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):
January 22, 2008
FIRST BUSEY CORPORATION
(Exact Name of Registrant as Specified in Charter)
|
Nevada |
0-15959 |
37-1078406 |
|
|
(State or Other |
(Commission |
(I.R.S. Employer |
|
|
201 West Main Street, Urbana, IL |
61801 |
||
|
(Address of Principal Executive Offices) |
(Zip Code) |
||
Registrant’s telephone number, including area code: (217) 365-4528
|
N/A |
|
(Former name or former address, if changed since last report) |
|
|
[ ] |
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 240.13e-4(c)) |
- 2 -
|
ITEM 2.02 |
RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
On Tuesday, January 22, 2008, the Registrant issued a press release disclosing
financial results for the quarter ended December 31, 2007. 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.
|
ITEM 8.01 |
OTHER EVENTS |
On January 22, 2008, First Busey Corporation’s Board of Directors authorized the repurchase of up to 1,000,000 shares of the Company’s common stock. The authorization was effective January 22, 2008. The 1,000,000 shares are in addition to those shares remaining in the repurchase plan that was authorized in November 2007. The Company’s Board of Director’s authorization to repurchase its common stock has no expiration date.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
|
|
(d) |
Exhibits: |
|
|
99.1 |
Press Release, dated January 22, 2008. |
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.
|
Dated: January 22, 2008 |
FIRST BUSEY CORPORATION |
By: /s/ Barbara J. Harrington
|
|
Name: Barbara J. Harrington |
|
|
Title: Chief Financial Officer |
- 2 -
First Busey Corporation Announces Fourth Quarter Earnings
Message from our CEO
Van A. Dukeman, President & CEO
URBANA, Ill., Jan. 22 /PRNewswire-FirstCall/ -- First Busey Corporation (Nasdaq: BUSE) consolidated net income for the quarter was $4.4 million compared to $7.3 million for the same period in 2006. Consolidated net income per fully-diluted share for the quarter ended December 31, 2007 totaled $0.12 compared to $0.34 per fully-diluted share for the same period in 2006. On an annual basis, consolidated net income was $31.5 million for 2007 as compared to $28.9 million for 2006. Consolidated net income per fully-diluted share was $1.13 for 2007 as compared to $1.35 per fully-diluted share for 2006.
The decline in fourth quarter net income was primarily due to two factors: one-time merger related expenses totaling approximately $1.8 million, after tax, from our recent business combination with Main Street Trust, Inc. and a significant addition to our provision for loan losses of $7.0 million, after tax. The increase in provision brought our total allowance for loan losses to $42.6 million or 1.39% of loans. Our non-performing loans totaled $20.1 million, which resulted in an allowance to non-performing loans coverage ratio of 212%. Net charge offs in the quarter totaled $7.3 million.
As discussed last quarter, we have continued to experience deterioration in our loan portfolio, primarily in southwest Florida. We have provided additional information in this report under the section Loan Portfolio Quality.
On a positive note, this quarter we are pleased to report the completion of our merger of Main Street Bank & Trust with and into Busey Bank, which coincided with the launch of our updated Busey brand. In addition to the Illinois bank merger, we also completed the combination of our wealth management units, which formed Busey Wealth Management, Inc.
The first quarter 2008 dividend is $0.20 per share, which represents an 11.1% per share increase. The dividend will be paid on January 25, 2008.
We appreciate the extra hard work and diligence our Associates exhibited in getting us through these mergers and systems conversions. We also would like to truly thank our customers for their loyalty and patience as we completed the merger.
With our team of terrific associates and loyal customers, I am very excited about the future! As always, your input and comments are welcome.
