SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For quarter ended June 30, 1995 Commission file number 0-8426
FIRSTBANK OF ILLINOIS CO.
(exact name of registrant as specified in its charter)
DELAWARE 37-6141253
(State of other jurisdiction (I.R.S. Employer
of incorporation of organization) Identification No.)
205 S. Fifth Street
Springfield, Illinois 62701
(address of principal executive (Zip code)
offices)
Registrant's telephone number, including area code (217) 753-7543.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months and (2) has been subject to the
filing requirements for the past 90 days.
YES __X__ NO _____
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Common stock, par value $1.00 per share -- 9,828,682 shares outstanding
on June 30, 1995.
Part I. Financial Information
Item 1. Financial Statements
FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
INTERIM CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
(in thousands of dollars except per share data)
June 30, December 31,
1995 1994
ASSETS
Cash and due from banks $ 81,834 $ 72,540
Short-term investments 30,516 15,193
Investment securities:
Available-for-sale, at market value 368,233 407,238
Held-to-maturity, at amortized cost (market values
of $46,784 for 1995 and $51,470 for 1994) 45,231 51,015
Total investment securities 413,464 458,253
Loans 1,150,669 1,140,645
Unearned discount (7,028) (8,606)
Loans, net of unearned discount 1,143,641 1,132,039
Reserve for possible loan losses (17,769) (17,801)
Loans, net 1,125,872 1,114,238
Premises and equipment, net 40,747 41,784
Accrued income receivable 17,658 17,425
Other assets 29,349 33,628
Total assets $1,739,440 $1,753,061
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing $ 233,115 $ 252,420
Interest-bearing 1,276,664 1,224,014
Total deposits 1,509,779 1,476,434
Short-term borrowings 36,144 92,764
Other liabilities 17,484 14,741
Long-term borrowings 200 10,638
Total liabilities 1,563,607 1,594,577
SHAREHOLDERS' EQUITY
Preferred stock, no par value:
Authorized and unissued -- 1,000,000 shares
Common stock, par value $1 per share:
Authorized -- 20,000,000 shares
Issued including shares in treasury -- 9,838,666 shares
in 1995 and 9,829,362 shares in 1994 9,839 9,829
Capital surplus 39,490 39,439
Retained earnings 128,587 120,711
Unrealized holding losses on investment
securities available-for-sale (1,812) (11,370)
Less treasury stock at cost:
9,984 shares in 1995 and 4,868 shares in 1994 (271) (125)
Total shareholders' equity 175,833 158,484
Total liabilities and shareholders' equity $1,739,440 $1,753,061
See accompanying notes to interim consolidated condensed
financial
statements.
Part I. Financial Information ... continued
Item 1. Financial Statements ... continued
FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
INTERIM CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
(in thousands of dollars except per share data)
Six MonthsEnded Three Months Ended
June 30, June 30,
1995 1994 1995 1994
INTEREST INCOME
Interest and fees on loans $49,813 $44,288 $25,463 $22,416
Interest on investment securities:
Taxable 10,605 12,320 5,060 6,400
Exempt from Federal income tax 1,276 1,700 620 822
Interest on short-term investments 862 373 619 220
Total interest income 62,556 58,681 31,762 29,858
INTEREST EXPENSE
Interest on deposits 24,382 18,517 12,946 9,299
Interest on short-term borrowings 1,358 1,355 426 871
Interest on long-term borrowings 408 807 202 385
Total interest expense 26,148 20,679 13,574 10,555
Net interest income 36,408 38,002 18,188 19,303
Provision for possible loan losses 1,050 1,350 525 675
Net interest income after
provision for possible loan losses 35,358 36,652 17,663 18,628
NONINTEREST INCOME
Securities gains, net 20 137 12 42
Revenues from fiduciary activities 3,068 2,690 1,593 1,379
Service charges on deposit accounts 2,861 3,005 1,425 1,609
Other 4,172 3,571 2,138 1,658
Total noninterest income 10,121 9,403 5,168 4,688
NONINTEREST EXPENSE
Salaries and employee benefits 14,580 15,818 7,224 7,761
Net occupancy 2,182 2,328 1,093 1,242
Equipment 2,307 2,300 1,141 1,184
Other 7,522 8,622 3,845 4,333
Total noninterest expense 26,591 29,068 13,303 14,520
Net income before income taxes 18,888 16,987 9,528 8,796
Income tax expense 6,687 5,666 3,374 2,949
Net income $12,201 $11,321 $6,154 $ 5,847
Earnings per common share $ 1.22 $ 1.14 $ 0.62 $ 0.59
See accompanying notes to interim consolidated condensed financial statements.
