FMBHFIRST MID BANCSHARES, INC.

State Commercial Banks

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $1.3B
Employees: 1,170
Net debt / EBITDA: —; $172M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
143% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
18% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$470K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Net income	$51M	$73M	$69M	$79M	$92M	16%
Operating cash flow	$70M	$66M	$72M	$124M	$131M	5.2%
Capex	$4M	$5M	$4M	$5M	$7M	38%
Stock-based comp	$1M	$2M	$2M	$2M	$3M	12%
Buybacks	$326K	$340K	$465K	$659K	$724K	9.9%
Dividends	$15M	$18M	$20M	$22M	$23M	4.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 16, 2026	EPL LINCO Trust	SCHEDULE 13D/A	4.7%	Passive
Aug 8, 2024	EPL LINCO Trust	SC 13D/A	5.3%	Passive
Sep 20, 2023	Celio Elizabeth L	SC 13D/A	4.4%	Passive
Feb 25, 2021	EPL LINCO Trust	SC 13D	7.0%	Active

Insider trading

Open-market buys, 12 mo: $9K · 5
Open-market sells, 12 mo: $480K · 4
Net: −$470K

Pay vs performance

No pay-versus-performance disclosure yet.