First Busey Corporation Earnings Release for Quarter Ending September 30, 2003
First Busey Corporation Earnings Release for Quarter Ending September 30, 2003
Oct 20, 2003
URBANA, Ill., Oct. 20 /PRNewswire-FirstCall/ --
FINANCIAL SUMMARY
* Net income increased 16.1% to $5,310,000 for the third quarter of 2003
compared to $4,572,000 during the same period in 2002. Earnings increased
14.5% to $15,508,000 for the first nine months of 2003 compared to
$13,549,000 during the same period in 2002. First Busey Corporation
earned $0.38 per share in the third quarter of 2003, an increase of 15.2%
over $0.33 in the third quarter of 2002. First Busey earned $1.13 per
share in the nine months ending September 30, 2003, an increase of 14.1%
over $0.99 earned during the same period in 2002. Asset growth and growth
in other operating income contributed to the growth in earnings.
* Net interest income increased $684,000 or 5.9% to $12,299,000 in the
third quarter of 2003 compared to $11,615,000 in the third quarter of
2002. Interest income declined $935,000 during the third quarter of 2003
as compared to the same period last year due to lower yields on interest-
earning assets offset by growth in the average balance of outstanding
loans. Interest expense declined $1,619,000 during the third quarter of
2003 compared to the same period last year due to lower rates paid on
interest_bearing liabilities.
* Provision for loan losses for the third quarter of 2003 was $448,000 as
compared to $575,000 in the same period of 2002. Provision expense
declined due to lower net credit losses, which fell to $44,000 for the
third quarter of this year compared to $118,000 for the same period in
2002.
* Non-interest income increased $282,000 or 5.2% to $5,718,000 during the
third quarter of 2003 compared to $5,436,000 earned during the same period
in 2002. This increase is due primarily to the increase in gains on the
sale of mortgage loans and service charge income. Loan gains increased to
$1,359,000 for the third quarter of 2003 compared to $1,027,000 during the
same quarterly period in 2002.
* Non-interest expense increased $450,000 or 4.7% to $10,023,000 for the
third quarter of 2003 compared to $9,573,000 during the same period in
2002. Growth in salaries and wage expense was partially offset by
decreases in furniture and equipment and amortization expenses. The
growth in salaries and wages is attributable to commissions on the
increased mortgage loan production.
THIRD QUARTER HIGHLIGHTS
Three Months Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
Earnings & Per Share Data (in thousands except per share data)
Net Income $5,310 $4,572 15,508 $13,549
Basic earnings per share 0.39 0.34 1.14 1.00
Diluted earnings per share 0.38 0.33 1.13 0.99
Dividends per share 0.17 0.15 0.51 0.45
Average Balances
Assets $1,488,759 $1,358,409 $1,454,058 $1,316,609
Investment securities 251,248 225,919 244,538 215,851
Loans 1,130,799 1,022,300 1,104,638 999,053
Earning assets 1,397,700 1,267,704 1,363,369 1,228,683
Deposits 1,236,250 1,130,534 1,209,859 1,100,976
Stockholders' equity 123,385 111,071 120,544 108,682
Performance Ratios
Return on average assets 1.42% 1.34% 1.43% 1.38%
Return on average equity 17.07% 16.33% 17.20% 16.67%
Net interest margin 3.58% 3.74% 3.62% 3.79%
Efficiency ratio 54.19% 53.81% 54.03% 54.12%
Loan Performance
Net credit losses $44 $118 $107 $1,476
Accruing loans 90+ days
past due 2,817 955 2,817 955
Non-accrual loans 2,607 1,436 2,607 1,436
Foreclosed assets 5,460 5,574 5,460 5,574
WOW! Did you know.....
