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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 March 31, 2022

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)

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 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

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 5, 2022

Common Stock, $.001 par value

55,276,920

FIRST BUSEY CORPORATION

FORM 10-Q

March 31, 2022

Table of Contents

GLOSSARY

3

Part I

FINANCIAL INFORMATION

5

Item 1.

FINANCIAL STATEMENTS (UNAUDITED)

5

CONSOLIDATED BALANCE SHEETS

6

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

7

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

8

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

9

CONSOLIDATED STATEMENTS OF CASH FLOWS

10

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

12

Note 1:

Significant Accounting Policies

12

Note 2:

Acquisitions

14

Note 3:

Securities

16

Note 4:

Portfolio Loans

19

Note 5:

Deposits

28

Note 6:

Borrowings

28

Note 7:

Regulatory Capital

30

Note 8:

Stock-Based Compensation

32

Note 9:

Outstanding Commitments and Contingent Liabilities

35

Note 10:

Derivative Financial Instruments

35

Note 11:

Fair Value Measurements

39

Note 12:

Earnings per Common Share

43

Note 13:

Accumulated Other Comprehensive Income (Loss)

45

Note 14:

Operating Segments and Related Information

45

Note 15:

Leases

47

Item 2.

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

49

Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

72

Item 4.

CONTROLS AND PROCEDURES

73

Part II

OTHER INFORMATION

73

Item 1.

LEGAL PROCEEDINGS

73

Item 1A

RISK FACTORS

73

Item 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

74

Item 3.

DEFAULTS UPON SENIOR SECURITIES

74

Item 4.

MINE SAFETY DISCLOSURES

74

Item 5.

OTHER INFORMATION

74

Item 6.

EXHIBITS

75

SIGNATURES

76

2

GLOSSARY

We use acronyms, abbreviations, and other terms throughout this Quarterly Report, as defined in the glossary below:

Term

 

Definition

2020 Equity Plan

First Busey's 2020 Equity Incentive Plan

ACL

Allowance for credit losses

Annual Report

Annual report filed with the SEC on Form 10-K pursuant to Section 13 or 15(d) of the Exchange Act

AOCI

Accumulated other comprehensive income (loss)

ASC

Accounting Standards Codification

ASU

Accounting Standards Update

Basel III

2010 capital accord adopted by the international Basel Committee on Banking Supervision

Basel III Rule

Regulations promulgated by U.S. federal banking agencies – the OCC, the Federal Reserve, and the FDIC – to both enforce implementation of certain aspects of the Basel III capital reforms and effect certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act

CAC

Cummins-American Corp.

CARES Act

Coronavirus Aid, Relief, and Economic Security Act

CECL

Current Expected Credit Losses

COVID-19

Coronavirus disease 2019

DSU

Deferred stock unit

ESPP

Employee Stock Purchase Plan

Exchange Act

Securities Exchange Act of 1934, as amended

Fair value

The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, as defined in ASC Topic 820 “Fair Value Measurement”

FDIC

Federal Deposit Insurance Corporation

Federal Reserve

Board of Governors of the Federal Reserve System

FHLB

Federal Home Loan Bank

First Busey

First Busey Corporation and its wholly-owned consolidated subsidiaries; also, “Busey,” the “Company,” “we,” “us,” and “our”

First Busey Risk Management

First Busey Risk Management, Inc.

FirsTech

FirsTech, Inc.

FOMC

Federal Open Market Committee

GAAP

U.S. Generally Accepted Accounting Principles

GSB

Glenview State Bank

Interagency Statement

Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus, issued on March 22, 2020, and revised on April 7, 2020

LIBOR

London Interbank Offered Rate

LOCOM

Lower of Cost or Market, an accounting approach under which loans are carried at amortized historical cost less loan write-offs and downward market value adjustments, as may be applicable

NMTC

New Markets Tax Credit

OCI

Other comprehensive income (loss)

OREO

Other real estate owned

PCD

Purchased credit deteriorated

PPP

Paycheck Protection Program

PSU

Performance-based restricted stock unit

Quarterly Report

Quarterly report filed with the SEC on Form 10-Q pursuant to Section 13 or 15(d) of the Exchange Act

RSU

Restricted stock unit

3

Term

 

Definition

SBA

U.S. Small Business Administration

SEC

U.S. Securities and Exchange Commission

SOFR

Secured Overnight Financing Rate published by the Federal Reserve

TDR

Troubled debt restructuring

U.S.

