FIRST BUSEY CORP NV
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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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):
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Net income | $113,691 | $122,565 | $128,311 |
| Adjusted net income (Non-GAAP)1 | 119,805 | 126,012 | 131,910 |
| Diluted earnings per common share | $1.98 | $2.18 | $2.29 |
| Adjusted diluted earnings per common share (Non-GAAP)1 | 2.08 | 2.24 | 2.35 |
| Return on average assets | 0.94% | 1.00% | 1.03% |
| Adjusted return on average assets (Non-GAAP)1 | 0.99% | 1.03% | 1.06% |
| Return on average tangible common equity (Non-GAAP)1 | 11.65% | 14.62% | 15.56% |
| Adjusted return on average tangible common equity (Non-GAAP)1 | 12.28% | 15.03% | 15.99% |
| Pre-provision net revenue (Non-GAAP)1 | $167,996 | $158,502 | $168,493 |
| Adjusted pre-provision net revenue (Non-GAAP)1 | 167,317 | 172,290 | 179,424 |
| Pre-provision net revenue to average total assets (Non-GAAP)1 | 1.39% | 1.29% | 1.35% |
| Adjusted pre-provision net revenue to average total assets (Non-GAAP)1 | 1.39% | 1.41% | 1.44% |
- See“Item 1. Business—Non-GAAP Financial Information.”
First Busey Corporation(BUSE) | 2024 —55
Non-Operating Expenses and Non-GAAP Measures
Busey views certain non-operating items, such as acquisition-related expenses 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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Non-operating expenses | |||
| Salaries, wages, and employee benefits | $1,580 | $3,760 | $2,996 |
| Data processing | 548 | — | 214 |
| Net occupancy expense of premises and furniture and equipment expenses | 134 | — | — |
| Professional fees | 4,891 | 435 | 312 |
| Other noninterest expense | 987 | 133 | 1,015 |
| Total non-operating expenses | $8,140 | $4,328 | $4,537 |
| Non-operating expenses by business objective | |||
| Acquisition expenses1 | $6,901 | $357 | $1,059 |
| Restructuring expenses2 | 1,239 | 3,971 | 3,478 |
| Acquisition and restructuring expenses | $8,140 | $4,328 | $4,537 |
Acquisition expenses in 2024 were related to the acquisition of M&M, which was completed on April 1, 2024, as well as the planned merger with CrossFirst. For 2023, acquisition expenses were related to the then planned acquisition of M&M, as well as to exploratory costs. For 2022, acquisition expenses related to the integration of Cummins-American Corp. and its wholly-owned subsidiary, Glenview State Bank, following completion of this acquisition in 2021, as well as to exploratory costs.
Restructuring expenses were related to previously disclosed restructuring and efficiency plans and to corporate strategy advisement.
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 Annual Report. See“Item 1. Business—Non-GAAP Financial Information.”
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.