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Company Reports Q3 Revenue of $193.5M, Below Consensus
Reports Q3 revenue $193.5M, consensus $195.8M. The company states: "Results were impacted by a single commercial relationship in the Central region that incurred a partial charge-off and moved to non-accrual this quarter. Quarterly provision expense increased to $9.6 million, compared to $2.2 million in the prior quarter, primarily as a result of this credit. Excluding this relationship, underlying trends for the quarter remained solid. Operating revenue2 was stable at $194.3 million, supported by growth in net interest income. Wealth management revenue increased 15.5% from the prior year. We also maintained strong expense discipline, producing an efficiency ratio of 54.4%. Deposit growth remained a highlight, increasing at an annualized rate of 11% for the second consecutive quarter as we continued to add relationships and deepen client primacy across our markets. As anticipated, loan balances declined during the quarter, including the repositioning of approximately $65 million of lender finance loans to held for sale as part of our ongoing portfolio management efforts. The loan-to-deposit ratio improved to 82.5% from 87.2% last quarter."
First Busey Files Automatic Mixed Securities Shelf
First Busey files automatic mixed securities shelf
Busey Bank Q2 Loan Loss Provision Decreases to $1.532M
Reports Q2 provision for loan losses $1.532M vs. $2.393M in the previous quarter, and Net charge-off ratio 0.19% vs. 0.22% in the previous quarter. CEO Van A. Dukeman , commented, "Busey delivered a strong Q2, with adjusted diluted EPS2 of 69c, up 9.5% year-over-year. Profitability continued to expand, as adjusted return on average assets2 improved by 22 basis points to 1.43% and adjusted return on average tangible common equity improved by 20 basis points to 14.61%. Adjusted net interest margin2 rose by 29 basis points year-over-year to 3.62%, easing just 2 basis points from the prior quarter. Wealth Management posted its third consecutive record quarter in fee income, with net inflows complementing rising market valuations to close the quarter with $16.51B in assets under care. Expense discipline drove a 134 basis point year-over-year improvement in the efficiency ratio2, to 54.0%."
First Busey Corporation Chairman to Continue Until 2029
First Busey Corporation announced on Tuesday, July 14 that Chairman, President and CEO Van Dukeman will continue to lead the company and Busey Bank as CEO through July 1, 2029, per a letter agreement with the company. Dukeman will also continue to serve as Chairman and President of FBC, and as Chairman of the board of directors of Busey Bank. The contract extension formally reaffirms Dukeman's commitment to Busey and continuing to earn the right to keep the organization independent. Pursuant to the letter agreement, upon the end of his tenure as CEO, Dukeman will retain at least 300,000 shares of FBC's common stock for a two-year period.
Busey Bank Reports Q1 Adjusted ROAA of 1.42%
Reports Q1 adjusted ROAA 1.42%. Q1 Non-performing assets decreased by $8.2M compared to December 31, 2025, and decreased by $9.5M compared to March 31, 2025. Non-performing assets represented 0.28% of total assets as of March 31, 2026, a 4 basis point decrease from December 31, 2025, and a 3 basis point decrease from March 31, 2025. Van A. Dukeman, Chairman and CEO, said, "Busey posted strong results this quarter with adjusted diluted EPS of 67c, up 17.5% year-over-year, and continued strong profitability as adjusted return on average assets improved by 33 basis points to 1.42% and adjusted ROATCE improved by 287 basis points to 14.12%. Net interest margin continued its expansion, up 6 basis points quarter-over-quarter, to 3.77%. Wealth management fee income had another record quarter, with net inflows offsetting lower market valuations and sustaining relatively stable assets under care. Expenses remained well controlled as we identified, and executed on, additional synergies related to the CrossFirst acquisition, with the efficiency ratio improving 390 basis points from last year, to 54.8%. Capital remained strong with Common Equity Tier 1 Capital to Risk Weighted Assets at 12.31%, even after significant share repurchases of $65.6 million during the quarter. Tangible book value per common share2 grew 8.2% year-over-year to $20.14. As expected, loan and deposit balances were down seasonally. Credit remained strong with non-performing assets down 14.0% quarter-over-quarter and the ratio of allowance to loans was stable at 1.26%. As we look ahead to the rest of the year, we have significant momentum with the addition of talent to the organization, and new business pipelines are building."
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