-----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, IPNZ12FuYD0B6ny78TLS5hda/Zw4Hg2lDcn2FDHSl9AFXcE8ghvoEWjDEaP4mNxe bkIUk14VS+SUJe57J9Mhvw== 0000700565-04-000020.txt : 20040128 0000700565-04-000020.hdr.sgml : 20040128 20040128125250 ACCESSION NUMBER: 0000700565-04-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040128 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040128 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: 1934 Act SEC FILE NUMBER: 000-13368 FILM NUMBER: 04548511 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 form8k_012804.txt 12/31/03 EARNINGS 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 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JANUARY 28, 2004 FIRST MID-ILLINOIS BANCSHARES, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE (STATE OR OTHER JURISDICTION OF INCORPORATION) 0-13368 37-1103704 (COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.) 1515 CHARLESTON AVENUE, MATTOON, IL 61938 (ADDRESS INCLUDING ZIP CODE OF PRINCIPAL EXECUTIVE OFFICES) (217) 234-7454 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) Item 5. Other Events Incorporated by reference is the quarterly shareholder report issued by the Registrant on January 28, 2004, attached as Exhibit 99, providing information concerning the Registrant's financial statements as of December 31, 2003. Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit 99 - Quarterly shareholder report issued December 31, 2003 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has dully caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST MID-ILLINOIS BANCSHARES, INC. Dated: January 28, 2004 By: /s/ William S. Rowland William S. Rowland President and Chief Executive Officer EXHIBIT INDEX Exhibit Number Description 99 Quarterly shareholder report issued January 28, 2004 January 28, 2004 Quarterly Report to the Owners, First Mid-Illinois Bancshares, Inc. We are pleased to report that First Mid-Illinois Bancshares, Inc. had a successful 2003, with diluted earnings per share increasing to $2.82 per share as compared to $2.38 per share in 2002, an 18.5 percent increase. Net income increased to $9,093,000 in 2003 as compared to $8,034,000 in 2002. As a result of this performance, the Company increased its annual dividend to $.575 per share in 2003 from $.50 per share in 2002. In addition, the Company declared a special, one-time dividend of $.075 per share to shareholders of record on December 30, 2003. Higher non-interest income was one factor in the earnings growth. Non-interest income was $12,754,000 for 2003 as compared to $10,898,000 in 2002. Residential real estate activity was strong throughout most of 2003 with activity declining during the fourth quarter. For the year, mortgage banking revenue increased to $2,171,000 from $1,777,000 for 2002. Most of the residential real estate loans we originate are sold into the secondary market for interest rate risk management purposes. Also, deposit service charges increased during 2003, as did insurance commissions and trust revenues. Net interest income was $27,042,000 in 2003 as compared to $26,726,000 in 2002. Average earning assets for the year increased by $52 million with commercial real estate loans increasing by $48 million. The growth in the loan portfolio offset the decline in our net interest margin caused by the low interest rate environment and loan pricing constraints. The Company's net interest margin was 3.75% in 2003 as compared with 3.99% in 2002. On a tax-equivalent basis, the net interest margin was 3.84% in 2003 and 4.09% in 2002. The provision for loan losses amounted to $1,000,000 in 2003 as compared to $1,075,000 in 2002, with net charge-offs declining to $297,000 in 2003 from $1,054,000 in 2002. The decline in net charge-offs was primarily the result of a $382,000 recovery on a commercial loan. Non-performing loans on December 31, 2003 were $3,331,000 as compared with $3,149,000 on December 31, 2002. Non-interest expenses increased by $519,000 or 2% when compared to 2002. This was primarily as a result of the costs associated with operating the locations in Champaign and Maryville. Both were opened in November, 2002 and have had solid loan and deposit growth. Earnings per share growth was also impacted by our share repurchase program. During 2003, we repurchased 120,000 shares of our own stock in the open market and through privately negotiated transactions. This program has proven to be an effective way of increasing value for shareholders. Any shareholder who wishes to use this service should contact Mrs. Christie Wright at (217) 258-0493. Thank you for your support and for your confidence in First Mid-Illinois Bancshares, Inc. Sincerely, /s/ William S. Rowland William S. Rowland Chairman and Chief Executive Officer
