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First Busey Corp (BUSE) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

First Busey Corp

CIK: 314489 Ticker: BUSE

Exhibit 99.1

 

January 26, 2021  
 
First Busey Announces Fourth Quarter and Full Year 2020 Earnings
CHAMPAIGN, IL – (GLOBE NEWSWIRE) – First Busey Corporation (Nasdaq: BUSE)
 
Message from our Chairman & CEO
 

 

 

Highlights of fourth quarter and full-year 2020 financial results:

·Fourth quarter 2020 net income of $28.3 million and diluted EPS of $0.52

·Fourth quarter 2020 adjusted net income1 of $34.3 million and adjusted diluted EPS1 of $0.62, an increase from $32.8 million and $0.60, respectively, in the third quarter of 2020, and $31.8 million and $0.57, respectively, in the fourth quarter of 2019

·Full year 2020 net income of $100.3 million and diluted EPS of $1.83

·Full year 2020 adjusted net income1 of $108.7 million and adjusted diluted EPS1 of $1.98

·Tangible book value per common share1 of $16.66 at December 31, 2020, as compared to $16.32 at September 30, 2020, and $15.46 at December 31, 2019, an increase of 7.8% year-over-year

·Wealth management assets under care of $10.23 billion at December 31, 2020, up from $9.50 billion at September 30, 2020, and $9.70 billion at December 31, 2019

 

Other recent highlights:

·Completion of the previously announced branch consolidation plan

·Definitive agreement to acquire Cummins-American Corp., the holding company for Glenview State Bank

·Temporary relief via regulatory Interim Final Rule pronouncement on the interchange revenue impacts of the Durbin Amendment

·January 2021 dividend of $0.23 per common share, up from $0.22 in October 2020, which represents nearly a 5% increase

·For additional information, please refer to the 4Q20 Quarterly Earnings Supplement

 

Fourth Quarter Financial Results

Net income for First Busey Corporation (“First Busey” or the “Company”) for the fourth quarter of 2020 was $28.3 million, or $0.52 per diluted common share, as compared to $30.8 million, or $0.56 per diluted common share, for the third quarter of 2020 and $28.6 million, or $0.52 per diluted common share, for the fourth quarter of 2019.  Adjusted net income1 for the fourth quarter of 2020 was $34.3 million, or $0.62 per diluted common share, as compared to $32.8 million, or $0.60 per diluted common share, for the third quarter of 2020 and $31.8 million, or $0.57 per diluted common share, for the fourth quarter of 2019. For the fourth quarter of 2020, annualized return on average assets and annualized return on average tangible common equity1 were 1.08% and 12.58%, respectively.  Based on adjusted net income1, annualized return on average assets was 1.31% and annualized return on average tangible common equity1 was 15.21% for the fourth quarter of 2020.

 

Pre-provision net revenue1 for the fourth quarter of 2020 was $38.5 million as compared to $45.9 million for the third quarter of 2020 and $37.5 million for the fourth quarter of 2019. Adjusted pre-provision net revenue1 for the fourth quarter of 2020 was $47.2 million, as compared to $48.7 million for the third quarter of 2020 and $41.1 million for the fourth quarter of 2019. Annualized pre-provision net revenue to average assets1 for the fourth quarter of 2020 was 1.47%, as compared to 1.71% for the third quarter of 2020 and 1.53% for the fourth quarter of 2019. Annualized adjusted pre-provision net revenue to average assets1 for the fourth quarter of 2020 was 1.80%, as compared to 1.81% for the third quarter of 2020 and 1.68% for the fourth 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 fourth quarter of 2020 included $0.8 million of expenses related to acquisitions and $6.8 million of other restructuring costs. The Company believes that non-GAAP measures (including adjusted pre-provision net revenue, adjusted net income, adjusted diluted 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 See “Non-GAAP Financial Information” below.

 

 1 

 

 

In accordance with the Company’s previously announced plans, 12 banking centers were closed on October 23, 2020, as part of the Company’s efforts to ensure a balance between its physical banking center network and robust digital banking services while also optimizing operating efficiency. When fully realized, annualized expense savings net of expected associated revenue impacts are anticipated to be approximately $3.3 million. A significant majority of these cost savings began to be realized in the fourth quarter of 2020. Non-operating pretax expenses in salaries, wages and employee benefits in relation to the banking center closings were $0.6 million during the third quarter of 2020 and $0.1 million in the fourth quarter of 2020. Further, fixed asset impairment of $6.7 million was recorded during the fourth quarter of 2020 related to these banking centers.

 

On January 1, 2020, the Company adopted ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments,” commonly referenced as the Current Expected Credit Loss (“CECL”) model. Upon adoption of CECL, the Company recognized a $16.8 million increase in its allowance for credit losses, substantially attributable to the remaining loan fair value marks on prior acquisitions, and a $5.5 million increase in its reserve for unfunded commitments. Under accounting rules, the reserve for unfunded commitments is carried on the balance sheet in other liabilities rather than as a component of the allowance for credit losses. These one-time increases, net of tax, were $15.9 million and recorded as an adjustment to beginning retained earnings. Ongoing impacts of the CECL methodology will be dependent upon changes in economic conditions and forecasts, originated and acquired loan portfolio composition, credit performance trends, portfolio duration, and other factors. During the fourth quarter of 2020, the Company recorded provision for credit losses of $3.1 million, primarily as a result of economic factors and continued uncertainty due to the coronavirus disease 2019 (“COVID-19”) pandemic. An insignificant amount from provision for unfunded commitments was reversed in the fourth quarter. The allowance for credit losses increased from $53.7 million at December 31, 2019, to $101.0 million at December 31, 2020, representing 1.48% of total portfolio loans outstanding and 1.59% of portfolio loans excluding the Paycheck Protection Program (“PPP”) loans, up from 0.80% at December 31, 2019. The allowance represented 415.82% of non-performing loans at December 31, 2020.

 

Acquisition of Cummins-American Corp.

