Business Context and Reporting Period
Company: FIRST MID BANCSHARES, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: July 15, 2026
Event Date: July 10, 2026
Context: The Company entered into a material definitive agreement to execute a new Promissory Note with Bankers' Bank, refinancing a prior obligation.
Key Financial Metrics
This filing details a specific debt transaction rather than comprehensive financial performance metrics. The following debt terms are disclosed:
- Principal Amount: $19,709,626.03
- Interest Rate: 6.125% per annum (fixed, calculated on a 365/360 basis)
- Monthly Payments: $161,204.52 (38 regular payments beginning July 28, 2026)
- Final Balloon Payment: Estimated $17,313,274.55 due September 28, 2029
- Collateral: 100% of the issued and outstanding capital stock of First Mid Bank & Trust, National Association (wholly owned subsidiary)
- Prepayment: Allowed in whole or in part without penalty
Note: The filing text does not provide clear values for revenue, profit, cash flow, margins, or overall liquidity positions.
Material Changes Versus Prior Period
The new Note refinances a prior note dated September 28, 2022, which the Company assumed. The filing explicitly states that the new Note does not satisfy or discharge the prior note but replaces it under the existing Business Loan Agreement with the Lender. The prior note was previously disclosed in an 8-K filed on March 2, 2026.
Guidance, Outlook, and Risks
Management Commentary: The filing is a standard disclosure of a debt refinancing event and does not contain forward-looking guidance, outlook statements, or management commentary on operational performance.
Risks and Contingencies:
- Collateral Risk: The debt is secured by a Negative Pledge and Negative Assignment Agreement covering 100% of the subsidiary's stock.
- Balloon Payment Risk: A significant portion of the principal ($17.3 million) is due as a balloon payment in September 2029.
Unusual Items: None reported beyond the standard debt refinancing activity.
Investor Verification Checklist
- Verify the impact of the 6.125% interest rate on the Company's future interest expense compared to the refinanced 2022 note.
- Confirm the Company's liquidity strategy to address the $17.3 million balloon payment due in September 2029.
- Review the full text of the Promissory Note (Exhibit 10.1) for covenants not summarized in the 8-K.
- Assess the implications of the Negative Pledge on the Company's ability to pledge the subsidiary's stock for future financing.