CHAMPAIGN -- First Busey Corp. continued to recover in the first quarter of 2011, posting its sixth consecutive quarter of improved earnings.

Net income totaled $9.1 million for the quarter that ended March 31. After dividends on preferred stock were deducted, net income available for common stockholders was $7.3 million.

That was a big improvement over the first quarter of 2010, when net income was $4.2 million, and net income available for common stockholders was $2.9 million.

For shareholders, the most recent quarter produced earnings of 9 cents per share, up from 4 cents per share a year earlier.

That exceeded analysts' estimates of about 6 cents per share.

"Overall, we are pleased with our operating results for the first quarter of 2011," First Busey CEO Van A. Dukeman said in a release.

Dukeman said the Champaign-based holding company for Busey Bank continues "to explore external growth opportunities," though he did not elaborate on what those are.

First Busey's nonperforming loans continued to decrease in Illinois and remain about the same in Florida, but they went up slightly in Indiana. Loans 30 to 89 days past due declined sharply from the previous quarter.

Busey Bank accounted for the vast majority of the company's net income, accounting for $8.8 million in the first quarter. That compared with $7 million the previous quarter and $3.5 million in the first quarter of 2010.

First Busey's retail-payment processing subsidiary, FirsTech, and another subsidiary, Busey Wealth Management, each contributed less net income than they did a year earlier.

Dukeman said First Busey has "not yet experienced growth within our loan portfolio." Gross loans totaled $2.23 billion on March 31, down from $2.71 billion a year earlier. Soft loan demand was among the factors affecting the decline, he said.

Busey Bank has 33 offices in downstate Illinois, an office in Indianapolis and seven offices in southwest Florida. As of March 31, First Busey had about $3.5 billion in assets.