United States
Securities and Exchange Commission 
Washington, D.C. 20549 
 
Form 8-K 
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 
Date of Report (Date of earliest event reported):
April 17, 2007 
First Busey Corporation 
 
(Exact Name of Registrant as Specified in Charter)
 	 	 	 	 	
Nevada 	 	0-15959 	 	37-1078406	
  	  	 	 	 	
(State or Other 
Jurisdiction of Incorporation 	 	(Commission
File Number) 	 	(I.R.S. Employer
Identification No.)	
 	 	 		
201 West Main Street, Urbana, IL 	61801		
  	  	  	 	
(Address of Principal Executive Offices) 	(Zip Code)		
Registrant’s telephone number, including area code: (217) 365-4556 
N/A 
 
(Former name or former address, if changed since last report)
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): 
     o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

ITEM 2.02   RESULTS OF OPERATIONS AND FINANCIAL CONDITION. 
On Tuesday, April 17, 2007, the Registrant issued a press release disclosing financial results for the quarter ended March 31, 2007. The press release is made part of this Form and is attached as Exhibit 99.1. 
The press release made a part of this Form includes forward looking statements that are intended to be covered by the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements include but are not limited to comments with respect to the objectives and strategies, financial condition, results of operations and business of the Registrant. 
These forward looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward looking statements will not be achieved. The Registrant cautions you not to place undue reliance on these forward looking statements as a number of important factors could cause actual future results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements. 
ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS 
     (d) Exhibits: 
                  99.1     Press Release, dated April 17, 2007. 

 
SIGNATURE 
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 
 	 	 	 	 	
Dated: April 17, 2007	First Busey Corporation

 	By:  	/s/ Barbara J. Harrington  	 	
 	Name:  	Barbara J. Harrington 	 	
 	Title:  	Chief Financial Officer 	 	
 	
-2- 

EARNINGS RELEASE FOR QUARTER ENDING MARCH 31, 2007 

FINANCIAL HIGHLIGHTS 
Urbana, IL — April 17, 2007 
First Busey Corporation’s Net Income reached an “All Time High” for a single quarter. First Busey earned $7,736,000 for the quarter ended March 31, 2007, an increase of $869,000 or 12.7%, as compared to $6,867,000 for the comparable period in 2006. For the quarter ended March 31, 2007, earnings per share on a fully-diluted basis increased $0.04 or 12.5% to $0.36, as compared to $0.32 in the first quarter in 2006. 
First Busey Corporation and Main Street Trust, Inc. shareholders approved the merger of First Busey Corporation and Main Street Trust, Inc. on February 28, 2007. Subject to regulatory approval, First Busey and Main Street anticipate the merger of the holding companies to close in the second quarter of 2007, with the merger of the Main Street Bank & Trust into Busey Bank occurring the fourth quarter of 2007. 
First Busey Corporation paid a $0.23 per share dividend in January 2006. The $0.23 per share dividend included a special, one-time dividend payment of $0.05 per share. 
Net interest income increased $763,000 or 4.1% to $19,261,000 in the first quarter of 2007 compared to $18,498,000 in the comparable quarter in 2006. Interest income increased $6,275,000 during the first quarter of 2007 compared to the same period in 2006 due primarily to loan growth and higher yields on outstanding loans. Interest expense increased $5,512,000 during the first quarter of 2007 compared to the same period in 2006. The increase in interest expense reflects the combination of growth in time and money market deposits and a market-driven increase in deposit rates. 
Non-interest income increased $759,000 or 12.3% to $6,932,000 during the first quarter of 2007 compared to the same period in prior year. Growth in non-interest income was consistent across all categories with the exception of commissions and brokers’ fees. 
Non-interest expense increased $555,000 or 3.9% to $14,698,000 during the quarter ended March 31, 2007 compared to the same period in prior year. The increase represents increases in most non-interest expense categories, offset by decreased amortization and other expenses. 
Total deposits at March 31, 2007 were $2.042 billion, which is a new high for First Busey Corporation. Total deposits increased $28 million from December 31, 2006 and $217 million, or 11.9% from March 31, 2006. The growth in the prior twelve-month period is primarily in interest-bearing deposits as high deposit yields caused customers to look to interest-bearing deposits as an investment alternative. Total loans at March 31, 2007 increased $192 million, or 10.9% to $1.953 billion from March 31, 2006. As compared to December 31, 2006, loans have decreased $4 million or 0.2%. The loan growth in the prior twelve-month period is due to commercial loan growth in Busey Bank’s Central Illinois locations and the Florida Loan Production Office. 

