As of September 30, 2024, First Busey Corporation reported total assets of $11.99 billion, a decrease from $12.28 billion at the end of 2023. Total cash and cash equivalents also declined to $553.7 million from $719.6 million, while total deposits fell to $9.94 billion from $10.29 billion. Despite these reductions, stockholders' equity increased to $1.40 billion, up from $1.27 billion, reflecting a 10.3% rise.
For the third quarter of 2024, First Busey recorded net income of $32.0 million, a slight increase from $30.7 million in the same period of 2023. However, net income for the nine months ended September 30, 2024, was $85.6 million, down from $96.8 million in the prior year. The company’s diluted earnings per share for the third quarter rose to $0.55 from $0.54, while for the nine months, it decreased to $1.49 from $1.72.
Net interest income for the third quarter increased to $82.9 million, a 5.9% rise from $78.3 million in 2023. Total interest income also grew to $134.9 million, up from $123.2 million, while interest expense rose significantly to $51.9 million from $44.9 million. The net interest margin improved to 3.02% from 2.80% year-over-year.
Noninterest income for the third quarter was $36.0 million, reflecting a 15.9% increase from $31.0 million in 2023. This growth was driven by higher wealth management fees, which rose 8.0% to $15.4 million, and a notable increase in net securities gains.
Strategically, First Busey completed the acquisition of Merchants and Manufacturers Bank Corporation (M&M) on April 1, 2024, which contributed to the growth in portfolio loans, totaling $7.81 billion as of September 30, 2024, up 2.1% from the previous year. The company also signed a merger agreement with CrossFirst Bankshares, expected to close in the first half of 2025, with Busey as the surviving entity. This merger is anticipated to enhance Busey's market presence and operational scale.
The company incurred one-time pre-tax acquisition-related expenses of $1.3 million in the third quarter and $1.5 million for the nine months ended September 30, 2024, related to both the M&M acquisition and the upcoming merger with CrossFirst.
Overall, while First Busey Corporation faced challenges with declining assets and deposits, it demonstrated resilience through increased net interest income and strategic acquisitions aimed at long-term growth.
About FIRST BUSEY CORP /NV/
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