Welcome to our dedicated page for First Busey news (Ticker: BUSE), a resource for investors and traders seeking the latest updates and insights on First Busey stock.
First Busey Corporation reports news as a financial holding company centered on Busey Bank, Wealth Management and FirsTech payment technology. Recurring updates cover bank earnings, net interest margin, pre-provision net revenue, asset quality, deposit funding, commercial and consumer banking activity, and the contribution of wealth management and payments services.
Company developments also include integration and synergy updates following the completed CrossFirst acquisition, capital actions such as preferred depositary share offerings and dividends, credit rating actions, and governance changes affecting the holding company and bank leadership.
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.
First Busey Corporation (NASDAQ:BUSE) has announced its acquisition of Cummins-American Corp. and Glenview State Bank through a merger agreement. This strategic move will enhance Busey's presence in the Chicagoland MSA, improving its deposit share ranking from #32 to #20. The transaction valued at approximately $190.8 million is expected to close in Q2 2021. The merger will result in combined assets of $11.9 billion across 70 locations, enhancing Busey's offerings in commercial banking, wealth management, and deposit services.
First Busey Corporation reported strong performance in Q3 2020, with net income rising to $30.8 million or $0.56 per diluted share, up from $25.8 million in Q2 2020. Adjusted net income reached $32.8 million, yielding an adjusted EPS of $0.60. Non-interest income was $32.3 million, contributing 32% to total revenue. Although total assets decreased to $10.54 billion, tangible book value increased by 7.9% YoY. The company anticipates $3.3 million in expense savings from branch consolidations.
First Busey Corporation (NASDAQ: BUSE) appointed Samuel P. Banks as an independent director on September 23, 2020, expanding the board to 10 members. Banks has served as a director of Busey Bank since 1994 and has extensive experience in financial institutions. As CEO of the Don Moyer Boys and Girls Club, he has contributed to improving services for at-risk youth. With leadership background in notable child service organizations, Banks also holds a bachelor's from Quincy University and a master's from the University of Illinois-Chicago.
First Busey Corporation (BUSE) reported a net income of $25.8 million in Q2 2020, or $0.47 per diluted share, up from $15.4 million in Q1 2020. Adjusted net income was $26.2 million. The bank's total assets surpassed $10 billion, triggering increased regulatory scrutiny. The pre-provision net revenue reached $45.4 million, reflecting a rise from previous quarters. However, the bank anticipates continued economic challenges due to COVID-19, which may impact margins, provisions for credit losses, and asset quality in the future.
First Busey Corporation (NASDAQ: BUSE) has shifted its Annual Meeting of Stockholders to a virtual format due to COVID-19 restrictions in Illinois, prioritizing stakeholder health. The meeting is set for May 20, 2020, at 5:00 p.m. Central Time. Stockholders eligible to vote are those on record as of March 23, 2020. The proxy card from earlier communications remains valid. Attendees can join online to vote and ask questions via this link. Further details are available in the proxy statement supplement filed on May 4, 2020.
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