FIRST BUSEY CORP NV
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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NON-GAAP FINANCIAL INFORMATION
This Annual 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. Busey believes 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 Busey’s 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, estimated federal income tax rates, or effective tax rates as noted with the tables below.
The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.
First Busey Corporation(BUSE) | 2024 —26
| Pre-Provision Net Revenue and Related Measures | ||||
|---|---|---|---|---|
| (dollars in thousands) | ||||
| Years Ended December 31, | ||||
| 2024 · 2023 · 2022 | ||||
| Net interest income (GAAP) | $322,611 | $320,621 | $323,628 | |
| Total noninterest income (GAAP) | 139,682 | 121,214 | 126,613 | |
| Net security (gains) losses (GAAP) | 6,102 | 2,199 | 2,133 | |
| Total noninterest expense (GAAP) | (300,399) | (285,532) | (283,881) | |
| Pre-provision net revenue (Non-GAAP) | [a] | 167,996 | 158,502 | 168,493 |
| Acquisition and restructuring expenses | 8,140 | 4,328 | 4,537 | |
| Provision for unfunded commitments | (1,095) | 461 | 61 | |
| Amortization of New Markets Tax Credit | — | 8,999 | 6,333 | |
| Realized (gain) loss on the sale of mortgage service rights | (7,724) | — | — | |
| Adjusted pre-provision net revenue (Non-GAAP) | [b] | $167,317 | $172,290 | $179,424 |
| Average total assets (GAAP) | [c] | $12,051,871 | $12,246,218 | $12,492,948 |
| Pre-provision net revenue to average total assets (Non-GAAP) | [a÷c] | 1.39% | 1.29% | 1.35% |
| Adjusted pre-provision net revenue to average total assets (Non-GAAP) | [b÷c] | 1.39% | 1.41% | 1.44% |
First Busey Corporation(BUSE) | 2024 —27
| Adjusted Net Income, Average Tangible Common Equity, and Related Ratios | ||||
|---|---|---|---|---|
| (dollars in thousands, except per share amounts) | ||||
| Years Ended December 31, | ||||
| 2024 · 2023 · 2022 | ||||
| Net income (GAAP) | [a] | $113,691 | $122,565 | $128,311 |
| Acquisition expenses: | ||||
| Salaries, wages, and employee benefits | 1,457 | — | 587 | |
| Data processing | 548 | — | 214 | |
| Professional fees, occupancy, furniture and fixtures, and other | 4,896 | 357 | 258 | |
| Acquisition expenses | 6,901 | 357 | 1,059 | |
| Restructuring expenses: | ||||
| Salaries, wages, and employee benefits | 123 | 3,760 | 2,409 | |
| Loss on leases or fixed asset impairment | — | — | 986 | |
| Professional fees, occupancy, furniture and fixtures, and other | 1,116 | 211 | 83 | |
| Restructuring expenses | 1,239 | 3,971 | 3,478 | |
| Acquisition and restructuring expenses | 8,140 | 4,328 | 4,537 | |
| Related tax benefit1 | (2,026) | (881) | (938) | |
| Adjusted net income (Non-GAAP) | [b] | $119,805 | $126,012 | $131,910 |
| Weighted average number of common shares outstanding, diluted (GAAP) | [c] | 57,543,001 | 56,256,148 | 56,137,164 |
| Diluted earnings per common share (GAAP) | [a÷c] | $1.98 | $2.18 | $2.29 |
| Adjusted diluted earnings per common share (Non-GAAP) | [b÷c] | 2.08 | 2.24 | 2.35 |
| Average total assets (GAAP) | [d] | $12,051,871 | $12,246,218 | $12,492,948 |
| Return on average assets (GAAP) | [a÷d] | 0.94% | 1.00% | 1.03% |
| Adjusted return on average assets (Non-GAAP) | [b÷d] | 0.99% | 1.03% | 1.06% |
| Average common equity (GAAP) | $1,342,424 | $1,197,511 | $1,195,171 | |
| Average goodwill and other intangible assets, net | (366,601) | (359,347) | (370,424) | |
| Average tangible common equity (Non-GAAP) | [e] | $975,823 | $838,164 | $824,747 |
| Return on average tangible common equity (Non-GAAP) | [a÷e] | 11.65% | 14.62% | 15.56% |
| Adjusted return on average tangible common equity (Non-GAAP) | [b÷e] | 12.28% | 15.03% | 15.99% |
- Tax benefits were calculated by multiplying acquisition expenses and other restructuring expenses by tax rates of 24.9%, 20.4%, and 20.7% for the years ended December 31, 2024, 2023, and 2022, respectively.
