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, 2012 | |||
FIRST MID-ILLINOIS BANCSHARES, INC. | |||
(Exact name of registrant as specified in its charter) | |||
Delaware | 0-13368 | 37-1103704 | |
(State of other jurisdiction | (Commission File Number) | (IRS Employer | |
of incorporation) | Identification No.) | ||
1421 CHARLESTON AVENUE | |||
MATTOON, IL | 61938 | ||
(Address of principal executive offices) | (Zip Code) | ||
(217) 234-7454 | |||
(Registrant’s telephone number, including area code) |
[ ] | 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)) |
Exhibit | |
Number | Description |
99 | Quarterly Report to Stockholders |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(unaudited) | ||||||
(in thousands, except share data) | Sep 30 | Dec 31 | ||||
2012 | 2011 | |||||
Assets | ||||||
Cash and due from banks | $ | 36,972,000 | $ | 43,356,000 | ||
Federal funds sold and other interest-bearing deposits | 8,756,000 | 29,746,000 | ||||
Certificates of deposit investments | 8,504,000 | 13,231,000 | ||||
Investment securities: | ||||||
Available-for-sale, at fair value | 525,752,000 | 478,916,000 | ||||
Held-to-maturity, at amortized cost (estimated FV of $0 at | ||||||
Sep 30, 2012 and $51 at Dec 31, 2011, respectively) | 0 | 51000 | ||||
Loans | 899,367,000 | 860,074,000 | ||||
Less allowance for loan losses | (11,645,000 | ) | (11,120,000 | ) | ||
Net loans | 887,722,000 | 848,954,000 | ||||
Premises and equipment, net | 29,982,000 | 30,717,000 | ||||
Goodwill, net | 25,753,000 | 25,753,000 | ||||
Intangible assets, net | 3,331,000 | 3,934,000 | ||||
Other assets | 21,934,000 | 26,298,000 | ||||
Total assets | $ | 1,548,706,000 | $ | 1,500,956,000 | ||
Liabilities and Stockholders’ Equity | ||||||
Deposits: | ||||||
Non-interest bearing | $ | 217,253,000 | $ | 198,962,000 | ||
Interest bearing | 1,023,415,000 | 971,772,000 | ||||
Total deposits | 1,240,668,000 | 1,170,734,000 | ||||
Repurchase agreements with customers | 111,870,000 | 132,380,000 | ||||
Other borrowings | 9,750,000 | 28,000,000 | ||||
Junior subordinated debentures | 20,620,000 | 20,620,000 | ||||
Other liabilities | 8,110,000 | 8,255,000 | ||||
Total liabilities | 1,391,018,000 | 1,359,989,000 | ||||
Stockholders’ Equity: | ||||||
Preferred stock (no par value, authorized 1,000,000 shares; | ||||||
issued 10,427 shares in 2012 and 8,777 shares in 2011) | 52,035,000 | 43,785,000 | ||||
Common stock ($4 par value; authorized 18,000,000 shares; | ||||||
issued 7,641,802 shares in 2012 and 7,553,094 shares in 2011) | 30,567,000 | 30,212,000 | ||||
Additional paid-in capital | 30,896,000 | 29,368,000 | ||||
Retained earnings | 77,843,000 | 71,739,000 | ||||
Deferred compensation | 2,835,000 | 2,904,000 | ||||
Accumulated other comprehensive income (loss) | 5,392,000 | 3,148,000 | ||||
Treasury stock at cost, 1,616,283 shares in 2012 and | ||||||
and 1,546,529 in 2011 | (41,880,000 | ) | (40,189,000 | ) | ||
Total stockholders’ equity | 157,688,000 | 140,967,000 | ||||
Total liabilities and stockholders’ equity | $ | 1,548,706,000 | $ | 1,500,956,000 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||
(In thousands) (unaudited) | ||||||
For the period ended September 30, | 2012 | 2011 | ||||
Interest income: | ||||||
Interest and fees on loans | $ | 32,863 | $ | 33,947 | ||
Interest on investment securities | 8,893 | 8,063 | ||||
Interest on certificates of deposit | 46 | 60 | ||||
Interest on federal funds sold & other deposits | 62 | 249 | ||||
Total interest income | 41,864 | 42,319 | ||||
Interest expense: | ||||||
Interest on deposits | 3,845 | 5,260 | ||||
Interest on repurchase agreements with customers | 100 | 122 | ||||
Interest on other borrowings | 570 | 579 | ||||
Interest on subordinated debt | 428 | 632 | ||||
Total interest expense | 4,943 | 6,593 | ||||
Net interest income | 36,921 | 35,726 | ||||
Provision for loan losses | 1,751 | 2,584 | ||||
Net interest income after provision for loan losses | 35,170 | 33,142 | ||||
Non-interest income: | ||||||
Trust revenues | 2,371 | 2,181 | ||||
Brokerage commissions | 494 | 485 | ||||
Insurance commissions | 1,476 | 1,503 | ||||
Services charges | 3,537 | 3,583 | ||||
Securities gains (losses), net | 933 | 412 | ||||
Impairment losses on securities | 127 | (584 | ) | |||
Mortgage banking revenues | 1,038 | 428 | ||||
ATM / debit card revenue | 2,543 | 2,603 | ||||
Other | 1,081 | 1,153 | ||||
Total non-interest income | 13,600 | 11,764 | ||||
Non-interest expense: | ||||||
Salaries and employee benefits | 17,437 | 16,483 | ||||
Net occupancy and equipment expense | 6,042 | 6,008 | ||||
FDIC insurance | 665 | 937 | ||||
Amortization of intangible assets | 603 | 858 | ||||
Legal and professional expense | 1,665 | 1,666 | ||||
Other | 5,549 | 6,215 | ||||
Total non-interest expense | 31,961 | 32,167 | ||||
Income before income taxes | 16,809 | 12,739 | ||||
Income taxes | 6,293 | 4,637 | ||||
Net income | $ | 10,516 | $ | 8,102 | ||
Per Share Information (unaudited) | ||||||
For the period ended September 30, | 2012 | 2011 | ||||
Basic earnings per common share | $ | 1.22 | $ | 0.90 | ||
Diluted earnings per common share | $ | 1.22 | $ | 0.90 | ||
Book value per share at Sep 30 | $ | 17.53 | $ | 16.16 | ||
OTCBB market price of stock at Sep 30 | $ | 25.50 | $ | 18.70 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY | ||||||
(In thousands) (unaudited) | ||||||
For the period ended September 30, | 2012 | 2011 | ||||
Balance at beginning of period | $ | 140,967 | $ | 112,265 | ||
Net income | 10,516 | 8,102 | ||||
Dividends on preferred stock and common stock | (4,412 | ) | (3,789 | ) | ||
Issuance of preferred and common stock | 9,942 | 20,300 | ||||
Purchase of treasury stock | (1,637 | ) | (2,015 | ) | ||
Deferred compensation and other adjustments | 68 | 20 | ||||
Changes in accumulated other comprehensive income | 2,244 | 6,109 | ||||
Balance at end of period | $ | 157,688 | $ | 140,992 |
CONSOLIDATED CAPITAL RATIOS | ||||
Primary Capital Measurements (unaudited): | 2012 | 2011 | ||
For the period ended September 30, | ||||
Leverage ratio | 9.83 | % | 8.95 | % |
Tier 1 capital to risk-weighted assets | 14.73 | % | 13.82 | % |
Total capital to risk-weighted assets | 15.88 | % | 14.91 | % |