First Busey Corporation announced net income of $57.1 million for the third quarter of 2025, with diluted EPS of $0.58 and a net interest margin of 3.58%. The company’s ROAA was 1.21% and ROATCE was 11.96%. The Chairman & CEO highlighted balance sheet optimization and credit quality improvement.

The financial results show a net income of $57.1 million for the third quarter of 2025, compared to $47.4 million for the second quarter and $32.0 million for the third quarter of 2024. Annualized ROAA and ROATCE were 1.21% and 11.96% respectively. Pre-tax non-GAAP adjustments were $7.5 million for the quarter.

Adjusted net income available to common stockholders for the third quarter of 2025 was $57.4 million, with diluted EPS of $0.64. The adjusted return on average assets was 1.33% and the adjusted return on average tangible common equity was 13.20%. Pre-Provision Net Revenue was $76.6 million for the quarter.

Dividends on preferred stock included additional days resulting in $0.5 million in dividends for the third quarter of 2025. Adjusted pre-provision net revenue was $83.9 million for the quarter, with a pre-provision net revenue to average assets of 1.63%. The company continues to execute its disciplined organic growth strategy for stability in loans and deposits. Busey’s adjusted pre-provision net revenue to average assets was 1.78% in the third quarter of 2025, up from 1.70% in the second quarter and 1.46% in the third quarter of 2024. Net Interest Income and Margin details show various yields across asset categories. The bank’s net interest margin was 3.58% in the third quarter of 2025, up from 3.49% in the previous quarter.

During the third quarter of 2025, Busey saw an increase in net interest margin by 9 basis points. Factors contributing to this growth included higher spreads on new and renewed loans, reduced funding costs on deposits, and benefits from preferred stock issuance. However, reduced rates on cash and securities portfolio had a negative impact.

Busey’s noninterest income for the third quarter of 2025 totaled $41.2 million, down 8.2% from the previous quarter. Wealth management fees, payment technology solutions, and other services contributed significantly. Wealth management fees saw a 2.4% increase, driven by trust and estate fees, while other noninterest income surged due to private equity gains.

The bank’s operating efficiency for the third quarter of 2025 showed total noninterest expenses of $120 million, a 6.1% decrease from the previous quarter. Salaries, wages, and employee benefits were the largest expense category. The bank had reclassified the provision for unfunded commitments from other noninterest expenses starting in the second quarter of 2025. Busey Corporation expects to realize $25.0 million in pre-tax expense synergies from the CrossFirst acquisition, with 50% to be achieved in 2025 and 100% in 2026. Adjusted noninterest expense increased to $108.3 million in Q3 2025. Notable changes include a decline in salaries, wages, and employee benefits expenses, offset by data processing expenses.

The bank’s efficiency ratio was 58.5% in Q3 2025, compared to 63.9% in Q2 2025. Busey’s financial strength is founded on a conservative operating approach. The balance sheet shows total assets of $18.2 billion, with investment securities totaling $2.9 billion and portfolio loans at $13.6 billion as of September 30, 2025.

Busey’s investment securities include debt securities available for sale, held to maturity, and equity securities. The loan portfolio comprises commercial and retail loans. The bank remains conservative in underwriting and pricing, expecting pressure from commercial real estate payoffs for the rest of 2025.

Asset quality remains robust, with a well-diversified loan portfolio to limit concentration exposure. Non-performing loans and assets have shown improvement. The allowance for credit losses stood at $174.2 million as of September 30, 2025, providing coverage of 3.67 times the non-performing loans balance.

Net charge-offs in Q3 2025 were $5.8 million, with a provision for credit losses of $(0.9) million. The provision for loan losses included an initial allowance for non-PCD loans from the CrossFirst acquisition. Busey’s financial stability and strategic approach position the bank for continued growth and efficiency. Busey recorded a $7.2 million adjustment in the second quarter of 2025 to establish an initial allowance for unfunded commitments after acquiring CrossFirst. Net charge-offs decreased by $7.0 million from the second quarter but increased by $5.6 million from the third quarter of 2024. Deposits totaled $15.07 billion as of September 30, 2025.

In the third quarter of 2025, Busey strategically reduced high-cost deposits by $794.6 million, resulting in a 2.3% increase in total borrowings. Core deposits accounted for 93.8% of total deposits, with ample liquidity to manage fluctuations. Busey executed deposit campaigns to attract term funding at lower rates.

Busey’s borrowings totaled $272.97 million as of September 30, 2025. The company issued a notice of full redemption for a $4 million Subordinated Note, subject to regulatory approval. Liquidity sources totaled $7.85 billion, aided by cash flows from a short-duration securities portfolio.

Busey’s capital ratios remained strong, providing a buffer of over $810 million above regulatory requirements as of September 30, 2025. The company paid dividends of $0.25 per common share in Q3 2025 and repurchased 580,000 shares of common stock. First Busey Corporation, with headquarters in Leawood, Kansas, was an $18.19 billion financial holding company as of September 30, 2025. Busey Bank operates 79 banking centers across various regions in the United States. Their Wealth Management division offers asset management, investment, and philanthropic advisory services, with $14.96 billion in assets under care as of September 30, 2025. The subsidiary FirsTech provides innovative payment technology solutions for businesses. Busey has been recognized multiple times by Forbes and other organizations for its exceptional services.

Busey Bank utilizes non-GAAP financial measures to analyze performance and make business decisions, providing investors with additional perspective. These measures are adjusted for non-core and non-recurring items to show Busey’s performance over time. The company presents reconciliations between non-GAAP and GAAP financial measures for transparency and comparability.

Busey’s adjusted net income, average tangible common equity, and related ratios provide insights into the company’s financial performance. Adjusted net income accounts for various factors such as acquisition expenses and tax adjustments, offering a clearer picture of profitability. Return on average assets and tangible common equity metrics demonstrate Busey’s financial strength and efficiency in generating returns for shareholders. In the third quarter of 2025, Busey reported a tax-equivalent net interest income of $155,925, with an adjusted net interest income of $150,071. The adjusted net interest margin was 3.45%, reflecting an increase from previous quarters in 2024. Noninterest income totaled $41,198, with adjusted noninterest income at $41,530.

Busey’s efficiency ratio was 54.85%, an improvement from previous quarters in 2024. The tangible common equity to tangible assets ratio stood at 9.88%, indicating a healthy financial position. Core deposits amounted to $14,137,352, comprising 93.81% of total deposits. These figures reflect positive performance and stability in Busey’s financial operations.

Moving forward, Busey has provided forward-looking statements in accordance with the Private Securities Litigation Reform Act of 1995. Management anticipates continued growth and success, but acknowledges external factors beyond their control that may impact future results. The company commits to transparency and timely updates should any information change. Busey highlights various factors affecting its financial performance, including economic conditions, government policies, and unexpected events like terrorist threats and pandemics. They also mention risks from acquisitions, competition, and technological changes, emphasizing the need for effective risk management. Additional information can be found in Busey’s filings with the Securities and Exchange Commission.

Important figures mentioned include annualized measures, non-GAAP financial measures, and uninsured/unsecured deposits exceeding FDIC limits. Capital amounts and ratios as of September 30, 2025, are tentative. The blended benchmark comprises 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index. On/off-balance sheet liquidity includes various assets like cash, debt securities, and borrowing capacity.

Investor contact information is provided for further inquiries: Christopher H.M. Chan, Chief Financial Officer, can be reached at 913-647-9825.

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