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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
| | | | | |
þ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarterly Period Ended September 30, 2023
| | | | | |
o | 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 o
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 o
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 þ | Accelerated filer o | Non-accelerated filer o |
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
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 November 2, 2023 | |
| Common Stock, $.001 par value | | 55,258,904 | |
FIRST BUSEY CORPORATION
FORM 10-Q
September 30, 2023
Table of Contents
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 |
Amended 2020 Equity Plan | | First Busey's Amended 2020 Equity Incentive Plan |
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 |
| | |
bps | | basis points |
CAC | | Cummins-American Corp. |
| | |
CECL | | ASU 2016-13, codified as ASC Topic 326 “Financial Instruments-Credit Losses,” which established the Current Expected Credit Losses methodology for measuring credit losses on financial instruments |
| | |
| | |
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” |
FASB | | Financial Accounting Standards Board |
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, together with 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 |
| | |
| | |
| | |
LIBOR | | London Interbank Offered Rate |
| | |
Nasdaq | | National Association of Securities Dealers Automated Quotations |
| | |
NMTC | | New Markets Tax Credit |
| | |
| | |
OCI | | Other comprehensive income (loss) |
OREO | | Other real estate owned |
PCD | | Purchased credit deteriorated |
| | |
PPP | | Paycheck Protection Program |
| | | | | | | | |
Term | | Definition |
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 |
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 |
| | |
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
FIRST BUSEY CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(dollars in thousands)
| | | | | | | | | | | |
| As of |
| September 30, 2023 | | December 31, 2022 |
Assets | | | |
Cash and cash equivalents: | | | |
Cash and due from banks | $ | 122,574 | | | $ | 117,513 | |
Interest-bearing deposits | 215,345 | | | 109,651 | |
Total cash and cash equivalents | 337,919 | | | 227,164 | |
| | | |
Debt securities available for sale | 2,182,841 | | | 2,461,393 | |
Debt securities held to maturity | 882,614 | | | 918,312 | |
Equity securities | 8,782 | | | 11,535 | |
Loans held for sale | 3,051 | | | 1,253 | |
Portfolio loans (net of ACL of $91,710 at September 30, 2023, and $91,608 at December 31, 2022) | 7,764,450 | | | 7,634,094 | |
Premises and equipment, net | 122,538 | | | 126,524 | |
Right of use assets | 11,500 | | | 12,829 | |
Goodwill | 317,873 | | | 317,873 | |
Other intangible assets, net | 38,470 | | | 46,423 | |
Cash surrender value of bank owned life insurance | 181,955 | | | 180,485 | |
Other assets | 406,257 | | | 398,792 | |
Total assets | $ | 12,258,250 | | | $ | 12,336,677 | |
| | | |
Liabilities and stockholders’ equity | | | |
Liabilities | | | |
Deposits: | | | |
Noninterest-bearing | $ | 2,918,574 | | | $ | 3,393,666 | |
Interest-bearing | 7,413,788 | | | 6,677,614 | |
Total deposits | 10,332,362 | | | 10,071,280 | |
| | | |
Securities sold under agreements to repurchase | 183,702 | | | 229,806 | |
Short-term borrowings | 12,000 | | | 351,054 | |
Long-term debt | 21,000 | | | 30,000 | |
| | | |
Subordinated notes, net of unamortized issuance costs | 222,666 | | | 222,038 | |
Junior subordinated debt owed to unconsolidated trusts | 71,946 | | | 71,810 | |
Lease liabilities | 11,783 | | | 12,995 | |
Other liabilities | 212,633 | | | 201,717 | |
Total liabilities | 11,068,092 | | | 11,190,700 | |
| | | |
Outstanding commitments and contingent liabilities (see Notes 4 and 9) | | | |
| | | |
Stockholders’ equity | | | |
Common stock, ($.001 par value; 100,000,000 shares authorized) | 58 | | | 58 | |
Additional paid-in capital | 1,324,438 | | | 1,320,980 | |
Retained earnings | 224,698 | | | 168,769 | |
AOCI | (290,730) | | | (273,278) | |
Total stockholders’ equity before treasury stock | 1,258,464 | | | 1,216,529 | |
