January 24, 2012
 

 
First Busey Announces 2011 Fourth Quarter Earnings and Full Year Results
 
Champaign, IL – (Nasdaq: BUSE)
 
Message from our President & CEO
 
First Busey Corporation’s net income for the year ended December 31, 2011 was $29.9 million and net income available to common stockholders was $24.5 million, or $0.29 per fully-diluted common share, as compared to net income of $23.2 million and net income available to common stockholders of $18.1 million, or $0.27 per fully-diluted common share, for the year ended December 31, 2010.  Growth in earnings for the year was driven by improved asset quality which allowed us to reduce the Company’s loan loss provision expense by $22.0 million from 2010.

We made great strides in 2011; we strengthened our balance sheet and increased our net income.  On August 25, 2011, the Company announced that it had exited the Troubled Asset Relief Program and issued approximately $72.6 million in preferred stock to the U.S. Department of the Treasury through the Small Business Lending Fund.  As a participant in the Small Business Lending Fund, we will strive to further enhance our business lending efforts, especially to qualifying small businesses.  At the end of the fourth quarter of 2011, the bank continued to exceed the capital adequacy requirements to be considered “well-capitalized” under the regulatory guidance.

Tangible Common Equity (TCE) strengthened to $306.5 million at December 31, 2011 from $304.2 million at September 30, 2011 and $256.2 million at December 31, 2010.  As a percentage of Tangible Assets, TCE expanded upward to 9.09% at December 31, 2011 from 9.05% at September 30, 2011 and 7.17% at December 31, 2010.

Net income for the fourth quarter of 2011 was $5.7 million and net income available to common stockholders was $4.5 million, or $0.05 per fully-diluted common share, as compared to net income of $7.3 million and net income available to common stockholders of $6.0 million, or $0.09 per fully-diluted common share, for the comparable period in 2010.  This decrease in net income resulted in part from increased spending on salaries and wages during the quarter.  We expect this trend of increased spending to continue in 2012, as we begin our efforts to spur organic growth by investing in our existing employees and adding new talent to our organization.  Earnings per fully-diluted common share in comparison to the prior year were also impacted by an increase of $7.5 million in common stock related to a December 2010 capital raise, and the subsequent conversion of preferred stock to common in March 2011.

On January 27, 2012, we will pay a cash dividend of $0.04 per common share to stockholders of record as of January 20, 2012. 

    Asset Quality:  Our non-performing loans at December 31, 2011 demonstrated consistent improvement for the eighth consecutive quarter.  In addition, they are down
    significantly from the peak at September 30, 2009, when non-performing loans totaled $172.5 million and the allowance for loan losses to non-performing loans ratio was
    69.58%.  We take great pride in the past and continued efforts to move these metrics toward optimal levels.  We expect continued gradual improvement in our overall asset quality
    during 2012; however, this continues to be dependent upon market specific economic conditions.  The key metrics are as follows:

· 
Non-performing loans decreased to $38.5 million at December 31, 2011 from $42.9 million at September 30, 2011 and $68.1 million at December 31, 2010.

o  
Illinois non-performing loans decreased to $23.0 million at December 31, 2011 from $25.3 million at September 30, 2011 and $38.3 million at December 31, 2010.
o  
Florida non-performing loans decreased to $10.8 million at December 31, 2011 from $13.2 million at September 30, 2011 and $23.8 million at December 31, 2010.
o  
Indiana non-performing loans slightly increased to $4.7 million at December 31, 2011 from $4.4 million at September 30, 2011, but decreased from $6.0 million at December 31, 2010.

· 
Loans 30-89 days past due decreased to $4.7 million at December 31, 2011 from $8.2 million at September 30, 2011 and $23.5 million at December 31, 2010.
    · 
Other non-performing assets decreased to $8.5 million at December 31, 2011 from $11.6 million at September 30, 2011 and $9.2 million at December 31, 2010.
· 
The ratio of non-performing assets to total loans plus other real estate owned at December 31, 2011 decreased to 2.28% from 2.58% at September 30, 2011 and 3.25% at December 31, 2010.
· 
The allowance for loan losses to non-performing loans ratio increased to 151.91% at December 31, 2011 from 148.73% at September 30, 2011 and 111.64% at December 31, 2010.
· 
The allowance for loan losses to total loans ratio decreased to 2.85% at December 31, 2011 compared to 3.04% at September 30, 2011 and 3.21% at December 31, 2010.
· 
Net charge-offs of $10.4 million recorded in the fourth quarter of 2011 remained consistent with the amount recorded in the third quarter of 2011 and were lower than the $17.4 million recorded in the fourth quarter of 2010.
· 
Provision expense of $5.0 million recorded in the fourth quarter of 2011 was consistent with the amount recorded in the third quarter of 2011 and was lower than the $10.3 million recorded in the fourth quarter of 2010.
 
