Business
First Busey Corporation Announces 2023 Third Quarter Earnings
CHAMPAIGN, Ill., Oct. 24, 2023 (GLOBE NEWSWIRE) -- First Busey Corporation (Nasdaq: BUSE) Net Income of $30.7 millionDiluted EPS of $0.54 Third Quarter 2023
About this update from First Busey Corporation
[{"type":"text","content":"CHAMPAIGN, Ill., Oct. 24, 2023 (GLOBE NEWSWIRE) -- First Busey Corporation (Nasdaq: BUSE) Net Income of $30.7 millionDiluted EPS of $0.54 Third Quarter 2023 Highlights Net income excluding net securities losses1 of $30.9 million and adjusted diluted EPS excluding net securities gains and losses1 of $0.55Total deposits increased $269.6 million, or 2.7%, quarter-over-quarter, to $10.33 billionShort-term borrowings decreased to $12.0 million, compared to $212.0 million at the end of the second quarter of 2023 and $615.9 million at the end of the first quarter of 2023Non-performing assets declined 23.6% during the third quarter of 2023, to $12.1 million, now representing 0.10% of total assetsClassified assets declined to $59.6 million, compared to $81.9 million at the close of the second quarter of 2023 and $103.9 million at the end of the first quarter of 2023Annualized net charge-off ratio of 0.01% in the quarter and 0.02% over the last twelve months2Noninterest income excluding net securities losses1 increased to $31.3 million, from $30.1 million in the second quarter of 2023, representing 28.7% of total revenueWealth management segment revenue of $14.4 million in the third quarter of 2023, a 14.7% increase over the comparable period in 2022Annualized return on average assets of 1.0%, return on average tangible common equity1 of 14.3% and adjusted core efficiency ratio1 of 60.23%For additional information, please refer to the 3Q23 Earnings Investor Presentation Message from our Chairman & CEO Third Quarter Financial ResultsNet income for First Busey Corporation (“Busey,” “Company,” “we,” “us,” or “our”) was $30.7 million for the third quarter of 2023, or $0.54 per diluted common share, compared to $29.4 million, or $0.52 per diluted common share, for the second quarter of 2023, and $35.7 million, or $0.64 per diluted common share, for the third quarter of 2022. Adjusted net income1 was $30.7 million, or $0.55 per diluted common share, for the third quarter of 2023. Non-operating adjustments to net income for the second quarter of 2023 were immaterial. Adjusted net income1 was $36.4 million, or $0.65 per diluted common share, for the third quarter of 2022. Net income includes net losses on securities of $0.3 million for the third quarter of 2023, $2.1 million for the second quarter of 2023, which are largely unrealized, and an imm...