FIRST BUSEY CORP NV
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
BUSE$29.11-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED 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: | |||
| Provision for credit losses | 2,399 | 4,623 | (15,101) |
| Amortization of intangible assets | 10,432 | 11,628 | 11,274 |
| Amortization of mortgage servicing rights | 2,785 | 3,540 | 5,292 |
| Amortization of NMTC | 8,999 | 6,333 | 5,563 |
| Depreciation and amortization of premises and equipment | 9,488 | 10,482 | 11,610 |
| Net amortization (accretion) on portfolio loans | 6,971 | 3,932 | (11,545) |
| Net amortization (accretion) of premium (discount) on investment securities | 14,406 | 20,799 | 24,251 |
| Net amortization (accretion) of premium (discount) on time deposits | (270) | (403) | (1,142) |
| Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings | 1,027 | 1,400 | 826 |
| Impairment of OREO and other repossessed assets | 100 | 611 | 1 |
| Impairment of fixed assets held for sale | — | 427 | 3,227 |
| Impairment of mortgage servicing rights | 1 | (8) | (639) |
| Impairment of leases | — | 84 | — |
| Unrealized (gains) losses recognized on equity securities, net | 2,171 | 2,183 | (3,041) |
| (Gain) loss on sales of equity securities, net | (5,475) | (24) | — |
| (Gain) loss on sales of debt securities, net | 5,503 | (26) | (29) |
| (Gain) loss on sales of loans, net | (733) | (1,944) | (9,323) |
| (Gain) loss on sales of OREO and other repossessed assets | (46) | 54 | 174 |
| (Gain) loss on sales of premises and equipment | (450) | (825) | (1,023) |
| (Gain) loss on life insurance proceeds | (759) | — | (1,257) |
| (Increase) decrease in cash surrender value of bank owned life insurance | (3,942) | (3,663) | (3,909) |
| Provision for deferred income taxes | (2,920) | (1,272) | 4,665 |
| Stock-based compensation | 6,595 | 8,968 | 7,864 |
| Mortgage loans originated for sale | (35,413) | (70,953) | (274,356) |
| Proceeds from sales of mortgage loans | 35,018 | 95,289 | 306,074 |
| (Increase) decrease in other assets | (17,888) | (56,284) | 7,203 |
| Increase (decrease) in other liabilities | 12,826 | 2,633 | (28,096) |
| Net cash provided by (used in) operating activities | $173,390 | $165,895 | $162,012 |
| Cash flows provided by (used in) investing activities | |||
| Purchases of equity securities | $(6,617) | $(14,820) | $(11,017) |
| Purchases of debt securities available for sale | (10,436) | (280,083) | (2,298,055) |
| Proceeds from sales of equity securities | 11,644 | 15,418 | 7,254 |
| Proceeds from sales of debt securities available for sale | 105,044 | — | 290,955 |
| Proceeds from paydowns and maturities of debt securities held to maturity | 48,927 | 70,116 | — |
| Proceeds from paydowns and maturities of debt securities available for sale | 326,252 | 470,134 | 868,083 |
| Purchases of FHLB and other bank stock | (30,957) | (12,969) | — |
| Proceeds from the redemption of FHLB and other bank stock | 43,926 | 225 | — |
| Net cash received in (paid for) acquisitions | — | — | 228,279 |
| Net (increase) decrease in loans | 65,240 | (541,713) | 76,826 |
| Cash paid for premiums on bank-owned life insurance | (80) | (106) | (124) |
| Proceeds from life insurance | 2,292 | 219 | 4,755 |
| Purchases of premises and equipment | (9,533) | (4,989) | (5,042) |
| Proceeds from disposition of premises and equipment | 4,425 | 4,528 | 7,306 |
| Proceeds from sales of OREO and other repossessed assets, including cash payments collected | 860 | 3,076 | 1,590 |
| Net cash provided by (used in) investing activities | $550,987 | $(290,964) | $(829,190) |
(continued)
First Busey Corporation | 2023 — 98
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows provided by (used in) financing activities | |||
| Net increase (decrease) in deposits | $220,146 | $(696,894) | $767,474 |
| Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase | (42,410) | (40,333) | 77,874 |
| Net increase (decrease) in short-term borrowings | (335,000) | 330,000 | 1,000 |
| Proceeds from other borrowings, net of debt issuance costs | — | 98,094 | 72,500 |
| Repayment of other borrowings | (16,054) | (112,678) | (19,158) |
| Cash dividends paid | (53,076) | (50,863) | (50,764) |
| Purchase of treasury stock | (4,482) | (9,912) | (33,043) |
| Cash paid for withholding taxes on stock-based payments | (1,093) | (1,276) | (997) |
| Proceeds from stock warrants exercised | 9 | — | — |
| Common stock issuance costs | — | — | (150) |
| Net cash provided by (used in) financing activities | $(231,960) | $(483,862) | $814,736 |
| Net increase (decrease) in cash and cash equivalents | $492,417 | $(608,931) | $147,558 |
| Cash and cash equivalents, beginning of period | 227,164 | 836,095 | 688,537 |
| Cash and cash equivalents, ending of period | $719,581 | $227,164 | $836,095 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
| Cash payments for: | |||
| Interest | $135,482 | $35,297 | $25,374 |
| Income taxes | 25,408 | 30,676 | 22,487 |
| Non-cash investing and financing activities: | |||
| OREO acquired in settlement of loans | $189 | $175 | $1,610 |
| Transfer of loans held for sale to portfolio loans | — | — | (4,808) |
| Transfer of debt securities available for sale to held to maturity | — | 985,199 | — |
First Busey Corporation | 2023 — 99
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