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First Busey Corp (BUSE) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

First Busey Corp

CIK: 314489 Ticker: BUSE

 

Exhibit 99.1

 

October 27, 2020

 

First Busey Announces 2020 Third Quarter Earnings

Champaign, IL – (Nasdaq: BUSE)

 

Message from our Chairman & CEO

 

Positive advances in the third quarter of 2020 compared to the second quarter of 2020 and third quarter of 2019

 

•             Third quarter 2020 net income and adjusted net income1 increased to $30.8 million and $32.8 million, respectively

Third quarter 2020 diluted earnings per share of $0.56 and adjusted earnings per share1 of $0.60 compared to $0.47 and $0.48, respectively, in the second quarter of 2020

Non-interest income of $32.3 million increased in third quarter 2020 compared to $28.0 million in second quarter 2020, non- interest income represents 32% of revenue in the third quarter of 2020

Non-interest expense of $56.5 million and non-interest expense excluding non-operating adjustments1 of $54.0 million in third quarter 2020 decreased compared to third quarter of 2019 of $68.1 million and $60.5 million, respectively

Total assets decreased from $10.84 billion at June 30 ,2020, to $10.54 billion at September 30, 2020
Tangible book value per common share1 of $16.32 at September 30, 2020 as compared to $15.92 at June 30, 2020 and $15.12 at September 30, 2019, an increase of 7.9% over September 30, 2019

Wealth assets under care of $9.50 billion for the third quarter are within 2% of December 31, 2019 $9.70 billion high water mark

•              For additional information, please refer to the 3Q20 Quarterly Earnings Supplement

 

Third Quarter Financial Results

 

The net income for First Busey Corporation (“First Busey” or the “Company”) for the third quarter of 2020 was $30.8 million, or $0.56 per diluted common share, as compared to $25.8 million, or $0.47 per diluted common share, for the second quarter of 2020 and $24.8 million, or $0.45 per diluted common share, for the third quarter of 2019.  Adjusted net income1 for the third quarter of 2020 was $32.8 million, or $0.60 per diluted common share, as compared to $26.2 million, or $0.48 per diluted common share, for the second quarter of 2020 and $30.5 million, or $0.55 per diluted common share, for the third quarter of 2019. For the third quarter of 2020, annualized return on average assets and annualized return on average tangible common equity1 were 1.15% and 13.92%, respectively.  Based on adjusted net income1, annualized return on average assets was 1.22% and annualized return on average tangible common equity1 was 14.81% for the third quarter of 2020.

 

Pre-provision net revenue1 for the third quarter of 2020 was $45.9 million as compared to $45.4 million for the second quarter of 2020 and $35.9 million for the third quarter of 2019. Adjusted pre-provision net revenue1 for the third quarter of 2020 was $48.7 million as compared to $46.4 million for the second quarter of 2020 and $43.6 million for the third quarter of 2019. Pre-provision net revenue to average assets1 for the third quarter of 2020 was 1.71% as compared to 1.76% for the second quarter of 2020 and 1.48% for the third quarter of 2019. Adjusted pre-provision net revenue to average assets1 for the third quarter of 2020 was 1.81% as compared to 1.80% for the second quarter of 2020 and 1.79% for the third quarter of 2019.

 

The Company views certain non-operating items, including acquisition-related and other restructuring charges, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). Non-operating pretax adjustments for the third quarter of 2020 included $0.3 million of expenses related to prior acquisitions and $2.2 million of other restructuring costs. The Company believes that non-GAAP measures (including adjusted pre-provision net revenue, adjusted net income, adjusted earnings per share, adjusted return on average assets, adjusted net interest margin, adjusted efficiency ratio, tangible common equity, tangible common equity to tangible assets, tangible book value per share and return on average tangible common equity), facilitate the assessment of its financial results and peer comparability. A reconciliation of these non-GAAP measures is included in tabular form at the end of this release.

 

1 A Non-GAAP financial measure. See “Non-GAAP Financial Information” below for reconciliation.

 


The following information was filed by First Busey Corp (BUSE) on Tuesday, October 27, 2020 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - The Banc Ed Corp. (Details)
Borrowings
Borrowings (Tables)
Borrowings - Amended And Restated Credit Agreement (Details)
Borrowings - Long-Term Debt (Details)
Borrowings - Senior Notes And Subordinate Notes (Details)
Borrowings - Short-Term Borrowings (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 Lock 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)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (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)
Leases
Leases (Tables)
Leases - Future Rent Commitments (Details)
Leases - Lease Cost And Other Lease Information (Details)
Leases - Narrative (Details)
Operating Segments And Related Information
Operating Segments And Related Information (Details)
Operating Segments And Related Information (Tables)
Outstanding Commitments And Contingent Liabilities
Outstanding Commitments And Contingent Liabilities (Details)
Outstanding Commitments And Contingent Liabilities (Tables)
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 - Distribution Of Portfolio Loans (Details)
Portfolio Loans - Loans Identified As Impaired, Segregated By Category (Details)
Portfolio Loans - Narrative (Details)
Portfolio Loans - Risk Grades Of Portfolio Loans By Origination Year (Details)
Portfolio Loans - Summary Of Risk Grades Segregated By Category (Details)
Portfolio Loans - Summary Of Tdr Loans (Details)
Regulatory Capital
Regulatory Capital (Details)
Regulatory Capital (Tables)
Securities
Securities (Tables)
Securities - General Disclosures (Details)
Share-Based Compensation
Share-Based Compensation (Details)
Share-Based Compensation (Tables)
Share-Based Compensation - Award Status (Details)
Share-Based Compensation - Options Outstanding (Details)
Share-Based Compensation - Restricted And Deferred Stock Units (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Impact Of New Financial Accounting Standards (Details)
Significant Accounting Policies - Impact Of Topic 326 (Details)
Significant Accounting Policies - Impacts Of Covid-19 (Details)
Significant Accounting Policies - Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

First Busey Corp provided additional information to their SEC Filing as exhibits

Ticker: BUSE
CIK: 314489
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-012929
Submitted to the SEC: Thu Nov 05 2020 5:02:14 PM EST
Accepted by the SEC: Thu Nov 05 2020
Period: Wednesday, September 30, 2020
Industry: State Commercial Banks

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