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First Busey Corp (BUSE) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

First Busey Corp

CIK: 314489 Ticker: BUSE
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April 26, 2022

First Busey Announces 2022 First Quarter Earnings

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

Message from our Chairman & CEO

First Quarter 2022 Highlights:

First quarter 2022 net income of $28.4 million and diluted EPS of $0.51
First quarter 2022 adjusted net income1 of $29.1 million and adjusted diluted EPS1 of $0.52
Core loan1 growth of $127.1 million, or 7.2% annualized, in the first quarter
First quarter net interest margin increased nine basis points to 2.45% compared to 2.36% in the fourth quarter of 2021
Non-performing assets declined to 0.13% of total assets in the first quarter
Wealth management assets under care of $12.33 billion at March 31, 2022, down from $12.73 at December 31, 2021, principally due to a reduction in market valuations and up from $10.69 billion at March 31, 2021, which represents 15.3% year-over-year growth
FirsTech revenue2 of $5.4 million for the first quarter of 2022, the highest quarterly revenue in the history of FirsTech, up from $4.9 million for the first quarter of 2021, representing 11.4% year-over-year growth
Noninterest income, excluding security gains, accounted for 34.2% of total revenue in the first quarter of 2022, compared to 31.5% in the first quarter of 2021, supported by continued growth in wealth management and payment technology solutions
For additional information, please refer to the 1Q22 Quarterly Earnings Supplement

First Quarter Financial Results

Net income for First Busey Corporation (“First Busey” or the “Company”) for the first quarter of 2022 was $28.4 million, or $0.51 per diluted common share, compared to $29.9 million, or $0.53 per diluted common share, for the fourth quarter of 2021, and $37.8 million, or $0.69 per diluted common share, for the first quarter of 2021.  Adjusted net income1 for the first quarter of 2022 was $29.1 million, or $0.52 per diluted common share, compared to $34.3 million, or $0.61 per diluted common share, for the fourth quarter of 2021, and $38.1 million, or $0.69 per diluted common share, for the first quarter of 2021.  For the first quarter of 2022, annualized return on average assets and annualized return on average tangible common equity1 were 0.91% and 12.72%, respectively.  Based on adjusted net income1, annualized return on average assets was 0.93% and annualized return on average tangible common equity1 was 13.02% for the first quarter of 2022.

Pre-provision net revenue1 for the first quarter of 2022 was $36.1 million, compared to $34.0 million for the fourth quarter of 2021 and $40.2 million for the first quarter of 2021.  Adjusted pre-provision net revenue1 for the first quarter of 2022 was $39.4 million, compared to $41.1 million for the fourth quarter of 2021 and $42.8 million for the first quarter of 2021.  Pre-provision net revenue to average assets1 for the first quarter of 2022 was 1.16%, compared to 1.04% for the fourth quarter of 2021, and 1.54% for the first quarter of 2021.  Adjusted pre-provision net revenue to average assets1 for the first quarter of 2022 was 1.26%, compared to 1.27% for the fourth quarter of 2021 and 1.64% for the first quarter of 2021.

The Company experienced its fourth consecutive quarter of strong core loan1 growth, principally in commercial lending segments.  Core loan1 growth of $127.1 million in the first quarter of 2022 follows $141.6 million in the fourth quarter of 2021, $177.1 million in the third quarter of 2021, and $142.0 million in the second quarter of 2021.  Over the last four quarters, the Company has generated $587.8 million in core loan1 growth, equating to an annualized growth rate of 9.4%.  The Company’s first quarter has historically been a seasonally light quarter for growth.

The Company’s first quarter 2022 results include a provision release of $0.3 million for credit losses and a $1.1 million provision expense for unfunded commitments.  The first quarter provision expense for unfunded commitments primarily related to increases in unused commitment balances.  The total allowance for credit losses was $88.2 million at March 31, 2022, representing 1.21% of total portfolio loans outstanding and 1.22% of core loans1.  The Company recorded net recoveries of $0.6 million in the first quarter of 2022.

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

2 Revenue from the Company’s subsidiary, FirsTech, Inc. (FirsTech), excluding consolidations and eliminations.

1


The following information was filed by First Busey Corp (BUSE) on Tuesday, April 26, 2022 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 (Loss)
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 - Cummins-American Corp. (Details)
Borrowings
Borrowings (Tables)
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)
Borrowings - Term Loan (Details)
Debt Securities
Debt Securities (Tables)
Debt Securities - Additional Information (Details)
Debt Securities - General Disclosures (Details)
Debt Securities - Narrative (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)
Derivative Financial Instruments - Risk Participation Agreement (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 - Busey As The Lessor (Details)
Leases - Lease Cost And Other Lease Information (Details)
Leases - Lease-Related Balances (Details)
Leases - Undiscounted Lease Payments (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 - Loans Identified As Impaired, Segregated By Category (Details)
Portfolio Loans - Modified Loans With Payment Deferrals (Details)
Portfolio Loans - Narrative (Details)
Portfolio Loans - Risk Grades Of Portfolio Loans By Origination Year (Details)
Portfolio Loans - Summarize Tdrs (Details)
Portfolio Loans - Summary Of Risk Grades Segregated By Category (Details)
Portfolio Loans - Summary Of Tdr Loan Balances (Details)
Portfolio Loans- Distribution Of Portfolio Loans (Details)
Regulatory Capital
Regulatory Capital (Details)
Regulatory Capital (Tables)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - 2021 Employee Stock Purchase Plan (Details)
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: 0001558370-22-007435
Submitted to the SEC: Thu May 05 2022 4:49:04 PM EST
Accepted by the SEC: Thu May 05 2022
Period: Thursday, March 31, 2022
Industry: State Commercial Banks

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