FIRST BUSEY CORP /NV/
For the period ended Mar 31, 2025. Filed May 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
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Net Income
The transformative acquisition of CrossFirst on March 1, 2025, significantly impacted first quarter 2025 results and reset the baseline performance for future periods in a multitude of positive ways. Results of Busey’s operations, by operating segment, are presented below:
| Three Months Ended March 31, | ||
|---|---|---|
| (dollars in thousands) | 2025 | 2024 |
| Net income (loss) | ||
| Banking | $(19,693) | $26,492 |
| Wealth Management | 6,219 | 4,998 |
| FirsTech | (239) | 86 |
| Other | (16,277) | (5,351) |
| Net income (loss) | $(29,990) | $26,225 |
Non-Operating Expenses and Non-GAAP Measures
Busey views certain non-operating expenses, including acquisition expenses, restructuring charges, and non-recurring strategic events, as adjustments to net income reported under GAAP. Non-operating expenses were as follows:
| Three Months Ended March 31, | ||
|---|---|---|
| (dollars in thousands) | 2025 | 2024 |
| Non-operating expenses by income statement location | ||
| Provision for credit losses | $42,433 | $— |
| Salaries, wages, and employee benefits | 15,878 | 123 |
| Data processing | 2,302 | 100 |
| Combined, net occupancy expense of premises and furniture and equipment expenses | — | 37 |
| Professional fees | 7,294 | 137 |
| Other noninterest expense | 3,691 | 11 |
| Total non-operating expenses | $71,598 | $408 |
| Non-operating expenses by business objective | ||
| Acquisition expenses: | ||
| Day 2 provision for credit losses | $42,433 | $— |
| Day 2 provision for unfunded commitments | 3,139 | — |
| Other acquisition expenses | 26,026 | 285 |
| Acquisition expenses1 | 71,598 | 285 |
| Restructuring expenses2 | — | 123 |
| Total non-operating expenses | $71,598 | $408 |
Acquisition expenses were related to the acquisition of CrossFirst, which was completed on March 1, 2025, and the acquisition of M&M, which was completed on April 1, 2024.
Restructuring expenses were related to previously disclosed restructuring and efficiency plans.
A reconciliation of non-GAAP measures, which Busey believes facilitates the assessment of its financial results and peer comparability, is included in tabular form in this Quarterly Report. See“Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information.”
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