Overview

* First Busey ( BUSE ) Q2 adjusted EPS meets analyst expectations at $0.63, per LSEG data

* Adjusted net income for Q2 was $57.4 mln

* Company completed CrossFirst Bank merger, enhancing service offerings

Outlook

* Company expects deposit beta to normalize between 45% and 50% of fed funds target

* Busey anticipates realizing 50% of $25 mln in annual pre-tax synergies from CrossFirst acquisition in 2025

* Company continues to evaluate hedging strategies for net interest income stabilization

* Busey expects deposit cost of funds to stabilize during the year

Result Drivers

* CROSSFIRST ACQUISITION - Full quarter of income from CrossFirst acquisition boosted net interest and noninterest income

* EXPENSES - Increased expenses due to acquisition-related costs and restructuring

* DEPOSIT COSTS - Higher deposit costs from acquired CrossFirst indexed/managed rate products

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $776,000

Revenue

Q2 Meet $0.63 $0.63 (7

Adjusted Analysts

EPS )

Q2 EPS $0.52

Q2 Net $47.40

Income mln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for First Busey Corp ( BUSE ) is $26.00, about 7.2% above its July 21 closing price of $24.14

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)