XML 55 R33.htm IDEA: XBRL DOCUMENT v3.25.0.1
PARENT COMPANY ONLY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY ONLY FINANCIAL INFORMATION
NOTE 24. 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,
20242023
Assets
Cash and cash equivalents$73,484 $100,098 
Debt securities— 987 
Equity securities10,295 9,364 
Investments in subsidiaries:
Bank1,584,264 1,478,118 
Premises and equipment, net11 7 
Other assets29,859 20,100 
Total assets$1,697,913 $1,608,674 
 
Liabilities and stockholders' equity
Liabilities:
Short-term borrowings$— $12,000 
Long-term debt— 18,000 
Subordinated notes, net of unamortized issuance costs227,723 222,882 
Junior subordinated debentures owed to unconsolidated trusts74,815 71,993 
Other liabilities12,106 11,818 
Total liabilities314,644 336,693 
 
Total stockholders' equity1,383,269 1,271,981 
Total liabilities and stockholders' equity$1,697,913 $1,608,674 
CONDENSED STATEMENTS OF INCOME
(dollars in thousands)
Years Ended December 31,
202420232022
Operating income
Dividends from subsidiaries:
Bank$100,000 $90,000 $95,000 
Non-bank— 900 1,630 
Income from dissolution of non-bank subsidiary— 733 — 
Interest income2,325 2,956 1,094 
Gains (losses) recognized on equity securities, net931 (2,171)(2,159)
Other income14,641 14,130 15,195 
Total operating income117,897 106,548 110,760 
 
Expense
Salaries, wages, and employee benefits21,129 17,766 20,964 
Interest expense17,944 19,005 17,854 
Operating expense11,238 8,009 7,294 
Total expense50,311 44,780 46,112 
 
Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries67,586 61,768 64,648 
Income tax benefit7,480 7,310 8,286 
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries75,066 69,078 72,934 
 
Equity in undistributed (in excess of) net income of subsidiaries
Bank38,625 53,487 55,986 
Non-bank— — (609)
Net income$113,691 $122,565 $128,311 
CONDENSED STATEMENTS OF CASH FLOWS
(dollars in thousands)
Years Ended December 31,
202420232022
Cash flows provided by (used in) operating activities
Net income$113,691 $122,565 $128,311 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization1,163 1,038 1,423 
Distributions more (less) than net income of subsidiaries(38,625)(53,487)(55,377)
(Gains) losses recognized on equity securities, net(931)2,171 2,159 
Stock-based compensation7,726 6,595 8,968 
(Increase) decrease in other assets(8,848)6,253 (17,754)
Increase (decrease) in other liabilities365 (7,687)21,233 
Net cash provided by (used in) operating activities74,541 77,448 88,963 
 
Cash flows provided by (used in) investing activities
Sales (purchases) of equity securities, net995 — 598 
Net cash paid for acquisitions(14,623)— — 
Purchases of premises and equipment(9)— (9)
Repayments of investments in subsidiaries— 1,480 — 
Net cash provided by (used in) investing activities (13,637)1,480 589 
 
Cash flows provided by (used in) financing activities
Cash paid for withholding taxes on stock-based payments(1,755)(1,093)(1,276)
Cash dividends paid(54,169)(53,076)(50,863)
Repayments of borrowings(31,450)(12,000)(112,000)
Proceeds from issuance of debt— — 98,094 
Proceeds from the exercise of stock options and warrants(3)9 — 
Purchase of treasury stock— (4,482)(9,912)
Common stock issuance costs(141)— — 
Net cash provided (used in) by financing activities(87,518)(70,642)(75,957)
 
Net increase (decrease) in cash and cash equivalents(26,614)8,286 13,595 
Cash and cash equivalents, beginning of period100,098 91,812 78,217 
 
Cash and cash equivalents, ending of period$73,484 $100,098 $91,812