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

First Busey Corp

CIK: 314489 Ticker: BUSE
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October 26, 2021

First Busey Announces 2021 Third Quarter Earnings

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

Message from our Chairman & CEO

Third Quarter 2021 Highlights:

Third quarter 2021 net income of $25.9 million and diluted EPS of $0.46
Third quarter 2021 adjusted net income1 of $32.8 million and adjusted diluted EPS1 of $0.58
Core organic loan growth, excluding Paycheck Protection Program (“PPP”) loans, of $177.1 million, or 2.6%, in the third quarter.  At September 30, 2021, and consistent with the second quarter, our loan pipeline is more than double what it was at the beginning of the year.
Wealth management assets under care of $12.36 billion at September 30, 2021, up from $12.30 billion at June 30, 2021, and $9.50 billion at September 30, 2020, which represents 30.1% year-over-year growth
Wealth management segment revenue growth of 5.7% in the third quarter, and 20.4% year-over-year growth on a YTD basis
FirsTech, our remittance processing segment, revenue growth of 4.5% in the third quarter, and 19.3% year-over-year growth on a YTD basis
Noninterest income, excluding security gains, accounted for 31.9% of total revenue in the third quarter of 2021 supported by continued growth in wealth management, customer service fees, and remittance processing
Tangible book value per common share1 of $17.09 at September 30, 2021, compared to $17.11 at June 30, 2021, and $16.32 at September 30, 2020, an increase of 4.7% year-over-year
Successfully merged Glenview State Bank into Busey Bank on August 14, 2021
For additional information, please refer to the 3Q21 Quarterly Earnings Supplement

Third Quarter Financial Results

Net income for First Busey Corporation (“First Busey” or the “Company”) for the third quarter of 2021 was $25.9 million, or $0.46 per diluted common share, as compared to $29.8 million, or $0.53 per diluted common share, for the second quarter of 2021 and $30.8 million, or $0.56 per diluted common share, for the third quarter of 2020.  Adjusted net income1 for the third quarter of 2021 was $32.8 million, or $0.58 per diluted common share, as compared to $31.9 million, or $0.57 per diluted common share, for the second quarter of 2021 and $32.8 million, or $0.60 per diluted common share, for the third quarter of 2020.  For the third quarter of 2021, annualized return on average assets and annualized return on average tangible common equity1 were 0.81% and 10.60%, respectively.  Based on adjusted net income1, annualized return on average assets was 1.03% and annualized return on average tangible common equity1 was 13.43% for the third quarter of 2021.

Pre-provision net revenue1 for the third quarter of 2021 was $30.5 million, compared to $34.0 million for the second quarter of 2021 and $45.9 million for the third quarter of 2020.  Adjusted pre-provision net revenue1 for the third quarter of 2021 was $39.4 million, as compared to $37.5 million for the second quarter of 2021 and $48.7 million for the third quarter of 2020.  Pre-provision net revenue to average assets1 for the third quarter of 2021 was 0.95%, as compared to 1.20% for the second quarter of 2021 and 1.71% for the third quarter of 2020.  Adjusted pre-provision net revenue to average assets1 for the third quarter of 2021 was 1.23%, as compared to 1.32% for the second quarter of 2021 and 1.81% for the third quarter of 2020.

The Company experienced its second consecutive quarter of solid core organic loan growth, principally in commercial lending segments.  The Company reported net interest income of $70.8 million in the third quarter of 2021, up from $64.5 million in the second quarter of 2021, and $69.8 million in the third quarter of 2020.  While our net interest income increased, our reported net interest margin declined to 2.41% from 2.50% in the second quarter and 2.86% in the third quarter of 2020.  The decline is attributable to the persistent dual pressures of loan interest rates and continued growth in excess liquidity, as well as the impact of the consolidation of our most recent acquisition into our financial results for a full quarter.

Third quarter 2021 results reflect a provision release, as compared to a reserve build at the onset of the coronavirus disease 2019 (“COVID-19”) pandemic.  Specifically, the Company recorded a $1.9 million negative provision for credit losses and a $1.0 million negative provision for unfunded commitments amid continued improvements in the economic environment.  The total allowance for credit losses

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

1


The following information was filed by First Busey Corp (BUSE) on Tuesday, October 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-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
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
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 - Summarize Tdrs (Details)
Portfolio Loans - Summary Of Risk Grades Segregated By Category (Details)
Portfolio Loans - Summary Of Tdrs (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)
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: 0001558370-21-014576
Submitted to the SEC: Thu Nov 04 2021 4:04:09 PM EST
Accepted by the SEC: Thu Nov 04 2021
Period: Thursday, September 30, 2021
Industry: State Commercial Banks

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