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First Busey Corp (BUSE) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

First Busey Corp

CIK: 314489 Ticker: BUSE
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January 25, 2022

First Busey Announces 2021 Fourth Quarter Earnings

CHAMPAIGN, IL – (GLOBE NEWSWIRE) – First Busey Corporation (Nasdaq: BUSE)

Message from our Chairman & CEO

Fourth Quarter 2021 Highlights:

Fourth quarter 2021 net income of $29.9 million and diluted EPS of $0.53
Fourth quarter 2021 adjusted net income1 of $34.3 million and adjusted diluted EPS1 of $0.61
Full year 2021 net income of $123.4 million and diluted EPS of $2.20
Full year 2021 adjusted net income1 of $137.1 million and adjusted diluted EPS1 of $2.45
Core loan growth, excluding Paycheck Protection Program (“PPP”) loans, of $141.6 million, or 2.0%, in the fourth quarter
Wealth management assets under care of $12.73 billion at December 31, 2021, up from $12.36 billion at September 30, 2021, and $10.23 billion at December 31, 2020, which represents 24.5% year-over-year growth
FirsTech revenue2 of $4.9 million for the fourth quarter of 2021, up from $4.3 million for the fourth quarter of 2020, representing 16.4% year-over-year growth
Noninterest income, excluding security gains, accounted for 32.9% of total revenue in the fourth quarter of 2021, compared to 28.9% in the fourth quarter of 2020, supported by continued growth in wealth management, payment technology solutions, and customer service fees
Completed previously announced service center closures in November 2021 as part of our Personal Banking Transformation Plan, which resulted in the consolidation of 17 branches across our various markets.  As a result, our average deposits per branch increased to approximately $185.7 million in the fourth quarter of 2021, compared to $144.2 million in the third quarter of 2021.
For additional information, please refer to the 4Q21 Quarterly Earnings Supplement

Fourth Quarter Financial Results

Net income for First Busey Corporation (“First Busey” or the “Company”) for the fourth quarter of 2021 was $29.9 million, or $0.53 per diluted common share, compared to $25.9 million, or $0.46 per diluted common share, for the third quarter of 2021, and $28.3 million, or $0.52 per diluted common share, for the fourth quarter of 2020.  Adjusted net income1 for the fourth quarter of 2021 was $34.3 million, or $0.61 per diluted common share, compared to $32.8 million, or $0.58 per diluted common share, for the third quarter of 2021, and $34.3 million, or $0.62 per diluted common share, for the fourth quarter of 2020.  For the fourth quarter of 2021, annualized return on average assets and annualized return on average tangible common equity1 were 0.92% and 12.49%, respectively.  Based on adjusted net income1, annualized return on average assets was 1.05% and annualized return on average tangible common equity1 was 14.30% for the fourth quarter of 2021.

Pre-provision net revenue1 for the fourth quarter of 2021 was $34.0 million, compared to $30.5 million for the third quarter of 2021 and $38.5 million for the fourth quarter of 2020.  Adjusted pre-provision net revenue1 for the fourth quarter of 2021 was $41.1 million, compared to $39.4 million for the third quarter of 2021 and $47.2 million for the fourth quarter of 2020.  Pre-provision net revenue to average assets1 for the fourth quarter of 2021 was 1.04%, compared to 0.95% for the third quarter of 2021, and 1.47% for the fourth quarter of 2020.  Adjusted pre-provision net revenue to average assets1 for the fourth quarter of 2021 was 1.27%, compared to 1.23% for the third quarter of 2021 and 1.80% for the fourth quarter of 2020.

The Company experienced its third consecutive quarter of strong core loan growth, principally in commercial lending segments.  Loan growth (excluding PPP loans) of $141.6 million in the fourth quarter of 2021 follows $177.1 million in the third quarter and $142.0 million in the second quarter.  Over the last three quarters, the Company has generated $460.7 million in core loan growth (excluding PPP loans), equating to an annualized growth rate of 9.8%.

