Regional banking company First Busey (NASDAQ: BUSE) fell short of the market’s revenue expectations in Q2 CY2026 as sales only rose 1.3% year on year to $194.5 million. Its non-GAAP profit of $0.69 per share was 7.1% above analysts’ consensus estimates.
Is now the time to buy First Busey? Find out by accessing our full research report, it’s free.
First Busey (BUSE) Q2 CY2026 Highlights:
- Net Interest Income: $152.4 million vs analyst estimates of $154.3 million (flat year on year, 1.3% miss)
- Net Interest Margin: 3.7% vs analyst estimates of 3.7% (in line)
- Revenue: $194.5 million vs analyst estimates of $197.1 million (1.3% year-on-year growth, 1.3% miss)
- Efficiency Ratio: 54% vs analyst estimates of 56.9% (289.4 basis point beat)
- Adjusted EPS: $0.69 vs analyst estimates of $0.64 (7.1% beat)
- Tangible Book Value per Share: $20.40 vs analyst estimates of $20.46 (5.5% year-on-year decline, in line)
- Market Capitalization: $2.52 billion
Company Overview
Tracing its roots back to 1868 during America's post-Civil War reconstruction era, First Busey (NASDAQ: BUSE) is a bank holding company that provides commercial and retail banking, wealth management, and payment technology solutions across Illinois, Missouri, Florida, and Indiana.
Sales Growth
In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investment banking, and trading fees. Luckily, First Busey’s revenue grew at an impressive 14.8% compounded annual growth rate over the last five years. Its growth beat the average banking company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. First Busey’s annualized revenue growth of 33.5% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated. 
Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, First Busey’s revenue grew by 1.3% year on year to $194.5 million, falling short of Wall Street’s estimates.
Net interest income made up 72.8% of the company’s total revenue during the last five years, meaning lending operations are First Busey’s largest source of revenue.
Our experience and research show the market cares primarily about a bank’s net interest income growth as non-interest income is considered a lower-quality and non-recurring revenue source.
WHILE YOU’RE HERE: The Next Palantir? One satellite company captures images of every point on Earth. Every single day. The Pentagon wants it. Hedge funds are using it to beat earnings. You’ve probably never heard of it.
This is what the early days of Palantir looked like before it became a giant. Same playbook. Different technology. If you missed Palantir, you need to see this. Claim The Stock Ticker for Free HERE.
Tangible Book Value Per Share (TBVPS)
The balance sheet drives banking profitability since earnings flow from the spread between borrowing and lending rates. As such, valuations for these companies concentrate on capital strength and sustainable equity accumulation potential.
This is why we consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.
First Busey’s TBVPS grew at a tepid 3.6% annual clip over the last five years. However, TBVPS growth has accelerated recently, growing by 9.6% annually over the last two years from $16.97 to $20.40 per share.
Over the next 12 months, Consensus estimates call for First Busey’s TBVPS to grow by 9.7% to $22.38, paltry growth rate.
Key Takeaways from First Busey’s Q2 Results
It was good to see First Busey beat analysts’ EPS expectations this quarter. On the other hand, its revenue slightly missed and its net interest income fell slightly short of Wall Street’s estimates. Overall, this was a softer quarter. The stock remained flat at $30.20 immediately after reporting.
First Busey’s earnings report left more to be desired. Let’s look forward to see if this quarter has created an opportunity to buy the stock. If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).
