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Parent Company Only Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2019
Parent Company Only Financial Information |
Balance Sheets | Condensed financial data for First Busey Corporation is presented below (dollars in thousands). ​ BALANCE SHEETS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2019 |  | 2018
ASSETS | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 14,952 | ​ | $ | 72,007
Securities equity investments | ​ | ​ | 5,923 | ​ | ​ | 6,162
Investments in subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ |  | 1,417,941 | ​ |  | 1,088,710
Non-bank | ​ |  | 806 | ​ |  | —
Premises and equipment, net | ​ |  | 68 | ​ |  | 67
Other assets | ​ |  | 13,873 | ​ |  | 6,782
Total assets | ​ | $ | 1,453,563 | ​ | $ | 1,173,728
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS' EQUITY | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 6,000 | ​ | $ | —
Long-term debt | ​ | ​ | 48,000 | ​ | ​ | —
Senior notes, net of unamortized issuance costs | ​ | ​ | 39,674 | ​ | ​ | 39,539
Subordinated notes, net of unamortized issuance costs | ​ | ​ | 59,248 | ​ | ​ | 59,147
Junior subordinated debentures owed to unconsolidated trusts | ​ | ​ | 71,308 | ​ | ​ | 71,155
Other liabilities | ​ |  | 8,899 | ​ |  | 8,923
Total liabilities | ​ |  | 233,129 | ​ |  | 178,764
​ | ​ | ​ | ​ | ​ | ​ | ​
Total stockholders' equity | ​ |  | 1,220,434 | ​ |  | 994,964
Total liabilities and stockholders' equity | ​ | $ | 1,453,563 | ​ | $ | 1,173,728
Statements of Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2019 |  | 2018 |  | 2017
Operating income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends from subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | $ | 70,000 | ​ | $ | — | ​ | $ | —
Non-bank | ​ |  | — | ​ |  | 17,000 | ​ |  | 4,000
Interest income | ​ |  | 441 | ​ |  | 747 | ​ |  | 264
Security (losses) gains, net | ​ | ​ | (759) | ​ | ​ | 2,322 | ​ | ​ | —
Other income | ​ |  | 10,224 | ​ |  | 8,096 | ​ |  | 6,890
Total operating income | ​ |  | 79,906 | ​ |  | 28,165 | ​ |  | 11,154
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages and employee benefits | ​ |  | 15,288 | ​ |  | 13,624 | ​ |  | 11,398
Interest expense | ​ |  | 10,054 | ​ |  | 8,026 | ​ |  | 5,464
Operating expense | ​ |  | 8,960 | ​ |  | 6,051 | ​ |  | 7,060
Total expense | ​ |  | 34,302 | ​ |  | 27,701 | ​ |  | 23,922
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries | ​ | ​ | 45,604 | ​ |  | 464 | ​ |  | (12,768)
Income tax benefit | ​ |  | 5,389 | ​ |  | 5,013 | ​ |  | 5,553
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries | ​ |  | 50,993 | ​ |  | 5,477 | ​ |  | (7,215)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in undistributed (in excess of) net income of subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ |  | 51,604 | ​ |  | 103,309 | ​ |  | 68,635
Non-bank | ​ |  | 356 | ​ |  | (9,858) | ​ |  | 1,306
Net income | ​ | $ | 102,953 | ​ | $ | 98,928 | ​ | $ | 62,726
Statements of Cash Flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2019 |  | 2018 |  | 2017
Cash Flows from Operating Activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 102,953 | ​ | $ | 98,928 | ​ | $ | 62,726
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ |  | 420 | ​ |  | 232 | ​ |  | 487
Distributions less than net income of subsidiaries | ​ |  | (51,961) | ​ |  | (93,451) | ​ |  | (69,940)
Net security losses (gains) | ​ | ​ | 759 | ​ | ​ | (2,322) | ​ | ​ | —
Stock-based compensation | ​ |  | 3,997 | ​ |  | 3,721 | ​ |  | 2,752
Changes in assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Decrease (increase) in other assets | ​ |  | (4,279) | ​ |  | 13,985 | ​ |  | (1,105)
Increase (decrease) in other liabilities | ​ |  | (1,280) | ​ |  | 1,341 | ​ |  | (2,762)
Net cash provided by (used in) operating Activities | ​ |  | 50,609 | ​ |  | 22,434 | ​ |  | (7,842)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows from Investing Activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchase of equity securities | ​ | ​ | (520) | ​ | ​ | — | ​ | ​ | —
Net cash (outlay) for business acquisition | ​ | ​ | (90,722) | ​ | ​ | — | ​ | ​ | (61,371)
Purchases of premises and equipment | ​ |  | (31) | ​ |  | (46) | ​ |  | —
Net cash (used in) investing activities | ​ |  | (91,273) | ​ |  | (46) | ​ |  | (61,371)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows from Financing Activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from charter amendment with subsidiary bank | ​ |  | — | ​ |  | 40,000 | ​ |  | 40,000
Cash paid for withholding taxes on share based payments | ​ |  | (863) | ​ |  | (817) | ​ |  | (1,414)
Cash dividends paid | ​ |  | (45,171) | ​ |  | (39,010) | ​ |  | (30,707)
Repayments of debt | ​ | ​ | (6,000) | ​ | ​ | (5,500) | ​ | ​ | (9,800)
Proceeds from issuance of debt | ​ | ​ | 60,000 | ​ | ​ | — | ​ | ​ | 98,312
Proceeds from stock options exercised | ​ | ​ | 169 | ​ | ​ | — | ​ | ​ | 626
Purchase of treasury stock | ​ | ​ | (24,292) | ​ | ​ | — | ​ | ​ | —
Common stock issuance costs | ​ | ​ | (234) | ​ | ​ | — | ​ | ​ | (365)
Net cash (used in) provided by financing activities | ​ |  | (16,391) | ​ |  | (5,327) | ​ |  | 96,652
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (decrease) increase in cash and due from subsidiary bank | ​ |  | (57,055) | ​ |  | 17,061 | ​ |  | 27,439
Cash and cash equivalents, beginning of period | ​ |  | 72,007 | ​ |  | 54,946 | ​ |  | 27,507
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents, ending of period | ​ | $ | 14,952 | ​ | $ | 72,007 | ​ | $ | 54,946

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