SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20579 ----------------------------- 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 17, 2002 FIRST BUSEY CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Nevada 0-15950 37-1078406 - ---------------------- ------------------- ----------------------- (State of other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 201 West Main Street, Urbana, Illinois 61801 - ---------------------------------------------- ---------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (217) 365-4513
ITEM 5. OTHER EVENTS. On Friday, July 17, 2002, the Registrant issued a revised press release disclosing financial results for the quarter ended June 30, 2002. The revised press release corrected a typographical error contained in the initial press release, dated and issued July 15, 2002. The revised 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-
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS 99.1 Revised Press Release, dated July 17, 2002. -3-
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 17, 2002 By: Barbara J. Kuhl -------------------------- Name: Barbara J. Kuhl Title: President -4-
EXHIBIT INDEX 99.1 Revised Press Release, dated July 17, 2002. -5-
CONTACT: BARBARA J. KUHL 201 W. Main Street [FIRST BUSEY CORPORATION LOGO] President Urbana, IL 61801 Phone: 217-365-4513 Fax: 217-365-4592 REVISED PRESS RELEASE FIRST BUSEY CORPORATION ANNOUNCES EARNINGS July 17, 2002 Chairman of the Board and Chief Executive Officer, Douglas C. Mills, announced today that First Busey Corporation's earnings for the second quarter of 2002 were $4.3 million, a 6.5% increase over earnings of $4.0 million in the second quarter of 2001. Diluted earnings per share increased 6.7% to $.32 as compared to $.30 in 2001. Cash basis diluted earnings per share reached $.32 for the second quarter of 2002 as compared to $.31 for the quarter ending June 30, 2001. First Busey Corporation common stock (Nasdaq:BUSE) ended the quarter at $22.45, an increase of 4.9% over the closing price on March 31, 2002 of $21.40. Total assets as of June 30, 2002 were $1.4 billion with total loans reaching $1.0 billion. Net income for the first six months of 2002 reached $9.0 million as compared to $8.1 million for the first six months of 2001. This represents an increase of 10.5%. Diluted earnings per share for the six months ended June 30, 2002 were $.66, a 10.0% increase over the $.60 diluted earnings per share for the six months ended June 30, 2001. Return on average assets was 1.4% and return on average equity was 16.8% for the six months ending June 30, 2002. During the second quarter of 2002, Busey Bank had net charge-offs of $986,000. This primarily represented two credits, one in the Indianapolis market and one in the Bloomington, Illinois market. The remaining indebtedness of the Bloomington credit was moved to Other Real Estate Owned in the amount of $4.0 million. First Busey Corporation also recognized a loss of $393,000 in a venture capital investment. At the quarter-end, the Allowance for Loan Losses as a percent of total loans was 1.37%. Chairman Mills indicated that, "First Busey Corporation has experienced excellent earnings growth during the first six months of 2002 in spite of the uncertainty in the economy. Though our Midwest bank is located in fairly stable communities, we are not immune to the current economic situation. Although Management currently believes the three significant charge offs taken in this quarter are isolated cases, we are realistic of the impact the current economic environment has placed on our customers." First Busey Corporation 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 and a loan production office in Ft. Myers, Florida. Total assets of Busey Bank were $1.3 billion as of June 30, 2002. Busey Bank Florida is a federal thrift charter headquartered in Ft. Myers, Florida. Busey Bank Florida ended the second quarter of 2002 with total assets of $56.1 million. Busey also provided 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 billion in assets under care. First Busey Securities, Inc., is a full service broker/dealer subsidiary, which has in excess of $525 million in assets under care and is a member of NASD/SIPC. Busey Insurance Services, Inc. provides personal insurance products and specializes in long-term healthcare insurance.