SELECTED FINANCIAL HIGHLIGHTS
(amounts in thousands, except ratios and per share data)
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Three Months Ended |
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Twelve Months Ended |
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|||||||||||||||||
|
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Dec. 31, 2007 |
|
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Sept. 30, 2007 |
|
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Dec. 31, 2006 |
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Dec. 31, 2007 |
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Dec. 31, 2006 |
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|||||
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Earnings & Per Share Data |
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Net Income |
|
|
|
$ |
4,367 |
|
|
|
$ |
11,510 |
|
|
|
$ |
7,344 |
|
|
|
$ |
31,477 |
|
|
|
$ |
28,888 |
|
|
Basic earnings per share |
|
|
|
$ |
0.12 |
|
|
|
$ |
0.37 |
|
|
|
$ |
0.34 |
|
|
|
$ |
1.13 |
|
|
|
$ |
1.35 |
|
|
Weighted average shares of |
|
|
|
|
36,519 |
|
|
|
|
31,464 |
|
|
|
|
21,359 |
|
|
|
|
27,779 |
|
|
|
|
21,349 |
|
|
Fully-diluted |
|
|
|
$ |
0.12 |
|
|
|
$ |
0.36 |
|
|
|
$ |
0.34 |
|
|
|
$ |
1.13 |
|
|
|
$ |
1.35 |
|
|
Weighted average shares of |
|
|
|
|
36,783 |
|
|
|
|
31,655 |
|
|
|
|
21,428 |
|
|
|
|
27,924 |
|
|
|
|
21,406 |
|
|
Market price per share |
|
|
|
$ |
19.86 |
|
|
|
$ |
21.91 |
|
|
|
$ |
23.05 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
Price to book ratio |
|
|
|
|
136.16 |
% |
|
|
|
161.70 |
% |
|
|
|
266.93 |
% |
|
|
|
0.00 |
% |
|
|
|
0.00 |
% |
|
Price to earnings ratio 1 |
|
|
|
|
41.72 |
|
|
|
|
15.34 |
|
|
|
|
17.10 |
|
|
|
|
17.58 |
|
|
|
|
17.07 |
|
|
Cash dividends price per share |
|
|
|
$ |
0.18 |
|
|
|
$ |
0.18 |
|
|
|
$ |
0.16 |
|
|
|
$ |
0.77 |
|
|
|
$ |
0.64 |
|
|
Book value per share |
|
|
|
$ |
14.59 |
|
|
|
$ |
14.71 |
|
|
|
$ |
8.64 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
Tangible book value per share |
|
|
|
$ |
6.86 |
|
|
|
$ |
7.20 |
|
|
|
$ |
5.93 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
Common shares outstanding |
|
|
|
|
36,316 |
|
|
|
|
36,585 |
|
|
|
|
21,456 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Average Balances |
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
$ |
4,154,710 |
|
|
|
$ |
3,639,161 |
|
|
|
$ |
2,466,696 |
|
|
|
$ |
3,185,603 |
|
|
|
$ |
2,344,552 |
|
|
Investment Securities |
|
|
|
|
626,310 |
|
|
|
|
556,842 |
|
|
|
|
345,447 |
|
|
|
|
457,935 |
|
|
|
|
330,235 |
|
|
Gross loans |
|
|
|
|
2,993,724 |
|
|
|
|
2,689,472 |
|
|
|
|
1,932,835 |
|
|
|
|
2,405,583 |
|
|
|
|
1,832,800 |
|
|
Earning assets |
|
|
|
|
3,651,718 |
|
|
|
|
3,304,265 |
|
|
|
|
2,290,816 |
|
|
|
|
2,891,348 |
|
|
|
|
2,170,446 |
|
|
Deposits |
|
|
|
|
3,209,772 |
|
|
|
|
2,909,176 |
|
|
|
|
1,974,574 |
|
|
|
|
2,529,807 |
|
|
|
|
1,867,058 |
|
|
Interest-bearing liabilities |
|
|
|
|
3,297,075 |
|
|
|
|
2,873,767 |
|
|
|
|
2,029,894 |
|
|
|
|
2,575,915 |
|
|
|
|
1,910,218 |
|
|
Stockholders’ equity |
|
|
|
|
535,911 |
|
|
|
|
370,902 |
|
|
|
|
181,373 |
|
|
|
|
318,155 |
|
|
|
|
174,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
End of Period Financial Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalized net |
|
|
|
$ |
33,150 |
|
|
|
$ |
30,556 |
|
|
|
$ |
19,905 |
|
|
|
$ |
103,593 |
|
|
|
$ |
78,630 |
|
|
Gross loans |
|
|
|
|
3,053,225 |
|
|
|
|
3,040,881 |
|
|
|
|
1,956,927 |
|
|
|
|
— |
|
|
|
|
— |
|
|
Allowance for loan losses |
|
|
|
|
42,560 |
|
|
|
|
38,198 |
|
|
|
|
23,588 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Performance Ratios |
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets1 |
|
|
|
|
0.42 |
% |
|
|
|
1.25 |
% |
|
|
|
1.18 |
% |
|
|
|
0.99 |
% |
|
|
|
1.23 |
% |
|
Return on average equity1 |
|
|
|
|
3.23 |
% |
|
|