Treasury stock at cost | (68,306) | | | (70,552) | |
Total stockholders’ equity | 1,190,158 | | | 1,145,977 | |
Total liabilities and stockholders’ equity | $ | 12,258,250 | | | $ | 12,336,677 | |
| | | |
Shares | | | |
Common shares issued | 58,116,969 | | | 58,116,970 | |
Less: Treasury shares | (2,774,952) | | | (2,837,846) | |
Common shares outstanding | 55,342,017 | | | 55,279,124 | |
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(dollars in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Interest income | | | | | | | |
Interest and fees on loans | $ | 99,844 | | | $ | 76,081 | | | $ | 284,423 | | | $ | 202,530 | |
Interest and dividends on investment securities: | | | | | | | |
Taxable interest income | 20,549 | | | 17,436 | | | 60,224 | | | 47,370 | |
Non-taxable interest income | 685 | | | 813 | | | 2,136 | | | 2,482 | |
Other interest income | 1,591 | | | 1,085 | | | 3,890 | | | 1,720 | |
Total interest income | 122,669 | | | 95,415 | | | 350,673 | | | 254,102 | |
| | | | | | | |
Interest expense | | | | | | | |
Deposits | 37,068 | | | 3,565 | | | 78,576 | | | 7,835 | |
Federal funds purchased and securities sold under agreements to repurchase | 1,327 | | | 459 | | | 3,772 | | | 665 | |
Short-term borrowings | 1,964 | | | 190 | | | 12,527 | | | 426 | |
Long-term debt | 425 | | | 372 | | | 1,331 | | | 859 | |
Senior notes | — | | | — | | | — | | | 637 | |
Subordinated notes | 3,103 | | | 3,738 | | | 9,300 | | | 9,243 | |
Junior subordinated debt owed to unconsolidated trusts | 991 | | | 786 | | | 2,849 | | | 2,148 | |
Total interest expense | 44,878 | | | 9,110 | | | 108,355 | | | 21,813 | |
| | | | | | | |
Net interest income | 77,791 | | | 86,305 | | | 242,318 | | | 232,289 | |
Provision for credit losses | 364 | | | 2,364 | | | 1,944 | | | 3,764 | |
Net interest income after provision for credit losses | 77,427 | | | 83,941 | | | 240,374 | | | 228,525 | |
| | | | | | | |
Noninterest income | | | | | | | |
Wealth management fees | 14,235 | | | 12,508 | | | 43,594 | | | 42,422 | |
Fees for customer services | 7,502 | | | 7,627 | | | 21,560 | | | 26,122 | |
Payment technology solutions | 5,226 | | | 5,080 | | | 15,772 | | | 15,045 | |
Mortgage revenue | 311 | | | 438 | | | 871 | | | 1,697 | |
Income on bank owned life insurance | 1,001 | | | 958 | | | 3,682 | | | 2,716 | |
Realized net gains (losses) on securities | (33) | | | (74) | | | (207) | | | 52 | |
Unrealized net gains (losses) recognized on equity securities | (252) | | | 78 | | | (2,753) | | | (2,376) | |
Other income | 3,018 | | | 4,318 | | | 8,349 | | | 12,046 | |
Total noninterest income | 31,008 | | | 30,933 | | | 90,868 | | | 97,724 | |
| | | | | | | |
Noninterest expense | | | | | | | |
Salaries, wages, and employee benefits | 39,677 | | | 39,762 | | | 119,867 | | | 117,226 | |
Data processing | 5,930 | | | 5,447 | | | 17,472 | | | 15,800 | |
Net occupancy expense of premises | 4,594 | | | 4,705 | | | 13,896 | | | 14,492 | |
Furniture and equipment expenses | 1,638 | | | 1,799 | | | 5,065 | | | 5,874 | |
Professional fees | 1,542 | | | 1,579 | | | 4,573 | | | 4,693 | |
Amortization of intangible assets | 2,555 | | | 2,871 | | | 7,953 | | | 8,833 | |
Interchange expense | 1,786 | | | 1,574 | | | 5,509 | | | 4,606 | |
FDIC insurance | 1,475 | | | 882 | | | 4,483 | | | 3,108 | |
Other expense | 11,748 | | | 12,117 | | | 31,735 | | | 35,572 | |
Total noninterest expense | 70,945 | | | 70,736 | | | 210,553 | | | 210,204 | |
| | | | | | | |
Income before income taxes | 37,490 | | | 44,138 | | | 120,689 | | | 116,045 | |
Income taxes | 6,824 | | | 8,477 | | | 23,873 | | | 22,121 | |
Net income | $ | 30,666 | | | $ | 35,661 | | | $ | 96,816 | | | $ | 93,924 | |
| | | | | | | |
Basic earnings per common share | $ | 0.55 | | | $ | 0.64 | | | $ | 1.75 | | | $ | 1.70 | |
Diluted earnings per common share | $ | 0.54 | | | $ | 0.64 | | | $ | 1.72 | | | $ | 1.67 | |
Dividends declared per share of common stock | $ | 0.24 | | | $ | 0.23 | | | $ | 0.72 | | | $ | 0.69 | |
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net income | $ | 30,666 | | | $ | 35,661 | | | $ | 96,816 | | | $ | 93,924 | |
OCI: | | | | | | | |
