First Busey Q2 adjusted profit meets expectations at $0.63

First Busey

22/07/2025 22:10

Corrects Q2 revenue metric in key details table to say "Q2 Mortgage Revenue"

Overview

First Busey Q2 adjusted EPS meets analyst expectations at $0.63, per LSEG data

Adjusted net income for Q2 was $57.4 mln

Company completed CrossFirst Bank merger, enhancing service offerings

Outlook

Company expects deposit beta to normalize between 45% and 50% of fed funds target

Busey anticipates realizing 50% of $25 mln in annual pre-tax synergies from CrossFirst acquisition in 2025

Company continues to evaluate hedging strategies for net interest income stabilization

Busey expects deposit cost of funds to stabilize during the year

Result Drivers

CROSSFIRST ACQUISITION - Full quarter of income from CrossFirst acquisition boosted net interest and noninterest income

EXPENSES - Increased expenses due to acquisition-related costs and restructuring

DEPOSIT COSTS - Higher deposit costs from acquired CrossFirst indexed/managed rate products

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Mortgage Revenue
$776,000
Q2 Adjusted EPS
Meet
$0.63
$0.63 (7 Analysts)
Q2 EPS
$0.52
Q2 Net Income
$47.40 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy"

Wall Street's median 12-month price target for First Busey Corp is $26.00, about 7.2% above its July 21 closing price of $24.14

The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release: ID:nGNX3L2VHH

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)