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): | |||
January 30, 2015 | |||
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 |
• | Fourth Consecutive Record Annual Earnings |
• | Growth in Earnings Per Share |
• | Strength in Asset Quality Metrics |
• | Completion of Series B Preferred Stock Conversion |
Fourth Quarter 2014 Financial Results | |||||||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands) | (Unaudited) | ||||||||||
December 31, | September 30, | December 31, | |||||||||
2014 | 2014 | 2013 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 51,730 | $ | 57,572 | $ | 65,102 | |||||
Investment securities | 431,506 | 429,226 | 488,724 | ||||||||
Loans (including loans held for sale) | 1,062,406 | 1,041,008 | 982,804 | ||||||||
Less allowance for loan losses | (13,682 | ) | (13,705 | ) | (13,249 | ) | |||||
Net loans | 1,048,724 | 1,027,303 | 969,555 | ||||||||
Premises and equipment, net | 27,352 | 27,757 | 28,578 | ||||||||
Goodwill and intangibles, net | 27,597 | 27,753 | 28,240 | ||||||||
Other assets | 20,194 | 23,737 | 25,299 | ||||||||
Total assets | $ | 1,607,103 | $ | 1,593,348 | $ | 1,605,498 | |||||
Liabilities and Stockholders’ Equity | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | 222,116 | $ | 218,214 | $ | 235,448 | |||||
Interest bearing | 1,049,961 | 1,080,626 | 1,052,168 | ||||||||
Total deposits | 1,272,077 | 1,298,840 | 1,287,616 | ||||||||
Repurchase agreements with customers | 121,869 | 88,066 | 119,187 | ||||||||
Other borrowings | 20,000 | 15,000 | 20,000 | ||||||||
Junior subordinated debentures | 20,620 | 20,620 | 20,620 | ||||||||
Other liabilities | 7,621 | 9,131 | 8,694 | ||||||||
Total liabilities | 1,442,187 | 1,431,657 | 1,456,117 | ||||||||
Total stockholders’ equity | 164,916 | 161,691 | 149,381 | ||||||||
Total liabilities and stockholders’ equity | $ | 1,607,103 | $ | 1,593,348 | $ | 1,605,498 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | |||||||
(in thousands) | |||||||
Twelve months ended | |||||||
December 31, | |||||||
2014 | 2013 | ||||||
Balance at beginning of period | $ | 149,381 | $ | 156,687 | |||
Net income | 15,461 | 14,722 | |||||
Dividends on preferred stock and common stock | (7,692 | ) | (7,130 | ) | |||
Issuance of preferred and common stock | 1,933 | 2,517 | |||||
Purchase of treasury stock | (1,763 | ) | (4,619 | ) | |||
Deferred compensation and other adjustments | 91 | 128 | |||||
Changes in accumulated other comprehensive income | 7,505 | (12,924 | ) | ||||
Balance at end of period | $ | 164,916 | $ | 149,381 |
Fourth Quarter 2014 Financial Results | |||||||||||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest income: | |||||||||||||||
Interest and fees on loans | $ | 11,557 | $ | 10,813 | $ | 44,799 | $ | 42,184 | |||||||
Interest on investment securities | 2,391 | 2,787 | 9,851 | 11,222 | |||||||||||
Interest on federal funds sold & other deposits | 17 | 5 | 84 | 53 | |||||||||||
Total interest income | 13,965 | 13,605 | 54,734 | 53,459 | |||||||||||