Unrealized/Unrecognized gains (losses) on debt securities: | | | | | | | |
Net unrealized holding gains (losses) on debt securities available for sale, net of taxes of $10,746, $27,631, $6,728, and $84,519, respectively | (26,950) | | | (69,306) | | | (16,872) | | | (211,988) | |
Net unrealized gains (losses) on debt securities transferred to held to maturity from available for sale, net of taxes of $0, $0, $0, and $13,812, respectively | — | | | — | | | — | | | (34,644) | |
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, net of taxes of $(9), $(21), $(59), and $8, respectively | 24 | | | 53 | | | 148 | | | (20) | |
Amortization of unrecognized losses on securities transferred to held to maturity, net of taxes of $(420), $(515), $(1,346), and $(1,396), respectively | 1,056 | | | 1,291 | | | 3,379 | | | 3,500 | |
Net change in unrealized/unrecognized gains (losses) on debt securities | (25,870) | | | (67,962) | | | (13,345) | | | (243,152) | |
Unrealized gains (losses) on cash flow hedges: | | | | | | | |
Net unrealized holding gains (losses) on cash flow hedges, net of taxes of $2,220, $4,061, $3,412, and $8,604, respectively | (5,577) | | | (10,192) | | | (8,563) | | | (21,587) | |
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $(652), ($104), $(1,776), and $199, respectively | 1,638 | | | 266 | | | 4,456 | | | (498) | |
Net change in unrealized gains (losses) on cash flow hedges | (3,939) | | | (9,926) | | | (4,107) | | | (22,085) | |
Net change in AOCI | (29,809) | | | (77,888) | | | (17,452) | | | (265,237) | |
Total comprehensive income (loss) | $ | 857 | | | $ | (42,227) | | | $ | 79,364 | | | $ | (171,313) | |
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
(dollars in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| Shares | | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | AOCI | | Treasury Stock | | Total Stockholders' Equity |
Balance, June 30, 2023 | 55,290,847 | | $ | 58 | | | $ | 1,325,173 | | | $ | 207,660 | | | $ | (260,921) | | | $ | (70,022) | | | $ | 1,201,948 | |
Net income | — | | — | | — | | 30,666 | | — | | — | | 30,666 |
OCI, net of tax | — | | — | | — | | — | | (29,809) | | — | | (29,809) |
Repurchase of stock | (65,123) | | — | | — | | — | | — | | (1,278) | | (1,278) |
Issuance of treasury stock for ESPP | 11,291 | | — | | (106) | | — | | — | | 290 | | 184 |
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax | 105,002 | | — | | (3,593) | | — | | — | | 2,704 | | (889) |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Cash dividends on common stock at $0.24 per share | — | | — | | — | | (13,267) | | — | | — | | (13,267) |
Stock dividend equivalents on RSUs/PSUs/DSUs | — | | — | | 361 | | (361) | | — | | — | | — |
Stock-based compensation | — | | — | | 2,603 | | — | | — | | — | | 2,603 |
Balance, September 30, 2023 | 55,342,017 | | $ | 58 | | | $ | 1,324,438 | | | $ | 224,698 | | | $ | (290,730) | | | $ | (68,306) | | | $ | 1,190,158 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| Shares | | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | AOCI | | Treasury Stock | | Total Stockholders' Equity |
Balance, December 31, 2022 | 55,279,124 | | $ | 58 | | | $ | 1,320,980 | | | $ | 168,769 | | | $ | (273,278) | | | $ | (70,552) | | | $ | 1,145,977 | |
Net income | — | | — | | — | | 96,816 | | — | | — | | 96,816 |
OCI, net of tax | — | | — | | — | | — | | (17,452) | | — | | (17,452) |
Repurchase of stock | (110,123) | | — | | — | | — | | — | | (2,209) | | (2,209) |
Issuance of treasury stock for ESPP | 51,885 | | — | | (451) | | — | | — | | 1,335 | | 884 |
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax | 120,137 | | — | | (4,083) | | — | | — | | 3,094 | | (989) |
| | | | | | | | | | | | | |
Net issuance of treasury stock for warrants exercised | 994 | | | | (17) | | | | | | 26 | | 9 |
Cash dividends on common stock at $0.72 per share | — | | — | | — | | (39,806) | | — | | — | | (39,806) |
Stock dividend equivalents on RSUs/PSUs/DSUs | — | | — | | 1,081 | | (1,081) | | — | | — | | — |
Stock-based compensation | — | | — | | 6,928 | | — | | — | | — | | 6,928 |
Balance, September 30, 2023 | 55,342,017 | | $ | 58 | | | $ | 1,324,438 | | | $ | 224,698 | | | $ | (290,730) | | | $ | (68,306) | | | $ | 1,190,158 | |
