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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NON-GAAP FINANCIAL INFORMATION

This Annual Report contains certain financial information determined by methods other than in accordance with GAAP. Management uses these non-GAAP financial measures and non-GAAP ratios, together with the related GAAP financial measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring noninterest items and provide additional perspective on Busey’s performance over time.

First Busey Corporation | 2023 — 24

Non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for the results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates and effective rates as appropriate.

A listing of Busey's non-GAAP financial measures and ratios are shown in the table below, together with the related GAAP financial measures, followed by a reconciliation of non-GAAP financial measures to what management believes to be the most directly comparable GAAP financial measures.

First Busey Corporation | 2023 — 25

GAAP Financial Measures		Related Non-GAAP Financial Measures		Related Non-GAAP Ratios
Net interest incomeTotal noninterest incomeNet security gains and lossesTotal noninterest expense		Pre-provision net revenue		Pre-provision net revenue to average assets
	Adjusted pre-provision net revenue		Adjusted pre-provision net revenue to average assets
Net income		Adjusted net income		Adjusted diluted earnings per share
		Adjusted return on average assets
		Adjusted return on average tangible common equity
Average common equity		Average tangible common equity		Return on average tangible common equity
		Adjusted return on average tangible common equity
Net interest income		Tax-equivalent net interest income		Net interest margin
	Adjusted net interest income		Adjusted net interest margin
Net interest incomeTotal noninterest incomeNet security gains and losses		Tax-equivalent revenue		Efficiency ratio
		Adjusted efficiency ratio
		Adjusted core efficiency ratio
Total noninterest expenseAmortization of intangible assets		Noninterest expense excluding amortization of intangible assets		Efficiency ratio
	Adjusted noninterest expense		Adjusted efficiency ratio
	Adjusted core expense		Adjusted core efficiency ratio
Total noninterest expense		Noninterest expense, excluding non-operating adjustments
Total assetsGoodwill and other intangible assets, net		Tangible assets		Tangible common equity to tangible assets
Total stockholders’ equityGoodwill and other intangible assets, net		Tangible common equity		Tangible common equity to tangible assets
	Tangible book value		Tangible book value per common share
Portfolio loans		Core loans		Core loans to portfolio loans
		Core loans to core deposits
Total deposits		Core deposits		Core deposits to total deposits
		Core loans to core deposits

First Busey Corporation | 2023 — 26

Pre-Provision Net Revenue, Adjusted Pre-Provision Net Revenue,Pre-Provision Net Revenue to Average Assets, and Adjusted Pre-Provision Net Revenue to Average Assets
(dollars in thousands)
	Years Ended December 31,
2023 · 2022 · 2021
PRE-PROVISION NET REVENUE
Net interest income		$319,451	$323,438	$270,698
Total noninterest income		122,384	126,803	132,804
Net security (gains) losses		2,199	2,133	(3,070)
Total noninterest expense		(285,532)	(283,881)	(261,780)
Pre-provision net revenue	[a]	158,502	168,493	138,652
Non-GAAP adjustments:
Acquisition and other restructuring expenses		4,328	4,537	17,351
Provision for unfunded commitments		461	61	(774)
Amortization of New Markets Tax Credits		8,999	6,333	5,563
Adjusted pre-provision net revenue	[b]	$172,290	$179,424	$160,792
Average total assets	[c]	$12,246,218	$12,492,948	$11,904,935
Reported: Pre-provision net revenue to average assets	[a÷c]	1.29%	1.35%	1.16%
Adjusted: Pre-provision net revenue to average assets	[b÷c]	1.41%	1.44%	1.35%

First Busey Corporation | 2023 — 27

Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Return on Average Assets, Average Tangible Common Equity, Return on Average Tangible Common Equity, and Adjusted Return on Average Tangible Common Equity
(dollars in thousands, except per share amounts)
	Years Ended December 31,
2023 · 2022 · 2021
NET INCOME ADJUSTED FOR NON-OPERATING ITEMS
Net income	[a]	$122,565	$128,311	$123,449
Non-GAAP adjustments:
Acquisition expenses:
Salaries, wages, and employee benefits		—	587	7,347
Data processing		—	214	3,700
Professional fees, occupancy, and other		357	258	2,599
Other restructuring expenses:
Salaries, wages, and employee benefits		3,760	2,409	472
Loss on leases or fixed asset impairment		—	986	3,227
Professional fees, occupancy, and other		211	83	6
Related tax benefit1		(881)	(938)	(3,692)
Adjusted net income	[b]	$126,012	$131,910	$137,108
DILUTED EARNINGS PER SHARE
Diluted average common shares outstanding	[c]	56,256,148	56,137,164	56,008,805
Reported: Diluted earnings per share	[a÷c]	$2.18	$2.29	$2.20
Adjusted: Diluted earnings per share	[b÷c]	2.24	2.35	2.45
RETURN ON AVERAGE ASSETS
Average total assets	[d]	$12,246,218	$12,492,948	$11,904,935
Reported: Return on average assets	[a÷d]	1.00%	1.03%	1.04%
Adjusted: Return on average assets	[b÷d]	1.03%	1.06%	1.15%
RETURN ON AVERAGE TANGIBLE COMMON EQUITY
Average common equity		$1,197,511	$1,195,171	$1,324,862
Average goodwill and other intangible assets, net		(359,347)	(370,424)	(372,593)
Average tangible common equity	[e]	$838,164	$824,747	$952,269
Reported: Return on average tangible common equity	[a÷e]	14.62%	15.56%	12.96%
Adjusted: Return on average tangible common equity	[b÷e]	15.03%	15.99%	14.40%

Tax benefits were calculated by multiplying acquisition expenses and other restructuring expenses by the effective tax rates for each period. Effective tax rates used in this calculation were 20.4%, 20.7%, and 21.3% for the years ended December 31, 2023, 2022, and 2021, respectively.

