First Mid Illinois Bancshares (FMBH) has reported 30.34 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $6.26 million, or $0.50 a share in the quarter, compared with $4.81 million, or $0.49 a share for the same period last year. Revenue during the quarter grew 26.21 percent to $28.55 million from $22.62 million in the previous year period. Net interest income for the quarter rose 41.56 percent over the prior year period to $22.77 million. Non-interest income for the quarter rose 12.82 percent over the last year period to $7.50 million.
First Mid Illinois Bancshares has made provision of $1.72 million for loan losses during the quarter, up 1,423.89 percent from $0.11 million in the same period last year.
Net interest margin improved 26 basis points to 3.63 percent in the quarter from 3.37 percent in the last year period.
Assets outpace liabilities growthTotal assets stood at $2,849.45 million as on Mar. 31, 2017, up 34.43 percent compared with $2,119.64 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,558.71 million as on Mar. 31, 2017, up 34.13 percent from $1,907.61 million on Mar. 31, 2016.
Loans outpace deposit growthNet loans stood at $1,777.82 million as on Mar. 31, 2017, up 41.05 percent compared with $1,260.43 million on Mar. 31, 2016. Deposits stood at $2,329.53 million as on Mar. 31, 2017, up 33.85 percent compared with $1,740.35 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $456.04 million or 19.58 percent of total deposits on Mar. 31, 2017, compared with $360.60 million or 20.72 percent of total deposits on Mar. 31, 2016.
Investments stood at $770.26 million as on Mar. 31, 2017, up 18.42 percent or $119.81 million from year-ago. Shareholders equity stood at $290.74 million as on Mar. 31, 2017, up 37.12 percent or $78.71 million from year-ago.
Return on average assets moved down 3 basis points to 0.88 percent in the quarter from 0.91 percent in the last year period. At the same time, return on average equity decreased 58 basis points to 8.77 percent in the quarter from 9.35 percent in the last year period.
Tier-1 leverage ratio stood at 9.37 percent for the quarter, up from 9.35 percent for the previous year quarter. Book value per share was $23.29 for the quarter, up 6.69 percent or $1.46 compared to $21.83 for the same period last year.
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