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Continued)
(dollars in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2022 |
| Shares | | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | AOCI | | Treasury Stock | | Total Stockholders' Equity |
Balance, June 30, 2022 | 55,335,703 | | $ | 58 | | | $ | 1,317,675 | | | $ | 124,685 | | | $ | (211,107) | | | $ | (69,354) | | | $ | 1,161,957 | |
Net income | — | | — | | — | | 35,661 | | — | | — | | 35,661 |
OCI, net of tax | — | | — | | — | | — | | (77,888) | | — | | (77,888) |
| | | | | | | | | | | | | |
Repurchase of stock | (130,000) | | — | | — | | — | | — | | (3,088) | | (3,088) |
Issuance of treasury stock for ESPP | 10,993 | | — | | (77) | | — | | — | | 283 | | 206 |
Net issuance of treasury stock for RSU/DSU vesting and related tax | 15,738 | | | | (434) | | — | | — | | 405 | | (29) |
Cash dividends on common stock at $0.23 per share | — | | — | | — | | (12,707) | | — | | — | | (12,707) |
Stock dividend equivalents on RSUs/DSUs at $0.23 per share | — | | — | | 281 | | (281) | | — | | — | | — |
Stock-based compensation | — | | — | | 2,476 | | — | | — | | — | | 2,476 |
Balance, September 30, 2022 | 55,232,434 | | $ | 58 | | | $ | 1,319,921 | | | $ | 147,358 | | | $ | (288,995) | | | $ | (71,754) | | | $ | 1,106,588 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2022 |
| Shares | | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | AOCI | | Treasury Stock | | Total Stockholders' Equity |
Balance, December 31, 2021 | 55,434,910 | | $ | 58 | | | $ | 1,316,984 | | | $ | 92,463 | | | $ | (23,758) | | | $ | (66,635) | | | $ | 1,319,112 | |
Net income | — | | — | | — | | 93,924 | | — | | — | | 93,924 |
OCI, net of tax | — | | — | | — | | — | | (265,237) | | — | | (265,237) |
| | | | | | | | | | | | | |
Repurchase of stock | (388,614) | | — | | — | | — | | — | | (9,912) | | (9,912) |
Issuance of treasury stock for ESPP | 50,033 | | — | | (271) | | — | | — | | 1,288 | | 1,017 |
Net issuance of treasury stock for RSU/DSU vesting and related tax | 136,105 | | — | | (4,383) | | — | | — | | 3,505 | | (878) |
Cash dividends on common stock at $0.69 per share | — | | — | | — | | (38,159) | | — | | — | | (38,159) |
Stock dividend equivalents on RSUs/DSUs at $0.69 per share | — | | — | | 870 | | (870) | | — | | — | | — |
Stock-based compensation | — | | — | | 6,721 | | — | | — | | — | | 6,721 |
Balance, September 30, 2022 | 55,232,434 | | $ | 58 | | | $ | 1,319,921 | | | $ | 147,358 | | | $ | (288,995) | | | $ | (71,754) | | | $ | 1,106,588 | |
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(dollars in thousands)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Cash flows provided by (used in) operating activities | | | |
Net income | $ | 96,816 | | | $ | 93,924 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | |
Provision for credit losses | 1,944 | | | 3,764 | |
Amortization of intangible assets | 7,953 | | | 8,833 | |
Amortization of mortgage servicing rights | 2,155 | | | 2,757 | |
Amortization of NMTC | 6,740 | | | 4,668 | |
Depreciation and amortization of premises and equipment | 7,052 | | | 8,035 | |
Net amortization (accretion) on portfolio loans | 5,399 | | | 2,524 | |
Net amortization (accretion) of premium (discount) on investment securities | 11,351 | | | 15,820 | |
Net amortization (accretion) of premium (discount) on time deposits | (223) | | | (318) | |
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings | 764 | | | 1,152 | |
Impairment of OREO and other repossessed assets | 113 | | | 611 | |
Impairment of fixed assets held for sale | — | | | 427 | |
Impairment of mortgage servicing rights | 1 | | | (9) | |
Impairment of leases | — | | | 84 | |
Unrealized (gains) losses recognized on equity securities, net | 2,753 | | | 2,376 | |
(Gain) loss on sales of equity securities, net | — | | | (24) | |
(Gain) loss on sales of debt securities, net | 207 | | | (28) | |
(Gain) loss on sales of loans, net | (603) | | | (1,777) | |
(Gain) loss on sales of OREO | 4 | | | 56 | |
(Gain) loss on sales of premises and equipment | (197) | | | (666) | |
(Gain) loss on life insurance proceeds | (759) | | | — | |
