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Sep 30, 2020
First Busey Q3 2020 Earnings Report
First Busey announced third quarter earnings with increased net income and adjusted net income compared to the second quarter of 2020 and third quarter of 2019.
Key Takeaways
First Busey Corporation reported a net income of $30.8 million, or $0.56 per diluted common share, for the third quarter of 2020, compared to $24.8 million, or $0.45 per diluted common share, for the third quarter of 2019. Adjusted net income for the third quarter of 2020 was $32.8 million, or $0.60 per diluted common share, as compared to $30.5 million, or $0.55 per diluted common share, for the third quarter of 2019.
Net income for the third quarter of 2020 was $30.8 million, or $0.56 per diluted common share.
Adjusted net income for the third quarter of 2020 was $32.8 million, or $0.60 per diluted common share.
Total assets were $10.54 billion at September 30, 2020.
The company had $749.4 million in PPP loans outstanding at September 30, 2020.
First Busey
First Busey
First Busey Revenue by Segment
Revenue by Segment
Wealth management fees Revenue
CapyFin.com Forward Guidance
The Company continues to navigate the economic environment caused by the coronavirus disease 2019 (“COVID-19”) pandemic effectively and prudently. Nevertheless, we remain vigilant, given that the negative impacts of COVID-19 are expected to continue in future quarters as the course of the economic recovery remains unclear and further fiscal stimulus is uncertain.
Challenges Ahead
- Further margin compression
- Increased provision expense
- Lower customer service fees
- A deterioration in asset quality
- The negative impacts of COVID-19 are expected to continue in future quarters as the course of the economic recovery remains unclear and further fiscal stimulus is uncertain.