Part I. Financial Information ... continued
Item 1. Financial Statements ... continued
FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
INTERIM CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW (Unaudited)
(in thousands of dollars)
Six Months Ended
June 30,
1995 1994
OPERATING ACTIVITIES
Net income $ 12,201 $ 11,321
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 5,263 5,899
Provision for possible loan losses 1,050 1,350
(Gains) losses incurred on other real estate owned (3) 83
Increase in accrued income receivable (233) (726)
Other, net 2,090 (3,229)
Originations of loans for sale (36,800) (63,382)
Proceeds from sale of loans 36,452 64,404
Net cash provided by operating activities 20,020 15,720
INVESTING ACTIVITIES
Purchases of investment securities:
Available-for-sale (18,491) (188,461)
Held-to-maturity - (817)
Proceeds from sales of investment securities
Available-for-sale 50,720 25,702
Proceeds from maturities of and principal payments on
investment securities:
Available-for-sale 18,447 71,628
Held-to-maturity 5,716 8,790
Purchases of premises and equipment (1,438) (3,366)
Proceeds from sales of premises and equipment 39 19
Proceeds from sales of other real estate owned 840 3,175
Net loans originated (13,305) (1,634)
Other, net - 110
Net cash provided by (used in) investing activities 42,528 (84,854)
FINANCING ACTIVITIES
Net decrease in noninterest-bearing deposit
accounts (19,305) (11,753)
Net increase (decrease) in savings, NOW and money
market deposits (28,748) 13,724
Net increase (decrease) in certificates of deposit 81,398 (3,254)
Net increase (decrease) in short-term borrowings (56,620) 82,806
Principal payments under capital lease obligations (88) (80)
Payments to retire long-term debt (10,350) (6,825)
Cash dividends paid (4,148) (3,825)
Proceeds from exercise of common stock options 140 400
Proceeds from dividend reinvestment plan 246 123
Purchase of shares for treasury (456) (175)
Net cash provided by (used in) financing
activities (37,931) 71,141
Increase in cash and cash equivalents 24,617 2,007
Cash and cash equivalents at beginning of year 87,733 105,856
Cash and cash equivalents at end of period $112,350 $107,863
Supplemental information:
Income taxes paid $ 6,305 $ 6,050
Interest paid 23,410 $ 20,816
Noncash transfers of loans to other real estate 969 773
See accompanying notes to interim consolidated condensed financial statements.
PART I. FINANCIAL INFORMATION ... Continued
Item 1. Financial Statement ... Continued
FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED CONDENSED FINANCIAL STATEMENTS(unaudited)
June 30, 1995
1. The accompanying unaudited interim consolidated condensed
financial statements have been prepared in accordance with the
instructions to Form 10-Q and, therefore, do not include all of
the information and notes required by generally accepted
accounting principles for complete consolidated financial
statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary
for a fair presentation have been included. For further
information, refer to the Company's Annual Report on Form 10-K
for the year ended December 31, 1994.
2. On March 2, 1994, the Company acquired Rowe, Henry & Deal, Inc.
(RHD), an independent registered securities dealer headquartered
in Jacksonville, Illinois. The transaction was an exchange of
13,379 shares of Company common stock for all of the issued and
outstanding common stock of RHD. This acquisition was accounted
for as a pooling-of-interests. Prior period financial statements
have not been restated due to immateriality.
3. On April 25, 1994, the Company acquired Colonial Bancshares, Inc.
(Colonial). Colonial, with total assets of approximately $165
million and headquartered in Des Peres, Missouri, operates
Colonial Bank in Des Peres and Ellisville, Missouri. The
transaction, an exchange of 505,376 shares of Company common
stock for all of the issued and outstanding common stock of
Colonial, was recorded under the pooling-of-interests method of
accounting on the date of acquisition. The consolidated
condensed financial statements included herein have been restated
to include Colonial's operating results.
4. On January 25, 1995, the Company's Board of Directors authorized
a three-for-two stock split effected in the form of a 50 percent
stock dividend. One share for each two shares held by shareholders
of record on March 17, 1995 was distributed on April 1, 1995. This
resulted in the issuance of 3,279,106 additional shares of common
stock. The par value of the new shares issued totaled $3,279,106,
which was transferred from capital surplus to the common stock
account. In addition, all references to number of shares, per share
amounts, and common stock outstanding for all periods presented prior
to that time have been restated to
reflect the stock split.
