Shares of First Busey Corporation (NASDAQ:BUSE) rose 2.9% following the regional bank’s announcement of second-quarter earnings that beat analyst projections, largely driven by strong revenue growth after acquiring CrossFirst Bankshares (NASDAQ:CFB).
The bank reported adjusted earnings of $0.63 per share, exceeding the $0.60 consensus estimate. Revenue reached $198.05 million, topping the forecasted $193.73 million and marking a 69.9% increase compared to the same period last year.
“This quarter’s bank merger and data conversion represents a significant milestone for our organization,” said Van A. Dukeman, Chairman and CEO. The merger of CrossFirst Bank into Busey Bank was completed on June 20, making this the first full quarter that includes CrossFirst’s financial contributions.
Net interest income surged to $153.2 million, up 85.6% from $82.5 million in Q2 2024. The net interest margin also improved, rising to 3.49% from 3.03% a year earlier.
Total deposits at the end of the quarter were $15.80 billion, down from $16.46 billion in the prior quarter, reflecting a deliberate reduction of $368.6 million in higher-cost brokered deposits.
Asset quality remained solid, with non-performing loans accounting for just 0.40% of portfolio loans. The allowance for credit losses stood at $183.3 million, covering non-performing loans by a factor of 3.36.
“Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million, and we expect 50% of the identified synergies to be realized in 2025 and 100% in 2026,” the company noted.
First Busey’s tangible book value per common share rose 13.0% year-over-year to $19.18, reflecting ongoing financial strength despite capital expenditures tied to the CrossFirst acquisition and continued share buybacks.
First Busey Corporation stock price
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