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$29.15+1.8%Stored close · as of Nov 9, 2026

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NON-GAAP FINANCIAL INFORMATION

This Quarterly Report contains certain financial information determined by methods other than in accordance with GAAP. Management uses these non-GAAP financial measures and non-GAAP ratios, together with the related GAAP financial measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. We believe the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring noninterest items and provide additional perspective on our performance over time.

Non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for the results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates and effective rates as appropriate.

A listing of Busey's non-GAAP financial measures and ratios are shown in the table below, together with the related GAAP financial measures.

GAAP Financial Measures		Related Non-GAAP Financial Measures		Related Non-GAAP Ratios
Net interest incomeTotal noninterest incomeNet security gains and lossesTotal noninterest expense		Pre-provision net revenue		Pre-provision net revenue to average assets
	Adjusted pre-provision net revenue		Adjusted pre-provision net revenue to average assets
Net income		Adjusted net income		Adjusted diluted earnings per share
		Adjusted return on average assets
		Adjusted return on average tangible common equity
Average common equity		Average tangible common equity		Return on average tangible common equity
		Adjusted return on average tangible common equity
Net interest income		Tax-equivalent net interest income		Net interest margin
	Adjusted net interest income		Adjusted net interest margin
Net interest incomeTotal noninterest incomeNet security gains and losses		Tax-equivalent revenue		Efficiency ratio
	Adjusted tax-equivalent revenue		Adjusted efficiency ratio
		Adjusted core efficiency ratio
	Adjusted noninterest income
Total noninterest expenseAmortization of intangible assets		Noninterest expense excluding amortization of intangible assets		Efficiency ratio
	Adjusted noninterest expense		Adjusted efficiency ratio
	Adjusted core expense		Adjusted core efficiency ratio
Total noninterest expense		Noninterest expense, excluding non-operating adjustments
Total assetsGoodwill and other intangible assets, net		Tangible assets		Tangible common equity to tangible assets
Total stockholders’ equityGoodwill and other intangible assets, net		Tangible common equity		Tangible common equity to tangible assets
	Tangible book value		Tangible book value per common share
Total deposits		Core deposits		Core deposits to total deposits
		Portfolio loans to core deposits

A reconciliation of non-GAAP financial measures to what management believes to be the most directly comparable GAAP financial measures appears below.

Pre-Provision Net Revenue, Adjusted Pre-Provision Net Revenue,Pre-Provision Net Revenue to Average Assets, and Adjusted Pre-Provision Net Revenue to Average Assets
(dollars in thousands)
Three Months Ended September 30, · Nine Months Ended September 30,
2024 · 2023 · 2024 · 2023
PRE-PROVISION NET REVENUE
Net interest income		$82,541	$77,791	$240,742	$242,318
Total noninterest income		35,951	31,008	104,752	90,868
Net security (gains) losses		(822)	285	5,906	2,960
Total noninterest expense		(75,926)	(70,945)	(222,232)	(210,553)
Pre-provision net revenue		41,744	38,139	129,168	125,593
Non-GAAP adjustments:
Acquisition and restructuring expenses		1,935	79	4,555	91
Provision for unfunded commitments		407	13	(640)	(357)
Amortization of NMTC		—	2,260	—	6,740
Realized (gain) loss on the sale of mortgage service rights		18	—	(7,724)	—
Adjusted pre-provision net revenue		$44,104	$40,491	$125,359	$132,067
Pre-provision net revenue, annualized	[a]	$166,069	$151,312	$172,538	$167,917
Adjusted pre-provision net revenue, annualized	[b]	175,457	160,644	167,450	176,573
Average total assets	[c]	12,007,702	12,202,783	12,040,414	12,225,232
Reported: Pre-provision net revenue to average assets1	[a÷c]	1.38%	1.24%	1.43%	1.37%
Adjusted: Pre-provision net revenue to average assets1	[b÷c]	1.46%	1.32%	1.39%	1.44%

Annualized measure.

Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Return on Average Assets, Average Tangible Common Equity, Return on Average Tangible Common Equity, and Adjusted Return on Average Tangible Common Equity
(dollars in thousands, except per share amounts)
Three Months Ended September 30, · Nine Months Ended September 30,
2024 · 2023 · 2024 · 2023
NET INCOME ADJUSTED FOR NON-OPERATING ITEMS
Net income	[a]	$32,004	$30,666	$85,586	$96,816
Non-GAAP adjustments for non-operating expenses:
Acquisition expenses:
Salaries, wages, and employee benefits		73	—	1,210	—
Data processing		90	—	534	—
Professional fees, occupancy, furniture and fixtures, and other		1,772	79	2,688	91
Restructuring expenses:
Salaries, wages, and employee benefits		—	—	123	—
Related tax benefit1		(406)	(15)	(1,061)	(18)
Adjusted net income	[b]	$33,533	$30,730	$89,080	$96,889
DILUTED EARNINGS PER SHARE
Diluted average common shares outstanding	[c]	57,967,848	56,315,492	57,411,299	56,230,624
Reported: Diluted earnings per share	[a÷c]	0.55	0.54	1.49	1.72
Adjusted: Diluted earnings per share	[b÷c]	0.58	0.55	1.55	1.72
RETURN ON AVERAGE ASSETS
Net income, annualized	[d]	$127,320	$121,664	$114,323	$129,443
Adjusted net income, annualized	[e]	133,403	121,918	118,990	129,540
Average total assets	[f]	12,007,702	12,202,783	12,040,414	12,225,232
Reported: Return on average assets2	[d÷f]	1.06%	1.00%	0.95%	1.06%
Adjusted: Return on average assets2	[e÷f]	1.11%	1.00%	0.99%	1.06%
RETURN ON AVERAGE TANGIBLE COMMON EQUITY
Average common equity		$1,364,377	$1,208,407	$1,324,119	$1,195,858
Average goodwill and other intangible assets, net		(369,720)	(358,025)	(366,331)	(360,654)
Average tangible common equity	[g]	$994,657	$850,382	$957,788	$835,204
Reported: Return on average tangible common equity2	[d÷g]	12.80%	14.31%	11.94%	15.50%
Adjusted: Return on average tangible common equity2	[e÷g]	13.41%	14.34%	12.42%	15.51%

Tax benefits were calculated by multiplying acquisition expenses and restructuring expenses by the effective tax rate for each period. Effective tax rates used in this calculation were 21.0% and 19.7% for the three months ended September 30, 2024 and 2023, respectively, and were 23.3% and 19.8% for the nine months ended September 30, 2024 and 2023.

Adjusted Net Interest Income and Adjusted Net Interest Margin
(dollars in thousands)
Three Months Ended September 30, · Nine Months Ended September 30,
2024 · 2023 · 2024 · 2023
Net interest income		$82,541	$77,791	$240,742	$242,318
Non-GAAP adjustments:
Tax-equivalent adjustment1		396	553	1,247	1,672
Tax-equivalent net interest income		82,937	78,344	241,989	243,990
Purchase accounting accretion related to business combinations		(1,338)	(277)	(2,354)	(1,093)
Adjusted net interest income		$81,599	$78,067	$239,635	$242,897
Tax-equivalent net interest income, annualized	[a]	$329,945	$310,821	$323,241	$326,214
Adjusted net interest income, annualized	[b]	324,622	309,722	320,096	324,752
Average interest-earning assets	[c]	10,936,611	11,118,167	10,976,660	11,142,780
Reported: Net interest margin2	[a÷c]	3.02%	2.80%	2.94%	2.93%
Adjusted: Net interest margin2	[b÷c]	2.97%	2.79%	2.92%	2.91%

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21.0%, applied to non-taxable interest income on investments and loans.

Adjusted Noninterest Income, Operating Revenue, Adjusted Noninterest Income to Operating Revenue, Noninterest Expense Excluding Amortization of Intangible Assets, Adjusted Noninterest Expense,Adjusted Core Expense, Noninterest Expense Excluding Non-Operating Adjustments, Efficiency Ratio, Adjusted Efficiency Ratio, and Adjusted Core Efficiency Ratio
(dollars in thousands)
Three Months Ended September 30, · Nine Months Ended September 30,
2024 · 2023 · 2024 · 2023
Net interest income	[a]	$82,541	$77,791	$240,742	$242,318
Non-GAAP adjustments:
Tax-equivalent adjustment1		396	553	1,247	1,672
Tax-equivalent net interest income	[b]	$82,937	$78,344	$241,989	$243,990
Total noninterest income		$35,951	$31,008	$104,752	$90,868
Non-GAAP adjustments:
Net security (gains) losses		(822)	285	5,906	2,960
Noninterest income excluding net securities gains and losses	[c]	35,129	31,293	110,658	93,828
Further adjustments:
Realized net (gains) losses on the sale of mortgage servicing rights		18	—	(7,724)	—
Adjusted noninterest income	[d]	$35,147	$31,293	$102,934	$93,828
Tax-equivalent revenue	[e = b+c]	$118,066	$109,637	$352,647	$337,818
Adjusted tax-equivalent revenue	[f = b+d]	118,084	109,637	344,923	337,818
Operating revenue	[g = a+d]	117,688	109,084	343,676	336,146
Adjusted noninterest income to operating revenue	[d÷g]	29.86%	28.69%	29.95%	27.91%

