First Mid-Illinois Bancshares, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 26, 2017 at 10:21 pm
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First Mid-Illinois Bancshares, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income of $21,524,000 against $15,800,000 a year ago. Income before income taxes was $10,660,000 against $7,238,000 a year ago. Net income was $6,797,000 or $0.55 per diluted share against $4,654,000 or $0.48 per diluted share a year ago. Return on average assets was 0.97% against 0.79% a year ago. Return on average common equity 9.22% against 8.10% a year ago.
Net income for 2016 was $21,840,000 compared to $16,512,000 for 2015. On a per share basis, diluted earnings per share were $2.05 for 2016 compared to $1.81 for 2015. YTD net interest income totaled $71.2 million compared to $55.8 million last year. The increase in net interest income is primarily due to the growth in earning assets including loans and investments. Tangible book value per share, a non-GAAP metric, increased to $16.84 at December 31, 2016 compared to $15.09 at December 31, 2015 with the retained earnings from net income. Income before income taxes was $33,780,000 against $25,730,000 a year ago. Return on average assets was 0.94% against 0.91% a year ago. Return on average common equity 9.30% against 8.97% a year ago. Dividends per share for 2016 were $0.62 compared to $0.59 for 2015 for an increase of 5%. 2016 net income increased due to greater net interest income with growth in earning assets from the acquisitions and strong loan growth in the legacy markets.
First Mid Bancshares, Inc. is a financial holding company. The Company is the parent company of First Mid Bank & Trust, N.A. (First Mid Bank)., Blackhawk Bank, First Mid Insurance Group, Inc. (First Mid Insurance) and First Mid Wealth Management Company. It is engaged in the business of banking through its wholly owned subsidiary, First Mid Bank. The Company offers insurance products and services to customers through its wholly owned subsidiary, First Mid Insurance. The Company offers trust, farm services, investment services, and retirement planning through its wholly owned subsidiary, First Mid Wealth Management Company. First Mid provides a range of financial services, including banking, wealth management, brokerage, Ag services, and insurance through a network of locations throughout Illinois, Missouri, Texas, and Wisconsin and in Indianapolis area. First Mid Wealth Management Company offers services, such as retirement planning, financial planning, and investment services.