FIRST BUSEY CORP NV
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Operating Performance Metrics
Operating performance metrics presented in the table below have been derived from information used by management to monitor and manage our financial performance(dollars in thousands, except per share amounts):
| Years Ended December 31, | ||||
|---|---|---|---|---|
| 2023 · 2022 · 2021 | ||||
| Reported: | Net income | $122,565 | $128,311 | $123,449 |
| Adjusted: | Net income1 | 126,012 | 131,910 | 137,108 |
| Reported: | Diluted earnings per common share | $2.18 | $2.29 | $2.20 |
| Adjusted: | Diluted earnings per common share1 | 2.24 | 2.35 | 2.45 |
| Reported: | Return on average assets | 1.00% | 1.03% | 1.04% |
| Adjusted: | Return on average assets1 | 1.03% | 1.06% | 1.15% |
| Reported: | Return on average tangible common equity1 | 14.62% | 15.56% | 12.96% |
| Adjusted: | Return on average tangible common equity1 | 15.03% | 15.99% | 14.40% |
| Reported: | Pre-provision net revenue1 | $158,502 | $168,493 | $138,652 |
| Adjusted: | Pre-provision net revenue1 | 172,290 | 179,424 | 160,792 |
| Reported: | Pre-provision net revenue to average assets1 | 1.29% | 1.35% | 1.16% |
| Adjusted: | Pre-provision net revenue to average assets1 | 1.41% | 1.44% | 1.35% |
- See“Item 1. Business—Non-GAAP Financial Information.”
First Busey Corporation | 2023 — 57
Non-Operating Expenses and Non-GAAP Measures
Busey views certain non-operating items, including acquisition-related and restructuring charges, as adjustments to net income reported under GAAP. Non-operating pretax adjustments were as follows for the periods presented(dollars in thousands):
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Non-operating costs | |||
| Acquisition related expenses1 | $357 | $1,059 | $13,646 |
| Restructuring charges2 | 3,971 | 3,478 | 3,705 |
| Total non-operating costs | $4,328 | $4,537 | $17,351 |
Acquisition expenses related to completed acquisitions, exploratory due diligence, and for 2023 the planned merger with M&M.
Restructuring charges related to previously disclosed restructuring and efficiency plans.
A reconciliation of non-GAAP measures, which we believe facilitate the assessment of our financial results and peer comparability, is included in tabular form in this Annual Report. See“Item 1. Business—Non-GAAP Financial Information.”
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