Core Insights - First Busey Corporation reported a net income of $57.1 million for Q3 2025, an increase from $47.4 million in Q2 2025 and $32.0 million in Q3 2024, with diluted EPS at $0.58 [3][4] - The adjusted net income available to common stockholders was $57.4 million, or $0.64 per diluted common share, reflecting a slight increase from $57.2 million in Q2 2025 [5][6] - The company optimized its balance sheet, resulting in an improved adjusted return on average assets of 1.33% and a net interest margin of 3.58%, up 9 basis points from the previous quarter [2][12] Financial Performance - Total interest income for Q3 2025 was $244.5 million, while total interest expense was $89.4 million, leading to a net interest income of $155.1 million [4][13] - Noninterest income decreased by 8.2% compared to Q2 2025, primarily due to a decline in net securities gains, but increased by 14.9% compared to Q3 2024 [13][15] - Total noninterest expense was $120.0 million, a decrease of 6.1% from Q2 2025, but an increase of 58.9% from Q3 2024, largely due to acquisition-related costs [16][17] Asset Quality - The allowance for credit losses was $174.2 million, representing 1.28% of total portfolio loans, with a coverage ratio of 3.67 times non-performing loans [30][31] - Non-performing assets decreased slightly to $57.7 million, accounting for 0.32% of total assets, while classified assets fell to $161.1 million [29][30] Deposits and Borrowings - Total deposits amounted to $15.1 billion, with a strategic reduction of high-cost, non-relationship deposits by $794.6 million during the quarter [35][36] - Core deposits represented 93.8% of total deposits, indicating a strong deposit franchise [36] - Total borrowings increased by 2.3% from Q2 2025, totaling $273.0 million, with no short-term borrowings reported [39] Balance Sheet Strength - Total assets as of September 30, 2025, were $18.2 billion, a decrease from $18.9 billion at the end of Q2 2025 [26][20] - Common Equity Tier 1 Capital grew to 12.33%, reflecting strong capital levels [2][3]

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 successfully closed a public offering of 8,600,000 depositary shares, raising approximately $207.48 million, which will enhance its capital structure and support future growth initiatives [1]. Group 1: Offering Details - The public offering included 8,600,000 depositary shares, with each share representing a 1/40th ownership interest in a share of 8.25% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock [1]. - The liquidation preference for each share is $1,000, equivalent to $25.00 per depositary share [1]. - The offering was managed by Piper Sandler & Co., Morgan Stanley & Co. LLC, and Keefe, Bruyette & Woods, Inc. as joint bookrunning managers [2]. Group 2: Financial Profile - As of March 31, 2025, First Busey Corporation had total assets of $19.46 billion [4]. - Busey Bank, a wholly-owned subsidiary, reported total assets of $11.98 billion [5]. - CrossFirst Bank, another subsidiary, had total assets of $7.45 billion and is set to merge with Busey Bank on June 20, 2025 [6]. Group 3: Wealth Management and Technology Services - Busey Bank's Wealth Management division manages assets totaling $13.68 billion, offering a range of services including asset management and tax preparation [7]. - FirsTech, a subsidiary of Busey Bank, specializes in financial technology solutions for small and medium-sized businesses, providing various payment technology services [8]. Group 4: Recognition and Awards - Busey was ranked 88th among America's Best Banks by Forbes in 2025 and received multiple accolades for being a great workplace [9].