(Increase) decrease in cash surrender value of bank owned life insurance | (2,923) | | | (2,716) | |
Provision for deferred income taxes | (2,000) | | | (3) | |
Stock-based compensation | 6,928 | | | 6,721 | |
| | | |
Mortgage loans originated for sale | (28,663) | | | (63,986) | |
Proceeds from sales of mortgage loans | 27,418 | | | 84,732 | |
(Increase) decrease in other assets | (15,072) | | | (45,575) | |
Increase (decrease) in other liabilities | 171 | | | (3,364) | |
Net cash provided by (used in) operating activities | 127,329 | | | 118,018 | |
| | | |
Cash flows provided by (used in) investing activities | | | |
Purchases of equity securities | (6,169) | | | (14,820) | |
Purchases of debt securities available for sale | (7,796) | | | (279,831) | |
Proceeds from sales of equity securities | 6,169 | | | 15,418 | |
| | | |
Proceeds from paydowns and maturities of debt securities held to maturity | 38,172 | | | 51,552 | |
Proceeds from paydowns and maturities of debt securities available for sale | 253,648 | | | 370,274 | |
Purchases of FHLB and other bank stock | (30,957) | | | — | |
Proceeds from the redemption of FHLB and other bank stock | 43,926 | | | 225 | |
| | | |
Net (increase) decrease in loans | (137,843) | | | (484,701) | |
Cash paid for premiums on bank-owned life insurance | (80) | | | (101) | |
Proceeds from life insurance | 2,292 | | | 219 | |
Purchases of premises and equipment | (6,750) | | | (4,006) | |
Proceeds from disposition of premises and equipment | 3,881 | | | 4,182 | |
Proceeds from sales of OREO | 781 | | | 2,662 | |
Net cash provided by (used in) investing activities | 159,274 | | | (338,927) | |
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)
(dollars in thousands)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Cash flows provided by (used in) financing activities | | | |
Net increase (decrease) in deposits | $ | 261,305 | | | $ | (166,862) | |
Net change in federal funds purchased and securities sold under agreements to repurchase | (46,104) | | | (35,542) | |
Proceeds from FHLB advances | 265,000 | | | — | |
Repayment of FHLB advances | (604,054) | | | (5,507) | |
Proceeds from other borrowings, net of debt issuance costs | — | | | 98,094 | |
Repayment of other borrowings | (9,000) | | | (109,000) | |
Cash dividends paid | (39,806) | | | (38,159) | |
Purchase of treasury stock | (2,209) | | | (9,912) | |
Cash paid for withholding taxes on stock-based payments | (989) | | | (878) | |
| | | |
Proceeds from stock warrants exercised | 9 | | | — | |
Issuance of treasury stock for ESPP | — | | | (271) | |
| | | |
Net cash provided by (used in) financing activities | (175,848) | | | (268,037) | |
| | | |
Net increase (decrease) in cash and cash equivalents | $ | 110,755 | | | $ | (488,946) | |
Cash and cash equivalents, beginning of period | 227,164 | | | 836,095 | |
Cash and cash equivalents, ending of period | $ | 337,919 | | | $ | 347,149 | |
| | | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | | | |
| | | |
Cash payments for: | | | |
Interest | $ | 89,572 | | | $ | 19,465 | |
Income taxes | 23,594 | | | 30,506 | |
| | | |
Non-cash investing and financing activities: | | | |
OREO acquired in settlement of loans | 144 | | | 132 | |
| | | |
Transfer of debt securities available for sale to held to maturity | — | | | 985,199 | |
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Note 1: Significant Accounting Policies
Nature of Operations
First Busey Corporation, a Nevada corporation organized in 1980, is a $12.3 billion financial holding company headquartered in Champaign, Illinois. Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.”
First Busey operates and reports its business in three segments: Banking, Wealth Management, and FirsTech.
•The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana.
•The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations.
•The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.
Basis of Financial Statement Presentation
These unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in Busey's 2022 Annual Report. These interim unaudited consolidated financial statements serve to update our 2022 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements. We prepared these unaudited consolidated financial statements in conformity with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation. These reclassifications did not have a material impact on our consolidated financial condition or results of operations.
