FIRST BUSEY CORP NV
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 23, 2024
BUSE$28.63-0.1%Stored close · as of Nov 6, 2026
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GLOSSARY
We use acronyms, abbreviations, and other terms throughout this Annual Report, as defined in the glossary below:
| Term | Definition |
|---|---|
| 2020 Equity Plan | First Busey Corporation Amended 2020 Equity Incentive Plan |
| 2021 ESPP | First Busey Corporation 2021 Employee Stock Purchase Plan |
| 401(k) Plan | First Busey Corporation Profit Sharing Plan and Trust |
| ACL | Allowance for credit losses |
| AOCI | Accumulated other comprehensive income (loss) |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| Basel III | 2010 capital accord adopted by the international Basel Committee on Banking Supervision |
| Basel III Rule | Regulations promulgated by U.S. federal banking agencies – the OCC, the Federal Reserve, and the FDIC – to both enforce implementation of certain aspects of the Basel III capital reforms and effect certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act |
| BHCA | Bank Holding Company Act of 1956, as amended |
| bps | basis points |
| CAC | Cummins-American Corp. |
| CECL | ASU 2016-13, codified as ASC Topic 326 “Financial Instruments-Credit Losses,” which established the Current Expected Credit Losses methodology for measuring credit losses on financial instruments |
| CFPB | Consumer Financial Protection Bureau |
| COSO | Committee of Sponsoring Organizations of the Treadway Commission |
| COVID-19 | Coronavirus disease 2019 |
| CRA | Community Reinvestment Act |
| CRE | Commercial real estate |
| CRE Guidance | Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices guidance issued jointly by the OCC, the Federal Reserve, and the FDIC |
| Current Report | Current report filed with the SEC on Form 8-K pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| DFPR | Illinois Department of Financial and Professional Regulation |
| DIF | Deposit Insurance Fund of the FDIC |
| Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act |
| DSU | Deferred stock unit |
| Durbin Amendment | The Durbin Amendment to the Dodd-Frank Act, requiring the Federal Reserve to establish a maximum permissible interchange fee for many types of debit transactions |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| Fair value | The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, as defined in ASC Topic 820 “Fair Value Measurement” |
| FASB | Financial Accounting Standards Board |
| FDIC | Federal Deposit Insurance Corporation |
| Federal Reserve | Board of Governors of the Federal Reserve System |
First Busey Corporation | 2023 — 4
| Term | Definition |
|---|---|
| FHLB | Federal Home Loan Bank |
| First Busey | First Busey Corporation, together with its wholly-owned consolidated subsidiaries; also, “Busey,” the “Company,” “we,” “us,” and “our” |
| First Busey Risk Management | First Busey Risk Management, Inc. |
| First Community | First Community Financial Partners, Inc. |
| FirsTech | FirsTech, Inc. |
| FOMC | Federal Open Market Committee |
| GAAP | U.S. Generally Accepted Accounting Principles |
| GAI | Generative Artificial Intelligence |
| Illinois CRA | Illinois Community Reinvestment Act |
| ISOS | Illinois Secretary of State |
| LIBOR | London Interbank Offered Rate |
| LOCOM | Lower of Cost or Market, an accounting approach under which assets are carried at amortized historical cost less write-offs and downward fair value adjustments, as may be applicable |
| M&M | Merchants and Manufacturers Bank Corporation |
| M&M Bank | Merchants and Manufacturers Bank |
| Nasdaq | National Association of Securities Dealers Automated Quotations |
| NMTC | New Markets Tax Credit |
| OCC | Office of the Comptroller of the Currency |
| OCI | Other comprehensive income (loss) |
| OREO | Other real estate owned |
| PCD | Purchased credit deteriorated |
| PCI | Purchased credit impaired |
| PPP | Paycheck Protection Program |
| PSU | Performance stock unit |
| Pulaski | Pulaski Financial Corp. |
| Quarterly Report | Quarterly report filed with the SEC on Form 10-Q pursuant to Section 13 or 15(d) of the Exchange Act |
| Regulatory Relief Act | Economic Growth, Regulatory Relief, and Consumer Protection Act |
| RSU | Restricted stock unit |
| SBA | U.S. Small Business Administration |
| SEC | U.S. Securities and Exchange Commission |
| Securities Act | Securities Act of 1933, as amended |
| SOFR | Secured Overnight Financing Rate published by the Federal Reserve |
| Stock Repurchase Plan | Stock repurchase program approved by First Busey Corporation's board of directors on February 3, 2015 |
| TDR | Troubled debt restructuring |
| Term Loan | $60 million term loan provided for in the Second Amended and Restated Credit Agreement, dated May 28, 2021 |
| U.S. | United States of America |
| U.S. Treasury | U.S. Department of the Treasury |
| USA PATRIOT Act | Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 |
First Busey Corporation | 2023 — 5
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.