First Busey Announces 2015 Third Quarter Earnings

CHAMPAIGN, Ill., Oct. 27, 2015 (GLOBE NEWSWIRE) — (Nasdaq:BUSE)

Message from our President & CEO 

Significant progress made from the quarter ended September 30, 2014:

∙ Fully-diluted earnings per share of $0.36, up 17.0%       
∙ Net income available to common stockholders of $10.4 million, up 17.0%     ∙ Return on average assets of 1.05%, up from 1.00%
∙ Total net interest income of $28.2 million, up 8.8%     ∙ Total average gross loans of $2.545 billion, up 8.5%
Total non-interest income of $15.9 million, up 11.9%     ∙ Average non-interest bearing deposits of $711.7 million, up 18.4%
       

Other highlights:

∙ 1-for-3 reverse stock split effective September 8, 2015     ∙ October 2015 cash dividend of $0.17, up 13% from prior quarter
∙ Organic linked quarter loan growth, up $66.4 million     ∙ Net interest margin of 3.10%, up from 3.05% in prior quarter
       

First Busey Corporation’s net income for the third quarter of 2015 was $10.6 million and net income available to common stockholders was $10.4 million, or $0.36 per fully diluted common share.  The Company reported net income of $9.9 million and net income available to common stockholders of $9.8 million, or $0.33 per fully-diluted common share, for the second quarter of 2015 and net income of $9.1 million and net income available to common stockholders of $8.9 million, or $0.31 per fully-diluted common share for the third quarter of 2014.

The Company’s year-to-date net income through September 30, 2015 was $28.3 million and net income available to common stockholders was $27.8 million, or $0.95 per fully-diluted common share, compared to net income of $25.2 million and net income available to common stockholders of $24.6 million, or $0.85 per fully-diluted common share, for the comparable period of 2014.  On January 8, 2015, the Company completed its acquisition of Herget Financial Corp. (“Herget”), which impacted year-to-date net income by $1.0 million in one-time expenses, occurring primarily in the first quarter of 2015.  Further, the Company undertook initiatives to refine its branch network and restructure various internal teams during the first quarter of 2015, resulting in $0.7 million of fixed asset impairments and $0.3 million in other corporate restructuring costs. 

Balance Sheet Growth:  Gross loans at September 30, 2015 increased $66.4 million from June 30, 2015.  The linked quarter increase in gross loans was led by organic commercial growth as commercial loans grew $62.3 million in the third quarter of 2015 compared to June 30, 2015.  Loans held for sale decreased $8.2 million in the third quarter of 2015 compared to June 30, 2015.  Gross loans increased to $2.581 billion at September 30, 2015 from $2.515 billion at June 30, 2015 and $2.380 billion at September 30, 2014, impacted by organic growth and the benefit of loans obtained as part of the Herget acquisition.  Commercial loans grew by $127.7 million at September 30, 2015 compared to September 30, 2014. 

Average deposit balances for the three months ended September 30, 2015 grew $9.0 million compared to the three months ended June 30, 2015 and $316.8 million compared to the three months ended September 30, 2014. Ending balances of total deposits declined slightly during the third quarter of 2015 to $3.111 billion at September 30, 2015 compared to $3.136 billion at June 30, 2015, but increased from $2.825 billion at September 30, 2014. 

Average non-interest bearing deposits of $711.7 million for the three months ended September 30, 2015 decreased slightly from $725.3 million for the three months ended June 30, 2015, but significantly increased from $601.2 million for the three months ended September 30, 2014.  Average non-interest bearing deposits represented 22.4% of total average deposits for the third quarter of 2015.  The Company remains strongly core deposit funded with total average deposits representing 91.2% of total average liabilities, with solid liquidity and significant market share in the communities it serves.

