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First Busey Bancorp (BUSE) in Champaign, Ill., reported a dip in quarterly profit as lending revenue fell and expenses rose.
May 1 -
First Busey Corp. in Champaign, Ill., has received $72.6 million from the Small Business Lending Fund, the largest award to date since the Treasury Department began disbursing funds to community banks last month.
August 25
First Busey (BUSE) in Champaign, Ill., posted a higher profit in the third quarter as credit quality improved to pre-recession norms.
The $3.5 billion-asset First Busey earned $7.9 million in the third quarter, up 7% from the same period a year ago. Improved credit quality allowed the company to reduce its loan-loss provision by 43%, to $2 million, and halve net chargeoffs to $2.5 million.
First Buseys net interest income ticked down 1%, to $25.2 million, on lower interest and fees from loans and investment securities and reduced interest on deposits. Its net interest margin fell 5 basis points, to 3.20%.
Noninterest income stayed level at $15.6 million. Noninterest expenses dropped 10%, to $27.4 million, as First Busey cut back on costs from salaries, benefits and data processing. The company also recovered $207,000 from its allowance for other real estate owned.
