$FMBH

FIRST MID ILLINOIS BANCSHARES INC

CIK:0000700565|SEC Filings

Condensed Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Interest and fees on loans	$ 102,668	$ 84,784	$ 193,654	$ 164,702
Interest on investment securities
Taxable	7,517	5,069	13,529	10,051
Exempt from federal income tax	1,858	1,826	3,731	3,621
Interest on certificates of deposit	34	28	55	64
Interest on federal funds sold	6	0	8	1
Interest on deposits with other financial institutions	2,801	1,694	4,527	2,521
Total interest income	114,884	93,401	215,504	180,960
Interest expense:
Interest on deposits	30,328	24,964	55,102	48,686
Interest on repurchase agreements with customers	1,030	1,218	2,055	2,398
Interest on other borrowings	2,579	2,043	4,977	3,874
Interest on subordinated debt	710	849	1,880	1,798
Interest on junior subordinated debt	578	464	1,046	932
Total interest expense	35,225	29,538	65,060	57,688
Net interest income	79,659	63,863	150,444	123,272
Provision for credit losses	1,545	2,567	4,143	4,219
Net interest income after provision for credit losses	78,114	61,296	146,301	119,053
Other income:
Wealth management revenues	8,206	5,394	14,581	11,205
Insurance commissions	8,870	7,840	19,677	17,765
Service charges	3,459	2,995	6,539	5,896
Investment securities gains (losses), net	63	0	83	(181)
Mortgage banking revenue, net	814	1,070	1,535	1,781
ATM/debit card revenue	4,799	4,636	8,934	8,282
Bank owned life insurance	1,544	1,206	2,884	2,893
Other income	1,078	452	1,041	816
Total other income	28,833	23,593	55,274	48,457
Other expense:
Salaries and employee benefits	38,460	33,623	73,476	65,371
Net occupancy and equipment expense	10,892	7,869	20,718	16,348
Net other real estate owned expense	218	75	430	176
FDIC insurance expense	1,063	873	2,003	1,722
Amortization of intangible assets	3,878	3,121	7,179	6,352
Stationery and supplies	311	367	613	798
Legal and professional	2,760	2,757	5,460	5,833
ATM/debit card expense	2,218	1,144	4,025	2,975
Marketing and donations	818	777	1,642	1,629
Other expense	10,009	4,156	15,806	8,030
Total other expense	70,627	54,762	131,352	109,234
Income before income taxes	36,320	30,127	70,223	58,276
Income taxes	8,531	6,689	16,107	12,667
Net income	$ 27,789	$ 23,438	$ 54,116	$ 45,609
Per share data:
Basic net income per common share	$ 1.05	$ 0.98	$ 2.11	$ 1.91
Diluted net income per common share	$ 1.04	$ 0.98	$ 2.1	$ 1.9