On January 19, 2020, the Company and Cummins-American Corp. (“CAC”), the holding company for Glenview State Bank (“GSB”), jointly announced the signing of a definitive agreement pursuant to which the Company will acquire CAC and GSB through a merger transaction. The partnership will enhance the Company’s existing deposit, commercial banking and wealth management presence in the Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area. It is anticipated GSB will be merged with and into Busey Bank at a date following the completion of the merger. At the time of the bank merger, GSB banking centers will become banking centers of Busey Bank.

 

Under the terms of the merger agreement, CAC’s shareholders will have the right to receive 444.4783 shares of First Busey’s common stock and $27,969.67 in cash for each share of common stock of CAC with total consideration to consist of approximately 73% cash and 27% stock. Based upon the closing price of Busey’s common stock of $23.54 on January 15, 2021, the implied per share purchase price is $38,432.69 with an aggregate transaction value of approximately $190.8 million. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions and required approvals, including the approval of CAC’s shareholders.

 

COVID-19 Update

The Company continues to navigate the economic environment caused by COVID-19 effectively and prudently. The Company entered this crisis from a position of strength and remains resolute in its focus on serving its customers, communities and associates while protecting its balance sheet. Nevertheless, the Company remains vigilant, given that the negative impacts of COVID-19 are expected to continue in future quarters as the course of the economic recovery remains unclear. These negative impacts may include further margin compression, increased provision expense, lower customer service fees and a deterioration in asset quality.

 

To alleviate some of the financial hardships qualifying customers faced as a result of COVID-19, First Busey offered an internal Financial Relief Program. The program included options for short-term loan payment deferrals and certain fee waivers. As of December 31, 2020, the Company had 98 commercial loans on payment deferrals representing $208.6 million in loans, 351 mortgage/personal loans on payment deferrals representing $47.7 million in loans and an additional loan for $0.1 million related to a purchased HELOC pool.

 

As part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), Congress appropriated approximately $349 billion for the creation of PPP and then authorized a second phase for another $310 billion in PPP loans. The program provided payroll assistance for the nation’s nearly 30 million small businesses—and select nonprofits—in the form of 100% government-guaranteed low-interest loans from the U.S. Small Business Administration (“SBA”). First Busey served as a bridge for the program, actively helping existing and new business clients sign up for this important financial resource, and originated a total of $749.4 million in PPP loans representing 4,569 new and existing customers. At December 31, 2020, First Busey had $451.5 million in PPP loans outstanding, with an amortized cost of $446.4 million, representing 2,922 customers. As of December 31, 2020, the Company had received approximately $287.8 million in borrower loan forgiveness from the SBA and had submitted forgiveness applications to the SBA on behalf of borrowers for another $167.4 million.

 

 2 

 

 

On December 27, 2020, the Economic Aid Act became law, extending the authority to make PPP loans through March 31, 2021 and revising certain PPP requirements. On January 6, 2021, the SBA issued Interim Final Rules related to first and second draw loans under the PPP. The Company is actively assisting customers under the extended PPP programs.

 

Regulatory Relief

On November 20, 2020, the federal bank regulatory agencies announced an Interim Final Rule, providing temporary relief for certain community banking organizations related to certain regulations and reporting requirements as a result of growth in size from the COVID-19 response. Programs, including the PPP, caused many community banking organizations to experience rapid and unexpected increases in size, which generally are expected to be temporary. Under the interim rule, which applies to financial institutions with less than $10 billion in total assets as of December 31, 2019, community banks that have crossed a relevant threshold will have until 2022 to either reduce their size or prepare for new regulatory and reporting standards. Asset growth in 2020 or 2021 will not trigger new regulatory requirements for the banks until January 1, 2022. The Company will be provided relief under this rule with respect to the interchange revenue impacts of the Durbin Amendment.

 

Announced Dividend Increase

The Company will pay a cash dividend on January 29, 2021 of $0.23 per common share to stockholders of record as of January 22, 2021, which represents nearly a 5% increase from the previous quarterly dividend of $0.22 per common share.

 

Community Bank

First Busey’s goal of being a strong community bank for the communities it serves begins with outstanding associates. The Company is honored to be named among the 2020 Best Banks to Work For by American Banker, the 2020 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2020 Best Companies to Work For in Florida by Florida Trend magazine, the 2020 Best Place to Work in Indiana by the Indiana Chamber of Commerce, and the 2020 Best Places to Work in Money Management by Pensions and Investments.

 

As we reflect back on 2020 and look ahead to 2021, the Company remains steadfast in our commitment to the customers and communities we serve. The pending CAC transaction fits with our acquisition strategy as the addition of GSB will grow the Company’s current geographic footprint, allowing the Company to serve customers by expanding in the Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area and significantly adding to the Company’s wealth management business. We are excited to welcome our CAC colleagues into the Busey family and feel confident that this transaction and our continued efforts will lead to attractive financial returns in future periods.

 

 

/s/ Van A. Dukeman

Chairman, President & Chief Executive Officer

First Busey Corporation

 

 3 

 

 


SELECTED FINANCIAL HIGHLIGHTS1
(dollars in thousands, except per share data)
  

As of and for the

Three Months Ended

  

