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Jun 30, 2020
First Busey Q2 2020 Earnings Report
First Busey's financial performance was solid, navigating the COVID-19 pandemic effectively and recording appropriate reserves.
Key Takeaways
First Busey Corporation reported a net income of $25.8 million, or $0.47 per diluted common share, for the second quarter of 2020. The company's total assets exceeded $10 billion during the quarter due to Paycheck Protection Program (PPP) loans and other factors.
Net income for the second quarter of 2020 was $25.8 million, or $0.47 per diluted common share.
Adjusted net income for the second quarter of 2020 was $26.2 million, or $0.48 per diluted common share.
Pre-provision net revenue for the second quarter of 2020 was $45.4 million.
At June 30, 2020, First Busey had $746.4 million in PPP loans outstanding, with an amortized cost of $729.3 million, representing 4,445 new and existing customers.
First Busey
First Busey
First Busey Revenue by Segment
Revenue by Segment
Wealth management fees Revenue
CapyFin.com Forward Guidance
COVID-19 is expected to have a complex and continued adverse impact on the economy, the banking industry and First Busey, all subject to a high degree of uncertainty as it relates to both timing and severity.
Challenges Ahead
- Further margin compression
- Increased provision expense
- Lower wealth management fees
- Lower customer service fees
- Deterioration in asset quality