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Mar 31, 2020
First Busey Q1 2020 Earnings Report
Announced first quarter earnings and COVID-19 response.
Key Takeaways
First Busey's net income for the first quarter of 2020 was $15.4 million, or $0.28 per diluted common share, as compared to $28.6 million, or $0.52 per diluted common share, for the fourth quarter of 2019 and $25.5 million, or $0.48 per diluted common share, for the first quarter of 2019.
Funded $657.3 million in loans under the Paycheck Protection Program (PPP) for 2,508 customers as of April 24, 2020.
Provision for credit losses of $17.2 million and provision for unfunded commitments of $1.0 million primarily as a result of economic factors around COVID-19.
Wealth Management division ended the first quarter of 2020 with $8.93 billion in assets under care.
Purchased 407,850 shares of its common stock at an average price of $23.71 per share for a total of $9.7 million under the Company’s stock repurchase plan.
Revenue by Segment
Forward Guidance
COVID-19 can be expected to have a complex and significant adverse impact on the economy, the banking industry and First Busey in future fiscal periods, all subject to a high degree of uncertainty as it relates to both timing and severity.
Challenges Ahead
- Margin compression
- Provision expense
- Wealth management fees
- Fees for customer services
- Asset quality
Historical Earnings Impact
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Avg. Return Before/After Earnings
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