In our opinion, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Use of Estimates
In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, Busey’s management is required to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near term relate to the fair value of debt securities available for sale, fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL.
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Impact of Recently Adopted Accounting Standards
In July 2023, the FASB issued ASU 2023-03 “Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718)” pursuant to: (i) SEC Staff Accounting Bulletin No. 120, which provided interpretive guidance related to estimating the fair value of share-based payment transactions while in possession of material non-public information; (ii) an SEC Staff Announcement at the March 24, 2022, Emerging Issues Task Force Meeting, which provided interpretive guidance on accounting for share-based payments to employees and non-employees; and (iii) Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock, which provided interpretive guidance on the reporting of income or loss applicable to common stock. This update was reflected in the Accounting Standards Codification upon issuance. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations.
In March 2022, the FASB issued ASU 2022-02 “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the TDR accounting model for creditors that have already adopted CECL. In lieu of the TDR accounting model, loan refinancing and restructuring guidance in ASC Subtopic 310-20-35-9 through 35-11 “Receivables—Nonrefundable Fees and Other Costs—Subsequent Measurement—Loan Refinancing or Restructuring” will apply to all loan modifications, including those made for borrowers experiencing financial difficulty. This standard also enhances disclosure requirements related to certain loan modifications. Additionally, this standard introduces new requirements to disclose gross write-off information in the vintage disclosures of financing receivables by credit quality indicator and class of financing receivable by year of origination. This standard applies prospectively. For the transition method related to the recognition and measurement of TDRs, there is an option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. This standard became effective for Busey beginning January 1, 2023. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations.
In March 2022, the FASB issued ASU 2022-01 “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method,” which replaces the current last-of-layer hedge accounting method with an expanded portfolio layer method that permits multiple hedged layers of a single closed portfolio. The scope of the portfolio layer method is also expanded to include non-prepayable financial assets. This update also provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. Amendments related to hedge basis adjustments which are included in this standard apply on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Amendments related to disclosure which are included in this standard may be applied on a prospective basis from the initial application date, or on a retrospective basis to each prior period presented after the date of adoption of the amendments in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This standard became effective for Busey beginning January 1, 2023. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations.
ASU 2021-08 “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” requires measurement and recognition in accordance with ASC Topic 606 “Revenue from Contracts with Customers” for contract assets and contract liabilities acquired in a business combination. This update became effective for Busey beginning January 1, 2023. This standard applied prospectively to all business combinations that occurred on or after the date of adoption. Adoption of this standard did not have an impact on Busey’s financial position or results of operations.
