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):
July 22, 2008
FIRST BUSEY CORPORATION
(Exact Name of Registrant as Specified in Charter)
|
Nevada |
0-15959 |
37-1078406 |
|
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(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) 365-4516
|
N/A |
|
(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 (see General Instruction A.2. below):
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|
[ ] |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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[ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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[ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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[ ] |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
- 2 -
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ITEM 2.02 |
RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
On Tuesday, July 22, 2008, the Registrant issued a press release disclosing
financial results for the quarter ended June 30, 2008. 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 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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(d) |
Exhibits: |
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99.1 |
Press Release, dated July 22, 2008. |
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.
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Dated: July 22, 2008 |
FIRST BUSEY CORPORATION |
By: /s/ Barbara J. Harrington
|
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Name: Barbara J. Harrington |
|
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Title: Chief Financial Officer |
- 2 -
|
Message from our CEO Van A. Dukeman, President & CEO July 22, 2008 – Urbana, IL
First Busey Corporation’s (Nasdaq: BUSE) consolidated net income for the quarter ended June 30, 2008 was $4.6 million, or $0.13 per fully-diluted share, compared to $7.9 million, or $0.37 per fully-diluted share, for the same period in 2007. Year-to-date consolidated net income was $14.6 million, or $0.41 per fully-diluted share, compared to $15.6 million, or $0.72 per fully-diluted share, in the same period of 2007. We recorded a $12.3 million provision for loan losses during the second quarter, which represents a $0.21 per fully-diluted share charge.
The loan loss provision recorded during the second quarter is the result of our efforts to continue to identify the issues within our loan portfolio. Our management team has worked diligently to identify the problem and potential problem credits in our loan portfolio and, subsequently meet with these customers to assess the current situation and future plans. Currently, we believe to have a solid understanding of the risk in our loan portfolio. The largest portion of the risk in our loan portfolio resides in the southwest Florida market, which makes up approximately 25% of our total loan portfolio. The downstate Illinois economy, while somewhat weaker than two years ago, is holding up relatively well due to its stable academic, agricultural and healthcare employment base. However, in this weak economic environment, we have unidentified risks within the portfolio that will arise if the economic downturn continues to expand its reach, both geographically and into new industries. As known risks elevate and new risks are identified within our loan portfolio, we will make the appropriate adjustments to our allowance for loan losses.
The entire financial/ banking industry is facing tough times due to the economic downturn. Weakness in a bank’s loan portfolio is a primary symptom of an economic downturn. The known and expected further weakness in banks’ loan portfolios has led to the entire sector experiencing sharp declines in stock prices. The Busey stock price has paralleled this industry trend.
Our balance sheet and diversified business lines continue to be a source of strength. We continue to be well capitalized under regulatory standards and will pay our third $0.20 dividend of 2008 on July 25, 2008. Our investment portfolio is sound, closing June 2008 in a net unrealized gain position. Busey Wealth Management and FirsTech, our payment processing subsidiary, continue to provide a diversified earnings stream.
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Corporate Profile
First Busey Corporation is a $4.3 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. As of June 30, 2008, Busey Bank had total assets of $3.8 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 $459.2 million as of June 30, 2008.
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 June 30, 2008, Busey Wealth Management had approximately $3.9 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 our website, www.busey.com.
Our Board of Directors and management team remains confident we will emerge from this economic downturn a stronger company. Our management team is doing everything we believe necessary to address issues as they arise. The more timely we address the issues facing us during this economic downturn, the better positioned we will be to take advantage of opportunities as the economy begins to stabilize and, ultimately, turn around.
Busey’s commitment to outstanding customer service, coupled with our management team’s efforts to address the symptoms of this economic environment, we believe will position your company for a bright future. As always, we welcome your questions and comments.