|
12.31 |
% |
|
|
|
16.06 |
% |
|
|
|
9.89 |
% |
|
|
|
16.52 |
% |
|
Net interest margin1 |
|
|
|
|
3.60 |
% |
|
|
|
3.67 |
% |
|
|
|
3.45 |
% |
|
|
|
3.58 |
% |
|
|
|
3.62 |
% |
|
Net interest spread1 |
|
|
|
|
3.24 |
% |
|
|
|
3.16 |
% |
|
|
|
3.00 |
% |
|
|
|
3.16 |
% |
|
|
|
3.18 |
% |
|
Efficiency Ratio2 |
|
|
|
|
63.22 |
% |
|
|
|
56.67 |
% |
|
|
|
61.72 |
% |
|
|
|
57.78 |
% |
|
|
|
56.70 |
% |
|
Non-interest revenue as a % |
|
|
|
|
29.50 |
% |
|
|
|
26.73 |
% |
|
|
|
25.18 |
% |
|
|
|
27.23 |
% |
|
|
|
24.56 |
% |
|
Allowance for loan losses |
|
|
|
|
1.39 |
% |
|
|
|
1.26 |
% |
|
|
|
1.21 |
% |
|
|
|
0.00 |
% |
|
|
|
0.00 |
% |
|
Allowance as a % of |
|
|
|
|
211.95 |
% |
|
|
|
159.74 |
% |
|
|
|
303.77 |
% |
|
|
|
0.00 |
% |
|
|
|
0.00 |
% |
|
Ratio of average loan to |
|
|
|
|
93.27 |
% |
|
|
|
92.45 |
% |
|
|
|
97.89 |
% |
|
|
|
95.09 |
% |
|
|
|
98.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs |
|
|
|
$ |
7,287 |
|
|
|
$ |
630 |
|
|
|
$ |
264 |
|
|
|
$ |
8,350 |
|
|
|
$ |
902 |
|
|
Non-performing loans |
|
|
|
|
20,080 |
|
|
|
|
23,912 |
|
|
|
|
7,765 |
|
|
|
|
— |
|
|
|
|
— |
|
|
Other non-performing assets |
|
|
|
|
2,028 |
|
|
|
|
2,138 |
|
|
|
|
721 |
|
|
|
|
— |
|
|
|
|
— |
|
1Quarterly ratios annualized
2Net of security gains and amortization
3Net of interest expense, excludes security gains
Net income was $4.4 million for the quarter ended December 31, 2007, as compared to $7.3 million for the comparable period in 2006. For the quarter ended December 31, 2007, earnings per share on a fully-diluted basis were $0.12 as compared to the $0.34 per fully-diluted share for the comparable period in 2006. Net income was $31.5 million for 2007 as compared to $28.9 million for 2006. Earnings per share on a fully-diluted basis for 2007 were $1.13, a decrease of $0.22 or 16.3% from $1.35 for 2006.
Busey Bank’s net income was $35.1 million for 2007, as compared to $29.5 million for 2006, an increase of 19.0%. During 2007, Busey Bank recorded $4.9 million, after tax, of loan loss provision as compared to $0.7 million, after tax, of loan loss provision recorded during 2006. Additionally, Busey Bank recorded $1.3 million, after tax, in one-time merger related expenses during the fourth quarter of 2007.
Busey Bank, N.A.’s net loss was $1.8 million for 2007, as compared to $3.5 million of net income for 2006. The net loss position was primarily related to loan loss provision of $3.9 million, after tax, recorded during 2007 as compared to $0.1 million, after tax, loan loss provision recorded during 2006. Busey Bank, N.A.’s net loss was partially offset by FirsTech, Inc.’s, its wholly-owned subsidiary, net income of $0.7 million for the five months following the merger with Main Street Trust, Inc. FirsTech’s results include $0.2 million of expenses related to enhancement of processing controls, which will allow FirsTech to compete in the larger volume processing marketplace.
Net one-time charges during the fourth quarter totaled $1.8 million, after tax. The charges were primarily related to the merger with Main Street and included employee costs, rebranding related costs and system conversion costs.
Loan Portfolio Quality: As was the case during the third quarter of 2007, the Company experienced continued deterioration in its loan portfolio during the fourth quarter. Total non-performing assets were $22.1 million at December 31, 2007, compared to $26.0 million at September 30, 2007 and $17.2 million on a pro-forma combined basis with Main Street Trust, Inc. at December 31, 2006. Busey Bank and Busey Bank, N.A. have $13.9 million and $8.2 million in non-performing assets, respectively. Total non-performing assets in Florida were $10.4 million, with $2.2 million in Busey Bank and $8.2 in Busey Bank, N.A. The remaining $11.7 million of non-performing assets were primarily within the downstate Illinois market.
