First Busey Corporation (BUSE) Bundle
An Overview of First Busey Corporation (BUSE)
General Summary of First Busey Corporation
First Busey Corporation (NASDAQ: BUSE) is a financial holding company headquartered in Champaign, Illinois. As of September 30, 2024, it has total assets of $11.99 billion. The company operates through its wholly-owned bank subsidiary, Busey Bank, which has 62 banking centers across several states, including Illinois, Missouri, Florida, and Indiana. Busey offers a diverse range of financial products and services, including commercial and consumer banking, wealth management, and payment technology solutions.
As of 2024, Busey’s Wealth Management division holds $13.69 billion in assets under care, reflecting significant growth in client investment and engagement. The company's commitment to community engagement and customer service has been a cornerstone of its strategy since its founding in 1980.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, First Busey Corporation reported a net income of $32.0 million, translating to $0.55 per diluted common share. This marks an increase from $27.4 million (or $0.47 per diluted share) in the previous quarter, and $30.7 million (or $0.54) in the same quarter of the previous year. Adjusted net income for the third quarter was $33.5 million, or $0.58 per diluted share, compared to $29.0 million (or $0.50) in the second quarter of 2024.
Total noninterest income reached $36.0 million in Q3 2024, up from $33.8 million in Q2 2024 and $31.0 million in Q3 2023. The Wealth Management and FirsTech segments contributed significantly, generating $16.2 million and $5.6 million in revenue, respectively.
As of September 30, 2024, the company reported total deposits of $9.94 billion, a slight decrease from $10.33 billion in the same quarter last year. The average cost of deposits was 1.85%, reflecting ongoing adjustments in response to the economic environment.
Introduction to Company as a Leader in the Industry
First Busey Corporation stands out as a leader in the financial services industry, marked by its robust capital position and strong operational performance. The company's Common Equity Tier 1 ratio was 13.78% as of September 30, 2024, well above regulatory requirements, indicative of its solid foundation. The efficiency ratio improved to 62.1% in Q3 2024, demonstrating effective management of operational costs.
With a commitment to innovation and community involvement, First Busey has successfully expanded its service offerings while maintaining a focus on customer satisfaction. The company continues to explore opportunities for growth, including a transformative partnership with CrossFirst Bankshares. For more insights into how First Busey Corporation maintains its leadership position in the industry, explore further below.
| Financial Metric | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Net Income | $32.0 million | $27.4 million | $30.7 million |
| Earnings per Share (Diluted) | $0.55 | $0.47 | $0.54 |
| Total Noninterest Income | $36.0 million | $33.8 million | $31.0 million |
| Total Deposits | $9.94 billion | $9.98 billion | $10.33 billion |
| Common Equity Tier 1 Ratio | 13.78% | 13.20% | 12.52% |
| Efficiency Ratio | 62.1% | 62.3% | 62.4% |
Mission Statement of First Busey Corporation (BUSE)
Company's Mission Statement Overview
First Busey Corporation (BUSE) has articulated a mission statement that serves as a foundation for its operational and strategic objectives. The mission statement emphasizes a commitment to delivering exceptional financial services, fostering client relationships, and contributing positively to the communities it serves. This guiding principle is essential for aligning the organization’s actions with its long-term goals and ensuring that all stakeholders understand its core purpose.
Core Component 1: Exceptional Financial Services
The first core component of First Busey Corporation's mission is the provision of exceptional financial services. This commitment is reflected in the company’s financial performance metrics. For the third quarter of 2024, Busey reported a net interest income of $82.5 million, which increased from $77.8 million in the same quarter of the previous year. Furthermore, the net interest margin stood at 3.02%, up from 2.80% year-over-year. These figures indicate a robust ability to generate income through its core banking activities.
Core Component 2: Fostering Client Relationships
The second core component focuses on fostering client relationships. First Busey’s wealth management division has demonstrated this commitment by achieving record-high quarterly revenue of $16.2 million for the third quarter of 2024, a 12.7% increase compared to the same quarter in 2023. Additionally, assets under care in the wealth management segment reached $13.69 billion, reflecting the company’s dedication to enhancing customer satisfaction and loyalty.
Core Component 3: Contributing to Communities
The final core component of the mission statement emphasizes contributing to communities. First Busey Corporation actively engages in community development initiatives, which is evident in its operational strategy. The company maintains a strong balance sheet with total assets of $11.99 billion as of September 30, 2024, ensuring it has the capacity to support local economies through lending and investment. The commitment to community impact is also reflected in the company’s non-interest income, which totaled $36.0 million, highlighting its efforts to diversify revenue streams while positively affecting the communities it serves.
| Metric | Q3 2024 | Q3 2023 | Year-over-Year Change |
|---|---|---|---|
| Net Interest Income | $82.5 million | $77.8 million | +6.3% |
| Net Interest Margin | 3.02% | 2.80% | +22 basis points |
| Wealth Management Revenue | $16.2 million | $14.4 million | +12.7% |
| Assets Under Care | $13.69 billion | $11.55 billion | +18.5% |
| Total Assets | $11.99 billion | $12.26 billion | -2.2% |
| Non-Interest Income | $36.0 million | $31.0 million | +16.1% |
Vision Statement of First Busey Corporation (BUSE)
Vision Statement Overview
First Busey Corporation's vision statement as of 2024 emphasizes a commitment to enriching the lives of its customers and communities by providing exceptional financial services. The company aims to be recognized as a leading financial institution that prioritizes customer relationships and community engagement.
