First Mid leaders get raises
MATTOON — The top management of First Mid-Illinois Bancshares got salary increases ranging from 3 percent to 10.8 percent last year, the company disclosed in its proxy statement this month.
But those five officers saw much larger percentage increases in total compensation, thanks to stock awards and incentive plans.
William Rowland, the bank holding company's chairman, president and chief executive officer, received a 7.7 percent raise in salary last February. His annual salary was boosted from $325,000 to $350,000.
Altogether, he received $664,095 in total compensation during 2012, up 14.2 percent from $581,423 in 2011.
Those figures were released in the company's proxy report, which informs shareholders of executive compensation prior to the annual meeting, scheduled April 24 in Mattoon.
Mattoon-based First Mid-Illinois Bancshares is the parent company of First Mid-Illinois Bank & Trust, which has offices in 25 Illinois cities, including Champaign, Urbana, Mahomet, Monticello, Mansfield, Weldon, Tuscola, Arcola, Sullivan, Mattoon and Charleston.
It's one of a handful of publicly traded companies headquartered in East Central Illinois. As a publicly traded company, it's required to file its proxy statement with the Securities and Exchange Commission.
The second-most highly compensated officer at First Mid-Illinois was Joseph Dively, the senior executive vice president. His salary rose from $300,000 to $309,000 last February — an increase of 3 percent. His total compensation was $561,100 in 2012, up from $350,690 in 2011.
The jump may seem large because Dively didn't join the company until May 2011. Consequently, his compensation that year covered only the last eight months.
The other most highly compensated officers at Mid-Illinois were:
— John W. Hedges, executive vice president, whose salary increased from $210,000 to $230,000 last February, and whose total compensation in 2012 was $362,740, up from $313,886 the previous year.
— Michael L. Taylor, executive vice president and chief financial officer, whose salary increased from $200,000 to $210,000 last February, and whose total compensation in 2012 was $324,531, up from $291,025 the previous year.
— Eric S. McRae, vice president, whose salary increased from $185,000 to $205,000 last February, and whose total compensation in 2012 was $309,704, up from $265,422 the previous year.
In those three cases, the increase in total compensation ranged from 11.5 percent to 16.7 percent.
At the annual meeting, shareholders will be asked to re-elect Benjamin Lumpkin and Ray Anthony Sparks to the board of directors. Lumpkin has served on the board since 2009, and Sparks has been a member since 1994.
Longtime board member Charles A. Adams is scheduled to retire from the board, leaving it with seven members. His daughter, Holly A. Bailey, joined the board last year. Adams is completing 29 years on the board.
Other members of the board include: Rural King President Gary Melvin, Steven Grissom of SKL Investment Group, Rowland and Dively.
First Mid directors and executive officers hold 42.2 percent of the voting power of shareholders.
Of that, the largest chunks are held by Lumpkin's father, Richard Anthony Lumpkin (10.7 percent) and Adams (10.1 percent). Grissom of SKL wields 9.7 percent, while Melvin holds 8.6 percent.
The company has performed well in recent years. Last year, First Mid-Illinois Bancshares reported net income of $14,025,000, up from $11,372,000 in 2011 and $8,761,000 in 2010.
First Mid-Illinois stock, which trades over the counter under the FMBH symbol, closed 2012 at $22.75 a share, up from $18.45 a share at the end of 2011.
Last week, the stock was trading for more than $24 a share.