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First Busey Announces 2012 Fourth Quarter Earnings And Full Year Results

\s\ Van A. Dukeman President & Chief Executive Officer First Busey Corporation

 
SELECTED FINANCIAL HIGHLIGHTS
( dollars in thousands, except per share data)
 
  As of and for the As of and for the
  Three Months Ended Year Ended
  December 31, September 30, December 31, December 31, December 31,
  2012 2012 2011 2012 2011
EARNINGS & PER SHARE DATA          
Net income  $   4,917 $    4,909  $    5,746  $  22,357  $ 29,873
Income available to common shareholders 1 4,009  4,000  4,512  18,724   24,531
Revenue 2  42,220  40,623  41,318  167,401  169,238
Fully-diluted earnings per share  0.05  0.05  0.05  0.22  0.29
Cash dividends paid per share  0.12  0.04  0.04  0.24  0.16
           
Net income by operating segment          
Busey Bank  $    4,303  $  4,642  $   5,520  $ 19,162  $ 28,504
Busey Wealth Management  716  780  678  3,363  3,095
FirsTech  189  237  184  935  1,437
           
AVERAGE BALANCES          
Assets  $ 3,538,860  $ 3,488,429  $ 3,394,410  $ 3,503,676  $ 3,473,411
Earning assets  3,259,254  3,204,169  3,108,069  3,221,564  3,186,956
Deposits  2,887,639  2,866,727  2,768,045  2,862,164  2,814,191
Interest-bearing liabilities  2,563,375  2,538,168  2,483,787  2,546,911  2,552,794
Shareholders' equity - common  343,624  342,833  334,179  341,185  320,315
Tangible shareholders' equity - common  309,719  308,095  296,924  306,040  281,740
           
PERFORMANCE RATIOS          
Return on average assets 3 0.45% 0.46% 0.53% 0.53% 0.71%
Return on average common equity 3 4.64% 4.64% 5.36% 5.49% 7.66%
Return on average tangible common equity 3 5.15% 5.16% 6.03% 6.12% 8.71%
Net interest margin 3,5 3.20% 3.25% 3.44% 3.24% 3.52%
Efficiency ratio 4 73.39% 71.71% 64.83% 68.54% 59.03%
Non-interest revenue as a % of total revenues 2 39.30% 37.12% 35.92% 38.98% 34.77%
           
ASSET QUALITY          
Gross loans  $ 2,073,110  $ 2,035,319  $ 2,051,344    
Allowance for loan losses  48,012  49,213  58,506    
Net charge-offs  4,701  5,153  10,409  26,994  37,532
Allowance for loan losses to loans 2.32% 2.42% 2.85%    
Allowance as a percentage of non-performing loans 189.32% 195.38% 151.91%    
Non-performing loans          
Non-accrual loans  25,104  25,129  38,340    
Loans 90+ days past due  256  59  173    
Geographically          
Illinois/ Indiana  17,757  17,377  27,748    
Florida  7,603  7,811  10,765    
Loans 30-89 days past due  2,285  7,895  4,712    
Other non-performing assets  3,450  8,486  8,452    
 
1 Net income available to common shareholders, net of preferred dividend and 2011 TARP discount accretion
2 Total revenue, net of interest expense and security gains
3 Quarterly ratios annualized and calculated on net income available to common shareholders
4 Net of security gains and intangible charges
5 On a tax-equivalent basis, assuming a federal income tax rate of 35%
 
  Condensed Consolidated Balance Sheets
(In thousands, except per share data 2 ) December 31, September 30, December 31,
  2012 2012 2011
Assets      
Cash and due from banks  $ 351,255  $ 328,308  $ 315,053
Investment securities  1,001,497  964,187  831,749
Net loans, including loans held for sale  2,025,098  1,986,106  1,992,838
Premises and equipment  71,067  72,214  69,398
Goodwill and other intangibles  33,389  34,223  36,704
Other assets  135,750  144,626  156,380
Total assets  $ 3,618,056  $ 3,529,664  $ 3,402,122
       
Liabilities & Shareholders' Equity      
Non-interest bearing deposits  $ 611,043  $ 510,146  $ 503,118
Interest-bearing deposits  2,369,249  2,382,378  2,260,336
Total deposits  $ 2,980,292  $ 2,892,524  $ 2,763,454
       
