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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MARCH 31, 2012
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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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Mar 31
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Dec 31
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2012
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2011
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Assets
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Cash and due from banks
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$ | 28,111 | $ | 43,356 | ||||
Federal funds sold and other interest-bearing deposits
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95,507 | 29,746 | ||||||
Certificates of deposit investments
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12,044 | 13,231 | ||||||
Investment securities:
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Available-for-sale, at fair value
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482,663 | 478,916 | ||||||
Held-to-maturity, at amortized cost (estimated FV of $51 at
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Mar 31, 2012 and $51 at Dec 31, 2011, respectively)
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51 | 51 | ||||||
Loans
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840,835 | 860,074 | ||||||
Less allowance for loan losses
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(11,293 | ) | (11,120 | ) | ||||
Net loans
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829,542 | 848,954 | ||||||
Premises and equipment, net
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30,471 | 30,717 | ||||||
Goodwill, net
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25,753 | 25,753 | ||||||
Intangible assets, net
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3,689 | 3,934 | ||||||
Other assets
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26,592 | 26,298 | ||||||
Total assets
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$ | 1,534,423 | $ | 1,500,956 | ||||
Liabilities and Stockholders’ Equity
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Deposits:
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Non-interest bearing
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$ | 219,688 | $ | 198,962 | ||||
Interest bearing
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1,013,939 | 971,772 | ||||||
Total deposits
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1,233,627 | 1,170,734 | ||||||
Repurchase agreements with customers
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109,043 | 132,380 | ||||||
Other borrowings
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18,000 | 28,000 | ||||||
Junior subordinated debentures
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20,620 | 20,620 | ||||||
Other liabilities
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9,567 | 8,255 | ||||||
Total liabilities
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1,390,857 | 1,359,989 | ||||||
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 2012 and 2011)
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43,785 | 43,785 | ||||||
Common stock ($4 par value; authorized 18,000,000 shares; issued
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7,593,052 shares in 2012 and 7,553,094 shares in 2011)
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30,372 | 30,212 | ||||||
Additional paid-in capital
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29,935 | 29,368 | ||||||
Retained earnings
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74,190 | 71,739 | ||||||
Deferred compensation
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2,880 | 2,904 | ||||||
Accumulated other comprehensive income (loss)
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3,176 | 3,148 | ||||||
Treasury stock at cost, 1,575,463 shares in 2012
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and 1,546,529 in 2011
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(40,772 | ) | (40,189 | ) | ||||
Total stockholders’ equity
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143,566 | 140,967 | ||||||
Total liabilities and stockholders’ equity
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$ | 1,534,423 | $ | 1,500,956 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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(In thousands) (unaudited)
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For the year ended March 31,
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2012
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2011
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Interest income:
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Interest and fees on loans
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$ | 10,960 | $ | 11,463 | ||||
Interest on investment securities
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2,952 | 2,444 | ||||||
Interest on certificates of deposit
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18 | 21 | ||||||
Interest on federal funds sold & other deposits
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18 | 101 | ||||||
Total interest income
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13,948 | 14,029 | ||||||
Interest expense:
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Interest on deposits
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1,427 | 1,819 | ||||||
Interest on repurchase agreements with customers
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45 | 33 | ||||||
Interest on other borrowings
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277 | 211 | ||||||
Interest on subordinated debt
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146 | 261 | ||||||
Total interest expense
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1,895 | 2,324 | ||||||
Net interest income
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12,053 | 11,705 | ||||||
Provision for loan losses
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615 | 940 | ||||||
Net interest income after provision for loan losses
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11,438 | 10,765 | ||||||
Non-interest income:
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Trust revenues
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860 | 781 | ||||||
Brokerage commissions
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142 | 155 | ||||||
Insurance commissions
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647 | 608 | ||||||
Services charges
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1,101 | 1,096 | ||||||
Securities gains (losses), net
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384 | 181 | ||||||
Impairment losses on securities
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0 | (185 | ) | |||||
Mortgage banking revenues
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236 | 116 | ||||||
ATM / debit card revenue
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879 | 832 | ||||||
Other
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331 | 421 | ||||||
Total non-interest income
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4,580 | 4,005 | ||||||
Non-interest expense:
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Salaries and employee benefits
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5,673 | 5,434 | ||||||
Net occupancy and equipment expense
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2,010 | 1,967 | ||||||
FDIC insurance
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234 | 434 | ||||||
Amortization of intangible assets
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245 | 286 | ||||||
Legal and professional expense
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611 | 567 | ||||||
Other
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1,844 | 1,604 | ||||||
Total non-interest expense
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10,617 | 10,292 | ||||||
Income before income taxes
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5,401 | 4,478 | ||||||
Income taxes
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2,011 | 1,633 | ||||||
Net income
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$ | 3,390 | $ | 2,845 | ||||
Per Share Information (unaudited)
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For the year ended March 31,
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2012 | 2011 | ||||||
Basic earnings per common share
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$ | 0.41 | $ | 0.35 | ||||
Diluted earnings per common share
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$ | 0.41 | $ | 0.35 | ||||
Book value per share at Mar 31
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$ | 16.58 | $ | 14.94 | ||||
OTCBB market price of stock at Mar 31
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$ | 23.00 | $ | 18.65 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
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(In thousands) (unaudited)
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For the year ended March 31,
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2012
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2011
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Balance at beginning of period
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$ | 140,967 | $ | 112,265 | ||||
Net income
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3,390 | 2,845 | ||||||
Dividends on preferred stock and common stock
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(939 | ) | (707 | ) | ||||
Issuance of preferred and common stock
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665 | 14,111 | ||||||
Purchase of treasury stock
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(617 | ) | (382 | ) | ||||
Deferred compensation and other adjustments
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72 | 32 | ||||||
Changes in accumulated other comprehensive income
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28 | 745 | ||||||
Balance at end of period
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$ | 143,566 | $ | 128,909 |
CONSOLIDATED CAPITAL RATIOS
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Primary Capital Measurements (unaudited):
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2012
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2011
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For the year ended March 31,
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Leverage ratio
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9.18 | % | 8.53 | % | ||||
Tier 1 capital to risk-weighted assets
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13.85 | % | 13.54 | % | ||||
Total capital to risk-weighted assets
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14.99 | % | 14.70 | % |