SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20579
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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 19, 2004
FIRST BUSEY CORPORATION
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(Exact name of registrant as specified in its charter)
Nevada 0-15959 37-1078406
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(State of other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
201 West Main Street, Urbana, Illinois 61801
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (217) 365-4513
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
99.1 Press Release, dated April 19, 2004
ITEM 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL
CONDITION.
On Monday, April 19, 2004, the Registrant issued a press release
disclosing financial results for the quarter ended March 31, 2004. 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.
2
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 thereunto duly authorized.
FIRST BUSEY CORPORATION
Date: April 19, 2004 By: /s/ Barbara J. Harrington
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Name: Barbara J. Harrington
Title: Chief Financial Officer
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EXHIBIT INDEX
99.1 Press Release, dated April 19, 2004.
4
Exhibit 99.1
First Busey Corporation Earnings Release
URBANA, Ill., April 19 /PRNewswire-FirstCall/ --
FINANCIAL HIGHLIGHTS
-- Net income increased $518,000 or 10.7% to $5,360,000 for the quarter
ended March 31, 2004, compared to $4,842,000 for the first quarter of
2003. First Busey Corporation earned $0.39 per share on a fully-
diluted basis during the first quarter of 2004, an increase of 11.4%
over per share earnings of $0.35 during the first quarter of 2003.
-- Net interest income for the quarter ended March 31, 2004 was
$12,362,000, an increase of $537,000 or 4.5% from $11,825,000 for the
quarter ended March 31, 2003. Interest income was $18,256,000 for the
quarter ended March 31, 2004, a decline of $412,000 or 2.2% from
$18,668,000 for the quarter ended March 31, 2003, due to lower yields
on all categories of interest-bearing assets, partially offset by an
increase in the average balance of loans. Interest expense was
$5,894,000, a decline of $949,000 or 13.9% from $6,843,000 for the
quarter ended March 31, 2003. The decline in interest expense is due
to lower funding costs offset partially by growth in the average
balance of outstanding debt.
-- Provision for loan losses was $425,000 for the quarter ended March 31,
2004, compared to $600,000 for the first quarter of 2003. The
decrease in provision expense is related to the reduction in the level
of past-due loans.
-- Non-interest income was $5,694,000 for the quarter ended March 31,
2004, a decline of $781,000 or 12.1% from $6,475,000 for the
comparable period in 2003. Gains on the sale of mortgage loans
declined to $822,000 for the first quarter of 2004 compared to
$2,235,000 during the same period of 2003. Growth in trust and
brokerage commissions partially offset the decline in mortgage banking
income. Trust and brokerage commissions increased $415,000 or 26.4%
to $1,987,000 for the first quarter of 2004 compared to $1,572,000 for
the first quarter of 2003.
-- Non-interest expense totaled $9,467,000 for the quarter ended March
31, 2004, a decline of $915,000 or 8.8% from $10,382,000 for the first
quarter of 2003. Salary and wage expense was lower in the first
quarter of 2004 compared to the first quarter of 2003, due to reduced
levels of commission expense on mortgage loan production. Other
operating expenses were lower during the first quarter of 2004
compared to the first quarter of 2003 due primarily to lower expenses
associated with foreclosed assets.