Capital Strength:  On May 20, 2015, at the Company’s Annual Meeting of Stockholders, the Company’s stockholders approved a resolution to authorize the board of directors to implement a reverse stock split of the Company’s common stock at a ratio of one-for-three (the “Reverse Stock Split”).  On August 17, 2015, the board of directors authorized the Reverse Stock Split, which became effective on September 8, 2015.  With the number of our outstanding shares now more closely conforming to those of peer organizations, the Reverse Stock Split allows our stockholders, potential investors and our other stakeholders to more easily evaluate our financial results comparatively to other financial institutions, particularly with regard to earnings per share and other share-based capital metrics.  All share and per share information has been restated for all prior periods presented in this earning release, giving retroactive effect to the Reverse Stock Split.

Due to continued strong financial performance, the Company will pay a cash dividend on October 30, 2015 of $0.17 per common share to stockholders of record as of October 23, 2015, which represents a 13% increase from the previous quarterly dividend of $0.15 per common share, as adjusted for the Reverse Stock Split.  First Busey Corporation has an uninterrupted history of paying dividends to its common stockholders since the bank holding company was organized in 1980.

In addition, during the third quarter of 2015, the Company purchased 333,333 shares of its common stock at an average price of $18.89 per share for a total of $6.3 million under the Company’s stock repurchase plan.  At September 30, 2015, the Company held 735,025 shares in treasury and had 333,334 shares available to be purchased under the plan. The Company grants share-based compensation awards to its employees and members of its board of directors as provided for under the Company’s 2010 Equity Incentive Plan, under which, the Company may source stock option exercises and grants of restricted stock units and deferred stock units from its inventory of treasury stock.  Repurchases were executed in contemplation of maintaining levels of treasury stock appropriate to satisfy compensation awards, in addition to favorable pricing opportunities that were broadly manifest in the market for bank stocks during the third quarter of 2015. 

At the end of the third quarter of 2015, Busey Bank continued to exceed the capital adequacy requirements necessary to be considered “well-capitalized” under applicable regulatory guidelines.  Further, First Busey Corporation’s Tangible Common Equity (“TCE”) increased to $341.1 million at September 30, 2015 compared to $339.0 million at June 30, 2015 and $332.3 million at September 30, 2014.  TCE represented 8.90% of tangible assets at September 30, 2015, compared to 8.79% at June 30, 2015 and 9.51% at September 30, 2014.1  

Asset Quality:  While much internal focus has been directed toward growth, the Company’s commitment to credit quality continues to be evident by strong performance across a range of credit indicators.  The September 30, 2015 asset metrics reflect the post combination results of acquiring Herget.  As of September 30, 2015, the Company reported non-performing loans of $8.0 million compared to $8.4 million as of June 30, 2015 and $8.7 million as of September 30, 2014. 

The Company recorded net charge-offs of $0.6 million for the third quarter of 2015.  By comparison, the Company recorded net recoveries of $0.1 million for second quarter of 2015 and net charge-offs of $0.4 million for the third quarter of 2014.  Net charge-offs for the first nine months of 2015 were $0.8 million compared to $2.6 million for the same period of 2014.  The Company recorded a provision for loan loss of $0.1 million in the third quarter of 2015, compared to no provision in the second quarter of 2015 and third quarter of 2014.  For the first nine months of 2015, the provision for loan loss was $0.6 million, compared to $2.0 million for the same period of 2014, as the Company’s dedication to improving asset quality and building balance sheet strength continues to yield positive results. 

The allowance for loan losses as a percentage of loans decreased to 1.83% at September 30, 2015 compared to 1.90% at June 30, 2015 and 1.98% at September 30, 2014.  During the current year, the Company is holding acquired loans from the Herget acquisition with uncollected principal balances.  These loans are carried net of a fair value adjustment for credit and interest rate and are only included in the allowance calculation to the extent that the reserve requirement exceeds their credit fair value adjustment.

1Tangible Common Equity, a non-GAAP metric, is defined as common equity less tax-effected goodwill and intangibles at the end of the reporting period.   Tangible assets, a non-GAAP metric, is defined as total assets less tax-effected goodwill and intangibles at the end of the reporting period.

