CHAMPAIGN — First Busey Corp. reported $102 million in revenue last quarter, up 23 percent compared to the second quarter a year ago.But its profits were flat, with net income of $24.1 million, down from $24.9 million in the second quarter a year ago.Its adjusted net income increased compared to a year ago, from $25.6 million to $29.5 million.
Its adjusted net income per share of 53 cents per share beat analyst expectations by a penny, according to the financial website Seeking Alpha.The holding company of Busey Bank said it had $4.1 million in expenses last quarter related to acquisitions.In January, First Busey completed its $264.3 million purchase of The Banc Ed Corp., the holding company for The Bank of Edwardsville, improving its deposit share in the St. Louis metro area from 18th to seventh.
The Edwardsville bank is expected to merge into Busey in the fourth quarter of this year, First Busey said.
CEO Van Dukeman said the Banc Ed purchase will help the company’s financials “in a multitude of positive ways.”
First Busey also reported $34.3 million in salaries, wages and benefits for its 1,579 employees, including 316 from The Bank of Edwardsville.
And it has $9.61 billion in assets.
Once banks reach $10 billion in assets, they are subject to more vigorous stress testing to determine their health, and they can’t charge as high of payment-processing fees. Banks are also subject to oversight from the Consumer Financial Protection Bureau once they hit $10 billion in assets.