- First Busey Corporation (BUSE, Financial) completed a transformative acquisition of CrossFirst Bankshares on March 1, 2025.
- The Q1 2025 results showed a net loss of $30.0 million but an adjusted net income of $39.9 million.
- Net interest income increased to $103.7 million with a net interest margin improvement to 3.16%.
First Busey Corporation (BUSE) announced its first-quarter results for 2025, reflecting the significant impact of its recent acquisition of CrossFirst Bankshares. Completed on March 1, 2025, the merger has positioned First Busey as a leading commercial bank with 78 locations across 10 states.
The acquisition resulted in Busey shareholders owning 63.5% and CrossFirst shareholders holding 36.5% of the combined company. Despite substantial one-time integration costs, Busey reported a net loss of $30.0 million, or $(0.44) per diluted share, for the quarter. However, when adjusted for these expenses, the net income was $39.9 million, equating to $0.57 per diluted share, signifying a 29% increase from the previous quarter's adjusted figure.
Net interest income experienced a significant rise, jumping 27% quarter-over-quarter to $103.7 million, underpinned by a net interest margin of 3.16%, marking a 21 basis point increase from the previous quarter. The improvement was partly attributed to contributions from CrossFirst, which enhanced the margin by 12 basis points.
Over the next few months, First Busey plans to merge CrossFirst Bank into Busey Bank, with the merger set to be completed by June 20, 2025. The acquisition has already proven accretive to tangible book value, surpassing initial projections and setting a favorable financial baseline for future quarters.
First Busey remains focused on leveraging the expanded scale and diversified services provided by this merger, with an expectation of strengthened financial performance and enhanced service offerings in the coming quarters.
