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PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets | Condensed financial data for First Busey Corporation is presented below. CONDENSED BALANCE SHEETS (dollars in thousands)
| As of December 31,
| 2022 |  | 2021
Assets |  |  |
Cash and cash equivalents | $ | 91,812 |  |  | $ | 78,217 |
Equity securities | 11,535 |  |  | 13,571 |
Investments in subsidiaries: |  |  |
Bank | 1,369,261 |  |  | 1,565,226 |
Non-bank | 2,181 |  |  | 2,812 |
Premises and equipment, net | 18 |  |  | 30 |
Other assets | 22,316 |  |  | 22,444 |
Total assets | $ | 1,497,123 |  |  | $ | 1,682,300 |
Liabilities and Stockholders' Equity |  |  |
Liabilities: |  |  |
Short-term borrowings | $ | 12,000 |  |  | $ | 12,000 |
Long-term debt | 30,000 |  |  | 42,000 |
Senior notes, net of unamortized issuance costs | — |  |  | 39,944 |
Subordinated notes, net of unamortized issuance costs | 222,038 |  |  | 182,773 |
Junior subordinated debentures owed to unconsolidated trusts | 71,810 |  |  | 71,635 |
Other liabilities | 15,298 |  |  | 14,836 |
Total liabilities | 351,146 |  |  | 363,188 |
Total stockholders' equity | 1,145,977 |  |  | 1,319,112 |
Total liabilities and stockholders' equity | $ | 1,497,123 |  |  | $ | 1,682,300 |
Statements of Income |
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Operating income: |  |  |  |  |
Dividends from subsidiaries: |  |  |  |  |
Bank | $ | 95,000 |  |  | $ | 60,000 |  |  | $ | 122,000 |
Non-bank | 1,630 |  |  | 1,745 |  |  | — |
Interest income | 1,094 |  |  | 79 |  |  | 154 |
Gains (losses) recognized on equity securities, net | (2,159) |  |  | 3,041 |  |  | (393) |
Other income | 15,195 |  |  | 12,109 |  |  | 10,083 |
Total operating income | 110,760 |  |  | 76,974 |  |  | 131,844 |
Expense: |  |  |  |  |
Salaries, wages, and employee benefits | 20,964 |  |  | 17,914 |  |  | 16,205 |
Interest expense | 17,854 |  |  | 15,163 |  |  | 12,056 |
Operating expense | 7,294 |  |  | 7,429 |  |  | 7,685 |
Total expense | 46,112 |  |  | 40,506 |  |  | 35,946 |
Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries | 64,648 |  |  | 36,468 |  |  | 95,898 |
Income tax benefit | 8,286 |  |  | 8,974 |  |  | 7,727 |
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries | 72,934 |  |  | 45,442 |  |  | 103,625 |
Equity in undistributed (in excess of) net income of subsidiaries: |  |  |  |  |
Bank | 55,986 |  |  | 77,941 |  |  | (5,221) |
Non-bank | (609) |  |  | 66 |  |  | 1,940 |
Net income | $ | 128,311 |  |  | $ | 123,449 |  |  | $ | 100,344 |
Statements of Cash Flows |
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Cash Flows Provided by (Used in) Operating Activities |  |  |  |  |
Net income | $ | 128,311 |  |  | $ | 123,449 |  |  | $ | 100,344 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |
Depreciation and amortization | 1,423 |  |  | 882 |  |  | 648 |
Distributions more (less) than net income of subsidiaries | (55,377) |  |  | (78,007) |  |  | 3,281 |
(Gains) losses recognized on equity securities, net | 2,159 |  |  | (3,041) |  |  | 393 |
Stock-based compensation | 8,968 |  |  | 7,864 |  |  | 7,135 |
Changes in assets and liabilities: |  |  |  |  |
(Increase) decrease in other assets | (17,754) |  |  | (1,186) |  |  | 405 |
Increase (decrease) in other liabilities | 21,233 |  |  | (3,302) |  |  | (5,772) |
Net cash provided by (used in) operating activities | 88,963 |  |  | 46,659 |  |  | 106,434 |
Cash Flows Provided by (Used in) Investing Activities |  |  |  |  |
Sales (purchases) of equity securities, net | 598 |  |  | (5,000) |  |  | — |
Net cash paid for acquisitions | — |  |  | (61,656) |  |  | — |
Purchases of premises and equipment | (9) |  |  | (15) |  |  | (19) |
Net cash provided by (used in) investing activities | 589 |  |  | (66,671) |  |  | (19) |
Cash Flows Provided by (Used in) Financing Activities |  |  |  |  |
Cash paid for withholding taxes on stock-based payments | (1,276) |  |  | (997) |  |  | (635) |
Cash dividends paid | (50,863) |  |  | (50,764) |  |  | (48,012) |
Repayments of borrowings | (112,000) |  |  | (18,500) |  |  | (74,000) |
Proceeds from issuance of debt | 98,094 |  |  | 72,500 |  |  | 142,634 |
Proceeds from stock options exercised | — |  |  | — |  |  | 101 |
Purchase of treasury stock | (9,912) |  |  | (33,043) |  |  | (12,272) |
Common stock issuance costs | — |  |  | (150) |  |  | — |
Net cash provided (used in) by financing activities | (75,957) |  |  | (30,954) |  |  | 7,816 |
Net increase (decrease) in cash and cash equivalents | 13,595 |  |  | (50,966) |  |  | 114,231 |
Cash and cash equivalents, beginning of period | 78,217 |  |  | 129,183 |  |  | 14,952 |
Cash and cash equivalents, ending of period | $ | 91,812 |  |  | $ | 78,217 |  |  | $ | 129,183 |

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