Q: How did First Busey do in the third quarter?
A: Last week, First Busey reported less profits than in the year ago quarter.
The holding company for Busey Bank reported $24.8 million in net profits in the third quarter, up from $24.1 million the previous quarter but down from $26.9 million a year ago.
But revenue increased from $82.6 million a year ago to $104 million in the third quarter.
In this past quarter, First Busey completed merging The Bank of Edwardsville branches into its Busey branches.
It bought the bank’s holding company in January for $261.3 million, improving its deposit share in the St. Louis metro area from 18th to seventh.
“When we completed the Banc Ed acquisition, we reset the baseline for the future financial performance of First Busey in a multitude of positive ways,” First Busey CEO Van Dukeman said. “With TheBANK now merged and integrated, we expect to see the full contribution and synergies of TheBANK reflected in the Company’s financial performance in the quarters ahead.”
It also completed its purchase of Investors’ Security Trust Company, a Florida-based wealth management firm, for an undisclosed price.
“We are pleased with our third quarter 2019 operating results and feel confident that we are well positioned for growth as we move into the final quarter of 2019 and into 2020,” Dukeman said.