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SELECTED FINANCIAL HIGHLIGHTS |
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|||||||||||||||
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(amounts in thousands, except ratios and per share data) |
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Three Months Ended |
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Six Months Ended |
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|||||||||||
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June 30, |
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March 31, |
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June 30, |
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June 30, |
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June 30, |
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|||||
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2008 |
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2008 |
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2007 |
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2008 |
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2007 |
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|||||
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EARNINGS & PER SHARE DATA |
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|
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|||||
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Net income |
|
$ |
4,591 |
|
$ |
10,004 |
|
$ |
7,864 |
|
$ |
14,595 |
|
$ |
15,600 |
|
|
Basic earnings per share |
|
$ |
0.13 |
|
$ |
0.28 |
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$ |
0.37 |
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$ |
0.41 |
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$ |
0.73 |
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Weighted average shares of |
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|
|
|
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|
|
|
|
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common stock outstanding |
|
|
35,824 |
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35,949 |
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|
21,470 |
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35,887 |
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|
21,464 |
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Fully—diluted earnings per share |
|
$ |
0.13 |
|
$ |
0.28 |
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$ |
0.37 |
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$ |
0.41 |
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$ |
0.72 |
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Weighted average shares of common stock and |
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|
|
|
|
|
|
|
|
|
|
|
|
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dilutive potential common shares outstanding |
|
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35,931 |
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36,130 |
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|
21,510 |
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|
36,031 |
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|
21,526 |
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Market price per share at period end |
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$ |
13.22 |
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$ |
21.12 |
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$ |
19.99 |
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|
|
|
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Price to book ratio |
|
|
92.13 |
% |
|
144.96 |
% |
|
223.85 |
% |
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|
|
|
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Price to earnings ratio1 |
|
|
25.42 |
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|
18.69 |
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|
13.51 |
|
|
16.12 |
|
|
13.79 |
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Cash dividends paid per share |
|
$ |
0.20 |
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$ |
0.20 |
|
$ |
0.18 |
|
$ |
0.40 |
|
$ |
0.41 |
|
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Book value per share |
|
$ |
14.35 |
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$ |
14.57 |
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$ |
8.93 |
|
|
|
|
|
|
|
|
Tangible book value per share |
|
$ |
6.56 |
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$ |
6.77 |
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$ |
6.25 |
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|
|
|
|
|
