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Jun 30
First Busey Q2 2025 Earnings Report
First Busey Corporation announced its second quarter 2025 earnings, reporting a significant increase in net income and diluted EPS compared to the previous quarter and the same period last year, largely driven by the CrossFirst acquisition.
Key Takeaways
First Busey Corporation reported a strong second quarter in 2025, with net income reaching $47.4 million and diluted EPS at $0.52. The results were significantly boosted by the full quarter contribution of the CrossFirst acquisition, leading to substantial increases in net interest income and total noninterest income. Adjusted figures also showed robust performance, highlighting the company's core earnings growth and improved efficiency.
Net income for Q2 2025 was $47.4 million, a substantial recovery from a net loss of $30.0 million in Q1 2025 and an increase from $27.4 million in Q2 2024.
Diluted EPS for Q2 2025 was $0.52, improving from a loss of $0.44 in Q1 2025 and up from $0.47 in Q2 2024.
Adjusted net income reached $57.4 million, or $0.63 per diluted common share, reflecting strong core earnings performance after excluding non-operating items.
Total assets stood at $18.92 billion as of June 30, 2025, with average interest-earning assets at $17.70 billion for the quarter, demonstrating significant balance sheet growth due to the CrossFirst acquisition.
First Busey
First Busey
First Busey Revenue by Segment
Revenue by Segment
Wealth management fees Revenue
CapyFin.comPayment technology solutions Revenue
CapyFin.comTreasury management services Revenue
CapyFin.comCard services and ATM fees Revenue
CapyFin.comOther service charges on deposit accounts Revenue
CapyFin.comMortgage Revenue
CapyFin.comIncome on bank owned life insurance Revenue
CapyFin.comNet securities gains (losses) Revenue
CapyFin.comOther noninterest income Revenue
CapyFin.com Forward Guidance
First Busey Corporation anticipates continued pressure from paydowns within its commercial real estate portfolio through the remainder of 2025. The company expects 50% of identified expense synergies from the CrossFirst acquisition to be realized in 2025 and 100% in 2026. They also project the deposit beta to lessen during the year and normalize in a range between 45% and 50% of the upper limit of the federal funds target range.
Positive Outlook
- Annual pre-tax expense synergy estimates from the CrossFirst acquisition remain on track at $25.0 million.
- 50% of identified synergies from the CrossFirst acquisition are expected to be realized in 2025, with 100% in 2026.
- A +100 basis point parallel rate shock is expected to increase net interest income by 2.8% over the subsequent twelve-month period.
- Busey will continue to deploy excess cash to pay down non-core and non-relationship high-cost funding.
- New certificate of deposit production in Q2 2025 had a weighted average term of 8.0 months at a rate of 3.74%, which was 80 basis points below the average marginal wholesale equivalent-term funding cost.
Challenges Ahead
- Continued pressure from paydowns within the commercial real estate portfolio is expected through the remainder of 2025.
- The deposit beta is expected to normalize in a range between 45% and 50% of the upper limit of the federal funds target range, implying potential for continued deposit cost increases.
- The company anticipates short-term compression of the asset base as excess cash is deployed to pay down non-core and non-relationship high-cost funding.
- Loan demand has been tempered due to borrowers' hesitation to invest amid lingering macroeconomic uncertainty.
- The increase in non-performing loans compared to the prior year is due to loans purchased with credit deterioration (PCD loans) assumed in the CrossFirst acquisition.