First Busey Corporation | 2023 — 28

Adjusted Net Interest Income and Adjusted Net Interest Margin
(dollars in thousands)
	Years Ended December 31,
2023 · 2022 · 2021
Net interest income		$319,451	$323,438	$270,698
Non-GAAP adjustments:
Tax-equivalent adjustment1		2,173	2,199	2,355
Tax-equivalent net interest income	[a]	321,624	325,637	273,053
Purchase accounting accretion related to business combinations		(1,477)	(3,134)	(7,151)
Adjusted net interest income	[b]	$320,147	$322,503	$265,902
Average interest-earning assets	[c]	$11,164,594	$11,473,063	$10,978,116
Reported: Net interest margin	[a÷c]	2.88%	2.84%	2.49%
Adjusted: Net interest margin	[b÷c]	2.87%	2.81%	2.42%

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.

First Busey Corporation | 2023 — 29

Noninterest Expense Excluding Amortization of Intangible Assets, Adjusted Noninterest Expense,Adjusted Core Expense, Noninterest Expense Excluding Non-operating Adjustments, Efficiency Ratio, Adjusted Efficiency Ratio, and Adjusted Core Efficiency Ratio
(dollars in thousands)
	Years Ended December 31,
2023 · 2022 · 2021
Net interest income		$319,451	$323,438	$270,698
Non-GAAP adjustments:
Tax-equivalent adjustment1		2,173	2,199	2,355
Tax-equivalent net interest income		321,624	325,637	273,053
Total noninterest income		122,384	126,803	132,804
Non-GAAP adjustments:
Net security (gains) losses		2,199	2,133	(3,070)
Noninterest income excluding net securities gains and losses		124,583	128,936	129,734
Tax-equivalent revenue	[a]	$446,207	$454,573	$402,787
Total noninterest expense		$285,532	$283,881	$261,780
Non-GAAP adjustments:
Amortization of intangible assets	[b]	(10,432)	(11,628)	(11,274)
Noninterest expense excluding amortization of intangible assets	[c]	275,100	272,253	250,506
Non-operating adjustments:
Salaries, wages, and employee benefits		(3,760)	(2,996)	(7,819)
Data processing		—	(214)	(3,700)
Lease or fixed asset impairment		—	(986)	(3,227)
Professional fees and other		(568)	(341)	(2,605)
Adjusted noninterest expense	[f]	270,772	267,716	233,155
Provision for unfunded commitments		(461)	(61)	774
Amortization of New Markets Tax Credits		(8,999)	(6,333)	(5,563)
Adjusted core expense	[g]	$261,312	$261,322	$228,366
Noninterest expense, excluding non-operating adjustments	[f-b]	$281,204	$279,344	$244,429
Reported: Efficiency ratio	[c÷a]	61.65%	59.89%	62.19%
Adjusted: Efficiency ratio	[f÷a]	60.68%	58.89%	57.89%
Adjusted: Core efficiency ratio	[g÷a]	58.56%	57.49%	56.70%

The tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.

First Busey Corporation | 2023 — 30

Tangible Book Value and Tangible Book Value Per Common Share
(dollars in thousands, except per share amounts)
	As of December 31,
2023 · 2022
Total stockholders' equity		$1,271,981	$1,145,977
Goodwill and other intangible assets, net		(353,864)	(364,296)
Tangible book value	[a]	$918,117	$781,681
Ending number of common shares outstanding	[b]	55,244,119	55,279,124
Tangible book value per common share	[a÷b]	$16.62	$14.14

Tangible Assets, Tangible Common Equity, and Tangible Common Equity to Tangible Assets
(dollars in thousands)
	As of December 31,
2023 · 2022
Total assets		$12,283,415	$12,336,677
Non-GAAP adjustments:
Goodwill and other intangible assets, net		(353,864)	(364,296)
Tax effect of other intangible assets1		6,888	8,847
Tangible assets2	[a]	$11,936,439	$11,981,228
Total stockholders' equity		$1,271,981	$1,145,977
Non-GAAP adjustments:
Goodwill and other intangible assets, net		(353,864)	(364,296)
Tax effect of other intangible assets1		6,888	8,847
Tangible common equity2	[b]	$925,005	$790,528
Tangible common equity to tangible assets2	[b÷a]	7.75%	6.60%

Net of estimated deferred tax liability, calculated using the estimated statutory tax rate of 28%.
Tax-effected measure.

First Busey Corporation | 2023 — 31

Core Loans, Core Loans to Portfolio Loans, Core Deposits, Core Deposits to Total Deposits, and Core Loans to Core Deposits
(dollars in thousands)
	As of December 31,
2023 · 2022
Portfolio loans	[a]	$7,651,034	$7,725,702
Non-GAAP adjustments:
PPP loans amortized cost		(313)	(845)
Core loans	[b]	$7,650,721	$7,724,857
Total deposits	[c]	$10,291,156	$10,071,280
Non-GAAP adjustments:
Brokered transaction accounts		(6,001)	(1,303)
Time deposits of $250,000 or more		(386,286)	(120,377)
Core deposits	[d]	$9,898,869	$9,949,600
RATIOS
Core loans to portfolio loans	[b÷a]	100.00%	99.99%
Core deposits to total deposits	[d÷c]	96.19%	98.79%
Core loans to core deposits	[b÷d]	77.29%	77.64%

First Busey Corporation | 2023 — 32

Table of Contents Item 1. Business Contents

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.