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Common shares outstanding |
|
|
35,787 |
|
|
35,858 |
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|
21,467 |
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AVERAGE BALANCES |
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Assets |
|
$ |
4,235,000 |
|
$ |
4,196,079 |
|
$ |
2,471,750 |
|
$ |
4,214,780 |
|
$ |
2,472,547 |
|
|
Investment securities |
|
|
590,737 |
|
|
625,479 |
|
|
330,730 |
|
|
608,041 |
|
|
332,834 |
|
|
Gross loans |
|
|
3,141,541 |
|
|
3,056,701 |
|
|
1,957,427 |
|
|
3,099,121 |
|
|
1,953,355 |
|
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Earning assets |
|
|
3,733,761 |
|
|
3,693,418 |
|
|
2,297,944 |
|
|
3,713,522 |
|
|
2,297,342 |
|
|
Deposits |
|
|
3,200,098 |
|
|
3,230,782 |
|
|
1,993,273 |
|
|
3,215,248 |
|
|
1,994,556 |
|
|
Interest—bearing liabilities |
|
|
3,289,370 |
|
|
3,253,477 |
|
|
2,035,871 |
|
|
3,271,299 |
|
|
2,034,576 |
|
|
Stockholders’ equity |
|
|
517,936 |
|
|
521,701 |
|
|
189,061 |
|
|
519,418 |
|
|
187,201 |
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PERIODIC FINANCIAL DATA |
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Tax equivalized net interest income |
|
$ |
32,133 |
|
$ |
31,858 |
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$ |
20,113 |
|
$ |
63,991 |
|
$ |
39,887 |
|
|
Gross loans |
|
|
3,166,705 |
|
|
3,131,878 |
|
|
1,982,802 |
|
|
|
|
|
|
|
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Allowance for loan losses |
|
|
48,579 |
|
|
42,924 |
|
|
24,135 |
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets1 |
|
|
0.44 |
% |
|
0.96 |
% |
|
1.28 |
% |
|
0.70 |
% |
|
1.27 |
% |
|
Return on average equity1 |
|
|
3.57 |
% |
|
7.71 |
% |
|
16.68 |
% |
|
5.65 |
% |
|
16.80 |
% |
|
Net interest margin1 |
|
|
3.46 |
% |
|
3.47 |
% |
|
3.51 |
% |
|
3.47 |
% |
|
3.50 |
% |
|
Net interest spread |
|
|
3.13 |
% |
|
3.07 |
% |
|
3.05 |
% |
|
3.10 |
% |
|
3.04 |
% |
|
Efficiency ratio2 |
|
|
56.46 |
% |
|
59.17 |
% |
|
52.68 |
% |
|
57.81 |
% |
|
53.88 |
% |
|
Non—interest revenue as a % of total revenues3 |
|
|
30.68 |
% |
|
30.49 |
% |
|
26.17 |
% |
|
30.59 |
% |
|
25.61 |
% |
|
Allowance for loan losses to loans |
|
|
1.53 |
% |
|
1.37 |
% |
|
1.22 |
% |
|
|
|
|
|
|
|
Allowance as a percentage of non—performing loans |
|
|
82.84 |
% |
|
134.29 |
% |
|
232.25 |
% |
|
|
|
|
|
|
|
Ratio of average loan to average deposits |
|
|
98.17 |
% |
|
94.61 |
% |
|
98.20 |
% |
|
96.39 |
% |
|
97.93 |
% |
|
Ratio of tangible capital to tangible assets |
|
|
5.88 |
% |
|
6.11 |
% |
|
5.49 |
% |
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge—offs |
|
$ |
6,645 |
|
$ |
1,786 |
|
$ |
203 |
|
$ |
8,431 |
|
$ |
433 |
|
|
Non—performing loans |
|
|
58,641 |
|
|
31,964 |
|
|
10,392 |
|
|
|
|
|
|
|
|
Other non—performing assets |
|
|
3,096 |
|
|
2,476 |
|
|
1,817 |
|
|
|
|
|
|
|
|
1 Quarterly ratios annualized |
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|
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2 Net of security gains and amortization |
|
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|
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|
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|
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3 Net of interest expense, excludes security gains |
|
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Net Income by Segment |
|
QTD |
|
QTD |
|
% |
|
YTD |
|
YTD |
|
% |
|
||||
|
(dollars in thousands) |
|
6/30/2008 |
|
3/31/2008 |
|
Change |
|
6/30/2008 |
|
6/30/2007 |
|
Change |
|
||||
|
Consolidated |
|
$ |
4,591 |
|
$ |
10,004 |
|
(54.11 |
) |
$ |
14,595 |
|
$ |
15,600 |
|
(6.44 |
) |
|
Busey Bank |
|
|
6,395 |
|
|
11,602 |
|
(44.88 |
) |
|
17,997 |
|
|
16,018 |
|
12.35 |
|
|
Busey Bank, N.A. |
|
|
(2,002 |
) |
|
(1,047 |
) |
(91.21 |
) |
|
(3,049 |
) |
|
642 |
|
(574.92 |
) |
|
Busey Wealth Management |
|
|
871 |
|
|
446 |
|
95.29 |
|
|
1,317 |
|
|
1,164 |
|
13.14 |
|
|
FirsTech |
|
|
703 |
|
|
629 |
|
11.76 |
|
|
1,332 |
|
|
— |
|
— |
|
Net income information reflects reported earnings for prior periods. The pro forma effects of the merger with Main Street are not reflected in the June 30, 2007 net income data. The provision for loan losses is the primary reason net income is down at Busey Bank and Busey Bank, N.A. quarter over quarter. YTD June 30, 2008 for Busey Bank and Busey Wealth Management net income reflects the increase from the merger with Main Street. Busey Bank’s increase YTD June 30, 2008 over the same period in the prior year is due to the merger with Main Street Bank & Trust, offset by the $9.2 million, pre-tax, of provision for loan losses recorded during 2008.
