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Sep 30, 2023
First Busey Q3 2023 Earnings Report
First Busey Corporation's financial performance remained strong in the third quarter of 2023, with increased deposits and a decrease in short-term borrowings.
Key Takeaways
First Busey Corporation reported a net income of $30.7 million and diluted EPS of $0.54 for the third quarter of 2023. Total deposits increased by $269.6 million, and short-term borrowings decreased significantly. Non-performing assets and classified assets also saw declines, indicating strong asset quality.
Net income was $30.7 million, with diluted EPS at $0.54.
Total deposits increased by $269.6 million, reaching $10.33 billion.
Short-term borrowings decreased to $12.0 million.
Non-performing assets declined by 23.6% to $12.1 million, representing 0.10% of total assets.
Revenue by Segment
Forward Guidance
First Busey Corporation anticipates continued prudent expense management and quality growth into the final quarter of 2023 and into 2024, focusing on balance sheet strength, profitability, and growth.
Positive Outlook
- Continued focus on balance sheet strength.
- Expectation of quality growth and profitability.
- Strong capital position.
- Attractive core funding base.
- Sound credit foundation.
Challenges Ahead
- Evolving economic outlook.
- Rising deposit betas.
- Significant market competition for deposits.
- Potential impact on loan growth due to conservative underwriting.
- Impact of rising rates on the market value of securities portfolio.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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