First Busey Corporation (BUSE) has reported 45.13 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $15.42 million, or $0.40 a share in the quarter, compared with $10.63 million, or $0.36 a share for the same period last year.
Revenue during the quarter surged 43.07 percent to $62.93 million from $43.98 million in the previous year period. Net interest income for the quarter rose 56.52 percent over the prior year period to $44.13 million. Non-interest income for the quarter rose 30.56 percent over the last year period to $20.74 million.
First Busey Corporation has made provision of $1.95 million for loan losses during the quarter, up 1,850 percent from $0.10 million in the same period last year.
Net interest margin improved 41 basis points to 3.51 percent in the quarter from 3.10 percent in the last year period. Efficiency ratio for the quarter improved to 58.03 percent from 60.80 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Liabilities outpace assets growth
Total assets stood at $5,592.24 million as on Sep. 30, 2016, up 44.74 percent compared with $3,863.56 million on Sep. 30, 2015. On the other hand, total liabilities stood at $4,996.17 million as on Sep. 30, 2016, up 46.12 percent from $3,419.34 million on Sep. 30, 2015.
Deposits stood at $4,336.51 million as on Sep. 30, 2016, up 39.41 percent compared with $3,110.53 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $996.75 million or 22.99 percent of total deposits on Sep. 30, 2016, compared with $677.79 million or 21.79 percent of total deposits on Sep. 30, 2015.
Investments stood at $825.14 million as on Sep. 30, 2016, down 13.38 percent or $127.43 million from year-ago. Shareholders equity stood at $596.07 million as on Sep. 30, 2016, up 34.18 percent or $151.85 million from year-ago.
Return on average assets moved up 5 basis points to 1.10 percent in the quarter from 1.05 percent in the last year period. At the same time, return on average equity decreased 77 basis points to 10.42 percent in the quarter from 11.19 percent in the last year period.
Book value per share was $15.60 for the quarter, up 20.46 percent or $2.65 compared to $12.95 for the same period last year.