As of and for the

Year Ended

 
   December 31,   September 30,   June 30,   December 31,   December 31,   December 31, 
   2020   2020   2020   2019   2020   2019 
EARNINGS & PER SHARE DATA                              
Net income  $28,345   $30,829   $25,806   $28,571   $100,344   $102,953 
Diluted earnings per share   0.52    0.56    0.47    0.52    1.83    1.87 
Cash dividends paid per share   0.22    0.22    0.22    0.21    0.88    0.84 
Pre-provision net revenue2,3   38,507    45,922    45,394    37,479    165,672    144,862 
Revenue4   102,580    102,464    98,462    102,969    399,869    403,656 
Net income by operating segment                              
Banking  $28,573   $31,744   $25,985   $29,573   $101,226   $106,409 
Remittance Processing   406    578    528    958    2,372    4,060 
Wealth Management   3,334    3,166    3,082    3,465    13,181    11,135 
AVERAGE BALANCES                              
Cash and cash equivalents  $551,844   $836,097   $563,022   $533,519   $607,525   $427,223 
Investment securities   2,077,284    1,824,327    1,717,790    1,677,962    1,840,100    1,769,291 
Loans held for sale   52,745    104,965    108,821    68,480    82,106    38,447 
Portfolio loans   6,990,414    7,160,757    7,216,825    6,657,283    7,006,946    6,469,920 
Interest-earning assets   9,557,265    9,805,948    9,485,200    8,810,505    9,417,938    8,590,262 
Total assets   10,419,364    10,680,995    10,374,820    9,713,858    10,292,256    9,443,690 
                               
Non-interest bearing deposits   2,545,830    2,592,130    2,472,568    1,838,523    2,364,442    1,746,938 
Interest-bearing deposits   5,985,020    6,169,377    6,073,795    6,052,529    6,077,539    5,927,154 
Total deposits   8,530,850    8,761,507    8,546,363    7,891,052    8,441,981    7,674,092 

Securities sold under agreements to

repurchase

   194,610    190,046    184,208    204,076    187,811    196,681 
Interest-bearing liabilities   6,482,475    6,694,561    6,527,709    6,537,611    6,554,428    6,414,969 
Total liabilities   9,158,066    9,432,547    9,141,550    8,489,411    9,051,882    8,257,563 
Stockholders' common equity   1,261,298    1,248,448    1,233,270    1,224,447    1,240,374    1,186,127 

Tangible stockholders' common

Equity3

   896,178    880,958    863,571    845,179    871,750    814,461 
PERFORMANCE RATIOS                              

Pre-provision net revenue to

average assets2,3

   1.47%   1.71%   1.76%   1.53%   1.61%   1.53%
Return on average assets   1.08%   1.15%   1.00%   1.17%   0.97%   1.09%
Return on average common equity   8.94%   9.82%   8.42%   9.26%   8.09%   8.68%

Return on average tangible

common equity3

   12.58%   13.92%   12.02%   13.41%   11.51%   12.64%
Net interest margin3,5   3.06%   2.86%   3.03%   3.27%   3.03%   3.38%
Efficiency ratio3   59.70%   52.42%   50.97%   60.54%   55.68%   61.29%

Non-interest revenue as a % of total

revenue4

   28.90%   31.92%   28.08%   30.14%   29.24%   28.84%
NON-GAAP INFORMATION                              
Adjusted pre-provision net revenue2,3  $47,156   $48,701   $46,448   $41,131   $180,516   $166,156 
Adjusted net income3   34,255    32,803    26,191    31,782    108,728    118,429 
Adjusted diluted earnings per share3   0.62    0.60    0.48    0.57    1.98    2.15 

Adjusted pre-provision net revenue

to average assets3

   1.80%   1.81%   1.80%   1.68%   1.75%   1.76%
Adjusted return on average assets3   1.31%   1.22%   1.02%   1.30%   1.06%   1.25%

Adjusted return on average tangible

common equity3

   15.21%   14.81%   12.20%   14.92%   12.47%   14.54%
Adjusted net interest margin3,5   2.96%   2.75%   2.93%   3.14%   2.92%   3.23%
Adjusted efficiency ratio3   52.39%   49.97%   50.48%   57.02%   53.02%   56.35%

1 Results are unaudited.

2 Net interest income plus non-interest income, excluding security gains and losses, less non-interest expense.

3 See “Non-GAAP Financial Information” below.

4 Revenue consist of net interest income plus non-interest income, excluding security gains and losses.

5 On a tax-equivalent basis, assuming a federal income tax rate of 21%.

 

 4 

 

 


Condensed Consolidated Balance Sheets1
  As of  
(dollars in thousands, except per share data)   December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  
Assets                                        
Cash and cash equivalents   $ 688,537     $ 479,721     $ 1,050,072     $ 342,848     $ 529,288  
Investment securities     2,266,717       2,098,657       1,701,992       1,770,881       1,654,209  
                                         
Loans held for sale     42,813       87,772       108,140       89,943       68,699  
                                         
Commercial loans     5,368,897       5,600,705       5,637,999       5,040,507       4,943,646  
Retail real estate and retail other loans     1,445,280       1,520,606       1,591,021       1,704,992       1,743,603  
Portfolio loans   $ 6,814,177     $ 7,121,311     $ 7,229,020     $ 6,745,499     $ 6,687,249  
                                         
Allowance     (101,048 )     (98,841 )     (96,046 )     (84,384 )     (53,748 )
Premises and equipment     135,191       144,001       146,951       149,772       151,267  
Goodwill and other intangibles     363,521       365,960       368,053       370,572       373,129  
Right of use asset     7,714       7,251       8,511       9,074       9,490  
Other assets     326,425       333,796       319,272       327,200       276,146  
Total assets   $ 10,544,047     $ 10,539,628     $ 10,835,965     $ 9,721,405     $ 9,695,729  
                                         
Liabilities & Stockholders' Equity                                        
Non-interest bearing deposits   $ 2,552,039     $ 2,595,075     $ 2,764,408     $ 1,910,673     $ 1,832,619  

Interest-bearing checking, savings, and money

market deposits

    5,006,462       4,819,859       4,781,761       4,580,547       4,534,927  
Time deposits     1,119,348       1,227,767       1,363,497       1,482,013       1,534,850  
Total deposits   $ 8,677,849     $ 8,642,701     $ 8,909,666     $ 7,973,233     $ 7,902,396  
                                         

Securities sold under agreements to

repurchase

    175,614       201,641       194,249       167,250       205,491  
Short-term borrowings     4,658       4,651       24,648       21,358       8,551  
Long-term debt     226,792       226,801       256,837       134,576       182,522  

