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PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023
Assets |  |  |
Cash and cash equivalents | $ | 73,484 |  |  | $ | 100,098 |
Debt securities | — |  |  | 987 |
Equity securities | 10,295 |  |  | 9,364 |
Investments in subsidiaries: |  |  |
Bank | 1,584,264 |  |  | 1,478,118 |
Premises and equipment, net | 11 |  |  | 7 |
Other assets | 29,859 |  |  | 20,100 |
Total assets | $ | 1,697,913 |  |  | $ | 1,608,674 |
Liabilities and stockholders' equity |  |  |
Liabilities: |  |  |
Short-term borrowings | $ | — |  |  | $ | 12,000 |
Long-term debt | — |  |  | 18,000 |
Subordinated notes, net of unamortized issuance costs | 227,723 |  |  | 222,882 |
Junior subordinated debentures owed to unconsolidated trusts | 74,815 |  |  | 71,993 |
Other liabilities | 12,106 |  |  | 11,818 |
Total liabilities | 314,644 |  |  | 336,693 |
Total stockholders' equity | 1,383,269 |  |  | 1,271,981 |
Total liabilities and stockholders' equity | $ | 1,697,913 |  |  | $ | 1,608,674 |
Statements of income |
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Operating income |  |  |  |  |
Dividends from subsidiaries: |  |  |  |  |
Bank | $ | 100,000 |  |  | $ | 90,000 |  |  | $ | 95,000 |
Non-bank | — |  |  | 900 |  |  | 1,630 |
Income from dissolution of non-bank subsidiary | — |  |  | 733 |  |  | — |
Interest income | 2,325 |  |  | 2,956 |  |  | 1,094 |
Gains (losses) recognized on equity securities, net | 931 |  |  | (2,171) |  |  | (2,159) |
Other income | 14,641 |  |  | 14,130 |  |  | 15,195 |
Total operating income | 117,897 |  |  | 106,548 |  |  | 110,760 |
Expense |  |  |  |  |
Salaries, wages, and employee benefits | 21,129 |  |  | 17,766 |  |  | 20,964 |
Interest expense | 17,944 |  |  | 19,005 |  |  | 17,854 |
Operating expense | 11,238 |  |  | 8,009 |  |  | 7,294 |
Total expense | 50,311 |  |  | 44,780 |  |  | 46,112 |
Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries | 67,586 |  |  | 61,768 |  |  | 64,648 |
Income tax benefit | 7,480 |  |  | 7,310 |  |  | 8,286 |
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries | 75,066 |  |  | 69,078 |  |  | 72,934 |
Equity in undistributed (in excess of) net income of subsidiaries |  |  |  |  |
Bank | 38,625 |  |  | 53,487 |  |  | 55,986 |
Non-bank | — |  |  | — |  |  | (609) |
Net income | $ | 113,691 |  |  | $ | 122,565 |  |  | $ | 128,311 |
Statements of cash flows |
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Cash flows provided by (used in) operating activities |  |  |  |  |
Net income | $ | 113,691 |  |  | $ | 122,565 |  |  | $ | 128,311 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |
Depreciation and amortization | 1,163 |  |  | 1,038 |  |  | 1,423 |
Distributions more (less) than net income of subsidiaries | (38,625) |  |  | (53,487) |  |  | (55,377) |
(Gains) losses recognized on equity securities, net | (931) |  |  | 2,171 |  |  | 2,159 |
Stock-based compensation | 7,726 |  |  | 6,595 |  |  | 8,968 |
(Increase) decrease in other assets | (8,848) |  |  | 6,253 |  |  | (17,754) |
Increase (decrease) in other liabilities | 365 |  |  | (7,687) |  |  | 21,233 |
Net cash provided by (used in) operating activities | 74,541 |  |  | 77,448 |  |  | 88,963 |
Cash flows provided by (used in) investing activities |  |  |  |  |
Sales (purchases) of equity securities, net | 995 |  |  | — |  |  | 598 |
Net cash paid for acquisitions | (14,623) |  |  | — |  |  | — |
Purchases of premises and equipment | (9) |  |  | — |  |  | (9) |
Repayments of investments in subsidiaries | — |  |  | 1,480 |  |  | — |
Net cash provided by (used in) investing activities | (13,637) |  |  | 1,480 |  |  | 589 |
Cash flows provided by (used in) financing activities |  |  |  |  |
Cash paid for withholding taxes on stock-based payments | (1,755) |  |  | (1,093) |  |  | (1,276) |
Cash dividends paid | (54,169) |  |  | (53,076) |  |  | (50,863) |
Repayments of borrowings | (31,450) |  |  | (12,000) |  |  | (112,000) |
Proceeds from issuance of debt | — |  |  | — |  |  | 98,094 |
Proceeds from the exercise of stock options and warrants | (3) |  |  | 9 |  |  | — |
Purchase of treasury stock | — |  |  | (4,482) |  |  | (9,912) |
Common stock issuance costs | (141) |  |  | — |  |  | — |
Net cash provided (used in) by financing activities | (87,518) |  |  | (70,642) |  |  | (75,957) |
Net increase (decrease) in cash and cash equivalents | (26,614) |  |  | 8,286 |  |  | 13,595 |
Cash and cash equivalents, beginning of period | 100,098 |  |  | 91,812 |  |  | 78,217 |
Cash and cash equivalents, ending of period | $ | 73,484 |  |  | $ | 100,098 |  |  | $ | 91,812 |

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