Business Combinations (Tables)

12 Months Ended

Dec. 31, 2022

Delta Bancshare Company

Business Acquisition [Line Items]

Estimated Fair Values of Assets Acquired and Liabilities Assumed

	Acquired Book						As Recorded by
	Value			Adjustments			First Mid Bank
Assets
Cash and due from banks	$	82,473		$	—		$	82,473
Investment securities		184,959			(2,836	)		182,123
Loans		426,433			(7,924	)		418,509
Allowance for loan losses		(5,388	)		4,525			(863	)
Premises and equipment		5,522			3,508			9,030
Goodwill		14			28,544			28,558
Core deposit intangible		—			5,920			5,920
Bank owned life insurance		15,822			—			15,822
Right of use asset		—			717			717
Other assets		9,061			(1,287	)		7,774
Total assets acquired	$	718,896		$	31,167		$	750,063
Liabilities and stockholders' equity
Deposits	$	558,619		$	1,759		$	560,378
Securities sold under agreements to repurchase		35,523			—			35,523
FHLB advances		45,000			75			45,075
Lease liability		—			717			717
Other liabilities		2,209			(1,161	)		1,048
Total liabilities assumed		641,351			1,390			642,741
Net assets acquired	$	77,545		$	29,777		$	107,322
Consideration paid
Cash							$	15,150
Common stock								92,172
Total consideration paid							$	107,322

Unaudited Pro Forma Condensed Combined Financial Information

The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the Delta Merger taken place at the beginning of the period (dollars in thousands, except per share data):

	Twelve months ended December 31,
	2022		2021
Net interest income	$	187,075	$	147,387
Provision for loan losses		4,806		14,679
Non-interest income		74,799		53,371
Non-interest expense		165,062		132,086
Income before income taxes		92,006		53,993
Income tax expense		18,508		12,321
Net income available to common stockholders	$	73,498	$	41,672
Earnings per share
Basic	$	3.64	$	2.07
Diluted	$	3.63	$	2.07
Basic weighted average shares outstanding		20,169,077		20,111,889
Diluted weighted average shares outstanding		20,243,635		20,164,909

LINCO Bancshares, Inc.

Business Acquisition [Line Items]

Estimated Fair Values of Assets Acquired and Liabilities Assumed

	Acquired Book						As Recorded by
	Value			Adjustments			First Mid Bank
Assets
Cash and due from banks	$	130,561		$	—		$	130,561
Investment securities		119,234			264			119,498
Loans		838,377			(9,401	)		828,976
Allowance for loan losses		(8,656	)		6,583			(2,073	)
Other real estate owned		8,435			915			9,350
Premises and equipment		23,440			6,360			29,800
Goodwill		20,503			(15,054	)		5,449
Core deposit intangible		123			2,025			2,148
Right of use asset		—			794			794
Other assets		43,697			2,499			46,196
Total assets acquired	$	1,175,714		$	(5,015	)	$	1,170,699
Liabilities and stockholders' equity
Deposits	$	988,329		$	2,081		$	990,410
Securities sold under agreements to repurchase		—			—			—
FHLB advances		26,941			975			27,916
Other borrowings		—			—			—
Lease liability		—			794			794
Other liabilities		4,498			(610	)		3,888
Total liabilities assumed		1,019,768			3,240			1,023,008
Net assets acquired	$	155,946		$	(8,255	)	$	147,691
Consideration paid
Cash							$	103,500
Common stock								44,191
Total consideration paid							$	147,691

Unaudited Pro Forma Condensed Combined Financial Information

The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the LINCO Merger taken place at the beginning of the period (dollars in thousands, except per share data):

	Twelve months ended December 31,
	2021		2020
Net interest income	$	173,676	$	169,430
Provision for loan losses		15,351		18,242
Non-interest income		70,879		66,228
Non-interest expense		159,778		152,596
Income before income taxes		69,426		64,820
Income tax expense		15,994		15,944
Net income available to common stockholders	$	53,432	$	48,876
Earnings per share
Basic	$	2.99	$	2.72
Diluted	$	2.98	$	2.71
Basic weighted average shares outstanding		17,886,998		17,979,126
Diluted weighted average shares outstanding		17,979,007		18,025,102