Highlights

  • Third quarter 2026 net income was $55.8 million, or $0.61 per diluted share, compared with $63.2 million last quarter.
  • Provision for credit losses was $9.6 million, compared with $2.2 million in the prior quarter, primarily from one commercial credit.
  • One commercial relationship totaling $37.6 million moved to non-accrual status and incurred a partial charge-off of $10.0 million.
  • The company repurchased 1,972,900 shares for $59.6 million in the third quarter and paid common dividends of $0.26 per share.

First Busey Corporation (NASDAQ:BUSE) shares were trading at USD 29.11 on October 28, 2026, down 3.56%, with a relative volume at time of 3.05. The financial holding company announced its third quarter 2026 earnings on October 27, 2026, including a higher provision for credit losses, a commercial relationship placed on non-accrual and share repurchases.

First Busey is incorporated in Nevada and lists its principal executive offices in Leawood, Kansas. The company was an $18.56 billion financial holding company at September 30, 2026. Its wholly owned subsidiary, Busey Bank, is headquartered in Champaign, Illinois, and has 80 banking centers across Illinois, Missouri, Texas, Kansas, Florida, Oklahoma, Colorado, Arizona, Indiana and New Mexico. Busey also provides wealth management and payment technology solutions, and its wealth management division had assets under care of $16.72 billion.

Third Quarter Results

Net income for the third quarter of 2026 was $55,845 thousand, or $0.61 per diluted common share, compared with $63,176 thousand, or $0.69 per diluted share, in the second quarter of 2026 and $57,098 thousand, or $0.58 per diluted share, in the third quarter of 2025.

Net interest income was $153,145 thousand, compared with $152,402 thousand in the prior quarter. Provision for credit losses was $9,642 thousand, compared with $2,189 thousand in the second quarter and a negative $985 thousand in the third quarter of 2025.

On a non-GAAP basis, adjusted net income was $57.2 million, or $0.63 per diluted share. Net interest margin was 3.58%, annualized return on average assets was 1.20% and annualized return on average tangible common equity was 12.93%. The company said wealth management revenue increased 15.5% from the prior year and the efficiency ratio was 54.4%.

For the nine months ended September 30, 2026, net income was $169,002 thousand, or $1.81 per diluted share, compared with $74,512 thousand, or $0.83 per diluted share.

Credit Quality, Balance Sheet and Capital

The company said results were impacted by a single commercial relationship in the Central region. The relationship totals $37.6 million, moved to non-accrual status, incurred a partial charge-off of $10.0 million and was allocated an individual reserve of $17.8 million against the remaining $27.6 million balance.

Non-performing assets were $83,607 thousand, compared with $70,305 thousand at June 30, 2026, and non-performing loans were 0.64% of portfolio loans. The allowance for credit losses was $164,280 thousand, or 1.28% of portfolio loans.

Total assets were $18,558,606 thousand and total deposits were $15,537,566 thousand. Portfolio loans were $12,822,489 thousand. Common Equity Tier 1 Capital to Risk Weighted Assets was 12.5%, compared with 12.3% a year ago.

During the third quarter, Busey purchased 1,972,900 shares of common stock at a weighted average price of $30.21 per share for a total of $59.6 million, excluding excise taxes. Year-to-date share repurchases were $188.4 million. As of September 30, 2026, 1,925,875 shares remained available for repurchase under the plan.

Busey paid dividends of $0.26 per share on common stock, $20.00 per share on its Series A preferred stock and $0.515625 per share on its depositary shares representing the Series B preferred stock.

Outlook and Management Comments

The release does not provide numerical guidance. Management said that, excluding the single credit relationship, underlying trends remained stable. It said operating revenue was stable at $194.3 million and that deposits grew at an annualized rate of 11% for the second consecutive quarter. Management also said loan balances declined during the quarter as anticipated and that the loan-to-deposit ratio was 82.5%, compared with 87.2% last quarter.

Management said that while macroeconomic uncertainty persists, it is confident in its ability to navigate a range of operating environments.