Junior subordinated debt owed to

unconsolidated trusts

    71,468       71,427       71,387       71,347       71,308  
Lease liability     7,757       7,342       8,601       9,150       9,552  
Other liabilities     109,840       129,360       134,493       126,906       95,475  
Total liabilities   $ 9,273,978     $ 9,283,923     $ 9,599,881     $ 8,503,820     $ 8,475,295  
Total stockholders' equity   $ 1,270,069     $ 1,255,705     $ 1,236,084     $ 1,217,585     $ 1,220,434  
Total liabilities & stockholders' equity   $ 10,544,047     $ 10,539,628     $ 10,835,965     $ 9,721,405     $ 9,695,729  
                                         
Share Data                                        
Book value per common share   $ 23.34     $ 23.03     $ 22.67     $ 22.38     $ 22.28  
Tangible book value per common share2   $ 16.66     $ 16.32     $ 15.92     $ 15.57     $ 15.46  
Ending number of common shares outstanding     54,404,379       54,522,231       54,516,000       54,401,208       54,788,772  

 

1 Results are unaudited except for amounts reported as of December 31, 2019.

2 See “Non-GAAP Financial Information” below, excludes tax effect of other intangible assets.

 

 5 

 

 

 

Condensed Consolidated Statements of Income1

(dollars in thousands, except per share data)

 

   For the   For the 
   Three Months Ended December 31,   Year Ended December 31, 
   2020   2019   2020   2019 
Interest and fees on loans  $71,525   $76,290   $284,959   $304,193 
Interest on investment securities   9,651    10,682    39,916    45,721 
Other interest income   127    1,824    1,723    6,320 
Total interest income  $81,303   $88,796   $326,598   $356,234 
                     
Interest on deposits   4,638    13,670    30,691    55,077 
Interest on securities sold under agreements to repurchase   64    559    660    2,348 
Interest on short-term borrowings   19    156    234    1,041 
Interest on long-term debt   2,906    1,719    9,118    7,131 
Interest on junior subordinated debt owed to unconsolidated trusts   740    756    2,960    3,414 
Total interest expense  $8,367   $16,860   $43,663   $69,011 
                     
Net interest income  $72,936   $71,936   $282,935   $287,223 
Provision for credit losses   3,141    2,367    38,797    10,406 
Net interest income after provision for credit losses  $69,795   $69,569   $244,138   $276,817 
                     
Wealth management fees   10,632    11,223    42,928    38,561 
Fees for customer services   8,204    9,048    31,604    36,683 
Remittance processing   3,930    3,765    15,396    15,042 
Mortgage revenue   3,159    3,576    13,038    11,703 
Income on bank owned life insurance   1,019    1,142    5,380    5,795 
Security gains (losses), net   855    605    1,331    (18)
Other   2,700    2,279    8,588    8,649 
Total non-interest income  $30,499   $31,638   $118,265   $116,415 
                     
Salaries, wages and employee benefits   31,322    35,117    126,719    140,473 
Data processing   4,043    6,462    16,426    21,511 
Net occupancy expense of premises   4,188    4,811    17,607    18,176 
Furniture and equipment expense   2,239    2,570    9,550    9,506 
Professional fees   2,888    2,103    8,396    11,104 
Amortization of intangible assets   2,439    2,681    10,008    9,547 
Other   16,954    11,746    45,491    48,477 
Total non-interest expense  $64,073   $65,490   $234,197   $258,794 
                     
Income before income taxes  $36,221   $35,717   $128,206   $134,438 
Income taxes   7,876    7,146    27,862    31,485 
Net income  $28,345   $28,571   $100,344   $102,953 
                     
Per Share Data                    
Basic earnings per common share  $0.52   $0.52   $1.84   $1.88 
Diluted earnings per common share  $0.52   $0.52   $1.83   $1.87 
Average common shares outstanding   54,532,705    55,055,530    54,567,429    54,851,652 
Diluted average common shares outstanding   54,911,458    55,363,258    54,826,939    55,132,494 

 

1 Results are unaudited. 

 

 6 

 

 

Balance Sheet Growth

 

Total assets were $10.54 billion at December 31, 2020 and September 30, 2020, up from $9.70 billion at December 31, 2019. At December 31, 2020, portfolio loans were $6.81 billion, as compared to $7.12 billion as of September 30, 2020 and $6.69 billion as of December 31, 2019. The amortized cost of PPP loans of $446.4 million are included in the December 31, 2020 balance. When excluding the PPP loans, total commercial loans increased by $58.2 million and retail real estate and retail other loans declined by $75.3 million during the fourth quarter.

 

Average portfolio loans were $6.99 billion for the fourth quarter of 2020 as compared to $7.16 billion for the third quarter of 2020 and $6.66 billion in the fourth quarter of 2019. The average balance of PPP loans in the fourth quarter of 2020 were $608.9 million compared to $734.2 million in the third quarter of 2020. Average interest-earning assets for the fourth quarter of 2020 were $9.56 billion compared to $9.81 billion for the third quarter of 2020 and $8.81 billion for the fourth quarter of 2019.

 

Total deposits were $8.68 billion at December 31, 2020, compared to $8.64 billion at September 30, 2020 and $7.90 billion at December 31, 2019. Recent fluctuations in deposit balances can be attributed to the retention of PPP loan funding in customer deposit accounts, the impacts of economic stimulus, other core deposit growth and the seasonality of public funds, as well as the Company’s efforts to efficiently manage the size of its balance sheet. The Company remains funded substantially through core deposits with significant market share in its primary markets.

 

Net Interest Margin and Net Interest Income

 

Net interest margin for the fourth quarter of 2020 was 3.06%, compared to 2.86% for the third quarter of 2020 and 3.27% for the fourth quarter of 2019. Net interest income was $72.9 million in the fourth quarter of 2020 compared to $69.8 million in the third quarter of 2020 and $71.9 million in the fourth quarter of 2019.

