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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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