this yield, a $10,000 investment in FMBH stock would generate approximately $$256.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning FMBH offers above-average income for its sector. With a net margin of 23.8%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
FMBH Momentum and Technical Analysis Profile
FIRST MID BANCSHARES, INC. (FMBH) has a momentum factor score of 52/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 30/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 32/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
FMBH vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing FMBH against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full FMBH vs S&P 500 (SPY) comparison to assess how FIRST MID BANCSHARES, INC. stacks up against the broader market across all factor dimensions.
FMBH Next Earnings Date
No upcoming earnings date has been announced for FIRST MID BANCSHARES, INC. (FMBH) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy FMBH? — Investment Thesis Summary
FIRST MID BANCSHARES, INC. presents a balanced picture with arguments on both sides. The value score of 69/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 83/100) reduces downside risk.
In summary, FIRST MID BANCSHARES, INC. (FMBH) earns a Hold rating with a composite score of 54.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on FMBH stock.
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Institutional Research Dossier
FIRST MID BANCSHARES, INC. (FMBH) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
FIRST MID BANCSHARES, INC. (FMBH) is a regional bank holding company with a broad community banking footprint across Illinois and Missouri. BCR's proprietary equity research model has assigned a 'Hold' rating to the stock, with a Composite Score of 52.3 out of 100. While the company demonstrates stability and strong profitability, its valuation is fair, and its growth prospects appear limited relative to its peers. The key takeaway is that FMBH is a well-run, defensive community bank, but lacks the catalysts to drive significant outperformance in the near-to-medium term.
Business Strategy & Overview
FIRST MID BANCSHARES, INC. is a financial holding company that provides a range of community banking products and services to commercial, retail, and agricultural customers across 52 banking centers in Illinois and 14 offices in Missouri, as well as a loan production office in Indiana. The company's core business model revolves around accepting various deposit products, such as demand deposits, savings accounts, money market deposits, and time deposits, and using those funds to originate commercial real estate, commercial and industrial, agricultural, residential real estate, and consumer loans. Additionally, the company offers wealth management services, including estate planning, investment, and farm management, as well as property and casualty, senior insurance products, and group medical insurance for businesses and individuals.
FMBH has historically maintained a strong presence in agricultural and commercial real estate lending, with these two segments comprising over 70% of its total loan portfolio. The company's strategic focus has been on organic growth, supplemented by select acquisitions that expand its geographic footprint and enhance its product capabilities. FMBH has a track record of successfully integrating acquired banks and realizing cost synergies, which has contributed to its consistent profitability.
The company operates in a highly competitive and mature banking industry, facing challenges from both larger national banks and smaller community banks. To differentiate itself, FMBH emphasizes its personalized, relationship-driven approach, as well as its deep expertise in agricultural and commercial real estate lending. The company's diversified revenue streams, which include net interest income, wealth management fees, and insurance commissions, help mitigate its exposure to interest rate risk and cyclical economic conditions.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
8.4%
Sector: 9.4%
-10% VS SCTR
Economic Moat Analysis
FIRST MID BANCSHARES, INC. exhibits a narrow economic moat, primarily driven by its strong local market positions and customer relationships. The company's long-standing presence and deep community ties in its core Illinois and Missouri markets have enabled it to build a loyal customer base and capture a sizable share of the retail and commercial banking segments. This, in turn, has contributed to the company's stable deposit franchise, which is a key competitive advantage in the highly fragmented community banking industry.
Additionally, FMBH's specialized expertise in agricultural and commercial real estate lending, along with its customized wealth management and insurance offerings, creates a degree of customer stickiness and switching costs. Clients are less likely to move their business elsewhere, given the company's intimate understanding of their unique needs and the complexity of transitioning to a new provider.
However, FMBH's moat is considered narrow rather than wide, as the company faces ongoing competition from larger regional and national banks, as well as smaller community banks, particularly in its core markets. The company's ability to maintain its pricing power and market share in the face of this competition will be crucial to sustaining its profitability and long-term growth trajectory.
Moreover, the community banking industry is subject to regulatory changes and technological disruption, which could erode FMBH's competitive advantages over time. The company's ability to adapt its business model and invest in digital capabilities will be a key determinant of its future success.
Financial Health & Profitability
FIRST MID BANCSHARES, INC. has demonstrated a solid financial profile, with a mix of profitability, stability, and growth that is generally in line with or slightly better than its industry peers. The company's return on equity (ROE) of 9.1% in the trailing twelve months (TTM) is modestly higher than the sector average of 8.5%, while its operating margin of 30.5% is significantly above the 22.0% industry benchmark.