FINANCIAL SUMMARY
Three Months Ended
March 31,
2004 2003 % Change
(dollars in thousands except per share data)
Earnings & Per Share Data
Net Income $5,360 $4,842 10.7%
Basic earnings per share 0.39 0.36 8.3%
Fully diluted earnings per share 0.39 0.35 11.4%
Dividends per share 0.19 0.17 11.8%
Average Balances
Assets $1,515,508 $1,423,030 6.5%
Investment securities 214,803 237,035 -9.4%
Loans 1,205,928 1,083,380 11.3%
Earning assets 1,422,618 1,332,042 6.8%
Deposits 1,231,218 1,190,706 3.4%
Stockholders' equity 126,742 117,400 8.0%
Performance Ratios
Return on average assets 1.42% 1.38%
Return on average equity 17.01% 16.73%
Net interest margin 3.58% 3.70%
Efficiency ratio 51.57% 55.74%
Loan Performance
Net credit losses (recoveries) $(1) $12
Accruing loans 90+ days past due 727 4,499
Non-accrual loans 2,695 990
Foreclosed assets 4,784 5,483
March 31, 2004
NASDAQ symbol .................. BUSE
Closing price .................. $27.09
Price/earnings ratio ........... 17.15x
Price/book ratio ............... 288%
52-week price range ............ $23.08 - $28.84
Book value per share ........... $9.40
YTD dividend per share ......... $0.19
Common shares outstanding ...... 13.7 million
CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31,
2004 2003
(dollars in thousands except
per share data)
Assets
Cash and due from banks $41,942 $48,233
Federal Funds sold 5,100 18,500
Investment securities 209,599 233,498
Loans 1,224,831 1,099,735
Less allowance for loan losses (16,654) (16,048)
Net loans 1,208,177 1,083,687
Premises and equipment, net 22,388 26,846
Goodwill and other intangibles 9,375 9,741
Other assets 37,013 33,637
Total assets $1,533,594 $1,454,142
Liabilities & Stockholders' Equity
Non-interest bearing deposits $169,401 $154,386
Interest bearing deposits 1,088,608 1,058,526
Total deposits $1,258,009 $1,212,912
Federal funds purchased & securities
sold under agreements to repurchase 8,526 9,005
Short-term debt 3,250 -
Long-term debt 100,603 77,759
Junior subordinated debt
owed to unconsolidated trust 25,000 25,000
Other liabilities 9,641 10,142
Total liabilities $1,405,029 $1,334,818
Common stock $6,291 $6,291
Surplus 21,019 20,977
Retained earnings 105,070 94,176
Other comprehensive income 9,852 10,267
Treasury stock (10,780) (10,546)
Unearned ESOP shares (2,853) (1,759)
Deferred compensation for stock grants (34) (82)
Total stockholders' equity $128,565 $119,324
Total liabilities & stockholders' equity $1,533,594 $1,454,142
Per Share Data
Book value per share $9.40 $8.75
Tangible book value per share $8.71 $8.03
Ending number of shares outstanding 13,681,000 13,640,000
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended
March 31,
2004 2003
(dollars in thousands except
per share data)
Interest and fees on loans $16,639 $16,485
Interest on investment securities 1,616 2,150
Other interest income 1 33
Total interest income $18,256 $18,668
Interest on deposits $4,247 $5,424
Interest on short-term borrowings 68 45
Interest on long-term debt 1,016 811
Junior subordinated debt
owed to unconsolidated trust 563 563
Total interest expense $5,894 $6,843
Net interest income $12,362 $11,825
Provision for loans losses 425 600
Net interest income after provision $11,937 $11,225
Trust fees $1,395 $1,107
Commissions and brokers' fees 592 465
Fees for customer services 2,196 2,143
Gain on sale of loans 822 2,235
Security gains, net 191 183
Other 498 342
Total non-interest income $5,694 $6,475
Salaries and employee benefits $5,564 $5,651
Net occupancy expense 884 815
Furniture and equipment expenses 535 682
Other operating expenses 2,484 3,234
Total non-interest expense $9,467 $10,382
Income before income taxes $8,164 $7,318
Income taxes 2,804 2,476
Net Income $5,360 $4,842
Common Share Data
Basic earnings per share $0.39 0.36
Fully diluted earnings per share $0.39 0.35
Average number of shares outstanding 13,669,000 13,664,000
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 March 31,
2004. Busey Bank Florida is a federal thrift headquartered in Ft. Myers,
Florida with two banking centers located in Cape Coral, Florida. Total assets
of Busey Bank Florida were $117 million as of March 31, 2004. 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
$1.25 billion in assets under care. First Busey Securities, Inc. (member
NASD/SIPC) is a full-service broker/dealer subsidiary with more than
$600 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 March 31, 2004 at $27.09, an increase of 0.3%
from the closing price of $27.00 on December 31, 2003.
SOURCE First Busey Corporation
-0- 04/19/2004
/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