First Busey Corporation Announces 2025 First Quarter Results

Core Insights - Busey completed the acquisition of CrossFirst Bankshares on March 1, 2025, which significantly impacted its financial performance and set a new baseline for future quarters [1][4][7] Financial Performance - Busey reported a net loss of $30.0 million, or $(0.44) per diluted share, for Q1 2025, compared to net income of $28.1 million, or $0.49 per diluted share, in Q4 2024 [2][9] - Adjusted net income for Q1 2025 was $39.9 million, or $0.57 per diluted share, up from $30.9 million, or $0.53 per diluted share, in Q4 2024 [10] - Net interest income increased to $103.7 million in Q1 2025 from $81.6 million in Q4 2024 [14] - Total noninterest income decreased by 39.7% compared to Q4 2024, primarily due to net securities losses [17] Acquisition Impact - The acquisition was accretive to tangible book value, exceeding initial projections of a six-month earn-back period [7] - Busey will operate CrossFirst Bank as a separate subsidiary until its merger with Busey Bank, expected on June 20, 2025 [6] Balance Sheet Strength - Total assets reached $19.46 billion as of March 31, 2025, compared to $12.05 billion at the end of 2024 [34] - Portfolio loans increased to $13.87 billion as of March 31, 2025, from $7.70 billion at the end of 2024 [35] Asset Quality - Non-performing loans increased to $54.7 million as of March 31, 2025, compared to $23.2 million at the end of 2024 [42] - The allowance for credit losses was $195.2 million, representing 1.41% of total portfolio loans [45] Capital Strength - Busey's Common Equity Tier 1 ratio was estimated at 11.99% as of March 31, 2025, down from 14.10% at the end of 2024 [56] - Tangible common equity increased to $1.68 billion as of March 31, 2025, compared to $1.02 billion at the end of 2024 [57] Dividend and Stock Repurchase - The company paid a dividend of $0.25 per share in Q1 2025, a 4.2% increase from the previous quarter [59] - Busey resumed stock repurchases, buying back 220,000 shares at an average price of $21.98 per share [60]