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PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
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,
| 2023 |  | 2022
Assets |  |  |
Cash and cash equivalents | $ | 100,098 |  |  | $ | 91,812 |
Debt securities | 987 |  |  | — |
Equity securities | 9,364 |  |  | 11,535 |
Investments in subsidiaries: |  |  |
Bank | 1,478,118 |  |  | 1,369,261 |
Non-bank | — |  |  | 2,181 |
Premises and equipment, net | 7 |  |  | 18 |
Other assets | 20,100 |  |  | 22,316 |
Total assets | $ | 1,608,674 |  |  | $ | 1,497,123 |
Liabilities and stockholders' equity |  |  |
Liabilities: |  |  |
Short-term borrowings | $ | 12,000 |  |  | $ | 12,000 |
Long-term debt | 18,000 |  |  | 30,000 |
Subordinated notes, net of unamortized issuance costs | 222,882 |  |  | 222,038 |
Junior subordinated debentures owed to unconsolidated trusts | 71,993 |  |  | 71,810 |
Other liabilities | 11,818 |  |  | 15,298 |
Total liabilities | 336,693 |  |  | 351,146 |
Total stockholders' equity | 1,271,981 |  |  | 1,145,977 |
Total liabilities and stockholders' equity | $ | 1,608,674 |  |  | $ | 1,497,123 |
Statements of income |
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating income |  |  |  |  |
Dividends from subsidiaries: |  |  |  |  |
Bank | $ | 90,000 |  |  | $ | 95,000 |  |  | $ | 60,000 |
Non-bank | 900 |  |  | 1,630 |  |  | 1,745 |
Income from dissolution of non-bank subsidiary | 733 |  |  | — |  |  | — |
Interest income | 2,956 |  |  | 1,094 |  |  | 79 |
Gains (losses) recognized on equity securities, net | (2,171) |  |  | (2,159) |  |  | 3,041 |
Other income | 14,130 |  |  | 15,195 |  |  | 12,109 |
Total operating income | 106,548 |  |  | 110,760 |  |  | 76,974 |
Expense |  |  |  |  |
Salaries, wages, and employee benefits | 17,766 |  |  | 20,964 |  |  | 17,914 |
Interest expense | 19,005 |  |  | 17,854 |  |  | 15,163 |
Operating expense | 8,009 |  |  | 7,294 |  |  | 7,429 |
Total expense | 44,780 |  |  | 46,112 |  |  | 40,506 |
Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries | 61,768 |  |  | 64,648 |  |  | 36,468 |
Income tax benefit | 7,310 |  |  | 8,286 |  |  | 8,974 |
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries | 69,078 |  |  | 72,934 |  |  | 45,442 |
Equity in undistributed (in excess of) net income of subsidiaries |  |  |  |  |
Bank | 53,487 |  |  | 55,986 |  |  | 77,941 |
Non-bank | — |  |  | (609) |  |  | 66 |
Net income | $ | 122,565 |  |  | $ | 128,311 |  |  | $ | 123,449 |
Statements of cash flows |
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Cash flows provided by (used in) operating activities |  |  |  |  |
Net income | $ | 122,565 |  |  | $ | 128,311 |  |  | $ | 123,449 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |
Depreciation and amortization | 1,038 |  |  | 1,423 |  |  | 882 |
Distributions more (less) than net income of subsidiaries | (53,487) |  |  | (55,377) |  |  | (78,007) |
(Gains) losses recognized on equity securities, net | 2,171 |  |  | 2,159 |  |  | (3,041) |
Stock-based compensation | 6,595 |  |  | 8,968 |  |  | 7,864 |
(Increase) decrease in other assets | 6,253 |  |  | (17,754) |  |  | (1,186) |
Increase (decrease) in other liabilities | (7,687) |  |  | 21,233 |  |  | (3,302) |
Net cash provided by (used in) operating activities | 77,448 |  |  | 88,963 |  |  | 46,659 |
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) |
Repayments of investments in subsidiaries | 1,480 |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | 1,480 |  |  | 589 |  |  | (66,671) |
Cash flows provided by (used in) financing activities |  |  |  |  |
Cash paid for withholding taxes on stock-based payments | (1,093) |  |  | (1,276) |  |  | (997) |
Cash dividends paid | (53,076) |  |  | (50,863) |  |  | (50,764) |
Repayments of borrowings | (12,000) |  |  | (112,000) |  |  | (18,500) |
Proceeds from issuance of debt | — |  |  | 98,094 |  |  | 72,500 |
Proceeds from the exercise of stock options and warrants | 9 |  |  | — |  |  | — |
Purchase of treasury stock | (4,482) |  |  | (9,912) |  |  | (33,043) |
Common stock issuance costs | — |  |  | — |  |  | (150) |
Net cash provided (used in) by financing activities | (70,642) |  |  | (75,957) |  |  | (30,954) |
Net increase (decrease) in cash and cash equivalents | 8,286 |  |  | 13,595 |  |  | (50,966) |
Cash and cash equivalents, beginning of period | 91,812 |  |  | 78,217 |  |  | 129,183 |
Cash and cash equivalents, ending of period | $ | 100,098 |  |  | $ | 91,812 |  |  | $ | 78,217 |

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