-----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, Ewdaj51RyjdlCpojgE5utnzHakNP9xr3MMqm73eztTUe2Y4+d+iOQsmS1AIHqn8S 4saTcliESwfV1R15ztEZ7w== 0000700565-05-000208.txt : 20051108 0000700565-05-000208.hdr.sgml : 20051108 20051108162950 ACCESSION NUMBER: 0000700565-05-000208 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20051108 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051108 DATE AS OF CHANGE: 20051108 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: 051186638 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_110805.txt 3RD QTR S/H REPORT Microsoft Word 10.0.2627; 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): SEPTEMBER 30, 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 November 8, 2005, attached as Exhibit 99, providing information concerning the Registrant's financial statements as of September 30, 2005. Item 9.01. Financial Statements and Exhibits (a) None required (b) None required (c) None required (d) Exhibits Exhibit 99 - Quarterly shareholder report as of and for the period ending September 30, 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. MID-ILLINOIS BANCSHARES, INC. Dated: November 7, 2005 /s/ William S. Rowland William S. Rowland President and Chief Executive Officer INDEX TO EXHIBITS Exhibit Number Description - -------------------------------------------------------------------------------- 99 Quarterly shareholder report issued November 7, 2005 Exhibit 99 [GRAPHIC OMITTED][GRAPHIC OMITTED] The financial performance of First Mid-Illinois Bancshares, Inc. was good during the first nine months of 2005 with diluted earnings per share increasing to $1.59 compared to $1.56 per share during the same period in 2004. Net income increased to $7,242,000 for the first nine months of 2005 compared to $7,181,000 for the first nine months of 2004. One factor in the earnings growth was greater non-interest income. Non-interest income increased to $9,381,000 for the first nine months of 2005 compared to $8,717,000 for the same period in 2004. Increased residential mortgage originations and greater refinance activity as a result of lower long-term interest rates led to mortgage banking revenues increasing by $221,000 for the first nine months of 2005. Also, we sold securities that resulted in gains of $223,000 greater than last year as market opportunities factored in the decisions to sell. As a result of new business underwritten through The Checkley Agency, Inc., insurance commissions were $152,000 greater for the first nine months of 2005 than for the first nine months of 2004. Net interest income also increased in 2005 to $21,546,000 compared to $21,187,000 for the first nine months of 2004 as we have continued to grow loans and deposits. Loan balances have increased during the year from $598 million on December 31, 2004 to $632 million on September 30, 2005. Deposit balances also increased from $650 million at year-end to $668 million on September 30, 2005. Loan balances have increased due to growth in commercial real estate loans, while deposits have increased as a result of growth in CDs and checking account balances. The balance sheet growth has more than compensated for the decline in margin. The Company's year-to-date net interest margin is 3.69% compared with 3.78% for the first nine months of last year. Short-term interest rates have increased, leading to greater funding costs. Our provision for loan losses amounted to $550,000 for the first nine months of 2005 compared to $437,000 for the same period in 2004. Net charge-offs were $497,000 for the first nine months of 2005 compared to $303,000 for the same period last year. Total non-performing assets were $3.8 million on September 30, 2005 compared with $4.0 million on December 31, 2004. Non-interest expenses increased to $19.2 million for the first nine months of 2005 compared to $18.7 million for the same period in 2004 as a result of increased costs incurred with the addition to staff in opening the new Highland banking facility and greater professional fees. During the quarter, The Checkley Agency, Inc. completed the move of its office location to the corner of Route 16 and Lerna Road. The expansion in office space will serve us well as we continue to grow this line of business. Also, we continued to add new products and services for our customers with the addition of remote deposit. Remote deposit is a check processing tool that allows business customers to make deposits electronically without having to physically take the deposit to the bank. A desktop scanner and PC-based software are used by the business to complete deposit transactions. In this era of high transportation costs and with many businesses having tremendous demands on their time, this service will be of great benefit to customers and is available through our business banking services area. In addition, beginning in 1998, First Mid adopted an ongoing share repurchase program to ensure that shareholders have adequate investment liquidity. This program has been successful in enhancing shareholder value. During the third quarter of 2005, the Board of Directors approved the repurchase of $5 million of additional shares of the Company's common stock in open market and privately-negotiated transactions. Any shareholder who would like to sell their stock should contact Christie L. Wright, Vice-President of Shareholder Services at (217) 258-0493. We continue to work diligently to provide financial solutions for our customers. Thank you for your continued support of First Mid-Illinois Bancshares, Inc. Sincerely, /s/ William S. Rowland William S. Rowland Chairman and Chief Executive Officer November 7, 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) Sep 30, Dec 31, - -------------------------------------------------------------------------------- 2005 2004 Assets Cash and due from banks $16,895 $19,119 Federal funds sold and other interest-bearing deposits 5,192 4,435 Investment securities: Available-for-sale, at fair value 150,212 168,821 Held-to-maturity, at amortized cost (estimated fair value of $1,467 and $1,598 at September 30, 2005 and December 31, 2004, respectively) 1,432 1,552 Loans 631,840 597,508 Less allowance for loan losses (4,674) (4,621) - -------------------------------------------------------------------------------- Net loans 627,166 592,887 Premises and equipment, net 15,182 15,227 Goodwill, net 9,034 9,034 Intangible assets, net 2,916 3,346 Other assets 12,857 12,117 - -------------------------------------------------------------------------------- Total assets $840,886 $826,538 ================================================================================ Liabilities and Stockholders' Equity Deposits: Non-interest bearing $94,699 $85,524 Interest bearing 573,050 564,716 - -------------------------------------------------------------------------------- Total deposits 667,749 650,240 Repurchase agreements with customers 52,164 59,835 Junior subordinated debentures 10,310 10,310 Other borrowings 33,000 29,900 Other liabilities 5,688 7,189 - -------------------------------------------------------------------------------- Total liabilities 768,911 757,474 - -------------------------------------------------------------------------------- Stockholders' Equity: Common stock ($4 par value; authorized 18,000,000 shares; issued 5,631,181 shares in 2005 and 5,578,897 shares in 2004) 22,525 22,316 Additional paid-in capital 19,355 17,845 Retained earnings 59,445 53,113 Deferred compensation 2,401 2,260 Accumulated other comprehensive income (122) 623 Treasury stock at cost, 1,227,906 shares in 2005 and 1,121,546 shares in 2004 (31,629) (27,093) - -------------------------------------------------------------------------------- Total stockholders' equity 71,975 69,064 - -------------------------------------------------------------------------------- Total liabilities and stockholders' equity $840,886 $826,538 ================================================================================ CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands) (unaudited) - -------------------------------------------------------------------------------- For the nine months ended September 30, 2005 2004 Interest income: Interest and fees on loans $27,894 $24,941 Interest on investment securities 4,618 4,574 Interest on federal funds sold and other 218 72 - -------------------------------------------------------------------------------- Total interest income 32,730 29,587 Interest expense: Interest on deposits 8,318 6,634 Interest on repurchase agreements with customers 997 245 Interest on subordinated debt 461 255 Interest on other borrowings 1,408 1,266 - -------------------------------------------------------------------------------- Total interest expense 11,184 8,400 - -------------------------------------------------------------------------------- Net interest income 21,546 21,187 Provision for loan losses 550 437 - -------------------------------------------------------------------------------- Net interest income after provision for loan losses 20,996 20,750 Non-interest income: Trust revenues 1,756 1,676 Brokerage commissions 284 298 Insurance commissions 1,264 1,112 Service charges 3,420 3,572 Securities gains, net 315 92 Mortgage banking revenues 605 384 Other 1,737 1,583 - -------------------------------------------------------------------------------- Total non-interest income 9,381 8,717 Non-interest expense: Salaries and employee benefits 10,223 10,087 Net occupancy and equipment expense 3,199 3,237 Amortization of intangible assets 430 472 Other 5,341 4,860 - -------------------------------------------------------------------------------- Total non-interest expense 19,193 18,656 - -------------------------------------------------------------------------------- Income before income taxes 11,184 10,811 Income taxes 3,942 3,630 - -------------------------------------------------------------------------------- Net income $7,242 $7,181 ================================================================================ Per Share Information (unaudited) - -------------------------------------------------------------------------------- For the nine months ended September 30, 2005 2004 Basic earnings per share $1.63 $1.59 Diluted earnings per share $1.59 $1.56 Book value per share at September 30 $16.35 $15.39 Market price of stock at September 30 $41.00 $36.50 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (In thousands) (unaudited) - -------------------------------------------------------------------------------- For the year ended September 30, 2005 2004 Balance at beginning of period $69,154 $70,595 Net income 7,242 7,181 Dividends on stock (1,056) (949) Issuance of stock 1,544 1,775 Purchase of treasury stock (4,304) (9,479) Deferred compensation adjustment 140 92 Changes in accumulated other comprehensive income (loss) (745) (489) - -------------------------------------------------------------------------------- Balance at end of period $71,975 $68,726 ================================================================================ -----END PRIVACY-ENHANCED MESSAGE-----