First Busey Stock Price, News & Analysis

First Busey Corporation (NASDAQ: BUSE) has announced the pricing of 8,000,000 depositary shares, each representing a 1/40th ownership interest in its 8.25% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock. Each depositary share has a liquidation preference of $25.00. Dividends will be payable quarterly at an annual rate of 8.25%, beginning September 1, 2025.

The company plans to use the net proceeds to redeem its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 and for general corporate purposes, including supporting Busey Bank's balance sheet growth. The depositary shares will be listed on the Nasdaq Global Select Market under the symbol \"BUSEP\". The offering is expected to close around May 20, 2025.

As of March 31, 2025, First Busey Corporation is a $19.46 billion financial holding company headquartered in Leawood, Kansas, with Busey Bank ($11.98 billion in assets) and CrossFirst Bank ($7.45 billion in assets) as its subsidiaries.

KBRA has affirmed First Busey Corporation's (NASDAQ: BUSE) ratings and assigned a preferred shares rating of BBB-. The company maintains strong credit ratings with a Stable outlook, supported by robust financial performance including a consistent ROA of ~1.00%-1.10% over the past five years and 1.09% in Q1 2025.

Following the CrossFirst Bankshares acquisition completed on March 1, 2025, BUSE's NIM increased to 3.16% (3.08% adjusted). While deposit costs rose to 1.91% in Q1 2025, they remain below peer averages. Credit quality remains sound despite modest increases in nonperforming assets post-acquisition, with an ACL ratio of 1.41% and strong NPL coverage of 3.57x.

First Busey (BUSE) completed its transformative acquisition of CrossFirst Bankshares on March 1, 2025, creating a premier commercial bank across 10 states with 78 locations. The merger resulted in Busey shareholders owning 63.5% and CrossFirst shareholders 36.5% of the combined company.

Q1 2025 financial results showed a net loss of $(30.0) million, or $(0.44) per diluted share, compared to net income of $28.1 million in Q4 2024. However, adjusted net income was $39.9 million, or $0.57 per diluted share. Net interest income increased to $103.7 million, with net interest margin at 3.16%.

The acquisition was accretive to tangible book value, exceeding initial projections. CrossFirst Bank will operate separately until its planned merger with Busey Bank on June 20, 2025.

First Busey (NASDAQ: BUSE) has completed its acquisition of CrossFirst Bankshares effective March 1, 2025. The merger creates a premier commercial bank with approximately $20 billion in total assets, $17 billion in deposits, $15 billion in loans, and $14 billion in wealth assets under care, serving clients across 77 locations in 10 states.

The holding company will be headquartered in Leawood, Kansas, while Busey Bank's headquarters remains in Champaign, Illinois. CrossFirst Bank will initially operate as a separate banking subsidiary until June 2025, when it will merge with Busey Bank under the Busey brand.

Under the merger terms, CrossFirst shareholders received 0.6675 shares of Busey common stock for each CrossFirst share, representing approximately 36.5% ownership of the combined company. The merged entity continues trading under the 'BUSE' ticker on NASDAQ.

First Busey (BUSE) reported Q4 2024 net income of $28.1 million, or $0.49 per diluted share, compared to $32.0 million ($0.55/share) in Q3 2024 and $25.7 million ($0.46/share) in Q4 2023. Adjusted net income was $30.7 million ($0.53/share).

Key highlights include record quarterly wealth management revenue of $17.0 million, tangible book value per share increase of 7.6% year-over-year to $17.88, and adjusted noninterest income of $35.4 million (30.3% of total revenue). The company received stockholder and regulatory approvals for the CrossFirst Bankshares merger, expected to close March 1, 2025.

Full-year 2024 results showed net income of $113.7 million ($1.98/share) and adjusted net income of $119.8 million ($2.08/share). The company maintained strong asset quality with non-performing assets at 0.19% of total assets and an allowance for credit losses covering 3.59 times non-performing loans.

First Busey (NASDAQ: BUSE) has received Federal Reserve approval to acquire CrossFirst Bankshares through merger. The transaction, which received shareholder approval on Dec. 20, 2024, is expected to close on March 1, 2025, pending Illinois Department of Financial and Professional Regulation approval.

The merger will create a combined entity with approximately $20 billion in total assets, $17 billion in deposits, $15 billion in loans, and $14 billion in wealth assets under care. The combined company will operate across 77 locations in 10 states, expanding Busey's presence in high-growth metro markets including Kansas City, Wichita, Dallas/Fort Worth, Denver, and Phoenix.

CrossFirst Bank will initially operate as a separate banking subsidiary until its planned merger with Busey Bank in late June 2025. The partnership aims to enhance commercial banking relationships and expand wealth management and payment technology solutions through FirsTech, Inc. The combination is expected to improve net interest margin and efficiency, leading to increased profitability for shareholders.

First Busey (BUSE) and CrossFirst Bankshares (CFB) announced that shareholders of both companies have approved all proposals related to their merger. The special shareholder meetings were held on December 20, 2024. The merger is expected to close in Q1 or Q2 2025, pending regulatory approvals.

The combined entity will create a premier full-service commercial bank with:

• $20 billion in total assets
• $17 billion in total deposits
• $15 billion in total loans
• $14 billion in wealth assets under care
• 77 full-service locations across 10 states

The merger aims to enhance performance metrics through improved net interest margin and efficiency, leading to increased profitability and shareholder returns.

First Busey (BUSE) and CrossFirst Bankshares, Inc. (CFB) have announced a merger agreement valued at approximately $916.8 million. The all-stock transaction will create a combined entity with $20 billion in assets, operating under the Busey brand. The merger extends Busey's market presence to Arizona, Colorado, Kansas, New Mexico, Oklahoma, and Texas.

Key highlights:

• Combined company will have $17 billion in deposits and $13 billion in wealth management assets
• Expected to provide 20% EPS accretion for Busey in 2026
• Minimal tangible book value dilution of -0.6% with a 6-month earnback period
• CrossFirst shareholders will receive 0.6675 Busey shares for each CFB share
• Transaction expected to close in Q1 or Q2 2025, subject to approvals

First Busey (Nasdaq: BUSE) reported net income of $27.4 million and diluted EPS of $0.47 for Q2 2024, marking an increase from Q1 2024 but a decrease from Q2 2023. Adjusted net income was $29.0 million, or $0.50 per diluted share. The company's net interest margin rose by 24 basis points to 3.03%. Noninterest income stood at $33.8 million, with a record high in revenue for Wealth Management and FirsTech segments. The acquisition of Merchants & Manufacturers Bank was completed on April 1, 2024, and integrated by June 21, 2024.

Busey's tangible book value per common share rose to $16.97, an 11.3% year-over-year increase. Total assets were $11.97 billion, with portfolio loans reaching $8.00 billion. Noninterest expense rose to $75.5 million, and the allowance for credit losses was $85.2 million. Despite a $2.3 million provision for credit losses, asset quality remains strong, with non-performing assets at 0.08% of total assets.