First Busey (BUSE) 8-K Results of Operations and Financial Condition

EARNINGS RELEASE FOR QUARTER ENDING JUNE 30, 2007

FINANCIAL HIGHLIGHTS

Urbana, IL – July 17, 2007

First Busey Corporation’s mergerwith Main Street Trust, Inc. received approval from regulatory authorities. The approval is subject to successful divestiture of five branches of Main Street Bank & Trust located in Champaign County, Illinois. The holding companies are expected to merge following the close of business on July 31, 2007, with the merger of Busey Bank and Main Street Bank anticipated to occur in the fourth quarter of 2007. The annual meeting of shareholders is expected to occur in the fourth quarter of 2007.

The divestiture of five Main Street branches represents approximately $15 million in loans and $110 million in deposits. The divested amount represents less than 1% of anticipated combined loans and approximately 3% of anticipated combined deposits following the merger. Busey and Main Street are committed to making the transition as smooth as possible for the customers and employees involved in the divestiture.

Net incomeincreased $829,000 or 11.8% to $7,864,000 for the quarter ending June 30, 2007, as compared to $7,035,000 for the comparable period in 2006. For the quarter ending June 30, 2007, earnings per share on a fully-diluted basis were $0.37, an increase of $0.04 or 12.1% from $0.33 for the comparable period in 2006. On a year-to-date basis, net income increased $1,698,000 or 12.2% to $15,600,000 from $13,902,000 for the comparable period in 2006. For the six-month period ending June 30, 2007, earnings per share on a fully-diluted basis were $0.72, an increase of $0.07 or 10.8% from $0.65 for the comparable period in 2006.

Busey Bank’s net incomewas $16,018,000 for the six months ended June 30, 2007, as compared to $14,126,000 for the comparable period in 2006, an increase of 13.4%. Busey Bank, N.A.’s (BBNA) net income was $642,000 for the six months ended June 30, 2007, as compared to $2,072,000 for the comparable period in 2006, a 69.0% decrease. Busey Bank’s strong performance offsets a decline in profitability for BBNA, which is primarily related to the weak Florida housing market. Overall, First Busey Corporation maintains a positive outlook for BBNA based on new balance sheet growth, led by strong commercial loan originations.

Net interest income increased $412,000 or 2.1% to $19,663,000 in the second quarter of 2007 compared to $19,251,000 in the comparable quarter in 2006. Interest income increased $4,489,000 during the second quarter of 2007 compared to the same period in 2006 due primarily to loan growth combined with higher yields on investment securities and outstanding loans. Interest expense increased $4,077,000 during the second quarter of 2007 compared to the same period in 2006. The increase in interest expense reflects the combination of growth in deposits and a market-driven increase in deposit and borrowing rates.

Non-interest income increased $493,000 or 7.1% to $7,397,000 during the second quarter of 2007 compared to the same period in prior year. The increase in 2007 primarily relates to a non-recurring $630,000 pre-tax charge for amortization of issuance costs related to redemption of trust preferred securities during the second quarter of 2006.

FINANCIAL SUMMARY

	Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
	(in thousands, except per share data)
Earnings & Per Share Data
Net income	$	7,864		$	7,035		$	15,600		$	13,902
Basic earnings per share		0.37			0.33			0.73			0.65
Fully diluted earnings per share		0.37			0.33			0.72			0.65
Dividends per share		0.18			0.16			0.41			0.32
Average Balances
Assets	$	2,471,750		$	2,297,781		$	2,472,457		$	2,276,421
Investment securities		330,731			324,806			332,833			328,351
Loans		1,957,427			1,791,837			1,953,355			1,770,244
Earning assets		2,297,944			2,122,695			2,297,342			2,104,425
Deposits		1,993,273			1,820,999			1,994,556			1,807,986
Stockholders’ equity		189,061			171,943			187,201			171,088
Performance Ratios
Return on average assets		1.28	%		1.23	%		1.27	%		1.23	%
Return on average equity		16.68	%		16.41	%		16.80	%		16.39	%
Net interest margin		3.51	%		3.74	%		3.50	%		3.72	%
Efficiency ratio		52.69	%		55.90	%		53.88	%		55.58	%
Loan Performance
Net credit losses	$	203		$	402		$	433		$	498
Accruing loans 90+ days past due								2,326			1,347
Non-accrual loans								8,066			4,656
Foreclosed assets								1,817			561

Non-interest expense decreased $265,000 or 1.8% to $14,522,000 during the quarter ended June 30, 2007, compared to the same period in the prior year. Non-interest expense decrease relates primarily to the effect of full-year efficiencies of the Tarpon Coast acquisition and an overall cost discipline as First Busey Corporation attempts to offset the effects of a challenging net interest margin environment.

First Busey Corporation’s loan performance has remained consistent with the first quarter of 2007. Accruing loans 90+ days past due, non-accrual loans and foreclosed assets at June 30, 2007, have increased significantly over the same period in 2006. Consistent with first quarter of 2007, the accruing loans 90+ days past due relates primarily to commercial loans in the central Illinois market. The increase in non-accrual loans and foreclosed assets primarily relate to the weak housing market in Florida and consist largely of 1-4 family residential loans. BBNA’s management continues to work to resolve these problematic loans. The resolution process is slowed as the loans in question are largely collateralized by residential real estate. Florida law addressing residential real estate, gives the borrower a substantial amount of time to bring the loan current once the loan goes into default.

