First Busey Stock Price, News & Analysis

First Busey Corporation (Nasdaq: BUSE) reported second quarter 2022 net income of $29.8 million, or $0.53 per diluted share, reflecting a strong core loan growth of $249.1 million and a 13.8% annualized growth rate. Adjusted net income stood at $30.1 million, with adjusted EPS of $0.54. The company completed a $100 million subordinated debt issuance to enhance its capital position and maintain a net interest margin of 2.68%. Non-performing assets were low at 0.15% of total assets, indicating robust asset quality.

First Busey Corporation (NASDAQ: BUSE) announced the pricing of its public offering of $100 million in 5.000% Fixed-to-Floating Rate Subordinated Notes due 2032. The notes will accrue interest at 5.000% until June 15, 2027, and subsequently at a floating rate. The offering is expected to close on June 2, 2022. The company estimates net proceeds of approximately $98.5 million, to be used for general corporate purposes including growth capital, debt repayment, and regulatory capital investments. Piper Sandler & Co. and U.S. Bancorp Investments, Inc. are managing the offering.

First Busey Corporation (BUSE) reported its first quarter 2022 results, with a net income of $28.4 million and diluted earnings per share (EPS) of $0.51, down from $37.8 million and $0.69 per share in Q1 2021. Adjusted net income was $29.1 million, or $0.52 per diluted share. Core loan growth was $127.1 million, representing 7.2% annualized growth. Non-performing assets decreased to 0.13% of total assets. Wealth management assets under care totaled $12.33 billion, down from $12.73 billion in Q4 2021 but reflecting 15.3% year-over-year growth. Noninterest income increased to $35.8 million.

First Busey Corporation (Nasdaq: BUSE) reported solid fourth quarter 2021 results with net income of $29.9 million and diluted EPS of $0.53. Adjusted net income was $34.3 million, or $0.61 per diluted share. Full year 2021 net income totaled $123.4 million, with diluted EPS of $2.20. Core loan growth was $141.6 million, while wealth management assets increased to $12.73 billion, representing a 24.5% year-over-year growth. The company also announced a quarterly cash dividend of $0.23 per share. Despite challenges from COVID-19, the outlook remains optimistic for 2022.

First Busey Corporation (BUSE) reported a net income of $25.9 million for Q3 2021, with a diluted EPS of $0.46, down from $0.53 in Q2 2021 and $0.56 in Q3 2020. Adjusted net income rose to $32.8 million, or $0.58 per share. Core loan growth reached $177.1 million, excluding PPP loans. Wealth management assets under care increased to $12.36 billion, up 30.1% YoY. However, net interest margin declined to 2.41% from 2.50% in the previous quarter. The company successfully merged Glenview State Bank and initiated a Personal Banking Transformation Plan, expected to realize $3.5 million in annual cost savings.

First Busey Corporation (Nasdaq: BUSE) reported a net income of $29.8 million for Q2 2021, with diluted EPS of $0.53, up from $25.8 million and $0.47 in Q2 2020. Adjusted net income reached $31.9 million, or $0.57 per share. The acquisition of Cummins-American Corp. was finalized, contributing to a significant increase in wealth management assets under care, now at $12.30 billion. However, net interest income decreased to $64.5 million, influenced by low interest rates and increased liquidity, while non-interest income grew to $33.0 million, a 17.6% rise from previous year.

First Busey Corporation (BUSE) completed its acquisition of Cummins-American Corp. on May 31, 2021, enhancing its presence in the Chicago-Naperville-Elgin MSA. Shareholders of Cummins-American received a conversion of 444.4783 shares of Busey stock and $14,173.96 in cash, totaling an implied purchase price of $37,666.85 per share, with the transaction valued at approximately $187 million. The merger is expected to solidify Busey’s position in Illinois, with combined assets of $12.3 billion and an improved deposit share ranking from #32 to #20 in the MSA.

First Busey Corporation (BUSE) reported a strong performance in Q1 2021, with net income of $37.8 million and diluted EPS of $0.69, up from $15.4 million and $0.28 in Q1 2020. Adjusted net income also increased to $38.1 million compared to $34.3 million in the prior quarter. Wealth management assets rose to $10.69 billion. However, net interest income fell to $64.9 million due to lower PPP loan income and a declining net interest margin of 2.72%. The company is finalizing the acquisition of Cummins-American Corp., enhancing its market presence.

First Busey Corporation (Nasdaq: BUSE) reported a fourth quarter 2020 net income of $28.3 million with a diluted EPS of $0.52. Adjusted net income increased to $34.3 million and adjusted diluted EPS rose to $0.62, reflecting a year-over-year increase. Full-year net income reached $100.3 million and diluted EPS was $1.83. The tangible book value per share increased by 7.8% year-over-year. Wealth management assets under care grew to $10.23 billion at year-end 2020. A dividend of $0.23 per common share was declared for January 2021.