    Operating Performance:  Our net income decreased to $5.7 million in the fourth quarter of 2011 as compared to $7.6 million in the third quarter of 2011 and $7.3 million in the
    fourth quarter of 2010. The decline in net income was primarily related to declines in net interest income and in the gain on sales of residential mortgage loans, increased salary
    and wages and employee benefits, and increased other operating expenses which are summarized below:

     ·  
Pre-provision, pre-tax (PPPT) income changes were primarily driven by the same set of factors as net income, decreasing to $13.5 million in the fourth quarter of 2011 compared to $16.7 million in the third quarter of 2011 and $21.3 million in the fourth quarter of 2010.  PPPT income for the year ended December 31, 2011 was $64.8 million compared to $74.7 million for the year ended December 31, 2010.
·  
Net interest income declined to $26.5 million in the fourth quarter of 2011, compared to $27.7 million in the third quarter of 2011 and $29.4 million in the fourth quarter of 2010.  Net interest income for the year ended December 31, 2011 was $110.4 million compared to $117.2 million for the year ended December 31, 2010. The decline in net interest income for these periods was primarily related to a decline in loans, which was partially offset by reduced funding costs.  The company is focused on growing loans in the quarters ahead as discussed in the summary of the change in salary and wages and employee benefits below.
·  
Other operating expenses increased to $5.4 million in the fourth quarter of 2011 compared to $4.9 million in the third quarter of 2011 and $3.5 million in the fourth quarter of 2010.  Other operating expense for the year ended December 31, 2011 were $19.7 million compared to $18.3 million for the year ended December 31, 2010.  The fourth quarter of 2010 included gains on sales of OREO of $1.7 million which represented the majority of the increase from 2010 to 2011.  The gains in 2010 reduced the level of operating expenses in 2010, which resulted in an increase on a comparative basis to current year net expenses.

Other significant operating performance items were:

· 
Net interest margin decreased to 3.44% for the fourth quarter of 2011, as compared to 3.57% for the third quarter of 2011, and 3.68% for the fourth quarter of 2010. The net interest margin of 3.52% for the year ended December 31, 2011 was slightly lower than 3.58% for the year ended December 31, 2010.
· 
Total revenue, net of interest expense and security gains, for the fourth quarter of 2011 was $41.3 million, compared to $42.4 million for the third quarter of 2011 and $46.6 million for the fourth quarter of 2010. Total revenue for the year ended December 31, 2011 was $169.2 million as compared to $178.9 million for the year ended December 31, 2010.
·  
Total non-interest expense of $28.0 million for the fourth quarter of 2011 increased from $25.7 million recorded for the third quarter of 2011 and $25.3 million for the fourth quarter of 2010.  The increase in the fourth quarter of 2011 as compared to the comparable period in 2010 primarily related to an increase in salary and wages and other operating expenses as explained in the notes to Operating Performance. These increases were offset by a decline in regulatory expense of $1.2 million as a result of the change in the FDIC’s assessment methodology for  financial institutions.
·  
The efficiency ratio increased to 64.83% for the fourth quarter of 2011 from 57.87% for the third quarter of 2011 and 51.51% for the fourth quarter of 2010. The efficiency ratio for the year ended December 31, 2011 was 59.03% as  compared to 55.91% for the year ended December 31, 2010.
·  
FirsTech’s net income of $0.2 million for the fourth quarter of 2011 decreased from $0.4 million for the third quarter of 2011 and $0.3 million for the fourth quarter of 2010.  FirsTech’s net income for the year ended December 31, 2011 was $1.4 million as compared to $1.8 million for the year ended December 31, 2010.
·  
Busey Wealth Management’s net income of $0.7 million for the fourth quarter of 2011 was consistent with both the third quarter of 2011 and the fourth quarter of 2010.  Busey Wealth Management’s net income for the year ended December 31, 2011 was $3.1 million as compared to $3.3 million for the year ended December 31, 2010.

