Business
First Busey Announces 2019 Fourth Quarter Earnings
CHAMPAIGN, Ill., Jan. 28, 2020 (GLOBE NEWSWIRE) -- (Nasdaq: BUSE) Message from our President & CEO Positive advances in the fourth quarter of 2019 compared to
About this update from First Busey Corporation
[{"type":"text","content":"CHAMPAIGN, Ill., Jan. 28, 2020 (GLOBE NEWSWIRE) -- (Nasdaq: BUSE)\n Message from our President & CEO Positive advances in the fourth quarter of 2019 compared to the third quarter of 2019 and for the full year 2019 compared to the full year 2018 Fourth quarter net income and adjusted net income1 increased to $28.6 million and $31.8 million, respectivelyFourth quarter diluted earnings per share of $0.52 and adjusted earnings per share1 of $0.57 compared to $0.45 and $0.55, respectivelyFourth quarter wealth management segment revenue increased 26.2% to $11.4 million compared to $9.0 millionFull year net income and adjusted net income1 increased to $103.0 million and $118.4 million, respectivelyFull year diluted earnings per share of $1.87 and adjusted earnings per share1 of $2.15 compared to $2.01 and $2.10, respectivelyPortfolio loans of $6.69 billion at December 31, 2019 as compared to $6.67 billion at September 30, 2019 and $5.57 billion at December 31, 2018Tangible book value per common share of $15.46 at December 31, 2019 as compared to $15.12 at September 30, 2019 and $14.21 at December 31, 2018 First Busey Corporation’s (“First Busey” or the “Company”) net income for the fourth quarter of 2019 was $28.6 million, or $0.52 per diluted common share, as compared to $24.8 million, or $0.45 per diluted common share, for the third quarter of 2019 and $25.3 million, or $0.51 per diluted common share, for the fourth quarter of 2018. Adjusted net income1 for the fourth quarter of 2019 was $31.8 million, or $0.57 per diluted common share, as compared to $30.5 million, or $0.55 per diluted common share, for the third quarter of 2019 and $26.0 million, or $0.53 per diluted common share, for the fourth quarter of 2018. The Company views certain non-operating items, including acquisition-related and restructuring charges, as adjustments to net income reported under generally accepted accounting principles (“GAAP”). Non-operating pretax adjustments for the fourth quarter of 2019 were $2.4 million of expenses related to acquisitions and $3.1 million of expenses related to other restructuring costs, offset by a $1.8 million reversal of mortgage servicing rights impairment from TheBANK of Edwardsville (“TheBANK”). The reconciliation of non-GAAP measures (including adjusted net income, adjusted earnings per share, adjusted return on average ass...