5. On June 12, 1995, the Company announced the signing of a definitive
agreement to acquire Confluence Bancshares Corporation (Confluence)
and its wholly owned subsidiary, Duchesne Bank (Duchesne). Duchesne,
headquartered in St. Peters, Missouri, also operates a separate
branch facility in St. Charles, Missouri. Duchesne had total assets
of approximately $79 million at June 30, 1995. The acquisition
calls for payment of 500,000 shares of Firstbank common stock in
exchange for all the outstanding common stock of Confluence. The
Company expects this transaction to be recorded under the pooling-of-
interests method of accounting and close in the fourth quarter of
1995.
6. The Company retired its unsecured term credit facility (credit
facility) with a remaining principal balance of $10,350,000 on
June 26, 1995. The credit facility, which had an original term
of five years, required semiannual principal payments with a
final installment due June 30, 1996. The Company obtained the
$30,000,000 credit facility on April 25, 1991 to finance the
acquisitions of PBM Bancorp, Inc. and Central Banc System, Inc..
Part I. Financial Information ... Continued
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations (dollars it
thousands, except per share data)
The acquisition of Colonial Bancshares, Inc. was consummated
during April of 1994. The transaction was accounted for as a pooling-
of-interests and, accordingly, all previously reported financial
information has been restated to reflect its addition.
As discussed in note 4 to the interim consolidated condensed
financial statements included herein, the Company's Board of Directors
authorized a three-for-two stock split effected in the form of a 50
percent stock dividend distributed April 1, 1995. All references to
number of shares, per share amounts, and common stock outstanding for
all periods presented prior to that time have been restated to reflect
the stock split.
Total assets at June 30, 1995 were $1,739,440, down $13,621 from
$1,753,061 at December 31, 1994. During the first six months of 1995,
the Company has reduced its reliance on short-term and long-term
borrowings. Short-term borrowings were reduced $56,620 from $92,764
at December 31, 1994, as a result of an increase in interest-bearing
deposits of $52,650 and investment security sales and maturities of
$74,883 during that period. As discussed in note 6 to the interim
consolidated condensed financial statements included herein, the
Company also retired the remaining $10,350 in long-term borrowings
under a 1991 credit facility.
Average earning assets, as a percentage of average total assets
increased slightly in the second quarter of 1995 to 92.26% from 92.04%
and 91.88% for the first quarter of 1995 and year-end 1994, respectively.
The current loan-to-deposit ratio of 75.75% decreased from the year-end
level of 76.67% as interest-bearing deposits replaced short-term borrowings.
Nonperforming loans as a percentage of total loans was 1.07% at
June 30, 1995, up from .61% at the end of 1994 and .57% at March 31,
1995. After declining modestly in the first quarter, the Company's
level of nonperforming loans increased in the second quarter of 1995
as a result of placing a $5.7 million commercial loan relationship on
nonaccrual status. Nonperforming loans at June 30, 1995 include the
following:
Restructured $ 367
Nonaccrual 9,332
Past due 90 days or more 2,551
Total $12,250
The reserve for possible loan losses at June 30, 1995 was 1.55%
of outstanding loans as compared to 1.57% at December 31,1994. A
strong reserve for possible loan losses that exceeds the level of
identified problem loans reflects management's conservative approach
by providing for other risks inherent in the portfolio. Reserves
cover 145% of the Company's nonperforming loans at June 30, 1995.
Loan portfolio quality remains management's top priority.
Management believes the reserve for possible loan losses remains
adequate to absorb losses inherent in the consolidated loan portfolio.
Ongoing reviews of the portfolio, coverage ratios, and trends in the
reserve and net charge-offs support this belief.
The Company's June 30, 1995 equity-to-asset and tangible equity-
to-asset ratios were 10.11% and 9.29% up from 9.04% and 8.19%,
respectively, at the end of 1994. The increase in the equity ratios
is attributable to the growth in retained earnings and a reduction of
unrealized holding losses on investment securities available-for-sale.
The June 30, 1995 equity-to-asset ratio excluding investment security
unrealized holding losses is 10.20%. The Company and its banking
subsidiaries all exceed their minimum capital requirements. Tier 1,
Total Capital and Tier 1 Leverage Ratios were 14.27%, 15.33% and
9.48%, respectively at June 30, 1995. Shareholders' equity represents
book value per common share of $17.89 at June 30, 1995, as compared
to $16.13 at December 31, 1994.
