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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DECEMBER 31, 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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(in thousands, except share data)
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Dec 31
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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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$ | 43,356 | $ | 21,008 | ||||
Federal funds sold and other interest-bearing deposits
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29,746 | 210,485 | ||||||
Certificates of deposit investments
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13,231 | 10,000 | ||||||
Investment securities:
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Available-for-sale, at fair value
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478,916 | 342,816 | ||||||
Held-to-maturity, at amortized cost (estimated FV of $51 at
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Dec 31, 2011 and $53 at Dec 31, 2010, respectively)
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51 | 50 | ||||||
Loans
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860,074 | 804,581 | ||||||
Less allowance for loan losses
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(11,120 | ) | (10,393 | ) | ||||
Net loans
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848,954 | 794,188 | ||||||
Premises and equipment, net
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30,717 | 28,544 | ||||||
Goodwill, net
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25,753 | 25,753 | ||||||
Intangible assets, net
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3,934 | 5,068 | ||||||
Other assets
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26,298 | 30,333 | ||||||
Total assets
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$ | 1,500,956 | $ | 1,468,245 | ||||
Liabilities and Stockholders’ Equity
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Deposits:
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Non-interest bearing
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$ | 198,962 | $ | 183,932 | ||||
Interest bearing
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971,772 | 1,028,778 | ||||||
Total deposits
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1,170,734 | 1,212,710 | ||||||
Repurchase agreements with customers
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132,380 | 94,057 | ||||||
Other borrowings
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28,000 | 22,750 | ||||||
Junior subordinated debentures
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20,620 | 20,620 | ||||||
Other liabilities
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8,255 | 5,843 | ||||||
Total liabilities
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1,359,989 | 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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43,785 | 24,635 | ||||||
Common stock ($4 par value; authorized 18,000,000 shares; issued
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7,553,094 shares in 2011 and 7,477,132 shares in 2010)
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30,212 | 29,909 | ||||||
Additional paid-in capital
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29,368 | 28,223 | ||||||
Retained earnings
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71,739 | 66,356 | ||||||
Deferred compensation
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2,904 | 2,929 | ||||||
Accumulated other comprehensive income (loss)
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3,148 | (2,066 | ) | |||||
Treasury stock at cost, 1,546,529 shares in 2011
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and 1,418,456 in 2010
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(40,189 | ) | (37,721 | ) | ||||
Total stockholders’ equity
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140,967 | 112,265 | ||||||
Total liabilities and stockholders’ equity
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$ | 1,500,956 | $ | 1,468,245 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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(In thousands)
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For the year ended December 31,
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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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$ | 45,399 | $ | 41,803 | ||||
Interest on investment securities
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11,013 | 8,699 | ||||||
Interest on certificates of deposit
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78 | 110 | ||||||
Interest on federal funds sold & other deposits
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282 | 271 | ||||||
Total interest income
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56,772 | 50,883 | ||||||
Interest expense:
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Interest on deposits
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6,725 | 8,471 | ||||||
Interest on repurchase agreements with customers
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172 | 133 | ||||||
Interest on other borrowings
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837 | 1,099 | ||||||
Interest on subordinated debt
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770 | 1,053 | ||||||
Total interest expense
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8,504 | 10,756 | ||||||
Net interest income
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48,268 | 40,127 | ||||||
Provision for loan losses
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3,101 | 3,737 | ||||||
Net interest income after provision for loan losses
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45,167 | 36,390 | ||||||
Non-interest income:
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Trust revenues
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3,030 | 2,601 | ||||||
Brokerage commissions
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650 | 536 | ||||||
Insurance commissions
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1,786 | 1,779 | ||||||
Services charges
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4,817 | 4,662 | ||||||
Securities gains (losses), net
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486 | 543 | ||||||
Impairment losses on securities
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(886 | ) | (1,418 | ) | ||||
Mortgage banking revenues
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788 | 776 | ||||||
ATM / debit card revenue
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3,483 | 2,869 | ||||||
Other
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1,633 | 1,472 | ||||||
Total non-interest income
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15,787 | 13,820 | ||||||
Non-interest expense:
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Salaries and employee benefits
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22,247 | 18,649 | ||||||
Net occupancy and equipment expense
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7,960 | 5,851 | ||||||
FDIC insurance
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1,167 | 1,508 | ||||||
Amortization of intangible assets
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1,134 | 814 | ||||||
Legal and professional expense
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2,070 | 2,361 | ||||||
Other
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8,475 | 7,744 | ||||||
Total non-interest expense
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43,053 | 36,927 | ||||||
Income before income taxes
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17,901 | 13,283 | ||||||
Income taxes
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6,529 | 4,522 | ||||||
Net income
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$ | 11,372 | $ | 8,761 | ||||
Per Share Information (unaudited)
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For the year ended December 31,
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2011 | 2010 | ||||||
Basic earnings per common share
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$ | 1.29 | $ | 1.07 | ||||
Diluted earnings per common share
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$ | 1.29 | $ | 1.07 | ||||
Dividends per common share
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$ | 0.40 | $ | 0.38 | ||||
Book value per share at Dec 31
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$ | 16.18 | $ | 14.46 | ||||
OTCBB market price of stock at Dec 31
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$ | 18.45 | $ | 17.25 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
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(In thousands)
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For the year ended December 31,
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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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11,372 | 8,761 | ||||||
Dividends on preferred stock and common stock
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(5,989 | ) | (4,549 | ) | ||||
Issuance of preferred and common stock
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20,446 | 1,651 | ||||||
Purchase of treasury stock
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(2,385 | ) | (2,499 | ) | ||||
Deferred compensation and other adjustments
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44 | 210 | ||||||
Changes in accumulated other comprehensive income
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5,214 | (2,530 | ) | |||||
Balance at end of period
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$ | 140,967 | $ | 112,265 |
CONSOLIDATED CAPITAL RATIOS
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Primary Capital Measurements (unaudited):
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2011
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2010
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For the year ended December 31,
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Leverage ratio
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8.99 | % | 7.42 | % | ||||
Tier 1 capital to risk-weighted assets
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13.37 | % | 11.71 | % | ||||
Total capital to risk-weighted assets
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14.48 | % | 12.84 | % |