FIRST BUSEY CORP /NV/
For the period ended Mar 31, 2025. Filed May 9, 2025.
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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, 2025 · Filed May 9, 2025
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Concentration of Credit Risk
As a matter of policy and practice, Busey limits the level of concentration exposure in any particular loan segment with the goal of maintaining a well-diversified loan portfolio. The following table presents the percentage of total portfolio loans for each lending activity.
| As of | ||
|---|---|---|
| March 31,2025 | December 31,2024 | |
| Commercial loans | ||
| C&I and other commercial | 32.5% | 24.8% |
| CRE | 40.2% | 42.5% |
| Real estate construction | 7.6% | 4.9% |
| Total commercial loans | 80.3% | 72.2% |
| Retail loans | ||
| Retail real estate | 16.2% | 22.0% |
| Retail other | 3.5% | 5.8% |
| Total retail loans | 19.7% | 27.8% |
| Total portfolio loans | 100.0% | 100.0% |
Busey Bank’s loan origination occurs in the Illinois and Missouri markets, with the remainder in the Florida and Indiana markets. CrossFirst Bank’s loan origination occurs across seven states and includes several verticals. The geographic distribution of Busey Bank loans originated in each of these markets is presented in the tables below, along with CrossFirst totals in each category:
| As of March 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| (dollars in thousands) · Illinois · Missouri · Florida · Indiana · CrossFirst1 · Total | |||||||
| Commercial loans | |||||||
| C&I and other commercial | $1,620,858 | $276,593 | $58,940 | $98,018 | 2,459,134 | $4,513,543 | |
| CRE | 2,236,810 | 544,190 | 242,105 | 187,593 | 2,363,068 | 5,573,766 | |
| Real estate construction | 271,390 | 44,350 | 27,149 | 79,032 | 629,258 | 1,051,179 | |
| Total commercial loans | 4,129,058 | 865,133 | 328,194 | 364,643 | 5,451,460 | 11,138,488 | |
| Retail loans | |||||||
| Retail real estate | 1,267,835 | 203,722 | 128,455 | 81,651 | 564,042 | 2,245,705 | |
| Retail other | 459,295 | 1,533 | 566 | 609 | 22,161 | 484,164 | |
| Total retail loans | 1,727,130 | 205,255 | 129,021 | 82,260 | 586,203 | 2,729,869 | |
| Total portfolio loans | $5,856,188 | $1,070,388 | $457,215 | $446,903 | $6,037,663 | 13,868,357 | |
| ACL | (195,210) | ||||||
| Portfolio loans, net of ACL | $13,673,147 | ||||||
- Due to the timing of the acquisition, CrossFirst data is shown in total. Busey will review and enhance future disclosures starting in the second quarter of 2025 after the banks have merged.
| As of December 31, 2024 | ||||||
|---|---|---|---|---|---|---|
| (dollars in thousands) · Illinois · Missouri · Florida · Indiana · Total | ||||||
| Commercial loans | ||||||
| C&I and other commercial | $1,493,670 | $276,140 | $58,277 | $76,428 | $1,904,515 | |
| CRE | 2,285,915 | 560,337 | 245,918 | 177,394 | 3,269,564 | |
| Real estate construction | 232,898 | 40,816 | 30,826 | 73,669 | 378,209 | |
| Total commercial loans | 4,012,483 | 877,293 | 335,021 | 327,491 | 5,552,288 | |
| Retail loans | ||||||
| Retail real estate | 1,275,834 | 211,878 | 128,352 | 80,393 | 1,696,457 | |
| Retail other | 443,164 | 3,731 | 683 | 764 | 448,342 | |
| Total retail loans | 1,718,998 | 215,609 | 129,035 | 81,157 | 2,144,799 | |
| Total portfolio loans | $5,731,481 | $1,092,902 | $464,056 | $408,648 | 7,697,087 | |
| ACL | (83,404) | |||||
| Portfolio loans, net of ACL | $7,613,683 | |||||
CRE loans made up 40.2% of Busey’s total loan portfolio as of March 31, 2025, and were 21.8% owner occupied. CRE loans are made across a variety of industries, as depicted in the table below. Balances reflected in the table below do not include loan origination fees or costs, purchase accounting adjustments, SBA discounts, or negative escrow amounts.
| As of March 31, 2025 | ||||
|---|---|---|---|---|
| CRE Loans · Owned By · % of CRE Loans That Are Owner Occupied | ||||
| (dollars in thousands) · Investor · Occupant | ||||
| Industry | ||||
| Industrial/Warehouse | $1,336,299 | $889,654 | $446,645 | 33.4% |
| Apartments | 942,806 | 942,806 | — | —% |
| Retail | 862,983 | 746,025 | 116,958 | 13.6% |
| Traditional Office | 689,888 | 490,948 | 198,940 | 28.8% |
| Land, Acquisition, and Development | 661,773 | 657,238 | 4,535 | 0.7% |
| Specialty | 479,967 | 174,718 | 305,249 | 63.6% |
| Hotel | 376,516 | 375,929 | 587 | 0.2% |
| Medical Office | 235,541 | 161,225 | 74,316 | 31.6% |
| Student Housing | 232,099 | 232,099 | — | —% |
| Senior Housing | 230,423 | 179,237 | 51,186 | 22.2% |
| 1-4 Family | 207,717 | 172,147 | 35,570 | 17.1% |
| Restaurant | 154,820 | 29,747 | 125,073 | 80.8% |
| Nursing Homes | 112,871 | 111,240 | 1,631 | 1.4% |
| Health Care | 22,267 | 20,000 | 2,267 | 10.2% |
| Other | 119,676 | 30,131 | 89,545 | 74.8% |
| Total | $6,665,646 | $5,213,144 | $1,452,502 | 21.8% |
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