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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