First Busey Corporation(BUSE) | 2024 —28
| Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin | ||||
|---|---|---|---|---|
| (dollars in thousands) | ||||
| Years Ended December 31, | ||||
| 2024 · 2023 · 2022 | ||||
| Net interest income (GAAP) | $322,611 | $320,621 | $323,628 | |
| Tax-equivalent adjustment1 | 1,693 | 2,173 | 2,199 | |
| Tax-equivalent net interest income (Non-GAAP) | [a] | 324,304 | 322,794 | 325,827 |
| Purchase accounting accretion related to business combinations | (3,166) | (1,477) | (3,134) | |
| Adjusted net interest income (Non-GAAP) | [b] | $321,138 | $321,317 | $322,693 |
| Average interest-earning assets (GAAP) | [c] | $10,999,424 | $11,181,010 | $11,479,730 |
| Net interest margin (Non-GAAP) | [a÷c] | 2.95% | 2.89% | 2.84% |
| Adjusted net interest margin (Non-GAAP) | [b÷c] | 2.92% | 2.87% | 2.81% |
- Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
First Busey Corporation(BUSE) | 2024 —29
| Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Adjusted Core Expense, and Efficiency Ratios | ||||
|---|---|---|---|---|
| (dollars in thousands) | ||||
| Years Ended December 31, | ||||
| 2024 · 2023 · 2022 | ||||
| Net interest income (GAAP) | [a] | $322,611 | $320,621 | $323,628 |
| Tax-equivalent adjustment1 | 1,693 | 2,173 | 2,199 | |
| Tax-equivalent net interest income (Non-GAAP) | [b] | 324,304 | 322,794 | 325,827 |
| Total noninterest income (GAAP) | 139,682 | 121,214 | 126,613 | |
| Net security (gains) losses (GAAP) | 6,102 | 2,199 | 2,133 | |
| Noninterest income excluding net securities gains and losses (Non-GAAP) | [c] | 145,784 | 123,413 | 128,746 |
| Realized net (gains) losses on the sale of mortgage servicing rights (GAAP) | (7,724) | — | — | |
| Adjusted noninterest income (Non-GAAP) | [d] | $138,060 | $123,413 | $128,746 |
| Tax-equivalent revenue (Non-GAAP) | [e = b+c] | $470,088 | $446,207 | $454,573 |
| Adjusted tax-equivalent revenue (Non-GAAP) | [f = b+d] | 462,364 | 446,207 | 454,573 |
| Operating revenue (Non-GAAP) | [g = a+d] | 460,671 | 444,034 | 452,374 |
| Adjusted noninterest income to operating revenue (Non-GAAP) | [d÷g] | 29.97% | 27.79% | 28.46% |
| Total noninterest expense (GAAP) | $300,399 | $285,532 | $283,881 | |
| Amortization of intangible assets (GAAP) | [h] | (10,057) | (10,432) | (11,628) |
| Noninterest expense excluding amortization of intangible assets (Non-GAAP) | [i] | 290,342 | 275,100 | 272,253 |
| Acquisition and restructuring expenses | (8,140) | (4,328) | (4,537) | |
| Adjusted noninterest expense (Non-GAAP) | [j] | 282,202 | 270,772 | 267,716 |
| Provision for unfunded commitments | 1,095 | (461) | (61) | |
| Amortization of New Markets Tax Credit | — | (8,999) | (6,333) | |
| Adjusted core expense (Non-GAAP) | [k] | $283,297 | $261,312 | $261,322 |
| Noninterest expense, excluding non-operating adjustments (Non-GAAP) | [j-h] | $292,259 | $281,204 | $279,344 |
| Efficiency ratio (Non-GAAP) | [i÷e] | 61.76% | 61.65% | 59.89% |
| Adjusted efficiency ratio (Non-GAAP) | [j÷f] | 61.03% | 60.68% | 58.89% |
| Adjusted core efficiency ratio (Non-GAAP) | [k÷f] | 61.27% | 58.56% | 57.49% |
- The tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
First Busey Corporation(BUSE) | 2024 —30
| Tangible Book Value and Tangible Book Value Per Common Share | |||
|---|---|---|---|
| (dollars in thousands, except per share amounts) | |||
| As of December 31, | |||
| 2024 · 2023 | |||
| Total stockholders' equity (GAAP) | $1,383,269 | $1,271,981 | |
| Goodwill and other intangible assets, net (GAAP) | (365,975) | (353,864) | |
| Tangible book value (Non-GAAP) | [a] | $1,017,294 | $918,117 |
| Ending number of common shares outstanding (GAAP) | [b] | 56,895,981 | 55,244,119 |
| Tangible book value per common share (Non-GAAP) | [a÷b] | $17.88 | $16.62 |
| Tangible Assets, Tangible Common Equity, and Tangible Common Equity to Tangible Assets | |||
|---|---|---|---|
| (dollars in thousands) | |||
| As of December 31, | |||
| 2024 · 2023 | |||
| Total assets (GAAP) | $12,046,722 | $12,283,415 | |
| Goodwill and other intangible assets, net (GAAP) | (365,975) | (353,864) | |
| Tax effect of other intangible assets1 | 6,379 | 6,888 | |
| Tangible assets (Non-GAAP)2 | [a] | $11,687,126 | $11,936,439 |
| Total stockholders' equity (GAAP) | $1,383,269 | $1,271,981 | |
| Goodwill and other intangible assets, net (GAAP) | (365,975) | (353,864) | |
| Tax effect of other intangible assets1 | 6,379 | 6,888 | |
| Tangible common equity (Non-GAAP)2 | [b] | $1,023,673 | $925,005 |
| Tangible common equity to tangible assets (Non-GAAP)2 | [b÷a] | 8.76% | 7.75% |
Net of estimated deferred tax liability, calculated using an estimated tax rate of 26.73% as of December 31, 2024, and 28.0% as of December 31, 2023.
Tax-effected measure.
First Busey Corporation(BUSE) | 2024 —31
| Core Deposits and Related Ratios | |||
|---|---|---|---|
| (dollars in thousands) | |||
| As of December 31, | |||
| 2024 · 2023 | |||
| Portfolio loans (GAAP) | [a] | $7,697,087 | $7,651,034 |
| Total deposits (GAAP) | [b] | $9,982,490 | $10,291,156 |
| Brokered deposits, excluding brokered time deposits of $250,000 or more | (13,090) | (6,001) | |
| Time deposits of $250,000 or more | (334,503) | (386,286) | |
| Core deposits (Non-GAAP) | [c] | $9,634,897 | $9,898,869 |
| RATIOS | |||
| Core deposits to total deposits (Non-GAAP) | [c÷b] | 96.52% | 96.19% |
| Portfolio loans to core deposits (Non-GAAP) | [a÷c] | 79.89% | 77.29% |
First Busey Corporation(BUSE) | 2024 —32
Table of Contents Item 1. Business Contents
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.