<SEC-DOCUMENT>0000700565-25-000045.txt : 20251003
<SEC-HEADER>0000700565-25-000045.hdr.sgml : 20251003
<ACCEPTANCE-DATETIME>20251003112102
ACCESSION NUMBER:		0000700565-25-000045
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251002
FILED AS OF DATE:		20251003
DATE AS OF CHANGE:		20251003

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			McRae Eric S
		CENTRAL INDEX KEY:			0001452494
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36434
		FILM NUMBER:		251372524

	MAIL ADDRESS:	
		STREET 1:		266 COBB AVE
		CITY:			DECATUR
		STATE:			IL
		ZIP:			62522

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MID BANCSHARES, INC.
		CENTRAL INDEX KEY:			0000700565
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		EIN:				371103704
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1515 CHARLESTON AVE
		STREET 2:		PO BOX 499
		CITY:			MATTOON
		STATE:			IL
		ZIP:			61938
		BUSINESS PHONE:		2172347454

	MAIL ADDRESS:	
		STREET 1:		1515 CHARLESTON AVENUE
		STREET 2:		PO BOX 499
		CITY:			MATTOON
		STATE:			IL
		ZIP:			61938

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST MID ILLINOIS BANCSHARES INC
		DATE OF NAME CHANGE:	20040326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST-MID ILLINOIS BANCSHARES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<SEQUENCE>1
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    <periodOfReport>2025-10-02</periodOfReport>

    <issuer>
        <issuerCik>0000700565</issuerCik>
        <issuerName>FIRST MID BANCSHARES, INC.</issuerName>
        <issuerTradingSymbol>FMBH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001452494</rptOwnerCik>
            <rptOwnerName>McRae Eric S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1421 CHARLESTON AVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MATTOON</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>61938</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>1</isOfficer>
            <officerTitle>EVP, Chief Lending Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
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                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-10-02</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionPricePerShare>
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    <derivativeTable>
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        <derivativeHolding>
            <securityTitle>
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                    <value>I</value>
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        </derivativeHolding>
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            <securityTitle>
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            <securityTitle>
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                <value>23.00</value>
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            <exerciseDate>
                <footnoteId id="F7"/>
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            <expirationDate>
                <value>2018-12-16</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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                    <value>D</value>
                </directOrIndirectOwnership>
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            <securityTitle>
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            <conversionOrExercisePrice>
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            <expirationDate>
                <value>2012-12-16</value>
            </expirationDate>
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                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
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                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The shares were acquired via the planned quarterly purchase under the Company's Deferred Compensation Plan.</footnote>
        <footnote id="F2">Each share of the Series B Convertible Preferred Stock (i) is convertible at any time into 231.267 shares of common stock and cash in lieu of any fractional share of common stock, subject to certain adjustments, (ii) is convertible at First Mid-Illinois Bancshares' option under certain circumstances, and (iii) has no expiration date.</footnote>
        <footnote id="F3">Each share of Series C Convertible Preferred Stock (i) is convertible at any time into 246.427 shares of common stock and cash in lieu of any fractional share of common stock, subject to certain adjustments, (ii) is convertible at First Mid-Illinois Bancshares' option under certain circumstances, (iii) has no expiration date.</footnote>
        <footnote id="F4">Options become exercisable in four equal annual installments beginning 1/1/2005.</footnote>
        <footnote id="F5">Options become exercisable in four equal annual installments beginning 1/1/2006</footnote>
        <footnote id="F6">Options become exercisable in four equal annual installments beginning 1/1/2009</footnote>
        <footnote id="F7">Options become exercisable in 4 equal annual installments beginning on 01/01/2010.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Matthew K. Smith, attorney-in-fact for Mr. McRae</signatureName>
        <signatureDate>2025-10-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
