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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended September 30, 2020

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File No. 0-15950

FIRST BUSEY CORPORATION

(Exact name of registrant as specified in its charter)

Nevada

37-1078406

(State or other jurisdiction of incorporation
or organization)

(I.R.S. Employer Identification No.)

100 W. University Ave.
Champaign, Illinois

61820

(Address of principal executive offices)

(Zip code)

Registrant’s telephone number, including area code: (217) 365-4544

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol (s)

Name of each exchange on which registered

Common Stock, $.001 par value

BUSE

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

Outstanding at November 5, 2020

Common Stock, $.001 par value

54,522,231

Table of Contents

FIRST BUSEY CORPORATION

FORM 10-Q

September 30, 2020

Table of Contents

Part I

FINANCIAL INFORMATION

Item 1.

FINANCIAL STATEMENTS (UNAUDITED)

3

CONSOLIDATED BALANCE SHEETS

4

CONSOLIDATED STATEMENTS OF INCOME

5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

7

CONSOLIDATED STATEMENTS OF CASH FLOWS

9

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

11

Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

44

Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

67

Item 4.

CONTROLS AND PROCEDURES

68

Part II

OTHER INFORMATION

Item 1.

LEGAL PROCEEDINGS

68

Item 1A.

RISK FACTORS

69

Item 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

71

Item 3.

DEFAULTS UPON SENIOR SECURITIES

71

Item 4.

MINE SAFETY DISCLOSURES

72

Item 5.

OTHER INFORMATION

72

Item 6.

EXHIBITS

72

SIGNATURES

73

2

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

3

Table of Contents

FIRST BUSEY CORPORATION and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

    

September 30, 2020

    

December 31, 2019

(dollars in thousands)

Assets

Cash and due from banks

$

182,555

$

136,546

Interest-bearing deposits

297,166

392,742

Total cash and cash equivalents

479,721

529,288

Debt securities available for sale

 

2,080,849

 

1,648,257

Equity securities

17,808

5,952

Loans held for sale, at fair value

 

87,772

 

68,699

Portfolio loans (net of allowance 2020 $98,841; 2019 $53,748)

 

7,022,470

 

6,633,501

Premises and equipment, net

 

144,001

 

151,267

Right of use asset

7,251

9,490

Goodwill

 

311,536

 

311,536

Other intangible assets, net

 

54,424

 

61,593

Cash surrender value of bank owned life insurance

 

175,570

 

173,595

Other assets

 

158,226

 

102,551

Total assets

$

10,539,628

$

9,695,729

Liabilities and Stockholders’ Equity

Liabilities

Deposits:

Noninterest-bearing

$

2,595,075

$

1,832,619

Interest-bearing

 

6,047,626

 

6,069,777

Total deposits

8,642,701

7,902,396

Securities sold under agreements to repurchase

 

201,641

 

205,491

Short-term borrowings

4,651

8,551

Long-term debt

 

4,931

 

83,600

Senior notes, net of unamortized issuance costs

39,775

39,674

Subordinated notes, net of unamortized issuance costs

182,095

59,248

Junior subordinated debt owed to unconsolidated trusts

71,427

71,308

Lease liability

7,342

9,552

Other liabilities

 

129,360

 

95,475

Total liabilities

9,283,923

8,475,295

Outstanding commitments and contingent liabilities (see Notes 10 and 15)

Stockholders’ Equity

Common stock, $.001 par value, authorized 2020 100,000,000 shares; authorized 2019

66,666,667 shares; 55,910,733 shares issued

 

56

 

56

Additional paid-in capital

 

1,250,391

 

1,248,216

Retained earnings (accumulated deficit)

 

4,718

 

(14,813)

Accumulated other comprehensive income (loss)

 

35,525

 

14,960

Total stockholders’ equity before treasury stock

1,290,690

1,248,419

Treasury stock at cost, 2020 1,388,502 shares; 2019 1,121,961 shares

 

(34,985)

 

(27,985)

Total stockholders’ equity

1,255,705

1,220,434

Total liabilities and stockholders’ equity

$

10,539,628

$

9,695,729

Common shares outstanding at period end

54,522,231

54,788,772

See accompanying notes to unaudited consolidated financial statements.

4

Table of Contents

FIRST BUSEY CORPORATION and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

    

Three Months Ended September 30,

Nine Months Ended September 30,

2020

    

2019

2020

    

2019

(dollars in thousands, except per share amounts)

Interest income:

Interest and fees on loans

$

69,809

$

78,083

$

213,434

$

227,903

Interest and dividends on investment securities:

Taxable interest income

 

8,466

10,247

26,807

 

31,583

Non-taxable interest income

 

1,141

1,180

3,458

 

3,456

Other interest income

213

2,181

1,596

4,496

Total interest income

 

79,629

91,691

245,295

 

267,438

Interest expense:

Deposits

 

6,105

14,753

26,053

 

41,407

Federal funds purchased and securities sold under

agreements to repurchase

 

88

579

596

 

1,789

Short-term borrowings

 

30

200

215

 

885

Long-term debt

 

38

700

495

 

