URBANA – First Busey Corp., the holding company of Busey Bank, announced an increase in profits last year compared to 2018.
The company reported net profit of $ 103 million last year on revenue of $ 404 million, up from net profit of $ 98.9 million on revenue of $ 331 million in 2018. Its fourth quarter results are also up from a year earlier, with net income of $ 28.6 million. million in 2019, up from $ 25.3 million in the fourth quarter of 2018.
Last year, Busey finalized its $ 261 million purchase of The Banc Ed Corp., The Bank of Edwardsville’s holding company. With the purchase, Busey said he would increase his share of deposits in the Saint-Louis metropolitan area from the 18th to the 7th. First Busey also bought Investors’ Security Trust Company, a wealth management firm in Florida with $ 471.1 million in assets under management.
“As we reflect on 2019, we are pleased with our accomplishments and are confident that we are well positioned to step into the New Year,” said CEO Van Dukeman.
First Busey’s diluted earnings per share fell from $ 2.01 in 2018 to $ 1.87 last year. Its stock price fell from $ 24.54 at the end of 2018 to $ 27.50 at the end of last year.
At the end of Tuesday’s trading, it stood at $ 26.52 per share.