With a continued commitment to the quality of assets and the strength of our balance sheet, near-term loan losses are expected to remain generally low.  While these results are encouraging, asset quality metrics can be generally influenced by market-specific economic conditions beyond the control of the Company, and specific measures may fluctuate from quarter to quarter.  

Fee-based Businesses: Revenues from trust fees, commissions and brokers’ fees, and remittance processing activities – which are primarily generated through Busey Wealth Management and FirsTech – represented 51.8% of the Company’s non-interest income for the quarter ended September 30, 2015, providing a balance to revenue from traditional banking activities.  Furthermore, the Company believes the boutique services offered to ultra-high net worth clients by Trevett Capital Partners within its suite of wealth services broadens the Company’s business base and enhances its ability to further develop revenue sources.  In addition, our professional farm management and brokerage services are entrusted to care and maximize value for landowners of prime farmland in Illinois.

Trust fees and commissions and brokers’ fees seasonally decreased to $5.3 million for the third quarter of 2015 compared to $6.0 million for the second quarter of 2015, but increased from $4.9 million for the third quarter of 2014.  Trust fees and commission and brokers’ fees increased to $17.8 million for the nine months ended September 30, 2015 compared to $16.9 million for the nine months ended September 30, 2014. 

FirsTech’s remittance processing revenue decreased to $2.9 million for the third quarter of 2015, compared to $3.0 million for the second quarter of 2015, but increased from $2.4 million for the third quarter of 2014.  Remittance processing revenue increased to $8.4 million for the nine months ended September 30, 2015 compared to $7.1 million, up 17.6%, for the nine months ended September 30, 2014.

Operating Performance:  The Company continues to prioritize strengthening its balance sheet, diversifying revenue streams and developing appropriate platforms to sustain profitable growth.  An active business outreach across the Company’s footprint continues to support ongoing business expansion.  Specific areas of operating performance are detailed as follows:

 

  • Net interest income before provision for loan losses of $28.2 million in the third quarter of 2015 increased from $27.4 million in the second quarter of 2015 and $25.9 million in the third quarter of 2014.  Net interest income for the first nine months of 2015 was $82.2 million compared to $75.5 million for the same period of 2014. 
     
  • The net interest margin improved to 3.10% for the third quarter of 2015, compared to 3.05% for the second quarter of 2015, but decreased from 3.19% for the third quarter of 2014.  Average earning assets for the three months ended September 30, 2015 grew $13.5 million compared to the three months ended June 30, 2015 and $404.0 million compared to the three months ended September 30, 2014.  The net interest margin for the first nine months of 2015 decreased to 3.06% compared to 3.15% for the same period of 2014, influenced by large average cash and due from bank balances of $351.4 million for the nine months ended September 30, 2015 compared to $237.2 million for the nine months ended September 30, 2014.  By the end of the third quarter of 2015, the cash and due from bank balance declined to $175.1 million, primarily as a result of positive changes in asset mix and fluctuations in funding.
     
  • Gain on sales of loans seasonally decreased to $1.5 million for the third quarter of 2015 compared to $1.9 million for the second quarter of 2015 but increased from $1.3 million in the third quarter of 2014.  In the first nine months of 2015, gain on sales of loans increased to $4.8 million from $3.6 million in the comparable period of 2014, predominantly based on mortgage activity.
     
  • Salaries and wages and employee benefits decreased slightly to $15.7 million in the third quarter of 2015 compared to $15.8 million in the second quarter of 2015, but increased from $14.9 million in the third quarter of 2014.  In the first nine months of 2015, salaries and wages and employee benefits increased to $48.4 million compared to $45.0 million for the same period of 2014, due to higher commissions related to mortgage production, first quarter restructuring expenses, and an initial increase in the number of employees in connection with the Herget acquisition.  By the end of the third quarter, full-time equivalent employees had decreased to 789 from 804 at June 30, 2015 and from 801 at September 30, 2014. 
     
