URBANA — First Busey Corp., the holding company of Busey Bank, reported an increase in profits last year compared with 2018.
The company reported net income of $103 million last year on revenue of $404 million, up from net income of $98.9 million on $331 million in revenue in 2018. Its fourth-quarter results were also up compared with the year before, with net income of $28.6 million in 2019 up from $25.3 million in the fourth quarter of 2018.
Last year, Busey completed its $261 million purchase of The Banc Ed Corp., the holding company for The Bank of Edwardsville. With the purchase, Busey said it would increase its deposit share in the St. Louis metro area from 18th to seventh. First Busey also purchased Investors’ Security Trust Company, a wealth-management firm in Florida with $471.1 million in assets under care.
“As we reflect back on 2019, we are pleased with our accomplishments and feel confident that we are well positioned moving into the new year,” CEO Van Dukeman said.
First Busey’s diluted earnings per share dropped from $2.01 in 2018 to $1.87 last year. Its stock price rose from $24.54 at the end of 2018 to $27.50 by the end of last year.
At the end of trading Tuesday, it was at $26.52 per share.