How to change middle name field to just one character?

Summary:

When the middle name field is more than one character, is there a formula that can be used to only show the first character? For example middle name contains "William", change to "W".

Content (required):

In OTBI reporting, when the middle name field is more than one character, is there a formula that can be used to only show the first character? For example middle name contains "William", change to "W".

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