Interest expense: | |||||||||||||||
Interest on deposits | 573 | 632 | 2,351 | 2,703 | |||||||||||
Interest on repurchase agreements with customers | 14 | 12 | 47 | 46 | |||||||||||
Interest on other borrowings | 128 | 74 | 340 | 263 | |||||||||||
Interest on subordinated debt | 129 | 130 | 514 | 523 | |||||||||||
Total interest expense | 844 | 848 | 3,252 | 3,535 | |||||||||||
Net interest income | 13,121 | 12,757 | 51,482 | 49,924 | |||||||||||
Provision for loan losses | 134 | 486 | 629 | 2,193 | |||||||||||
Net interest income after provision for loan losses | 12,987 | 12,271 | 50,853 | 47,731 | |||||||||||
Non-interest income: | |||||||||||||||
Trust revenues | 977 | 1,089 | 3,571 | 3,565 | |||||||||||
Brokerage commissions | 291 | 243 | 1,039 | 833 | |||||||||||
Insurance commissions | 349 | 321 | 1,796 | 1,638 | |||||||||||
Service charges | 1,355 | 1,245 | 5,264 | 4,865 | |||||||||||
Securities gains, net | 1 | 2 | 715 | 2,293 | |||||||||||
Mortgage banking revenues | 155 | 109 | 596 | 935 | |||||||||||
ATM / debit card revenue | 982 | 953 | 3,915 | 3,772 | |||||||||||
Other | 386 | 418 | 1,473 | 1,440 | |||||||||||
Total non-interest income | 4,496 | 4,380 | 18,369 | 19,341 | |||||||||||
Non-interest expense: | |||||||||||||||
Salaries and employee benefits | 6,448 | 6,092 | 24,771 | 24,128 | |||||||||||
Net occupancy and equipment expense | 2,028 | 2,011 | 8,347 | 8,223 | |||||||||||
Amortization of intangible assets | 156 | 163 | 643 | 674 | |||||||||||
Legal and professional expense | 580 | 449 | 2,333 | 2,070 | |||||||||||
Other | 2,031 | 2,177 | 8,413 | 8,409 | |||||||||||
Total non-interest expense | 11,243 | 10,892 | 44,507 | 43,504 | |||||||||||
Income before income taxes | 6,240 | 5,759 | 24,715 | 23,568 | |||||||||||
Income taxes | 2,330 | 2,140 | 9,254 | 8,846 | |||||||||||
Net income | $ | 3,910 | $ | 3,619 | $ | 15,461 | $ | 14,722 | |||||||
Per Share Information | |||||||||||||||
Basic earnings per common share | $ | 0.48 | $ | 0.43 | $ | 1.88 | $ | 1.74 | |||||||
Diluted earnings per common share | $ | 0.47 | $ | 0.42 | $ | 1.85 | $ | 1.73 | |||||||
Dividends per common share | $ | 0.29 | $ | 0.25 | $ | 0.55 | $ | 0.46 |
Fourth Quarter 2014 Financial Results | ||||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | ||||||||
SELECTED FINANCIAL HIGHLIGHTS | As Of | |||||||
(Unaudited) | ||||||||
December 31, | September 30, | December 31, | ||||||
2014 | 2014 | 2013 | ||||||
SHARE AND PER COMMON SHARE DATA | ||||||||
Book value per common share | $19.55 | $18.69 | $16.54 | |||||
Tangible book value per common share | $15.63 | $13.96 | $11.75 | |||||
Common shares outstanding | 7,033,318 | 5,866,421 | 5,883,781 | |||||
Market price of stock | $18.55 | $21.63 | $22.00 | |||||
REGULATORY CAPITAL RATIOS | ||||||||
Leverage ratio | 10.52 | % | 10.45 | % | 10.12 | % | ||
Total capital to risk-weighted assets | 15.60 | % | 15.75 | % | 15.58 | % | ||
Tier 1 capital to risk-weighted assets | 14.42 | % | 14.54 | % | 14.37 | % | ||