Non-accrual loans totaled $15.4 million, or 0.5% of gross loans, at December 31, 2007. Non-accrual loans primarily consisted of commercial
non-accruals of $10.1 million and personal real estate loans of $5.3 million. Geographically, $7.2 million of non-accural loans were in Florida with the remainder primarily located in downstate Illinois.
The Company’s 90+ days past due loans totaled $4.7 million, or 0.2% of gross loans, at December 31, 2007. Commercial accruing loans 90+ days past due were $3.3 million at December 31, 2007. The portion of 90+ days past due loans related to personal residential real estate loans was $1.4 million at December 31, 2007.
|
|
Other real estate owned totaled $2.0 million at December 31, 2007. |
Net charge offs for the fourth quarter and the year ended December 31, 2007 were $7.3 million and $8.4 million, respectively.
Provision for loan losses was $11.7 million during the fourth quarter of 2007 compared to $0.3 million in the comparable period of 2006. The provision was $14.5 million for 2007, versus $1.3 million for 2006. As a percentage of total outstanding loans, the allowance for loan losses was 1.39% as of December 31, 2007, and 1.21% as of December 31, 2006. Total allowance for loan losses was $42.6 million at December 31, 2007, representing 212.0% coverage of non-performing loans.
The Company has been and continues to carefully evaluate its loan portfolios on a proactive basis. Once problem loans are identified, adjustments to the provision are made based upon all information available at that time. The increase in provision reflects managements’ analysis of amounts necessary to cover potential losses in our loan portfolios. However, additional losses may be identified in our loan portfolio as new information is obtained. The Company may need to provide for additional loan losses in the future as management continues to identify potential problem loans and gain further information concerning existing problem loans. This is particularly the case in the weak economic climate in southwest Florida.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except pershare data)
|
|
|
|
|
Dec. 31, 2007 |
|
|
|
Sept. 30, 2007 |
|
|
|
Dec. 31, 2006 |
|
|||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cash and due from banks |
|
|
|
$ |
125,228 |
|
|
|
$ |
108,037 |
|
|
|
$ |
63,316 |
|
|
Federal funds sold |
|
|
|
|
459 |
|
|
|
|
43,000 |
|
|
|
|
— |
|
|
Investment securities |
|
|
|
|
610,422 |
|
|
|
|
691,831 |
|
|
|
|
365,608 |
|
|
Net loans |
|
|
|
|
3,010,665 |
|
|
|
|
3,002,683 |
|
|
|
|
1,933,339 |
|
|
Premises and equipment |
|
|
|
|
80,400 |
|
|
|
|
70,128 |
|
|
|
|
41,001 |
|
|
Goodwill and other intangibles |
|
|
|
|
280,487 |
|
|
|
|
274,688 |
|
|
|
|
58,132 |
|
|
Other Assets |
|
|
|
|
85,264 |
|
|
|
|
97,783 |
|
|
|
|
48,118 |
|
|
Total Assets |
|
|
|
$ |
4,192,925 |
|
|
|
$ |
4,288,150 |
|
|
|
$ |
2,509,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
|
$ |
389,672 |
|
|
|
$ |
454,875 |
|
|
|
$ |
246,440 |
|
|
Interest-bearing deposits |
|
|
|
|
2,817,526 |
|
|
|
|
2,912,933 |
|
|
|
|
1,768,399 |
|
|
Total deposits |
|
|
|
$ |
3,207,198 |
|
|
|
$ |
3,367,808 |
|
|
|
$ |
2,014,839 |
|
|
Federal funds purchased & securities sold under agreements to repurchase |
|
|
|
|
203,119 |
|
|
|
|
137,463 |
|
|
|
|
54,770 |
|
|
Short-term borrowings |
|
|
|
|
10,523 |
|
|
|
|
21,023 |
|
|
|
|
25,000 |
|
|
Long-term debt |
|
|
|
|
150,910 |
|
|
|
|
135,825 |
|
|
|
|
