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First Busey Announces 2023 Second Quarter Earnings
First Busey Reports Second Quarter Net Income of $29.4 million and Diluted EPS of $0.52 CHAMPAIGN, Ill., July 25, 2023 (GLOBE NEWSWIRE) -- First Busey
About this update from First Busey Corporation
[{"type":"text","content":"First Busey Reports Second Quarter Net Income of $29.4 million and Diluted EPS of $0.52\nCHAMPAIGN, Ill., July 25, 2023 (GLOBE NEWSWIRE) -- First Busey Corporation (Nasdaq: BUSE) Message from our Chairman & CEO Second Quarter 2023 Highlights: Excluding net securities losses, net income1 for the second quarter of 2023 of $31.0 million or $0.55 per shareTotal deposits increased $261.6 million, or 2.7%, quarter-over-quarter, to $10.06 billionShort-term borrowings decreased to $212.0 million, compared to $615.9 million at the end of the first quarter of 2023Non-performing assets of 0.13% of total assets, and allowance for credit losses of 580.80% of nonperforming loansClassified assets declined to $81.9 million, compared to $103.9 million at the close of the first quarter of 2023Tangible common equity ratio1 of 7.18%, a 13 basis point increase from the first quarter of 2023Efficiency ratio of 60.87%1 and adjusted core efficiency ratio1 of 58.55%For additional information, please refer to the 2Q23 Earnings Investor Presentation Second Quarter Financial ResultsNet income for First Busey Corporation (“First Busey” or the “Company”) was $29.4 million for the second quarter of 2023, or $0.52 per diluted common share, compared to $36.8 million, or $0.65 per diluted common share, for the first quarter of 2023, and $29.8 million, or $0.53 per diluted common share, for the second quarter of 2022. Adjustments to net income for the second quarter of 2023 were immaterial, and there were no adjustments to net income for the first quarter of 2023. Adjusted net income1 was $30.1 million, or $0.54 per diluted common share, for the second quarter of 2022. Annualized return on average assets and annualized return on average tangible common equity1 were 0.96% and 13.90%, respectively, for the second quarter of 2023. Net income includes net losses on securities of $2.1 million for the second quarter of 2023, $0.6 million for the first quarter of 2023, and $1.7 million for the second quarter of 2022. Excluding these securities losses, which are largely unrealized, net income1 for the second quarter of 2023 would have been $31.0 million, resulting in diluted EPS1 of $0.55. Pre-provision net revenue1 was $39.5 million for the second quarter of 2023, compared to $47.9 million for the first quarter of 2023 and $39.6 million for the second quarter of 2022. A...