 

During the fourth quarter of 2020, PPP loan interest and net fees combined were $9.5 million, contributing 21 basis points to net interest margin, as compared to $6.1 million and 4 basis points in the third quarter of 2020. The Federal Open Market Committee rate cuts during the first quarter of 2020 contributed to the decline in net interest margin over the year, as assets, in particular commercial loans, repriced more quickly and to a greater extent than liabilities.

 

Net interest margin was also negatively impacted by the sizeable balance of lower-yielding PPP loans, the Company’s significant liquidity position and the issuance of subordinated debt completed during the second quarter. Those impacts were partially offset by the Company’s efforts to lower deposit funding costs (cost of deposits declined to 0.22% in the fourth quarter of 2020, as compared to 0.69% in the fourth quarter of 2019) as well as the fees recognized related to the PPP loans described above.

 

Asset Quality

 

The Company continues to see sound and stable asset quality metrics. Loans 30-89 days past due were $7.6 million as of December 31, 2020, compared to $6.7 million as of September 30, 2020 and $14.3 million as of December 31, 2019. Non-performing loans totaled $24.3 million as of December 31, 2020, compared to $24.2 million as of September 30, 2020, and $29.5 million as of December 31, 2019. Continued disciplined credit management resulted in non-performing loans as a percentage of total loans of 0.36% at December 31, 2020, as compared to 0.34% at September 30, 2020 and 0.44% at December 31, 2019. Non-performing loans as a percentage of total loans, excluding the amortized cost of PPP loans, was 0.38% at December 31, 2020.

 

Net charge-offs totaled $0.9 million for the quarter ended December 31, 2020 compared to $2.8 million and $1.6 million for the quarters ended September 30, 2020 and December 31, 2019, respectively. The allowance as a percentage of portfolio loans increased to 1.48% at December 31, 2020, as compared to 1.39% at September 30, 2020 and 0.80% at December 31, 2019. The allowance as a percentage of portfolio loans, excluding the amortized cost of PPP loans, was 1.59% at December 31, 2020. The allowance as a percentage of non-performing loans increased to 415.82% at December 31, 2020 compared to 408.82% at September 30, 2020 and 182.15% at December 31, 2019.

 

As a matter of policy and practice, the Company limits the level of concentration exposure in any particular loan segment and maintains a well-diversified loan portfolio.

 

 7 

 

 

Asset Quality1

 

(dollars in thousands)  As of and for the Three Months Ended 
   December 31,   September 30,   June 30,   March 31,   December 31, 
   2020   2020   2020   2020   2019 
Portfolio loans  $6,814,177   $7,121,311   $7,229,020   $6,745,499   $6,687,249 
Portfolio loans excluding amortized cost of PPP loans   6,367,774    6,384,916    6,499,734    6,745,499    6,687,249 
Loans 30-89 days past due   7,578    6,708    5,166    10,150    14,271 
Non-performing loans:                         
Non-accrual loans   22,930    23,898    25,095    25,672    27,896 
Loans 90+ days past due   1,371    279    285    1,540    1,611 
Total non-performing loans  $24,301   $24,177   $25,380   $27,212   $29,507 
Total non-performing loans, segregated by geography                         
Illinois/ Indiana   16,234    15,097    16,285    17,761    20,428 
Missouri   6,764    6,867    5,327    5,711    5,227 
Florida   1,303    2,213    3,768    3,740    3,852 
Other non-performing assets   4,571    4,978    3,755    3,553    3,057 
Total non-performing assets  $28,872   $29,155   $29,135   $30,765   $32,564 
Total non-performing assets to total assets   0.27%   0.28%   0.27%   0.32%   0.34%
Total non-performing assets to portfolio loans and non- performing assets   0.42%   0.41%   0.40%   0.46%   0.49%
Allowance to portfolio loans   1.48%   1.39%   1.33%   1.25%   0.80%
Allowance to portfolio loans, excluding PPP   1.59%   1.55%   1.48%   1.25%   0.80%
Allowance as a percentage of non-performing loans   415.82%   408.82%   378.43%   310.10%   182.15%
Net charge-offs  $934   $2,754   $1,229   $3,413   $1,584 
Provision   3,141    5,549    12,891    17,216    2,367 

 

1 Results are unaudited.  

 

Non-Interest Income

 

Total non-interest income of $30.5 million for the fourth quarter of 2020 decreased as compared to $32.3 million for the third quarter of 2020 and $31.6 million in the fourth quarter of 2019. The decline in non-interest income in the fourth quarter of 2020 compared to the third quarter of 2020 is substantially attributable to lower mortgage revenue, which is described further below. Revenues from wealth management fees and remittance processing activities represented 47.7% of the Company’s non-interest income for the quarter ended December 31, 2020, providing a balance to spread-based revenue from traditional banking activities.

 

Wealth management fees were $10.6 million for the fourth quarter of 2020, an increase from $10.5 million for the third quarter of 2020 but a decrease from $11.2 million for the fourth quarter of 2019. Net income from the Wealth Management segment was $3.3 million for the fourth quarter of 2020, an increase from $3.2 million for the third quarter of 2020 but a decrease from $3.5 million in the fourth quarter of 2019. First Busey’s Wealth Management division ended the fourth quarter of 2020 with $10.23 billion in assets under care as compared to $9.50 billion at the end of the third quarter of 2020 and $9.70 billion at the end of the fourth quarter 2019.

 

Remittance processing revenue from the Company’s subsidiary, FirsTech, of $3.9 million for the fourth quarter of 2020 decreased from $4.0 million for the third quarter of 2020 but increased from $3.8 million in the fourth quarter of 2019. The Remittance Processing operating segment generated net income of $0.4 million for the fourth quarter of 2020 compared to $0.6 million for the third quarter of 2020 and $1.0 million in the fourth quarter of 2019. The net income decline in 2020 is attributable to the cost of strategic planning initiatives to enhance future growth.