Adjusted Noninterest Income, Operating Revenue, Adjusted Noninterest Income to Operating Revenue, Noninterest Expense Excluding Amortization of Intangible Assets, Adjusted Noninterest Expense,Adjusted Core Expense, Noninterest Expense Excluding Non-Operating Adjustments, Efficiency Ratio, Adjusted Efficiency Ratio, and Adjusted Core Efficiency Ratio (Continued)
(dollars in thousands)
Three Months Ended September 30, · Nine Months Ended September 30,
2024 · 2023 · 2024 · 2023
Total noninterest expense		$75,926	$70,945	$222,232	$210,553
Non-GAAP adjustments:
Amortization of intangible assets	[h]	(2,548)	(2,555)	(7,586)	(7,953)
Noninterest expense excluding amortization of intangible assets	[i]	73,378	68,390	214,646	202,600
Non-operating adjustments:
Salaries, wages, and employee benefits		(73)	—	(1,333)	—
Data processing		(90)	—	(534)	—
Professional fees, occupancy, furniture and fixtures, and other		(1,772)	(79)	(2,688)	(91)
Adjusted noninterest expense	[j]	71,443	68,311	210,091	202,509
Provision for unfunded commitments		(407)	(13)	640	357
Amortization of NMTC		—	(2,260)	—	(6,740)
Adjusted core expense	[k]	$71,036	$66,038	$210,731	$196,126
Noninterest expense, excluding non-operating adjustments	[j-h]	$73,991	$70,866	$217,677	$210,462
Reported: Efficiency ratio	[i÷e]	62.15%	62.38%	60.87%	59.97%
Adjusted: Efficiency ratio	[j÷f]	60.50%	62.31%	60.91%	59.95%
Adjusted: Core efficiency ratio	[k÷f]	60.16%	60.23%	61.10%	58.06%

The tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21.0%, applied to non-taxable interest income on investments and loans.

Tangible Book Value and Tangible Book Value Per Common Share
(dollars in thousands, except per share amounts)
	As of
September 302024 · December 312023
Total stockholders' equity		$1,402,884		$1,271,981
Goodwill and other intangible assets, net		(368,249)		(353,864)
Tangible book value	[a]	$1,034,635		$918,117
Ending number of common shares outstanding	[b]	56,872,241	55,244,119
Tangible book value per common share	[a÷b]	$18.19		$16.62

Tangible Assets, Tangible Common Equity, and Tangible Common Equity to Tangible Assets
(dollars in thousands)
	As of
September 30,2024 · December 31,2023
Total assets		$11,986,839	$12,283,415
Non-GAAP adjustments:
Goodwill and other intangible assets, net		(368,249)	(353,864)
Tax effect of other intangible assets1		7,178	6,888
Tangible assets2	[a]	$11,625,768	$11,936,439
Total stockholders' equity		$1,402,884	$1,271,981
Non-GAAP adjustments:
Goodwill and other intangible assets, net		(368,249)	(353,864)
Tax effect of other intangible assets1		7,178	6,888
Tangible common equity2	[b]	$1,041,813	$925,005
Tangible common equity to tangible assets2	[b÷a]	8.96%	7.75%

Net of estimated deferred tax liability, calculated using the estimated combined federal and state statutory tax rate of 28.0%.
Tax-effected measure.

Core Deposits, Core Deposits to Total Deposits, and Portfolio Loans to Core Deposits
(dollars in thousands)
	As of
September 30,2024 · December 31,2023
Portfolio loans	[a]	$7,809,097	$7,651,034
Total deposits	[b]	$9,943,241	$10,291,156
Non-GAAP adjustments:
Brokered deposits, excluding brokered time deposits of $250,000 or more		(13,089)	(6,001)
Time deposits of $250,000 or more		(338,808)	(386,286)
Core deposits	[c]	$9,591,344	$9,898,869
RATIOS
Core deposits to total deposits	[c÷b]	96.46%	96.19%
Portfolio loans to core deposits	[a÷c]	81.42%	77.29%

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.