The earnings beat on adjusted EPS and continued margin expansion suggest synergy realization is on track. The active buyback (over 6% of shares retired in 12 months) and dividend hike should support the stock. Watch for loan growth trajectory in coming quarters and any further classified asset migration.
Price Chart
Executive Summary
First Busey reported Q1 2026 GAAP diluted EPS of $0.52, swinging from a $(0.44) loss a year ago, while adjusted diluted EPS rose 17.5% to $0.67. Net interest margin expanded 61 bp YoY to 3.77%, and the efficiency ratio improved to 54.8%. The bank also repurchased $65.6M in shares and raised its dividend 4%, signaling confidence in ongoing synergy capture from the CrossFirst integration.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP net income $50.0M ($0.52 diluted) vs Q1 2025 net loss $(30.0)M ($(0.44) diluted)
- Adjusted diluted EPS $0.67, up 17.5% YoY from $0.57
- Net interest margin (tax-equiv) 3.77%, up 61 bp YoY and 6 bp QoQ
- Efficiency ratio improved to 54.8% from 58.7% a year ago
- Share repurchases of $65.6M (2,617,400 shares at avg $25.07) during the quarter
- Quarterly common dividend raised 4% to $0.26 per share
- Non-performing assets declined 14% QoQ to $49.9M (0.28% of total assets)
- Classified assets increased $41.9M QoQ to $216.4M, but credit metrics remain benign
Financial Impact
Adjusted EPS grew 17.5% YoY; operating revenue roughly in line with consensus. Shareholder returns via buybacks and dividend increase add ~$65.6M in capital return.
Risk Factors
- Classified assets rose sharply QoQ ($41.9M), indicating potential credit stress in certain commercial credits
- Deposits declined $170M seasonally; rate sensitivity shows -1.3% NII impact from a 100 bp rate cut
- High reliance on purchase accounting accretion ($5.4M in Q1) which will taper in future quarters
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000314489-26-000027 |
| Document: buse_20260428x26q1xex992.htm | 0000314489-26-000027 |
| Document: buse-20260428.htm | 0000314489-26-000027 |
| Document: 0000314489-26-000027-index-headers.html | 0000314489-26-000027 |
| Document: 0000314489-26-000027-index.html | 0000314489-26-000027 |
| Document: 0000314489-26-000027.txt | 0000314489-26-000027 |
| 8-K Data (Synthetic) | 0000314489-26-000027 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 5, 2026 25w ago | 8-K | $25.95 $26.28 | ▲ +1.27% | ▼ −0.79% | $25.25 (−2.70%) |
Apr 28, 2026 26w ago | 8-K | $25.80 $25.98 | ▲ +0.72% | ▼ −3.39% | $25.25 (−2.11%) |
Apr 14, 2026 28w ago | 8-K | $25.78 $25.93 | ▲ +0.58% | ▼ −7.56% | $25.25 (−2.06%) |
US Market Status
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