FIRST BUSEY CORPORATION Financial Highlights (Unaudited) (Dollars in Thousands except Per Share Data) Quarter Ended June 30, Six Months Ended June 30, -------------------------------------------------------------- 2002 2001 2002 2001 Income Statement Net interest income $ 11,118 $ 10,864 $ 22,259 $ 21,632 Provision for loan losses 915 495 1,480 895 Securities gains (losses) 199 221 473 872 Noninterest income 5,387 5,491 10,577 10,232 Noninterest expense 9,400 9,802 18,395 19,130 Income taxes 2,102 2,252 4,457 4,586 Net income 4,287 4,027 8,977 8,125 END OF PERIOD BALANCES Loans, net of unearned income $ 1,009,151 $ 969,784 Deposits 1,135,812 1,134,815 Stockholders' equity 110,771 98,599 Total earning assets 1,255,400 1,243,928 Total assets 1,356,565 1,334,547 AVERAGE BALANCES Loans, net of unearned income $ 989,895 $ 978,028 $ 987,258 $ 976,506 Deposits 1,085,713 1,116,825 1,085,847 1,121,518 Stockholders' equity 108,706 96,634 107,615 95,262 Total earning assets 1,216,179 1,237,856 1,208,862 1,244,626 Total assets 1,304,083 1,314,140 1,295,457 1,322,575 PER SHARE DATA Basic earnings per share $ 0.32 $ 0.30 $ 0.66 $ 0.60 Diluted earnings per share $ 0.32 $ 0.30 $ 0.66 $ 0.60 Dividends declared $ 0.15 $ 0.13 $ 0.30 $ 0.26 Book value per share $ 8.11 $ 7.28 $ 8.11 $ 7.28 Tangible book value per share $ 7.36 $ 6.43 $ 7.36 $ 6.43 Average number of shares outstanding 13,642,719 13,551,942 13,649,604 13,597,040 Ending number of shares outstanding 13,650,920 13,546,813 13,650,920 13,546,813 PROFITABILITY RATIOS Return on average assets 1.32% 1.23% 1.40% 1.24% Return on average equity 15.82% 16.71% 16.82% 17.20% Net interest margin (tax equivalent) 3.77% 3.63% 3.82% 3.67% LOAN PERFORMANCE Net credit losses $ 986 $ 75 $ 1,358 $ 166 Accruing loans 90+ past due 484 1,447 484 1,447 Nonaccrual loans 1,169 1,206 1,169 1,206 Foreclosed assets 5,281 254 5,281 254
FIRST BUSEY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS June 30, June 30, 2002 2001 ------------ ------------ ASSETS (Dollars in thousands) Cash and due from banks $ 43,893 $ 53,398 -- -- Federal funds sold 27,700 42,500 -- -- Investment securities 218,482 222,143 Loans (net of unearned interest) 1,009,151 969,784 Allowance for loan losses (13,810) (12,997) ------------ ------------ Net loans $ 995,341 $ 956,787 Premises and equipment 28,258 30,075 Goodwill and other intangibles 10,280 11,540 Other assets 32,611 18,104 ------------ ------------ Total assets $ 1,356,565 $ 1,334,547 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits: Non-interest bearing $ 134,671 $ 121,920 Interest bearing 1,001,141 1,012,895 ------------ ------------ Total deposits $ 1,135,812 $ 1,134,815 Fed Funds purchased and securities sold under agreements to repurchase 5,021 16,402 Short-term borrowings -- 5,000 Long-term debt 70,021 45,283 Company obligated mandatorily redeemable preferred securities of subsidiary trust holding solely subordinated debentures 25,000 25,000 Other liabilities 9,940 9,448 ------------ ------------ Total liabilities $ 1,245,794 $ 1,235,948 ------------ ------------ STOCKHOLDERS' EQUITY Common stock $ 6,291 $ 6,291 Surplus 20,906 21,746 Retained earnings 86,764 77,846 Other comprehensive income 9,182 7,125 ------------ ------------ Total stockholders' equity before treasury stock, unearned ESOP shares and deferred compensation for stock grants $ 123,143 $ 113,008 Treasury stock (10,205) (12,123) Unearned ESOP shares (2,021) (2,283) Deferred compensation for stock grants (146) (3) ------------ ------------ Total stockholders' equity $ 110,771 $ 98,599 ------------ ------------ Total liabilities and stockholders' equity $ 1,356,565 $ 1,334,547 ============ ============ Common shares outstanding at period end 13,650,920 13,546,813 ============ ============
FIRST BUSEY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS June 30, December 31, 2002 2001 ------------ ------------ ASSETS (Dollars in thousands) Cash and due from banks $ 43,893 $ 41,580 -- -- Federal funds sold 27,700 20,000 -- -- Investment securities 218,482 210,869 Loans (net of unearned interest) 1,009,151 978,106 Allowance for loan losses (13,810) (13,688) ------------ ------------ Net loans $ 995,341 $ 964,418 Premises and equipment 28,258 29,081 Goodwill and other intangibles 10,280 10,504 Other assets 32,611 24,237 ------------ ------------ Total assets $ 1,356,565 $ 1,300,689 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits: Non-interest bearing $ 134,671 $ 138,685 Interest bearing 1,001,141 967,314 ------------ ------------ Total deposits $ 1,135,812 $ 1,105,999 Fed Funds purchased and securities sold under agreements to repurchase 5,021 9,767 Short-term borrowings -- 2,000 Long-term debt 70,021 47,021 Company obligated mandatorily redeemable preferred securities of subsidiary trust holding solely subordinated debentures 25,000 25,000 Other liabilities 9,940 5,112 ------------ ------------ Total liabilities $ 1,245,794 $ 1,194,899 ------------ ------------ STOCKHOLDERS' EQUITY Common stock $ 6,291 $ 6,291 Surplus 20,906 21,170 Retained earnings 86,764 81,861 Other comprehensive income 9,182 8,128 ------------ ------------ Total stockholders' equity before treasury stock, unearned ESOP shares and deferred compensation for stock grants $ 123,143 $ 117,450 Treasury stock (10,205) (9,639) Unearned ESOP shares (2,021) (2,021) Deferred compensation for stock grants (146) -- ------------ ------------ Total stockholders' equity $ 110,771 $ 105,790 ------------ ------------ Total liabilities and stockholders' equity $ 1,356,565 $ 1,300,689 ============ ============ Common shares outstanding at period end 13,650,920 13,677,688 ============ ============