2,020

Senior notes

400

400

1,199

1,199

Subordinated notes

2,475

731

4,518

2,193

Junior subordinated debt owed to unconsolidated trusts

 

740

852

2,220

 

2,658

Total interest expense

 

9,876

18,215

35,296

 

52,151

Net interest income

 

69,753

73,476

209,999

 

215,287

Provision for credit losses

 

5,549

3,411

35,656

 

8,039

Net interest income after provision for credit losses

 

64,204

70,065

174,343

 

207,248

Non-interest income:

Wealth management fees

 

10,548

8,821

32,296

 

27,338

Fees for customer services

 

8,014

9,842

23,400

 

27,635

Remittance processing

 

3,995

3,780

11,466

 

11,277

Mortgage revenue

 

5,793

3,331

9,879

 

8,127

Income on bank owned life insurance

1,022

1,573

4,361

4,653

Net gains (losses) on sales of securities

 

11

296

1,710

 

112

Unrealized gains (losses) recognized on equity securities

(437)

65

(1,234)

(735)

Other income

 

3,339

3,228

5,888

 

6,370

Total non-interest income

 

32,285

30,936

87,766

 

84,777

Non-interest expense:

Salaries, wages and employee benefits

 

32,839

38,747

95,397

 

105,356

Data processing

 

3,937

5,032

12,383

 

15,049

Net occupancy expense of premises

 

4,256

4,652

13,419

 

13,365

Furniture and equipment expenses

 

2,325

2,489

7,311

 

6,936

Professional fees

1,698

2,622

5,508

9,001

Amortization of intangible assets

 

2,493

2,360

7,569

 

6,866

Other expense

 

8,994

12,219

28,537

 

36,731

Total non-interest expense

 

56,542

68,121

170,124

 

193,304

Income before income taxes

 

39,947

32,880

91,985

 

98,721

Income taxes

 

9,118

8,052

19,986

 

24,339

Net income

$

30,829

$

24,828

$

71,999

$

74,382

Basic earnings per common share

$

0.56

$

0.45

$

1.32

$

1.36

Diluted earnings per common share

$

0.56

$

0.45

$

1.31

$

1.35

Dividends declared per share of common stock

$

0.22

$

0.21

$

0.66

$

0.63

See accompanying notes to unaudited consolidated financial statements.

5

Table of Contents

FIRST BUSEY CORPORATION and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

    

2020

    

2019

    

2020

    

2019

(dollars in thousands)

Net income

$

30,829

$

24,828

$

71,999

$

74,382

Other comprehensive income:

Unrealized gains (losses) on debt securities available

for sale:

Net unrealized holding gains (losses) on debt

securities available for sale, net of taxes of $682,

$(1,423), $(9,577) and $(8,552), respectively

(1,710)

3,568

23,974

21,453

Net unrealized losses on debt securities transferred

from held to maturity to available for sale, net of

taxes of $- , $-, $- and $(1,363), respectively

3,417

Reclassification adjustment for realized (gains)

losses on debt securities available for sale

included in net income, net of taxes of $3, $85,

$492 and $29, respectively

(8)

 

(212)

(1,218)

 

(75)

Net change in unrealized gains (losses) on debt

securities available for sale

(1,718)

3,356

22,756

24,795

Unrealized gains (losses) on cash flow hedges:

Net unrealized holding (losses) gains on cash flow

hedges, net of taxes of $(6), $239, $890 and $239,

respectively

 

14

 

(598)

 

(2,233)

 

(598)

Reclassification adjustment for realized losses

(gains) on cash flow hedges included in net

income, net of taxes of $(76), $(3), $(16) and $(3),

respectively

192

6

42

6

Net change in unrealized gains (losses) on

derivative instruments

206

(592)

(2,191)

(592)

Net change in accumulated other comprehensive

income (loss)

(1,512)

2,764

20,565

24,203

Total comprehensive income

$

29,317

$

27,592

$

92,564

$

98,585

See accompanying notes to unaudited consolidated financial statements.

6

Table of Contents

FIRST BUSEY CORPORATION and Subsidiaries

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(dollars in thousands, except per share amounts)

Retained

Accumulated

Additional

Earnings

Other

Common

Paid-in

(Accumulated

Comprehensive

Treasury

Shares

Stock

    

Capital

    

Deficit)

    

Income (loss)

    

Stock

    

Total

For the Three Months Ended September 30, 2020

Balance, June 30, 2020

54,516,000

$

56

$

1,248,045

$

(13,951)

$

37,037

$

(35,103)

$

1,236,084

Net income

30,829

30,829

Other comprehensive income (loss)

(1,512)

(1,512)

Issuance of treasury stock for employee stock

purchase plan

6,119

(23)

116

93

Net issuance of treasury stock for

restricted/deferred stock unit vesting and

related tax

112

(2)

2

Net issuance of treasury stock for stock options

exercised, net of shares redeemed and related

tax

Cash dividends common stock at $0.22 per share

(11,994)

(11,994)

Stock dividend equivalents restricted stock units

at $0.22 per share

166

(166)

Stock-based compensation

2,205