 
 
 
    Balance sheet strength, profitability and growth – in that order.
 
    As indicated by our fourth quarter results, we have begun execution on our promise to invest in associates with the goal of achieving meaningful organic growth while
    maintaining our priorities of balance sheet strength and profitability.  Supported by new tools and techniques derived from our B5 initiative which was launched at the beginning
    of this year, front line associates have improved opportunities to deepen our relationship value while listening to our customers and providing appropriate solutions to their
    financial needs.  Traction from this initiative is evident in growth for the current year in core non-interest bearing deposits and fees for customer services.
 
    Through the continued application of B5 concepts and expansion of our talent base, we plan to improve penetration in our current markets and widen our sphere of influence to
    surrounding areas in the coming year.  We also continue to be well positioned to explore external growth opportunities.
 
    Capital strength, consistent delivery of positive earnings over the past eight quarters, and excellent progress in asset quality provides a solid foundation to embrace bold
    changes for the future.  We are diligently formulating plans to initiate significant investment in our commercial banking and cash management businesses, as well as in Busey
    Wealth Management and FirsTech, to support a diversified revenue stream.  In addition, credit and data processing support will be expanded in a consistent theme of maintaining
    high-quality standards to support continued balance sheet strength, while seeking efficient technology solutions to drive better business decisions.
 
    We believe our history of successfully serving mid-sized  communities, alongside the addition of new concepts and competencies, will provide a unique advantage to ‘out-big
    the small’ and ‘out-small the big’ financial industry competitors by offering customers outstanding service via the Busey Promise.  Our track record for doing what we say we’re
    going to do is well documented through prior period earnings reports.  We believe the combined power of investment in our people and cutting edge client support processes will
    lead us to build quality earning assets, and provide a solid basis for long term strength, profitability, and growth in the years ahead.

We thank our associates for their efforts, our customers for their business and you, our stockholders, for your continued support of Busey.

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

 
 
 

 
 
SELECTED  FINANCIAL HIGHLIGHTS
 
(dollars in thousands, except per share data)
 
 
 
               
 
 
Three Months Ended
 
Year Ended
 
 
 
December 31,
September 30,
December 31,
 
December 31,
December 31,
 
     
2011
2011
2010
 
2011
2010
 
EARNINGS & PER SHARE DATA
               
 
Net income
 
$     5,746
$     7,570
$     7,306
 
$     29,873
$      23,230
 
 
Income available to common stockholders1
 
4,512
6,521
5,984
 
24,531
18,060
 
 
Revenue2
 
41,318
42,445
46,623
 
169,238
178,886
 
 
Fully-diluted earnings per share
 
0.05
0.08
0.09
 
0.29
0.27
 
 
Cash dividends paid per share
 
0.04
0.04
0.04
 
0.16
0.16
 
                   
 
Net income by operating segment
               
 
   Busey Bank
 
$     5,520
$     7,068
$     7,008
 
$     28,504
$      21,230
 
 
   Busey Wealth Management
 
678
749
710
 
3,095
3,283
 
 
   FirsTech
 
184
381
299
 
1,437
1,821
 
                   
AVERAGE BALANCES
               
 
Assets
 
 $   3,394,410
 $   3,420,878
 $   3,548,171
 
 $   3,473,414
 $   3,648,831
 
 
Earning assets
 
3,108,069
3,138,274
                3,227,207
 
     3,186,956
             3,327,677
 
 
Deposits
 
2,768,045
2,769,255
                2,930,644
 
2,814,191
             3,026,788
 
 
Interest-bearing liabilities
 
2,483,787
2,505,838
                2,723,625
 
2,552,794
             2,831,769
 
 
Stockholders’ equity – common
 
334,179
331,387
                   237,485
 
        320,315
                233,152
 
 
Tangible stockholders’ equity – common
 
296,924
293,243
196,616
 
        281,740
                190,744
 
                   
PERFORMANCE RATIOS
               
 
Return on average assets3
    0.53%
0.76%
0.67% 
         
 
0.71%
0.49%
 
 
Return on average common equity3
    5.36%
7.81%
10.00%      7.66%     7.75%
 
Return on average tangible common equity3
    6.03%
8.82%
12.07%      8.71%     9.47%
 
