First Busey (BUSE) Q1 2026 earnings summary

Executive summary

• Adjusted diluted EPS rose 17.5% year-over-year to $0.67, with adjusted ROAA of 1.42% and adjusted ROATCE of 14.12%, reflecting strong profitability and efficiency improvements.

• Net income for Q1 2026 was $50.0 million, a turnaround from a net loss of $30.0 million in Q1 2025, driven by the CrossFirst acquisition and improved core earnings.

• Net interest margin expanded 6 bps sequentially and 61 bps year-over-year to 3.77%, reflecting disciplined loan pricing and deposit cost control.

• Wealth management set a new quarterly revenue record, with assets under care at $15.65 billion and robust net inflows.

• Efficiency ratio improved to 54.8% from 58.7% year-over-year, driven by revenue growth and expense management.

Financial highlights

• Adjusted net income to common shareholders was $59 million, with adjusted diluted EPS of $0.67 for Q1 2026.

• Total operating revenue was $197 million, net interest income $154 million, and adjusted noninterest income $43 million.

• Allowance for credit losses at 1.26% of loans; non-performing assets to total assets at 0.28%.

• Total assets stood at $18.04 billion, loans at $13.5 billion, and deposits at $14.7 billion as of March 31, 2026.

• Noninterest expense increased 15.6% to $129.5 million, mainly due to higher salaries and benefits post-acquisition.

Outlook and guidance

• Deposit outflows in Q1 2026 are expected to substantially return in Q2 and Q3 2026, consistent with seasonal patterns.

• CD repricing anticipated to be beneficial in Q2 2026; deposit costs expected to remain stable.

• Management expects continued benefits from the CrossFirst integration, with a focus on core deposit growth, expense discipline, and maintaining strong capital and liquidity positions.

• Balance sheet remains well-positioned for rate neutrality, with positive NII sensitivity to rising rates.

• Asset quality remains a priority, with ongoing monitoring of credit trends and economic conditions.