 

 8 

 

 

Fees for customer services were $8.2 million for the fourth quarter of 2020, an increase from $8.0 million for the third quarter of 2020, but below the $9.0 million reported for the fourth quarter of 2019. Fees for customer services have been impacted by changing customer behaviors resulting from COVID-19.

 

Mortgage revenue of $3.2 million in the fourth quarter of 2020 decreased compared to $5.8 million in the third quarter of 2020 and $3.6 million in the fourth quarter of 2019. The decrease in the fourth quarter of 2020 was due to closed and sold loan volume declines and increased mortgage servicing revenue (“MSR”) amortization.

 

Operating Efficiency

 

Total non-interest expense was $64.1 million in the fourth quarter of 2020 as compared to $56.5 million in the third quarter of 2020 and $65.5 million in the fourth quarter of 2019. Non-interest expense including amortization of intangible assets but excluding non-operating adjustment items1 was $56.5 million in the fourth quarter of 2020 as compared to $54.0 million in the third quarter of 2020 and $61.8 million in the fourth quarter of 2019.

 

The efficiency ratio was 59.70% for the quarter ended December 31, 2020 compared to 52.42% for the quarter ended September 30, 2020 and 60.54% for the quarter ended December 31, 2019. The adjusted efficiency ratio1 was 52.39% for the quarter ended December 31, 2020, 49.97% for the quarter ended September 30, 2020, and 57.02% for the quarter ended December 31, 2019. The Company remains focused on expense discipline.

 

Noteworthy components of non-interest expense are as follows:

 

·Salaries, wages and employee benefits were $31.3 million in the fourth quarter of 2020, a decrease from $32.8 million in the third quarter of 2020 and $35.1 million from the fourth quarter of 2019. Excluding non-operating adjustments1, salaries, wages and employee benefits increased from $30.8 million in the third quarter of 2020 to $31.2 million in the fourth quarter of 2020. The third quarter of 2020 included $2.0 million in non-operating severance expense related to the banking center closures and operating model reorganization. Total full-time equivalents at December 31, 2020 numbered 1,346 compared to 1,371 at September 30, 2020 and 1,531 at December 31, 2019, a decline of 12% year-over-year.

 

·Data processing expenses were $4.0 million in the fourth quarter of 2020 as compared to $3.9 million in the third quarter of 2020 and $6.5 million in the fourth quarter of 2019. The fourth quarter of 2019 included $1.4 million of non-operating expenses related to payment of merger and conversion expenses.

 

·Other expense in the fourth quarter of 2020 of $17.0 million increased as compared to $9.0 million in the third quarter of 2020 and $11.7 million in the fourth quarter of 2019. Non-operating pretax acquisition expenses and other restructuring costs recorded in the fourth quarter of 2020 included $6.9 million of fixed asset impairments related to the October 2020 banking centers closures and further impairment on a banking center that had been closed related to a past acquisition. Excluding those items, other expense increased $1.1 million in the quarter, primarily related to Federal new market tax credit amortization which reduces income taxes.

 

Capital Strength

 

The Company's strong capital levels, coupled with its earnings, have allowed First Busey to provide a steady return to its stockholders through dividends.  The Company will pay a cash dividend on January 29, 2021 of $0.23 per common share to stockholders of record as of January 22, 2021, which represents nearly a 5% increase from the previous quarterly dividend of $0.22 per common share. The Company has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980.

 

As of December 31, 2020, the Company continued to exceed the capital adequacy requirements necessary to be considered “well-capitalized” under applicable regulatory guidelines. The Company’s tangible common equity1 (“TCE”) was $921.1 million at December 31, 2020, compared to $905.0 million at September 30, 2020 and $864.6 million at December 31, 2019. TCE represented 9.03% of tangible assets at December 31, 2020, compared to 8.88% at September 30, 2020 and 9.26% at December 31, 2019.1

 

1 See “Non-GAAP Financial Information” below.

 

 9 

 

 

4Q20 Quarterly Earnings Supplement

 

For additional information on the Company’s response to COVID-19, financial condition and operating results, please refer to the 4Q20 Quarterly Earnings Supplement presentation furnished via Form 8-K on January 26, 2021, in conjunction with this earnings release.

 

Corporate Profile

 

As of December 31, 2020, First Busey Corporation (Nasdaq: BUSE) was a $10.54 billion financial holding company headquartered in Champaign, Illinois.

 

Busey Bank, the wholly-owned bank subsidiary of First Busey Corporation, had total assets of $10.52 billion as of December 31, 2020 and is headquartered in Champaign, Illinois. Busey Bank currently has 53 banking centers serving Illinois, ten banking centers serving Missouri, four banking centers serving southwest Florida and a banking center in Indianapolis, Indiana. Through Busey Bank’s Wealth Management division, the Company provides asset management, investment and fiduciary services to individuals, businesses and foundations. As of December 31, 2020, assets under care were $10.23 billion. Busey Bank owns a retail payment processing subsidiary, FirsTech, Inc., which processes approximately 28 million transactions for a total of $8.3 billion on an annual basis. FirsTech, Inc. operates across all of North America, providing payment solutions which include but are not limited to; electronic payments, mobile payments, phone payments, remittance processing, in person payments and merchant services. FirsTech, Inc. partners with 5,800+ agents across the U.S. More information about FirsTech, Inc. can be found at firstechpayments.com.

 

Busey has been named a Best Place to Work across the company footprint since 2016 by Best Companies Group. We are honored to be consistently recognized by national and local organizations for our engaged culture of integrity and commitment to community development.

 

For more information about us, visit busey.com.

 

Category: Financial 

Source: First Busey Corporation

 

Contacts:

 

Jeffrey D. Jones, Chief Financial Officer 

217-365-4130

 

 10 

 

 

 

Non-GAAP Financial Information

 

This earnings release contains certain financial information determined by methods other than GAAP. These measures include adjusted pre-provision net revenue, adjusted net income, adjusted diluted 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. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of the Company’s performance and in making business decisions. Management also uses these measures for peer comparisons.