|
Loan Portfolio Quality |
|
|
|
|
|
|
|
|
|
|
|
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|||||
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(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
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|
|
Balance |
|
YTD |
|
YTD |
|
Balance |
|
|
|
Balance |
|
|||||
|
Allowance for Loan Losses |
|
12/31/2007 |
|
Provision |
|
Charge Offs, Net |
|
6/30/2008 |
|
|
|
3/31/2008 |
|
|||||
|
Busey Bank |
|
$ |
35,796 |
|
$ |
9,150 |
|
$ |
(4,226 |
) |
$ |
40,720 |
|
|
|
$ |
35,791 |
|
|
Busey Bank, N.A. |
|
|
6,764 |
|
|
5,300 |
|
|
(4,205 |
) |
|
7,859 |
|
|
|
|
7,133 |
|
|
|
|
$ |
42,560 |
|
$ |
14,450 |
|
$ |
(8,431 |
) |
$ |
48,579 |
|
|
|
$ |
42,924 |
|
|
|
|
Balance |
|
IL / IN |
|
FL |
|
|
|
Commercial |
|
Retail |
|
|
|
Balance |
|
||||||
|
Non-Accrual Loans |
|
6/30/2008 |
|
6/30/2008 |
|
6/30/2008 |
|
|
|
6/30/2008 |
|
6/30/2008 |
|
|
|
3/31/2008 |
|
||||||
|
Busey Bank |
|
$ |
39,032 |
|
$ |
13,607 |
|
$ |
25,425 |
|
|
|
$ |
37,098 |
|
$ |
1,934 |
|
|
|
$ |
12,704 |
|
|
Busey Bank, N.A. |
|
|
14,123 |
|
|
— |
|
|
14,123 |
|
|
|
|
6,329 |
|
|
7,794 |
|
|
|
|
13,947 |
|
|
|
|
$ |
53,155 |
|
$ |
13,607 |
|
$ |
39,548 |
|
|
|
$ |
43,427 |
|
$ |
9,728 |
|
|
|
$ |
26,651 |
|
|
2008 Charge—offs on Non—Accrual Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Busey Bank |
|
$ |
10,520 |
|
$ |
5,520 |
|
$ |
5,000 |
|
|
|
$ |
10,053 |
|
$ |
467 |
|
|
|
$ |
7,592 |
|
|
Busey Bank, N.A. |
|
|
5,482 |
|
|
— |
|
|
5,482 |
|
|
|
|
1,943 |
|
|
3,539 |
|
|
|
|
2,917 |
|
|
|
|
$ |
16,002 |
|
$ |
5,520 |
|
$ |
10,482 |
|
|
|
$ |
11,996 |
|
$ |
4,006 |
|
|
|
$ |
10,509 |
|
|
Specific Allocation of ALL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Busey Bank |
|
$ |
7,283 |
|
$ |
2,833 |
|
$ |
4,450 |
|
|
|
$ |
7,233 |
|
$ |
50 |
|
|
|
$ |
1,040 |
|
|
Busey Bank, N.A. |
|
|
1,112 |
|
|
— |
|
|
1,112 |
|
|
|
|
100 |
|
|
1,012 |
|
|
|
|
690 |
|
|
|
|
$ |
8,395 |
|
$ |
2,833 |
|
$ |
5,562 |
|
|
|
$ |
7,333 |
|
$ |
50 |
|
|
|
$ |
1,040 |
|
|
90 + Days Past Due |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Busey Bank |
|
$ |
5,032 |
|
$ |
5,032 |
|
$ |
— |
|
|
|
$ |
2,588 |
|
$ |
2,444 |
|
|
|
$ |
5,087 |
|
|
Busey Bank, N.A. |
|
|
454 |
|
|
— |
|
|
454 |
|
|
|
|
149 |
|
|
305 |
|
|
|
|
227 |
|
|
|
|
$ |
5,486 |
|
$ |
5,032 |
|
$ |
454 |
|
|
|
$ |
2,737 |
|
$ |
2,749 |
|
|
|
$ |
5,314 |
|
Non-performing loans increased $26.7 million primarily related to increased non-accrual loans. Busey Bank’s non-accrual loans increased $26.3 million due primarily to loans to two different customers in its Florida loan production office that totaled $23.8 million at June 30, 2008. We have charged off $2.0 million and have $4.2 million of specific allowance allocated to these loans.
Overall, Busey Bank has charged off $10.5 million of its non-accrual loans during 2008. Charge offs reduce the reported principal of the balance of the loan, whereas, a specific allocation of allowance for loan losses (ALL) does not reduce the reported principal balance of the loan. Non-accrual loans are reported net of charge-offs, but gross of related specific allocations of ALL.
