First Busey Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 29, 2013 at 05:25 pm EST
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First Busey Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net income of $4,917,000 and net income available to common shareholders was $4,009,000 or $0.05 per basic and fully-diluted common share in comparison, the company reported net income of $5,746,000 and net income available to common shareholders of $4,512,000 or $0.05 per basic and fully-diluted common share, for the fourth quarter of 2011. Fourth quarter net income was influenced by impairments and exit costs relating to previously announced branch closures totaling approximately $1.8 million, as well as securities gains of $1.0 million and private equity fund gains of $0.7 million. Total interest income was $28,584,000 against $31,229,000 a year ago. Net interest income was $25,629,000 against $26,478,000 a year ago. Net interest income after provision for loan losses was $22,129,000 against $21,478,000 a year ago. Income before income taxes was $7,473,000 compared to $8,499,000 a year ago. Return on average assets was 0.45% compared to 0.53% a year ago. Return on average common equity was 4.64% compared to 5.36% a year ago. Return on average tangible common equity was 5.15% compared to 6.03% a year ago.
For the full year, the company's net income of $22,357,000 and net income available to common shareholders was $18,724,000 or $0.22 per basic and fully-diluted common share, as compared to net income of $29,873,000 and net income available to common shareholders of $24,531,000 or $0.29 per basic and fully-diluted common share, for the year ended December 31, 2011. The changes in net income from year to year are a reflection in large part of the commercial banking and wealth management businesses, which have increased certain costs. Total interest income was $116,916,000 as compared to $132,819,000 a year ago. Net interest income was $102,146,000 compared to $110,393,000 a year ago, Year-over-year net interest income declines were driven by decreases in average loan volumes, which have prompted initiatives to foster quality asset growth. Additional liquidity generated by growing deposit base has primarily been deployed into investment portfolio over the past year. Net interest income after provision for loan losses was $85,646,000 against $90,393,000 a year ago. Income before income taxes was $32,854,000 compared to $44,843,000 a year ago. Return on average assets was 0.53% compared to 0.71% a year ago. Return on average common equity was 5.49% compared to 7.66% a year ago. Return on average tangible common equity was 6.12% compared to 8.71% a year ago. Book value per common share as on December 31, 2012 was $3.98 compared to $3.89 as on December 31, 2011. Tangible book value per common share as on December 31, 2012 was $3.58 compared to $3.46 as on December 31, 2011.
First Busey Corporation is a bank holding company, which operates through its subsidiary, Busey Bank. The Companyâs segment includes Banking, which provides a full range of banking services to individual and corporate customers through its banking center network in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana; FirsTech segment, which provides comprehensive payment technology solutions, including online, mobile and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. The segment also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services, and Wealth Management segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation and farm management services to individuals, businesses, and foundations.