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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) - July 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 July 19, 2004
ITEM 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On Monday, July 19, 2004, the Registrant issued a press release disclosing
financial results for the quarter ended June 30, 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: July 19, 2004 By: // Barbara J. Harrington//
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Name: Barbara J. Harrington
Title: Chief Financial Officer
3
EXHIBIT INDEX
99.1 Press Release, dated July 19, 2004.
4
Exhibit 99.1
First Busey Corporation Second Quarter Earnings Release
URBANA, Ill., July 19 /PRNewswire-FirstCall/ --
FINANCIAL HIGHLIGHTS
-- On June 1, 2004, First Busey Corporation completed its acquisition of
First Capital Bankshares, Inc. First Capital Bankshares, Inc. owned
100% of the outstanding shares of First Capital Bank. First Capital
Bank was organized by local businessmen in the Peoria market in 1996.
As of June 30, 2004, First Capital Bank had total assets of
$254 million, total loans of $158 million and total deposits of
$162 million.
-- Net income increased $185,000 or 3.5% to $5,541,000 for the quarter
ending June 30, 2004, as compared to $5,356,000 for the comparable
period in 2003. For the quarter ending June 30, 2004 earnings per
share on a fully-diluted basis were $0.41, an increase of $0.02 or
5.1% from $0.39 for the comparable period in 2003. On a year-to-date
basis, net income increased $703,000 or 6.9% to $10,901,000, as
compared to $10,198,000 for the comparable period in 2003. For the
six-month period ending June 30, 2004, earnings per share on a fully-
diluted basis were $0.80, an increase of $0.05 or 6.7% from $0.75 for
the comparable period in 2003.
-- Net interest income increased $1,440,000 or 12.1% to $13,294,000 in
the second quarter of 2004 compared to $11,854,000 in the comparable
quarter in 2003. Interest income increased $1,408,000 during the
second quarter of 2004 compared to the same period in 2003 due
primarily to asset growth. Interest expense was slightly lower during
the second quarter of 2004 compared to the same period in 2003.
Growth in the average balance of interest-bearing liabilities only
partially offset the decline in average funding costs.
-- Non-interest income was $6,034,000 during the second quarter of 2004,
which represents a drop of $837,000 or 12.2% from non-interest income
of $6,871,000 during the second quarter of 2003. Increased trust,
brokerage, and customer service activities partially offset the impact
of reduced volume in mortgage banking activities during the quarter.
-- Non-interest expense increased $212,000 or 2.1% to $10,196,000 during
the quarter ended June 30, 2004, as compared to $9,984,000 during the
comparable prior year period due primarily to increased occupancy
costs which were partially offset by a decline in salary and benefits
costs.
FINANCIAL SUMMARY
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
(in thousands, except per share data)
Earnings & Per Share Data
Net Income $5,541 $5,356 $10,901 $10,198
Basic earnings
per share 0.41 0.39 0.80 0.75
Fully diluted earnings
per share 0.41 0.39 0.80 0.75
Dividends per share 0.19 0.17 0.38 0.34
Average Balances
Assets $1,651,949 $1,450,356 $1,584,313 $1,436,786
Investment
securities 228,648 245,181 222,362 241,168
Loans 1,306,537 1,099,101 1,256,235 1,091,288
Earning assets 1,545,837 1,359,539 1,484,227 1,345,941
Deposits 1,326,731 1,202,463 1,278,422 1,196,566
Stockholders' equity 127,678 121,288 127,016 119,347
Performance Ratios
Return on
average assets 1.35% 1.48% 1.38% 1.43%
Return on
average equity 17.41% 17.71% 17.26% 17.23%
Net interest margin 3.54% 3.59% 3.56% 3.64%
Efficiency ratio 52.57% 52.20% 52.09% 53.95%
Loan Performance
