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January 26, 2010
First Busey Announces 2009 Fourth Quarter and Full Year Results
Champaign, IL (Nasdaq: BUSE)
Message from our President & CEO
Set forth below is a detailed breakdown of various key metrics separated into broad categories. We focused our attention in 2009 to improving these key metrics.
I. Asset Quality: Our credit metrics improved dramatically in the fourth quarter of 2009. This improvement is the result of significant effort by our credit and lending groups. We commented to our shareholders at the 2008 annual meeting and reiterated at our 2009 annual and special shareholders meetings that we believed the credit problems would continue to deteriorate and peak in the latter half of 2009. Absent additional problems in the economy that could lead to worsening of our credit metrics, the information below would suggest the peak occurred in the third quarter of 2009. The key metrics are as follows:
· Loans 30-89 days past due declined to $12.5 million at December 31, 2009 compared to $34.0 million at September 30, 2009, and $40.4 million at December 31, 2008, down from a peak of $61.3 million at March 31, 2009.
· Non-performing loans decreased to $86.3 million at December 31, 2009, a 50% decline from $172.5 million at September 30, 2009. Non-performing loans at December 31, 2009 were essentially flat compared to December 31, 2008 balance of $84.2 million.
· Illinois non-performing loans declined to $28.0 million at December 31, 2009 compared to $42.8 million at September 30, 2009 and $21.5 million at December 31, 2008.
· Florida non-performing loans declined to $40.2 million at December 31, 2009 compared to $113.3 million at September 30, 2009 and $61.2 million at December 31, 2008.
· Indiana non-performing loans were $18.1 million at December 31, 2009 compared to $16.3 million at September 30, 2009 and $1.4 million at December 31, 2008.
· Other real estate owned was $17.2 million at December 31, 2009 compared to $16.6 million at September 30, 2009 and $15.8 million at December 31, 2008.
· The ratio of non-performing assets to total loans plus other real estate owned was 3.68% at December 31, 2009 compared to 6.26% at September 30, 2009 and 3.05% at December 31, 2008.
· The ratio of construction and land development loans to total loans decreased to 11.7% at December 31, 2009 from 22.8% at December 31, 2008, a decrease to 122% of tier 1 capital from 250% of tier 1 capital.
The following information was filed by First Busey Corp (BUSE) on Tuesday, January 26, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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