First Bankers Trustshares : 1Q2022 Results Shareholder letter

1st Quarter 2022 Financial Highlights

First Bankers Trustshares, Inc.

Dear Valued Shareholders,On behalf of First Bankers Trustshares, Inc., the Board of Directors, the executive management team and all of our dedicated employees, I am pleased to update you on the company's first quarter results.

As we advance through the first months of the year, we have been fortunate to see many of the lingering effects of the pandemic abate. However, it is now also unmistakable that we are navigating a markedly different economic environment. The labor market has remained incredibly resilient and approached pre-pandemic levels, though there is little doubt that world events, supply chain disruptions, mounting inflation and rising interest rates are now at the forefront.

We continue to feel incredibly positive about our position to navigate in any environment. Our financial results in Q1 were bolstered by the strongest quarter of lending in our company's history, reflective of our growth and diversification strategy taking

Net interest margin increased to 2.27% in the first quarter, up .17% from the preceding quarter. Margins continued to improve as a function of both loan growth, as well as increased yield on the bank's fixed income portfolio.

Non-interest income totaled $1.8 million in Q1, down 3% from the first quarter of 2021, primarily attributed to a slowdown in the real estate market. As interest rates rise and housing inventories remain at lower levels, we expect mortgage lending to remain challenging across the industry in 2022. That said, our brokerage business has exhibited continued strength, with revenues up 21% year over year, highlighting the benefits of our diversification strategy.

Non-interest expense was $5.7 million in the first quarter, a reduction of $0.1 million from the fourth quarter. Lower employee related expenses and efficiency savings were partially offset by strategic technology investments.

As previously reported, on July 1, 2019, Firsthold. For the quarter, we achieved net income Bankers Trust Services, Inc. (The Trustof $2.2 million or $0.70 per share, an increase of 18.7% from the same period a year ago.

Subsidiary) was spun off into a separate company named TI-Trust, Inc. The Company'sReturn on average assets and return on average 2019 consolidated results include TI-Trust'scommon equity were 0.72% and 8.37%, respectively, both up more than 10% year over year.

Total assets for First Bankers Trustshares, Inc. ended the quarter at $1.2 billion, in line with the prior quarter and up from a year ago. Net loan growth was $26.6 million, providing meaningful use of excess liquidity.

Credit performance has remained on a positive and improving trend, with the quarterseeing non-performing loans drop to 1.61% of total loans, the lowest level in two years. Allowance for loan losses remained at $11.4 million, flat to the fourth quarter.

results through June 30, 2019.

Enclosed, please find your regular dividend check; or the funds have been deposited to your account as previously directed.

Allen W. Shafer President/CEO

This release contains information and "forward-looking statements" that relate to matters that are not historical facts and which are usually preceded by words "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "target" and similar expressions. These forward-looking statements are subject to significant risks, assumptions and uncertainties. Because of these and other uncertainties, our actual results may be materially different from those described in these forward-looking statements. The forward-looking statements in this release speak only as of the date of the release, and we do not assume any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.

1201 Broadway

P.O. Box 3566 Quincy, Il 62305-3566

April 29, 2022

Investor Information

Stock Transfer Agent:

American Stock Transfer & Trust Company, LLC

Operations Center 6201 15th Avenue Brooklyn, NY 11219 [phone]

Market Makers:

Raymond James

Chicago, Il 60606 [phone]

Stifel Nicolas & Co., Inc. St. Louis, MO 63102 [phone]

Monroe Financial Partners Chicago, IL 60606

[phone]

Janney Montgomery Scott, LLC Atlanta, GA 30309

[phone]

D.A. Davidson & Co. Red Bank, NJ 07701 [phone]

Corporate Information:

First Bankers Trustshares, Inc. Phone: [phone]

Fax: [phone]

Email:[e-mail]

Corporate Officers:

Chairman of the Board of Directors William D. Daniels President/Chief Executive Officer Allen W. Shafer

Chief Financial Officer Seth H. Runkle Secretary

Steven E. Siebers

Directors:

Carl W. Adams Jr. Scott A. Cisel William D. Daniels Mark E. Freiburg Charles M. Gnuse Arthur E. Greenbank Phyllis J. Hofmeister

Kemia M. Sarraf, M.D., MPH Richard W. Schulte

Allen W. Shafer Steven E. Siebers Board Emeritus Donald K. Gnuse

Page 2

Financial Highlights (Dollars in thousands, except per share data) (Unaudited)

