FIRST BUSEY CORP NV
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 5, 2024
BUSE$29.11-0.1%Stored close · as of Nov 10, 2026
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows provided by (used in) operating activities | ||
| Net income | $85,586 | $96,816 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Provision for credit losses | 7,317 | 1,944 |
| Amortization of intangible assets | 7,586 | 7,953 |
| Amortization of mortgage servicing rights | 826 | 2,155 |
| Amortization of NMTC | — | 6,740 |
| Depreciation and amortization of premises and equipment | 7,186 | 7,052 |
| Net amortization (accretion) on portfolio loans | 3,602 | 5,399 |
| Net amortization (accretion) of premium (discount) on investment securities | 6,848 | 11,351 |
| Net amortization (accretion) of premium (discount) on time deposits | 87 | (223) |
| Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings | 856 | 764 |
| Impairment of OREO and other repossessed assets | — | 113 |
| Impairment of fixed assets held for sale | 369 | — |
| Impairment of mortgage servicing rights | 233 | 1 |
| Unrealized (gains) losses recognized on equity securities, net | (911) | 2,753 |
| (Gain) loss on sales of debt securities, net | 6,817 | 207 |
| (Gain) loss on sales of mortgage servicing rights | (7,724) | — |
| (Gain) loss on sales of loans, net | (1,307) | (603) |
| (Gain) loss on sales of OREO and other repossessed assets | (549) | 4 |
| (Gain) loss on sales of premises and equipment | (32) | (197) |
| (Gain) loss on life insurance proceeds | (895) | (759) |
| (Increase) decrease in cash surrender value of bank owned life insurance | (3,155) | (2,923) |
| Provision for deferred income taxes | 1,905 | (2,000) |
| Stock-based compensation | 5,828 | 6,928 |
| Proceeds from the sale of mortgage servicing rights | 9,796 | — |
| Mortgage loans originated for sale | (85,741) | (28,663) |
| Proceeds from sales of mortgage loans | 78,006 | 27,418 |
| (Increase) decrease in other assets | 10,082 | (15,072) |
| Increase (decrease) in other liabilities | (6,655) | 171 |
| Net cash provided by (used in) operating activities | 125,961 | 127,329 |
| Cash flows provided by (used in) investing activities | ||
| Purchases of equity securities | (647) | (6,169) |
| Purchases of debt securities available for sale | (31,149) | (7,796) |
| Proceeds from sales of equity securities | 1,055 | 6,169 |
| Proceeds from sales of debt securities available for sale | 101,361 | — |
| Proceeds from paydowns and maturities of debt securities held to maturity | 35,932 | 38,172 |
| Proceeds from paydowns and maturities of debt securities available for sale | 251,175 | 253,648 |
| Purchases of FHLB and other bank stock | (24) | (30,957) |
| Proceeds from the redemption of FHLB and other bank stock | 884 | 43,926 |
| Net (increase) decrease in loans | 241,463 | (137,843) |
| Net cash received in (paid for) acquisitions (see Note 2) | 18,377 | — |
| Cash paid for premiums on bank-owned life insurance | (74) | (80) |
| Proceeds from life insurance | 3,092 | 2,292 |
| Purchases of premises and equipment | (4,504) | (6,750) |
| Proceeds from disposition of premises and equipment | 1,341 | 3,881 |
| Proceeds from sales of OREO and other repossessed assets, including cash payments collected | 636 | 781 |
| Net cash provided by (used in) investing activities | 618,918 | 159,274 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows provided by (used in) financing activities | ||
| Net increase (decrease) in deposits | $(740,840) | $261,305 |
| Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase | (60,150) | (46,104) |
| Net increase (decrease) in short-term borrowings | (36,000) | (335,000) |
| Repayment of other borrowings | (31,450) | (13,054) |
| Cash dividends paid | (40,520) | (39,806) |
| Purchase of treasury stock | — | (2,209) |
| Cash paid for withholding taxes on stock-based payments | (1,650) | (989) |
| Proceeds from stock warrants exercised | — | 9 |
| Common stock issuance costs | (141) | — |
| Net cash provided by (used in) financing activities | (910,751) | (175,848) |
| Net increase (decrease) in cash and cash equivalents | $(165,872) | $110,755 |
| Cash and cash equivalents, beginning of period | 719,581 | 227,164 |
| Cash and cash equivalents, ending of period | $553,709 | $337,919 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
| Cash payments for: | ||
| Interest | $146,302 | $89,572 |
| Income taxes | 12,388 | 23,594 |
| Non-cash investing and financing activities: | ||
| OREO acquired in settlement of loans | 26 | 144 |
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