FINANCIAL SUMMARY 
 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	
 	 	March 31,	 	
 	 	2007	 	2006	 	
 	 	(in thousands, except per share data)	 	
Earnings & Per Share Data	 	 	 	 	 	 	 	 	
 	
Net income	 	$	7,736	 	 	$	6,867	 	
Basic earnings per share	 	 	0.36	 	 	 	0.32	 	
Fully diluted earnings per share	 	 	0.36	 	 	 	0.32	 	
Dividends per share*	 	 	0.23	 	 	 	0.16	 	
 	
*(includes special, one-time $0.05 per share dividend)	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Average Balances	 	 	 	 	 	 	 	 	
 	
Assets	 	$	2,473,712	 	 	$	2,255,128	 	
Investment securities	 	 	335,009	 	 	 	331,979	 	
Loans	 	 	1,949,238	 	 	 	1,748,415	 	
Earning assets	 	 	2,296,780	 	 	 	2,086,000	 	
Deposits	 	 	1,996,040	 	 	 	1,795,128	 	
Stockholders’ equity	 	 	185,442	 	 	 	170,349	 	

Performance Ratios	 	 	 	 	 	 	 	 	
 	
Return on average assets	 	 	1.27	%	 	 	1.23	%	
Return on average equity	 	 	16.92	%	 	 	16.35	%	
Net interest margin	 	 	3.49	%	 	 	3.70	%	
Efficiency ratio	 	 	55.12	%	 	 	55.24	%	

Loan Performance	 	 	 	 	 	 	 	 	
 	
Net credit losses	 	$	230	 	 	$	96	 	
Accruing loans 90+ days past due	 	 	2,281	 	 	 	869	 	
Non-accrual loans	 	 	8,762	 	 	 	4,778	 	
Foreclosed assets	 	 	1,381	 	 	 	258	 	
 	
Provision for loan losses was $300,000 during the first quarter of 2007 compared to $400,000 in the comparable period of 2006. As a percentage of total loans, the allowance for loan losses was 1.21% as of March 31, 2007 and 1.33% as of March 31, 2006. Accruing loans 90+ days past due increased $1,412,000 as of March 31, 2007 as compared to March 31, 2006. The increase in accruing loans 90+ days past due relates primarily to our commercial loan portfolio in the Illinois market. Non-accrual loans as of March 31, 2007 have increased $3,984,000 or 83.4% over March 31, 2006. The increase in non-accrual loans is primarily attributable to loans held in Busey Bank, N.A. (BBNA). Approximately 50% of BBNA’s non-accrual loans are within the commercial loan portfolio related to businesses closely associated with the residential housing market in southwest Florida. The other half of BBNA’s non-accrual loans are related to the remaining loans within BBNA’s short-term construction lending program. BBNA ceased origination of loans under the short-term construction lending program during 2005. First Busey Corporation’s, Busey Bank’s and BBNA’s management team continually re-evaluate and re-assess the respective loan portfolios. A significant amount was placed into the allowance for loan losses during 2005 specifically related to BBNA’s residential real estate exposure. As of March 31, 2007, First Busey Corporation believes the allowance for loan losses is adequate to cover our loss exposure for specific, general and unallocated risks in our loan portfolios. 

