First Busey (BUSE) Q4 2024 earnings summary

Executive summary

• Adjusted net income for 4Q24 was $30.7M ($0.53 per diluted share), up from $29.1M in 3Q24 and $26.5M in 4Q23; reported net income was $28.1M.

• Announced transformative merger with CrossFirst Bankshares, expected to close March 1, 2025, creating a $20B asset institution.

• Wealth management delivered record revenues: $17.0M in 4Q24 and $65.0M for FY 2024.

• Payment technology and wealth management segments showed strong growth and contributed significantly to noninterest income.

Financial highlights

• Net interest income was $81.6M in 4Q24; net interest margin was 2.95%, down 7 bps QoQ.

• Adjusted ROAA was 1.01% for 4Q24; adjusted ROATCE was 11.87%.

• Adjusted efficiency ratio was 61.4% in 4Q24; adjusted core efficiency ratio was 61.8%.

• Noninterest income represented 30.3% of operating revenue in 4Q24; wealth management fees up 22% YoY.

• Tangible book value per share rose 7.6% YoY to $17.88 at 12/31/24.

Outlook and guidance

• CrossFirst merger expected to close 3/1/25, with minimal TBV dilution and 20%+ EPS accretion in 2026 (excluding one-time charges).

• Integration planning underway, focusing on customer retention and leveraging combined strengths.

• Anticipate continued public deposit outflows in 1Q25, with net inflows expected in 2Q and 3Q.

• Confident in ability to produce quality growth and profitability in 2025.

• Full quarterly run-rate savings from M&M acquisition synergies expected by Q1 2025.