In thisfeature, S&P Global Market Intelligence takes a look at a handful of communitybanks reporting results for the three months ended March 31 around the country onApril 26.
Champaign, Ill.-based First Busey Corp. saidthat net income available to common stockholders for the first quarter was $10.4million, or 36 cents per share, compared to $7.6 million, or 26 cents per share,for the first quarter of 2015.
During the first quarter, First Busey, which has a deal with Saint Louis-based Pulaski Financial Corp., incurred $200,000 of acquisitionrelated costs, which were comprised primarily of legal and consulting expenses.
The S&P Capital IQ consensus estimate for normalized EPSwas 36 cents for the latest quarter.
Muncie, Ind.-based FirstMerchants Corp. reportednet income available to common shareholders of $17.7 million, or 43 cents per share,for the first quarter, compared to $16.2 million, or 43 cents per share, duringthe first quarter of 2015.
For moreinformation, see:
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Camden, Maine-based CamdenNational Corp. reportednet income of $8.3 million, or 81 cents per share, for the first quarter, comparedto $5.6 million, or 75 cents per share, for the first quarter of 2015.
Merger and acquisition costs of $644,000 for the firstquarter included the cost of closing and consolidating the following locations:the Healthcare Professional Funding Corp. office in Boston, an operations centerin Gardiner, Maine, and consolidation of two banking centers in Portland, Maine.Core operating expenses in the first quarter included overhead costs of HealthcareProfessional Funding and the operations and banking centers totaling about $400,000that will not be incurred in future periods.
Tupelo, Miss.-based RenasantCorp. reportednet income of $21.2 million, or 52 cents per share, for the first quarter, comparedto $15.2 million, or 48 cents per share, for the first quarter of 2015.
The S&P Capital IQ consensus estimate for normalized EPSwas 54 cents for the latest quarter.
Franklin, Tenn.-based Franklin Financial Network Inc. reported net income available to common shareholders of $6.2million, 56 cents per share, for the first quarter, compared to $3.1 million, or37 cents per share, for the year-ago period.
Total loans grew to $1.4 billion at the end of the firstquarter, up 59.8% or $536.6 million from the end of the first quarter of 2015 and35.1% annualized or $115.7 million from the end of 2015. Loan growth from the endof the first quarter in 2015 was primarily due to an increase of $209.9 millionin business loans, which included $148.3 million in health care loans, $147.9 millionin commercial real estate loans and $204.8 million in construction loans.