 

A reconciliation to what management believes to be the most direct compared GAAP financial measures, specifically total net interest income in the case of adjusted pre-provision net revenue, net income in the case of adjusted net income, adjusted diluted earnings per share and adjusted return on average assets, total net interest income in the case of adjusted net interest margin, total non-interest income and total non-interest expense in the case of adjusted efficiency ratio, and total stockholders’ equity in the case of tangible common equity, tangible common equity to tangible assets, tangible book value per share and return on average tangible common equity, appears below. The Company believes the adjusted measures are useful for investors and management to understand the effects of certain non-recurring non-interest items and provide additional perspective on the Company’s performance over time as well as comparison to the Company’s peers.

 

These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for the results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates or effective rates as appropriate.

 

Reconciliation of Non-GAAP Financial Measures – Adjusted Pre-Provision Net Revenue
(dollars in thousands)

 

   Three Months Ended   Year Ended 
  

December 31,

2020

   September 30,
2020
   December 31,
2019
  

December 31,

2020

   December 31,
2019
 
Net interest income  $72,936   $69,753   $71,936   $282,935   $287,223 
Non-interest income   30,499    32,285    31,638    118,265    116,415 
Less securities (gains) and losses, net   (855)   426    (605)   (1,331)   18 
Non-interest expense   (64,073)   (56,542)   (65,490)   (234,197)   (258,794)
Pre-provision net revenue  $38,507   $45,922   $37,479   $165,672   $144,862 
                          
Acquisition and other restructuring expenses   7,550    2,529    3,652    10,711    20,094 
Provision for unfunded commitments   (12)   250    -    1,822    - 
New Market Tax Credit amortization   1,111    -    -    2,311    1,200 
Adjusted pre-provision net revenue  $47,156   $48,701   $41,131   $180,516   $166,156 
                          
Average total assets  $10,419,364   $10,680,995   $9,713,858   $10,292,256   $9,443,690 
                          

Reported: Pre-provision net revenue to

average assets1

   1.47%   1.71%   1.53%   1.61%   1.53%

Adjusted: Pre-provision net revenue to

average assets1

   1.80%   1.81%   1.68%   1.75%   1.76%

 

1 Annualized measure.

 

 11 

 

 

Reconciliation of Non-GAAP Financial Measures – Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted Return on Average Assets
(dollars in thousands)

 

   Three Months Ended   Year Ended 
  

December 31,

2020

   September 30,
2020
   December 31,
2019
  

December 31,

2020

   December 31,
2019
 
Net income  $28,345   $30,829   $28,571   $100,344   $102,953 
Acquisition expenses                         
Salaries, wages and employee benefits   -    -    367    -    4,083 
Data processing   56    -    1,017    56    1,523 
Lease or fixed asset impairment   245    234    165    479    580 
Professional fees and other   479    99    879    864    8,477 
Other restructuring costs                         
Salaries, wages and employee benefits   113    2,011    38    2,470    495 
Data processing   -    -    351    -    827 
Fixed asset impairment   6,657    -    1,861    6,657    1,861 
Professional fees and other   -    185    796    185    2,248 
MSR valuation impairment   -    -    (1,822)   -    - 
Related tax benefit   (1,640)   (555)   (441)   (2,327)   (4,618)
Adjusted net income  $34,255   $32,803   $31,782   $108,728   $118,429 
                          
Diluted average common shares outstanding   54,911,458    54,737,920    55,363,258    54,826,939    55,132,494 
Reported: Diluted earnings per share  $0.52   $0.56   $0.52   $1.83   $1.87 
Adjusted: Diluted earnings per share  $0.62   $0.60   $0.57   $1.98   $2.15 
                          
Average total assets  $10,419,364   $10,680,995   $9,713,858   $10,292,256   $9,443,690 
                          
Reported: Return on average assets1   1.08%   1.15%   1.17%   0.97%   1.09%
Adjusted: Return on average assets 1   1.31%   1.22%   1.30%   1.06%   1.25%

 

1 Annualized measure.

 

 12 

 

 

Reconciliation of Non-GAAP Financial Measures – Adjusted Net Interest Margin
(dollars in thousands)

 

    Three Months Ended     Year Ended  
    December 31,
2020
    September 30,
2020
    December 31,
2019
    December 31,
2020
    December 31,
2019
 
Reported: Net interest income   $ 72,936     $ 69,753     $ 71,936     $ 282,935     $ 287,223  
Tax-equivalent adjustment     655       638       781       2,740       3,013  
Purchase accounting accretion related to business combinations     (2,469 )     (2,618 )     (2,983 )     (10,391 )     (12,422 )
Adjusted: Net interest income   $ 71,122     $ 67,773     $ 69,734     $ 275,284     $ 277,814  
                                         
Average interest-earning assets   $ 9,557,265     $ 9,805,948     $ 8,810,505     $ 9,417,938     $ 8,590,262  
                                         
Reported: Net interest margin1     3.06 %     2.86 %     3.27 %     3.03 %     3.38 %
Adjusted: Net Interest margin1     2.96 %     2.75 %     3.14 %     2.92 %     3.23 %

 

1 Annualized measure.                         

 

Reconciliation of Non-GAAP Financial Measures – Adjusted Efficiency Ratio
(dollars in thousands)

 

   Three Months Ended   Year Ended 
   December 31,
2020
   September 30,
2020
   December 31,
2019
   December 31,
2020
   December 31,
2019
 
Reported: Net Interest income  $72,936   $69,753   $71,936   $282,935   $287,223 
Tax- equivalent adjustment   655    638    781    2,740    3,013 
Tax-equivalent interest income  $73,591   $70,391   $72,717   $285,675   $290,236 
                          
Reported: Non-interest income   30,499    32,285   $31,638    118,265   $116,415 
Less securities (gains) and losses, net   (855)   426    (605)   (1,331)   18 
Adjusted: Non-interest income  $29,644   $32,711   $31,033   $116,934   $116,433 
                          
