-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WNylmyU07RR7ZcweMl+j2VP9UUfVg0mK1X9CKdFnOw0JWTkQPG9NM0aT8v0IjDhg OagHbYJJkhlnAdty0wYwkA== 0000700565-00-000010.txt : 20000425 0000700565-00-000010.hdr.sgml : 20000425 ACCESSION NUMBER: 0000700565-00-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000424 ITEM INFORMATION: FILED AS OF DATE: 20000424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST MID ILLINOIS BANCSHARES INC CENTRAL INDEX KEY: 0000700565 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 371103704 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-13368 FILM NUMBER: 607544 BUSINESS ADDRESS: STREET 1: 1515 CHARLESTON AVE STREET 2: PO BOX 499 CITY: MATTOON STATE: IL ZIP: 61938 BUSINESS PHONE: 2172347454 MAIL ADDRESS: STREET 1: 1515 CHARLESTON AVENUE STREET 2: PO BOX 499 CITY: MATTOON STATE: IL ZIP: 61938 8-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 APRIL 21, 2000 COMMISSION FILE NUMBER: 0-13368 FIRST MID-ILLINOIS BANCSHARES, INC. (Exact name of Registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation or organization) 37-1103704 (I.R.S. employer identification No.) 1515 CHARLESTON AVENUE / PO BOX 499, MATTOON, ILLINOIS 61938 (Address and Zip Code of Principal Executive Offices) (217) 234-7454 (Registrant's telephone number, including area code) ITEM 5: OTHER EVENTS On April 21, 2000, First Mid-Illinois Bancshares, Inc. issued its Quarterly Report to Owners for the first quarter of 2000. The Quarterly Report to Owners is attached hereto as Exhibit 99.1 and is incorporated by reference. On April 21, 2000, First Mid-Illinois Bancshares, Inc. issued a press release pertaining to its first quarter 2000 results. The text of the press release is attached hereto as Exhibit 99.2 and is incorporated by reference. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST MID-ILLINOIS BANCSHARES, INC. By: /S/ WILLIAM S. ROWLAND William S. Rowland President and Chief Executive Officer Date: APRIL 21, 2000 EXHIBIT INDEX Exhibit 99.1 Quarterly Report to Owners for the first quarter of 2000 issued by First Mid-Illinois Bancshares, Inc. dated April 21, 2000 Exhibit 99.2 Press release for the first quarter of 2000 issued by First Mid-Illinois Bancshares, Inc. dated April 21, 2000 EXHIBIT 99.1 April 19, 2000 Quarterly Report to the Owners, First Mid-Illinois Bancshares, Inc. First Mid-Illinois Bancshares had a successful first quarter with net income increasing to $1,430,000 as compared to $1,356,000 in the first quarter of 1999. Diluted earnings per share increased to $.63 as compared to $.60 in the first quarter of 1999 and $.57 in the fourth quarter of 1999. Cash earnings per share (computed before charges for amortization of goodwill and other intangibles) increased to $.73 per share in the first quarter of 2000 as compared to $.66 in the first quarter of 1999 and $.64 in the fourth quarter of 1999. Earnings were driven largely by loan growth with total loans amounting to $397,542,000 on March 31, 2000 as compared to $388,319,000 at December 31, 1999. Trust, brokerage and deposit-based service charge revenues all increased from 1999 levels. Mortgage banking revenue declined significantly however - $62,000 in 2000 as compared with $329,000 in 1999. Last year's mortgage banking revenue was driven in large part by customer refinancings - a trend that began in early 1998. With the increase in mortgage interest rates which began in mid 1999, these refinancings dropped significantly. We continue to experience strong residential loan demand in 2000, but it is generally for the purchase of new or existing homes rather than for refinancings of the owners' current homes. Expenses in the first quarter of 2000 are approximately $500,000 higher than in the first quarter of last year, largely as a result of expansion of our branch network. In May 1999, we acquired branches in Monticello, Taylorville and De Land from Bank One and our Decatur de novo branch opened for business on April 17, 2000. We look forward to the opportunities these communities provide. Decatur is an especially good market where a number of mergers and acquisitions have recently taken place. We believe this presents us with an opportunity to grow and increase our overall regional presence. I think it is especially noteworthy that the Decatur branch opened 135 years to the day from when our original banking charter was granted on April 17, 1865. This is a reflection of our long-term support of the region's economic interests and of our long-standing commitment to customer service. We emphasized our stock-buy-back program during 2000 and have acquired 23,647 shares for the treasury to date this year. This program provides liquidity for our shareholders and is an excellent way for us to effectively deploy and leverage our capital resources. In March, the Board of Directors authorized the repurchase of an additional 5% of our outstanding shares and any shareholder who wishes to sell their shares to the Company should contact Ms. Christie L. Burich at 217-258-0493. Our 2000 annual meeting of shareholders will be held at 4:00 PM on May 17, 2000 in the main lobby of First Mid-Illinois Bank & Trust, N.A., 1515 Charleston Avenue, Mattoon, Illinois. All shareholders are invited to attend. On behalf of the Board, management and entire staff of the Company, I thank you for your continued support and look forward to meeting as many of you as possible at the annual meeting. William S. Rowland Chairman and Chief Executive Officer
