First Busey Corporation

Description

Let’s begin with the earnings report for 2004. For the fourteenth consecutive year, First Busey Corporation increased earnings from the prior year. Net income for 2004 was $22,454,000, a 13.0% increase from net income for 2003 of $19,864,000. Fully-diluted earnings per share for 2004 were $1.09, increasing 12.4% from the $.97 fully-diluted earnings per share achieved in 2003. Assets continued to grow ending the year at $1,964,441,000, a 29.1% increase from closing assets on December 31, 2003 of $1,522,084,000. Loan growth continued to be strong in 2004. The Busey Organization ended the year with total loans of $1,475,900,000 at year-end 2003. Deposits ended the year at $1,558,822,000, an increase of 24.1% from total deposits of $1,256,595,000 as of December 31, 2003.On June 1, 2004, First Busey Corporation completed its acquisition of First Capital Bankshares, the holding company for First Capital Bank, Peoria, Illinois. First Capital Bank, at that time, was a $212 million bank that was established in 1998. This acquisition complemented First Busey Corporation’s business plan by expanding the Organization’s presence along the I-74 corridor in central Illinois. It is anticipated that First Capital’s outstanding Management Team will embark on an aggressive expansion strategy in Peoria and Tazewell Counties.First Busey Corporation issued a three-for-two stock dividend on August 3, 2004. Also in 2004, the dividends paid to Shareholders for the year were $.51, which represents a 13.3% increase over the $.45 paid in 2003.

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