2024 Net income (GAAP) [a] $ 60,750 $ 57,098 $ 28,105 $ 135,262 $ 113,691 Day 2 provision for credit losses(i) — — — 45,572 — Adjustment of initial provision for unfunded commitments due to adoption of new model(ii) — — — 4,030 — Other acquisition (income) expenses 4,859 7,251 2,469 54,736 6,901 Restructuring expenses (43 ) — 1,116 (43 ) 1,239 Realized net (gains) losses on the sale of mortgage servicing rights — — — — (7,724 ) Net securities (gains) losses 667 288 196 10,726 6,102 Related tax (benefit) expense(iii) (1,047 ) (2,141 ) (1,014 ) (30,228 ) (1,622 ) Non-recurring deferred tax adjustment(iv) — — — 4,919 1,446 Adjusted net income (Non-GAAP)(v) [b] 65,186 62,496 30,872 224,974 120,033 Preferred dividends [c] 4,590 5,131 — 9,876 — Adjusted net income available to common stockholders (Non-GAAP)(v) [d] $ 60,596 $ 57,365 $ 30,872 $ 215,098 $ 120,033 Weighted average number of common shares outstanding, diluted (GAAP) [e] 89,655,632 90,218,382 57,934,812 85,133,626 57,543,001 Diluted earnings per common share (GAAP) [(a-c)÷e] $ 0.63 $ 0.58 $ 0.49 $ 1.47 $ 1.98 Adjusted diluted earnings per common share (Non-GAAP)(v) [d÷e] $ 0.68 $ 0.64 $ 0.53 $ 2.53 $ 2.09 Average total assets [f] $ 18,309,250 $ 18,662,449 $ 12,085,993 $ 17,729,887 $ 12,051,871 Return on average assets (Non-GAAP)(vi) [a÷f] 1.32 % 1.21 % 0.93 % 0.76 % 0.94 % Adjusted return on average assets (Non-GAAP)(v)(vi) [b÷f] 1.41 % 1.33 % 1.02 % 1.27 % 1.00 % Average common equity $ 2,253,609 $ 2,210,711 $ 1,396,939 $ 2,145,484 $ 1,342,424 Average goodwill and other intangible assets, net (483,640 ) (486,625 ) (367,400 ) (469,187 ) (366,601 ) Average tangible common equity (Non-GAAP) [g] $ 1,769,969 $ 1,724,086 $ 1,029,539 $ 1,676,297 $ 975,823 Return on average tangible common equity (Non-GAAP)(vi) [(a-c)÷g] 12.59 % 11.96 % 10.86 % 7.48 % 11.65 % Adjusted return on average tangible common equity (Non-GAAP)(v)(vi) [d÷g] 13.58 % 13.20 % 11.93 % 12.83 % 12.30 % 2024 Net interest income (GAAP) [a] $ 157,558 $ 155,137 $ 81,578 $ 569,609 $ 322,611 Tax-equivalent adjustment(i) 860 788 446 2,976 1,693 Tax-equivalent net interest income (Non-GAAP) [b] 158,418 155,925 82,024 572,585 324,304 Total noninterest income (GAAP) 42,691 41,198 35,221 149,975 139,682 Net security (gains) losses 667 288 196 10,726 6,102 Noninterest income excluding net securities gains and losses (Non-GAAP) [c] 43,358 41,486 35,417 160,701 145,784 Acquisition and restructuring (gain) loss — 44 — 44 — Realized net (gains) losses on the sale of mortgage service rights — — — — (7,724 ) Adjusted noninterest income (Non-GAAP) [d] $ 43,358 $ 41,530 $ 35,417 $ 160,745 $ 138,060 Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 201,776 $ 197,411 $ 117,441 $ 733,286 $ 470,088 Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d] 201,776 197,455 117,441 733,330 462,364 Operating revenue (Non-GAAP) [g = a+d] 200,916 196,667 116,995 730,354 460,671 Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g] 21.58 % 21.12 % 30.27 % 22.01 % 29.97 % Total noninterest expense (GAAP)(ii) $ 120,320 $ 120,018 $ 78,622 $ 480,201 $ 301,494 Amortization of intangible assets (4,432 ) (4,507 ) (2,471 ) (16,614 ) (10,057 ) Noninterest expense excluding amortization of intangible assets (Non-GAAP)(ii) [h] 115,888 115,511 76,151 463,587 291,437 Acquisition and restructuring (income) expenses, excluding initial provision expenses (4,816 ) (7,207 ) (3,585 ) (54,649 ) (8,140 ) Adjusted noninterest expense (Non-GAAP)(ii) [i] $ 111,072 $ 108,304 $ 72,566 $ 408,938 $ 283,297 Efficiency ratio (Non-GAAP)(ii) [h÷e] 57.43 % 58.51 % 64.84 % 63.22 % 62.00 % Adjusted efficiency ratio (Non-GAAP)(ii) [i÷f] 55.05 % 54.85 % 61.79 % 55.76 % 61.27 % These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, military conflicts, acts of war or threats thereof, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine, the conflicts in the Middle East, and recent military activity in Venezuela); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey's commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions, private credit, and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey's loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey's cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing.
Author: First Busey Corporation
Published at: 2026-01-27 22:00:00
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