First Busey Corporation reported significant financial changes in its latest 10-Q filing for the quarter ending March 31, 2025. The company recorded a net loss of $29.99 million, or $(0.44) per diluted share, compared to a net income of $26.23 million, or $0.46 per diluted share, in the same period last year. This shift is attributed primarily to the acquisition of CrossFirst Bank, which incurred substantial non-recurring expenses, including a provision for credit losses of $42.45 million, significantly higher than the $5.04 million recorded in the previous year.
Total assets surged to $19.46 billion, a 61.6% increase from $12.05 billion at the end of 2024, largely due to the CrossFirst acquisition. The loan portfolio also expanded dramatically, rising 80.2% to $13.87 billion, with commercial loans increasing by 100.6% and retail loans by 27.3%. The allowance for credit losses (ACL) increased to $195.21 million, reflecting a proactive approach to managing credit risk in light of the expanded loan portfolio.
Operationally, First Busey has made strategic moves to enhance its market presence. The acquisition of CrossFirst Bank, completed on March 1, 2025, added 16 banking centers across several states, including Arizona and Texas, and is expected to generate annual pre-tax expense synergies of approximately $25 million. Additionally, the company has focused on maintaining a strong core deposit base, which represented 90.3% of total deposits as of March 31, 2025.
Despite the challenges posed by the acquisition, First Busey remains optimistic about its future. The company anticipates that the integration of CrossFirst will yield significant benefits, including enhanced revenue opportunities and improved operational efficiencies. Management has expressed confidence in the bank's ability to navigate the current economic landscape while continuing to prioritize credit quality and customer relationships.
About FIRST BUSEY CORP /NV/
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