Our ALL as a percentage of non-performing loans has decreased below 100% due to the $16.0 million of charge-offs taken during 2008. As loan balances are charged off to reflect the loss we expect upon final resolution of the loan collection process, no additional allowance is necessary to cover the expected loss related to that loan. Certain loans will have amounts charged off and a specific allocation of ALL assigned to the loan. In this case, we expect a loss, but a reasonable possibility exists the loss will not be as large as we estimate. Therefore, the known loss is charged off and the remaining potential loss is assigned a specific allocation of ALL.
|
Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
||||
|
(Unaudited, in thousands, except per share data) |
|
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
|
||||
|
|
|
2008 |
|
2008 |
|
2007 |
|
2007 |
|
||||
|
Assets |
|
|
|
|
|
|
|
|
|
||||
|
Cash and due from banks |
|
$ |
124,639 |
|
$ |
123,068 |
|
$ |
125,228 |
|
$ |
56,104 |
|
|
Federal funds sold |
|
|
— |
|
|
— |
|
|
459 |
|
|
14,100 |
|
|
Investment securities |
|
|
580,891 |
|
|
600,953 |
|
|
610,422 |
|
|
323,201 |
|
|
Net loans |
|
|
3,118,126 |
|
|
3,088,954 |
|
|
3,010,665 |
|
|
1,958,667 |
|
|
Premises and equipment |
|
|
82,198 |
|
|
81,269 |
|
|
80,400 |
|
|
41,328 |
|
|
Goodwill and other intangibles |
|
|
278,835 |
|
|
279,982 |
|
|
280,487 |
|
|
57,623 |
|
|
Other assets |
|
|
80,742 |
|
|
77,596 |
|
|
85,264 |
|
|
49,173 |
|
|
Total assets |
|
$ |
4,265,431 |
|
$ |
4,251,822 |
|
$ |
4,192,925 |
|
$ |
2,500,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non—interest bearing deposits |
|
$ |
376,452 |
|
$ |
395,115 |
|
$ |
389,672 |
|
$ |
230,595 |
|
|
Interest—bearing deposits |
|
|
2,797,511 |
|
|
2,853,193 |
|
|
2,817,526 |
|
|
1,813,142 |
|
|
Total deposits |
|
$ |
3,173,963 |
|
$ |
3,248,308 |
|
$ |
3,207,198 |
|
$ |
2,043,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased & securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreements to repurchase |
|
|
217,734 |
|
|
142,496 |
|
|
203,119 |
|
|
52,697 |
|
|
Short—term borrowings |
|
|
117,000 |
|
|
116,000 |
|
|
10,523 |
|
|
— |
|
|
Long—term debt |
|
|
151,910 |
|
|
127,910 |
|
|
150,910 |
|
|
139,825 |
|
|
Junior subordinated debt owed to unconsolidated trusts |
|
|
55,000 |
|
|
55,000 |
|
|
55,000 |
|
|
55,000 |
|
|
Other liabilities |
|
|
36,301 |
|
|
39,487 |
|
|
36,478 |
|
|
17,210 |
|
|
Total liabilities |
|
$ |
3,751,908 |
|
$ |
3,729,201 |
|
$ |
3,663,228 |
|
$ |
2,308,469 |
|
|
Total stockholders’ equity |
|
$ |
513,523 |
|
$ |
522,621 |
|
$ |
529,697 |
|
$ |
191,727 |
|
|
Total liabilities & stockholders’ equity |
|
$ |
4,265,431 |
|
$ |
4,251,822 |
|
$ |
4,192,925 |
|
$ |
2,500,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
14.35 |
|
$ |
14.57 |
|
$ |
14.58 |
|
$ |
8.93 |
|
|
Tangible book value per share |
|
$ |
6.56 |
|
$ |
6.77 |
|
$ |
6.86 |
|
$ |
6.25 |
|
|
Ending number of shares outstanding |
|
|
35,787 |
|
|
35,858 |
|
|
36,332 |
|
|
21,467 |
|
|
Condensed Consolidated Statements of Income |
