First Busey (BUSE) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 adjusted net income of $57.4 million ($0.64 per share), with adjusted ROAA at 1.33% and efficiency ratio at 54.8%, driven by acquisition synergies and balance sheet optimization.

• Completed CrossFirst Bankshares acquisition and a bank merger, expanding to 79 banking centers across 10 states and significantly increasing total assets and loan portfolio size.

• Net interest margin improved to 3.58% in Q3 2025, supported by higher loan repricing and runoff of high-cost deposits.

• Tangible book value per share increased 10% since year-end 2024, reaching $19.69.

• Returned $13.5 million to shareholders in Q3 2025 through share repurchases, totaling $40 million YTD.

Financial highlights

• Total assets at $18.2 billion, total loans at $13.6 billion, and total deposits at $15.1 billion as of September 30, 2025, reflecting 51% asset growth since year-end 2024.

• Net interest income for Q3 2025 was $155.1 million, up 87.8% year-over-year; adjusted noninterest income was $42 million, up 14.9% year-over-year.

• Adjusted pre-provision net revenue reached $84 million, with a 1.78% PPNR ROAA.

• Quarterly dividend of $0.25 per share (4.3% yield) and active share repurchase program.

• Noninterest expense for Q3 2025 was $120 million, up 58.9% year-over-year, reflecting acquisition and integration costs.

Outlook and guidance

• Annual pre-tax expense synergies from CrossFirst acquisition estimated at $25 million, with 50% realized in 2025 and full realization in 2026.

• Expect further cost of deposits reduction in Q4 2025 as balance sheet optimization continues and rate cuts are anticipated.

• Additional $115 million in intentional brokered and non-relationship deposit runoff expected in Q4 2025, to be offset by organic growth.

• Management expects continued pressure from commercial real estate payoffs but remains focused on credit quality and conservative underwriting.

• Balance sheet optimization expected to be largely complete by year-end, with stability in loans and deposits anticipated.