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Mar 31, 2022
First Busey Q1 2022 Earnings Report
First Busey's first quarter earnings were announced, showing a decrease in net income but growth in core loans and FirsTech revenue.
Key Takeaways
First Busey Corporation reported a net income of $28.4 million for the first quarter of 2022, with diluted EPS of $0.51. The company experienced strong core loan growth and an increase in net interest margin. FirsTech revenue reached a record high, contributing to overall revenue diversification.
Net income for the first quarter of 2022 was $28.4 million, with diluted EPS at $0.51.
Adjusted net income was $29.1 million, with adjusted diluted EPS at $0.52.
Core loan growth reached $127.1 million, representing a 7.2% annualized increase.
FirsTech revenue hit a record high of $5.4 million, up 11.4% year-over-year.
First Busey
First Busey
First Busey Revenue by Segment
Revenue by Segment
Wealth management fees Revenue
CapyFin.com Forward Guidance
The company anticipates a positive impact on net interest margin as assets, particularly commercial loans, reprice more quickly and to a greater extent than liabilities due to the Federal Open Market Committee (FOMC) raising rates during the first quarter of 2022.
Positive Outlook
- Loan growth and higher new volume and repricing rates.
- Increases in the securities portfolio yield.
- Net interest income contributions from cash flow hedges.
- Funding cost improvements.
Challenges Ahead
- Reduced volume of PPP loan forgiveness.
- Reduced recognition of purchase accounting accretion.