 

CONSOLIDATED BALANCE SHEETS 
 	 	 	 	 	 	 	 	 	
 	 	March 31,	 	
(unaudited)	 	2007	 	 	2006	 	
 	
 	 	(in thousands, except per share data)	 	
Asset	 	 	 	 	 	 	 	 	
Cash and due from banks	 	$	61,978	 	 	$	48,983	 	
Federal funds sold	 	 	44,700	 	 	 	14,500	 	
Investment securities	 	 	328,004	 	 	 	330,216	 	
 	 	 	 	 	 	 	 	 	
Loans	 	 	1,952,664	 	 	 	1,760,498	 	
Less allowance for loan losses	 	 	(23,658	)	 	 	(23,494	)	
 	
Net loans	 	$	1,929,006	 	 	$	1,737,004	 	

Premises and equipment, net	 	 	40,452	 	 	 	39,863	 	
Goodwill and other intangibles	 	 	57,877	 	 	 	58,969	 	
Other assets	 	 	48,495	 	 	 	43,531	 	
 	
Total assets	 	$	2,510,512	 	 	$	2,273,066	 	

Liabilities & Stockholders’ Equity	 	 	 	 	 	 	 	 	
Non-interest bearing deposits	 	$	246,124	 	 	$	245,160	 	
Interest-bearing deposits	 	 	1,796,253	 	 	 	1,580,567	 	
 	
Total deposits	 	$	2,042,377	 	 	$	1,825,727	 	

Federal funds purchased & securities sold under agreements to repurchase	 	 	55,855	 	 	 	49,724	 	
Short-term borrowings	 	 	1,000	 	 	 	—	 	
Long-term debt	 	 	148,650	 	 	 	159,883	 	
Junior subordinated debt owed to unconsolidated trusts	 	 	55,000	 	 	 	50,000	 	
Other liabilities	 	 	20,022	 	 	 	16,179	 	
 	
Total liabilities	 	$	2,322,904	 	 	$	2,101,513	 	

Common stock	 	$	22	 	 	$	22	 	
Common stock to be issued	 	 	8	 	 	 	326	 	
Surplus	 	 	46,776	 	 	 	44,973	 	
Retained earnings	 	 	147,757	 	 	 	133,175	 	
Other comprehensive income	 	 	4,781	 	 	 	6,159	 	
Treasury stock	 	 	(11,736	)	 	 	(11,041	)	
Unearned ESOP shares	 	 	—	 	 	 	(2,058	)	
Deferred compensation for stock grants	 	 	—	 	 	 	(3	)	
 	
Total stockholders’ equity	 	$	187,608	 	 	$	171,553	 	
 	
Total liabilities & stockholders’ equity	 	$	2,510,512	 	 	$	2,273,066	 	

Per Share Data	 	 	 	 	 	 	 	 	
 	
Book value per share	 	$	8.74	 	 	$	7.99	 	
Tangible book value per share	 	$	6.04	 	 	$	5.24	 	
Ending number of shares outstanding	 	 	21,462,366	 	 	 	21,477,532	 	

CONSOLIDATED STATEMENTS
OF INCOME 
 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	
 	 	March 31,	 	
(unaudited)	 	2007	 	 	2006	 	
 	
 	 	(in thousands, except per share data)	 	
 	 	 	 	 	 	 	 	 	
Interest and fees on loans	 	$	35,515	 	 	$	29,982	 	
Interest on investment securities	 	 	3,761	 	 	 	3,125	 	
Other interest income	 	 	159	 	 	 	53	 	
 	
Total interest income	 	$	39,435	 	 	$	33,160	 	
 	 	 	 	 	 	 	 	 	
Interest on deposits	 	$	16,586	 	 	$	11,331	 	
Interest on short-term borrowings	 	 	705	 	 	 	488	 	
Interest on long-term debt	 	 	1,884	 	 	 	1,850	 	
Junior subordinated debt owed to unconsolidated trusts	 	 	999	 	 	 	993	 	
 	
