First Busey Announces 2021 Third Quarter Earnings

About this update from First Busey Corporation

[{"type":"text","content":"CHAMPAIGN, Ill., Oct. 26, 2021 (GLOBE NEWSWIRE) -- First Busey Corporation (Nasdaq: BUSE) Message from our Chairman & CEO Third Quarter 2021 Highlights: Third quarter 2021 net income of $25.9 million and diluted EPS of $0.46Third quarter 2021 adjusted net income1 of $32.8 million and adjusted diluted EPS1 of $0.58Core organic loan growth, excluding Paycheck Protection Program (“PPP”) loans, of $177.1 million, or 2.6%, in the third quarter. At September 30, 2021, and consistent with the second quarter, our loan pipeline is more than double what it was at the beginning of the year.Wealth management assets under care of $12.36 billion at September 30, 2021, up from $12.30 billion at June 30, 2021, and $9.50 billion at September 30, 2020, which represents 30.1% year-over-year growthWealth management segment revenue growth of 5.7% in the third quarter, and 20.4% year-over-year growth on a YTD basisFirsTech, our remittance processing segment, revenue growth of 4.5% in the third quarter, and 19.3% year-over-year growth on a YTD basisNoninterest income, excluding security gains, accounted for 31.9% of total revenue in the third quarter of 2021 supported by continued growth in wealth management, customer service fees, and remittance processingTangible book value per common share1 of $17.09 at September 30, 2021, compared to $17.11 at June 30, 2021, and $16.32 at September 30, 2020, an increase of 4.7% year-over-yearSuccessfully merged Glenview State Bank into Busey Bank on August 14, 2021For additional information, please refer to the 3Q21 Quarterly Earnings Supplement Third Quarter Financial ResultsNet income for First Busey Corporation (“First Busey” or the “Company”) for the third quarter of 2021 was $25.9 million, or $0.46 per diluted common share, as compared to $29.8 million, or $0.53 per diluted common share, for the second quarter of 2021 and $30.8 million, or $0.56 per diluted common share, for the third quarter of 2020. Adjusted net income1 for the third quarter of 2021 was $32.8 million, or $0.58 per diluted common share, as compared to $31.9 million, or $0.57 per diluted common share, for the second quarter of 2021 and $32.8 million, or $0.60 per diluted common share, for the third quarter of 2020. For the third quarter of 2021, annualized return on average assets and annualized return on average tangible common equity1 were ...

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