- **First Mid Bancshares, Inc. (FMBH)** announced the acquisition of **Two Rivers Financial Group, Inc. (TRVR)** in a **100% stock transaction** valued at approximately **$94.1 million**, based on First Mid's share price on October 28, 2025.  **[700565_7de9a4fa446e4a65bc6861b0e206a88a_0]** 
- Under the terms of the agreement, Two Rivers shareholders will receive **1.225 shares of FMBH common stock** for each share of TRVR common stock.  **[700565_7de9a4fa446e4a65bc6861b0e206a88a_0]** 
- The transaction is estimated to be approximately **12.3% accretive to earnings per share in 2027**, with an expected tangible book value per share dilution earnback in **2.1 years**.  **[700565_7de9a4fa446e4a65bc6861b0e206a88a_0]** 
- As of September 30, 2025, Two Rivers had approximately **$1.1 billion in total assets** and operates **14 branches in central and southeastern Iowa**, expanding First Mid's geographic reach.  **[700565_7de9a4fa446e4a65bc6861b0e206a88a_0]** 
- The merger, unanimously approved by both companies' boards, is expected to close in the **first quarter of 2026**, subject to regulatory approvals and Two Rivers' stockholder approval.  **[700565_7de9a4fa446e4a65bc6861b0e206a88a_1]**

First Mid Bancshares Announces Acquisition of Two Rivers Financial Group

- First Mid Bancshares, Inc. reported **net income of $22.5 million**, or **$0.94 diluted EPS**, and **adjusted net income of $23.3 million**, or **$0.97 diluted EPS**, for the third quarter ended September 30, 2025.  **[700565_0001171843-25-006799_exh_991.htm:0]** 
- The company's net interest margin (tax equivalent) expanded to **3.80%**, an **8 basis point increase** from the prior quarter, contributing to the **sixth consecutive quarter of growth in net interest income**, which reached **$66.4 million**.  **[700565_0001171843-25-006799_exh_991.htm:0]** 
- Total loans increased by **$57.0 million** (**1.0%**) to **$5.82 billion**, and total deposits grew by **$99.3 million** (**1.6%**) to **$6.29 billion** during the quarter.  **[700565_0001171843-25-006799_exh_991.htm:0]** 
- Strategic initiatives included the announced pending acquisitions of **Two Rivers Financial Group, Inc.** and **Ray Farm Management Services, Inc.**, as well as the completion of a **core operating system conversion** and the closure of **8 full-service branches**.  **[700565_0001171843-25-006799_exh_991.htm:0]** 
- The Board of Directors declared a regular quarterly dividend of **$0.25 per share**.  **[700565_0001171843-25-006799_exh_991.htm:0]**

First Mid Bancshares, Inc. Announces Third Quarter 2025 Results

- First Mid Bancshares, Inc. (FMBH) announced a definitive agreement to acquire Two Rivers Financial Group, Inc. (TRVR) in a **100% stock transaction**.  **[700565_0001171843-25-006797_exh_991.htm:0]** 
- Under the terms of the agreement, Two Rivers shareholders will receive **1.225 shares of FMBH common stock for each share of TRVR common stock**, with the aggregate consideration valued at approximately **$94.1 million** based on First Mid's closing price on October 28, 2025.  **[700565_0001171843-25-006797_exh_991.htm:0]** **[700565_0001171843-25-006797_exh_21.htm:6]** 
- The transaction is estimated to be approximately **12.3% accretive to earnings per share in 2027** and is expected to have a **2.1-year tangible book value per share earnback**.  **[700565_0001171843-25-006797_exh_991.htm:0]** **[700565_0001171843-25-006797_exh_992.htm:4]** 
- As of September 30, 2025, Two Rivers had approximately **$1.1 billion in total assets**, **$901 million in loans**, and **$988 million in deposits**.  **[700565_0001171843-25-006797_exh_991.htm:0]** 
- The acquisition is expected to close in the **first quarter of 2026**, subject to regulatory and Two Rivers' stockholder approvals.  **[700565_0001171843-25-006797_exh_991.htm:0]**

FIRST MID BANCSHARES (FMBH)