-----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, QDw8Am2fLhQVqf9KhWYDegL8Yx0ArOClcnJKTJRoSdAa+/qMopP+C9kKnZRrDNEh M+AO+wsb7zDxAtSAHZ7D3w== 0000700565-05-000116.txt : 20050504 0000700565-05-000116.hdr.sgml : 20050504 20050504130229 ACCESSION NUMBER: 0000700565-05-000116 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050504 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050504 DATE AS OF CHANGE: 20050504 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: 05798049 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 FORMER COMPANY: FORMER CONFORMED NAME: FIRST-MID ILLINOIS BANCSHARES INC DATE OF NAME CHANGE: 19920703 8-K 1 form8k_050405.txt 1ST QUARTER 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): MAY 4, 2005 FIRST MID-ILLINOIS BANCSHARES, INC. (Exact Name of Registrant as Specified in its Charter) DELAWARE (State of 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c)) Item 8.01. Other Events Incorporated by reference is the quarterly shareholder report issued by the Registrant on May 4, 2005, attached as Exhibit 99, providing information concerning the Registrant's financial statements as of March 31, 2005. Item 9.01. Financial Statements and Exhibits (a) None required (b) None required (c) Exhibits Exhibit 99 - Quarterly shareholder report as of and for the period ending March 31, 2005 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: May 4, 2005 By: /s/ William S. Rowland William S. Rowland President and Chief Executive Officer INDEX TO EXHIBITS Exhibit Number Description - -------------------------------------------------------------------------------- 99 Quarterly shareholder report issued May 4, 2005 Exhibit 99 [GRAPHIC OMITTED][GRAPHIC OMITTED] First Mid-Illinois Bancshares, Inc. had a successful first quarter with diluted earnings per share increasing to $.54 per share as compared to $.51 per share for the first quarter of 2004, a 6% increase. Net income increased to $2,435,000 as compared to $2,389,000 in the first quarter of 2004. All share and per share information for prior periods presented in this report have been adjusted to reflect the three-for-two stock split in the form of a 50% stock dividend completed in July 2004. Higher non-interest income was the primary factor in earnings growth. Non-interest income increased to $3,176,000 as compared to $2,898,000 for the first quarter of 2004. As a result of new business underwritten through The Checkley Agency, Inc. and decreased policy claims, insurance commissions were $81,000 greater than the first quarter of 2004. Also, we sold securities that resulted in a gain of $173,000 during the quarter as market opportunities and investment portfolio liquidity factored in the decision to sell. In addition, increased residential mortgage originations and greater refinance activity as a result of lower long-term interest rates than the first quarter of last year led to mortgage banking revenues increasing by $59,000 from the first three months of 2004. Net interest income also increased to $7,075,000 as compared to $7,040,000 for the first quarter of 2004. This was the result of higher loan and deposit balances than the first quarter of last year. Loan balances on March 31, 2005 were $593 million as compared to $551 million on March 31, 2004. Deposit balances increased to $638 million from $624 million last March. Since December 31, 2004, loan balances have declined as a result of seasonal paydowns on agricultural loans and deposits have declined primarily as a result of the maturity of brokered CDs that were not replaced. The Company's year-to-date net interest margin was 3.76% on a tax-equivalent basis compared with 3.93% for the first quarter of last year as increases in short-term interest rates led to greater funding costs. It is important to note the Company did recover $85,000 in interest during the first quarter of 2004 that enhanced the previous year's net interest margin. Our provision for loan losses amounted to $187,000 for the first three months of 2005, which was the same amount as the first quarter of 2004. Net charge-offs declined to $71,000 in the first quarter of 2005 compared to $113,000 for the same period last year. Non-performing loans were $3.7 million on March 31, 2005 as compared with $3.3 million on March 31, 2004. Non-interest expenses increased by $138,000 compared to the first quarter of 2004 as a result of increased costs incurred with the opening of a new banking facility and professional fees incurred in complying with the requirements of the Sarbanes-Oxley Act of 2002. First Mid opened its twenty-fifth banking location in the first quarter. The new full-service facility is located at the corner of Broadway and Cypress Street in Highland and provides customers a downtown location in addition to the existing facility on Route 143. We have grown loans and deposits substantially since entering the community in 2001 and are pleased to now offer our customers the convenience of two Highland locations. In April, our Company celebrated 140 years of providing financial services to the people of Illinois. As you can imagine, we have overcome many economic, governmental, and societal changes over the past 140 years. One thing that has remained clear is our focus on retaining the trust and confidence of our shareholders, our customers, our communities, and our employees. Together, we have built an outstanding organization. Our 2005 annual meeting of stockholders will be held at 4:00 p.m. on May 25, 2005 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 visiting with as many of you as possible at the annual