For The Three Month Period Ended March 31,	For the Twelve Month Period Ended December 31,
Income Statement Data	2022	2021	% Chg	2021	2020	2019
Net interest income	$ 6,575	$ 5,876	11.90 %	$ 24,124	$ 25,918	$ 26,329
Provision for loan losses	0	170	NM %	(580)	2,400	2,400
Noninterest income	1,843	1,906	(3.31) %	7,468	7,519	13,153
Noninterest expense	5,722	5,271	8.56 %	21,899	21,009	26,538
Income taxes	546	522	4.60 %	2,103	2,185	2,225
Net Income	$ 2,150	$ 1,819	18.20 %	$ 8,170	$ 7,843	$ 8,319

For The Three Month Period Ended March 31,	For the Twelve Month Period Ended December 31,
Ratios	2022	2021	% Chg	2021	2020	2019
Return on average assets (Excludes preferred stock dividends/ accretion.)	0.72 %	0.65 %	10.77 %	0.68 %	0.75 %	0.90 %
Return on average common stockholders' equity (Calculated by dividing net income, excluding preferred stock dividends/ accretion, by average common stockholders' equity. Common stockhold-ers' equity is defined as equity less preferred stock and accumulated other comprehensive income or loss.)	8.37 %	7.50%	11.60 %	8.13 %	8.24 %	8.99 %
Net interest margin	2.27 %	2.22 %	2.25 %	2.11 %	2.62 %	3.01 %
Allowance as a percent of total loans	2.27 %	2.54 %	(10.63) %	2.39 %	2.50 %	2.35 %
Dividends per common share paid	$ 0.19	$ 0.18	5.56 %	$ 0.73	$ 0.68	$ 0.64
Earnings per common share (Calculated by dividing net income less dividends and accretion on preferred stock by the weighted average number of common stock shares outstanding.)	$ 0.70	$ 0.59	18.64 %	$ 2.64	$ 2.54	$ 2.69
Book value per common share (Calculated by dividing stock-holders' equity, excluding preferred stock and accumulated other compre-hensive income or loss, by outstanding common shares.)	$ 33.96	$ 31.95	6.29 %	$ 33.46	$ 31.54	$ 29.68

$ 2.69

At March 31,	At December 31,
Balance Sheet	2022	2021	% Chg	2021	2020	2019
Assets	$ 1,190,627	$ 1,169,241	1.83 %	$ 1,226,137	$ 1,117,675	$ 922,579
Investment securities	$ 594,019	$ 609,324	(2.51) %	$ 667,157	$ 542,170	$ 345,140
Loans, net of unearned income	$ 505,000	$ 485,604	3.99 %	$ 478,398	$ 485,153	$ 500,599
Deposits	$ 926,907	$ 868,135	6.77 %	$ 978,624	$ 853,302	$ 727,656
Short-term and other borrowings	$ 169,175	$ 179,016	(5.50) %	$ 126,273	$ 137,904	$ 81,572
Junior subordinated debentures	$ 10,310	$ 10,310	0.00 %	$ 10,310	$ 10,310	$ 10,310
Stockholders' equity (excludes accumulated other comprehensive income or loss.)	$ 104,662	$ 99,031	5.69 %	$ 103,214	$ 97,606	$ 91,711

• $ 922,579

For The Three Month Period Ended March 31,	For The Years Ended December 31,
Stock Value Per Common Share Information	2022	2021	% Chg	2021	2020	2019
Price/earnings ratio	10.9	13.2	(15.91) %	11.9	10.9	11.6
Stock price-High	$ 31.45	$ 31.50	(0.16) %	$ 32.25	$ 33.00	$ 36.00
Low 1	$ 30.70	$ 27.84	11.64 %	$ 27.84	$ 24.75	$ 30.50
Ending	$ 30.95	$ 31.50	(1.59) %	$ 31.45	$ 27.75	$ 30.62
Book value per common share	$ 33.97	$ 31.95	6.29 %	$ 33.46	$ 31.54	$ 29.68
Price/book value per common share	0.91	0.99	6.82 %	0.94	0.88	1.05
Common shares outstanding	3,080,959	3,099,847	3,084,736	3,094,598	3,089,773

1 The low and high stock prices in 2021 were erroneously reported as $27.75 and $32.00, respectively, in the prior year's highlights; these have been corrected to $27.84 and $32.25, respectively.