Business
First Busey Corporation Announces 2024 Second Quarter Earnings
CHAMPAIGN, Il., July 23, 2024 (GLOBE NEWSWIRE) -- First Busey Corporation (Nasdaq: BUSE) Net Income of $27.4 millionDiluted EPS of $0.47 SECOND QUARTER 2024
About this update from First Busey Corporation
[{"type":"text","content":"CHAMPAIGN, Il., July 23, 2024 (GLOBE NEWSWIRE) -- First Busey Corporation (Nasdaq: BUSE) Net Income of $27.4 millionDiluted EPS of $0.47 SECOND QUARTER 2024 HIGHLIGHTS Adjusted net income1 of $29.0 million, or $0.50 per diluted common shareNet interest margin1 increased by 24 basis points to 3.03% from 2.79% in the prior quarterNoninterest income of $33.8 million, and adjusted noninterest income1 of $33.9 million, or 29.1% of operating revenue1Record high quarterly revenue for both the Wealth Management and FirsTech operating segmentsFinalized the acquisition of Merchants & Manufacturers Bank Corporation (“M&M”) and its wholly owned subsidiary Merchants & Manufacturers Bank (“M&M Bank”) on April 1, 2024, and completed the integration of M&M Bank into Busey Bank on June 21, 2024Tangible book value per common share1 of $16.97 at June 30, 2024, compared to $16.84 at March 31, 2024, and $15.25 at June 30, 2023, a year-over-year increase of 11.3%Tangible common equity1 increased to 8.36% of tangible assets at June 30, 2024, compared to 8.12% at March 31, 2024, and 7.18% at June 30, 2023 For additional information, please refer to the 2Q24 Earnings Investor Presentation. MESSAGE FROM OUR CHAIRMAN & CEO Second Quarter Financial Results Net income for First Busey Corporation (“Busey,” “Company,” “we,” “us,” or “our”) was $27.4 million for the second quarter of 2024, or $0.47 per diluted common share, compared to $26.2 million, or $0.46 per diluted common share, for the first quarter of 2024, and $29.4 million, or $0.52 per diluted common share, for the second quarter of 2023. Adjusted net income1, which excludes the impact of acquisition and restructuring expenses, was $29.0 million, or $0.50 per diluted common share, for the second quarter of 2024, compared to $26.5 million, or $0.47 per diluted common share, for the first quarter of 2024. Adjustments to net income for the second quarter of 2023 were immaterial. Annualized return on average assets and annualized return on average tangible common equity1 were 0.91% and 11.51%, respectively, for the second quarter of 2024. Annualized adjusted return on average assets1 and annualized adjusted return on average tangible common equity1 were 0.97% and 12.21%, respectively, for the second quarter of 2024. Second quarter results included $0.4 million in net securities losses, nearly all of whi...