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 54,116	$ 45,609
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	4,143	4,219
Depreciation, amortization and accretion, net	11,068	9,864
Change in cash surrender value of bank owned life insurance	(2,792)	(2,406)
Gain on death benefit paid from bank owned life insurance	(92)	(487)
Stock-based compensation expense	1,680	1,359
Operating lease payments	(1,760)	(1,639)
Loss (gain) on sale of investment securities, net	(83)	181
Loss on sales and write-downs of other real estate owned, net	99	88
Loss (gain) on sale of premises and equipment	(10)	79
Gain on sale of loans held for sale, net	(2,099)	(1,676)
Loss on repayment of subordinated debt	94	289
Gain on repayment of other borrowings	0	(85)
Decrease in accrued interest receivable	1,081	638
Decrease (increase) in accrued interest payable	943	1,635
Origination of loans held for sale	(79,080)	(74,148)
Proceeds from sale of loans held for sale	78,098	75,079
Decrease in other assets	(8,098)	2,232
Decrease in other liabilities	(5,904)	(5,200)
Net cash provided by operating activities	51,404	55,631
Cash flows from investing activities:
Proceeds from maturities of certificates of deposits	1,290	1,470
Purchases of certificates of deposits	(4,120)	0
Proceeds from sales of investment securities available-for-sale	167,867	8,291
Proceeds from maturities of investment securities available-for-sale	48,994	60,018
Purchases of investment securities available-for-sale	(256,089)	(67,737)
Purchase of investment securities held-to-maturity	(12)	(38)
Net increase in loans	(53,738)	(97,005)
Proceeds from sale of equity securities	1,199	0
Purchases of premises and equipment	(4,120)	(3,713)
Proceeds from sale of premises and equipment	20	3,718
Proceeds from sales of other real property owned, net	304	458
Proceeds from bank owned life insurance death benefit	452	1,414
Purchase of other investments	(2,015)	0
Net cash provided by acquisition	88,269	0
Net cash used in investing activities	(11,699)	(93,124)
Cash flows from financing activities:
Net increase in deposits	135,478	133,103
Increase (decrease) in repurchase agreements with customers	275	(10,181)
Proceeds from other borrowings	70,000	125,000
Repayment of other borrowings	(155,745)	(122,435)
Proceeds from short-term debt	0	4,000
Repayment of short-term debt	0	(4,000)
Repayment of subordinated debt	(27,500)	(8,381)
Proceeds from issuance of common stock	741	644
Purchase of treasury stock	(1,421)	0
Dividends paid on common stock	(12,600)	(11,456)
Net cash provided by financing activities	9,228	106,294
Increase in cash and cash equivalents	48,933	68,801
Cash and cash equivalents at beginning of period	254,920	121,216
Cash and cash equivalents at end of period	303,853	190,017
Cash paid (received) during the period for:
Interest	63,385	56,244
Total income taxes, net of refunds	21,051	8,133
Supplemental disclosures of noncash investing and financing activities
Loans transferred to other real estate owned	2,399	28
Fixed assets transferred to other real estate owned	950	0
Initial recognition of right-of-use assets in exchange for lease liabilities	85	713
Supplemental disclosures of purchases of capital stock
Fair value of assets acquired	1,185,984	0
Cash paid	3	0
Common stock issued	104,158
Total consideration paid	104,161	0
Fair value of liabilities assumed	1,081,823	0
US Federal
Cash paid (received) during the period for:
Total income taxes, net of refunds	15,975	4,861
State of Illinois
Cash paid (received) during the period for:
Total income taxes, net of refunds	4,394	2,496
State of Missouri
Cash paid (received) during the period for:
Total income taxes, net of refunds	200	385
State of Wisconsin
Cash paid (received) during the period for:
Total income taxes, net of refunds	190	265
Other
Cash paid (received) during the period for:
Total income taxes, net of refunds	$ 292	$ 126

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and due from banks:
Non-interest-bearing	$ 65,466	$ 57,224
Interest-bearing	238,311	197,620
Federal funds sold	76	76
Cash and cash equivalents	303,853	254,920
Certificates of deposit	4,570	1,740
Investment securities:
Available-for-sale, at fair value (amortized cost of $1,423,969 and $1,215,813 at June 30, 2026 and December 31, 2025, respectively)	1,280,108	1,076,883
Held-to-maturity, at amortized cost (estimated fair value of $2,265 and $2,288 at June 30, 2026 and December 31, 2025, respectively)	2,265	2,288
Equity securities, at fair value	3,620	4,588
Less: loans held for sale	6,724	5,203
Loans	6,927,618	6,006,171
Less allowance for credit losses	(86,989)	(74,875)
Net loans	6,840,629	5,931,296
Interest receivable	43,276	39,949
Other real estate owned	5,803	2,857
Premises and equipment, net	101,879	90,782
Goodwill, net	203,604	203,391
Intangible assets, net	69,852	49,625
Bank owned life insurance	187,134	174,915
Right of use lease assets	12,640	12,674
Current tax assets	7,181	714
Deferred tax assets	60,820	45,453
Other assets	76,009	69,380
Total assets	9,209,967	7,966,658
Deposits:
Non-interest-bearing	1,486,592	1,392,534
Interest-bearing	6,084,952	5,002,739
Total deposits	7,571,544	6,395,273
Repurchase agreements with customers	196,991	196,716
Other borrowings	209,567	270,000
Subordinated debt, net	32,705	60,008
Junior subordinated debentures, net	34,077	24,454
Lease liabilities	13,195	13,210
Current tax liabilities	4,387	0
Other liabilities	45,757	48,305
Total liabilities	8,108,223	7,007,966
Commitments and contingent liabilities (Note 12)
Stockholders’ equity:
Common stock ($4 par value; authorized 45,000,000 shares; issued 27,314,752 and 24,671,969 shares in June 30, 2026 and December 31, 2025, respectively; outstanding 26,594,524 and 23,986,299 shares in June 30, 2026 and December 31, 2025, respectively)	111,259	100,688
Additional paid-in capital	615,232	516,984
Retained earnings	505,052	463,543
Deferred compensation	691	2,654
Accumulated other comprehensive loss	(104,824)	(101,301)
Treasury stock, at cost (720,228 and 685,670 shares in June 30, 2026 and December 31, 2025, respectively)	(25,666)	(23,876)
Balance	1,101,744	958,692
Total liabilities and stockholders’ equity	$ 9,209,967	$ 7,966,658