XML 44 R32.htm IDEA: XBRL DOCUMENT v3.24.0.1
PARENT COMPANY ONLY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY ONLY FINANCIAL INFORMATION
NOTE 22. PARENT COMPANY ONLY FINANCIAL INFORMATION
Condensed financial data for First Busey Corporation is presented below.
CONDENSED BALANCE SHEETS
(dollars in thousands)
As of December 31,
20232022
Assets
Cash and cash equivalents$100,098 $91,812 
Debt securities987 — 
Equity securities9,364 11,535 
Investments in subsidiaries:
Bank1,478,118 1,369,261 
Non-bank— 2,181 
Premises and equipment, net7 18 
Other assets20,100 22,316 
Total assets$1,608,674 $1,497,123 
 
Liabilities and stockholders' equity
Liabilities:
Short-term borrowings$12,000 $12,000 
Long-term debt18,000 30,000 
Subordinated notes, net of unamortized issuance costs222,882 222,038 
Junior subordinated debentures owed to unconsolidated trusts71,993 71,810 
Other liabilities11,818 15,298 
Total liabilities336,693 351,146 
 
Total stockholders' equity1,271,981 1,145,977 
Total liabilities and stockholders' equity$1,608,674 $1,497,123 
CONDENSED STATEMENTS OF INCOME
(dollars in thousands)
Years Ended December 31,
202320222021
Operating income
Dividends from subsidiaries:
Bank$90,000 $95,000 $60,000 
Non-bank900 1,630 1,745 
Income from dissolution of non-bank subsidiary733 — — 
Interest income2,956 1,094 79 
Gains (losses) recognized on equity securities, net(2,171)(2,159)3,041 
Other income14,130 15,195 12,109 
Total operating income106,548 110,760 76,974 
 
Expense
Salaries, wages, and employee benefits17,766 20,964 17,914 
Interest expense19,005 17,854 15,163 
Operating expense8,009 7,294 7,429 
Total expense44,780 46,112 40,506 
 
Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries61,768 64,648 36,468 
Income tax benefit7,310 8,286 8,974 
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries69,078 72,934 45,442 
 
Equity in undistributed (in excess of) net income of subsidiaries
Bank53,487 55,986 77,941 
Non-bank— (609)66 
Net income$122,565 $128,311 $123,449 
CONDENSED STATEMENTS OF CASH FLOWS
(dollars in thousands)
Years Ended December 31,
202320222021
Cash flows provided by (used in) operating activities
Net income$122,565 $128,311 $123,449 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization1,038 1,423 882 
Distributions more (less) than net income of subsidiaries(53,487)(55,377)(78,007)
(Gains) losses recognized on equity securities, net2,171 2,159 (3,041)
Stock-based compensation6,595 8,968 7,864 
(Increase) decrease in other assets6,253 (17,754)(1,186)
Increase (decrease) in other liabilities(7,687)21,233 (3,302)
Net cash provided by (used in) operating activities77,448 88,963 46,659 
 
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)
Repayments of investments in subsidiaries1,480 — — 
Net cash provided by (used in) investing activities 1,480 589 (66,671)
 
Cash flows provided by (used in) financing activities
Cash paid for withholding taxes on stock-based payments(1,093)(1,276)(997)
Cash dividends paid(53,076)(50,863)(50,764)
Repayments of borrowings(12,000)(112,000)(18,500)
Proceeds from issuance of debt— 98,094 72,500 
Proceeds from the exercise of stock options and warrants9 — — 
Purchase of treasury stock(4,482)(9,912)(33,043)
Common stock issuance costs— — (150)
Net cash provided (used in) by financing activities(70,642)(75,957)(30,954)
 
Net increase (decrease) in cash and cash equivalents8,286 13,595 (50,966)
Cash and cash equivalents, beginning of period91,812 78,217 129,183 
 
Cash and cash equivalents, ending of period$100,098 $91,812 $78,217