Reported: Non-interest expense   64,073    56,542   $65,490    234,197   $258,794 
Amortization of intangible assets   (2,439)   (2,493)   (2,681)   (10,008)   (9,547)
Non-operating adjustments:                         
Salaries, wages and employee benefits   (113)   (2,011)   (405)   (2,470)   (4,578)
Data processing   (56)   -    (1,368)   (56)   (2,350)
Impairment, professional fees and other   (7,381)   (518)   (1,879)   (8,185)   (13,166)
Adjusted: Non-interest expense  $54,084   $51,520   $59,157   $213,478   $229,153 
                          
Reported: Efficiency ratio   59.70%   52.42%   60.54%   55.68%   61.29%
Adjusted: Efficiency ratio   52.39%   49.97%   57.02%   53.02%   56.35%

 

 13 

 

 

Reconciliation of Non-GAAP Financial Measures – Tangible Common Equity, Tangible Common Equity to Tangible Assets, Tangible Book Value per Share and Return on Average Tangible Common Equity
(dollars in thousands)

 

   As of and for the Three Months Ended 
  

December 31,

2020

   September 30,
2020
   December 31,
2019
 
Total assets  $10,544,047   $10,539,628   $9,695,729 
Goodwill and other intangible assets, net   (363,521)   (365,960)   (373,129)
Tax effect of other intangible assets, net   14,556    15,239    17,247 
Tangible assets  $10,195,082   $10,188,907   $9,339,847 
                
Total stockholders’ equity   1,270,069    1,255,705    1,220,434 
Goodwill and other intangible assets, net   (363,521)   (365,960)   (373,129)
Tax effect of other intangible assets, net   14,556    15,239    17,247 
Tangible common equity  $921,104   $904,984   $864,552 
                
Ending number of common shares outstanding   54,404,379    54,522,231    54,788,772 
                
Tangible common equity to tangible assets1   9.03%   8.88%   9.26%
Tangible book value per share  $16.66   $16.32   $15.46 
                
Average common equity  $1,261,298   $1,248,448   $1,224,447 
Average goodwill and other intangible assets, net   (365,120)   (367,490)   (379,268)
Average tangible common equity  $896,178   $880,958   $845,179 
                
Reported: Return on average tangible common equity2   12.58%   13.92%   13.41%
Adjusted: Return on average tangible common equity2,3   15.21%   14.81%   14.92%

 

   Year Ended 
  

December 31,

2020

   December 31,
2019
 
Average common equity  $1,240,374   $1,186,127 
Average goodwill and other intangible assets, net   (368,624)   (371,666)
Average tangible common equity  $871,750   $814,461 
           
Reported: Return on average tangible common equity2   11.51%   12.64%
Adjusted: Return on average tangible common equity2,3   12.47%   14.54%

 

1 Tax-effected measure, 28% estimated deferred tax rate.          
2 Annualized measure.          
3 Calculated using adjusted net income.          

 

 14 

 

 

Special Note Concerning Forward-Looking Statements

 

Statements made in this document, other than those concerning historical financial information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the Company’s ability to control or predict, could cause actual results to differ materially from those in the Company’s forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economy (including the impact of the new presidential administration and the impact of tariffs, a U.S. withdrawal from or significant negotiation of trade agreements, trade wars and other changes in trade regulations); (ii) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), or other adverse external events that could cause economic deterioration or instability in credit markets; (iii) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (iv) changes in accounting policies and practices, including CECL, which changed how the Company estimates credit losses; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of the London Inter-bank Offered Rate phase-out); (vi) increased competition in the financial services sector and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or associates; (ix) changes in consumer spending; (x) unexpected results of current and/or future acquisitions, which may include failure to realize the anticipated benefits of any acquisition and the possibility that the transaction costs may be greater than anticipated; (xi) unexpected outcomes of existing or new litigation involving the Company; and (xii) the economic impact of exceptional weather occurrences such as tornadoes, hurricanes, floods, and blizzards. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect its financial results, is included in the Company’s filings with the Securities and Exchange Commission.

 

 15 


The following information was filed by First Busey Corp (BUSE) on Tuesday, January 26, 2021 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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First Busey Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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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 - The Banc Ed Corp. And Cummins-American 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)
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)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per 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 - 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)
Oreo
Oreo (Details)
Oreo (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 And Allowance For Credit Losses
Portfolio Loans And Allowance For Credit Losses (Tables)
Portfolio Loans And Allowance For Credit Losses - Activity In The Allowance For Loan Losses (Details)
Portfolio Loans And Allowance For Credit Losses - Analysis Of Loans Past Due And Still Accruing Or Non-Accrual Status (Details)
Portfolio Loans And Allowance For Credit Losses - Loans Identified As Impaired, Segregated By Category (Details)
Portfolio Loans And Allowance For Credit Losses - Narrative (Details)
Portfolio Loans And Allowance For Credit Losses - Risk Grades Of Portfolio Loans By Origination Year (Details)
Portfolio Loans And Allowance For Credit Losses - Summary Of Risk Grades Segregated By Category (Details)
Portfolio Loans And Allowance For Credit Losses - Summary Of Tdr Loans (Details)
Portfolio Loans And Allowance For Credit Losses- 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 (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 - Narrative (Details)
Significant Accounting Policies - Off-Balance Sheet Arrangements (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Award Status (Details)
Stock-Based Compensation - Options Outstanding (Details)
Stock-Based Compensation - Restricted And Deferred Stock Units (Details)
Transactions With Related Parties
Transactions With Related Parties (Details)
Transactions With Related Parties (Tables)
Unaudited Interim Financial Data (Details)
Ticker: BUSE
CIK: 314489
Form Type: 10-K Annual Report
Accession Number: 0001558370-21-001864
Submitted to the SEC: Thu Feb 25 2021 5:23:27 PM EST
Accepted by the SEC: Thu Feb 25 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks

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