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First Mid Bancshares, Inc. (NASDAQ:FMBH), a regional bank with a market capitalization of $866 million, announced key updates to its stock incentive plan following approval at its annual stockholders meeting held on April 30, 2025. The company, headquartered in Mattoon, Illinois, reported an increase of 450,000 shares available for issuance under the now renamed "First Mid Bancshares, Inc. 2025 Stock Incentive Plan." According to InvestingPro data, the bank has demonstrated strong shareholder commitment with a 14-year streak of consecutive dividend increases. This amendment brings the total number of shares under the plan to 1,000,000, with 503,921 shares currently available for issuance.
The plan, which was initially approved by stockholders on April 26, 2017, allows for the granting of stock options, stock awards, stock units, and stock appreciation rights (SARs) to selected employees, non-employee directors, and consultants. With the recent stockholder approval, the plan’s term has been extended to January 21, 2035.
The Board of Directors, or a designated committee, possesses full authority to select recipients, determine award types and amounts, and set terms and conditions. The Chief Executive Officer is authorized to grant awards to employees who are not subject to Section 16 of the Securities Exchange Act of 1934. InvestingPro analysis reveals the company maintains a GOOD financial health score, suggesting robust operational performance. For deeper insights into First Mid’s financial metrics and growth potential, subscribers can access additional ProTips and detailed analysis on the platform.
In addition to the stock incentive plan amendments, stockholders at the annual meeting also approved an increase in the number of authorized shares of common stock from 30,000,000 to 45,000,000. Three directors were elected for a three-year term, and the aforementioned amendments to the stock incentive plan were passed, including the name change and share increase.
The information provided in this article is based on an SEC filing by First Mid Bancshares, Inc.
In other recent news, First Mid Bancshares reported a positive first-quarter performance, surpassing consensus expectations due to strong net interest income trends and reduced credit costs. The bank’s loan and deposit balances exceeded forecasts, contributing to a net interest margin of 3.60%, higher than the estimate of 3.44%. However, operating fee income was approximately 8% lower than expected, reported at $25 million. Analyst Terry McEvoy from Stephens adjusted the price target for First Mid Bancshares to $41, down from $43, while maintaining an Equal Weight rating. The company is actively seeking acquisitions of banking partners with assets between $1 billion and $2 billion. Additionally, First Mid Bancshares secured an extension of its revolving credit facility with The Northern Trust (NASDAQ:NTRS) Company, extending the maturity date to April 3, 2026. This extension provides financial flexibility and supports the company’s strategic objectives. The details of this credit agreement were outlined in a Form 8-K filed with the SEC.
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