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First Busey Corp (BUSE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

First Busey Corp

CIK: 314489 Ticker: BUSE
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July 27, 2021

First Busey Announces 2021 Second Quarter Earnings

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

Message from our Chairman & CEO

Second Quarter 2021 Highlights:

Second quarter 2021 net income of $29.8 million and diluted EPS of $0.53, compared to $25.8 million and $0.47, respectively, in the second quarter of 2020
Second quarter 2021 adjusted net income1 of $31.9 million and adjusted diluted EPS1 of $0.57, compared to $26.2 million and $0.48, respectively in the second quarter of 2020
Finalized our acquisition of Cummins-American Corp. (“CAC”), the holding company for Glenview State Bank (“GSB”)
Core organic loan growth (excluding GSB loans acquired and PPP loans) of $142.0 million, or 2.3%, in the second quarter
Wealth management assets under care of $12.30 billion at June 30, 2021, up from $10.69 billion at March 31, 2021, and $9.02 billion at June 30, 2020.
Non-interest income (excluding security gains) accounted for 33.2% of total revenue
Tangible book value per common share1 of $17.11 at June 30, 2021, compared to $16.65 at March 31, 2021, and $15.92 at June 30, 2020, an increase of 7.5% year-over-year
For additional information, please refer to the 2Q21 Quarterly Earnings Supplement

Second Quarter Financial Results

Net income for First Busey Corporation (“First Busey” or the “Company”) for the second quarter of 2021 was $29.8 million, or $0.53 per diluted common share, as compared to $37.8 million, or $0.69 per diluted common share, for the first quarter of 2021 and $25.8 million, or $0.47 per diluted common share, for the second quarter of 2020.  Adjusted net income1 for the second quarter of 2021 was $31.9 million, or $0.57 per diluted common share, as compared to $38.1 million, or $0.69 per diluted common share, for the first quarter of 2021 and $26.2 million, or $0.48 per diluted common share, for the second quarter of 2020.  For the second quarter of 2021, annualized return on average assets and annualized return on average tangible common equity1 were 1.05% and 12.26%, respectively.  Based on adjusted net income1, annualized return on average assets was 1.12% and annualized return on average tangible common equity1 was 13.14% for the second quarter of 2021.  Second quarter results include GSB’s performance for one month of post-acquisition activity.

Pre-provision net revenue1 for the second quarter of 2021 was $34.0 million, compared to $40.2 million for the first quarter of 2021 and $45.4 million for the second quarter of 2020.  Adjusted pre-provision net revenue1 for the second quarter of 2021 was $37.5 million, as compared to $42.8 million for the first quarter of 2021 and $46.4 million for the second quarter of 2020.  Pre-provision net revenue to average assets1 for the second quarter of 2021 was 1.20%, as compared to 1.54% for the first quarter of 2021 and 1.76% for the second quarter of 2020.  Adjusted pre-provision net revenue to average assets1 for the second quarter of 2021 was 1.32%, as compared to 1.64% for the first quarter of 2021 and 1.80% for the second quarter of 2020.

Our fee-based businesses continue to add dynamic revenue diversification and growing contributions.  In the second quarter of 2021, wealth management fees were $13.0 million, an increase of 27.6% from the second quarter of 2020, while remittance processing revenue was $4.3 million, an increase of 17.0% from the same period last year.  Fees for customer services were $8.6 million in the second quarter of 2021, a 22.6% increase from $7.0 million in the second quarter of 2020.  Mortgage revenue was $1.7 million in the second quarter of 2021, compared to $2.7 million in the second quarter of 2020.  Total non-interest income, excluding net security gains, accounted for 33.2% of our total revenue in the second quarter of 2021, compared to 28.1% in second quarter of 2020.

The continued challenge of low interest rates, coupled with high levels of excess liquidity, resulted in further pressure on our net interest margin during the second quarter.  The Company reported net interest income of $64.5 million in the second quarter of 2021, down from $64.9 million in the first quarter of 2021, and $70.8 million in the second quarter of 2020.  A $0.5 million decrease in net fee recognition on Paycheck Protection Program (“PPP”) loans contributed to the quarter-over-quarter decline in reported net interest income.  Our reported net interest margin was 2.50% in the second quarter of 2021, as compared to 2.72% in the first quarter of 2021.  The impact of the GSB acquisition reflected in our results for one month of the quarter accounted for five basis points of the decline in net interest margin.

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, July 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 (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 - Cummins-American Corp. (Details)
Borrowings
Borrowings (Tables)
Borrowings - Amended And Restated Credit Agreement (Details)
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)
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 - Lease-Related Balances (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 (Tables)
Significant Accounting Policies - Covid-19 (Details)
Significant Accounting Policies - Impact Of New Financial Accounting Standards (Details)
Significant Accounting Policies - Subsequent Events (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Award Status (Details)
Stock-Based Compensation - Recognized And Unamortized Expense (Details)
Stock-Based Compensation - Restricted , Performance And Deferred Stock Units (Details)
Stock-Based Compensation - Shares Remaining Available For Issuance (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: 0001558370-21-010596
Submitted to the SEC: Thu Aug 05 2021 4:44:35 PM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: State Commercial Banks

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