Company Quick10K Filing
First Busey
Price25.82 EPS2
Shares56 P/E14
MCap1,437 P/FCF27
Net Debt-525 EBIT199
TEV911 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-08
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-10
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-11
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-14
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-09
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-13
10-K 2009-12-31 Filed 2010-03-16
8-K 2020-05-28
8-K 2020-05-26
8-K 2020-05-20
8-K 2020-05-20
8-K 2020-05-04
8-K 2020-04-28
8-K 2020-04-14
8-K 2020-03-31
8-K 2020-03-25
8-K 2020-02-05
8-K 2020-01-28
8-K 2020-01-14
8-K 2019-12-05
8-K 2019-11-25
8-K 2019-10-22
8-K 2019-10-08
8-K 2019-09-25
8-K 2019-09-03
8-K 2019-07-26
8-K 2019-07-23
8-K 2019-07-09
8-K 2019-05-22
8-K 2019-05-13
8-K 2019-04-22
8-K 2019-04-09
8-K 2019-03-14
8-K 2019-01-30
8-K 2019-01-29
8-K 2019-01-29
8-K 2019-01-15
8-K 2019-01-10
8-K 2019-01-04
8-K 2018-10-23
8-K 2018-10-09
8-K 2018-08-21
8-K 2018-07-24
8-K 2018-07-10
8-K 2018-05-23
8-K 2018-04-30
8-K 2018-04-24
8-K 2018-04-10
8-K 2018-03-28
8-K 2018-01-30
8-K 2018-01-16

BUSE 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1: Significant Accounting Policies
Note 2: Acquisitions
Note 3: Securities
Note 4: Portfolio Loans
Note 5: Deposits
Note 6: Borrowings
Note 7: Earnings per Common Share
Note 8: Accumulated Other Comprehensive Income (Loss)
Note 9: Share - Based Compensation
Note 10: Outstanding Commitments and Contingent Liabilities
Note 11: Regulatory Capital
Note 12: Operating Segments and Related Information
Note 13: Derivative Financial Instruments
Note 14: Fair Value Measurements
Note 15: Leases
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 buse-20200331xex31d1.htm
EX-31.2 buse-20200331xex31d2.htm
EX-32.1 buse-20200331xex32d1.htm
EX-32.2 buse-20200331xex32d2.htm

First Busey Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended 3/31/2020

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File No. 0-15950

FIRST BUSEY CORPORATION

(Exact name of registrant as specified in its charter)

Nevada

37-1078406

(State or other jurisdiction of incorporation
or organization)

(I.R.S. Employer Identification No.)

100 W. University Ave.
Champaign, Illinois

61820

(Address of principal executive offices)

(Zip code)

Registrant’s telephone number, including area code: (217) 365-4544

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol (s)

Name of each exchange on which registered

Common Stock, $.001 par value

BUSE

The Nasdaq Stock Market LLC

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

Outstanding at May 7, 2020

Common Stock, $.001 par value

54,401,208

Table of Contents

FIRST BUSEY CORPORATION

FORM 10-Q

March 31, 2020

Table of Contents

Part I

FINANCIAL INFORMATION

Item 1.

FINANCIAL STATEMENTS (UNAUDITED)

3

CONSOLIDATED BALANCE SHEETS

4

CONSOLIDATED STATEMENTS OF INCOME

5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

7

CONSOLIDATED STATEMENTS OF CASH FLOWS

8

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

10

Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

39

Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

58

Item 4.

CONTROLS AND PROCEDURES

59

Part II

OTHER INFORMATION

Item 1.

LEGAL PROCEEDINGS

59

Item 1A.

RISK FACTORS

60

Item 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

61

Item 3.

DEFAULTS UPON SENIOR SECURITIES

62

Item 4.

MINE SAFETY DISCLOSURES

62

Item 5.

OTHER INFORMATION

62

Item 6.