Securities sold under agreements to repurchase  139,024  131,753  127,867
Long-term debt  7,000  7,417  19,417
Junior subordinated debt owed to unconsolidated trusts  55,000  55,000  55,000
Other liabilities  27,943  25,649  27,117
Total liabilities  $ 3,209,259  $ 3,112,343  $ 2,992,855
Total shareholders' equity  $ 408,797  $ 417,321  $ 409,267
Total liabilities & shareholders' equity  $ 3,618,056  $ 3,529,664  $ 3,402,122
       
Per Share Data      
Book value per common share  $ 3.88  $ 3.98  $ 3.89
Tangible book value per common share 1  $ 3.49  $ 3.58  $ 3.46
Ending number of common shares outstanding  86,671  86,644  86,617
 
1 Total common equity less goodwill and intangibles divided by shares outstanding as of period end
2 Results are unaudited except for amounts reported as of December 31, 2011
 
 
Condensed Consolidated Statements of Operations
(In thousands, except per share data 1 ) Three Months Ended December 31, Year Ended December 31,
  2012 2011 2012 2011
         
Interest and fees on loans  $ 24,164  $ 26,867  $ 98,614  $ 114,791
Interest on investment securities  4,420  4,362  18,302  18,028
Total interest income  $ 28,584  $ 31,229  $ 116,916  $ 132,819
         
Interest on deposits  2,470  4,124  12,496  18,660
Interest on short-term borrowings  71  78  314  405
Interest on long-term debt  96  230  648  1,442
Junior subordinated debt owed to unconsolidated trusts  318  319  1,312  1,919
Total interest expense  $ 2,955  $ 4,751  $ 14,770  $ 22,426
         
Net interest income  $ 25,629  $ 26,478  $ 102,146  $ 110,393
Provision for loan losses  3,500  5,000  16,500  20,000
Net interest income after provision for loan losses  $ 22,129  $ 21,478  $ 85,646  $ 90,393
         
Trust fees  4,347  3,892  17,592  15,657
Commissions and brokers' fees  524  443  2,102  1,858
Fees for customer services  4,471  4,438  17,363  17,914
Remittance processing  2,080  2,077  8,426  9,196
Gain on sales of loans  3,611  3,501  12,535  10,945
Net security gains   1,022  172  1,597  170
Other  1,558  489  7,237  3,275
Total non-interest income  $ 17,613  $ 15,012  $ 66,852  $ 59,015
         
Salaries and wages  14,702  12,666  53,668  43,344
Employee benefits  2,333  2,137  11,124  9,896
Net occupancy expense  2,301  2,135  8,899  8,897
Furniture and equipment expense  1,288  1,319  5,146  5,277
Data processing expense  2,695  2,210  11,061  8,635
Amortization expense  834  885  3,315  3,538
Regulatory expense  674  457  2,543  4,109
OREO expense  515  733  1,303  1,192
Other operating expenses  6,927  5,449  22,585  19,677
Total non-interest expense  $ 32,269  $ 27,991  $ 119,644  $ 104,565
         
Income before income taxes  $ 7,473  $ 8,499  $ 32,854  $ 44,843
Income taxes  2,556  2,753  10,497  14,970
Net income  $ 4,917  $ 5,746  $ 22,357  $ 29,873
Preferred stock dividends and discount accretion  $ 908  $ 1,234  $ 3,633  $ 5,342
Income available to common shareholders  $ 4,009  $ 4,512  $ 18,724  $ 24,531
         
Per Share Data        
Basic earnings per common share  $ 0.05  $ 0.05  $ 0.22  $ 0.29
Fully-diluted earnings per common share  $ 0.05  $ 0.05  $ 0.22  $ 0.29
Diluted average common shares outstanding  86,679  86,610  86,652  85,312
 
1 Results are unaudited except for amounts reported for the year ended December 31, 2011

Corporate Profile

First Busey Corporation is a $3.6 billion financial holding company headquartered in Champaign, Illinois. Busey Bank, First Busey Corporation's wholly-owned bank subsidiary, is headquartered in Champaign, Illinois and currently has thirty full service and two limited service banking centers serving Illinois, a full service banking center in Indianapolis, Indiana, and seven full service banking centers serving southwest Florida.  Busey Bank had total assets of $3.6 billion as of December 31, 2012.

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