  • Data processing expense in the third quarter of 2015 decreased to $3.1 million compared to $3.2 million in the second quarter of 2015, but increased from $2.6 million in the third quarter of 2014.  Data processing expense totaled $9.8 million for the first nine months of 2015, compared to $8.1 million for the same period of 2014. The increase was primarily due to non-recurring software conversion expenses related to the acquisition of Herget.  As the Company manages data processing expense, it continues to enhance its mobile and internet banking services and prioritize strategies to mitigate the risk from cybercriminals through the use of new technology, industry best practices and customer education.  A portion of the increase in data processing expense was also related to supporting new sources of revenue growth at FirsTech.
     
  • Other operating expenses in the third quarter of 2015 decreased to $4.3 million compared to $4.6 million in the second quarter of 2015 and was steady with the third quarter of 2014.  In the first nine months of 2015, other operating expenses increased to $14.2 million compared to $12.9 million for the same period of 2014, due to restructuring initiatives discussed above, which included $0.7 million in fixed asset impairments and Herget acquisition-related expenses of $0.2 million.


Overview and Strategy:

Our financial performance was strong in the first nine months of 2015, as we grew our balance sheet and total revenue through organic means, supplemented by the Herget acquisition.  Total non-interest revenues (net of security gains and losses) represented 37.1% of total revenue for the nine months ended September 30, 2015 and 36.9%, for the nine months ended September 30, 2014, supported by our significant wealth management and unique payment processing businesses.  Various actions were undertaken through the year across our franchise to shape the future, trimming certain areas where sensible and adding in others with a continuing commitment to deliver optimal value to our Pillars.

Busey customers are increasingly seeking innovative mobile options to flexibly manage their finances.  Digital channels are currently accessed by over 75% of customers with over 30% using mobile devices and over 25% enrolled in mobile deposit programs.  Following an extensive analysis of both customer needs and stockholder value, we consolidated three full service branches on July 30, 2015 and announced our plans to consolidate one additional branch effective December 1, 2015.  As we successfully service many emerging customer preferences through enhanced digital and telephone support, we have also modified hours where appropriate in our remaining thirty-six branch network to better match patterns of customer usage. Our streamlined retail network will continue as a dynamic funding source with a relationship-driven focus to help our customers and communities flourish.

Busey takes pride in being early adopters of technology and digital outreach channels.  For the second year in a row, Busey Bank was selected out of nearly 6,000 eligible financial institutions by the Independent Community Bankers of America® as one of the Top 50 Community Bank Leaders in Social Media.  Busey Bank was chosen based on engagement with fans and followers, content distributed and frequency of posting new content.

We are pleased by the successful integration of Herget into the Busey family of companies during the first quarter of 2015 and are excited about the prospects for the future.  By acquiring organizations with a similar philosophy in markets which complement our existing customer base, we intend to expand our franchise through balanced, integrated growth strategies that generate value for our stockholders.

With our strong capital position, an attractive core funding base, and a sound credit foundation, we feel confident that we are well positioned to explore potential external growth opportunities to enhance and complement our mission to achieve positive organic growth. We are actively evaluating capital management strategies and potential future partnerships with attractive merger candidates.  As we acknowledge our continued success and the positive forward momentum of our Company, we are grateful for the opportunity to continually earn the business of our customers, based on the contributions of our talented associates and the loyal support of our stockholders.

/s/ Van A. Dukeman
President & Chief Executive Officer
First Busey Corporation

 
SELECTED  FINANCIAL HIGHLIGHTS1
(dollars in thousands, except per share data)
             
  As of and for the As of and for the
  Three Months Ended Nine Months Ended
  September 30, June 30, December 31, September 30, September 30, September 30,
    2015     2015     2014     2014     2015     2014  
EARNINGS & PER SHARE DATA            
Net income $   10,626   $   9,936   $    7,593   $   9,109   $    28,323   $    25,181  
Income available to common stockholders2   10,444       9,755       7,411       8,927       27,778        24,636  
Revenue3     44,084       43,996       40,090       40,115       130,714       119,651  
Fully-diluted earnings per share   0.36       0.33       0.25       0.31     0.95        0.85  
Cash dividends paid per share   0.15       0.15       0.15       0.15      0.45       0.42  
             