EXHIBITS

62

SIGNATURES

63

2

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

3

Table of Contents

FIRST BUSEY CORPORATION and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

    

March 31, 2020

    

December 31, 2019

(dollars in thousands)

Assets

Cash and due from banks

$

133,695

$

136,546

Interest-bearing deposits

209,153

392,742

Total cash and cash equivalents

342,848

529,288

Debt securities available for sale

 

1,765,945

 

1,648,257

Equity securities

4,936

5,952

Loans held for sale, at fair value

 

89,943

 

68,699

Portfolio loans (net of allowance 2020 $84,384; 2019 $53,748)

 

6,661,115

 

6,633,501

Premises and equipment, net

 

149,772

 

151,267

Right of use asset

9,074

9,490

Goodwill

 

311,536

 

311,536

Other intangible assets, net

 

59,036

 

61,593

Cash surrender value of bank owned life insurance

 

174,495

 

173,595

Other assets

 

152,705

 

102,551

Total assets

$

9,721,405

$

9,695,729

Liabilities and Stockholders’ Equity

Liabilities

Deposits:

Noninterest-bearing

$

1,910,673

$

1,832,619

Interest-bearing

 

6,062,560

 

6,069,777

Total deposits

7,973,233

7,902,396

Securities sold under agreements to repurchase

 

167,250

 

205,491

Short-term borrowings

21,358

8,551

Long-term debt

 

35,595

 

83,600

Senior notes, net of unamortized issuance costs

39,708

39,674

Subordinated notes, net of unamortized issuance costs

59,273

59,248

Junior subordinated debt owed to unconsolidated trusts

71,347

71,308

Lease liability

9,150

9,552

Other liabilities

 

126,906

 

95,475

Total liabilities

8,503,820

8,475,295

Outstanding commitments and contingent liabilities (see Notes 10 and 15)

Stockholders’ Equity

Common stock, $.001 par value, authorized 66,666,667 shares; 55,910,733 shares issued

 

56

 

56

Additional paid-in capital

 

1,249,301

 

1,248,216

Accumulated deficit

 

(27,599)

 

(14,813)

Accumulated other comprehensive income (loss)

 

33,101

 

14,960

Total stockholders’ equity before treasury stock

1,254,859

1,248,419

Treasury stock at cost, 1,509,525 and 1,121,961 shares, respectively

 

(37,274)

 

(27,985)

Total stockholders’ equity

1,217,585

1,220,434

Total liabilities and stockholders’ equity

$

9,721,405

$

9,695,729

Common shares outstanding at period end

54,401,208

54,788,772

See accompanying notes to unaudited consolidated financial statements.

4

Table of Contents

FIRST BUSEY CORPORATION and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

    

Three Months Ended March 31,

2020

    

2019

(dollars in thousands)

Interest income:

Interest and fees on loans

$

72,536

$

71,789

Interest and dividends on investment securities:

Taxable interest income

 

9,508

10,184

Non-taxable interest income

 

1,151

1,076

Other interest income

1,238

1,232

Total interest income

 

84,433

84,281

Interest expense:

Deposits

 

12,227

12,500

Federal funds purchased and securities sold under agreements to repurchase

 

408

583

Short-term borrowings

 

67

191

Long-term debt

 

423

579

Senior notes

400

400

Subordinated notes

731

731

Junior subordinated debt owed to unconsolidated trusts

 

744

914

Total interest expense

 

15,000

15,898

Net interest income

 

69,433

68,383

Provision for credit losses

 

17,216

2,111

Net interest income after provision for credit losses

 

52,217

66,272

Non-interest income:

Wealth management fees

 

11,555

9,029

Fees for customer services

 

8,361

8,097

Remittance processing

 

3,753

3,780

Mortgage revenue

 

1,381

1,945

Income on bank owned life insurance

1,057

978

Net gains (losses) on sales of securities

 

1,574

(174)

Unrealized (losses) gains recognized on equity securities

(987)

216

Other income

 

823

2,074

Total non-interest income

 

27,517

25,945

Non-interest expense:

Salaries, wages and employee benefits

 

34,003

32,341

Data processing

 

4,395

4,401

Net occupancy expense of premises

 

4,715

4,202

Furniture and equipment expenses

 

2,449

2,095

Professional fees

1,824

3,187

Amortization of intangible assets

 

2,557

2,094

Other expense

 

10,571

8,843

Total non-interest expense

 

60,514

57,163

Income before income taxes

 

19,220

35,054

Income taxes

 

3,856

9,585

Net income

$

15,364

$

25,469

Basic earnings per common share

$

0.28

$

0.48

Diluted earnings per common share

$

0.28

$

0.48

Dividends declared per share of common stock

$

0.22

$

0.21

See accompanying notes to unaudited consolidated financial statements.