|
|
|
|
|
|
|
|
|
||||
|
(Unaudited, in thousands, except per share data) |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
||||||||
|
|
|
2008 |
|
2007 |
|
2008 |
|
2007 |
|
||||
|
Interest and fees on loans |
|
$ |
48,611 |
|
$ |
36,232 |
|
$ |
100,262 |
|
$ |
71,747 |
|
|
Interest on investment securities |
|
|
6,079 |
|
|
3,820 |
|
|
12,880 |
|
|
7,581 |
|
|
Other interest income |
|
|
3 |
|
|
128 |
|
|
108 |
|
|
287 |
|
|
Total interest income |
|
$ |
54,693 |
|
$ |
40,180 |
|
$ |
113,250 |
|
$ |
79,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
19,174 |
|
|
16,921 |
|
|
42,021 |
|
|
33,507 |
|
|
Interest on short-term borrowings |
|
|
1,756 |
|
|
805 |
|
|
3,515 |
|
|
1,510 |
|
|
Interest on long-term debt |
|
|
1,391 |
|
|
1,788 |
|
|
3,121 |
|
|
3,672 |
|
|
Junior subordinated debt owed to unconsolidated trusts |
|
|
846 |
|
|
1,003 |
|
|
1,805 |
|
|
2,002 |
|
|
Total interest expense |
|
$ |
23,167 |
|
$ |
20,517 |
|
$ |
50,462 |
|
$ |
40,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
31,526 |
|
$ |
19,663 |
|
$ |
62,788 |
|
$ |
38,924 |
|
|
Provision for loan losses |
|
|
12,300 |
|
|
680 |
|
|
14,450 |
|
|
980 |
|
|
Net interest income after provision for loan losses |
|
$ |
19,226 |
|
$ |
18,983 |
|
$ |
48,338 |
|
$ |
37,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees for customer services |
|
|
3,994 |
|
|
2,923 |
|
|
7,845 |
|
|
5,589 |
|
|
Trust fees |
|
|
3,698 |
|
|
1,689 |
|
|
6,771 |
|
|
3,399 |
|
|
Remittance processing |
|
|
3,028 |
|
|
— |
|
|
5,975 |
|
|
— |
|
|
Commissions and brokers’ fees |
|
|
686 |
|
|
657 |
|
|
1,388 |
|
|
1,242 |
|
|
Gain on sales of loans |
|
|
1,206 |
|
|
764 |
|
|
2,366 |
|
|
1,420 |
|
|
Net security gains |
|
|
30 |
|
|
427 |
|
|
502 |
|
|
930 |
|
|
Other |
|
|
1,343 |
|
|
937 |
|
|
3,322 |
|
|
1,749 |
|
|
Total non-interest income |
|
$ |
13,985 |
|
$ |
7,397 |
|
$ |
28,169 |
|
$ |
14,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
|
11,851 |
|
|
6,955 |
|
|
23,363 |
|
|
13,699 |
|
|
Employee benefits |
|
|
2,586 |
|
|
1,384 |
|
|
5,722 |
|
|
2,937 |
|
|
Net occupancy expense |
|
|
2,325 |
|
|
1,363 |
|
|
4,789 |
|
|
2,826 |
|
|
Furniture and equipment expense |
|
|
2,350 |
|
|
855 |
|
|
4,267 |
|
|
1,679 |
|
|
Data processing expense |
|
|
1,628 |
|
|
482 |
|
|
3,316 |
|
|
1,016 |
|
|
Amortization expense |
|
|
1,130 |
|
|
254 |
|
|
2,259 |
|
|
509 |
|
|
Other operating expenses |
|
|
5,282 |
|
|
3,229 |
|
|
11,529 |
|
|
6,554 |
|
|
Total non-interest expense |
|
$ |
27,152 |
|
$ |
14,522 |
|
$ |
55,245 |
|
$ |
29,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
6,059 |
|
$ |
11,858 |
|
$ |
21,262 |
|
$ |
23,053 |
|
|
Income taxes |
|
|
1,468 |
|
|
3,994 |
|
|
6,667 |
|
|
7,453 |
|
|
Net income |
|
$ |
4,591 |
|
$ |
7,864 |
|
$ |
14,595 |
|
$ |
15,600 |
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.13 |
|
$ |
0.37 |
|
$ |
0.41 |
|
$ |
0.73 |
|
|
Fully-diluted earnings per share |
|
$ |
0.13 |
|
$ |
0.37 |
|
$ |
0.41 |
|
$ |
0.72 |
|
|
Diluted average shares outstanding |
|
|
35,931 |
|
|
21,510 |
|
|
36,031 |
|
|
21,526 |
|