Net income by operating segment            
Busey Bank $    9,438   $   8,815   $    7,854   $    8,195   $    25,531   $   22,910  
Busey Wealth Management    1,189      1,425      1,102      1,176     3,577        3,579  
FirsTech   479       492       270       322     1,329        957  
             
AVERAGE BALANCES            
Cash and due from banks $ 284,622   $ 378,422   $   283,411   $   189,836   $   351,397   $   237,180  
Investment securities   946,460       889,035       789,620     830,504     899,453       841,208  
Gross loans   2,544,916      2,494,200     2,372,617       2,345,718     2,508,775        2,277,343  
Earning assets   3,684,379      3,670,857      3,365,335       3,280,380     3,667,661        3,265,295  
Total assets   3,934,398      3,919,381     3,597,157       3,525,124     3,918,447       3,518,818  
             
Non-interest bearing deposits   711,703       725,261       622,152     601,220     713,520       587,265  
Interest-bearing deposits   2,471,742      2,449,140     2,249,295       2,265,378     2,454,272        2,289,414  
Total deposits   3,183,445     3,174,401     2,871,447     2,866,598     3,167,792       2,876,679  
Securities sold under agreements to repurchase   174,352       172,930       181,176     146,230     177,937       137,424  
Interest-bearing liabilities   2,751,094      2,727,070     2,517,428       2,472,820     2,737,330        2,483,930  
Total liabilities   3,491,333     3,479,513     3,165,608     3,098,765     3,478,767       3,096,724  
Stockholders’ equity-common   370,401       367,201       358,885     353,695     367,016       349,430  
Tangible stockholders’ equity-common4   336,139       332,138       331,130     325,177     332,151       320,192  
             
PERFORMANCE RATIOS            
Return on average assets5   1.05 %   1.00 %   0.82 %   1.00 %   0.95 %     0.94 %
Return on average common equity5   11.19 %   10.66 %   8.19 %   10.01 %   10.12 %     9.43 %
Return on average tangible common equity5   12.33 %   11.78 %   8.88 %   10.89 %   11.18 %     10.29 %
Net interest margin5, 6   3.10 %   3.05 %   3.13 %   3.19 %   3.06 %     3.15 %
Efficiency ratio7   60.80 %   62.07 %   68.43 %   63.01 %   63.90 %     64.00 %
Non-interest revenue as a % of total revenues3   36.04 %   37.83 %   34.93 %   35.41 %   37.10 %     36.91 %
             
1  Results are unaudited and all share and per share information has been restated for all prior periods presented giving retroactive effect to the Reverse Stock Split in this and all subsequent financial disclosures
Net income available to common stockholders, net of preferred dividend
Revenues consist of net interest income plus non-interest income, net of security gains and losses
Tangible stockholders’ equity-common, a non-GAAP metric, is defined as average common equity less average goodwill and intangibles
Annualized and calculated on net income available to common stockholders
On a tax-equivalent basis, assuming a federal income tax rate of 35%
Net of security gains and losses and intangible charges
   

 

  Condensed Consolidated Balance Sheets1 As of
  (in thousands, except per share data) September 30, June 30, December 31, September 30,
      2015     2015     2014     2014  
  Assets        
  Cash and due from banks $   175,145   $   289,385   $   339,438   $    179,724  
  Investment securities   952,578     924,207     761,438     805,449  
           
  Commercial loans   1,909,853     1,847,521     1,812,965     1,782,126  
  Held for sale loans   15,694     23,816     10,400     12,090  
  Retail real estate and retail other loans   655,467     643,239     592,325     585,699  
  Gross loans $   2,581,014   $   2,514,576   $   2,415,690   $   2,379,915  
           