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Recently Issued Accounting Standards Not Yet Adopted
In March 2023, the FASB issued ASU 2023-02 “Investments—Equity Method and Joint Ventures (Topic 323),” permitting an election to use the proportional amortization method to account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits, regardless of the tax credit program from which the income tax credits are received, provided that certain conditions are met. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense. This standard must be applied on a retrospective or modified retrospective basis, and is applicable for Busey beginning on January 1, 2024. Early adoption is permitted. Busey is currently evaluating the potential effect on the Company’s financial position and results of operations, and upon adoption expects changes to be reflected in the Other Expense and Income Taxes line items in the Consolidated Statements of Income (Unaudited).
In March 2023, the FASB issued ASU 2023-01 “Leases (Topic 842): Common Control Arrangements,” which requires amortization over the useful life of leasehold improvements (not the lease term) when the lease is between entities under common control, and any value of such leasehold improvements remaining at the end of the lease term is to be accounted for as a transfer between entities under common control. This standard may be adopted either prospectively, or retrospectively, and is effective for Busey beginning January 1, 2024. Early adoption is permitted. Busey does not expect adoption of this standard to have a material impact on the Company’s financial position and results of operations.
In June 2022, the FASB issued ASU 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which clarifies that contractual restrictions on the sale of equity securities are not considered in measuring the fair value of those equity securities, and further that contractual sale restrictions cannot be recognized and measured as a separate unit of account. This standard applies prospectively, and is effective for Busey beginning January 1, 2024. Early adoption is permitted. Busey is currently evaluating the potential effect on the Company’s financial position and results of operations.
Subsequent Events
Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued. The Company issued a Form 8‑K on October 24, 2023, regarding the departure of a named executive officer, and during the fourth quarter of 2023 expects to record related severance expenses according to Schedule 1 of the Separation Letter that was filed as Exhibit 10.1 to the Form 8‑K. Other than this, there were no significant subsequent events for the quarter ended September 30, 2023, through the filing date of these unaudited consolidated financial statements.
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Note 2: Debt Securities
Busey's portfolio of debt securities includes both available for sale and held to maturity securities. The tables below provide the amortized cost, unrealized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| As of September 30, 2023 |
| Amortized Cost | | Unrealized | | Fair Value |
Gross Gains | | Gross Losses |
Debt securities available for sale | | | | | | | |
U.S. Treasury securities | $ | 51,522 | | | $ | — | | | $ | (1,392) | | | $ | 50,130 | |
Obligations of U.S. government corporations and agencies | 10,071 | | | 2 | | | (254) | | | 9,819 | |
Obligations of states and political subdivisions1 | 254,549 | | | 6 | | | (27,758) | | | 226,797 | |
Asset-backed securities | 486,517 | | | — | | | (7,069) | | | 479,448 | |
Commercial mortgage-backed securities | 120,117 | | | — | | | (19,817) | | | 100,300 | |
Residential mortgage-backed securities2 | 1,343,324 | | | — | | | (254,528) | | | 1,088,796 | |
Corporate debt securities | 251,194 | | | 91 | | | (23,734) | | | 227,551 | |
Total debt securities available for sale | $ | 2,517,294 | | | $ | 99 | | | $ | (334,552) | | | $ | 2,182,841 | |
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1.Includes securities marked at par, with no gain or loss to report.
2.Gross gains on Residential mortgage-backed securities were insignificant, rounding to zero thousand.
| | | | | | | | | | | | | | | | | | | | | | | |
| |
| Amortized Cost | | Unrecognized | | Fair Value |
Gross Gains | | Gross Losses |
Debt securities held to maturity | | | | | | | |
Commercial mortgage-backed securities | $ | 459,866 | | | $ | — | | | $ | (93,401) | | | $ | 366,465 | |
Residential mortgage-backed securities | 422,748 | | | — | | | (87,537) | | | 335,211 | |
Total debt securities held to maturity | $ | 882,614 | | | $ | — | | | $ | (180,938) | | | $ | 701,676 | |
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2022 |
| Amortized Cost | | Unrealized | | Fair Value |
Gross Gains | | Gross Losses |
Debt securities available for sale | | | | | | | |
U.S. Treasury securities | $ | 117,805 | | | $ | — | | | $ | (3,744) | |