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Sep 30, 2024
First Busey Q3 2024 Earnings Report
First Busey reported net income of $32.0 million and diluted EPS of $0.55 for the third quarter of 2024.
Key Takeaways
First Busey Corporation reported a net income of $32.0 million, or $0.55 per diluted common share, for the third quarter of 2024. The company also announced a transformative partnership with CrossFirst Bankshares.
Adjusted net income of $33.5 million, or $0.58 per diluted common share.
Noninterest income of $36.0 million, or 30.5% of operating revenue.
Tangible book value per common share of $18.19 at September 30, 2024, a year-over-year increase of 20.7%.
Tangible common equity increased to 8.96% of tangible assets at September 30, 2024.
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 anticipates closing the merger with CrossFirst in the first or second quarter of 2025, creating a premier commercial bank with approximately $20 billion in combined assets.
Positive Outlook
- The combined company will operate under the First Busey Corporation name.
- CrossFirst Bank locations will become banking centers of Busey Bank.
- Busey's stockholders will own approximately 63.5% of the combined company.
- The merger is expected to close in the first or second quarter of 2025.
- The combined bank will operate under the Busey Bank name.
Challenges Ahead
- Completion of the merger is subject to customary closing conditions.
- The merger requires the approval of both Busey and CrossFirst stockholders.
- Regulatory approvals are needed for the merger and the bank merger.
- Busey incurred one-time pretax acquisition-related expenses of $1.3 million during the third quarter of 2024.
- The integration of the two companies may present challenges.