  Allowance for loan losses   (47,212 )   (47,720 )   (47,453 )   (47,014 )
  Premises and equipment   63,880     64,834     63,974     64,369  
  Goodwill and other intangibles   33,750     34,558     27,373     28,076  
  Other assets   104,410     105,434     105,147     110,398  
  Total assets $   3,863,565   $   3,885,274   $   3,665,607   $    3,520,917  
           
  Liabilities & Stockholders’ Equity        
  Non-interest bearing deposits $   677,791   $   705,231   $   666,607   $  579,550  
  Interest checking, savings, and money market deposits   1,954,739     1,930,185     1,738,170     1,729,164  
  Time deposits   478,000     500,324     496,071     516,680  
  Total deposits $    3,110,530   $   3,135,740   $   2,900,848   $    2,825,394  
           
  Securities sold under agreements to repurchase   176,961     174,352     198,893     157,282  
  Long-term debt   50,000     50,000     50,000     30,000  
  Junior subordinated debt owed to unconsolidated trusts   55,000     55,000     55,000     55,000  
  Other liabilities   26,846     27,594     27,227     23,213  
  Total liabilities $   3,419,337   $   3,442,686   $   3,231,968   $    3,090,889  
  Total stockholders’ equity $   444,228   $   442,588   $   433,639   $  430,028  
  Total liabilities & stockholders’ equity $   3,863,565   $   3,885,274   $   3,665,607   $  3,520,917  
           
  Share Data        
  Book value per common share $    12.95   $   12.77   $   12.47   $   12.34  
  Tangible book value per common share2 $    11.77    $   11.58   $   11.52   $   11.38  
  Ending number of common shares outstanding   28,693     28,968     28,954     28,948  
       
  Asset Quality1 As of and for the Three Months Ended
  (dollars in thousands) September 30, June 30, December 31, September 30,
      2015     2015     2014     2014  
           
  Gross loans $   2,581,014   $    2,514,576   $    2,415,690   $   2,379,915  
  Non-performing loans        
  Non-accrual loans   7,875     8,377     9,000       8,681  
  Loans 90+ days past due   158     64     10       65  
  Non-performing loans, segregated by geography        
  Illinois/ Indiana   6,710     7,105     5,309       5,285  
  Florida   1,323     1,336     3,701       3,461  
  Loans 30-89 days past due   2,511     4,112     1,819       6,350  
  Other non-performing assets   84     310     216       216  
  Non-performing assets to total loans and non-performing assets   0.31 %   0.35 %   0.38 %     0.38 %
  Allowance as a percentage of non-performing loans   587.73 %   565.34 %   526.67 %     537.55 %
  Allowance for loan losses to loans   1.83 %   1.90 %   1.96 %     1.98 %
  Net charge-offs (recoveries)   608     (68 )   (439 )     414  
  Provision expense   100                      –  
           
  1 Results are unaudited except for amounts reported as of December 31, 2014
  2 Total common equity less goodwill and intangibles divided by shares outstanding as of period end
         

 

Condensed Consolidated Statements of Operations        
(Unaudited, in thousands, except per share data)    
  For the   For the
  Three Months Ended September 30,   Nine Months Ended September 30,
    2015     2014       2015     2014  
           
Interest and fees on loans $   25,099   $    23,553     $   73,851   $   68,523  
Interest on investment securities   4,631     3,958         13,052      11,895  
Total interest income $   29,730   $    27,511     $   86,903   $   80,418  
           
Interest on deposits   1,175     1,260         3,624       3,928  
Interest on short-term borrowings     44       41       132      115  
Interest on long-term debt     10       1         31       1  
Junior subordinated debt owed to unconsolidated trusts     306       298       900       885  
Total interest expense $   1,535   $     1,600     $   4,687   $   4,929  
           
Net interest income $   28,195   $    25,911     $   82,216   $   75,489  
Provision for loan losses   100               600       2,000  
Net interest income after provision for loan losses $   28,095   $    25,911     $   81,616   $   73,489  
           
