ASX:APX 15 December 2025 - 30 January 2026

March 21, 2026, 9:56 PM EDT. First Mid Bancshares (FMBH) has seen its share price fall 10% over the past 30 days after a strong multi-year rally of nearly 60%. Despite the recent pullback, the stock trades around US$39.44, significantly below an intrinsic valuation of approximately US$88.30 suggested by the Excess Returns model, which assesses earnings power relative to equity base. This model implies the bank is undervalued by about 55%. The company's return on equity averages 10.5%, with stable earnings per share at about $4.75. Market sentiment shifts around regional banks, interest rates, and credit conditions have influenced the recent decline. Investors are urged to reconsider the bank's valuation within this context as it offers a notable buying opportunity according to current fundamental metrics.