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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 18, 2005
FIRST BUSEY CORPORATION
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(Exact name of registrant as specified in its charter)
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
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Nevada 0-15959 37-1078406
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (217) 365-4513
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13a-4(c))
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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On Tuesday, April 18, 2005, the Registrant issued a press release disclosing
financial results for the quarter ended March 31, 2005. The press release is
made part of this Form and is attached as Exhibit 99.1.
The press release made a part of this Form includes forward looking statements
that are intended to be covered by the safe-harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward looking statements
include but are not limited to comments with respect to the objectives and
strategies, financial condition, results of operations and business of the
Registrant.
These forward looking statements involve numerous assumptions, inherent risks
and uncertainties, both general and specific, and the risk that predictions and
other forward looking statements will not be achieved. The Registrant cautions
you not to place undue reliance on these forward looking statements as a number
of important factors could cause actual future results to differ materially from
the plans, objectives, expectations, estimates and intentions expressed in such
forward looking statements.
SIGNATURE
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 hereunto duly authorized.
Date: April 18, 2005 FIRST BUSEY CORPORATION
By: /s/ Barbara J. Harrington
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Name: Barbara J. Harrington
Title: Chief Financial Officer
EXHIBIT INDEX
99.1 Press Release, dated April 18, 2005.
Exhibit 99.1
FIRST BUSEY CORPORATION EARNINGS RELEASE -- FIRST QUARTER 2005
URBANA, ILL., APRIL 18 /PRNEWSWIRE-FIRSTCALL/ --
FINANCIAL HIGHLIGHTS
Busey's Team has been diligently working towards enhancing its franchise. In
reviewing the financial figures in this quarterly report, please note that First
Capital Bank was acquired in June of 2004 and, thus, its figures are not
included in the March 31, 2004 figures but are included in the March 31, 2005
figures. Everything is on schedule to merge First Capital Bank into Busey Bank
in May of 2005. In February, we also announced our next acquisition, Tarpon
Coast Bancorp, Inc. Tarpon Coast Bancorp, Inc. is the holding company for Tarpon
Coast Bank, a nationally chartered bank with four offices in Charlotte and
Sarasota Counties, Florida. We are excited about expanding our opportunities in
the high growth markets of Florida.
Net income increased $1,176,000 or 21.9% to $6,536,000 for the quarter ended
March 31, 2005, compared to $5,360,000 for the first quarter of 2004. First
Busey Corporation earned $0.32 per share on a fully-diluted basis during the
first quarter of 2005, an increase of 23.1% over per share earnings of $0.26
during the first quarter of 2004.
Net interest income for the quarter ended March 31, 2005 was $16,261,000, an
increase of $3,899,000 or 31.5% from $12,362,000 for the quarter ended March 31,
2004. Interest income was $25,563,000 for the quarter ended March 31, 2005, an
increase of $7,307,000 or 40.0% from $18,256,000 for the quarter ended March 31,
2004, due to higher yields combined with growth in the average balances of loans
and investment securities. Interest expense was $9,302,000, an increase of
$3,408,000 or 57.8% from $5,894,000 for the quarter ended March 31, 2004. The
increase in interest expense is due to growth in the average balances of
deposits and long-term funding sources.
Provision for loan losses was $690,000 for the quarter ended March 31, 2005,
compared to $425,000 for the first quarter of 2004. The increase in provision
expense is related to the growth in the average balance of outstanding loans.
Non-interest income was $5,555,000 for the quarter ended March 31, 2005, a
decline of $139,000 or 2.4% from $5,694,000 for the comparable period in 2004.
Gains on the sale of mortgage loans declined to $423,000 for the first quarter
of 2005 compared to $822,000 during the same period of 2004.
Non-interest expense totaled $11,249,000 for the quarter ended March 31,
2005, an increase of $1,782,000 or 18.8% from $9,467,000 for the first quarter
of 2004. Salary and wage expense was higher in the first quarter of 2005
compared to the first quarter of 2004.
