A Strong Year for First Mid-Illinois Bancshares, Inc. in 2011

MATTOON, Ill., Feb. 28, 2012 /PRNewswire/ -- First Mid-Illinois Bancshares, Inc. had a successful 2011 with growth in earnings, earnings per share, dividends, capital and reserves, and reduced levels of non-performing assets and past due loans. Net income for 2011 amounted to $11,372,000 compared to $8,761,000 for 2010, and diluted earnings per share increased to $1.29 per share in 2011 from $1.07 per share for 2010. Capital ratios remain strong compared to peer banks and increased during the year as a result of earnings and an equity offering early in 2011. Adding to this success was the acquisition and integration of 10 branch locations in and around Bloomington, Peoria, Galesburg, and Quincy. This acquisition proved successful as the company has not only retained existing customers but developed new relationships and growth in balances and profits during the first full year of operations as well.  

Bill Rowland, Chairman and CEO, stated, "In 2011, First Mid took three actions to position the organization for growth in years ahead. First, the Company strengthened its capital position with the issuance of $19.25 million preferred stock. Following regulatory approval in 2012, we anticipate issuing an additional $8.25 million to bring the total to $27.5 million. This capital infusion gives us the flexibility to grow and expand our operations in years to come.  Secondly, in May of 2011, Joe Dively was hired as President of First Mid-Illinois Bank and Trust, N.A.  Joe is a Coles County native and graduate of Eastern Illinois University.  He has been a member of the Board of Directors since 2004 and brings significant management and marketing talent to the bank."

Dively added, "My decision to join the First Mid team was based on the fact that this company is a pillar within the communities it serves and is recognized as a premier community bank.  In a time when many financial institutions are struggling, First Mid is continuing to grow while also supporting the economic activities of the 25 communities we serve throughout Illinois.  I have confidence that we are well-positioned to continue expanding our services and the footprint of First Mid." 

Rowland continued, "Finally, in August 2011, First Mid completed the acquisition of the former Masonic building at 1421 Charleston Avenue in Mattoon and promptly moved corporate headquarters to this location. The acquisition of the former Masonic Building provides the company with an excellent base for the future, as it now has a corporate campus of three buildings in downtown Mattoon."

Rowland concluded, "The operating environment is now and will most certainly remain challenging. However, with all of the obstacles we faced in 2011, I am pleased with the progress that First Mid made and am optimistic about our future. Our earnings capacity, the strength of our balance sheet, and the quality of our Board, management and staff position us to take advantage of opportunities in the future."  

First Mid provides comprehensive banking, trust and wealth management, and insurance services through its operating subsidiaries First Mid-Illinois Bank & Trust, N.A., and First Mid Insurance Group. It operates banking centers and ATMs in over 25 communities in Illinois.  More information about First Mid is available at www.firstmid.com.  

SOURCE First Mid-Illinois Bancshares, Inc.