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): | |||
OCTOBER 27, 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 |
• | Completion of 12 Branch Acquisition |
• | Earnings Growth Trend Continues |
• | Asset Quality Remains Strong |
• | New Product Rollout and Service Expansion |
Third Quarter 2015 Financial Results | |||||||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands) | (unaudited) | (unaudited) | |||||||||
September 30, | December 31, | September 30, | |||||||||
2015 | 2014 | 2014 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 215,463 | $ | 51,730 | $ | 57,572 | |||||
Investment securities | 552,591 | 431,506 | 429,226 | ||||||||
Loans (including loans held for sale) | 1,236,749 | 1,062,406 | 1,041,008 | ||||||||
Less allowance for loan losses | (14,228 | ) | (13,682 | ) | (13,705 | ) | |||||
Net loans | 1,222,521 | 1,048,724 | 1,027,303 | ||||||||
Premises and equipment, net | 31,582 | 27,352 | 27,757 | ||||||||
Goodwill and intangibles, net | 47,362 | 27,597 | 27,753 | ||||||||
Other assets | 22,509 | 20,194 | 23,737 | ||||||||
Total assets | $ | 2,092,028 | $ | 1,607,103 | $ | 1,593,348 | |||||
Liabilities and Stockholders’ Equity | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | 331,206 | $ | 222,116 | $ | 218,214 | |||||
Interest bearing | 1,400,654 | 1,049,961 | 1,080,626 | ||||||||
Total deposits | 1,731,860 | 1,272,077 | 1,298,840 | ||||||||
Repurchase agreements with customers | 108,499 | 121,869 | 88,066 | ||||||||
Other borrowings | 20,000 | 20,000 | 15,000 | ||||||||
Junior subordinated debentures | 20,620 | 20,620 | 20,620 | ||||||||
Other liabilities | 7,240 | 7,621 | 9,131 | ||||||||
Total liabilities | 1,888,219 | 1,442,187 | 1,431,657 | ||||||||
Total stockholders’ equity | 203,809 | 164,916 | 161,691 | ||||||||
Total liabilities and stockholders’ equity | $ | 2,092,028 | $ | 1,607,103 | $ | 1,593,348 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | |||||||
(in thousands)(unaudited) | |||||||
Nine months ended | |||||||
September 30, | |||||||
2015 | 2014 | ||||||
Balance at beginning of period | $ | 164,916 | $ | 149,381 | |||
Net income | 11,858 | 11,551 | |||||
Dividends on preferred stock and common stock | (3,680 | ) | (4,835 | ) | |||
Issuance of preferred and common stock | 28,806 | 1,260 | |||||
Purchase of treasury stock | (1,041 | ) | (1,650 | ) | |||
Deferred compensation and other adjustments | 214 | 55 | |||||
Changes in accumulated other comprehensive income | 2,736 | 5,929 | |||||
Balance at end of period | $ | 203,809 | $ | 161,691 |
Third Quarter 2015 Financial Results | |||||||||||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(In thousands, except per share data)(unaudited) | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest income: | |||||||||||||||
Interest and fees on loans | $ | 12,198 | $ | 11,391 | $ | 34,974 | $ | 33,242 | |||||||
Interest on investment securities | 2,682 | 2,392 | 7,473 | 7,460 | |||||||||||
Interest on federal funds sold & other deposits | 63 | 24 | 107 | 67 | |||||||||||
Total interest income | 14,943 | 13,807 | 42,554 | 40,769 | |||||||||||
Interest expense: | |||||||||||||||
Interest on deposits | 645 | 586 | 1,690 | 1,778 | |||||||||||
Interest on repurchase agreements with customers | 14 | 11 | 43 | 33 | |||||||||||
Interest on other borrowings | 156 | 78 | 479 | 212 | |||||||||||
Interest on subordinated debt | 132 | 130 | 390 | 385 | |||||||||||
Total interest expense | 947 | 805 | 2,602 | 2,408 | |||||||||||
Net interest income | 13,996 | 13,002 | 39,952 | 38,361 | |||||||||||
Provision for loan losses | 481 | 44 | 889 | 495 | |||||||||||
