First Mid-Illinois Bancshares, Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended Dec. 31, 2015
January 28, 2016 at 10:32 pm IST
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First Mid-Illinois Bancshares, Inc. announced unaudited consolidated earnings results for fourth quarter and full year ended Dec. 31, 2015. For the quarter, the company reported total interest income of $16,697,000, net interest income of $15,800,000, income before income taxes of $7,238,000, net income of $4,654,000 or $0.48 diluted per share compared to the total interest income of $13,965,000, net interest income of $13,121,000, income before income taxes of $6,240,000, net income of $3,910,000 or $0.47 diluted per share for the same quarter a year ago. Net income for the fourth quarter of 2015 was also higher than the same period last year primarily due to increases in net interest income with growth in loans and the increase in assets from the Southern Illinois acquisition.
For the year, the company reported total interest income of $59,251,000, net interest income of $55,752,000, income before income taxes of $25,730,000, net income of $16,512,000 or $1.81 diluted per share compared to the total interest income of $54,734,000, net interest income of $51,482,000, income before income taxes of $24,715,000, net income of $15,461,000 or $1.85 diluted per share for the previous year. The company announced that net income during 2015 increased due to improvement in several areas, including greater net interest income with growth in loans over the past year and the increase in assets from the acquisition, increases in revenues from electronic services and insurance, and growth in deposit service charges. Book value per share increased from $19.55 at December 31, 2014 to $21.01 on December 31, 2015.
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.