Net credit losses $1,065 $51 $1,064 $63
Accruing loans
90+ days past due 1,121 1,180 1,121 1,180
Non-accrual loans 2,030 1,145 2,030 1,145
Foreclosed assets 4,911 5,294 4,911 5,294
CONSOLIDATED BALANCE SHEETS (unaudited)
June 30,
2004 2003
(in thousands except
per share data)
Assets
Cash and due from banks $47,242 $45,871
Federal funds sold 5,850 33,300
Investment securities 284,533 248,829
Loans 1,451,460 1,114,804
Less allowance for loan losses (18,313) (16,327)
Net loans 1,433,147 1,098,477
Premises and equipment, net 26,228 25,389
Goodwill and other intangibles 36,244 9,638
Other assets 41,639 38,708
Total assets $1,874,883 $1,500,212
Liabilities & Stockholders' Equity
Non-interest bearing deposits $181,599 $161,122
Interest-bearing deposits 1,301,598 1,096,160
Total deposits $1,483,197 $1,257,282
Federal funds purchased & securities
sold under agreements to repurchase 35,480 8,162
Short-term debt 14,250 -
Long-term debt 165,167 77,759
Junior subordinated debt owed to
unconsolidated trust 40,000 25,000
Other liabilities 8,342 8,486
Total liabilities $1,746,436 $1,376,689
Common stock $6,291 $6,291
Surplus 21,071 21,004
Retained earnings 108,036 97,225
Other comprehensive income 7,581 11,142
Treasury stock (11,651) (10,312)
Unearned ESOP shares (2,853) (1,759)
Deferred compensation for stock grants (28) (68)
Total stockholders' equity $128,447 $123,523
Total liabilities & stockholders' equity $1,874,883 $1,500,212
Per Share Data
Book value per share $9.41 $9.05
Tangible book value per share $6.75 $8.34
Ending number of shares outstanding 13,655,402 13,652,220
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
(in thousands, except per share data)
Interest and fees
on loans $18,077 $16,354 $34,716 $32,839
Interest on investment
securities 1,808 2,106 3,424 4,256
Other interest income 27 44 28 77
Total interest
income $19,912 $18,504 $38,168 $37,172
Interest on deposits $4,650 $5,176 $8,897 $10,600
Interest on short-term
borrowings 95 52 163 97
Interest on long-term
debt 1,215 860 2,231 1,671
Junior subordinated debt
owed to unconsolidated
trust 658 562 1,221 1,125
Total interest expense $6,618 $6,650 $12,512 $13,493
Net interest income $13,294 $11,854 $25,656 $23,679
Provision for
loans losses 655 330 1,080 930
Net interest income
after provision $12,639 $11,524 $24,576 $22,749
Trust fees $1,396 $1,184 $2,791 $2,291
Commissions and
brokers' fees 604 511 1,196 976
Fees for customer
services 2,525 2,341 4,721 4,484
Gain on sale of loans 459 2,239 1,281 4,474
Security gains, net 497 116 688 299
Other 553 480 1,051 822
Total non-interest
income $6,034 $6,871 $11,728 $13,346
Salaries and employee
benefits $5,796 $5,869 $11,360 $11,520
Net occupancy expense 933 714 1,817 1,529
Furniture and
equipment expenses 588 628 1,123 1,310
Other operating
expenses 2,879 2,773 5,363 6,007
Total non-interest
expense $10,196 $9,984 $19,663 $20,366
Income before
income taxes $8,477 $8,411 $16,641 $15,729
Income taxes 2,936 3,055 5,740 5,531
Net Income $5,541 $5,356 $10,901 $10,198
Common Share Data
Basic earnings
per share $0.41 $0.39 $0.80 $0.75
Fully-diluted earnings
per share $0.41 $0.39 $0.80 $0.75
Average number of
shares
outstanding 13,652,081 13,692,957 13,660,254 13,678,784
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
June 30, 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 $137 million as of June 30, 2004. 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 at First Capital
Bank as of June 30, 2004 were $254 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 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 $630 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 June 30, 2004 at $29.29, an increase of 8.5%
from the closing price of $27.00 on December 31, 2003.
SOURCE First Busey Corporation
-0- 07/19/2004
/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, Indiana, Florida
IN: FIN
SU: ERN