First Busey 1st-quarter income up from a year ago
CHAMPAIGN — Busey Bank's parent company, First Busey Corp., reported that second-quarter net income was up from the same quarter a year ago — but down from the first quarter of this year.
The company reported $7.4 million in net income, up from $5.7 million a year earlier, but down from $9.1 million in the first quarter.
Fully diluted earnings amounted to 7 cents a share, down from 9 cents a share in the first quarter. However, the company said it would pay a cash dividend of 4 cents a share on July 29 — consistent with previous quarters.
Company CEO Van A. Dukeman said the decline in earnings from the first quarter was primarily due to a decrease in the size of the company's loan portfolio.
Soft loan demand contributed to that shrinkage, he said.
"The economy continues to be a headwind, and competition for new business banking opportunities is strong," Dukeman said.
But he said he expects gradual improvement in loan volume in coming quarters.
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