Updated: Income up for fourth quarter, all of 2013, for First Busey
CHAMPAIGN — Busey Bank parent First Busey Corp. reported sharp increases in net income for the fourth quarter of 2013 and the full year.
Fourth-quarter net income was $6.92 million, up 41 percent from $4.92 million in 2012. For shareholders, diluted earnings amounted to 7 cents a share, up from 5 cents a share in 2012.
For full-year 2013, net income was $28.7 million, up 28 percent from $22.4 million in 2012. Diluted earnings for the year amounted to 29 cents a share, up from 22 cents in 2012.
In a message to shareholders, First Busey CEO Van Dukeman said the bank enjoyed a "substantial increase in commercial loan balances" at the same time that asset quality improved.
The total loan portfolio grew by $222 million, or 10.7 percent, over the year. Commercial loan balances grew by 16.7 percent over the same period.
"Our market areas showed signs of strengthening, and credit quality continued to improve," Dukeman said.
Fourth-quarter results were influenced by $700,000 in restructuring costs; $300,000 in marketing and business development costs; $500,000 in gains from the sale of securities; and a $300,000 loss on the disposal of premises and equipment.
Dukeman said the bank has attained Small Business Lending Fund targets, reducing costs of preferred stock dividend and boding well for future earnings.
Champaign-based First Busey, with $3.5 billion in assets, has several subsidiaries, including Busey Bank, Busey Wealth Management and FirsTech, a retail payment-processing firm.
Busey Wealth Management had net income of $1.1 million in the fourth quarter, up from $716,000 a year earlier. For the full year, the subsidiary had net income of $4.24 million, up from $3.36 million in 2012.
Busey Bank has 28 banking centers in Illinois, seven in southwest Florida and one in Indianapolis.