FIRST BUSEY CORP /NV/
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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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.
Jun 30, 2025 · Filed Aug 5, 2025
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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 June 30, 2025
or
| ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|---|
Commission File No.0-15950
(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.) |
| 11440 Tomahawk Creek ParkwayLeawood, Kansas | 66211 |
| (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, $0.001 par value | BUSE | The Nasdaq Stock Market LLC |
| Depositary Shares, each representing a 1/40th interest in a share of 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value | BUSEP | 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 o
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 o
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
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 August 5, 2025 |
|---|---|
| Common Stock, $0.001 par value | 89,065,910 |
FORM 10-Q
JUNE 30, 2025
| Table of Contents | |
|---|---|
| GLOSSARY | 4 |
| PART I—FINANCIAL INFORMATION | 6 |
| ITEM 1. FINANCIAL STATEMENTS | 6 |
| CONSOLIDATED BALANCE SHEETS (Unaudited) | 7 |
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) | 8 |
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | 9 |
| CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) | 11 |
| CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | 12 |
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) | 14 |
| Note 1. Significant Accounting Policies | 14 |
| Note 2. Mergers and Acquisitions | 17 |
| Note 3. Debt Securities | 23 |
| Note 4. Portfolio Loans | 29 |
| Note 5. Leases | 40 |
| Note 6. Deposits | 42 |
| Note 7. Borrowings | 43 |
| Note 8. Regulatory Capital | 44 |
| Note 9. Tax Credit Investments and Other Investments in Unconsolidated Entities | 47 |
| Note 10. Stock-Based Compensation | 47 |
| Note 11. Outstanding Commitments and Contingent Liabilities | 54 |
| Note 12. Derivative Financial Instruments | 55 |
| Note 13. Fair Value Measurements | 60 |
| Note 14. Earnings Per Common Share | 66 |
| Note 15. Accumulated Other Comprehensive Income (Loss) | 68 |
| Note 16. Operating Segments and Related Information | 68 |
| ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 74 |
| SCOPE OF DISCUSSION | 74 |
| BUSINESS | 74 |
| Banking Center Markets | 74 |
| Busey’s Conservative Banking Strategy | 76 |
| Mergers and Acquisitions | 76 |
| RESULTS OF OPERATIONS — THREE AND SIX MONTHS ENDED JUNE 30, 2025 | 77 |
| Net Income | 77 |
| Non-Operating Expenses and Non-GAAP Measures | 77 |
| Operating Performance Metrics | 78 |
| Net Interest Income | 79 |
| Noninterest Income | 84 |
| Noninterest Expense | 87 |
| Table of Contents (continued) | |
|---|---|
| FINANCIAL CONDITION | 91 |
| Balance Sheet | 91 |
| Portfolio Loans | 91 |
| Deposits | 97 |
| Liquidity | 98 |
| Off-Balance-Sheet Arrangements | 99 |
| Capital Resources | 99 |
| NON-GAAP FINANCIAL INFORMATION | 100 |
| FORWARD-LOOKING STATEMENTS | 106 |
| CRITICAL ACCOUNTING ESTIMATES | 106 |
| Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations | 107 |
| Goodwill | 107 |
| Income Taxes | 107 |
| Allowance for Credit Losses | 108 |
| ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 108 |
| ITEM 4. CONTROLS AND PROCEDURES | 109 |
| PART II—OTHER INFORMATION—OTHER INFORMATION | 109 |
| ITEM 1. LEGAL PROCEEDINGS | 110 |
| ITEM 1A. RISK FACTORS | 110 |
| ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES | 110 |
| ITEM 3. DEFAULTS UPON SENIOR SECURITIES | 110 |
| ITEM 4. MINE SAFETY DISCLOSURES | 110 |
| ITEM 5. OTHER INFORMATION | 111 |
| ITEM 6. EXHIBITS | 112 |
| SIGNATURES | 113 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.