meeting. Sincerely, /s/ William S. Rowland William S. Rowland Chairman and Chief Executive Officer May 4, 2005 First Mid-Illinois Bancshares, Inc. 1515 Charleston Avenue Mattoon, Illinois 61938 217-234-7454 www.firstmid.com CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (unaudited) Mar 31, Dec 31, - -------------------------------------------------------------------------------- 2005 2004 Assets Cash and due from banks $16,410 $19,119 Federal funds sold and other interest-bearing deposits 12,116 4,435 Investment securities: Available-for-sale, at fair value 167,101 168,821 Held-to-maturity, at amortized cost (estimated fair value of $1,475 and $1,598 at March 31, 2005 and December 31, 2004, respectively) 1,432 1,552 Loans 593,297 597,508 Less allowance for loan losses (4,737) (4,621) - -------------------------------------------------------------------------------- Net loans 588,560 592,887 Premises and equipment, net 15,115 15,227 Goodwill, net 9,034 9,034 Intangible assets, net 3,204 3,346 Other assets 10,714 12,117 - -------------------------------------------------------------------------------- Total assets $823,686 $826,538 ================================================================================ Liabilities and Stockholders' Equity Deposits: Non-interest bearing $84,738 $85,524 Interest bearing 552,897 564,716 - -------------------------------------------------------------------------------- Total deposits 637,635 650,240 Repurchase agreements with customers 65,715 59,835 Junior subordinated debentures 10,310 10,310 Other borrowings 34,700 29,900 Other liabilities 5,490 7,189 - -------------------------------------------------------------------------------- Total liabilities 753,850 757,474 - -------------------------------------------------------------------------------- Stockholders' Equity: Common stock ($4 par value; authorized 18,000,000 shares; issued 5,604,073 shares in 2005 and 5,578,897 shares in 2004) 22,416 22,316 Additional paid-in capital 18,522 17,845 Retained earnings 55,697 53,113 Deferred compensation 2,332 2,260 Accumulated other comprehensive income (361) 623 Treasury stock at cost, 1,160,875 shares in 2005 and 1,121,546 shares in 2004 (28,770) (27,093) - -------------------------------------------------------------------------------- Total stockholders' equity 69,836 69,064 - -------------------------------------------------------------------------------- Total liabilities and stockholders' equity $823,686 $826,538 ================================================================================ CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands) (unaudited) - -------------------------------------------------------------------------------- For the year ended March 31, 2005 2004 Interest income: Interest and fees on loans $ 8,782 $ 8,167 Interest on investment securities 1,563 1,515 Interest on federal funds sold and other 79 45 - -------------------------------------------------------------------------------- Total interest income 10,424 4,727 Interest expense: Interest on deposits 2,515 2,138 Interest on repurchase agreements with customers 283 72 Interest on subordinated debt 140 37 Interest on other borrowings 411 440 - -------------------------------------------------------------------------------- Total interest expense 3,349 2,687 - -------------------------------------------------------------------------------- Net interest income 7,075 7,040 Provision for loan losses 187 187 - -------------------------------------------------------------------------------- Net interest income after provision for loan losses 6,888 6,853 Non-interest income: Trust revenues 636 616 Brokerage commissions 97 110 Insurance commissions 511 430 Service charges 1,034 1,124 Securities gains, net 173 - Mortgage banking revenues 153 94 Other 572 524 - -------------------------------------------------------------------------------- Total non-interest income 3,176 2,898 Non-interest expense: Salaries and employee benefits 3,474 3,338 Net occupancy and equipment expense 1,036 1,073 Amortization of intangible assets 142 175 Other 1,654 1,582 - -------------------------------------------------------------------------------- Total non-interest expense 6,306 6,168 - -------------------------------------------------------------------------------- Income before income taxes 3,758 3,583 Income taxes 1,323 1,194 - -------------------------------------------------------------------------------- Net income $2,435 $2,389 ================================================================================ Per Share Information (unaudited) - -------------------------------------------------------------------------------- For the year ended March 31, 2005 2004 Basic earnings per share $0.55 $0.52 Diluted earnings per share $0.54 $0.51 Book value per share at March 31 $15.72 $14.78 Market price of stock at March 31 $40.15 $32.00 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (In thousands) (unaudited) - -------------------------------------------------------------------------------- For the year ended March 31, 2005 2004 Balance at beginning of period $69,154 $70,595 Net income 2,435 9,751 Dividends on stock - (2,023) Issuance of stock 711 2,050 Purchase of treasury stock (1,566) (10,365) Deferred compensation adjustment 87 104 Changes in accumulated other comprehensive income (loss) (985) (958) - -------------------------------------------------------------------------------- Balance at end of period $69,836 $69,154 ================================================================================ -----END PRIVACY-ENHANCED MESSAGE-----