5

Table of Contents

FIRST BUSEY CORPORATION and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended March 31,

    

2020

    

2019

(dollars in thousands)

Net income

$

15,364

$

25,469

Other comprehensive income:

Unrealized gains (losses) on debt securities available for sale:

Net unrealized holding gains (losses) on debt securities available for sale, net of

taxes of $(8,589) and $(1,940), respectively

21,497

4,859

Net unrealized losses on debt securities transferred from held to maturity to

available for sale, net of taxes of $- and $(1,364), respectively

3,416

Reclassification adjustment for realized (gains) losses on debt securities

available for sale included in net income, net of taxes of $448 and $(52),

respectively

(1,108)

 

132

Net change in unrealized gains (losses) on debt securities available for sale

20,389

8,407

Unrealized gains (losses) on cash flow hedges:

Net unrealized holding (losses) gains on cash flow hedges, net of taxes of $892

and $-, respectively

 

(2,237)

 

Reclassification adjustment for realized losses (gains) on cash flow hedges

included in net income, net of taxes of $4 and $-, respectively

(11)

Net change in unrealized gains (losses) on derivative instruments

(2,248)

Net change in accumulated other comprehensive income (loss)

18,141

8,407

Total comprehensive income

$

33,505

$

33,876

See accompanying notes to unaudited consolidated financial statements.

6

Table of Contents

FIRST BUSEY CORPORATION and Subsidiaries

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(dollars in thousands, except per share amounts)

Accumulated

Additional

Other

Common

Paid-in

Accumulated

Comprehensive

Treasury

Shares

Stock

    

Capital

    

(Deficit)

    

Income (loss)

    

Stock

    

Total

For the Three Months Ended March 31, 2020

Balance, December 31, 2019

54,788,772

$

56

$

1,248,216

$

(14,813)

$

14,960

$

(27,985)

$

1,220,434

Cumulative effect of change in accounting principle

(15,922)

(15,922)

Net income

15,364

15,364

Other comprehensive income

18,141

18,141

Repurchase of stock

(407,850)

(9,672)

(9,672)

Issuance of treasury stock for employee stock purchase plan

14,236

(38)

269

231

Net issuance of treasury stock for restricted/deferred stock unit

vesting and related tax

5,509

(179)

104

(75)

Net issuance of treasury stock for stock options exercised, net of

shares redeemed and related tax

541

(10)

10

Cash dividends common stock at $0.22 per share

(12,055)

(12,055)

Stock dividend equivalents restricted stock units at $0.22 per

share

173

(173)

Stock-based compensation

1,139

1,139

Balance, March 31, 2020

54,401,208

$

56

$

1,249,301

$

(27,599)

$

33,101

$

(37,274)

$

1,217,585

For the Three Months Ended March 31, 2019

Balance, December 31, 2018

48,874,836

$

49

$

1,080,084

$

(72,167)

$

(6,812)

$

(6,190)

$

994,964

Net income

25,469

25,469

Other comprehensive income

8,407

8,407

Stock issued in acquisition of Banc Ed, net of stock issuance costs

6,725,152

7

166,274

166,281

Issuance of treasury stock for employee stock purchase plan

11,731

50

222

272

Net issuance of treasury stock for restricted/deferred stock unit

vesting and related tax

9,070

(171)

171

Net issuance of treasury stock for stock options exercised, net of

shares redeemed and related tax

3,838

(72)

72

Cash dividends common stock at $0.21 per share

(10,266)

(10,266)

Stock dividend equivalents restricted stock units at $0.21 per

share

161

(161)