First Mid Bancshares extends credit agreement to 2026

MATTOON, IL - First Mid Bancshares, Inc. (NASDAQ:FMBH), a Delaware-incorporated state commercial bank, announced today that it has secured an extension of its revolving credit facility with The Northern Trust (NASDAQ:NTRS) Company. The amendment extends the maturity date of the company’s $15 million loan by one year, from today to April 3, 2026. The regional bank, with a market capitalization of approximately $742 million and current stock price of $30.79, has demonstrated consistent financial performance with revenue of $319 million in the last twelve months.

The Ninth Amendment to the Sixth Amended and Restated Credit Agreement signifies continued cooperation between First Mid Bancshares and The Northern Trust Company, ensuring financial flexibility for the former. This extension provides the company with an additional year to utilize the revolving loan, which was originally set to mature today. According to InvestingPro, the company maintains a healthy financial position with a debt-to-equity ratio of 0.68, suggesting prudent leverage management.

The terms of the Amendment were not fully disclosed, but the extension of the credit facility is a common financial practice that offers businesses like First Mid Bancshares the opportunity to manage their capital requirements more effectively over a longer period.

The financial details of the agreement were outlined in a Form 8-K filed with the Securities and Exchange Commission (SEC) by First Mid Bancshares. The filing confirms the company’s commitment to maintaining a stable financial foundation while potentially pursuing its strategic objectives.

Investors and stakeholders can refer to the Exhibit 10.1 of the 8-K filing for a complete understanding of the amendment’s terms. The exhibit is incorporated by reference and provides the legal framework for the extension of the credit facility.

First Mid Bancshares is known for serving the financial needs of its customers, with a history dating back to its former names as First Mid Illinois Bancshares Inc. and First-Mid Illinois Bancshares Inc. This credit extension is a strategic move that could support the company’s ongoing operations and future growth initiatives.

The company’s shares are traded on the Nasdaq Global Market under the ticker symbol FMBH. The information reported is based on a press release statement and the latest SEC filing by First Mid Bancshares.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.