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First Busey Corp (BUSE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

First Busey Corp

CIK: 314489 Ticker: BUSE
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April 27, 2021

First Busey Announces 2021 First Quarter Earnings

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

Message from our Chairman & CEO

First Quarter 2021 Highlights:

First quarter 2021 net income of $37.8 million and diluted EPS of $0.69
First quarter 2021 adjusted net income1 of $38.1 million and adjusted diluted EPS1 of $0.69, an increase from $34.3 million and $0.62, respectively in the fourth quarter of 2020, and $15.5 million and $0.28, respectively in the first quarter of 2020
Tangible book value per common share1 of $16.65 at March 31, 2021, as compared to $16.66 at December 31, 2020, and $15.57 at March 31, 2020, an increase of 6.9% year-over-year
Wealth management assets under care of $10.69 billion at March 31, 2021, up from $10.23 billion at December 31, 2020, and $8.93 billion at March 31, 2020
Entry into definitive agreement to acquire Cummins-American Corp., the holding company for Glenview State Bank
For additional information, please refer to the 1Q21 Quarterly Earnings Supplement

First Quarter Financial Results

Net income for First Busey Corporation (“First Busey” or the “Company”) for the first quarter of 2021 was $37.8 million, or $0.69 per diluted common share, as compared to $28.3 million, or $0.52 per diluted common share, for the fourth quarter of 2020 and $15.4 million, or $0.28 per diluted common share, for the first quarter of 2020.  Adjusted net income1 for the first quarter of 2021 was $38.1 million, or $0.69 per diluted common share, as compared to $34.3 million, or $0.62 per diluted common share, for the fourth quarter of 2020 and $15.5 million, or $0.28 per diluted common share, for the first quarter of 2020.  For the first quarter of 2021, annualized return on average assets and annualized return on average tangible common equity1 were 1.45% and 16.80%, respectively.  Based on adjusted net income1, annualized return on average assets was 1.46% and annualized return on average tangible common equity1 was 16.91% for the first quarter of 2021.

Pre-provision net revenue1 for the first quarter of 2021 was $40.2 million as compared to $38.5 million for the fourth quarter of 2020 and $35.8 million for the first quarter of 2020.  Adjusted pre-provision net revenue1 for the first quarter of 2021 was $42.8 million as compared to $47.2 million for the fourth quarter of 2020 and $38.2 million for the first quarter of 2020.  Pre-provision net revenue to average assets1 for the first quarter of 2021 was 1.54% as compared to 1.47% for the fourth quarter of 2020 and 1.49% for the first quarter of 2020.  Adjusted pre-provision net revenue to average assets1 for the first quarter of 2021 was 1.64% as compared to 1.80% for the fourth quarter of 2020 and 1.59% for the first quarter of 2020.

We continue to see strong performance and contribution from our fee-based businesses.  In the first quarter of 2021, wealth management fees were $12.6 million, an increase of 8.9% from the first quarter of 2020, while remittance processing revenue was $4.4 million, an increase of 17.7% from the same period last year.  Mortgage revenue was $2.7 million in the first quarter of 2021, up from $1.4 million in the first quarter of 2020.  Non-interest income from all sources accounted for almost 33% of our total revenue in the first quarter of 2021.

We experienced further pressure on our net interest margin in the quarter.  The Company reported net interest income of $64.9 million in the first quarter of 2021, down from $72.9 million in the fourth quarter of 2020, and $69.4 million in the first quarter of 2020.  A $4.3 million decrease in net fee recognition on Paycheck Protection Program (“PPP”) loans and $0.4 million decrease in recognized contractual interest income on PPP loans, accounted for a majority of the $8.0 million quarter-over-quarter decline in reported net interest income.  Declines in PPP related revenue were the result of lower average carrying balances and reduced rates of PPP loan forgiveness in the quarter.  Other factors contributing to the overall decline in net interest income in the first quarter of 2021 include the low rate environment, balance sheet repricing dynamics, and declining loan balances (excluding PPP loans).  Our reported net interest margin was 2.72% in the first quarter of 2021 as compared to 3.06% in the fourth quarter of 2020.

The Company remains focused on managing expenses and driving efficiency.  Total adjusted non-interest expense, excluding intangible amortization and one-time non-operating items1, was $51.8 million in the first quarter of 2021, compared to $54.1 million in the fourth quarter of 2020 and $57.8 million in the first quarter of 2020.  As a result, our adjusted efficiency ratio1 improved to 54.33% in the first quarter of 2021 from 59.54% in the first quarter of 2020.

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

1


The following information was filed by First Busey Corp (BUSE) on Tuesday, April 27, 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-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
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 - 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)
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 Common Share (Details)
Earnings Per Share
Earnings Per 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 - Loans Identified As Impaired, Segregated By Category (Details)
Portfolio Loans - Narrative (Details)
Portfolio Loans - Summary Of Risk Grades Segregated By Category (Details)
Portfolio Loans - Summary Of Tdr Loans (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 - Risk Grades Of Portfolio Loans By Origination Year (Details)
Portfolio Loans- Distribution Of Portfolio Loans (Details)
Regulatory Capital
Regulatory Capital (Details)
Regulatory Capital (Tables)
Securities
Securities (Tables)
Securities - General Disclosures (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Covid-19 Pandemic (Details)
Significant Accounting Policies - Impact Of New Financial Accounting Standards (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)
Ticker: BUSE
CIK: 314489
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-006220
Submitted to the SEC: Thu May 06 2021 4:12:35 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Wednesday, March 31, 2021
Industry: State Commercial Banks

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