First Busey Corporation reported net income of $47.4 million, or $0.52 per diluted common share, for the second quarter of 2025. This marks a significant improvement from the net loss of $(30.0) million in the first quarter of 2025 and an increase from $27.4 million in the second quarter of 2024.
Adjusted net income for the quarter was $57.4 million, or $0.63 per diluted common share, reflecting the first full quarter of contributions from the CrossFirst acquisition. Net interest income surged to $153.2 million, and the net interest margin expanded to 3.49%, up from 3.16% in the prior quarter.
The company successfully merged CrossFirst Bank with and into Busey Bank on June 20, 2025, completing the operational integration. This step is expected to drive further efficiency improvements, with annual pre-tax expense synergy estimates from the CrossFirst acquisition remaining on track at $25.0 million, with 50% realization expected in 2025.
Total deposits were $15.80 billion, with core deposits accounting for 92.5% of the total. Busey reduced brokered deposit balances by $368.6 million during the quarter, demonstrating efforts to manage funding costs. Additionally, the company redeemed $125.0 million of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 on June 1, 2025.
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