Net interest margin3
    3.44%
3.57%
3.68%      3.52%     3.58%
 
Efficiency ratio4
    64.83%
57.87%
51.51%      59.03%    55.91%
 
Non-interest revenue as a % of total revenues2
    35.92%
34.68%
36.92%      34.77%     34.51%
                   
ASSET QUALITY
               
 
Gross loans
 
 
$ 2,051,344
 $  2,099,314
$ 2,368,777         
 
Allowance for loan losses
 
            
58,506
              63,915
76,038 
                   
     
 
Net charge-offs
 
         
10,409
          10,414
17,360 
                     
 
    37,532
           66,141
 
Allowance for loan losses to loans
    2.85%
3.04%
3.21%         
 
Allowance as a percentage of non-performing loans
    151.91%
148.73%
111.64%         
 
Non-performing loans
             
 
     Non-accrual loans
 
            
38,340
             41,987
65,486 
                    
     
 
     Loans 90+ days past due
 
            
173
               986
2,618 
                    
     
 
  Geographically
             
 
     Downstate Illinois/ Indiana
    27,748
 29,733
44,281 
                 
     
 
     Florida
    10,765
13,240
23,823 
                    
     
 
Loans 30-89 days past due
    4,712
8,247
23,477 
                     
     
 
Other non-performing assets
    8,452
  11,577
9,160 
                     
     
                 
             
1
Net income available to common stockholders, net of preferred dividend and TARP discount accretion
         
2
Net of interest expense, excludes security gains
             
3
Quarterly ratios annualized and calculated on net income available to common stockholders
         
4
Net of security gains and intangible charges
             

 

 
 
 
 
 
Condensed Consolidated Balance Sheets
                 
(Unaudited, in thousands, except per share data)
 
December 31,
   
September 30,
   
December 31,
 
   
2011
   
2011
   
2010
 
Assets
                 
Cash and due from banks
  $ 315,053     $ 289,144     $ 418,965  
Investment securities
    831,749       795,403       599,459  
Net loans, including loans held for sale
    1,992,838       2,035,399       2,292,739  
Premises and equipment
    69,398       70,179       73,218  
Goodwill and other intangibles
    36,704       37,589       40,242  
Other assets
    156,380       165,171       180,380  
Total assets
  $ 3,402,122     $ 3,392,885     $ 3,605,003  
                         
Liabilities & Stockholders' Equity
                       
Non-interest bearing deposits
  $ 503,118     $ 467,775     $ 460,661  
Interest-bearing deposits
    2,260,336       2,288,686       2,455,705  
Total deposits
  $ 2,763,454     $ 2,756,461     $ 2,916,366  
                         
Securities sold under agreements to repurchase
    127,867       129,905       138,982  
Long-term debt
    19,417       19,834       43,159  
Junior subordinated debt owed to unconsolidated trusts
    55,000       55,000       55,000  
Other liabilities
    27,117       24,219       30,991  
Total liabilities
  $ 2,992,855     $ 2,985,419     $ 3,184,498  
Total stockholders' equity
  $ 409,267     $ 407,466     $ 420,505  
Total liabilities & stockholders' equity
  $ 3,402,122     $ 3,392,885     $ 3,605,003  
                         
Per Share Data
                       
Book value per common share
  $ 3.89     $ 3.87     $ 3.65  
Tangible book value per common share1
  $ 3.46     $ 3.43     $ 3.14  
Ending number of common shares outstanding
    86,617       86,597       79,100  
                         
                         
1Total common equity less goodwill and other intangibles divided by shares outstanding as of period end
 

 
 
 
 
 
 
Condensed Consolidated Statements of Operations
                       
(Unaudited, in thousands, except per share data)
 
Three Months Ended December 31,
   
Year Ended December 31,
 
   
2011
   
2010
   
2011
   
2010
 
 
                       
Interest and fees on loans
  $ 26,867     $ 32,954     $ 114,791     $ 138,860  
Interest on investment securities
    4,362       4,085       18,028       17,323  
Total interest income
  $ 31,229     $ 37,039     $ 132,819     $ 156,183  
                                 
