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First Busey Corp (BUSE) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

First Busey Corp

CIK: 314489 Ticker: BUSE
October 23, 2018
First Busey Announces 2018 Third Quarter Earnings

Champaign, IL – (Nasdaq: BUSE)

Message from our President & CEO


First Busey Produces Record Net Income in the Third Quarter 2018

Compared to the third quarter of the prior year, third quarter 2018 results were:
●  Net income of $26.9 million, an increase of 43.0%, and adjusted net income1 of $27.0 million, an increase of 30.8%
●  Earnings per share of $0.55 per diluted common share
●  Net interest income of $60.8 million, an increase of 8.6%
●  End of period total assets of $7.889 billion, an increase of 14.1%
●  End of period portfolio loans at $5.624 billion, an increase of 10.6%
●  End of period non-interest bearing deposits at $1.438 billion, an increase of 8.8%

First Busey Corporation's ("First Busey" or the "Company") net income for the third quarter of 2018 was $26.9 million, or $0.55 per diluted common share, an increase compared to net income of $24.9 million, or $0.51 per diluted common share, for the second quarter of 2018 and net income of $18.8 million, or $0.41 per diluted common share, for the third quarter of 2017.  Adjusted net income1 for the third quarter of 2018 was $27.0 million, or $0.55 per diluted common share, an increase compared to $25.6 million, or $0.52 per diluted common share, for the second quarter of 2018 and $20.6 million, or $0.45 per diluted common share, for the third quarter of 2017.

The Company views certain non-operating items, including acquisition-related and restructuring charges, as adjustments to net income reported under generally accepted accounting principles ("GAAP").  Non-operating adjustments for the third quarter of 2018 were $0.2 million of expenses related to acquisitions. The reconciliation of non-GAAP measures (including adjusted net income, adjusted return on average assets, adjusted net interest margin, adjusted efficiency ratio, tangible book value, tangible book value per share and return on average tangible common equity), which the Company believes facilitates the assessment of its financial results and peer comparability, is included in tabular form at the end of this release.

Year-to-date net income through September 30, 2018 was $73.6 million, or $1.50 per diluted common share, an increase over net income of $50.4 million, or $1.23 per diluted common share, for the comparable period of 2017. Year-to-date adjusted net income1 for the first nine months of 2018 was $77.5 million, or $1.58 per diluted common share, an increase compared to $53.1 million or $1.29 per diluted common share for 2017.  The results were favorably impacted by the acquisition of First Community Financial Partners Inc., the holding company of First Community Financial Bank ("First Community"), since the closing of the transaction on July 2, 2017, and Mid Illinois Bancorp, Inc., the holding company of South Side Trust & Savings Bank of Peoria ("South Side"), since the closing of the transaction on October 1, 2017.

For the third quarter of 2018, return on average assets and return on average tangible common equity were 1.37% and 16.17%, respectively.  Based on adjusted net income1, return on average assets was 1.37% and return on average tangible common equity was 16.26% for the same period.

For the nine months ended September 30, 2018, return on average assets was 1.28%, an increase from 1.15% for the same period of 2017.  Based on adjusted net income1, return on average assets for the first nine months of 2018 was 1.34% compared to 1.22% for the comparable period of 2017. Return on average tangible common equity was 15.34% for the first nine months of 2018 compared to 13.15% for the same period of 2017.  Return on average tangible common equity based on adjusted net income1 was 16.15% for the first nine months of 2018 compared to 13.86% for the same period of 2017.

1 A Non-GAAP financial measure. See "Non-GAAP Financial Information" below for reconciliation
 

The following information was filed by First Busey Corp (BUSE) on Tuesday, October 23, 2018 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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)
Accounting Policies
Accounting Policies (Policies)
Accounting Policies - Recently Issued Accounting Standards (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - First Community Financial Partners, Inc. (Details)
Acquisitions - Mid Illinois Bancorp, Inc. (Details)
Acquisitions - The Banc Ed Corp. (Details)
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 - Senior Notes And Subordinate Notes (Details)
Borrowings - Short-Term Borrowings (Details)
Capital
Capital (Details)
Capital (Tables)
Deposits
Deposits (Details)
Deposits (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Derivative Financial Instruments (Tables)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (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)
Income Taxes
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)
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)
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)
Securities
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Securities - General Disclosures (Details)
Securities - Obligations By State (Details)
Share-Based Compensation
Share-Based Compensation (Details)
Share-Based Compensation (Tables)

Material Contracts, Statements, Certifications & more

First Busey Corp provided additional information to their SEC Filing as exhibits

Ticker: BUSE
CIK: 314489
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-008811
Submitted to the SEC: Wed Nov 07 2018 11:28:05 AM EST
Accepted by the SEC: Wed Nov 07 2018
Period: Sunday, September 30, 2018
Industry: State Commercial Banks

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