Common equity tier 1 capital to risk weighted assets | 10.32 | % | 8.19 | % | 7.78 | % | ||
Preferred stockholders' equity | $27,400,000 | $52,030,000 | $52,035,000 | |||||
Common stockholders' equity | $137,516,000 | $109,661,000 | $97,346,000 | |||||
ASSET QUALITY | ||||||||
Allowance for loan losses to non-performing loans | 301.4 | % | 284.4 | % | 204.8 | % | ||
Allowance for loan losses to total loans outstanding | 1.29 | % | 1.32 | % | 1.35 | % | ||
Total YTD net charge-offs (1) | $196,000 | $39,000 | $720,000 | |||||
Total non-performing loans and other real estate owned | $4,803,000 | $5,171,000 | $7,037,000 | |||||
Quarter ended | Year ended | |||||||||||||
(unaudited) | ||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||
2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||
PERFORMANCE RATIOS (1) | ||||||||||||||
Return on average assets (2) | 0.97 | % | 0.98 | % | 0.92 | % | 0.97 | % | 0.94 | % | ||||
Return on average common equity (2) | 9.32 | % | 10.89 | % | 10.10 | % | 10.34 | % | 10.11 | % | ||||
Net interest margin (3) | 3.53 | % | 3.51 | % | 3.52 | % | 3.53 | % | 3.47 | % | ||||
7!E
M96YU;0````I%4VQI8V54>7!E`````$EM9R`````&8F]U;F1S3V)J8P````$`
M``````!28W0Q````!`````!4;W`@;&]N9P``````````3&5F=&QO;F<`````
M`````$)T;VUL;VYG```!Q0````!29VAT;&]N9P``!'<````#=7)L5$585```
M``$```````!N=6QL5$585`````$```````!- ZO`Z6RM_4KP',-X<:FE[O1Q:G-J+7
MOR,V\/KQV;_951FYEWZ#"L7.]:^I'6 G)E4WI.5&-Z:V,Y
M9"(_/B`\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM
M<'1K/2)!9&]B92!835`@0V]R92`U+C`M8S`V,2`V-"XQ-#`Y-#DL(#(P,3`O
M,3(O,# .FS>5'7$AB:Q$?*1L8VL/(B(B(B(B(B(B(B(B(B(B(B(B
M(B(B(B(B(O_6O\(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B
M(B(B(B(B(B(B(B*"'W^>GT5]LFH^?$/="!GMAK6/V6=ZI/H:6CF\<6%4["0[
MLBHXLBRDB&@GH/W8Y!X>/QSCQXP 3`Y>F\$3.6>.4D,\?S9OG>5VJL.]/TJ#L5AS,\]>.S
M?[1[=^.0&M=MD(J'%3N1AXD$?/)F,A]@A/K'5^56`56!'86T(QE1(*@FS.5Z
M=)";P_`YNGU(.TJGM.CCN=JVZZTL"G[-%^V>2UU:0:1U^=CO>X>/(H;OHB61
ML001'=Q^7:/FOR&^/Y#-UBSV3$WXZ"5^.21873O9
MAV/ER"7[0/Q#AQ\5BT=/''X_X8<63)RX\.N*-[.O85:?M`W)L_;FTHSQ+RWL
MXY756LRHC+1VH*L$F/",$0` 4UH7K!;^W%_O2!G5-,#[*9(<0G`YR4JFI&=((<.#A,:A\65JV
MSD!H;$<=$,LCYRPBFSE[PS2#QDQQN'>'$&OZ_KEVEN6PM@]@["(+4N.U"#,2
MG1T2YL'.1EY'G@P,6C9LT8X&<1!#\%$,V\=$Q, (
MO\?/(8"UZ;/CBGQ6I9&NKSL.M)XLF3ZLK*AS:S""?;5TVR1F/IS@HJ(;2#_$
MY9RKCDR>L+KNG6@>FWK_``1Y76GFO=?T0G4U!1#P@>1$$^=8F6/-R ()!6E2FCVW]P5D4=S\:L6
MK=:;HL`$(NR3$@.S/8BX3"I#X62BK3:"RGL$5%T<9QSZ4ZMN`+40E 2S1<4P^>ZXY._T7C]_4#36TM-6%KYL'7H_:E.6H/YAH
MZ!27#GYQTO'<\^!\TUQ8ZK)>,>QKFG:YK\?,]"]G]JM;+7-0\XM@M&\C6N:^U]ENW
M;_.V;_36LDI22222E))))*4DDDDI22222E))))*4DDDDI2ROK)D9#>GC!PW^
MEG=3>,/&L$RPV!SLC);#F>[#PZ\G+;[_`'OH]+_"+5224BQ<:C$QJL7'9Z=&
M.QM53!)#6,`96SW>[VM:BI))*?_9.$))300A``````!9`````0$````/`$$`
M9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````%0!!`&0`;P!B`&4`(`!0
M`&@`;P!T`&\`
K-R-<:7VCI26[O65XU_`'XU^=^
M./YB"[NUZ=Y"B[Q.>*!^,L"OR#$[@B.-;R#OM4['.V7/)UR-^:]_1>/W7KU0
M6R@K'@NQ='T_?P3$D#4LBPZZZT"[4%8TJ8QTK#L26/'CJ%G8AF0,XB=?-<3W
M'AXN<;9YGQ<>?3AFR<>4`-U_4F]+EJ"L>/`M/7!K7+LR!K,N#JE+_L:=*I:.
