CHAMPAIGN — While its profits were down slightly compared to last quarter, First Busey Corp. finished the year with net income up nearly 40 percent over the previous year.
The company reported Tuesday that it had an adjusted net income of $103.5 million in 2018, up from $75.7 million in 2017.
For the year, earnings per diluted share were $2.01, an increase from $1.45 in 2017.
The company said it benefited last year from its 2017 acquisitions of First Community Financial Partners in the southwest suburbs of Chicago for $239.7 million and Mid Illinois Bancorp in Peoria for $138.2 million.
And earlier in January, First Busey, the holding company of Busey Bank, received approval from the Federal Reserve for its $304.9 million purchase of The Banc Ed Corp., the holding company of The Bank of Edwardsville.
"The addition of TheBANK will grow the Company's current geographic footprint, allowing the Company to serve customers by expanding in the St. Louis Missouri-Illinois Metropolitan Statistical Area and significantly adding to the Company's wealth management business," CEO Van Dukeman said in a letter to shareholders. "We are pleased to welcome our Banc Ed colleagues into the Busey family and feel confident that this transaction and our continued efforts will lead to growth and profitability in 2019."
The Bank of Edwardsville purchase is expected to be completed Thursday.
For the fourth quarter, Busey reported adjusted profits of $26 million, down from $27 million last quarter, but up from $22.5 million a year ago.
The company brought in $83.2 million in revenue in the fourth quarter, up from $82.6 million in the third quarter and down from $86.6 million a year ago.
That missed analysts' estimates by $480,000, according to the financial website Seeking Alpha.