* First Busey Corporation began trading on the Nasdaq National Market on
October 1, 1998. It closed that day at a price of $17.54. Five years
later on October 1, 2003, BUSE closed at $26.70, a 52% price
appreciation.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30,
2003 2002
(in thousands)
Assets
Cash and due from banks $44,024 $42,797
Federal funds sold - 30,600
Investment securities 251,369 231,158
Loans 1,144,846 1,043,202
Less allowance for loan losses (16,731) (14,267)
Net loans 1,128,115 1,028,935
Premises and equipment, net 22,163 27,567
Goodwill and other intangibles 9,535 10,009
Other assets 38,979 31,022
Total assets $1,494,185 $1,402,088
Liabilities & Stockholders' Equity
Non-interest bearing deposits $162,616 $140,982
Interest bearing deposits 1,050,063 1,029,796
Total deposits $1,212,679 $1,170,778
Federal funds purchased & securities
sold under agreements to repurchase 34,500 3,634
Long-term debt 87,759 80,021
Company obligated mandatorily
redeemable preferred securities 25,000 25,000
Other liabilities 9,010 9,997
Total liabilities $1,368,948 $1,289,430
Common stock $6,291 $6,291
Surplus 20,932 20,906
Retained earnings 100,237 89,308
Other comprehensive income 10,322 10,053
Treasury stock (10,731) (11,753)
Unearned ESOP shares (1,759) (2,021)
Deferred compensation for stock grants (55) (126)
Total stockholders' equity $125,237 $112,658
Total liabilities & stockholders' equity $1,494,185 $1,402,088
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
(in thousands, except per share data)
Interest and fees on loans $16,386 $16,969 $49,225 $49,606
Interest on investment
securities 1,994 2,301 6,250 6,998
Other interest income 37 82 114 168
Total interest income $18,417 $19,352 $55,589 $56,772
Interest on deposits $4,592 $6,186 $15,192 $18,552
Interest on short-term
borrowings 30 75 127 340
Interest on long-term debt 933 913 2,604 2,318
Company obligated mandatorily
redeemable preferred
securities 563 563 1,688 1,688
Total interest expense $6,118 $7,737 $19,611 $22,898
Net interest income $12,299 $11,615 $35,978 $33,874
Provision for loans losses 448 575 1,378 2,055
Net interest income after
provision $11,851 $11,040 $34,600 $31,819
Trust fees $1,176 $1,071 $3,467 $3,682
Commissions and brokers'
fees 565 563 1,541 1,658
Fees for customer services 2,376 2,269 6,860 6,542
Gain on sale of loans 1,359 1,027 5,833 2,383
Security gains, net 23 96 322 569
Other 219 410 1,041 1,652
Total non-interest income $5,718 $5,436 $19,064 $16,486
Salaries and employee
benefits $5,883 $5,306 $17,403 $15,769
Net occupancy expense 797 722 2,326 2,279
Furniture and equipment
expenses 589 758 1,899 2,239
Other operating expenses 2,754 2,787 8,761 7,681
Total non-interest expense $10,023 $9,573 $30,389 $27,968
Income before income taxes $7,546 $6,903 $23,275 $20,337
Income taxes 2,236 2,331 7,767 6,788
Net Income $5,310 $4,572 $15,508 $13,549
Common Share Data
Book value $9.18 $8.30
Tangible book value $8.48 $7.56
Average number of shares
outstanding 13,700,384 13,601,645 13,686,063 13,633,442
Ending number of shares
outstanding 13,649,520 13,580,870
CORPORATE PROFILE
First Busey Corporation (Nasdaq: BUSE) is a financial holding company headquartered in Urbana, Illinois. First Busey Corporation has two wholly owned banking subsidiaries with locations in three states. Busey Bank is headquartered in Urbana, Illinois and has eighteen banking centers serving Champaign, McLean and Ford Counties in Illinois. Busey Bank also has a banking center in Indianapolis, Indiana and a loan production office in Ft. Myers, Florida. Total assets of Busey Bank were $1.4 billion as of September 30, 2003. Busey Bank Florida is a federal thrift charter headquartered in Ft. Myers, Florida with two banking centers located in Cape Coral, Florida. Total assets of Busey Bank Florida were $108 million as of September 30, 2003. Busey provides electronic delivery of financial services through Busey e-bank, www.busey.com .
Busey Investment Group is a wholly owned subsidiary of First Busey Corporation and owns three subsidiaries. First Busey Trust & Investment Co. specializes in asset management and trust services with approximately $1.1 billion in assets under care. First Busey Securities, Inc. (member NASD/SIPC) is a full-service broker/dealer subsidiary with more than $575 million in assets under care. Busey Insurance Services, Inc. provides personal insurance products and specializes in long-term healthcare insurance.
First Busey Corporation Common Stock is traded on the Nasdaq National Market under the symbol "BUSE." First Busey Corporation has a Repurchase Program in effect under which it is authorized to purchase up to 500,000 shares of stock. BUSE closed on September 30, 2003 at $25.80, an increase of 12% from the closing price of $23.06 on December 31, 2002.
SOURCE First Busey Corporation 10/20/2003 CONTACT: Barbara J. Kuhl, President & COO of First Busey Corporation, +1-217-365-4513/ Web site: http://www.busey.com / (BUSE) CO: First Busey Corporation ST: Illinois IN: FIN SU: ERN 10/20/2003 17:33 EDT http://www.prnewswire.com