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 27, 2016 | |||
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) |
[X] | 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 |
▪ | Continued Strong Asset Quality Metrics |
▪ | Receipt of Industry Performance Award |
First Quarter 2016 Financial Results | |||||||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands) | (unaudited) | (unaudited) | |||||||||
March 31, | December 31, | March 31, | |||||||||
2016 | 2015 | 2015 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 79,699 | $ | 115,784 | $ | 55,967 | |||||
Investment securities | 650,451 | 629,056 | 454,322 | ||||||||
Loans (including loans held for sale) | 1,276,905 | 1,281,889 | 1,054,156 | ||||||||
Less allowance for loan losses | (14,736 | ) | (14,576 | ) | (14,106 | ) | |||||
Net loans | 1,262,169 | 1,267,313 | 1,040,050 | ||||||||
Premises and equipment, net | 30,034 | 31,340 | 27,093 | ||||||||
Goodwill and intangibles, net | 49,549 | 50,004 | 27,442 | ||||||||
Bank Owned Life Insurance | 25,009 | — | — | ||||||||
Other assets | 22,733 | 21,002 | 18,776 | ||||||||
Total assets | $ | 2,119,644 | $ | 2,114,499 | $ | 1,623,650 | |||||
Liabilities and Stockholders’ Equity | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | 360,603 | $ | 342,636 | $ | 231,443 | |||||
Interest bearing | 1,379,751 | 1,389,932 | 1,047,660 | ||||||||
Total deposits | 1,740,354 | 1,732,568 | 1,279,103 | ||||||||
Repurchase agreements with customers | 116,689 | 128,842 | 116,596 | ||||||||
Other borrowings | 20,000 | 20,000 | 27,000 | ||||||||
Junior subordinated debentures | 20,620 | 20,620 | 20,620 | ||||||||
Other liabilities | 9,949 | 7,460 | 9,532 | ||||||||
Total liabilities | 1,907,612 | 1,909,490 | 1,452,851 | ||||||||
Total stockholders’ equity | 212,032 | 205,009 | 170,799 | ||||||||
Total liabilities and stockholders’ equity | $ | 2,119,644 | $ | 2,114,499 | $ | 1,623,650 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | |||||||
(in thousands) | |||||||
Three months ended | |||||||
March 31, | |||||||
2016 | 2015 | ||||||
Balance at beginning of period | $ | 205,009 | $ | 164,916 | |||
Net income | 4,806 | 4,039 | |||||
Dividends on preferred stock and common stock | (550 | ) | (550 | ) | |||
Issuance of preferred and common stock | 61 | 254 | |||||
Purchase of treasury stock | — | (836 | ) | ||||
Deferred compensation and other adjustments | 151 | 99 | |||||
Changes in accumulated other comprehensive income | 2,555 | 2,877 | |||||
Balance at end of period | $ | 212,032 | $ | 170,799 |
First Quarter 2016 Financial Results | |||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
(In thousands, except per share data) | (unaudited) | ||||||
Three months ended | |||||||
March 31, | |||||||
2016 | 2015 | ||||||
Interest income: | |||||||
Interest and fees on loans | $ | 13,592 | $ | 11,052 | |||
Interest on investment securities | 3,221 | 2,361 | |||||
Interest on federal funds sold & other deposits | 166 | 26 | |||||
Total interest income | 16,979 | 13,439 | |||||
Interest expense: | |||||||
Interest on deposits | 579 | 532 | |||||
Interest on repurchase agreements with customers | 18 | 14 | |||||
Interest on other borrowings | 150 | 153 | |||||
Interest on subordinated debt | 145 | 128 | |||||
Total interest expense | 892 | 827 | |||||
Net interest income | 16,087 | 12,612 | |||||
Provision for loan losses | 113 | 265 | |||||
Net interest income after provision for loan losses | 15,974 | 12,347 | |||||
Non-interest income: | |||||||
Trust revenues | 981 | 920 | |||||
Brokerage commissions | 448 | 278 | |||||
Insurance commissions | 1,333 | 635 | |||||
Service charges | 1,509 | 1,189 | |||||
Securities gains, net | 260 | 229 | |||||
Mortgage banking revenues | 95 | 167 | |||||
ATM / debit card revenue | 1,489 | 1,006 | |||||
Other | 529 | 375 | |||||
Total non-interest income | 6,644 | 4,799 | |||||
Non-interest expense: | |||||||
Salaries and employee benefits | 7,847 | 6,056 | |||||
Net occupancy and equipment expense | 2,879 | 1,979 | |||||
Amortization of intangible assets | 455 | 155 | |||||
Legal and professional expense | 784 | 582 | |||||
Other | 3,206 | 2,032 | |||||
Total non-interest expense | 15,171 | 10,804 | |||||
Income before income taxes | 7,447 | 6,342 | |||||
Income taxes | 2,641 | 2,303 | |||||
Net income | $ | 4,806 | $ | 4,039 | |||
Per Share Information | |||||||
Basic earnings per common share | $ | 0.50 | $ | 0.50 | |||
Diluted earnings per common share | $ | 0.49 | $ | 0.48 |
First Quarter 2016 Financial Results | ||||||||
FIRST MID-ILLINOIS BANCSHARES, INC. | ||||||||
SELECTED FINANCIAL HIGHLIGHTS | As of | |||||||
(Unaudited) | (Unaudited) | |||||||
March 31, | December 31, | March 31, | ||||||
2016 | 2015 | 2015 | ||||||
SHARE AND PER COMMON SHARE DATA | ||||||||
Book value per common share | $21.83 | $21.01 | $20.48 | |||||
Tangible book value per common share | $15.97 | $15.09 | $16.56 | |||||
Common shares outstanding | 8,456,302 | 8,453,967 | 7,003,685 | |||||
Market price of stock | $24.11 | $26.00 | $20.00 | |||||
REGULATORY CAPITAL RATIOS | ||||||||
Leverage ratio | 9.35 | % | 9.20 | % | 10.68 | % | ||
Total capital to risk-weighted assets | 14.19 | % | 14.25 | % | 15.69 | % | ||
Tier 1 capital to risk-weighted assets | 13.19 | % | 13.23 | % | 14.50 | % | ||
Common equity tier 1 capital to risk weighted assets | 9.95 | % | 9.92 | % | 10.49 | % | ||
Preferred stockholders' equity | $27,400,000 | $27,400,000 | $27,400,000 | |||||
Common stockholders' equity | $184,632,000 | $177,609,000 | $143,399,000 | |||||
ASSET QUALITY | ||||||||
Allowance for loan losses to non-performing loans | 339 | % | 363 | % | 303 | % | ||
Allowance for loan losses to total loans outstanding | 1.15 | % | 1.14 | % | 1.34 | % | ||
Total YTD net charge-offs (recoveries) (1) | $(47,000) | $424,000 | $(159,000) | |||||
Total non-performing loans and other real estate owned | $4,744,000 | $4,491,000 | $4,899,000 | |||||
Three months ended | |||||||||
(unaudited) | (unaudited) | ||||||||
March 31 | December 31, | March 31, | |||||||
2016 | 2015 | 2015 | |||||||
PERFORMANCE RATIOS (1) | |||||||||
Return on average assets (2) | 0.91 | % | 0.79 | % | 1.00 | % | |||
Return on average common equity (2) | 9.35 | % | 8.10 | % | 9.99 | % | |||
Net interest margin (3) | 3.37 | % | 3.29 | % | 3.44 | % | |||
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