Net income for the three months ended June 30, 1995 was $6,154 as
compared to net income for the corresponding period of 1994 of $5,847.
The improvement in earnings is attributable to a gain on the sale of
loan servicing, the successful efforts to increase noninterest
revenues and various cost reduction measures. Earnings per share for
the three month period was $.62 as compared to the 1994 amount of
$.59, an increase of 5.1%.
Net income for the six months ended June 30, 1995 was $12,201 as
compared to net income for the corresponding period of 1994 of
$11,321. The improvement in earnings is attributable to the
performance of our newest subsidiary, Colonial Bank, the successful
efforts to increase noninterest income and cost reduction measures.
Earnings per share for the six month period was $1.22 as compared to
the 1994 amount of $1.14, an increase of 7.0%.
Net interest income for the first six months of 1995 was $36,408,
or $1,594 below the first six months of 1994. Net interest income for
the second quarter of 1995 was $18,188, or $1,115 below the 1994
quarter. Interest rates have risen on the Company's funding, most
notably in the certificate of deposit categories, adding pressure to
the Company's interest margin. Net interest income (on a tax-
equivalent basis) as a percentage of average earning assets for the
second quarter was 4.67% versus 4.84% for the same period a year ago
as the average cost of time deposits increased from 3.84% to 5.41% for
the same periods. Average balance sheets and yields are included for
each of those quarters at the end of this discussion.
Interest rate sensitivity is closely monitored through the
Company's asset-liability management procedures. At the end of this
discussion is a table reflecting Firstbank's interest rate gap (rate
sensitive assets minus rate sensitive liabilities) analysis at June
30, 1995, individually and cumulatively, through various time
horizons.
The provision for possible loan losses of $1,050 and $525 for the
first six months and second quarter of 1995, respectively, represents
a decrease from $1,350 and $675 reported in the comparable 1994
periods. Consistently low nonperforming loan levels, low net charge-
offs and strong reserve coverage levels have allowed the Company to
maintain its reduced provision for possible loan losses in 1995.
Noninterest income for the first six months of 1995 was up 7.6%
as compared to the corresponding period in 1994, while noninterest
income in the second quarter of 1995 increased 10.2% from last year.
Revenues from fiduciary activities, which includes trust and farm
management fees, reported increases of 14.0% and 15.5% for the first
six months and second quarter of 1995 as compared to the same periods
of 1994. The Company also recorded a $270 gain on the sale of
approximately $25 million in mortgage servicing during the second
quarter of 1995.
Noninterest expense declined 8.5% for the first six months of
1995 compared to the same period of 1994. Similarly, noninterest
expense was down 8.4% for the current quarter of 1995 as compared with
the second quarter of 1994. Current year expense reductions have
resulted from continued emphasis on operational efficiency. The
consolidation of operations, including item processing, data
processing and retail loan collections, contributed to the expense
reduction. The integration of Colonial Bank, acquired in April 1994,
into the Company has also resulted in significant cost savings.
Income taxes of $6,687 and $3,374 for the first six months and
current quarter of 1995 exceeded the corresponding 1994 period amounts
by 18.0% and 14.4%, respectively. The primary differences between the
two years were higher pre-tax earnings and lower levels of tax-exempt
interest income in the current year. The Company's effective tax rate
for the second quarter of 1995 was 35.4% as compared to 33.5% in the
same period of 1994.
EFFECT OF NEW ACCOUNTING STANDARDS
During May 1993, the Financial Accounting Standards Board (FASB)
issued Statement of Financial Accounting Standard No. 114, "Accounting
by Creditors for Impairment of a Loan" (Statement 114). During
October, 1994, the FASB issued Statement of Financial Accounting
Standard No. 118, "Accounting by Creditors for Impairment of a Loan--
Income Recognition and Disclosures" (Statement 118). Statement 114
(as amended by Statement 118) defines the recognition criteria for
loan impairment and the measurement methods for certain impaired loans
and loans for which terms have been modified in trouble-debt
restructurings (a restructured loan). The Company has adopted the
provisions of these statements effective January 1, 1995 and has
elected to continue to use its existing nonaccrual methods for
recognizing interest on impaired loans. As a result of adopting these
statements, there was no impact on the Company's financial position or
results of operations.
