Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2021

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.

CONDENSED BALANCE SHEETS

(dollars in thousands)

	As of December 31,
	2021		2020
Assets
Cash and cash equivalents	$	78,217	$	129,183
Equity securities		13,571		5,530
Investments in subsidiaries:
Bank		1,565,226		1,417,130
Non-bank		2,812		2,746
Premises and equipment, net		30		51
Other assets		22,444		21,664
Total assets	$	1,682,300	$	1,576,304
Liabilities and Stockholders' Equity
Liabilities:
Short-term borrowings	$	12,000	$	—
Long-term debt		42,000		—
Senior notes, net of unamortized issuance costs		39,944		39,809
Subordinated notes, net of unamortized issuance costs		182,773		182,226
Junior subordinated debentures owed to unconsolidated trusts		71,635		71,468
Other liabilities		14,836		12,732
Total liabilities		363,188		306,235
Total stockholders' equity		1,319,112		1,270,069
Total liabilities and stockholders' equity	$	1,682,300	$	1,576,304

CONDENSED STATEMENTS OF INCOME

(dollars in thousands)

	Years Ended December 31,
	2021		2020		2019
Operating income:
Dividends from subsidiaries:
Bank	$	60,000	$	122,000	$	70,000
Non-bank		1,745		—		—
Interest income		79		154		441
Unrealized gains (losses) recognized on equity securities		3,041		(393)		(759)
Other income		12,109		10,083		10,224
Total operating income		76,974		131,844		79,906
Expense:
Salaries, wages, and employee benefits		17,914		16,205		15,288
Interest expense		15,163		12,056		10,054
Operating expense		7,429		7,685		8,960
Total expense		40,506		35,946		34,302
Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries		36,468		95,898		45,604
Income tax benefit		8,974		7,727		5,389
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries		45,442		103,625		50,993
Equity in undistributed (in excess of) net income of subsidiaries:
Bank		77,941		(5,221)		51,604
Non-bank		66		1,940		356
Net income	$	123,449	$	100,344	$	102,953

CONDENSED STATEMENTS OF CASH FLOWS

(dollars in thousands)

	Years Ended December 31,
	2021		2020		2019
Cash Flows Provided by (Used in) Operating Activities
Net income	$	123,449	$	100,344	$	102,953
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		882		648		420
Distributions more (less) than net income of subsidiaries		(78,007)		3,281		(51,961)
Unrealized (gains) losses recognized on equity securities		(3,041)		393		759
Stock-based compensation		7,864		7,135		3,997
Changes in assets and liabilities:
(Increase) decrease in other assets		(1,186)		405		(4,279)
Increase (decrease) in other liabilities		(3,302)		(5,772)		(1,280)
Net cash provided by (used in) operating activities		46,659		106,434		50,609
Cash Flows Provided by (Used in) Investing Activities
Purchases of equity securities		(5,000)		—		(520)
Net cash paid for acquisitions		(61,656)		—		(90,722)
Purchases of premises and equipment		(15)		(19)		(31)
Net cash provided by (used in) investing activities		(66,671)		(19)		(91,273)
Cash Flows Provided by (Used in) Financing Activities
Cash paid for withholding taxes on stock-based payments		(997)		(635)		(863)
Cash dividends paid		(50,764)		(48,012)		(45,171)
Repayments of borrowings		(18,500)		(74,000)		(6,000)
Proceeds from issuance of debt		72,500		142,634		60,000
Proceeds from stock options exercised		—		101		169
Purchase of treasury stock		(33,043)		(12,272)		(24,292)
Common stock issuance costs		(150)		—		(234)
Net cash provided (used in) by financing activities		(30,954)		7,816		(16,391)
Net increase (decrease) in cash and cash equivalents		(50,966)		114,231		(57,055)
Cash and cash equivalents, beginning of period		129,183		14,952		72,007
Cash and cash equivalents, ending of period	$	78,217	$	129,183	$	14,952