Condensed Consolidated Balance Sheets (In thousands, except share data) (unaudited) December 31, December 31, 2003 2002 ------------------ ----------------- Assets Cash and due from banks $ 20,659 $ 22,437 Federal funds sold and other interest-bearing deposits 4,290 47,220 Investment securities: Available-for-sale, at fair value 176,481 166,415 Held-to-maturity, at amortized cost (estimated fair value of $1,687 and $1,927 at December 31, 2003 and 2002, respectively) 1,677 1,902 Loans 552,824 499,864 Less allowance for loan losses (4,426) (3,723) ------------------ ----------------- Net loans 548,398 496,141 Premises and equipment, net 16,059 16,916 Goodwill, net 9,034 9,034 Intangible assets, net 3,969 4,743 Other assets 13,078 11,432 ------------------ ----------------- Total assets $793,645 $776,240 ================== ================= Liabilities and Stockholders' Equity Deposits: Non-interest bearing $ 94,723 $ 84,025 Interest bearing 520,269 529,427 ------------------ ----------------- Total deposits 614,992 613,452 Repurchase agreements with customers 59,875 44,184 Other borrowings 39,925 44,625 Other liabilities 8,258 7,172 ------------------ ----------------- Total liabilities $723,050 $709,433 ------------------ ----------------- Stockholders' Equity: Common stock ($4 par value; authorized 6,000,000 shares; Issued 3,667,887 shares in 2003 and 3,603,737 shares in 2002) $14,672 $14,415 Additional paid-in capital 15,960 14,450 Retained earnings 52,942 45,896 Deferred compensation 1,881 1,589 Accumulated other comprehensive income 1,581 2,373 Treasury stock at cost, 534,619 shares in 2003 and 414,562 shares in 2002 (16,441) (11,916) ------------------ ----------------- Total stockholders' equity 70,595 66,807 ------------------ ----------------- Total liabilities and stockholders' equity $793,645 $776,240 ================== =================
Condensed Consolidated Statements of Income (In thousands) (unaudited) For the year ended December 31, 2003 2002 ------------------ ----------------- Interest income: Interest and fees on loans $ 32,435 $ 33,726 Interest on investment securities 6,227 7,325 Interest on federal funds sold and other 276 336 ------------------ ----------------- Total interest income 38,938 41,387 Interest expense: Interest on deposits 9,751 12,253 Interest on repurchase agreements with customers 272 345 Interest on other borrowings 1,873 2,063 ------------------ ----------------- Total interest expense 11,896 14,661 ------------------ ----------------- Net interest income 27,042 26,726 Provision for loan losses 1,000 1,075 ------------------ ----------------- Net interest income after provision for loan losses 26,042 25,651 Non-interest income: Trust revenues 1,992 1,855 Brokerage commissions 283 265 Insurance commissions 1,476 1,258 Service charges 4,484 3,799 Securities gains, net 370 223 Mortgage banking revenues 2,171 1,777 Other 1,978 1,721 ------------------ ----------------- Total non-interest income 12,754 10,898 Non-interest expense: Salaries and employee benefits 13,522 12,732 Net occupancy and equipment expense 4,290 4,055 Amortization of intangible assets 774 742 Other 6,443 6,981 ------------------ ----------------- Total non-interest expense 25,029 24,510 ------------------ ----------------- Income before income taxes 13,767 12,039 Income taxes 4,674 4,005 ------------------ ----------------- Net income $ 9,093 $ 8,034 ================== =================
Condensed Consolidated Statements of Changes in Stockholders' Equity (in thousands) (unaudited) For the year ended December 31, 2003 2002 ------------------ ----------------- Balance at beginning of year $ 66,807 $ 63,925 Net income 9,093 8,034 Dividends on stock (2,047) (1,640) Issuance of stock 1,767 1,394 Purchase of treasury stock (4,233) (6,540) Change in accumulated other comprehensive income (loss) (792) 1,634 ------------------ ----------------- Balance at end of year $ 70,595 $ 66,807 ================== =================
Per Share Information (unaudited) For the year ended December 31, 2003 2002 ------------------ ----------------- Basic earnings per share $ 2.88 $ 2.39 Diluted earnings per share $ 2.82 $ 2.38 Book value per share $22.53 $20.95
First Mid-Illinois Bancshares, Inc. 1515 Charleston Avenue Mattoon, Illinois 61938 (217) 234-7454 www.firstmid.com -----END PRIVACY-ENHANCED MESSAGE-----