PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed financial data for First Busey Corporation is presented below.

CONDENSED BALANCE SHEETS

(dollars in thousands)


	As of December 31,
	2022		2021
Assets
Cash and cash equivalents	$	91,812	$	78,217
Equity securities	11,535		13,571
Investments in subsidiaries:
Bank	1,369,261		1,565,226
Non-bank	2,181		2,812
Premises and equipment, net	18		30
Other assets	22,316		22,444
Total assets	$	1,497,123	$	1,682,300

Liabilities and Stockholders' Equity
Liabilities:
Short-term borrowings	$	12,000	$	12,000
Long-term debt	30,000		42,000
Senior notes, net of unamortized issuance costs	—		39,944
Subordinated notes, net of unamortized issuance costs	222,038		182,773
Junior subordinated debentures owed to unconsolidated trusts	71,810		71,635
Other liabilities	15,298		14,836
Total liabilities	351,146		363,188

Total stockholders' equity	1,145,977		1,319,112
Total liabilities and stockholders' equity	$	1,497,123	$	1,682,300

Statements of Income


	Years Ended December 31,
	2022		2021		2020
Operating income:
Dividends from subsidiaries:
Bank	$	95,000	$	60,000	$	122,000
Non-bank	1,630		1,745		—
Interest income	1,094		79		154
Gains (losses) recognized on equity securities, net	(2,159)		3,041		(393)
Other income	15,195		12,109		10,083
Total operating income	110,760		76,974		131,844

Expense:
Salaries, wages, and employee benefits	20,964		17,914		16,205
Interest expense	17,854		15,163		12,056
Operating expense	7,294		7,429		7,685
Total expense	46,112		40,506		35,946

Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries	64,648		36,468		95,898
Income tax benefit	8,286		8,974		7,727
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries	72,934		45,442		103,625

Equity in undistributed (in excess of) net income of subsidiaries:
Bank	55,986		77,941		(5,221)
Non-bank	(609)		66		1,940
Net income	$	128,311	$	123,449	$	100,344

Statements of Cash Flows


	Years Ended December 31,
	2022		2021		2020
Cash Flows Provided by (Used in) Operating Activities
Net income	$	128,311	$	123,449	$	100,344
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,423		882		648
Distributions more (less) than net income of subsidiaries	(55,377)		(78,007)		3,281
(Gains) losses recognized on equity securities, net	2,159		(3,041)		393
Stock-based compensation	8,968		7,864		7,135
Changes in assets and liabilities:
(Increase) decrease in other assets	(17,754)		(1,186)		405
Increase (decrease) in other liabilities	21,233		(3,302)		(5,772)
Net cash provided by (used in) operating activities	88,963		46,659		106,434

Cash Flows Provided by (Used in) Investing Activities
Sales (purchases) of equity securities, net	598		(5,000)		—
Net cash paid for acquisitions	—		(61,656)		—
Purchases of premises and equipment	(9)		(15)		(19)
Net cash provided by (used in) investing activities	589		(66,671)		(19)

Cash Flows Provided by (Used in) Financing Activities
Cash paid for withholding taxes on stock-based payments	(1,276)		(997)		(635)
Cash dividends paid	(50,863)		(50,764)		(48,012)
Repayments of borrowings	(112,000)		(18,500)		(74,000)
Proceeds from issuance of debt	98,094		72,500		142,634
Proceeds from stock options exercised	—		—		101

Purchase of treasury stock	(9,912)		(33,043)		(12,272)
Common stock issuance costs	—		(150)		—
Net cash provided (used in) by financing activities	(75,957)		(30,954)		7,816

Net increase (decrease) in cash and cash equivalents	13,595		(50,966)		114,231
Cash and cash equivalents, beginning of period	78,217		129,183		14,952

Cash and cash equivalents, ending of period	$	91,812	$	78,217	$	129,183