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Business Combinations (Tables) | 12 Months Ended
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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 |

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