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): | |||
April 29, 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 |
• | Record Quarterly Earnings |
• | Growth in Earnings Per Share |
• | Branch Acquisition |
• | Receipt of Industry Analyst Performance Awards |
First Quarter 2015 Financial Results | |||||||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands) | (unaudited) | (unaudited) | |||||||||
March 31, | December 31, | March 31, | |||||||||
2015 | 2014 | 2014 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 55,967 | $ | 51,730 | $ | 72,588 | |||||
Investment securities | 454,322 | 431,506 | 447,851 | ||||||||
Loans (including loans held for sale) | 1,054,156 | 1,062,406 | 991,731 | ||||||||
Less allowance for loan losses | (14,106 | ) | (13,682 | ) | (13,603 | ) | |||||
Net loans | 1,040,050 | 1,048,724 | 978,128 | ||||||||
Premises and equipment, net | 27,093 | 27,352 | 28,062 | ||||||||
Goodwill and intangibles, net | 27,442 | 27,597 | 28,078 | ||||||||
Other assets | 18,776 | 20,194 | 28,365 | ||||||||
Total assets | $ | 1,623,650 | $ | 1,607,103 | $ | 1,583,072 | |||||
Liabilities and Stockholders’ Equity | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | 231,443 | $ | 222,116 | $ | 226,079 | |||||
Interest bearing | 1,047,660 | 1,049,961 | 1,079,746 | ||||||||
Total deposits | 1,279,103 | 1,272,077 | 1,305,825 | ||||||||
Repurchase agreements with customers | 116,596 | 121,869 | 81,277 | ||||||||
Other borrowings | 27,000 | 20,000 | 11,000 | ||||||||
Junior subordinated debentures | 20,620 | 20,620 | 20,620 | ||||||||
Other liabilities | 9,532 | 7,621 | 10,473 | ||||||||
Total liabilities | 1,452,851 | 1,442,187 | 1,429,195 | ||||||||
Total stockholders’ equity | 170,799 | 164,916 | 153,877 | ||||||||
Total liabilities and stockholders’ equity | $ | 1,623,650 | $ | 1,607,103 | $ | 1,583,072 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | |||||||
(in thousands)(unaudited) | |||||||
Three months ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Balance at beginning of period | $ | 164,916 | $ | 149,381 | |||
Net income | 4,039 | 3,607 | |||||
Dividends on preferred stock and common stock | (550 | ) | (1,102 | ) | |||
Issuance of preferred and common stock | 254 | 496 | |||||
Purchase of treasury stock | (836 | ) | (902 | ) | |||
Deferred compensation and other adjustments | 99 | (35 | ) | ||||
Changes in accumulated other comprehensive income | 2,877 | 2,432 | |||||
Balance at end of period | $ | 170,799 | $ | 153,877 |
First Quarter 2015 Financial Results | ||||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(In thousands, except per share data)(unaudited) | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Interest income: | ||||||||
Interest and fees on loans | $ | 11,052 | $ | 10,812 | ||||
Interest on investment securities | 2,361 | 2,523 | ||||||
Interest on federal funds sold & other deposits | 26 | 27 | ||||||
Total interest income | 13,439 | 13,362 | ||||||
Interest expense: | ||||||||
Interest on deposits | 532 | 609 | ||||||
Interest on repurchase agreements with customers | 14 | 12 | ||||||
Interest on other borrowings | 153 | 68 | ||||||
Interest on subordinated debt | 128 | 126 | ||||||
Total interest expense | 827 | 815 | ||||||
Net interest income | 12,612 | 12,547 | ||||||
Provision for loan losses | 265 | 323 | ||||||
Net interest income after provision for loan losses | 12,347 | 12,224 | ||||||
Non-interest income: | ||||||||
Trust revenues | 920 | 933 | ||||||
Brokerage commissions | 278 | 250 | ||||||
Insurance commissions | 635 | 558 | ||||||
Service charges | 1,189 | 1,144 | ||||||
Securities gains, net | 229 | 191 | ||||||
Mortgage banking revenues | 167 | 98 | ||||||
ATM / debit card revenue | 1,006 | 973 | ||||||
Other | 375 | 334 | ||||||
Total non-interest income | 4,799 | 4,481 | ||||||
Non-interest expense: | ||||||||
Salaries and employee benefits | 6,056 | 6,053 | ||||||
Net occupancy and equipment expense | 1,979 | 2,149 | ||||||
Amortization of intangible assets | 155 | 162 | ||||||
Legal and professional expense | 582 | 562 | ||||||
Other | 2,032 | 2,034 | ||||||
Total non-interest expense | 10,804 | 10,960 | ||||||
Income before income taxes | 6,342 | 5,745 | ||||||
Income taxes | 2,303 | 2,138 | ||||||
Net income | $ | 4,039 | $ | 3,607 | ||||
Per Share Information | ||||||||
Basic earnings per common share | $ | 0.50 | $ | 0.43 | ||||
Diluted earnings per common share | $ | 0.48 | $ | 0.43 |
First Quarter 2015 Financial Results | ||||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | ||||||||
SELECTED FINANCIAL HIGHLIGHTS | As of | |||||||
(Unaudited) | (Unaudited) | |||||||
March 31, | December 31, | March 31, | ||||||
2015 | 2014 | 2014 | ||||||
SHARE AND PER COMMON SHARE DATA | ||||||||
Book value per common share | $20.48 | $19.55 | $17.36 | |||||
Tangible book value per common share | $16.56 | $15.63 | $12.58 | |||||
Common shares outstanding | 7,003,685 | 7,033,318 | 5,865,438 | |||||
Market price of stock | $20.00 | $18.55 | $21.05 | |||||
REGULATORY CAPITAL RATIOS | ||||||||
Leverage ratio | 10.68 | % | 10.52 | % | 10.17 | % | ||
Total capital to risk-weighted assets | 15.69 | % | 15.60 | % | 15.46 | % | ||
Tier 1 capital to risk-weighted assets | 14.50 | % | 14.42 | % | 14.24 | % | ||
Common equity tier 1 capital to risk weighted assets | 10.49 | % | 10.32 | % | 7.83 | % | ||
Preferred stockholders' equity | $27,400,000 | $27,400,000 | $52,030,000 | |||||
Common stockholders' equity | $143,399,000 | $137,516,000 | $101,847,000 | |||||
ASSET QUALITY | ||||||||
Allowance for loan losses to non-performing loans | 303 | % | 301 | % | 248 | % | ||
Allowance for loan losses to total loans outstanding | 1.34 | % | 1.29 | % | 1.37 | % | ||
Total YTD net charge-offs (recoveries) (1) | $(159,000) | $196,000 | $(31,000) | |||||
Total non-performing loans and other real estate owned | $4,899,000 | $4,803,000 | $6,067,000 | |||||
Three months ended | |||||||||
(unaudited) | (unaudited) | ||||||||
March 31, | December 31, | March 31, | |||||||
2015 | 2014 | 2014 | |||||||
PERFORMANCE RATIOS (1) | |||||||||
Return on average assets (2) | 1.00 | % | 0.97 | % | 0.91 | % | |||
Return on average common equity (2) | 9.99 | % | 9.32 | % | 9.96 | % | |||
Net interest margin (3) | 3.44 | % | 3.53 | % | 3.50 | % | |||
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