FIRST BUSEY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001 2002 2001 --------- ------- (Dollars in thousands, INTEREST INCOME: except per share amounts) Interest and fees on loans $32,637 $40,513 Interest and dividends on investment securities: Taxable interest income 3,659 5,278 Non-taxable interest income 977 1,038 Dividends 61 59 Interest on federal funds sold 86 749 ------- ------- Total interest income $37,420 $47,637 ------- ------- INTEREST EXPENSE: Deposits $12,366 $23,083 Short-term borrowings 265 1,484 Long-term debt 2,530 1,438 ------- ------- Total interest expense $15,161 $26,005 ------- ------- Net interest income $22,259 $21,632 Provision for loan losses 1,480 895 ------- ------- Net interest income after provision for loan losses $20,779 $20,737 ------- ------- NON-INTEREST INCOME: Trust $ 2,499 $ 2,406 Commissions and brokers fees, net 1,095 1,164 Service charges on deposit accounts 3,411 2,907 Other service charges and fees 862 815 Security gains (losses), net 473 872 Gain on sales of pooled loans 1,356 966 Net commissions from travel services -- 526 Other operating income 1,354 1,448 ------- ------- Total non-interest income $11,050 $11,104 ------- ------- NON-INTEREST EXPENSE: Salaries and wages $ 8,640 $ 8,641 Employee benefits 1,823 1,803 Net occupancy expense of bank premises 1,557 1,533 Furniture and equipment expenses 1,672 1,968 Data processing 417 391 Stationery, supplies and printing 490 541 Amortization expense 224 715 Other operating expenses 3,572 3,538 ------- ------- Total non-interest expense $18,395 $19,130 ------- ------- Income before income taxes $13,434 $12,711 Income taxes 4,457 4,586 ------- ------- Net income $ 8,977 $ 8,125 ======= ======= BASIC EARNINGS PER SHARE: $ 0.66 $ 0.60 ======= ======= DILUTED EARNINGS PER SHARE: $ 0.66 $ 0.60 ======= ======= DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $ 0.30 $ 0.26 ======= =======
FIRST BUSEY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE QUARTERS ENDED JUNE 30, 2002 AND 2001 2002 2001 --------- ------- (Dollars in thousands, INTEREST INCOME: except per share amounts) Interest and fees on loans $16,233 $19,945 Interest and dividends on investment securities: Taxable interest income 1,873 2,554 Non-taxable interest income 493 520 Dividends 30 29 Interest on federal funds sold 28 240 ------- ------- Total interest income $18,657 $23,288 ------- ------- INTEREST EXPENSE: Deposits $ 6,101 $11,056 Short-term borrowings 126 691 Long-term debt 1,312 677 ------- ------- Total interest expense $ 7,539 $12,424 ------- ------- Net interest income $11,118 $10,864 Provision for loan losses 915 495 ------- ------- Net interest income after provision for loan losses $10,203 $10,369 ------- ------- NON-INTEREST INCOME: Trust $ 1,249 $ 1,255 Commissions and brokers fees, net 554 567 Service charges on deposit accounts 1,855 1,528 Other service charges and fees 440 418 Security gains (losses), net 199 221 Gain on sales of pooled loans 559 533 Net commissions from travel services -- 254 Other operating income 730 936 ------- ------- Total non-interest income $ 5,586 $ 5,712 ------- ------- NON-INTEREST EXPENSE: Salaries and wages $ 4,342 $ 4,377 Employee benefits 892 835 Net occupancy expense of bank premises 782 731 Furniture and equipment expenses 840 997 Data processing 222 201 Stationery, supplies and printing 257 284 Amortization expense 112 357 Other operating expenses 1,953 2,020 ------- ------- Total non-interest expense $ 9,400 $ 9,802 ------- ------- Income before income taxes $ 6,389 $ 6,279 Income taxes 2,102 2,252 ------- ------- Net income $ 4,287 $ 4,027 ======= ======= BASIC EARNINGS PER SHARE: $ 0.32 $ 0.30 ======= ======= DILUTED EARNINGS PER SHARE: $ 0.32 $ 0.30 ======= ======= DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $ 0.15 $ 0.13 ======= =======
FIRST BUSEY CORPORATION EARNINGS PER SHARE 1996 1997 1998 1999 2000 2001 2002 - ------------------------------------------------------------------------- 1st QTR $0.16 $0.17 $0.20 $0.21 $0.26 $0.30 $0.34 2nd QTR $0.18 $0.19 $0.21 $0.24 $0.29 $0.30 $0.32 3rd QTR $0.16 $0.19 $0.21 $0.25 $0.26 $0.28 4th QTR $0.175 $0.19 $0.19 $0.20 $0.22 $0.27 - ------------------------------------------------------------------------- $0.67 $0.74 $0.81 $0.90 $1.03 $1.15 $0.66