United States of America

U.S. Treasury

U.S. Department of the Treasury

4

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

5

Table of Contents

FIRST BUSEY CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

(dollars in thousands)

As of

March 31,

December 31,

2022

    

2021

Assets

Cash and cash equivalents:

Cash and due from banks

$

119,891

$

102,983

Interest-bearing deposits

359,337

733,112

Total cash and cash equivalents

479,228

836,095

Debt securities available for sale

 

2,946,055

 

3,981,251

Debt securities held to maturity

976,081

Equity securities

19,520

13,571

Loans held for sale (2022 at LOCOM, 2021 at fair value)

 

6,765

 

23,875

Portfolio loans (net of ACL of $88,213 at March 31, 2022, and $87,887 at December 31, 2021)

 

7,184,660

 

7,101,111

Premises and equipment, net

 

133,658

 

136,147

Right of use assets

9,014

10,533

Goodwill

 

317,873

 

317,873

Other intangible assets, net

 

55,040

 

58,051

Cash surrender value of bank owned life insurance

 

177,703

 

176,940

Other assets

 

261,912

 

204,242

Total assets

$

12,567,509

$

12,859,689

Liabilities and Stockholders’ Equity

Liabilities

Deposits:

Noninterest-bearing

$

3,568,651

$

3,670,267

Interest-bearing

 

7,023,185

 

7,098,310

Total deposits

10,591,836

10,768,577

Securities sold under agreements to repurchase

 

255,668

 

270,139

Short-term borrowings

17,683

17,678

Long-term debt

 

42,881

 

46,056

Senior notes, net of unamortized issuance costs

39,978

39,944

Subordinated notes, net of unamortized issuance costs

182,910

182,773

Junior subordinated debt owed to unconsolidated trusts

71,678

71,635

Lease liabilities

9,067

10,591

Other liabilities

 

137,783

 

133,184

Total liabilities

11,349,484

11,540,577

Outstanding commitments and contingent liabilities (see Notes 9 and 15)

Stockholders’ Equity

Common stock, ($.001 par value; 100,000,000 shares authorized)

 

58

 

58

Additional paid-in capital

 

1,318,701

 

1,316,984

Retained earnings

 

107,890

 

92,463

AOCI

 

(137,605)

 

(23,758)

Total stockholders’ equity before treasury stock

1,289,044

1,385,747

Treasury stock at cost

 

(71,019)

 

(66,635)

Total stockholders’ equity

1,218,025

1,319,112

Total liabilities and stockholders’ equity

$

12,567,509

$

12,859,689

Shares

Common shares issued

58,116,970

58,116,970

Less treasury shares

(2,838,185)

(2,682,060)

Common shares outstanding

55,278,785

55,434,910

See accompanying notes to unaudited consolidated financial statements.

6

Table of Contents

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(dollars in thousands, except per share amounts)

Three Months Ended March 31, 

    

2022

    

2021

Interest income

Interest and fees on loans

$

60,882

$

62,565

Interest and dividends on investment securities:

Taxable interest income

14,094

 

8,611

Non-taxable interest income

838

 

1,005

Other interest income

277

150

Total interest income

76,091

 

72,331

Interest expense

Deposits

2,124

 

3,732

Federal funds purchased and securities sold under agreements to repurchase

59

 

57

Short-term borrowings

89

 

19

Long-term debt

226

 

29

Senior notes

400

400

Subordinated notes

2,483

2,476

Junior subordinated debt owed to unconsolidated trusts

654

 

725

Total interest expense

6,035

 

7,438

Net interest income

70,056

 

64,893

Provision for credit losses

(253)

 

(6,796)

Net interest income after provision for credit losses

70,309

 

71,689

Noninterest income

Wealth management fees

15,779

 

12,584

Fees for customer services

8,907

 

8,037

Payment technology solutions

5,077

 

4,621

Mortgage revenue

975

 

2,666

Income on bank owned life insurance

884

964

Realized net gains (losses) on securities

106

 

25

Unrealized net gains (losses) recognized on equity securities

(720)

1,616

Other income

4,764

 

932

Total noninterest income

35,772

 

31,445

Noninterest expense

Salaries, wages, and employee benefits

39,354

 

30,384

Data processing

4,978

 

4,280

Net occupancy expense of premises

5,067

 

4,563

Furniture and equipment expenses

2,030

 

2,026

Professional fees

1,507

1,945

Amortization of intangible assets

3,011

 

2,401

Interchange expense

1,545

1,484

Other expense

12,884

 

7,416

Total noninterest expense

70,376

 

54,499

Income before income taxes

35,705

 

48,635

Income taxes

7,266

 

10,819

Net income

$

28,439

$

37,816

Basic earnings per common share

$

0.51

$

0.69

Diluted earnings per common share

$

0.51

$

0.69

Dividends declared per share of common stock

$

0.23

$

0.23

See accompanying notes to unaudited consolidated financial statements.

7

Table of Contents

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(dollars in thousands)

Three Months Ended March 31, 

    

2022

    

2021

Net income

$

28,439

$

37,816

OCI:

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

Net unrealized holding gains (losses) on debt securities available for sale, net of taxes of $29,726 and $11,993, respectively

(74,556)

(30,079)

Unrealized gains (losses) on debt securities transferred to held to maturity from available for sale, net of taxes of $13,812 and $—, respectively

(34,644)

Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, net of taxes of $30 and $7, respectively

(76)

(18)

Amortization of unrealized losses on securities transferred to held to maturity, net of taxes of ($252) and $—, respectively

631

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

(108,645)

(30,097)

Unrealized gains (losses) on cash flow hedges:

Net unrealized holding gains (losses) on cash flow hedges, net of taxes of $1,931 and ($164), respectively

 

(4,845)

 

410

Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $143 and ($79), respectively

(357)

199

Net change in unrealized gains (losses) on cash flow hedges

(5,202)

609

Net change in AOCI

(113,847)

(29,488)

Total comprehensive income (loss)

$

(85,408)

$

8,328

See accompanying notes to unaudited consolidated financial statements.