In May 1995, the FASB issued Statement of Financial Accounting
Standard No. 122, "Accounting for Mortgage Servicing Rights"
(Statement 122) which requires that a mortgage banking enterprise
recognize as separate assets the rights to service mortgage loans for
others at the origination or purchase date of the loan, when the
enterprise has a definitive plan to sell or securitize the loans and
retain the mortgage servicing rights, assuming the fair value of the
loans and servicing rights may be practically estimated. Otherwise,
servicing rights should be recognized when the underlying loans are
sold or securitized, using an allocation of total cost of the loans
based on the relative fair values at the date of sale. Statement 122
also requires an assessment of capitalized mortgage servicing rights
for impairment to be based on the current fair value of those rights.
Statement 122 is required to be applied prospectively in fiscal years
beginning after December 31, 1995. The Company is currently studying
the expected impact of this statement on its financial position.
EFFECTS OF INFLATION
Persistent high rates of inflation can have a significant effect
on the reported financial condition and results of operations of all
industries. However, the asset and liability structure of a bank
holding company is substantially different from that of an industrial
company, in that virtually all assets and liabilities of a bank
holding company are monetary in nature. Accordingly, changes in
interest rates also have a significant impact on a bank holding
company's performance. Interest rates do not necessarily move in the
same direction, or in the same magnitude, as the prices of other goods
and services.
Inflation does have an impact on the growth of total assets in
the banking industry, often resulting in a need to increase equity
capital at higher than normal rates to maintain an appropriate equity
to assets ratio.
Although it is obvious that inflation affects the growth of total
assets, it is difficult to measure the impact precisely. Only new
assets acquired in each year are directly affected, so a simple
adjustment of asset totals by use of an inflation index is not
meaningful. The results of operations also have been affected by
inflation, but again there is no simple way to measure the effect on
the various categories of income and expense.
Interest rates in particular are significantly affected by
inflation, but neither the timing nor the magnitude of the changes
coincides with changes in standard measurements of inflation such as
the consumer price index. Additionally, changes in interest rates on
some types of consumer deposits may be delayed. These factors in turn
affect the composition of sources of funds by reducing the growth of
deposits that are less interest sensitive and increasing the need for
funds that are more interest sensitive.
<TABLE>
Part I. Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations...continued
FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
INTERIM CONSOLIDATED CONDENSED AVERAGE BALANCE SHEETS (Unaudited)
(in thousands of dollars)
<CAPTION>
Three Months Ended Three Months Ended
June 30, 1995 June 30, 1994
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Earning assets:
Loans $1,139,060 $25,533 8.99% $1,083,906 $22,464 8.31%
Investment securities:
Taxable 372,835 5,060 5.44 465,086 6,321 5.45
Nontaxable 41,344 875 8.49 64,185 1,254 7.84
Short-term investments:
Federal funds sold 37,815 612 6.49 19,680 209 4.26
Other short-term investments 375 7 7.49 581 11 7.59
Total earning assets 1,591,429 32,087 8.09 1,633,438 30,259 7.43
Nonearning assets:
Cash and due from banks 65,352 73,928
Premises and equipment 41,053 43,170
Reserve for possible loan losses (17,867) (18,173)
Other assets 44,967 48,255
Total nonearning assets 133,505 147,180
Total assets $1,724,934 $1,780,618
LIABILITIES
Interest-bearing liabilities:
Interest-bearing deposits:
Savings, NOW and money market
accounts $592,881 $ 3,807 2.58% $ 664,625 $ 3,682 2.22%
Time deposits 676,995 9,139 5.41 587,281 5,617 3.84
Federal funds purchased and
securities sold under repurchase
agreements 30,903 419 5.44 90,703 864 3.82
