FIRST BUSEY CORP NV
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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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 Busey’s financial performance(dollars in thousands, except per share amounts):
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2024 · 2023 | |||
| Reported: | Net income | $26,225 | $36,786 |
| Adjusted: | Net income1 | $26,531 | $36,786 |
| Reported: | Diluted earnings per common share | $0.46 | $0.65 |
| Adjusted: | Diluted earnings per common share1 | $0.47 | $0.65 |
| Reported: | Return on average assets2 | 0.88% | 1.22% |
| Adjusted: | Return on average assets1, 2 | 0.89% | 1.22% |
| Reported: | Return on average tangible common equity1, 2 | 11.43% | 18.48% |
| Adjusted: | Return on average tangible common equity1, 2 | 11.56% | 18.48% |
| Reported: | Pre-provision net revenue1 | $46,373 | $47,918 |
| Adjusted: | Pre-provision net revenue1 | $38,638 | $49,504 |
| Reported: | Pre-provision net revenue to average assets1, 2 | 1.55% | 1.58% |
| Adjusted: | Pre-provision net revenue to average assets1, 2 | 1.29% | 1.64% |
- A non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see“Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
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):
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Non-operating costs | ||
| Acquisition related expenses1 | $285 | $— |
| Restructuring charges2 | 123 | — |
| Total non-operating costs | $408 | $— |
Acquisition expenses related to the acquisition of M&M, which was completed on April 1, 2024.
Restructuring charges related to previously disclosed restructuring and efficiency plans.
A reconciliation of non-GAAP measures, which Busey believes facilitates the assessment of its financial results and peer comparability, is included in tabular form in this Quarterly Report. See“Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information.”
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