The derivation of the fluid-like kinetic ballooning mode equation from the gyrokinetic and Maxwell equations in the low-frequency regime is revisited. The traditional results are pointed out to be ordering-inconsistent. With the theory developed in the paper, two new effects are discovered: the small parallel-ion-velocity (SPIV) and the apparent mass (AM) effects. The SPIV effect is induced by the ions with parallel velocities much smaller than the thermal velocity, while the AM effect mainly by the ions with velocities comparable with the thermal velocity. The trapped-particle contribution to the SPIV effect can be interpreted as a harmonic trapped-particle effect, which can be even more important than the traditional bounce-average trapped-particle effect. The SPIV effect is shown to be more significant in ordering than the inertia effect with the AM and finite Larmor radius modifications. The application of the equation is discussed. The comparison with the ideal magnetohydrodynamic theory is made.