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) March 31, December 31, 2000 1999 ASSETS Cash and due from banks $ 16,125 $ 21,132 Federal funds sold 516 710 Investment securities: Available-for-sale, at fair value 148,366 150,157 Held-to-maturity, at amortized cost (estimated fair value of $3,083 and $ 2,077 at March 31,2000 and December 31, 1999 respectively) 3,132 2,132 Loans 397,542 388,319 Less allowance for loan losses (3,069) (2,939) Net loans 394,473 385,380 Premises and equipment, net 16,049 16,153 Intangible assets, net 13,038 13,340 Other assets 10,866 12,099 TOTAL ASSETS $602,565 $601,103 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest bearing $ 63,609 $ 60,555 Interest bearing 420,153 424,456 Total deposits 483,762 485,011 Other borrowings 57,183 54,983 Long-term debt 4,325 4,325 Other liabilities 4,702 5,266 TOTAL LIABILITIES 549,972 549,585 Stockholders' Equity Common stock ($4 par value; authorized 6,000,000 shares; issued 2,312,901 shares in 2000 and 2,302,022 shares in 1999) 9,252 9,208 Additional paid-in-capital 11,940 11,608 Retained earnings 36,264 34,835 Deferred compensation 1,179 1,123 Accumulated other comprehensive income (3,317) (3,265) Less: Treasury stock at cost, 45,858 shares in 2000 (2,725) (1,991) TOTAL STOCKHOLDERS' EQUITY 52,593 51,518 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $602,565 $601,103
CONDENSED CONSOLIDATED STATEMENTS OF INCOME For the quarters ended March 31, 2000 1999 (In thousands, except per share data) INTEREST INCOME: Interest and fees on loans $ 8,165 $ 6,869 Interest on investment securities 2,288 2,054 Interest on excess funds sold 38 57 Total interest income 10,491 8,980 INTEREST EXPENSE: Interest on deposits 4,233 3,700 Interest on other borrowings 684 461 Interest on long-term debt 75 70 Total interest expense 4,992 4,231 NET INTEREST INCOME 5,499 4,749 Provision for loan losses 150 150 Net interest income after provision for loan losses 5,349 4,599 OTHER INCOME: Trust revenues 513 481 Brokerage revenues 137 120 Service charges 592 500 Mortgage banking income 62 329 Other 306 338 Total other income 1,610 1,768 OTHER EXPENSE: Salaries and employee benefits 2,510 2,253 Net occupancy and equipment expense 878 769 Federal deposit insurance premiums 26 26 Amortization of intangible assets 302 191 Other 1,180 1,129 Total other expense 4,896 4,368 Income before income taxes 2,063 1,999 Income taxes 633 643 NET INCOME $ 1,430 $ 1,356
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (in thousands) For the quarters ended March 31, 2000 1999 Balance at beginning of period $ 51,518 $ 50,480 Net income 1,430 1,356 Dividends on preferred stock -- ( 71) Issuance of common stock 374 397 Purchase of treasury stock (677) ( 80) Change in accumulated other comprehensive income ( 52) (559) Balance at end of period $ 52,593 $ 51,523 PER SHARE INFORMATION March 31, March 31, 2000 1999 Cash earnings per common share $ .73 $ .66 Diluted earnings per common share $ .63 $ .60 Book value per common share $ 23.20 $ 24.03 FIRST MID-ILLINOIS BANCSHARES, INC. 1515 Charleston Avenue Mattoon, Illinois 61938 (217) 234-7454 www.firstmid.com EXHIBIT 99.2 FOR IMMEDIATE RELEASE: First Mid-Illinois Bancshares, Inc. announced that its net income for the first quarter of 2000 amounted to $1,430,000, a 5.5% improvement from 1999's first quarter net income of $1,356,000. Diluted earnings per share increased to $.63 compared to $.60 in the first quarter of 1999 and $.57 in the fourth quarter of 1999. Cash earnings per share (computed before charges for amortization of goodwill and other intangible assets) increased to $.73 in the first quarter of 2000 as compared to $.66 in the first quarter of 1999 and $.64 in 1999's fourth quarter. Total assets of the Company amounted to $602 million at March 31, 2000 with another $330 million of customer assets under management in the Trust Department of First Mid-Illinois Bank & Trust. William S. Rowland, Chairman and Chief Executive Officer said, "I am pleased with our performance to date in 2000. We have experienced significant loan growth during the past year and this is having a positive impact on our financial performance. At March 31, 2000, our loans totaled $397 million, a 20% increase from March 31, 1999. We see this as both a reflection of the economic vitality of central Illinois, as well as of our ability to serve the region and share in its growth." Rowland added, "On April 17, 2000, our Decatur banking center officially opened for business at 111 E. Main. We have a great opportunity for growth in Decatur and it is a natural extension of our central Illinois community banking franchise. It is especially noteworthy that this location opened exactly 135 years to the day from when our original banking charter was granted on April 17, 1865. This is a reflection of our long-term support of the region's economic interests and of our long-standing commitment to customer service." First Mid-Illinois Bancshares, Inc. is a central Illinois based financial services organization and is the parent company for First Mid-Illinois Bank & Trust, N.A., First Mid-Illinois Insurance Services, Inc. and Mid-Illinois Data Services, Inc. The company operates 19 banking centers in 13 communities, including: Mattoon, Charleston, Decatur, Effingham, Neoga, Sullivan, Altamont, Arcola, Tuscola, Taylorville, Monticello, De Land and Urbana. -----END PRIVACY-ENHANCED MESSAGE-----