First Busey Announces 2020 Second Quarter Earnings

About this update from First Busey Corporation

[{"type":"text","content":"CHAMPAIGN, Ill., July 28, 2020 (GLOBE NEWSWIRE) -- (Nasdaq: BUSE)\n Message from our President & CEO Second Quarter Financial ResultsThe net income for First Busey Corporation (“First Busey” or the “Company”) for the second quarter of 2020 was $25.8 million, or $0.47 per diluted common share, as compared to $15.4 million, or $0.28 per diluted common share, for the first quarter of 2020 and $24.1 million, or $0.43 per diluted common share, for the second quarter of 2019. Adjusted net income1 for the second quarter of 2020 was $26.2 million, or $0.48 per diluted common share, as compared to $15.5 million, or $0.28 per diluted common share, for the first quarter of 2020 and $29.5 million, or $0.53 per diluted common share, for the second quarter of 2019. Pre-provision net revenue1 for the second quarter of 2020 was $45.4 million as compared to $35.8 million for the first quarter of 2020 and $34.3 million for the second quarter of 2019. Adjusted pre-provision net revenue1 for the second quarter of 2020 was $46.4 million as compared to $38.2 million for the first quarter of 2020 and $42.8 million for the second quarter of 2019. For the second quarter of 2020, annualized return on average assets and annualized return on average tangible common equity1 were 1.00% and 12.02%, respectively. Based on adjusted net income1, annualized return on average assets was 1.02% and annualized return on average tangible common equity1 was 12.20% for the second quarter of 2020. The Company’s performance was solid during the quarter as it continued to navigate the Coronavirus disease 2019 (\"COVID-19\") pandemic and record appropriate reserves. During the quarter, due to Paycheck Protection Program (\"PPP\") loans and other factors, the Company’s total assets exceeded $10 billion. If the Company remains over $10 billion in assets at year-end, it will begin to face limitations on interchange fees and heightened supervision and regulation in 2021. In future quarters, COVID-19 is expected to have a complex and continued adverse impact on the economy, the banking industry and First Busey, all subject to a high degree of uncertainty as it relates to both timing and severity. Primary areas of potential future impact to the Company may include further margin compression, increased provision expense, lower wealth management and customer service fees and a dete...

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