First Busey Corp (BUSE) Announces Q3 2023 Earnings: Net Income of $30. ...
Net income of $30.7 million, up from $29.4 million in Q2 2023
Diluted EPS of $0.54, an increase from $0.52 in the previous quarter
Total deposits increased by $269.6 million, or 2.7%, quarter-over-quarter
Non-performing assets declined 23.6% during Q3 2023
First Busey Corp (NASDAQ:BUSE) released its Q3 2023 earnings report on October 24, 2023. The company reported a net income of $30.7 million, up from $29.4 million in Q2 2023. Diluted earnings per share (EPS) also increased to $0.54 from $0.52 in the previous quarter. Total deposits saw a quarter-over-quarter increase of 2.7%, amounting to $269.6 million, bringing the total to $10.33 billion.
Financial Highlights
First Busey Corp (NASDAQ:BUSE) reported several financial highlights for Q3 2023. The company's net income, excluding net securities losses, was $30.9 million, and adjusted diluted EPS excluding net securities gains and losses was $0.55. Short-term borrowings decreased to $12.0 million, compared to $212.0 million at the end of Q2 2023. Non-performing assets declined 23.6% during Q3 2023, to $12.1 million, now representing 0.10% of total assets. The company also reported an annualized net charge-off ratio of 0.01% in the quarter and 0.02% over the last twelve months.
Income Statement and Balance Sheet Summary
The company's income statement showed a net income of $30.7 million for Q3 2023, compared to $29.4 million for Q2 2023. The balance sheet revealed that total assets were $12.26 billion as of September 30, 2023, compared to $12.21 billion as of June 30, 2023. Portfolio loans totaled $7.86 billion at the end of Q3 2023, compared to $7.81 billion at the end of Q2 2023.
Company Performance and Future Outlook
First Busey Corp (NASDAQ:BUSE) demonstrated strong performance in Q3 2023, despite facing several challenges. The company's conservative banking strategy and focus on maintaining a strong balance sheet have contributed to its success. Looking ahead, the company expects to continue its prudent management of expenses and is confident in its ability to produce quality growth and profitability in the final quarter of 2023 and into 2024.
This article first appeared on GuruFocus.
