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First Busey Corp (BUSE) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

First Busey Corp

CIK: 314489 Ticker: BUSE
January 26, 2017
First Busey Announces 2016 Fourth Quarter Earnings and Full Year Results

Champaign, IL – (Nasdaq: BUSE)

Message from our President & CEO


Pulaski merger leads to positive advances in the quarter ending December 31, 2016 from prior year:

· Net income available to common stockholders of $11.5 million, up 8.8%
· Average portfolio loans of $3.810 billion, up 46.8%
· Total net interest income of $44.6 million, up 50.8%
· Average non-interest bearing deposits of $1.060 billion, up 45.1%
· Total non-interest income of $19.0 million, up 16.5%
· Commercial loan growth of $834.6 million, up 42.5%
   
· January 2017 dividend of $0.18, up 5.9% from prior quarter
   
First Busey Corporation (the "Company") continued its steady earnings expansion with net income and net income available to common stockholders of $49.7 million, or $1.40 per diluted common share for the year ended December 31, 2016, compared to net income of $39.0 million and net income available to common stockholders of $38.3 million, or $1.32 per diluted common share, for the year ended December 31, 2015.  The 2016 results benefitted from the acquisition of Pulaski Financial Corp. ("Pulaski"), headquartered in St. Louis, Missouri, and the operations of its banking subsidiary, Pulaski Bank, National Association ("Pulaski Bank"), since the closing of the transaction on April 30, 2016.  The Company operated Pulaski Bank as a separate banking subsidiary from May 1, 2016 until November 4, 2016, when it was merged with and into Busey Bank.  At that time, Pulaski Bank's branches became branches of Busey Bank.
Overall, financial results of 2016 were significantly impacted by the Pulaski acquisition, resetting the baseline for financial performance in current and future periods in a multitude of positive ways.  At the date of the merger, the fair value of Pulaski's total assets was $1.6 billion, including $1.4 billion in loans, and $1.2 billion in deposits.  Net income before taxes was positively impacted by $5.8 million of Pulaski's purchase accounting amortization in 2016, net of amortization expense of intangibles.

The Company incurred $10.0 million in pre-tax expenses related to the Pulaski acquisition during 2016.  The level of such expenses is expected to decrease in future periods.  In addition, the Company incurred $2.8 million of notable pre-tax costs during 2016, from wealth management division restructuring, branch fixed asset impairments and losses on private equity investments, which were partially offset by favorable pre-tax amounts of $1.5 million relating to a gain on sale of other real estate owned and a security gain from a strategic bond trade.  Excluding these items, the Company's operating earnings1 for 2016 would have been $56.5 million or $1.60 per diluted common share.

The Company's net income and net income available to common stockholders was $11.5 million for the fourth quarter of 2016, or $0.30 per diluted common share.  The Company reported net income and net income available to common stockholders of $15.4 million, or $0.40 per diluted common share, for the third quarter of 2016 and net income of $10.7 million and net income available to common stockholders of $10.5 million, or $0.36 per diluted common share for the fourth quarter of 2015.

During the fourth quarter of 2016, the Company incurred $6.9 million of pre-tax expenses related to the Pulaski acquisition, which primarily impacted data processing, salaries, wages and employee benefits, and other operating expenses.  Additional notable pre-tax items incurred by the Company during the fourth quarter of 2016 included $0.3 million of branch fixed asset impairments related to previously announced changes to optimize the Company's branch network.  Excluding these items, the Company's operating earnings1 for the fourth quarter of 2016 would have been $15.8 million, or $0.41 per diluted common share.


1 Operating earnings, a non-GAAP financial measure


The following information was filed by First Busey Corp (BUSE) on Thursday, January 26, 2017 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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Inside First Busey Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Borrowings
Borrowings (tables)
Borrowings - Long-term Debt (details)
Borrowings - Maturity Period (details)
Borrowings - Securities Sold Under Agreements To Repurchase And Short-term Borrowings (details)
Borrowings - Short-term Borrowings (details)
Capital
Capital (tables)
Capital - Redemption Of Preferred Stock (details)
Capital - Regulatory Capital (details)
Cash And Cash Equivalents
Cash And Cash Equivalents (details)
Deposits
Deposits (details)
Deposits (tables)
Derivative Financial Instruments
Derivative Financial Instruments (details)
Derivative Financial Instruments (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Employee Benefit Plans (tables)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Quantitative Information (details)
Fair Value Measurements - By Level Of Valuation Inputs (details)
Fair Value Measurements - General Disclosures (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Amortized Assets (details)
Goodwill And Other Intangible Assets - Estimated Amortization Expense (details)
Goodwill And Other Intangible Assets - Goodwill (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Junior Subordinated Debt Owed To Unconsolidated Trusts
Junior Subordinated Debt Owed To Unconsolidated Trusts (details)
Liability For Loans Sold
Liability For Loans Sold (details)
Loans Held For Sale
Loans Held For Sale (details)
Loans Held For Sale (tables)
Mortgage Loan Servicing
Mortgage Loan Servicing (details)
Mortgage Loan Servicing (tables)
Operating Segments And Related Information
Operating Segments And Related Information (details)
Operating Segments And Related Information (tables)
Oreo
Oreo (details)
Oreo (tables)
Outstanding Commitments And Contingent Liabilities
Outstanding Commitments And Contingent Liabilities (details)
Outstanding Commitments And Contingent Liabilities (tables)
Parent Company Only Financial Information
Parent Company Only Financial Information (tables)
Parent Company Only Financial Information - Balance Sheets (details)
Parent Company Only Financial Information - Statements Of Cash Flows (details)
Parent Company Only Financial Information - Statements Of Income (details)
Portfolio Loans
Portfolio Loans (tables)
Portfolio Loans - Adverse Loan Grading (details)
Portfolio Loans - Allowance For Loan Loss (details)
Portfolio Loans - Distributions Of Loans (details)
Portfolio Loans - Impaired Loans (details)
Portfolio Loans - Past Due Loans (details)
Portfolio Loans - Risk Grading (details)
Premises And Equipment, Net
Premises And Equipment, Net (details)
Premises And Equipment, Net (tables)
Securities
Securities (tables)
Securities - General Disclosures (details)
Securities - Obligations By State (details)
Share-based Compensation
Share-based Compensation (details)
Share-based Compensation (tables)
Share-based Compensation - Award Status (details)
Share-based Compensation - Options Outstanding (details)
Share-based Compensation - Restricted And Deferred Stock Units (details)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Earnings Per Share (details)
Significant Accounting Policies - Narrative (details)
Transactions With Related Parties
Transactions With Related Parties (details)
Transactions With Related Parties (tables)
Unaudited Interim Financial Data
Unaudited Interim Financial Data (details)
Unaudited Interim Financial Data (tables)
Ticker: BUSE
CIK: 314489
Form Type: 10-K Annual Report
Accession Number: 0001104659-17-012511
Submitted to the SEC: Tue Feb 28 2017 4:06:10 PM EST
Accepted by the SEC: Tue Feb 28 2017
Period: Saturday, December 31, 2016
Industry: State Commercial Banks

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