Exhibit 99.1

 

January 26, 2016

 

First Busey Announces 2015 Fourth Quarter Earnings and Full Year Results

 

Champaign, IL — (Nasdaq: BUSE)

 

Message from our President & CEO

 

Significant progress made from the year ended December 31, 2014:

 

·    Net income available to common stockholders of $38.3 million, up 19.6%

·    Fully-diluted earnings per share of $1.32, up 20.0%

·    Total net interest income of $111.8 million, up 10.1%

·    Total average gross loans of $2.532 billion, up 10.0%

·    Total non-interest income of $64.8 million, up 9.9%

·    Average non-interest bearing deposits of $717.9 million, up 20.4%

 

Other recent highlights:

 

·    Announcement of expected acquisition of Pulaski Financial Corp.

·    Redemption of $72.7 million of SBLF Preferred Stock

·    1-for-3 reverse stock split effective September 8, 2015

·    Organic linked quarter loan growth, up $56.1 million

·    Fourth quarter return on average assets of 1.08%, up from 1.05% in the linked quarter

 

First Busey Corporation’s net income for the year ended December 31, 2015 was $39.0 million and net income available to common stockholders was $38.3 million, or $1.32 per fully-diluted common share, compared to net income of $32.8 million and net income available to common stockholders of $32.0 million, or $1.10 per fully-diluted common share, for the year ended December 31, 2014.  On January 8, 2015, the Company completed its acquisition of Herget Financial Corp. (“Herget”), which impacted year-to-date net income by $1.0 million in one-time expenses, occurring primarily in the first quarter of 2015.  Further, the Company undertook initiatives to refine its branch network and restructure various internal teams during the first quarter of 2015, resulting in $0.7 million of fixed asset impairments and $0.3 million in other corporate restructuring costs.

 

The Company’s net income for the fourth quarter of 2015 was $10.7 million and net income available to common stockholders was $10.5 million, or $0.36 per fully-diluted common share.  The Company reported net income of $10.6 million and net income available to common stockholders of $10.4 million, or $0.36 per fully-diluted common share, for the third quarter of 2015 and net income of $7.6 million and net income available to common stockholders of $7.4 million, or $0.25 per fully-diluted common share for the fourth quarter of 2014.

 

During the fourth quarter of 2015, First Busey announced the signing of a definitive agreement to acquire Pulaski Financial Corp. (“Pulaski”) headquartered in St. Louis, Missouri, which is anticipated to close in the first half of 2016 subject to customary closing conditions, including regulatory approvals and approval by First Busey and Pulaski shareholders.  The merger with Pulaski will allow us to significantly expand our geographic presence through a premier St. Louis banking franchise with an almost 100-year history and a strong regional mortgage presence.  By acquiring organizations with a similar philosophy in markets which complement our existing customer base, we intend to expand our franchise through balanced, integrated growth strategies that generate value.  Please reference the Company’s Registration Statement on Form S-4, which includes a joint proxy statement/prospectus, originally filed on January 20, 2016 for additional information regarding our pending acquisition of Pulaski.

 

Balance Sheet Growth:  Gross loans at December 31, 2015 increased $56.1 million from September 30, 2015.  The linked quarter increase in gross loans was led by organic commercial growth, as commercial loans grew $51.7 million in the fourth quarter of 2015 compared to September 30, 2015.  Loans held for sale decreased $6.3 million in the fourth quarter of 2015 compared to September 30, 2015.  Gross loans increased to $2.637 billion at December 31, 2015 from $2.581 billion at September 30, 2015 and $2.416 billion at December 30, 2014, impacted by organic growth and the benefit of loans obtained as part of the Herget acquisition.  Commercial loans grew by $148.6 million at December 31, 2015 compared to December 31, 2014.

 


The following information was filed by First Busey Corp (BUSE) on Tuesday, January 26, 2016 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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