Provision for loan losseswas $680,000 during the second quarter of 2007 compared to $300,000 in the comparable period of 2006. The provision was $980,000 for the six months ended June 30, 2007, versus $700,000 in the comparable period of 2006. The increase in provision reflects managements’ analysis of amounts necessary to cover potential losses in our loan portfolios. As a percentage of total outstanding loans, the allowance for loan losses was 1.22% as of June 30, 2007, and 1.27% as of June 30, 2006.

CONSOLIDATED BALANCE SHEETS

	June 30,
(unaudited)	2007			2006
	(in thousands, except per share data)
Assets
Cash and due from banks	$	56,104		$	61,099
Federal funds sold		14,100			—
Investment securities		323,201			319,984
Loans		1,982,802			1,839,443
Less allowance for loan losses		(24,135	)		(23,392	)
Net loans	$	1,958,667		$	1,816,051
Premises and equipment, net		41,328			40,799
Goodwill and other intangibles		57,623			58,804
Other assets		49,173			45,638
Total assets	$	2,500,196		$	2,342,375
Liabilities & Stockholders’ Equity
Non-interest bearing deposits	$	230,595		$	251,544
Interest-bearing deposits		1,813,142			1,610,657
Total deposits	$	2,043,737		$	1,862,201
Federal funds purchased & securities sold under agreements to repurchase		52,697			68,497
Long-term debt		139,825			168,863
Junior subordinated debt owed to unconsolidated trusts		55,000			55,000
Other liabilities		17,210			13,908
Total liabilities	$	2,308,469		$	2,168,469
Common stock	$	22		$	22
Common stock to be issued		6			292
Surplus		46,870			45,129
Retained earnings		151,758			136,793
Other comprehensive income		4,771			5,459
Treasury stock		(11,700	)		(11,729	)
Unearned ESOP shares		—			(2,058	)
Deferred compensation for stock grants		—			(2	)
Total stockholders’ equity	$	191,727		$	173,906
Total liabilities & stockholders’ equity	$	2,500,196		$	2,342,375
Per Share Data
Book value per share	$	8.93		$	8.11
Tangible book value per share	$	6.25		$	5.37
Ending number of shares outstanding		21,467,366			21,444,766

CONSOLIDATED STATEMENTS
OF INCOME

	Three Months Ended June 30,				Six Months Ended June 30,
(unaudited)	2007		2006		2007		2006
	(in thousands, except per share data)
Interest and fees on loans	$	36,232	$	32,465	$	71,747	$	62,447
Interest on investment securities		3,820		3,157		7,581		6,282
Other interest income		128		69		287		122
Total interest income	$	40,180	$	35,691	$	79,615	$	68,851
Interest on deposits	$	16,921	$	12,713	$	33,507	$	24,044
Interest on short-term borrowings		805		817		1,510		1,305
Interest on long-term debt		1,788		1,864		3,672		3,714
Junior subordinated debt owed to unconsolidated trusts		1,003		1,046		2,002		2,039
Total interest expense	$	20,517	$	16,440	$	40,691	$	31,102
Net interest income	$	19,663	$	19,251	$	38,924	$	37,749
Provision for loan losses		680		300		980		700
Net interest income after provision	$	18,983	$	18,951	$	37,944	$	37,049
Fees for customer services	$	2,923	$	2,802	$	5,589	$	5,338
Trust fees		1,689		1,642		3,399		3,158
Commissions and brokers’ fees		657		710		1,242		1,379
Gain on sale of loans		764		538		1,420		1,072
Net security gains		427		862		930		1,086
Other		937		350		1,749		1,044
Total non-interest income	$	7,397	$	6,904	$	14,329	$	13,077
Salaries and wages	$	6,955	$	6,772	$	13,699	$	13,269
Employee benefits		1,384		1,445		2,937		2,948
Net occupancy expense		1,363		1,257		2,826		2,504
Furniture and equipment expense		855		948		1,679		1,748
Data processing expense		482		490		1,016		894
Amortization expense		254		352		509		704
Other operating expenses		3,229		3,523		6,554		6,863
Total non-interest expense	$	14,522	$	14,787	$	29,220	$	28,930
Income before income taxes	$	11,858	$	11,068	$	23,053	$	21,196
Income taxes		3,994		4,033		7,453		7,294
Net Income	$	7,864	$	7,035	$	15,600	$	13,902
Per Share Data
Basic earnings per share	$	0.37	$	0.33	$	0.73	$	0.65
Fully-diluted earnings per share	$	0.37	$	0.33	$	0.72	$	0.65
Diluted average shares outstanding		21,510,376		21,433,249		21,525,552		21,446,704

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 June 30, 2007, Busey Bank had total assets of $2.0 billion. 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 $445 million as of June 30, 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 $2.6 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.