Other short-term borrowings 640 7 4.39 1,038 7 2.70
Long-term borrowings 10,007 202 8.10 18,009 385 8.57
Total interest-bearing
liabilities 1,311,426 13,574 4.15 1,361,656 10,555 3.11
Noninterest-bearing deposits 227,185 246,171
Other liabilities 15,757 16,886
Total liabilities 1,554,368 1,624,713
SHAREHOLDERS' EQUITY 170,566 155,905
Total liabilities and
shareholders' equity $1,724,934 $1,780,618
Net interest income/net yield
on earning assets $18,513 4.67% $19,704 4.84%
</TABLE>
<TABLE>
Part I. Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations...continued
(in thousands of dollars)
<CAPTION>
Remaining Maturity if Fixed Rate;
Earliest Possible Repricing Interval if Floating Rate
3 Over 3 Over 1
months months - year - Over
or 12 5 5
less months years years Total
<S> <C> <C> <C> <C> <C>
INTEREST-EARNING ASSETS
Loans $ 376,407 $ 237,664 $ 502,307 $27,263 $1,143,641
Investment securities 16,396 86,457 284,148 26,463 413,464
Other interest-earning assets 30,516 - - - 30,516
Total interest-earning assets $ 423,319 $ 324,121 $ 786,455 $53,726 $1,587,621
INTEREST-BEARING LIABILITIES
Savings, NOW, Money Markets $ 592,540 $ - $ - $ - $ 592,540
C.D.'s over $100,000 72,974 15,664 4,263 - 92,901
All other time deposits 214,484 253,184 123,159 396 591,223
Nondeposit interest-bearing
liabilities 36,192 133 19 - 36,344
Total interest-bearing
liabilities $ 916,190 $ 268,981 $ 127,441 $ 396 $1,313,008
GAP by Period $(492,871) $ (55,140) $ 659,014 $53,330 $ 274,613
Cumulative GAP $(492,871) $(437,731) $ 221,283 $274,613 $ 274,613
</TABLE>
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 6. Exhibits and Reports on Form 8-K:
A Form 8-K was filed as of June 22, 1995, announcing the
signing of a definitive agreement to acquire Confluence
Bancshares Corporation and its wholly owned subsidiary, Duchesne
Bank (Duchesne). Duchesne, a $79 million bank headquartered in
St. Peters, Missouri, also operates a separate branch facility in
St. Charles, Missouri.
A. Exhibit 11
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned duly authorized.
Firstbank of Illinois Co.
By: /s/ Chris Zettek
Executive Vice President and
Chief Financial Officer
Date: July 31, 1995
Exhibit 11
FIRSTBANK OF ILLINOIS CO.
Computation of Net Earnings per Common Share
Six Months Ended Three Months Ended
June 30, June 30,
1995 1994 1995 1994
Net Income $12,201,000 $11,321,000 $6,154,000 $5,847,000
Weighted average common
shares outstanding 9,832,887 9,812,276 9,835,079 9,818,715
Plus weighted average
common share equivalents:
Assuming exercise of
employee stock options 144,624 125,598 149,868 133,230
Weighted average common shares
and common share equivalents
outstanding 9,977,511 9,937,874 9,984,947 9,951,945
Net earnings per common share $ 1.22 $ 1.14 $ 0.62 $ 0.59
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1995
<PERIOD-END> MAR-31-1995 JUN-30-1995
<CASH> 68183 81834
<INT-BEARING-DEPOSITS> 1277250 1276664
<FED-FUNDS-SOLD> 48185 30130
<TRADING-ASSETS> 24 26
<INVESTMENTS-HELD-FOR-SALE> 375100 368233
<INVESTMENTS-CARRYING> 47912 45231
<INVESTMENTS-MARKET> 48993 46784
<LOANS> 1132005 1143641
<ALLOWANCE> 17701 17769
<TOTAL-ASSETS> 1742219 1739440
<DEPOSITS> 1512237 1509779
<SHORT-TERM> 33655 36144
<LIABILITIES-OTHER> 17940 17484
<LONG-TERM> 10595 200
<COMMON> 9839 9839
0 0
0 0
<OTHER-SE> 157953 165994
<TOTAL-LIABILITIES-AND-EQUITY> 1742219 1739440
<INTEREST-LOAN> 24350 49813
<INTEREST-INVEST> 6201 11881
<INTEREST-OTHER> 243 862
<INTEREST-TOTAL> 30794 62556
<INTEREST-DEPOSIT> 11436 24382
<INTEREST-EXPENSE> 12574 26148
<INTEREST-INCOME-NET> 18220 36408
<LOAN-LOSSES> 525 1050
<SECURITIES-GAINS> 8 20
<EXPENSE-OTHER> 3677 7522
<INCOME-PRETAX> 9360 18888
<INCOME-PRE-EXTRAORDINARY> 9360 18888
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 6047 12201
<EPS-PRIMARY> .61 1.22
<EPS-DILUTED> .61 1.22
<YIELD-ACTUAL> 4.66 4.63
<LOANS-NON> 4400 9332
<LOANS-PAST> 1679 2551
<LOANS-TROUBLED> 391 367
<LOANS-PROBLEM> 9457 9457
<ALLOWANCE-OPEN> 17801 17801
<CHARGE-OFFS> 961 1788
<RECOVERIES> 336 706
<ALLOWANCE-CLOSE> 17701 17769
<ALLOWANCE-DOMESTIC> 6941 7009
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 10760 10760
</TABLE>