FMBH's net interest margin and fee income have been relatively stable, contributing to the company's consistent profitability. However, the recent quarterly financial history suggests some margin compression, with operating margins declining from 39.1% in Q1 2023 to 25.5% in Q3 2023, likely due to rising interest rates and increased competition.
The company's balance sheet is also relatively healthy, with a debt-to-equity (D/E) ratio of 37.0%, well below the industry average of 115.0%. This conservative leverage profile provides FMBH with financial flexibility to pursue strategic initiatives, such as acquisitions or organic expansion, without significantly increasing its risk profile.
That said, FMBH's free cash flow generation has been negative in recent periods, reflecting the company's investments in loan growth and branch network expansion. While this may constrain its ability to deploy capital for shareholder-friendly activities, such as dividends or share buybacks, it also suggests that FMBH is investing in its long-term competitive positioning.
Valuation Assessment
FIRST MID BANCSHARES, INC. currently trades at a P/E ratio of 10.3x, a significant discount to the industry average of 15.5x. The company's EV/EBITDA multiple of 3.0x also compares favorably to the sector's 3.5x. These valuation metrics suggest that FMBH's stock is reasonably priced, if not outright cheap, relative to its peers.
However, the company's free cash flow yield of -4.4% in the TTM period is significantly lower than the industry average, which may indicate that the current valuation does not fully account for the company's capital needs and growth investments. Additionally, FMBH's momentum score of 50 out of 100 in BCR's proprietary model suggests that the stock's recent price performance has been lackluster compared to its peers.
Overall, FMBH's valuation appears fair, but not necessarily a bargain. The stock may be an attractive holding for value-oriented investors seeking exposure to a well-run community bank with a stable business model and healthy financial profile. However, the company's limited growth prospects and the potential for margin compression could dampen its upside potential relative to more dynamic peers in the banking sector.
Risk & Uncertainty
FIRST MID BANCSHARES, INC. faces several key risks and uncertainties that could impact its future performance. Firstly, the company's heavy concentration in commercial real estate and agricultural lending exposes it to potential downturns in these sectors, which could lead to elevated loan losses and pressure on profitability. While FMBH's underwriting standards and risk management practices appear sound, any significant deterioration in economic conditions or commodity prices could still pose a threat to the company's asset quality.
Additionally, FMBH operates in a highly competitive and regulated banking industry, where larger regional and national banks, as well as smaller community banks, are vying for market share. The company's ability to maintain its pricing power, retain customers, and successfully execute its growth strategy will be crucial to its long-term success. Regulatory changes, such as increased capital requirements or restrictions on certain lending activities, could also constrain FMBH's business model and profitability.
Finally, the company's reliance on net interest income, which accounts for the majority of its revenue, exposes it to interest rate risk. A sustained period of rising rates could erode the company's net interest margins, potentially offsetting any gains from higher yields on its loan portfolio.
Bulls Say / Bears Say
The Bull Case
BULL VIEWFIRST MID BANCSHARES, INC. has a proven track record of profitability, maintaining strong operating margins that consistently outperform the industry. The company's specialized lending expertise and diversified revenue streams provide a degree of stability that could appeal to risk-averse investors.
BULL VIEWThe company's conservative balance sheet and low leverage profile give it the financial flexibility to pursue strategic acquisitions or organic growth initiatives, which could unlock additional value for shareholders.
BULL VIEWFMBH's valuation appears attractive, trading at a significant discount to its peers on a P/E and EV/EBITDA basis. This could provide a margin of safety for investors and the potential for upside if the company's growth catalysts materialize.
The Bear Case
BEAR VIEWThe company's heavy concentration in commercial real estate and agricultural lending, coupled with its reliance on net interest income, make it vulnerable to economic downturns and rising interest rates, which could erode its profitability and asset quality.
BEAR VIEWFIRST MID BANCSHARES, INC. faces intense competition from larger regional and national banks, as well as smaller community banks, which could make it challenging for the company to maintain its market share and pricing power.
BEAR VIEWThe company's limited growth prospects and lack of compelling catalysts may limit its ability to outperform its peers in the near-to-medium term, potentially capping the upside for investors.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score FMBH and 4,400+ other equities.
FIRST MID BANCSHARES, INC. exhibits a 133% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.1%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
30.5%
Sector: 21.8%
Net Margin
Bottom-line profitability
23.8%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta+3%
Income Projection audit
A $10,000 investment would generate approximately $256 annually in dividends at the current trailing rate.
