UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of report (Date of earliest event reported):
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SEPTEMBER 30, 2011
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FIRST MID-ILLINOIS BANCSHARES, INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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0-13368
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37-1103704
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(State of other jurisdiction
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(Commission File Number)
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(IRS Employer
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of incorporation)
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Identification No.)
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1421 CHARLESTON AVENUE
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MATTOON, IL
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61938
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(Address of principal executive offices)
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(Zip Code)
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(217) 234-7454
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(Registrant’s telephone number, including area code)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))
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Exhibit
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Number
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Description
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99
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Quarterly Report to Stockholders
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(unaudited)
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(in thousands, except share data)
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Sep 30
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Dec 31
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2011
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2010
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Assets
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Cash and due from banks
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$ | 28,052 | $ | 21,008 | ||||
Federal funds sold and other interest-bearing deposits
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121,387 | 210,485 | ||||||
Certificates of deposit investments
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12,781 | 10,000 | ||||||
Investment securities:
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Available-for-sale, at fair value
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449,749 | 342,816 | ||||||
Held-to-maturity, at amortized cost (estimated fair value of $51
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at September 30, 2011 and $53 at December 31, 2010, respectively)
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50 | 50 | ||||||
Loans
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815,491 | 804,581 | ||||||
Less allowance for loan losses
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(10,429 | ) | (10,393 | ) | ||||
Net loans
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805,062 | 794,188 | ||||||
Premises and equipment, net
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30,851 | 28,544 | ||||||
Goodwill, net
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25,753 | 25,753 | ||||||
Intangible assets, net
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4,210 | 5,068 | ||||||
Other assets
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26,058 | 30,333 | ||||||
Total assets
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$ | 1,503,953 | $ | 1,468,245 | ||||
Liabilities and Stockholders’ Equity
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Deposits:
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Non-interest bearing
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$ | 203,415 | $ | 183,932 | ||||
Interest bearing
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995,474 | 1,028,778 | ||||||
Total deposits
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1,198,889 | 1,212,710 | ||||||
Repurchase agreements with customers
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116,395 | 94,057 | ||||||
Other borrowings
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19,750 | 22,750 | ||||||
Junior subordinated debentures
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20,620 | 20,620 | ||||||
Other liabilities
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7,307 | 5,843 | ||||||
Total liabilities
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1,362,961 | 1,355,980 | ||||||
Stockholders’ Equity:
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Preferred stock (no par value, authorized 1,000,000 shares; issued
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8,777 shares in 2011 and 4,927 shares in 2010)
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43,885 | 24,635 | ||||||
Common stock ($4 par value; authorized 18,000,000 shares; issued
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7,537,363 shares in 2011 and 7,477,132 shares in 2010)
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30,149 | 29,909 | ||||||
Additional paid-in capital
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29,172 | 28,223 | ||||||
Retained earnings
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70,669 | 66,356 | ||||||
Deferred compensation
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2,879 | 2,929 | ||||||
Accumulated other comprehensive income (loss)
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4,043 | (2,066 | ) | |||||
Treasury stock at cost, 1,526,662 shares in 2011
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and 1,418,456 in 2010
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(39,805 | ) | (37,721 | ) | ||||
Total stockholders’ equity
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140,992 | 112,265 | ||||||
Total liabilities and stockholders’ equity
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$ | 1,503,953 | $ | 1,468,245 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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(In thousands) (unaudited)
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For the period ended September 30,
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2011
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2010
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Interest income:
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Interest and fees on loans
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$ | 33,947 | $ | 29,944 | ||||
Interest on investment securities
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8,063 | 6,589 | ||||||
Interest on certificates of deposit
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60 | 88 | ||||||
Interest on federal funds sold & other deposits
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249 | 124 | ||||||
Total interest income
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42,319 | 36,745 | ||||||
Interest expense:
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Interest on deposits
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5,260 | 6,412 | ||||||
Interest on repurchase agreements with customers
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122 | 97 | ||||||
Interest on other borrowings
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579 | 867 | ||||||
Interest on subordinated debt
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632 | 790 | ||||||
Total interest expense
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6,593 | 8,166 | ||||||
Net interest income
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35,726 | 28,579 | ||||||
Provision for loan losses
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2,584 | 2,727 | ||||||
Net interest income after provision for loan losses
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33,142 | 25,852 | ||||||
Non-interest income:
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Trust revenues
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2,181 | 1,838 | ||||||
Brokerage commissions
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485 | 395 | ||||||
Insurance commissions
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1,503 | 1,453 | ||||||
Services charges
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3,583 | 3,447 | ||||||
Securities gains (losses), net
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412 | 543 | ||||||
Impairment losses on securities
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(584 | ) | (1,403 | ) | ||||
Mortgage banking revenues
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428 | 432 | ||||||
ATM / debit card revenue
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2,603 | 2,013 | ||||||
Other
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1,153 | 1,045 | ||||||
Total non-interest income
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11,764 | 9,763 | ||||||
Non-interest expense:
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Salaries and employee benefits
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16,483 | 13,078 | ||||||
Net occupancy and equipment expense
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6,008 | 4,046 | ||||||
FDIC insurance
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937 | 1,036 | ||||||
Amortization of intangible assets
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858 | 528 | ||||||
Legal and professional expense
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1,666 | 1,842 | ||||||
Other
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6,215 | 5,504 | ||||||
Total non-interest expense
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32,167 | 26,034 | ||||||
Income before income taxes
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12,739 | 9,581 | ||||||
Income taxes
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4,637 | 3,239 | ||||||
Net income
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$ | 8,102 | $ | 6,342 | ||||
Per Share Information (unaudited)
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For the period ended Sep 30,
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2011 | 2010 | ||||||
Basic earnings per common share
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$ | 0.90 | $ | 0.76 | ||||
Diluted earnings per common share
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$ | 0.90 | $ | 0.76 | ||||
Book value per share at Sep 30
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$ | 16.16 | $ | 15.07 | ||||
OTCBB market price of stock at Sep 30
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$ | 18.70 | $ | 18.10 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
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(In thousands) (unaudited)
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For the period ended September 30,
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2011
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2010
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Balance at beginning of period
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$ | 112,265 | $ | 111,221 | ||||
Net income
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8,102 | 6,342 | ||||||
Dividends on preferred stock and common stock
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(3,789 | ) | (2,843 | ) | ||||
Issuance of preferred and common stock
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20,300 | 940 | ||||||
Purchase of treasury stock
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(2,015 | ) | (958 | ) | ||||
Deferred compensation and other adjustments
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20 | 85 | ||||||
Changes in accumulated other comprehensive income
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6,109 | 1,632 | ||||||
Balance at end of period
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$ | 140,992 | $ | 116,419 |
CONSOLIDATED CAPITAL RATIOS
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Threshold
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As of
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for “Well-
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First Mid-Illinois Bancshares, Inc.
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Sep 30
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Capitalized”
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Primary Capital Measurements (unaudited):
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2011
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Designation
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Leverage ratio
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8.95 | % | 5 | % | ||||
Tier 1 capital to risk-weighted assets
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13.82 | % | 6 | % | ||||
Total capital to risk-weighted assets
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14.91 | % | 10 | % |