Net interest income after provision for loan losses | 13,515 | 12,958 | 39,063 | 37,866 | |||||||||||
Non-interest income: | |||||||||||||||
Trust revenues | 795 | 813 | 2,575 | 2,594 | |||||||||||
Brokerage commissions | 329 | 265 | 913 | 748 | |||||||||||
Insurance commissions | 459 | 448 | 1,568 | 1,447 | |||||||||||
Service charges | 1,536 | 1,412 | 4,003 | 3,909 | |||||||||||
Securities gains, net | 1 | (20 | ) | 231 | 714 | ||||||||||
Mortgage banking revenues | 172 | 185 | 549 | 441 | |||||||||||
ATM / debit card revenue | 1,200 | 958 | 3,224 | 2,933 | |||||||||||
Other | 517 | 341 | 1,282 | 1,087 | |||||||||||
Total non-interest income | 5,009 | 4,402 | 14,345 | 13,873 | |||||||||||
Non-interest expense: | |||||||||||||||
Salaries and employee benefits | 6,522 | 6,216 | 18,875 | 18,323 | |||||||||||
Net occupancy and equipment expense | 2,424 | 2,056 | 6,329 | 6,319 | |||||||||||
Amortization of intangible assets | 155 | 162 | 466 | 487 | |||||||||||
Legal and professional expense | 660 | 514 | 1,842 | 1,753 | |||||||||||
Other | 3,121 | 2,142 | 7,404 | 6,382 | |||||||||||
Total non-interest expense | 12,882 | 11,090 | 34,916 | 33,264 | |||||||||||
Income before income taxes | 5,642 | 6,270 | 18,492 | 18,475 | |||||||||||
Income taxes | 1,979 | 2,355 | 6,634 | 6,924 | |||||||||||
Net income | $ | 3,663 | $ | 3,915 | $ | 11,858 | $ | 11,551 | |||||||
Per Share Information | |||||||||||||||
Basic earnings per common share | $ | 0.35 | $ | 0.48 | $ | 1.35 | $ | 1.40 | |||||||
Diluted earnings per common share | $ | 0.36 | $ | 0.47 | $ | 1.33 | $ | 1.38 | |||||||
Dividends per common share | $ | — | $ | — | $ | 0.29 | $ | 0.26 |
Third Quarter 2015 Financial Results | ||||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | ||||||||
SELECTED FINANCIAL HIGHLIGHTS | As of | |||||||
(Unaudited) | (Unaudited) | |||||||
September 30, | December 31, | September 30, | ||||||
2015 | 2014 | 2014 | ||||||
SHARE AND PER COMMON SHARE DATA | ||||||||
Book value per common share | $20.95 | $19.55 | $18.69 | |||||
Tangible book value per common share | $15.32 | $15.63 | $13.96 | |||||
Common shares outstanding | 8,421,472 | 7,033,318 | 5,866,421 | |||||
Market price of stock | $22.00 | $18.55 | $21.63 | |||||
REGULATORY CAPITAL RATIOS | ||||||||
Leverage ratio | 10.21 | % | 10.52 | % | 10.45 | % | ||
Total capital to risk-weighted assets | 14.88 | % | 15.60 | % | 15.75 | % | ||
Tier 1 capital to risk-weighted assets | 13.84 | % | 14.42 | % | 14.54 | % | ||
Common equity tier 1 capital to risk weighted assets | 10.36 | % | 10.32 | % | 8.19 | % | ||
Preferred stockholders' equity | $27,400,000 | $27,400,000 | $52,030,000 | |||||
Common stockholders' equity | $176,409,000 | $137,516,000 | $109,661,000 | |||||
ASSET QUALITY | ||||||||
Allowance for loan losses to non-performing loans | 405 | % | 301 | % | 284 | % | ||
Allowance for loan losses to total loans outstanding | 1.15 | % | 1.29 | % | 1.32 | % | ||
Total YTD net charge-offs (recoveries) (1) | $343,000 | $196,000 | $39,000 | |||||
Total non-performing loans and other real estate owned | $3,831,000 | $4,803,000 | $5,171,000 | |||||
Three months ended (unaudited) | Nine months ended (unaudited) | |||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||
PERFORMANCE RATIOS (1) | ||||||||||||||
Return on average assets (2) | 0.78 | % | 1.02 | % | 0.98 | % | 0.92 | % | 0.97 | % | ||||
Return on average common equity (2) | 7.17 | % | 9.79 | % | 10.89 | % | 8.86 | % | 10.76 | % | ||||
Net interest margin (3) | 3.23 | % | 3.57 | % | 3.51 | % | 3.40 | % | 3.52 | % | ||||
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