Company Quick10K Filing
Quick10K
First Busey
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$25.28 56 $1,406
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-10-08 Other Events
8-K 2019-09-25 Officers, Exhibits
8-K 2019-09-03 Regulation FD, Exhibits
8-K 2019-07-26 Officers, Exhibits
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-07-09 Other Events
8-K 2019-05-22 Shareholder Vote, Other Events
8-K 2019-05-13 Regulation FD, Exhibits
8-K 2019-04-22 Earnings, Officers, Exhibits
8-K 2019-04-09 Other Events
8-K 2019-03-14 Officers
8-K 2019-01-30 M&A, Officers, Regulation FD, Exhibits
8-K 2019-01-29 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2019-01-15 Other Events
8-K 2019-01-10 Other Events
8-K 2019-01-04 Other Events
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-10-09 Other Events
8-K 2018-08-21 Enter Agreement, Regulation FD, Exhibits, Enter Agreement
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-07-10 Other Events
8-K 2018-05-23 Shareholder Vote
8-K 2018-04-30 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-04-10 Other Events
8-K 2018-03-28 Officers
8-K 2018-01-30 Earnings, Exhibits
8-K 2018-01-16 Other Events
CMA Comerica 9,486
BANR Banner 1,937
PRK Park National 1,505
BDGE Bridge Bancorp 533
HBMD Howard Bancorp 281
CHMG Chemung Financial 199
MFNC Mackinac Financial 150
BKSC Bank of South Carolina 116
BOTJ Bank of The James Financial Group 62
WCFB WCF Bancorp 22
BUSE 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Note 1: Significant Accounting Policies
Note 2: Acquisition
Note 3: Securities
Note 4: Portfolio Loans
Note 5: Deposits
Note 6: Borrowings
Note 7: Junior Subordinated Debt Owed To Unconsolidated Trusts
Note 8: Earnings per Common Share
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-20190630ex3111b08b3.htm
EX-31.2 buse-20190630ex3126c2ad4.htm
EX-32.1 buse-20190630ex3215b9a91.htm
EX-32.2 buse-20190630ex322c6b8b2.htm

First Busey Earnings 2019-06-30

BUSE 10Q Quarterly Report

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 6/30/2019

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 August 7, 2019

Common Stock, $.001 par value

55,386,636

Table of Contents

FIRST BUSEY CORPORATION

FORM 10-Q

June 30, 2019

Table of Contents

Part I

FINANCIAL INFORMATION

Item 1.

FINANCIAL STATEMENTS

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

9

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

11

Item 2.

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

39

Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

57

Item 4.

CONTROLS AND PROCEDURES

58

Part II

OTHER INFORMATION

Item 1.

LEGAL PROCEEDINGS

58

Item 1A.

RISK FACTORS

58

Item 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

59

Item 3.

DEFAULTS UPON SENIOR SECURITIES

59

Item 4.

MINE SAFETY DISCLOSURES

59

Item 5.

OTHER INFORMATION

59

Item 6.

EXHIBITS

60

SIGNATURES

61

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)

    

June 30, 2019

    

December 31, 2018

(dollars in thousands)

Assets

Cash and due from banks

$

113,346

$

128,838

Interest-bearing deposits

306,861

111,135

Total cash and cash equivalents

420,207

239,973

Debt securities available for sale

 

1,848,073

 

697,685

Debt securities held to maturity (fair value 2019 $15,934; 2018 $603,360)

 

15,708

 

608,660

Equity securities

5,362

6,169

Loans held for sale, at fair value

 

39,607

 

25,895

Portfolio loans (net of allowance for loan losses 2019 $51,375; 2018 $50,648)

 

6,480,751

 

5,517,780

Premises and equipment, net

 

149,726

 

117,672

Right of use asset

10,426

Goodwill

 

314,343

 

267,685

Other intangible assets, net

 

60,984

 

32,873

Cash surrender value of bank owned life insurance

 

173,150

 

128,491

Other assets

 

94,330

 

59,474

Total assets

$

9,612,667

$

7,702,357

Liabilities and Stockholders’ Equity

Liabilities

Deposits:

Noninterest-bearing

$

1,766,681

$

1,464,700

Interest-bearing

 

6,066,541

 

4,784,621

Total deposits

7,833,222

6,249,321

Securities sold under agreements to repurchase

 

190,846

 

185,796

Short-term borrowings

30,761

Long-term debt

 

86,772

 

50,000

Senior notes, net of unamortized issuance costs

39,607

39,539

Subordinated notes, net of unamortized issuance costs

59,197

59,147

Junior subordinated debt owed to unconsolidated trusts

71,230

71,155

Lease liability

10,531

Other liabilities

 

86,893

 

52,435

Total liabilities

8,409,059

6,707,393

Outstanding commitments and contingent liabilities (see Note 10)

Stockholders’ Equity

Common stock, $.001 par value, authorized 66,666,667 shares; 55,910,733 shares issued 2019 and 49,185,581 shares issued 2018

 

56

 

49

Additional paid-in capital

 

1,246,160

 

1,080,084

Accumulated deficit

 

(44,878)

 

(72,167)

Accumulated other comprehensive income (loss)

 

14,627

 

(6,812)

Total stockholders’ equity before treasury stock

1,215,965

1,001,154

Treasury stock, at cost (2019 524,097 shares; 2018 310,745 shares)

 

(12,357)

 

(6,190)

Total stockholders’ equity

1,203,608

994,964

Total liabilities and stockholders’ equity

$

9,612,667

$

7,702,357

Common shares outstanding at period end

55,386,636

48,874,836

See accompanying notes to unaudited consolidated financial statements.