156,650 |
|
|
Junior subordinated debt owed to unconsolidated trusts |
|
|
|
|
55,000 |
|
|
|
|
55,000 |
|
|
|
|
55,000 |
|
|
Other liabilities |
|
|
|
|
36,478 |
|
|
|
|
32,757 |
|
|
|
|
17,981 |
|
|
Total liabilities |
|
|
|
$ |
3,663,228 |
|
|
|
$ |
3,749,876 |
|
|
|
$ |
2,324,240 |
|
|
Total stockholders’ equity |
|
|
|
$ |
529,697 |
|
|
|
$ |
538,274 |
|
|
|
$ |
185,274 |
|
|
Total liabilities & stockholders’ equity |
|
|
|
$ |
4,192,925 |
|
|
|
$ |
4,288,150 |
|
|
|
$ |
2,509,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
|
|
$ |
14.59 |
|
|
|
$ |
14.71 |
|
|
|
$ |
8.64 |
|
|
Tangible book value per share |
|
|
|
$ |
6.86 |
|
|
|
$ |
7.20 |
|
|
|
$ |
5.93 |
|
|
Ending number of shares outstanding |
|
|
|
|
36,316 |
|
|
|
|
36,585 |
|
|
|
|
21,456 |
|
Condensed Consolidated Statements of Income
(Unaudited, in thousands, except per share data)
|
|
|
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
||||||||||||
|
|
|
|
|
December 31, |
|
|
|
December 31, |
|
||||||||||||
|
|
|
|
|
2007 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
2006 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest and fees on loans |
|
|
|
$ |
55,763 |
|
|
|
$ |
35,860 |
|
|
|
$ |
178,700 |
|
|
|
$ |
132,861 |
|
|
Interest on investment securities |
|
|
|
|
7,375 |
|
|
|
|
3,677 |
|
|
|
|
21,865 |
|
|
|
|
13,156 |
|
|
Other Interest Income |
|
|
|
|
348 |
|
|
|
|
161 |
|
|
|
|
1,338 |
|
|
|
|
349 |
|
|
Total Interest Income |
|
|
|
$ |
63,486 |
|
|
|
$ |
39,698 |
|
|
|
$ |
201,903 |
|
|
|
$ |
146,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
|
|
26,169 |
|
|
|
|
16,449 |
|
|
|
|
84,197 |
|
|
|
|
55,046 |
|
|
Interest on short-term borrowings |
|
|
|
|
1,745 |
|
|
|
|
846 |
|
|
|
|
4,763 |
|
|
|
|
3,011 |
|
|
Interest on long-term debt |
|
|
|
|
1,987 |
|
|
|
|
2,027 |
|
|
|
|
7,407 |
|
|
|
|
7,734 |
|
|
Junior subordinated debt owed to unconsolidated trusts |
|
|
|
|
1,023 |
|
|
|
|
1,011 |
|
|
|
|
4,038 |
|
|
|
|
4,060 |
|
|
Total interest expense |
|
|
|
$ |
30,924 |
|
|
|
$ |
20,333 |
|
|
|
$ |
100,405 |
|
|
|
$ |
69,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
32,562 |
|
|
|
$ |
19,365 |
|
|
|
$ |
101,498 |
|
|
|
$ |
76,515 |
|
|
Provision for loan losses |
|
|
|
|
11,700 |
|
|
|
|
300 |
|
|
|
|
14,475 |
|
|
|
|
1,300 |
|
|
Net interest income after provision for loan losses |
|
|
|
$ |
20,862 |
|
|
|
$ |
19,065 |
|
|
|
$ |
87,023 |
|
|
|
$ |
75,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees for customer services |
|
|
|
|
3,941 |
|
|
|
|
2,890 |
|
|
|
|
12,963 |
|
|
|
|
11,088 |
|
|
Trust fees |
|
|
|
|
3,951 |
|
|
|
|
1,550 |
|
|
|
|
10,041 |
|
|
|
|
6,020 |
|
|
Remittance processing |
|
|
|
|
2,720 |
|
|
|
|
— |
|
|
|
|
4,466 |
|
|
|
|
— |
|
|
Commissions and brokers’ fees |
|
|
|
|
586 |
|
|
|
|
666 |
|
|
|
|
2,535 |
|
|
|
|
2,653 |
|
|
Gain on sales of loans |
|
|
|
|
818 |
|
|
|
|
585 |
|
|
|
|
3,232 |
|
|
|
|
2,443 |
|
|
Net security gains |
|
|
|
|
723 |
|
|
|
|
1,667 |
|
|
|
|
3,718 |
|
|
|
|
3,547 |
|
|
Other |
|
|
|
|
1,612 |
|
|
|
|
825 |
|
|
|
|
4,737 |
|
|
|
|
2,710 |
|
|
Total non-interest expense |
|
|
|
$ |
14,351 |
|
|
|
$ |
8,183 |
|
|
|
$ |
41,692 |
|
|
|
$ |
28,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
|
|
|
11,914 |
|
|
|
|
6,553 |
|
|
|
|
37,311 |
|
|
|
|
26,431 |
|
|
Employee benefits |
|
|
|
|
3,362 |
|
|
|
|
3,723 |
|
|
|
|
8,357 |
|
|
|
|
8,180 |
|
|
Net occupancy expense |
|
|
|
|
2,635 |
|
|
|
|
1,307 |
|
|
|
|
7,449 |
|
|
|
|
5,121 |
|
|