Trust fees   4,542     4,182        15,385       14,879  
Commissions and brokers’ fees     799       676         2,402       2,023  
Fees for customer services   4,926     4,750         14,175      13,662  
Remittance processing   2,897     2,394         8,372       7,120  
Gain on sales of loans   1,549     1,339         4,843       3,554  
Net security (losses) gains     –            (21 )     40  
Other     1,176     863         3,321       2,924  
Total non-interest income $   15,889   $    14,204     $   48,477   $   44,202  
           
Salaries and wages     13,365       12,591        41,181     37,418  
Employee benefits   2,352     2,263         7,215       7,542  
Net occupancy expense   2,090     2,086         6,496       6,384  
Furniture and equipment expense   1,319     1,250         3,793       3,607  
Data processing expense   3,082     2,600         9,843       8,099  
Amortization expense     807       702         2,384       2,182  
Regulatory expense     610       503         1,813       1,559  
Other operating expenses   4,325     4,303         14,217       12,948  
Total non-interest expense $   27,950   $    26,298     $   86,942   $   79,739  
           
Income before income taxes $   16,034   $    13,817     $   43,151   $   37,952  
Income taxes   5,408     4,708         14,828      12,771  
Net income $   10,626   $    9,109     $   28,323   $   25,181  
Preferred stock dividends $    182   $    182     $   545   $    545  
Income available for common stockholders $    10,444   $   8,927     $   27,778   $   24,636  
           
Per Share Data          
Basic earnings per common share $   0.36   $    0.31     $   0.96   $   0.85  
Fully-diluted earnings per common share $   0.36   $    0.31     $   0.95   $   0.85  
Diluted average common shares outstanding     29,142       29,113        29,163     29,087  
                           

Corporate Profile

First Busey Corporation (Nasdaq:BUSE) is a $3.9 billion financial holding company headquartered in Champaign, Illinois. Busey Bank, First Busey Corporation’s wholly-owned bank subsidiary, is also headquartered in Champaign, Illinois and has twenty-nine banking centers serving Illinois, a banking center in Indianapolis, Indiana, and six banking centers serving southwest Florida.  Trevett Capital Partners, a wealth management division of Busey Bank, provides asset management, investment and fiduciary services to high net worth clients in southwest Florida.  The wealth management professionals of Trevett Capital Partners can be reached through trevettcapitalpartners.com.  Busey Bank had total assets of $3.8 billion as of September 30, 2015. 

In addition, First Busey Corporation owns a retail payment processing subsidiary, FirsTech, Inc., through Busey Bank, which processes over 23 million transactions per year using online bill payment, lockbox processing and walk-in payments at its 3,000 agent locations in 36 states.  More information about FirsTech, Inc. can be found at firstechpayments.com.

Busey Wealth Management is a wholly-owned subsidiary of First Busey Corporation.  Through Busey Trust Company, Busey Wealth Management provides asset management, investment and fiduciary services to individuals, businesses and foundations.  As of September 30, 2015, Busey Wealth Management’s assets under care were approximately $5.1 billion.

Busey Bank and Busey Wealth Management deliver financial services through busey.com.

Special Note Concerning Forward-Looking Statements

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company.  Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions.  Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements.  These factors include, among others, the following: (i) the strength of the local and national economy; (ii) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the extensive regulations to be promulgated thereunder, as well as the rules adopted by the federal bank regulatory agencies to implement Basel III); (iii) changes in interest rates and prepayment rates of the Company’s assets; (iv) increased competition in the financial services sector and the inability to attract new customers; (v) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vi) the loss of key executives or employees; (vii) changes in consumer spending; (viii) unexpected results of acquisitions, including the acquisition of Herget; (ix) unexpected outcomes of existing or new litigation involving the Company; (x) the economic impact of any future terrorist threats or attacks; (xi) the economic impact of exceptional weather occurrences such as tornadoes, hurricanes, floods, and blizzards; and (xii) changes in accounting policies and practices.  These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.  Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

CONTACT: Contact:
Robin N. Elliott, CFO
217-365-4120