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First Busey Corp (BUSE) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

First Busey Corp

CIK: 314489 Ticker: BUSE
July 23, 2019
First Busey Announces 2019 Second Quarter Earnings

Champaign, IL – (Nasdaq: BUSE)

Message from our President & CEO

Positive advances in the second quarter of 2019 from the comparable quarter of the prior year:



Total assets of $9.61 billion, an increase of 23.6%


• Net interest income of $73.4 million, an increase of 21.6%


• Portfolio loans of $6.53 billion, an increase of 17.6%


• Non-interest bearing deposits of $1.77 billion, an increase of 18.0%
• Tangible book value per common share of $14.95, as compared to $13.40



First Busey Corporation’s (“First Busey” or the “Company”) net income for the second quarter of 2019 was $24.1 million, or $0.43 per diluted common share, as compared to $25.5 million, or $0.48 per diluted common share, for the first quarter of 2019 and $24.9 million, or $0.51 per diluted common share, for the second quarter of 2018.  Adjusted net income1 for the second quarter of 2019 was $29.5 million, or $0.53 per diluted common share, as compared to $26.6 million, or $0.50 per diluted common share, for the first quarter of 2019 and $25.6 million, or $0.52 per diluted common share, for the second quarter of 2018.

Year-to-date net income through June 30, 2019 was $49.6 million, or $0.90 per diluted common share, compared to net income of $46.8 million, or $0.95 per diluted common share, for the comparable period of 2018. Year-to-date adjusted net income1 for the first six months of 2019 was $56.1 million, or $1.02 per diluted common share, compared to $50.5 million or $1.03 per diluted common share for the first six months of 2018.

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 second quarter of 2019 were $4.1 million of expenses related to acquisitions, $1.4 million of expenses related to other restructuring costs and $1.8 million related to mortgage servicing rights impairment from TheBANK of Edwardsville (“TheBANK”) asset. 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 second quarter of 2019, annualized return on average assets and annualized return on average tangible common equity were 1.01% and 11.80%, respectively.  Based on adjusted net income1, return on average assets was 1.24% and return on average tangible common equity was 14.45% for the second quarter of 2019.

For the six months ended June 30, 2019, annualized return on average assets and annualized return on average tangible common equity were 1.09% and 12.68%, respectively.  Based on adjusted net income1, return on average assets was 1.23% and return on average tangible common equity was 14.35% for the six months ended June 30, 2019.

On January 31, 2019, the Company completed its acquisition of The Banc Ed Corp. (“Banc Ed”), the holding company for TheBANK.  TheBANK, founded in 1868, is a privately held commercial bank headquartered in Edwardsville, Illinois. It is anticipated that TheBANK will be merged with and into First Busey’s bank subsidiary, Busey Bank, in the fourth quarter of 2019.  Financial results for 2019 were impacted by the Banc Ed acquisition, resetting the baseline for financial performance in future quarters in a multitude of positive ways.


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, July 23, 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-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)
Acquisition
Acquisition (Tables)
Acquisition - The Banc Ed Corp. (Details)
Borrowings
Borrowings (Tables)
Borrowings - Amended And Restated Credit Agreement (Details)
Borrowings - Long-Term Debt (Details)
Borrowings - Maturity Period (Details)
Borrowings - Senior Notes And Subordinate Notes (Details)
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 - General Disclosures (Details)
Fair Value Measurements - Segregated By Level Of Valuation Inputs (Details)
Junior Subordinated Debt Owed To Unconsolidated Trusts
Junior Subordinated Debt Owed To Unconsolidated Trusts (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Future Rent Commitments (Details)
Leases - Lease Cost And Other Lease Information (Details)
Operating Segments And Related Information
Operating Segments And Related Information (Details)
Operating Segments And Related Information (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 - Allowance For Loan Loss (Details)
Portfolio Loans - Distribution (Details)
Portfolio Loans - Loans Identified As Impaired, Segregated By Category (Details)
Portfolio Loans - Narrative (Details)
Portfolio Loans - Past Due And Still Accruing Or On A Non-Accrual Status Loans (Details)
Portfolio Loans - Risk Grades (Details)
Portfolio Loans - Summary Of Restructured Loans (Details)
Regulatory Capital
Regulatory Capital (Details)
Regulatory Capital (Tables)
Securities
Securities (Tables)
Securities - General Disclosures (Details)
Share-Based Compensation
Share-Based Compensation (Details)
Share-Based Compensation (Tables)
Share-Based Compensation - Award Status (Details)
Share-Based Compensation - Restricted And Deferred Stock Units (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Impact Of New Financial Accounting Standards (Details)

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: 0001558370-19-007450
Submitted to the SEC: Wed Aug 07 2019 11:51:26 AM EST
Accepted by the SEC: Wed Aug 07 2019
Period: Sunday, June 30, 2019
Industry: State Commercial Banks

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