Interest on deposits
    4,124       6,170       18,660       32,714  
Interest on short-term borrowings
    78       156       405       640  
Interest on long-term debt
    230       617       1,442       2,930  
Junior subordinated debt owed to unconsolidated trusts
    319       685       1,919       2,748  
Total interest expense
  $ 4,751     $ 7,628     $ 22,426     $ 39,032  
                                 
Net interest income
  $ 26,478     $ 29,411     $ 110,393     $ 117,151  
Provision for loan losses
    5,000       10,300       20,000       42,000  
Net interest income after provision for loan losses
  $ 21,478     $ 19,111     $ 90,393     $ 75,151  
                                 
Trust fees
    3,892       3,473       15,657       14,231  
Commissions and brokers' fees
    443       447       1,858       1,756  
Fees for customer services
    4,438       4,466       17,914       16,592  
Remittance processing
    2,077       2,233       9,196       9,349  
Gain on sales of loans
    3,501       6,146       10,945       16,130  
Net security gains (losses)
    172       (7 )     170       1,018  
Other
    489       447       3,275       3,677  
Total non-interest income
  $ 15,012     $ 17,205     $ 59,015     $ 62,753  
                                 
Salaries and wages
    12,666       10,948       43,344       41,219  
Employee benefits
    2,137       2,024       9,896       9,693  
Net occupancy expense
    2,135       2,188       8,897       9,135  
Furniture and equipment expense
    1,319       1,360       5,277       5,962  
Data processing expense
    2,210       2,122       8,635       7,977  
Amortization expense
    885       1,021       3,538       4,088  
Regulatory expense
    457       1,676       4,109       6,978  
OREO expense
    733       429       1,192       1,872  
Other operating expenses
    5,449       3,520       19,677       18,286  
Total non-interest expense
  $ 27,991     $ 25,288     $ 104,565     $ 105,210  
                                 
Income before income taxes
  $ 8,499     $ 11,028     $ 44,843     $ 32,694  
Income taxes
    2,753       3,722       14,970       9,464  
Net income
  $ 5,746     $ 7,306     $ 29,873     $ 23,230  
Preferred stock dividends and discount accretion
  $ 1,234     $ 1,322     $ 5,342     $ 5,170  
Income available to common stockholders
  $ 4,512     $ 5,984     $ 24,531     $ 18,060  
                                 
Per Share Data
                               
Basic earnings per common share
  $ 0.05     $ 0.09     $ 0.29     $ 0.27  
Fully-diluted earnings per common share
  $ 0.05     $ 0.09     $ 0.29     $ 0.27  
Diluted average common shares outstanding
    86,610       66,503       85,312       66,397  

 
 
 
 
 
 
Corporate Profile
 

First Busey Corporation is a $3.4 billion financial holding company headquartered in Champaign, Illinois. Busey Bank, First Busey Corporation’s wholly-owned bank subsidiary, is headquartered in Champaign, Illinois and has thirty-three banking centers serving downstate Illinois, a banking center in Indianapolis, Indiana, and seven banking centers serving southwest Florida.  Busey Bank had total assets of $3.3 billion as of December 31, 2011.

Busey Wealth Management is a wholly-owned subsidiary of First Busey Corporation. Through Busey Trust Company, Busey Wealth Management delivers trust, asset management, retail brokerage and insurance products and services. As of December 31, 2011, Busey Wealth Management managed approximately $3.8 billion in assets.

First Busey Corporation owns a retail payment processing subsidiary, FirsTech, Inc., which processes over 22 million transactions per year through online bill payments, lockbox processing and walk-in payments through its 3,100 agent locations in 38 states.

Busey Bank provides electronic delivery of financial services through its website, www.busey.com.

Contact:
David B. White, CFO
217-365-4047




Special Note Concerning Forward-Looking Statements
This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company.  Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions.  Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements.  These factors include, among others, the following: (i) the strength of the local and national economy; (ii) the economic impact of any future terrorist threats or attacks; (iii) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (iv) changes in interest rates and prepayment rates of the Company’s assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices.  These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.  Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

 

The following information was filed by First Busey Corp (BUSE) on Tuesday, January 24, 2012 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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Financial Stability Report
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