M;QTJQS"<@TV+DK]"<8^^
M\:70/<4[]?^Y.O>X==,^[D%'6`S(I`:^1#L/.`278OQ.T
MJZ[S.C!FR&OV161!+P/=^$8[>0_X==,^T#]X
MU^S(I`:^1,/_``<[B'S\3M*NN\SHP&/27];V:/R\#W?A&-&
D"5]#Q4[+LQ]G+SN'(]RM6+QSC;<>?+%@S<^G''RS0_J";0%5,>VF#H=IP(
M)8)W#I^T:X(81L:2,&*PA558C,W^'6=,B&)C(1!R0#T16LZ-1G3/\)S&MC)_
MGP.^G#JX9O=5M$1$158O<1]HS6#U[2)A0&L,[:;AC!`8`)T/<90@A*:UY*
MH<5Z96CVQS%C"!#SP8
MN;]Y&LG&&8M^ZOZ4ZCZ5BO,.U0URI^@XAX/A8T0NZX!X2"*CJ.KR.?18
#H3$"!`(1`2^'
MI.,QQ'QN;:+82?%^Y'&)
M"`$?^7#\>%2V.[<6BK]I_>V\WX/RXOYX>>/)S]_1$1%5B]P7VBZ:]76S_7
M4<%UJ(-I;6#1^)F;RRN;/ST6*UA(F0^.F-?"<-,/JHLQS8I!,!,_AEY/(U;,
MXJ+;/6&'$\>OLDDTB97O5'[7-;5KBUNNE'7BM@"O:(*_J!G9=K(G=''5MALO?1C_`/FB?\B;_P"+A7_$15@O
M==]F"B?6$1$^M%)!']1&[4)_.-+@HCQ&(/5E!^359"G]=&1^1YQO!^V^]^<0
M;O"-"C_#\N.QR6)].P+S"TQO,Z/=#VV^PO?0JM^4O_:.X'E=W.0,IDAUP$['
M/AK6"%CH*1AY,.$QJB\10Z"<`^%N1R.S,LC[`_E7,@RX2<@\>R^1P_S<_P`E
MKUNAK6*U+M;,4?L_0(3+$`&643LG)5I:U5BLD5/H[)9%8$M2W$ZA8*(>$#R(
M@N4]`O8>1Y.
+*_:XXM3U:=WC:=:4I5L%Y19MP6`
M&U;70UW.'A/(CNP".-$Q&"[R12$0/Q'=R"7;M_E/G;5FW_)_/-EQX^/+GTWN
M$11@>YC=6T_7;ZV=C]Q:4@*_*+-I_P#3_C4%:441S8(^_8%]5=5LSWV,$RH)
M('/QA\V=YFOQY1K_``>8\7/G^3'QYXLF+,6%A4>E1*='1*0&AL:$$R6&)B63
M,B1E185$/'JVD8I^W=M^>1OGQ9.7S_P!G7:/^E_TV
M[/\`:#GP>P-B/$-7*^_RSY-YA^VYW%^X@;^]#Q!"C_D&LH^=?XF^^#\3\/\`
M<7>&5Y1_\L@5>_[(;1WMMN=P]BW\<^9D`O7X14X3'Q@R'5^"5S5E;P^."!JT
MJVK:V'A"LJNK\;9<
88^4S:/8F)BH$*C0*
M"C0^%A(6/PPF'!PG#1PX*B8J.1S:''AH:'H=LSB((?@HAGA:LF37#B;-6V+A
MBQ<./#CQX]*$?W>=H_\`T']*A\Y_X0]H[=K3QG_O%3ZZG/F3T>_\J4?VR,E?
M^[R;3_MJ_
4C$>)$93^%GBY<93MKOKP:\Z
M\)8)E0$5$H*=#1`%FP603(F8AQ9#2(X5"94.2+F'(1HE'IALSEX(@@I=GF:O
M63K#B5MAE?]A7H;.Y'U4>G78[UZ:D6!=9;(Z@-[%W.,JZP0Y5;I
M5,;"9*