Commitment to Customer Relationships
First Busey Corporation focuses on building strong relationships with its clients. The bank aims to provide personalized services tailored to meet the unique needs of each customer. As of September 30, 2024, Busey reported a net income of $32.0 million, reflecting its successful strategy in customer engagement and service delivery.
| Financial Metric | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Net Income ($ million) | 32.0 | 27.4 | 30.7 |
| Diluted EPS ($) | 0.55 | 0.47 | 0.54 |
| Adjusted Net Income ($ million) | 33.5 | 29.0 | 30.7 |
Community Engagement and Support
First Busey Corporation is dedicated to making a positive impact in the communities it serves. The bank actively participates in local initiatives and charitable activities, reinforcing its commitment to community enrichment. As of September 30, 2024, Busey Bank had total assets of $11.99 billion, demonstrating its strong financial foundation to support community initiatives.
| Community Engagement Metric | Value |
|---|---|
| Total Assets ($ billion) | 11.99 |
| Wealth Management Assets Under Care ($ billion) | 13.69 |
| Number of Banking Centers | 62 |
Innovation and Technology Integration
First Busey Corporation emphasizes the importance of leveraging technology to enhance customer experience and improve operational efficiency. The FirsTech operating segment, a wholly-owned subsidiary, reported revenues of $5.3 million for the third quarter of 2024, highlighting the bank's commitment to innovative payment solutions.
| Technology Revenue Metrics | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| FirsTech Revenue ($ million) | 5.3 | 5.9 | 5.2 |
Financial Performance and Stability
First Busey Corporation maintains a robust financial performance, with a focus on sustainable growth. The company's annualized return on average assets was 1.06% for the third quarter of 2024, while the return on average tangible common equity was 12.80%, reflecting strong profitability metrics.
| Performance Metrics | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Return on Average Assets (%) | 1.06 | 0.91 | 1.00 |
| Return on Average Tangible Common Equity (%) | 12.80 | 11.51 | 14.31 |
Strategic Growth Initiatives
First Busey Corporation is actively pursuing strategic growth opportunities, including partnerships and acquisitions. In 2024, the bank announced a transformative partnership with CrossFirst Bankshares, aimed at enhancing its market presence and service capabilities.
| Growth Initiative | Details |
|---|---|
| Partnership with CrossFirst Bankshares | Announced in 2024 to enhance market presence |
Core Values of First Busey Corporation (BUSE)
Integrity
Integrity is a core value at First Busey Corporation, emphasizing honesty and ethical behavior in all interactions. This commitment is crucial for building trust with customers and stakeholders.
First Busey has demonstrated integrity through its transparent reporting practices and adherence to regulatory standards. For instance, the company maintains a Common Equity Tier 1 ratio of 13.78% as of September 30, 2024, exceeding regulatory capital requirements . This strong capital position reflects responsible management and a commitment to financial stability.
Community Engagement
Community engagement is essential for First Busey, reflecting its dedication to contributing positively to the communities it serves. This value is showcased through various initiatives aimed at supporting local development and education.
In July 2024, Busey awarded $2,500 scholarships to 10 students across its operational footprint, totaling $75,000 since the inception of the Busey Bank Bridge Scholarship program in 2022 . Such initiatives highlight the company’s commitment to fostering educational opportunities and community growth.
Customer Focus
Customer focus is integral to First Busey’s operations, ensuring that the needs and satisfaction of clients drive business decisions. This commitment is evident in the company’s wealth management services.
As of September 30, 2024, Busey’s Wealth Management division reported assets under care of $13.69 billion, reflecting a strategic focus on personalized financial solutions for clients . The division generated $16.2 million in revenue during the third quarter of 2024, showcasing its ability to meet customer needs effectively .
Excellence
Excellence drives First Busey to continuously improve its services and operational efficiency. This value is reflected in the company’s financial performance metrics.
For the third quarter of 2024, First Busey reported a net income of $32.0 million, with an adjusted net income of $33.5 million, highlighting its strong operational performance . The efficiency ratio was reported at 62.1%, demonstrating effective cost management .
Innovation
Innovation is a key value at First Busey, driving the development of new products and services to meet evolving market demands. The company focuses on leveraging technology to enhance customer experiences.
Busey’s subsidiary, FirsTech, reported revenues of $5.6 million in the third quarter of 2024, providing innovative payment technology solutions . This commitment to innovation not only supports operational growth but also enhances service delivery for clients.
| Core Value | Key Initiative | Impact |
|---|---|---|
| Integrity | Common Equity Tier 1 ratio of 13.78% | Exceeds regulatory capital requirements |
| Community Engagement | $75,000 in scholarships awarded | Supports educational opportunities |
| Customer Focus | Wealth Management assets under care of $13.69 billion | Personalized financial solutions |
| Excellence | Net income of $32.0 million | Strong operational performance |
| Innovation | FirsTech revenues of $5.6 million | Enhanced payment technology solutions |
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Article updated on 8 Nov 2024
Resources:
- First Busey Corporation (BUSE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of First Busey Corporation (BUSE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View First Busey Corporation (BUSE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.