First MID Bancshares
FMBH on Nasdaq. First Mid Bancshares sells banking services to individuals and businesses. Market value $1.3bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 10 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.20.
Profit per $100 you pay: $7.61.
Quality score: 88 of 100. Price score: 92 of 100. Our list needs 70 on quality and 60 on price.
$49.51 a share, 45% above its 1-year low
Over the past year the price has ranged from $34.16 to $53.36.
Dividend: 1.8% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.03bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 30% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $28 million, up 19% on a year ago.
- Spare cash over the past 12 months: $119 million, down from $121 million.
- 11% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $19m |
| December 2024 | $19m |
| March 2025 | $22m |
| June 2025 | $23m |
| September 2025 | $22m |
| December 2025 | $24m |
| March 2026 | $26m |
| June 2026 | $28m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 169 funds in all.
- Boston PartnersBoston Partners team
- Value
- $22m
- Share of fund
- <0.1%
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $8m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $22m | <0.1% | |
| Hotchkis & WileyHotchkis & Wiley team | $8m | <0.1% |
Largest holders overall
- BlackRock$114mAdded
- Ballentine Partners$80m
- Dimensional Fund Advisors LP$56mAdded
- Vanguard Capital Management$52mAdded
- American Century Companies$36mAdded
- Geode Capital Management$32mAdded
- State Street$28mAdded
- Wellington Management Group LLP$24mAdded
- Boston Partners$22m
- GW&K Investment Management$20mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- BlackRock, Inc.Passive investor7.2%+1.2 ptsSince 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.2%+1.2 pts | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $9,474 of shares on the open market. 3 sold $479,675.
- Wolak Stas REVP Chief Retail Banking Ofc.Sold
- Date
- 20 February 2026
- Shares
- 430
- Price
- $43.67
- Value
- $18,778
- Zimmer James EdwinDirectorBought
- Date
- 17 February 2026
- Shares
- 217
- Price
- $43.66
- Value
- $9,474
- Beesley Bradley LEVP, CEO First Mid Wealth MgmtSold
- Date
- 4 February 2026
- Shares
- 6,000
- Price
- $44.00
- Value
- $264,000
- Dean Clay MCEO-First Mid Insurance GroupSold
- Date
- 24 December 2025
- Shares
- 3,696
- Price
- $40.58
- Value
- $149,993
- Dean Clay MCEO-First Mid Insurance GroupSold
- Date
- 18 December 2025
- Shares
- 1,099
- Price
- $42.69
- Value
- $46,904
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 20 February 2026 | Wolak Stas R EVP Chief Retail Banking Ofc. | Sold | 430 | $43.67 | $18,778 |
| 17 February 2026 | Zimmer James Edwin Director | Bought | 217 | $43.66 | $9,474 |
| 4 February 2026 | Beesley Bradley L EVP, CEO First Mid Wealth Mgmt | Sold | 6,000 | $44.00 | $264,000 |
| 24 December 2025 | Dean Clay M CEO-First Mid Insurance Group | Sold | 3,696 | $40.58 | $149,993 |
| 18 December 2025 | Dean Clay M CEO-First Mid Insurance Group | Sold | 1,099 | $42.69 | $46,904 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.