Total interest expense	 	$	20,174	 	 	$	14,662	 	

Net interest income	 	$	19,261	 	 	$	18,498	 	
 	 	 	 	 	 	 	 	 	
Provision for loans losses	 	 	300	 	 	 	400	 	
 	
Net interest income after provision	 	$	18,961	 	 	$	18,098	 	

Fees for customer services	 	$	2,666	 	 	$	2,536	 	
Trust fees	 	 	1,710	 	 	 	1,516	 	
Commissions and brokers’ fees	 	 	585	 	 	 	669	 	
Gain on sale of loans	 	 	656	 	 	 	534	 	
Net security gains	 	 	503	 	 	 	224	 	
Other	 	 	812	 	 	 	694	 	
 	
Total non-interest income	 	$	6,932	 	 	$	6,173	 	

Salaries and wages	 	$	6,655	 	 	$	6,497	 	
Employee benefits	 	 	1,642	 	 	 	1,503	 	
Net occupancy expense	 	 	1,463	 	 	 	1,247	 	
Furniture and equipment expense	 	 	824	 	 	 	800	 	
Data processing expense	 	 	534	 	 	 	404	 	
Amortization expense	 	 	255	 	 	 	352	 	
Other operating expenses	 	 	3,325	 	 	 	3,340	 	
 	
Total non-interest expense	 	$	14,698	 	 	$	14,143	 	

Income before income taxes	 	$	11,195	 	 	$	10,128	 	
Income taxes	 	 	3,459	 	 	 	3,261	 	
 	
Net Income	 	$	7,736	 	 	$	6,867	 	

Common Share Data	 	 	 	 	 	 	 	 	
 	
Basic earnings per share	 	$	0.36	 	 	$	0.32	 	
Fully-diluted earnings per share	 	$	0.36	 	 	$	0.32	 	
Average fully-diluted shares outstanding	 	 	21,540,897	 	 	 	21,460,308	 	

Corporate Profile
First Busey Corporation is a financial holding company headquartered in Urbana, Illinois. First Busey Corporation has two wholly-owned banking subsidiaries with locations in three states. Busey Bank is headquartered in Urbana, Illinois and has twenty-two banking centers serving Champaign, McLean, Ford, Peoria, and Tazewell Counties in Illinois. Busey Bank also has a banking center in Indianapolis, Indiana, and a loan production office in Ft. Myers, Florida. On March 31, 2007, Busey Bank had total assets of $2.0 billion. On July 29, 2005, First Busey Corporation acquired Tarpon Coast Bancorp, Inc. and its primary subsidiary, Tarpon Coast National Bank, Port Charlotte, Florida. Busey Bank Florida and Tarpon Coast National Bank merged at the close of business on February 17, 2006, and the resultant bank is Busey Bank, N.A. Busey Bank N.A. is headquartered in Port Charlotte, Florida, with nine banking centers serving Lee, Charlotte, and Sarasota Counties in Southwest Florida. Busey Bank N.A. had total assets of $451 million as of March 31, 2007. Busey provides electronic delivery of financial services through Busey e-bank, www.busey.com. 
Busey Investment Group is a wholly-owned subsidiary of First Busey Corporation and owns three subsidiaries. First Busey Trust & Investment Co. specializes in asset management and trust services. First Busey Securities, Inc. (member NASD/SIPC) is a full-service broker/dealer subsidiary. Busey Insurance Services, Inc. is a provider of personal insurance products. Busey Investment Group has approximately $2.5 billion in assets under care. 
First Busey Corporation’s common stock is traded on the Nasdaq Global Select Stock Market under the symbol “BUSE.” First Busey Corporation has a repurchase program in effect under which it is authorized to purchase up to 750,000 shares of stock. 
Forward-Looking Statements
The information in this press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These may include statements as to the benefits of the merger, including future financial and operating results, cost savings, enhanced revenues and the accretion/dilution to reported earnings that may be realized from the merger as well as other statements of expectations regarding the merger and any other statements regarding future results or expectations. Each of First Busey and Main Street intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of each of First Busey and Main Street, are generally identified by the use of words such as “believe,” “expect,” “intend,” “anticipate,” “estimate,” or “project” or similar expressions. The companies’ respective ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain.