Core Insights - First Busey Corporation reported strong financial performance in the fourth quarter of 2025, with net income of $60.8 million, or $0.63 per diluted share, marking an increase from $57.1 million in the previous quarter and $28.1 million in the same quarter last year [5][6]. Financial Performance - The adjusted return on average assets improved by 39 basis points to 1.41%, while the net interest margin expanded by 76 basis points to 3.71% due to effective deposit cost control [3][5]. - Total noninterest income for the fourth quarter was $42.7 million, a 3.6% increase from the previous quarter and a 21.2% increase year-over-year, driven by wealth management fees and other noninterest income [23][24]. - Full-year 2025 net income reached $135.3 million, or $1.47 per diluted share, with an annualized return on average assets of 0.76% [6][12]. Wealth Management and Assets - Wealth management fee income reached a record high, with assets under care increasing by 4.7% quarter-over-quarter to $15.66 billion, supported by strong investment performance [3][29]. - The company’s capital position remained robust, with Common Equity Tier 1 Capital to Risk Weighted Assets at 12.44%, reflecting an 11 basis point increase from the prior quarter [3]. Noninterest Expense and Efficiency - Total noninterest expense increased by 0.3% compared to the previous quarter, primarily due to nonrecurring acquisition expenses related to the CrossFirst acquisition [27][28]. - The efficiency ratio improved to 57.4% for the fourth quarter, down from 58.5% in the previous quarter and 64.8% in the same quarter last year [31]. Organizational Update - The Board of Directors announced the separation of Michael J. Maddox from the company, with Van A. Dukeman continuing as Chairman and CEO for at least two more years [4].

Core Insights - First Busey Corporation reported a net income of $47.4 million for the second quarter of 2025, a significant recovery from a net loss of $30.0 million in the first quarter of 2025, and an increase from $27.4 million in the second quarter of 2024 [6][8][48] - The acquisition of CrossFirst Bank has been a transformative event, contributing positively to the financial results and expanding the bank's service offerings [3][6] Financial Performance - Net interest income for the second quarter of 2025 was $153.2 million, up from $103.7 million in the first quarter of 2025 and $82.5 million in the second quarter of 2024 [11][12] - The net interest margin increased to 3.49% in the second quarter of 2025, compared to 3.16% in the first quarter of 2025 and 3.03% in the second quarter of 2024 [12][13] - Adjusted net income, excluding non-GAAP adjustments, was $57.4 million, or $0.63 per diluted common share, for the second quarter of 2025, compared to $39.9 million in the first quarter of 2025 [8][21] Noninterest Income - Total noninterest income increased by 111.4% compared to the first quarter of 2025 and by 33.1% compared to the second quarter of 2024, primarily due to net securities gains and the contribution from the CrossFirst acquisition [15][16] - Adjusted noninterest income, excluding net securities gains and losses, increased by 5.1% to $38.9 million in the second quarter of 2025 [16][17] Noninterest Expense - Total noninterest expense rose by 14.1% compared to the first quarter of 2025 and by 68.4% compared to the second quarter of 2024, largely due to acquisition-related costs and increased operational expenses [21][22] - Adjusted noninterest expense, excluding acquisition and restructuring expenses, was $106.6 million in the second quarter of 2025, a 28.6% increase from the first quarter of 2025 [22] Asset Quality - The allowance for credit losses was $183.3 million as of June 30, 2025, representing 1.33% of total portfolio loans, with a coverage ratio of 3.36 times non-performing loans [43][41] - Non-performing loans were 0.40% of portfolio loans as of June 30, 2025, reflecting a slight increase from the previous quarter [41][42] Balance Sheet Strength - Total assets were $18.92 billion as of June 30, 2025, down from $19.46 billion as of March 31, 2025, but up from $11.97 billion a year earlier [32][26] - Total deposits were $15.80 billion at June 30, 2025, compared to $16.46 billion at March 31, 2025, with a deliberate run-off of higher-cost brokered deposits contributing to the decrease [48][49]

Core Viewpoint - First Busey Corporation has successfully completed its acquisition of CrossFirst Bankshares, enhancing its market presence and operational scale in the banking sector [1][2]. Transaction Details - The merger was effective on March 1, 2025, with CrossFirst shareholders receiving 0.6675 shares of Busey common stock for each share of CrossFirst [5]. - CrossFirst shareholders will own approximately 36.5% of the combined company on a fully-diluted basis [7]. - The combined entity will operate under the Busey brand, with a total of approximately $20 billion in assets, $17 billion in deposits, and $15 billion in loans [2]. Operational Strategy - Busey will maintain CrossFirst Bank as a separate subsidiary until its merger with Busey Bank, expected in June 2025 [2]. - The merger aims to extend Busey's regional operating model into high-growth metro markets, enhancing commercial banking relationships and wealth management opportunities [3]. Leadership and Governance - The Board of Directors will consist of 13 members, with eight from Busey and five from CrossFirst [5]. - Key leadership includes Van Dukeman as Chairman and CEO, and Mike Maddox as Vice Chairman and President [6]. Financial Position - Busey Bank had total assets of $12.01 billion as of December 31, 2024, while CrossFirst Bank had total assets of $7.7 billion [9]. - The combined company will leverage Busey's strong balance sheet, characterized by exceptional credit quality and diversified revenue streams [4]. Market Recognition - Busey Bank has been recognized among the World's Best Banks for 2024 by Forbes and has received multiple accolades for its workplace culture and community engagement [12].