First Busey (BUSE) Q2 2025 earnings summary

Executive summary

• Completed CrossFirst Bank acquisition, expanding to 78 locations across 10 states and significantly increasing assets, loans, and deposits as of June 30, 2025.

• Total assets grew 57% year-over-year to $18.92 billion, with portfolio loans up 79% to $13.81 billion, primarily due to the CrossFirst acquisition.

• Adjusted net income for Q2 2025 was $57.4 million ($0.63 per diluted share), up from $40 million in Q1 2025 and $27.4 million in Q2 2024.

• Integration of CrossFirst and realization of cost synergies are on track, with 50% synergy realization expected in 2025 and full realization in 2026.

• Wealth management assets under care reached $14.1 billion, up 8% year-over-year.

Financial highlights

• Net interest income rose to $153.2 million in Q2 2025, up 86% year-over-year; net interest margin expanded to 3.49% from 3.16% in Q1 2025.

• Adjusted pre-provision net revenue reached $81 million, up from $55 million in Q1 2025.

• Noninterest income increased 33% year-over-year to $44.9 million, driven by wealth management and treasury management fees.

• Adjusted efficiency ratio improved to 55.3% from 58.7% in Q1 2025.

• Provision for credit losses was $5.7 million in Q2 2025, with a $4.0 million adjustment related to the CrossFirst acquisition.

Outlook and guidance

• Annual pre-tax expense synergies from the CrossFirst acquisition are expected to reach $25 million, with full realization in 2026.

• Projected deposit growth to align with loan growth in 2H25; core deposit growth remains a strategic priority.

• Expect total cost of deposits to range between 2.00-2.15% for 2H25, assuming two Fed Funds rate cuts.

• Management expects continued pressure from commercial real estate paydowns and tempered loan demand due to macroeconomic uncertainty.

• Focus remains on conservative underwriting, core deposit growth, and maintaining strong capital and liquidity positions.