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First Busey Corp (BUSE) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

First Busey Corp

CIK: 314489 Ticker: BUSE
January 29, 2019

Champaign, IL – (Nasdaq: BUSE)

Message from our President & CEO


First Busey Corporation records fourth quarter 2018 net income of $25.3 million

Fourth quarter 2018 results compared to the fourth quarter of the prior year:

Adjusted net income1 of $26.0 million, as compared to $22.5 million
●   
Earnings per diluted common share of $0.51, as compared to $0.25
Tangible book value per common share of $14.21, as compared to $12.88
Net income for wealth management division of $2.0 million, as compared to $1.5 million
Net income for FirsTech Inc. (“FirsTech”) of $0.8 million, as compared to $0.4 million
Return on average assets of 1.28%, as compared to 0.64%
Based on adjusted net income1, return on average assets of 1.31%, as compared to 1.17%


First Busey Corporation’s (“First Busey” or the “Company”) net income for the fourth quarter of 2018 was $25.3 million, or $0.51 per diluted common share, as compared to $26.9 million, or $0.55 per diluted common share, for the third quarter of 2018 and $12.3 million, or $0.25 per diluted common share, for the fourth quarter of 2017.  Adjusted net income1 for the fourth quarter of 2018 was $26.0 million, or $0.53 per diluted common share, as compared to $27.0 million, or $0.55 per diluted common share, for the third quarter of 2018 and $22.5 million, or $0.46 per diluted common share, for the fourth quarter of 2017. Net income for the fourth quarter of 2017 was impacted by a non-recurring, non-cash charge of $8.1 million, or $0.16 per diluted common share, due to the revaluation of the Company’s net deferred tax position following the enactment of the Tax Cuts and Jobs Act (the “TCJA”).

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 pretax adjustments for the fourth quarter of 2018 were $0.3 million of expenses related to acquisitions and $0.6 million of expenses related to restructuring costs. 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.

For the year ended December 31, 2018, net income was $98.9 million, an increase of $36.2 million compared to $62.7 million for the year ended 2017. Earnings per diluted common share were $2.01 for the year ended December 31, 2018 as compared to $1.45 for the year ended December 31, 2017. Adjusted net income1 for the year ended December 31, 2018 was $103.5 million, or $2.10 per diluted common share, as compared to $75.7 million, or $1.75 per diluted common share for 2017.  The 2018 annual results were favorably impacted by the prior year acquisitions of First Community Financial Partners Inc., the holding company of First Community Financial Bank (“First Community”), and Mid Illinois Bancorp, Inc., the holding company of South Side Trust & Savings Bank of Peoria (“South Side”).

For the fourth quarter of 2018, annualized return on average assets and annualized return on average tangible common equity were 1.28% and 14.80%, respectively.  Based on adjusted net income1, return on average assets was 1.31% and return on average tangible common equity was 15.19% for the fourth quarter of 2018.


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, January 29, 2019 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)
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)
Deposits
Deposits (Details)
Deposits (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Derivative Financial Instruments (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Quantitative Information (Details)
Fair Value Measurements - General Disclosures (Details)
Fair Value Measurements - Segregated By Level Of Valuation Inputs (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)
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)
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 And Allowance For Loan Losses
Portfolio Loans And Allowance For Loan Losses (Tables)
Portfolio Loans And Allowance For Loan Losses - Allowance For Loan Loss (Details)
Portfolio Loans And Allowance For Loan Losses - Distributions Of Loans (Details)
Portfolio Loans And Allowance For Loan Losses - Impaired Loans (Details)
Portfolio Loans And Allowance For Loan Losses - Past Due Loans (Details)
Portfolio Loans And Allowance For Loan Losses - Risk Grading (Details)
Premises And Equipment, Net
Premises And Equipment, Net (Details)
Premises And Equipment, Net (Tables)
Regulatory Capital
Regulatory Capital (Details)
Regulatory Capital (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 - Impact Of New Financial Accounting Standards (Details)
Significant Accounting Policies - Narrative (Details)
Significant Accounting Policies - Off-Balance Sheet Arrangements (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: 0001558370-19-001194
Submitted to the SEC: Wed Feb 27 2019 11:25:13 AM EST
Accepted by the SEC: Wed Feb 27 2019
Period: Monday, December 31, 2018
Industry: State Commercial Banks

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