CHAMPAIGN — First Busey Corp. reported a drop in fourth-quarter earnings, but still managed to make 2011 a more profitable year than 2010.
The holding company for Busey Bank generated $5.75 million in net income during the fourth quarter of 2011 — down 21 percent from $7.31 million in the fourth quarter of 2010.
Still, First Busey ended the year with $29.87 million in net income — up 29 percent from $23.23 million in 2010.
First Busey President and CEO Van Dukeman said one factor affecting lower fourth-quarter income was "increased spending on salaries and wages."
Fully diluted earnings per share totaled 5 cents in the fourth quarter, down from 9 cents in the same quarter a year earlier.
Several analysts had projected fourth-quarter earnings to be in the 7- to 8-cents-per-share range.