BUSE · First Busey Corporation

First Busey Corporation delivered robust Q1 2026 results, with GAAP net income of $50.0 million and diluted EPS of $0.52, reflecting solid execution post-CrossFirst acquisition. Adjusted metrics highlight core strength, with net income at $63.2 million and EPS at $0.67, up from $0.57 year-over-year, driven by NIM expansion to 3.77% (up 6 bps QoQ) amid deposit cost declines to 1.81% and disciplined pricing. Net interest income dipped slightly to $154 million due to fewer calendar days, but pre-provision net revenue held firm at $67.7 million (adjusted $84.4 million). Noninterest income remained stable at $42.3 million, bolstered by record wealth management fees of $19.4 million on $15.65 billion assets under care, offsetting securities losses. Expenses rose to $129.5 million, elevated by $16.1 million in salaries tied to CrossFirst synergies and a key departure, yet efficiency improved to 54.8%. Credit metrics shone with NPAs down 14% QoQ to 0.28% of assets and stable 1.26% allowance coverage. Balance sheet contracted seasonally—loans to $13.5 billion, deposits to $14.7 billion—but liquidity exceeds $8.6 billion and CET1 stands at 12.3%. Management emphasized momentum from talent additions and pipelines, with $65.6 million in repurchases lifting tangible book value 8.2% YoY to $20.14. CEO Dukeman noted strong positioning amid volatility, with no formal guidance but optimism on organic growth.