8

Table of Contents

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

(dollars in thousands, except per share amounts)

Three Months Ended March 31, 2022

Accumulated

Additional

Other

Total

Common

Paid-in

Retained

Comprehensive

Treasury

Stockholders'

    

Shares

    

Stock

    

Capital

    

Earnings

    

Income (Loss)

    

Stock

    

Equity

Balance, December 31, 2021

55,434,910

$

58

$

1,316,984

$

92,463

$

(23,758)

$

(66,635)

$

1,319,112

Net income

28,439

28,439

OCI, net of tax

(113,847)

(113,847)

Repurchase of stock

(188,614)

(5,220)

(5,220)

Issuance of treasury stock for ESPP

25,140

(106)

647

541

Net issuance of treasury stock for RSU/DSU vesting and related tax

7,349

(359)

189

(170)

Cash dividends common stock at $0.23 per share

(12,739)

(12,739)

Stock dividend equivalents RSUs at $0.23 per share

273

(273)

Stock-based compensation

1,909

1,909

Balance, March 31, 2022

55,278,785

$

58

$

1,318,701

$

107,890

$

(137,605)

$

(71,019)

$

1,218,025

Three Months Ended March 31, 2021

Retained

Accumulated

Additional

Earnings

Other

Total

Common

Paid-in

(Accumulated

Comprehensive

Treasury

Stockholders'

    

Shares

    

Stock

    

Capital

    

Deficit)

    

Income (Loss)

    

Stock

    

Equity

Balance, December 31, 2020

54,404,379

$

56

$

1,253,360

$

20,830

$

33,309

$

(37,486)

$

1,270,069

Net income

37,816

 

37,816

OCI, net of tax

(29,488)

 

(29,488)

Repurchase of stock

(59,000)

(1,510)

 

(1,510)

Cash dividends common stock at $0.23 per share

(12,513)

 

(12,513)

Stock dividend equivalents RSUs at $0.23 per share

236

(236)

 

Stock-based compensation

1,448

 

1,448

Balance, March 31, 2021

54,345,379

$

56

$

1,255,044

$

45,897

$

3,821

$

(38,996)

$

1,265,822

See accompanying notes to unaudited consolidated financial statements.

9

Table of Contents

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(dollars in thousands)

Three Months Ended March 31, 

    

2022

    

2021

Cash Flows Provided by (Used in) Operating Activities

Net income

$

28,439

$

37,816

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Provision for credit losses

 

(253)

 

(6,796)

Amortization of intangible assets

3,011

2,401

Amortization of mortgage servicing rights

980

1,616

Amortization of NMTC

1,341

1,829

Depreciation and amortization of premises and equipment

 

2,756

 

2,808

Net amortization (accretion) on portfolio loans

(36)

(3,375)

Net amortization (accretion) of premium (discount) on investment securities

 

5,930

 

4,554

Net amortization (accretion) of premium (discount) on time deposits

(124)

(246)

Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings

212

214

Impairment of OREO and other repossessed assets

611

Impairment of mortgage servicing rights

(9)

(508)

Unrealized (gains) losses recognized on equity securities

720

(1,616)

(Gain) loss on sales of debt securities, net

 

(106)

 

(25)

(Gain) loss on sales of loans, net

 

(1,089)

 

(3,369)

(Gain) loss on sales of OREO

(1)

(Gain) loss on sales of premises and equipment

(838)

(134)

(Gain) loss on life insurance proceeds

1

(Increase) decrease in cash surrender value of bank owned life insurance

 

(885)

 

(964)

Provision for deferred income taxes

 

(157)

 

2,448

Stock-based compensation

 

1,909

 

1,448

Mortgage loans originated for sale

(33,506)

(91,479)

Proceeds from sales of mortgage loans

51,350

98,307

Net change in operating assets and liabilities:

(Increase) decrease in other assets

 

(16,429)

 

(1,569)

Increase (decrease) in other liabilities

 

(1,323)

 

750

Net cash provided by (used in) operating activities

$

42,505

$

44,109

Cash Flows Provided by (Used in) Investing Activities

Purchases of equity securities

$

(5,948)

$

(998)

Purchases of debt securities available for sale

(274,964)

(789,884)

Proceeds from sales of equity securities

998

Proceeds from paydowns and maturities of debt securities held to maturity

9,585

Proceeds from paydowns and maturities of debt securities available for sale

 

166,709

 

207,490

Net (increase) decrease in loans

 

(83,392)

 

37,929

Cash paid for premiums on bank-owned life insurance

(96)

(97)

Proceeds from life insurance

217

Purchases of premises and equipment

(734)

(1,911)

Proceeds from disposition of premises and equipment

 

1,305

 

1,759

Proceeds from sales of OREO

 

331

 

294

Net cash provided by (used in) investing activities