FIRST BUSEY CORP /NV/
For the period ended Jun 30, 2025. Filed Aug 5, 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.
Jun 30, 2025 · Filed Aug 5, 2025
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Non-Operating Expenses and Non-GAAP Measures
Busey views certain non-operating expenses, including acquisition expenses, restructuring charges, and non-recurring strategic events, as adjustments to net income reported under GAAP. Non-operating expenses are summarized in the following table:
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| (dollars in thousands) | 2025 | 2024 | 2025 | 2024 |
| Non-operating expenses by location on the Statements of Income | ||||
| Provision for credit losses | $4,030 | $— | $49,602 | $— |
| Salaries, wages, and employee benefits | 11,557 | 1,137 | 27,435 | 1,260 |
| Data processing | 3,964 | 344 | 6,266 | 444 |
| Net occupancy expense of premises and furniture and equipment expenses | 1 | 29 | 1 | 66 |
| Professional fees | 317 | 400 | 7,611 | 537 |
| Other noninterest expense | 761 | 302 | 1,313 | 313 |
| Total non-operating expenses | $20,630 | $2,212 | $92,228 | $2,620 |
| Non-operating expenses by business objective | ||||
| Initial provision for credit losses1 | $4,030 | $— | $49,602 | $— |
| Other acquisition expenses2 | 16,600 | 2,212 | 42,626 | 2,497 |
| Restructuring expenses3 | — | — | — | 123 |
| Total non-operating expenses | $20,630 | $2,212 | $92,228 | $2,620 |
During the three months ended June 30, 2025, the Busey recorded a $4.0 million adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new CECL model. During the six months ended June 30, 2025, in connection with the CrossFirst acquisition, Busey’s recorded expense for the initial provision for credit losses consisting of a Day 2 provision for loan losses of $42.4 million, a Day 2 provision for unfunded commitments of $3.1 million, and the aforementioned adjustment to the initial provision for unfunded commitments of $4.0 million.
Other acquisition expenses related to the acquisition of CrossFirst, which was completed on March 1, 2025, and the acquisition of M&M, which was completed on April 1, 2024.
Restructuring expenses were 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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