Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2019

Parent Company Only Financial Information

Parent Company Only Financial Information

Note 23. Parent Company Only Financial Information

Condensed financial data for First Busey Corporation is presented below (dollars in thousands).

BALANCE SHEETS

	December 31,
	2019		2018
ASSETS
Cash and cash equivalents	$	14,952	$	72,007
Securities equity investments		5,923		6,162
Investments in subsidiaries:
Bank		1,417,941		1,088,710
Non-bank		806		—
Premises and equipment, net		68		67
Other assets		13,873		6,782
Total assets	$	1,453,563	$	1,173,728
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Short-term borrowings	$	6,000	$	—
Long-term debt		48,000		—
Senior notes, net of unamortized issuance costs		39,674		39,539
Subordinated notes, net of unamortized issuance costs		59,248		59,147
Junior subordinated debentures owed to unconsolidated trusts		71,308		71,155
Other liabilities		8,899		8,923
Total liabilities		233,129		178,764
Total stockholders' equity		1,220,434		994,964
Total liabilities and stockholders' equity	$	1,453,563	$	1,173,728

STATEMENTS OF INCOME

	Years Ended December 31,
	2019		2018		2017
Operating income:
Dividends from subsidiaries:
Bank	$	70,000	$	—	$	—
Non-bank		—		17,000		4,000
Interest income		441		747		264
Security (losses) gains, net		(759)		2,322		—
Other income		10,224		8,096		6,890
Total operating income		79,906		28,165		11,154
Expense:
Salaries, wages and employee benefits		15,288		13,624		11,398
Interest expense		10,054		8,026		5,464
Operating expense		8,960		6,051		7,060
Total expense		34,302		27,701		23,922
Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries		45,604		464		(12,768)
Income tax benefit		5,389		5,013		5,553
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries		50,993		5,477		(7,215)
Equity in undistributed (in excess of) net income of subsidiaries:
Bank		51,604		103,309		68,635
Non-bank		356		(9,858)		1,306
Net income	$	102,953	$	98,928	$	62,726

STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2019		2018		2017
Cash Flows from Operating Activities
Net income	$	102,953	$	98,928	$	62,726
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		420		232		487
Distributions less than net income of subsidiaries		(51,961)		(93,451)		(69,940)
Net security losses (gains)		759		(2,322)		—
Stock-based compensation		3,997		3,721		2,752
Changes in assets and liabilities:
Decrease (increase) in other assets		(4,279)		13,985		(1,105)
Increase (decrease) in other liabilities		(1,280)		1,341		(2,762)
Net cash provided by (used in) operating Activities		50,609		22,434		(7,842)
Cash Flows from Investing Activities
Purchase of equity securities		(520)		—		—
Net cash (outlay) for business acquisition		(90,722)		—		(61,371)
Purchases of premises and equipment		(31)		(46)		—
Net cash (used in) investing activities		(91,273)		(46)		(61,371)
Cash Flows from Financing Activities
Proceeds from charter amendment with subsidiary bank		—		40,000		40,000
Cash paid for withholding taxes on share based payments		(863)		(817)		(1,414)
Cash dividends paid		(45,171)		(39,010)		(30,707)
Repayments of debt		(6,000)		(5,500)		(9,800)
Proceeds from issuance of debt		60,000		—		98,312
Proceeds from stock options exercised		169		—		626
Purchase of treasury stock		(24,292)		—		—
Common stock issuance costs		(234)		—		(365)
Net cash (used in) provided by financing activities		(16,391)		(5,327)		96,652
Net (decrease) increase in cash and due from subsidiary bank		(57,055)		17,061		27,439
Cash and cash equivalents, beginning of period		72,007		54,946		27,507
Cash and cash equivalents, ending of period	$	14,952	$	72,007	$	54,946