FIRST BUSEY CORP NV
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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, | |||
|---|---|---|---|
| 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: | |||
| Provision for credit losses | 8,590 | 2,399 | 4,623 |
| Amortization of intangible assets | 10,057 | 10,432 | 11,628 |
| Amortization of mortgage servicing rights | 997 | 2,785 | 3,540 |
| Amortization of New Markets Tax Credit | — | 8,999 | 6,333 |
| Depreciation and amortization of premises and equipment | 9,503 | 9,488 | 10,482 |
| Net amortization (accretion) on portfolio loans | 4,372 | 6,971 | 3,932 |
| Net amortization (accretion) of premium (discount) on investment securities | 8,857 | 14,406 | 20,799 |
| Net amortization (accretion) of premium (discount) on time deposits | 101 | (270) | (403) |
| Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings | 1,158 | 1,027 | 1,400 |
| Impairment of OREO and other repossessed assets | — | 100 | 611 |
| Impairment of fixed assets held for sale | 637 | — | 427 |
| Impairment of mortgage servicing rights | — | 1 | (8) |
| Impairment of leases | — | — | 84 |
| Unrealized (gains) losses recognized on equity securities, net | (931) | 2,171 | 2,183 |
| (Gain) loss on sales of equity securities, net | — | (5,475) | (24) |
| (Gain) loss on sales of debt securities, net | 7,033 | 5,503 | (26) |
| (Gain) loss on sales of mortgage servicing rights | (7,724) | — | — |
| (Gain) loss on sales of loans, net | (1,761) | (733) | (1,944) |
| (Gain) loss on sales of OREO and other repossessed assets | (585) | (46) | (54) |
| (Gain) loss on sales of premises and equipment | (138) | (450) | (825) |
| (Gain) loss on life insurance proceeds | (895) | (759) | — |
| (Increase) decrease in cash surrender value of bank owned life insurance | (4,235) | (3,942) | (3,663) |
| Provision for deferred income taxes | 1,384 | (2,920) | (1,272) |
| Stock-based compensation | 7,726 | 6,595 | 8,968 |
| Proceeds from the sale of mortgage servicing rights | 9,796 | — | — |
| Mortgage loans originated for sale | (104,176) | (35,413) | (70,953) |
| Proceeds from sales of mortgage loans | 104,670 | 35,018 | 95,289 |
| (Increase) decrease in other assets | 19,752 | (17,888) | (56,284) |
| Increase (decrease) in other liabilities | (9,612) | 12,826 | 2,633 |
| Net cash provided by (used in) operating activities | $178,267 | $173,390 | $165,787 |
| Cash flows provided by (used in) investing activities | |||
| Purchases of equity securities | $(30,422) | $(6,617) | $(14,820) |
| Purchases of debt securities available for sale | (182,603) | (10,436) | (280,083) |
| Proceeds from sales of equity securities | 25,303 | 11,644 | 15,418 |
| Proceeds from sales of debt securities available for sale | 101,361 | 105,044 | — |
| Proceeds from paydowns and maturities of debt securities held to maturity | 48,822 | 48,927 | 70,116 |
| Proceeds from paydowns and maturities of debt securities available for sale | 370,774 | 326,252 | 470,134 |
| Purchases of restricted bank stock | (43,954) | (30,957) | (12,969) |
| Proceeds from the redemption of restricted bank stock | 884 | 43,926 | 225 |
| Purchases of loans | (14,602) | — | — |
| Net (increase) decrease in loans | 364,455 | 65,240 | (541,713) |
| Net cash received in (paid for) acquisitions | 18,377 | — | — |
| Cash paid for premiums on bank-owned life insurance | (74) | (80) | (106) |
| Proceeds from life insurance | 3,092 | 2,292 | 219 |
| Purchases of premises and equipment | (6,430) | (9,533) | (4,989) |
| Proceeds from disposition of premises and equipment | 2,247 | 4,425 | 4,528 |
| Proceeds from sales of OREO and other repossessed assets, including cash payments collected | 673 | 860 | 3,184 |
| Net cash provided by (used in) investing activities | $657,903 | $550,987 | $(290,856) |
(continued)
First Busey Corporation(BUSE) | 2024 —95
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows provided by (used in) financing activities | |||
| Net increase (decrease) in deposits | $(701,605) | $220,146 | $(696,894) |
| Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase | (32,969) | (42,410) | (40,333) |
| Net increase (decrease) in short-term borrowings | (36,000) | (335,000) | 330,000 |
| Proceeds from other borrowings, net of debt issuance costs | — | — | 98,094 |
| Repayment of other borrowings | (31,450) | (16,054) | (112,678) |
| Cash dividends paid | (54,169) | (53,076) | (50,863) |
| Purchase of treasury stock | — | (4,482) | (9,912) |
| Cash paid for withholding taxes on stock-based payments | (1,755) | (1,093) | (1,276) |
| Proceeds from stock options exercised | (3) | — | — |
| Proceeds from stock warrants exercised | — | 9 | — |
| Common stock issuance costs | (141) | — | — |
| Net cash provided by (used in) financing activities | $(858,092) | $(231,960) | $(483,862) |
| Net increase (decrease) in cash and cash equivalents | $(21,922) | $492,417 | $(608,931) |
| Cash and cash equivalents, beginning of period | 719,581 | 227,164 | 836,095 |
| Cash and cash equivalents, ending of period | $697,659 | $719,581 | $227,164 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
| Cash payments for: | |||
| Interest | $208,359 | $135,482 | $35,297 |
| Income taxes | 12,907 | 25,408 | 30,676 |
| Non-cash investing and financing activities: | |||
| OREO acquired in settlement of loans | $26 | $189 | $175 |
| Transfer of debt securities available for sale to held to maturity | — | — | 985,199 |
First Busey Corporation(BUSE) | 2024 —96
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