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Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2020

Parent Company Only Financial Information

Parent Company Only Financial Information

Note 23. Parent Company Only Financial Information

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Condensed financial data for First Busey Corporation is presented below (dollars in thousands).

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BALANCE SHEETS

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​	​	​	​	​	​	​
​	​	As of December 31,
​		2020			2019
Assets	​	​	​	​	​	​
Cash and cash equivalents	​	$	129,183	​	$	14,952
Equity securities	​	​	5,530	​	​	5,923
Investments in subsidiaries:	​	​	​	​	​	​
Bank	​		1,417,130	​		1,417,941
Non-bank	​		2,746	​		806
Premises and equipment, net	​		51	​		68
Other assets	​		21,664	​		13,873
Total assets	​	$	1,576,304	​	$	1,453,563
​	​	​	​	​	​	​
Liabilities and Stockholders' Equity	​	​	​	​	​	​
Liabilities:	​	​	​	​	​	​
Short-term borrowings	​	$	—	​	$	6,000
Long-term debt	​	​	—	​	​	48,000
Senior notes, net of unamortized issuance costs	​	​	39,809	​	​	39,674
Subordinated notes, net of unamortized issuance costs	​	​	182,226	​	​	59,248
Junior subordinated debentures owed to unconsolidated trusts	​	​	71,468	​	​	71,308
Other liabilities	​		12,732	​		8,899
Total liabilities	​		306,235	​		233,129
​	​	​	​	​	​	​
Total stockholders' equity	​		1,270,069	​		1,220,434
Total liabilities and stockholders' equity	​	$	1,576,304	​	$	1,453,563

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STATEMENTS OF INCOME

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2020			2019			2018
Operating income:	​	​	​	​	​	​	​	​	​
Dividends from subsidiaries:	​	​	​	​	​	​	​	​	​
Bank	​	$	122,000	​	$	70,000	​	$	—
Non-bank	​		—	​		—	​		17,000
Interest income	​		154	​		441	​		747
Gain (loss) on equity securities	​	​	(393)	​	​	(759)	​	​	2,322
Other income	​		10,083	​		10,224	​		8,096
Total operating income	​		131,844	​		79,906	​		28,165
​	​	​	​	​	​	​	​	​	​
Expense:	​	​	​	​	​	​	​	​	​
Salaries, wages, and employee benefits	​		16,205	​		15,288	​		13,624
Interest expense	​		12,056	​		10,054	​		8,026
Operating expense	​		7,685	​		8,960	​		6,051
Total expense	​		35,946	​		34,302	​		27,701
​	​	​	​	​	​	​	​	​	​
Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries	​	​	95,898	​		45,604	​		464
Income tax benefit	​		7,727	​		5,389	​		5,013
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries	​		103,625	​		50,993	​		5,477
​	​	​	​	​	​	​	​	​	​
Equity in undistributed (in excess of) net income of subsidiaries:	​	​	​	​	​	​	​	​	​
Bank	​		(5,221)	​		51,604	​		103,309
Non-bank	​		1,940	​		356	​		(9,858)
Net income	​	$	100,344	​	$	102,953	​	$	98,928

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STATEMENTS OF CASH FLOWS

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2020			2019			2018
Cash Flows Provided by (Used in) Operating Activities	​	​	​	​	​	​	​	​	​
Net income	​	$	100,344	​	$	102,953	​	$	98,928
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​		648	​		420	​		232
Distributions more (less) than net income of subsidiaries	​		3,281	​		(51,961)	​		(93,451)
Change in fair value of equity securities, net	​	​	393	​	​	759	​	​	(2,322)
Stock-based compensation	​		7,135	​		3,997	​		3,721
Changes in assets and liabilities:	​	​	​	​	​	​	​	​	​
(Increase) decrease in other assets	​		405	​		(4,279)	​		13,985
Increase (decrease) in other liabilities	​		(5,772)	​		(1,280)	​		1,341
Net cash provided by (used in) operating activities	​		106,434	​		50,609	​		22,434
​	​	​	​	​	​	​	​	​	​
Cash Flows Provided by (Used in) Investing Activities	​	​	​	​	​	​	​	​	​
Purchases of equity securities	​	​	—	​	​	(520)	​	​	—
Net cash paid for business acquisition	​	​	—	​	​	(90,722)	​	​	—
Purchases of premises and equipment	​		(19)	​		(31)	​		(46)
Net cash provided by (used in) investing activities	​		(19)	​		(91,273)	​		(46)
​	​	​	​	​	​	​	​	​	​
Cash Flows Provided by (Used in) Financing Activities	​	​	​	​	​	​	​	​	​
Proceeds from charter amendment with subsidiary bank	​		—	​		—	​		40,000
Cash paid for withholding taxes on stock-based payments	​		(635)	​		(863)	​		(817)
Cash dividends paid	​		(48,012)	​		(45,171)	​		(39,010)
Repayments of borrowings	​	​	(74,000)	​	​	(6,000)	​	​	(5,500)
Proceeds from issuance of debt	​	​	142,634	​	​	60,000	​	​	—
Proceeds from stock options exercised	​	​	101	​	​	169	​	​	—
Purchase of treasury stock	​	​	(12,272)	​	​	(24,292)	​	​	—
Common stock issuance costs	​	​	—	​	​	(234)	​	​	—
Net cash provided (used in) by financing activities	​		7,816	​		(16,391)	​		(5,327)
​	​	​	​	​	​	​	​	​	​
Net increase (decrease) in cash and cash equivalents	​		114,231	​		(57,055)	​		17,061
Cash and cash equivalents, beginning of period	​		14,952	​		72,007	​		54,946
​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents, ending of period	​	$	129,183	​	$	14,952	​	$	72,007

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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