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Jun 30, 2023
First Busey Q2 2023 Earnings Report
First Busey reported net income of $29.4 million and diluted EPS of $0.52 for the second quarter of 2023.
Key Takeaways
First Busey Corporation reported a net income of $29.4 million for the second quarter of 2023, with a diluted EPS of $0.52. Total deposits increased by $261.6 million quarter-over-quarter, reaching $10.06 billion. Non-performing assets remained low at 0.13% of total assets.
Net income for the second quarter of 2023 was $29.4 million, or $0.52 per diluted common share.
Total deposits increased $261.6 million, or 2.7%, quarter-over-quarter, to $10.06 billion.
Short-term borrowings decreased to $212.0 million, compared to $615.9 million at the end of the first quarter of 2023.
Non-performing assets of 0.13% of total assets, and allowance for credit losses of 580.80% of nonperforming loans.
Revenue by Segment
Forward Guidance
First Busey expects to continue prudently managing expenses as they enter the second half of 2023. They intend to remain conservative in their underwriting and granting of credit, which is likely to slow loan growth for the remainder of the year.
Positive Outlook
- Balance sheet strength
- Profitability
- Growth
- Strong capital position
- Attractive core funding base
Challenges Ahead
- Evolving economic outlook
- Focus on balance sheet strength, profitability, and growth, in that order
- Economic outlook has deteriorated over the last twelve months
- Loan growth for the remainder of the year is likely to slow compared to previous expectations
- Rising costs associated with increased borrowings
Historical Earnings Impact
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Avg. Return Before/After Earnings
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