Furniture and equipment expense |
|
|
|
|
1,785 |
|
|
|
|
761 |
|
|
|
|
4,834 |
|
|
|
|
3,438 |
|
|
Data processing expense |
|
|
|
|
2,568 |
|
|
|
|
409 |
|
|
|
|
5,299 |
|
|
|
|
1,753 |
|
|
Amortization expense |
|
|
|
|
1,118 |
|
|
|
|
319 |
|
|
|
|
2,503 |
|
|
|
|
1,376 |
|
|
Other operating expenses |
|
|
|
|
7,308 |
|
|
|
|
3,554 |
|
|
|
|
18,552 |
|
|
|
|
13,788 |
|
|
Total non-interest expense |
|
|
|
$ |
30,690 |
|
|
|
$ |
16,626 |
|
|
|
$ |
84,305 |
|
|
|
$ |
60,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
|
$ |
4,523 |
|
|
|
$ |
10,622 |
|
|
|
$ |
44,410 |
|
|
|
$ |
43,589 |
|
|
Income taxes |
|
|
|
|
156 |
|
|
|
|
3,278 |
|
|
|
|
12,933 |
|
|
|
|
14,701 |
|
|
Net income |
|
|
|
$ |
4,367 |
|
|
|
$ |
7,344 |
|
|
|
$ |
31,477 |
|
|
|
$ |
28,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
|
$ |
0.12 |
|
|
|
$ |
0.34 |
|
|
|
$ |
1.13 |
|
|
|
$ |
1.35 |
|
|
Fully-diluted earnings per share |
|
|
|
$ |
0.12 |
|
|
|
$ |
0.34 |
|
|
|
$ |
1.13 |
|
|
|
$ |
1.35 |
|
|
Diluted average shares outstanding |
|
|
|
|
36,783 |
|
|
|
|
21,428 |
|
|
|
|
27,924 |
|
|
|
|
21,406 |
|
Corporate Profile
First Busey Corporation is a $4.2 billion financial holding company headquartered in Urbana, Illinois. First Busey Corporation has two wholly-owned banks with locations in three states. Busey Bank is headquartered in Champaign, Illinois and has forty-five banking centers serving downstate Illinois. Busey Bank has a banking center in Indianapolis, Indiana, and a loan production office in Fort Myers, Florida. On December 31, 2007, Busey Bank had total assets of $3.7 billion. Busey Bank, N.A. is headquartered in Fort Myers, Florida, with nine banking centers serving southwest Florida. Busey Bank, N.A. had total assets of $470.5 million as of December 31, 2007.
Busey Wealth Management is a wholly-owned subsidiary of First Busey Corporation. Through Busey Trust Company, Busey Wealth Management delivers trust, asset management, retail brokerage, and insurance products and services. As of December 31, 2007, Busey Wealth Management had approximately $4.2 billion in assets under care.
First Busey Corporation owns a retail payment processing subsidiary -- FirsTech, Inc. -- which processes over 27 million transactions per year through online bill payments, lockbox processing and walk-in payments through its 4,000 agent locations in 36 states.
Busey provides electronic delivery of financial services through Busey
e-bank, http://www.busey.com.
Special Note Concerning Forward-Looking Statements
This document may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local and national economy; (ii) the economic impact of any future terrorist threats or attacks; (iii) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (iv) changes in interest rates and prepayment rates of the Company’s assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.
Special Note Concerning Goodwill and Identifiable Intangibles
The excess purchase price resulting from the merger with Main Street Trust, Inc. has been allocated to goodwill and identifiable intangibles assets in accordance with current accounting guidance, to the extent that supportable documentation was available at December 31, 2007. Such amounts are subject to adjustment in the near term as additional analysis is performed or obtained from third party sources.
SOURCE First Busey Corporation
01/22/2008
CONTACT: Barbara Harrington, EVP & CFO of First Busey Corporation, (217) 365-4528