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Table of Contents

FIRST BUSEY CORPORATION and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

    

Three Months Ended June 30,

Six Months Ended June 30,

2019

    

2018

2019

    

2018

(dollars in thousands, except per share amounts)

Interest income:

Interest and fees on loans

$

78,031

$

62,290

$

149,820

$

123,250

Interest and dividends on investment securities:

Taxable interest income

 

11,152

6,323

21,336

 

12,313

Non-taxable interest income

 

1,200

1,204

2,276

 

2,464

Other interest income

1,083

508

2,315

931

Total interest income

 

91,466

70,325

175,747

 

138,958

Interest expense:

Deposits

 

14,154

6,904

26,654

 

12,891

Federal funds purchased and securities sold under

agreements to repurchase

 

627

372

1,210

 

713

Short-term borrowings

 

494

457

685

 

933

Long-term debt

 

741

213

1,320

 

377

Senior notes

399

399

799

799

Subordinated notes

731

794

1,462

1,587

Junior subordinated debt owed to unconsolidated trusts

 

892

814

1,806

 

1,529

Total interest expense

 

18,038

9,953

33,936

 

18,829

Net interest income

 

73,428

60,372

141,811

 

120,129

Provision for loan losses

 

2,517

2,258

4,628

 

3,266

Net interest income after provision for loan losses

 

70,911

58,114

137,183

 

116,863

Non-interest income:

Fees for customer services

 

9,696

7,290

17,793

 

14,236

Trust fees

 

8,318

6,735

16,433

 

14,249

Commissions and brokers’ fees, net

 

1,170

883

2,084

 

1,979

Remittance processing

 

3,717

3,566

7,497

 

6,958

Mortgage revenue

 

2,851

1,573

4,796

 

3,216

Net (losses) gains on sales of securities

 

(10)

160

(184)

 

160

Unrealized (losses) gains recognized on equity securities

(1,016)

(800)

Other income

 

3,170

2,595

6,222

 

4,490

Total non-interest income

 

27,896

22,802

53,841

 

45,288

Non-interest expense:

Salaries, wages and employee benefits

 

34,268

25,472

66,609

 

54,291

Net occupancy expense of premises

 

4,511

3,689

8,713

 

7,510

Furniture and equipment expenses

 

2,352

1,790

4,447

 

3,703

Data processing

 

5,616

4,030

10,017

 

8,375

Amortization of intangible assets

 

2,412

1,490

4,506

 

3,005

Other expense

 

18,861

10,834

30,891

 

21,461

Total non-interest expense

 

68,020

47,305

125,183

 

98,345

Income before income taxes

 

30,787

33,611

65,841

 

63,806

Income taxes

 

6,702

8,749

16,287

 

17,027

Net income

$

24,085

$

24,862

$

49,554

$

46,779

Basic earnings per common share

$

0.43

$

0.51

$

0.91

$

0.96

Diluted earnings per common share

$

0.43

$

0.51

$

0.90

$

0.95

Dividends declared per share of common stock

$

0.21

$

0.20

$

0.42

$

0.40

See accompanying notes to unaudited consolidated financial statements.

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Table of Contents

FIRST BUSEY CORPORATION and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2019

    

2018

    

2019

    

2018

(dollars in thousands)

Net income

$

24,085

$

24,862

$

49,554

$

46,779

Other comprehensive income (loss), before tax:

Debt securities available for sale:

Unrealized net gains/(losses) on securities:

Unrealized net holding gains (losses) arising during

period

18,214

(1,666)

25,014

(10,420)

Unrealized gains on debt securities transferred from held

to maturity to available for sale

4,780

Reclassification adjustment for losses (gains) included in

net income

10

 

193

 

Other comprehensive income (loss), before tax

18,224

(1,666)

29,987

(10,420)

Income tax expense (benefit) related to items of other

comprehensive income

 

5,192

 

(475)

 

8,548

 

(2,970)

Other comprehensive income (loss), net of tax

13,032

(1,191)

21,439

(7,450)

Comprehensive income

$

37,117

$

23,671

$

70,993

$

39,329

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

Balance, March 31, 2019

55,624,627

$

56

$

1,247,340

$

(57,125)

$

1,595

$

(5,725)

$

1,186,141

Net income

24,085

24,085

Other comprehensive income

13,032

13,032

Repurchase of stock

(333,334)

(8,433)

(8,433)

Issuance of treasury stock for employee stock

purchase plan

4,419

29

84

113

Net issuance of treasury stock for

restricted/deferred stock unit vesting and

related tax

81,962

(2,364)

174

(2,190)

Net issuance of treasury stock for stock options

exercised, net of shares redeemed and related

tax

8,962

(19)

1,543

1,524

Cash dividends common stock at $0.21 per share

(11,681)

(11,681)

Stock dividend equivalents restricted stock units

at $0.21 per share

157

(157)

Stock-based compensation

1,017

1,017

Balance, June 30, 2019

55,386,636

$

56

$

1,246,160

$

(44,878)

$

14,627

$

(12,357)

$

1,203,608

Balance, December 31, 2018

48,874,836

$

49

$

1,080,084

$

(72,167)

$

(6,812)

$

(6,190)

$

994,964

Net income

49,554

49,554

Other comprehensive income

21,439

21,439

Stock issued in acquisition of Banc Ed, net of

stock issuance costs

6,725,152

7

166,274

166,281

Repurchase of stock

(333,334)

(8,433)

(8,433)

Issuance of treasury stock for employee stock

purchase plan

16,150

79

306

385

Net issuance of treasury stock for

restricted/deferred stock unit vesting and

related tax

91,032