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PARENT COMPANY ONLY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
PARENT COMPANY ONLY FINANCIAL INFORMATION | NOTE 22. PARENT COMPANY ONLY FINANCIAL INFORMATION 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 |
CONDENSED STATEMENTS OF INCOME (dollars in thousands)
| 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 |
CONDENSED STATEMENTS OF CASH FLOWS (dollars in thousands)
| 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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- 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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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