Loading...
•
Dec 31, 2023
First Busey Q4 2023 Earnings Report
First Busey Corporation reported net income for Q4 2023, entered into an agreement to acquire Merchants & Manufacturers Bank Corporation, and executed a balance sheet repositioning.
Key Takeaways
First Busey Corporation reported a net income of $25.7 million, or $0.46 per diluted common share, for the fourth quarter of 2023. The company entered into a definitive agreement to acquire Merchants & Manufacturers Bank Corporation and executed a two-part balance sheet repositioning related to the securities portfolio. Non-performing assets declined 34.4% during the quarter, and the tangible book value per common share increased to $16.62.
Net income for the fourth quarter of 2023 was $25.7 million, or $0.46 per diluted common share.
Adjusted net income was $29.1 million, or $0.52 per diluted common share.
Entered into a definitive agreement to acquire Merchants & Manufacturers Bank Corporation.
Non-performing assets decreased by 34.4% during the fourth quarter of 2023.
Revenue by Segment
Forward Guidance
Busey anticipates reinvesting proceeds into loan and investment security opportunities over time, prudently managing expenses, and attracting term funding and savings accounts at a lower rate.
Positive Outlook
- Increased net interest spread expected to increase net interest income by approximately $4.3 million on an annualized basis.
- Transactions are expected to be accretive to capital and earnings per share in future periods.
- Deposit base has grown by $490.0 million since March 31, 2023.
- New certificate of deposit production in the fourth quarter of 2023 had a weighted average term of 9.3 months at a rate of 4.34%.
- Anticipates reinvesting the proceeds into loan and investment security opportunities over time.
Challenges Ahead
- Results were negatively impacted by an increase in income tax expense as a result of adjusting estimated annual effective tax rate.
- The decline in pre-provision net revenue in the fourth quarter was the result of a $0.7 million decrease in net interest income.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...