First Busey Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 31, 2018 at 03:30 am IST
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First Busey Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $70,847,000 against $47,639,000 a year ago. Net interest income was $63,046,000 against $44,635,000 a year ago. Net interest income after provision for loan losses was $60,237,000 against $43,135,000 a year ago. Income before income taxes was $70,847,000 against $47,639,000 a year ago. Net income was $12,293,000 or $0.25 per basic and diluted share against $11,455,000 or $0.30 per basic and diluted share a year ago. Net income was impacted primarily by a one-time, non-cash charge of $8.1 million in the fourth quarter of 2017, or $0.16 per diluted common share for the quarter, due to the revaluation of the company's net deferred tax position following the enactment of the Tax Cuts and Jobs Act. Return on average assets was 0.64% against 0.84% a year ago. Return on average common equity was 5.23% against 7.69% a year ago. Return on average tangible common equity was 7.83% against 9.67% a year ago. Book value per common share as at December 31, 2017 was $19.21 against $15.54 a year ago. Tangible book value per common share as at December 31, 2017 was $12.88 against $12.37 a year ago. Adjusted net income was $22,534,000. Adjusted net interest income was $58,390,000 against $42,783,000 a year ago.
For the year, the company reported total interest income of $224,302,000 against $164,889,000 a year ago. Net interest income was $203,366,000 against $154,660,000 a year ago. Net interest income after provision for loan losses was $198,063,000 against $149,110,000 a year ago. Income before income taxes was $108,111,000 against $76,417,000 a year ago. Net income was $62,726,000 or $1.45 per diluted share against $49,694,000 or $1.40 per basic and diluted share a year ago. Return on average assets was 1.00% against 1.00% a year ago. Return on average common equity was 8.48% against 9.59% a year ago. Return on average tangible common equity was 11.61% against 11.68% a year ago. Adjusted net income was $75,662,000. Adjusted net interest income was $194,564,000 against $150,030,000 a year ago.
For the quarter, the company reported net charge-offs of $262,000 against $1,552,000 a year ago.
First Busey Corporation is a bank holding company, which operates through its subsidiary, Busey Bank. The Companyâs segment includes Banking, which provides a full range of banking services to individual and corporate customers through its banking center network in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana; FirsTech segment, which provides comprehensive payment technology solutions, including online, mobile and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. The segment also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services, and Wealth Management segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation and farm management services to individuals, businesses, and foundations.
First Busey Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017