Business
First Busey Announces 2022 Second Quarter Earnings
CHAMPAIGN, Ill., July 26, 2022 (GLOBE NEWSWIRE) -- CHAMPAIGN, IL – (GLOBE NEWSWIRE) – First Busey Corporation (Nasdaq: BUSE) Message from our Chairman & CEO
About this update from First Busey Corporation
[{"type":"text","content":"CHAMPAIGN, Ill., July 26, 2022 (GLOBE NEWSWIRE) -- CHAMPAIGN, IL – (GLOBE NEWSWIRE) – First Busey Corporation (Nasdaq: BUSE) Message from our Chairman & CEO Second Quarter 2022 Highlights: Second quarter 2022 net income of $29.8 million and diluted EPS of $0.53Second quarter 2022 adjusted net income1 of $30.1 million and adjusted diluted EPS1 of $0.54Second quarter 2022 net income and adjusted net income include the impact of net security losses of $1.7 millionCore loan1 growth of $249.1 million in the second quarter of 2022, representing a 13.8% annualized growth rateSecond quarter 2022 net interest margin reflects a 23 basis point increase over last quarterNon-performing assets of 0.15% of total assets and annualized net charge-off ratio of 0.06% in the second quarterBusey Wealth Management revenue of $14.1 million in the second quarter of 2022FirsTech revenue2 of $5.4 million for the second quarter of 2022, up from $4.8 million for the second quarter of 2021, representing 10.8% year-over-year growthCompleted $100 million subordinated debt issuance to enhance capital and liquidity positionsFor additional information, please refer to the 2Q22 Quarterly Earnings Supplement Second Quarter Financial ResultsNet income for First Busey Corporation (“First Busey” or the “Company”) for the second quarter of 2022 was $29.8 million, or $0.53 per diluted common share, compared to $28.4 million, or $0.51 per diluted common share, for the first quarter of 2022, and $29.8 million, or $0.53 per diluted common share, for the second quarter of 2021. Adjusted net income1 for the second quarter of 2022 was $30.1 million, or $0.54 per diluted common share, compared to $29.1 million, or $0.52 per diluted common share, for the first quarter of 2022, and $31.9 million, or $0.57 per diluted common share, for the second quarter of 2021. For the second quarter of 2022, annualized return on average assets and annualized return on average tangible common equity1 were 0.96% and 14.50%, respectively. Based on adjusted net income1, annualized return on average assets was 0.97% and annualized return on average tangible common equity1 was 14.62% for the second quarter of 2022. Pre-provision net revenue1 for the second quarter of 2022 was $39.6 million, compared to $36.1 million for the first quarter of 2022 and $34.0 million for the second quarter of 2021. Adj...