FINANCIAL SUMMARY
Three Months Ended
March 31,
-----------------------------
2005 2004
------------ ------------
(dollars in thousands except
per share data)
Net Income $ 6,536 $ 5,360
Basic earnings per share* 0.32 0.26
Fully diluted earnings per share* 0.32 0.26
Dividends per share* 0.14 0.1267
Average Balances
Assets $ 1,982,410 $ 1,515,508
Investment securities 328,204 214,803
Loans 1,491,894 1,205,928
Earning assets 1,847,684 1,422,618
Deposits 1,577,835 1,231,218
Stockholders' equity 138,305 126,742
Performance Ratios
Return on average assets 1.34% 1.42%
Return on average equity 19.17% 17.01%
Net interest margin 3.64% 3.58%
Efficiency ratio 50.26% 51.57%
Loan Performance
Net credit losses (recoveries) $ 126 $ (1)
Accruing loans 90+ days past due 1,830 727
Non-accrual loans 1,974 2,695
Foreclosed assets 4,191 4,784
March 31, 2005
NASDAQ symbol BUSE
Closing price $19.35
Price/earnings ratio 15.99x
Price/book ratio 286%
52-week price range $18.28 - $21.53
Book value per share $6.76
YTD dividend per share $0.14
Common shares outstanding 20.6 million
CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31,
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2005 2004
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(dollars in thousands except
per share data)
Assets
Cash and due from banks $ 48,403 $ 41,942
Federal funds sold 21,300 5,100
Investment securities 317,867 209,599
Loans 1,507,949 1,224,831
Less allowance for loan losses (19,781) (16,654)
Net loans 1,488,168 1,208,177
Premises and equipment, net 27,245 22,388
Goodwill and other intangibles 35,442 9,375
Other assets 42,705 37,013
Total assets $ 1,981,130 $ 1,533,594
Liabilities & Stockholders' Equity
Non-interest bearing deposits $ 197,371 $ 169,401
Interest bearing deposits 1,391,931 1,088,608
Total deposits $ 1,589,302 $ 1,258,009
Securities sold under agreements
to repurchase 43,075 8,526
Short-term debt 9,000 3,250
Long-term debt 148,851 100,603
Junior subordinated debt owed to
unconsolidated trusts 40,000 25,000
Other liabilities 12,054 9,641
Total liabilities $ 1,842,282 $ 1,405,029
Common stock $ 6,291 $ 6,291
Surplus 21,767 21,019
Retained earnings 118,030 105,070
Other comprehensive income 6,965 9,852
Treasury stock (11,737) (10,780)
Unearned ESOP shares (2,456) (2,853)
Deferred compensation for stock
grants (12) (34)
Total stockholders' equity $ 138,848 $ 128,565
Total liabilities & stockholders'
equity $ 1,981,130 $ 1,533,594
Per Share Data*
Book value per share $ 6.76 $ 6.26
Tangible book value per share $ 5.03 $ 5.81
Ending number of shares outstanding 20,537,651 20,521,353
CONSOLIDATED STATEMENTS
OF INCOME (unaudited)
Three Months Ended
March 31,
-----------------------------
2005 2004
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(dollars in thousands except
per share data)
Interest and fees on loans $ 22,862 $ 16,639
Interest on investment securities 2,535 1,613
Other interest income 166 4
Total interest income $ 25,563 $ 18,256
Interest on deposits $ 6,775 $ 4,247
Interest on short-term debt 222 68
Interest on long-term debt 1,548 1,016
Junior subordinated debt owed to
unconsolidated trusts 757 563
Total interest expense $ 9,302 $ 5,894
Net interest income $ 16,261 $ 12,362
Provision for loans losses 690 425
Net interest income after provision $ 15,571 $ 11,937
Trust fees $ 1,440 $ 1,395
Commissions and brokers' fees 526 592
Fees for customer services 2,333 2,196
Gain on sale of loans 423 822
Security gains, net 162 191
Other 671 498
Total non-interest income $ 5,555 $ 5,694
Salaries and employee benefits $ 6,401 $ 5,564
Net occupancy expense 947 884
Furniture and equipment expenses 683 535
Other operating expenses 3,218 2,484
Total non-interest expense $ 11,249 $ 9,467
Income before income taxes $ 9,877 $ 8,164
Income taxes 3,341 2,804
Net Income $ 6,536 $ 5,360
Common Share Data*
Basic earnings per share $ 0.32 $ 0.26
Fully diluted earnings per share $ 0.32 $ 0.26
Average number of shares outstanding 20,584,835 20,502,777
*Share and per share data have been adjusted to effect a three-for-two
common stock split effective August 3, 2004, as if it had occurred on
January 1, 2004.
CORPORATE PROFILE
First Busey Corporation (Nasdaq: BUSE) is a financial holding company
headquartered in Urbana, Illinois. First Busey Corporation has three wholly-
owned banking subsidiaries with locations in three states. Busey Bank is
headquartered in Urbana, Illinois and has seventeen banking centers serving
Champaign, McLean and Ford Counties in Illinois. Busey Bank also has a banking
center in Indianapolis, Indiana and loan production offices in Ft. Myers and
Naples, Florida. Total assets of Busey Bank were $1.5 billion as of March 31,
2005. Busey Bank Florida is a federal thrift headquartered in Ft. Myers, Florida
with two additional banking centers in Cape Coral, Florida. Total assets of
Busey Bank Florida were $202 million as of March 31, 2005. On June 1, 2004,
First Busey Corporation completed its acquisition of First Capital Bank in
Peoria, Illinois. First Capital Bank has three banking centers in Peoria and one
in Pekin, Illinois. Total assets of First Capital Bank as of March 31, 2005 were
$249 million. Busey provides electronic delivery of financial services through
Busey e-bank, http://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. First Busey Securities,
Inc. (member NASD/SIPC) is a full-service broker/dealer subsidiary. Busey
Insurance Services, Inc. provides personal insurance products and specializes
in long-term healthcare insurance. Busey Investment Group has approximately
$2 billion in assets under care.
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 750,000 shares of stock.
BUSE closed on March 31, 2005 at $19.35, an increase of 7.14% from the closing
price of $18.06* on March 31, 2004.
SOURCE First Busey Corporation
-0- 04/18/2005
/CONTACT: Barbara J. Kuhl, President & COO of First Busey Corporation,
+1-217-365-4513/
/Web site: http://www.busey.com /