1 See “Non-GAAP Financial Information” for reconciliation.

2 Revenue from the Company’s subsidiary, FirsTech, Inc. (“FirsTech”), excluding consolidations and eliminations.

1


The following information was filed by First Busey Corp (BUSE) on Tuesday, January 25, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside First Busey Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - Cummins-American Corp. (Details)
Borrowings
Borrowings (Tables)
Borrowings - Long-Term Debt (Details)
Borrowings - Securities Sold Under Agreements To Repurchase (Details)
Borrowings - Senior Notes And Subordinate Notes (Details)
Borrowings - Short-Term Borrowings (Details)
Borrowings - Term Loan (Details)
Debt Securities
Debt Securities (Tables)
Debt Securities - General Disclosures (Details)
Deposits
Deposits (Details)
Deposits (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Forward Sales Commitments (Details)
Derivative Financial Instruments - Interest Rate Swaps Designated As Cash Flow Hedges (Details)
Derivative Financial Instruments - Interest Rate Swaps Not Designated As Hedges (Details)
Derivative Financial Instruments - Net Gains (Losses) Recorded In Accumulated Other Comprehensive Income (Loss) (Details)
Derivative Financial Instruments - Risk Participation Agreement (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Employee Benefit Plans (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Quantitative Information (Details)
Fair Value Measurements - General Disclosures (Details)
Fair Value Measurements - Segregated By Level Of Valuation Inputs (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Estimated Amortization Expense (Details)
Goodwill And Other Intangible Assets - Goodwill (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Junior Subordinated Debt Owed To Unconsolidated Trusts
Junior Subordinated Debt Owed To Unconsolidated Trusts (Details)
Leases
Leases (Tables)
Leases - Busey As The Lessor (Details)
Leases - Lease Cost And Other Lease Information (Details)
Leases - Lease-Related Balances (Details)
Leases - Undiscounted Lease Payments (Details)
Operating Segments And Related Information
Operating Segments And Related Information (Details)
Operating Segments And Related Information (Tables)
Other Real Estate Owned And Other Repossessed Assets
Other Real Estate Owned And Other Repossessed Assets (Details)
Other Real Estate Owned And Other Repossessed Assets (Tables)
Outstanding Commitments And Contingent Liabilities
Outstanding Commitments And Contingent Liabilities (Details)
Outstanding Commitments And Contingent Liabilities (Tables)
Parent Company Only Financial Information
Parent Company Only Financial Information (Tables)
Parent Company Only Financial Information - Balance Sheets (Details)
Parent Company Only Financial Information - Statements Of Cash Flows (Details)
Parent Company Only Financial Information - Statements Of Income (Details)
Portfolio Loans
Portfolio Loans (Tables)
Portfolio Loans - Activity In The Allowance For Loan Losses (Details)
Portfolio Loans - Analysis Of Loans Past Due And Still Accruing Or Non-Accrual Status (Details)
Portfolio Loans - Defaults On Loans Designated As Tdrs (Details)
Portfolio Loans - Loans Identified As Impaired, Segregated By Category (Details)
Portfolio Loans - Modified Loans With Payment Deferrals (Details)
Portfolio Loans - Narrative (Details)
Portfolio Loans - Risk Grades Of Portfolio Loans By Origination Year (Details)
Portfolio Loans - Summarize Tdrs (Details)
Portfolio Loans - Summary Of Risk Grades Segregated By Category (Details)
Portfolio Loans - Summary Of Tdrs (Details)
Portfolio Loans- Distribution Of Portfolio Loans (Details)
Premises And Equipment, Net
Premises And Equipment, Net (Details)
Premises And Equipment, Net (Tables)
Regulatory Capital
Regulatory Capital (Details)
Regulatory Capital (Tables)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Off-Balance Sheet Arrangements (Details)
Significant Accounting Policies - Other Asset Investments (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - 2021 Employee Stock Purchase Plan (Details)
Stock-Based Compensation - Award Status (Details)
Stock-Based Compensation - Recognized And Unamortized Expense (Details)
Stock-Based Compensation - Restricted , Performance And Deferred Stock Units (Details)
Transactions With Related Parties
Transactions With Related Parties (Details)
Transactions With Related Parties (Tables)
Ticker: BUSE
CIK: 314489
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-001928
Submitted to the SEC: Thu Feb 24 2022 4:08:58 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks

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