CHAMPAIGN — First Busey Corp. reported another quarter of increased year-over-year revenue and profits.
Net income increased 43 percent from $18.8 million, or 41 cents per share, in the year ago quarter to $26.9 million this past quarter, or 55 cents per share.
Meanwhile, revenue increased 8 percent from a year ago, up from $76.5 million to $82.6 million.
The earnings per share was in line with analysts' estimates, according to the financial website Seeking Alpha, while the revenue missed estimates by $2.6 million.
First Busey, the holding company of Busey Bank, also announced last quarter another acquisition — that of Banc Ed Corp., the holding company for The Bank of Edwardsville near St. Louis, for $304.9 million.
That sale is expected to close late 2018 or early 2019, at which point Busey's deposit share in the St. Louis metro area will improve from 18th to seventh.
"We are pleased with our third quarter 2018 results and feel confident that we are well-positioned to continue to produce growth and profitability as we move into the final quarter of 2018 and into 2019," CEO Van Dukeman said in a statement.
First Busey said it spent about $167,000 last quarter on acquisition-related expenses, pushing its adjusted net income to $27 million for the quarter, or 55 cents per share — up from $20.6 million, or 45 cents per share, a year ago.
The purchase of Banc Ed is the second in the St. Louis area in recent years, following the $211.6 million purchase of Pulaski Bank in October 2016.
Since then, First Busey has also bought First Community Financial Partners in Chicago's southwest suburbs for $242 million and Mid Illinois Bancorp, holding company of South Side Trust & Savings Bank of Peoria, for $133.4 million.