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): | |||
DECEMBER 31, 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 | ||||||
(in thousands, except share data) | Dec 31 | Dec 31 | ||||
2012 | 2011 | |||||
Assets | ||||||
Cash and due from banks | $ | 38,110 | $ | 43,356 | ||
Federal funds sold and other interest-bearing deposits | 44,602 | 29,746 | ||||
Certificates of deposit investments | 6,665 | 13,231 | ||||
Investment securities: | ||||||
Available-for-sale, at fair value | 508,309 | 478,916 | ||||
Held-to-maturity, at amortized cost (estimated FV of $0 at | ||||||
Dec 31, 2012 and $51 at Dec 31, 2011, respectively) | — | 51 | ||||
Loans | 911,065 | 860,074 | ||||
Less allowance for loan losses | (11,776 | ) | (11,120 | ) | ||
Net loans | 899,289 | 848,954 | ||||
Premises and equipment, net | 29,670 | 30,717 | ||||
Goodwill, net | 25,753 | 25,753 | ||||
Intangible assets, net | 3,161 | 3,934 | ||||
Other assets | 22,473 | 26,298 | ||||
Total assets | $ | 1,578,032 | $ | 1,500,956 | ||
Liabilities and Stockholders’ Equity | ||||||
Deposits: | ||||||
Non-interest bearing | $ | 263,838 | $ | 198,962 | ||
Interest bearing | 1,010,227 | 971,772 | ||||
Total deposits | 1,274,065 | 1,170,734 | ||||
Repurchase agreements with customers | 113,484 | 132,380 | ||||
Other borrowings | 5,000 | 28,000 | ||||
Junior subordinated debentures | 20,620 | 20,620 | ||||
Other liabilities | 8,176 | 8,255 | ||||
Total liabilities | 1,421,345 | 1,359,989 | ||||
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 | 43,785 | ||||
Common stock ($4 par value; authorized 18,000,000 shares; | ||||||
issued 7,682,535 shares in 2012 and 7,553,094 shares in 2011) | 30,730 | 30,212 | ||||
Additional paid-in capital | 31,685 | 29,368 | ||||
Retained earnings | 78,986 | 71,739 | ||||
Deferred compensation | 2,953 | 2,904 | ||||
Accumulated other comprehensive income (loss) | 4,544 | 3,148 | ||||
Treasury stock at cost, 1,711,646 shares in 2012 and | ||||||
and 1,546,529 in 2011 | (44,246 | ) | (40,189 | ) | ||
Total stockholders’ equity | 156,687 | 140,967 | ||||
Total liabilities and stockholders’ equity | $ | 1,578,032 | $ | 1,500,956 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||
(In thousands) | ||||||
For the period ended December 31, | 2012 | 2011 | ||||
Interest income: | ||||||
Interest and fees on loans | $ | 43,949 | $ | 45,399 | ||
Interest on investment securities | 11,684 | 11,013 | ||||
Interest on certificates of deposit | 57 | 78 | ||||
Interest on federal funds sold & other deposits | 77 | 282 | ||||
Total interest income | 55,767 | 56,772 | ||||
Interest expense: | ||||||
Interest on deposits | 4,843 | 6,725 | ||||
Interest on repurchase agreements with customers | 117 | 172 | ||||
Interest on other borrowings | 634 | 837 | ||||
Interest on subordinated debt | 563 | 770 | ||||
Total interest expense | 6,157 | 8,504 | ||||
Net interest income | 49,610 | 48,268 | ||||
Provision for loan losses | 2,647 | 3,101 | ||||
Net interest income after provision for loan losses | 46,963 | 45,167 | ||||
Non-interest income: | ||||||
Trust revenues | 3,330 | 3,030 | ||||
Brokerage commissions | 688 | 650 | ||||
Insurance commissions | 1,813 | 1,786 | ||||
Services charges | 4,808 | 4,817 | ||||
Securities gains (losses), net | 934 | 486 | ||||
Impairment losses on securities | 127 | (886 | ) | |||
Mortgage banking revenues | 1,509 | 788 | ||||
ATM / debit card revenue | 3,554 | 3,483 | ||||
Other | 1,547 | 1,633 | ||||
Total non-interest income | 18,310 | 15,787 | ||||
Non-interest expense: | ||||||
Salaries and employee benefits | 23,433 | 22,247 | ||||
Net occupancy and equipment expense | 8,088 | 7,960 | ||||
FDIC insurance | 875 | 1,167 | ||||
Amortization of intangible assets | 773 | 1,134 | ||||
Legal and professional expense | 2,093 | 2,070 | ||||
Other | 7,576 | 8,475 | ||||
Total non-interest expense | 42,838 | 43,053 | ||||
Income before income taxes | 22,435 | 17,901 | ||||
Income taxes | 8,410 | 6,529 | ||||
Net income | $ | 14,025 | $ | 11,372 | ||
Per Share Information | ||||||
For the period ended December 31, | 2012 | 2011 | ||||
Basic earnings per common share | $ | 1.62 | $ | 1.29 | ||
Diluted earnings per common share | $ | 1.62 | $ | 1.29 | ||
Dividends paid per common share | $ | 0.63 | $ | 0.38 | ||
Book value per share at Dec 31 | $ | 17.53 | $ | 16.18 | ||
OTCBB market price of stock at Dec 31 | $ | 22.75 | $ | 18.45 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY | ||||||
(In thousands) | ||||||
For the period ended December 31, | 2012 | 2011 | ||||
Balance at beginning of period | $ | 140,967 | $ | 112,265 | ||
Net income | 14,025 | 11,372 | ||||
Dividends on preferred stock and common stock | (6,778 | ) | (5,989 | ) | ||
Issuance of preferred and common stock | 10,885 | 20,446 | ||||
Purchase of treasury stock | (3,912 | ) | (2,385 | ) | ||
Deferred compensation and other adjustments | 104 | 44 | ||||
Changes in accumulated other comprehensive income | 1,396 | 5,214 | ||||
Balance at end of period | $ | 156,687 | $ | 140,967 |
CONSOLIDATED CAPITAL RATIOS | ||||
Primary Capital Measurements | 2012 | 2011 | ||
For the period ended December 31, | ||||
Leverage ratio | 9.66 | % | 8.99 | % |
Tier 1 capital to risk-weighted assets | 14.51 | % | 13.37 | % |
Total capital to risk-weighted assets | 15.65 | % | 14.48 | % |
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