$BUSE

FIRST BUSEY CORP /NV/

CIK:0000314489|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Interest and fees on loans	$ 198,219	$ 214,409	$ 398,774	$ 353,942
Taxable interest income	22,289	23,393	43,384	41,690
Non-taxable interest income	1,733	1,640	3,466	2,282
Dividend income on bank stock	1,127	543	2,007	1,302
Other interest income	1,057	7,461	2,279	15,045
Total interest income	224,425	247,446	449,910	414,261
Interest expense
Deposits	65,761	88,147	131,787	145,459
Federal funds purchased and securities sold under agreements to repurchase	1,098	886	1,994	1,762
Short-term borrowings	1,485	496	2,396	563
Long-term borrowings	1,093	743	2,161	1,030
Subordinated notes	1,355	2,599	2,708	5,786
Junior subordinated debt owed to unconsolidated trusts	1,231	1,392	2,493	2,747
Total interest expense	72,023	94,263	143,539	157,347
Net interest income	152,402	153,183	306,371	256,914
Provision for credit losses	2,189	5,700	5,247	51,293
Net interest income after provision for credit losses	150,213	147,483	301,124	205,621
Noninterest income
Income on bank owned life insurance	1,637	1,745	3,253	3,191
Realized net gains (losses) on securities	0	1	23	(15,536)
Unrealized net gains (losses) recognized on equity securities	2,445	5,996	1,482	5,765
Other noninterest income	2,400	3,172	6,563	6,876
Total noninterest income	44,311	44,863	86,576	66,086
Noninterest expense
Salaries and employee benefits	67,677	78,360	152,907	145,923
Data processing	8,868	14,021	18,732	23,596
Net occupancy expense of premises	7,850	7,832	15,502	13,631
Furniture and equipment expenses	2,336	2,409	4,513	4,153
Professional fees	3,041	2,874	6,280	12,385
Amortization of intangible assets	4,232	4,592	8,523	7,675
Interchange expense	1,096	1,297	2,212	2,640
FDIC insurance	2,349	2,424	4,800	4,591
Other noninterest expense	15,186	14,024	28,685	25,269
Total noninterest expense	112,635	127,833	242,154	239,863
Income before income taxes	81,889	64,513	145,546	31,844
Income taxes	18,713	17,109	32,389	14,430
Net income	63,176	47,404	113,157	17,414
Dividends on preferred stock	4,590	155	9,179	155
Net income available to common stockholders	$ 58,586	$ 47,249	$ 103,978	$ 17,259
Weighted average number of common shares outstanding, basic (in shares)	84,498,030	89,645,040	85,588,955	79,139,706
Weighted average number of common shares outstanding, diluted (in shares)	85,385,382	90,883,711	86,602,278	80,251,577
Basic earnings per common share (in dollars per share)	$ 0.69	$ 0.53	$ 1.21	$ 0.22
Diluted earnings per common share (in dollars per share)	$ 0.69	$ 0.52	$ 1.20	$ 0.22
Wealth management fees
Noninterest income
Noninterest income	$ 19,981	$ 16,777	$ 39,351	$ 34,141
Payment technology solutions
Noninterest income
Noninterest income	4,968	4,956	10,045	10,029
Treasury management services
Noninterest income
Noninterest income	4,789	4,569	9,245	7,406
Capital markets income
Noninterest income
Noninterest income	1,871	1,254	4,242	2,579
Card services and ATM fees
Noninterest income
Noninterest income	4,813	4,880	9,459	8,589
Other service charges on deposit accounts
Noninterest income
Noninterest income	$ 1,407	$ 1,513	$ 2,913	$ 3,046

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows provided by (used in) operating activities

Net income

$ 113,157

$ 17,414

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Provision for credit losses

5,247

51,293

Amortization of intangible assets

8,523

7,675

Amortization of mortgage servicing rights

376

327

Depreciation and amortization of premises and equipment

7,130

6,082

Net amortization (accretion) on portfolio loans

(10,336)

(7,325)

Net amortization (accretion) of premium (discount) on investment securities

(1,164)

1,451

Net amortization (accretion) of premium (discount) on time deposits

(1,580)

Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings

925

1,000

Impairment of OREO and other repossessed assets

270

Impairment of fixed assets held for sale

188

Impairment (reversal of impairment) of mortgage servicing rights

(155)

(2)

Unrealized (gains) losses recognized on equity securities, net

(1,482)

(5,765)

(Gain) loss on sales of debt securities, net

(23)

15,536

(Gain) loss on sales of loans, net

(557)

(655)

(Gain) loss on sales of OREO and other repossessed assets

(38)

(Gain) loss on sales of premises and equipment

(Gain) loss on life insurance proceeds

(357)

Increase in cash surrender value of bank owned life insurance

(3,253)

(2,834)

Provision for deferred income taxes expense

3,181

2,217

Stock-based compensation expense

6,700

8,827

Mortgage loans originated for sale

(35,364)

(45,736)

Proceeds from sales of mortgage loans

33,033

39,639

Increase in other assets

(3,499)

(3,754)

Decrease in other liabilities

(29,481)

(26,151)

Net cash provided by operating activities

93,020

57,894

Cash flows provided by (used in) investing activities

Purchases of interest-bearing time deposits in other banks

(970)

(300)

Proceeds from maturities of interest-bearing time deposits in other banks

345

1,180

Purchases of equity securities

(18,420)

(869)

Proceeds from sales of equity securities

18,421

6,430

Purchases of debt securities available for sale

(272,556)

(376,552)

Proceeds from sales of debt securities available for sale

528,940

Proceeds from paydowns and maturities of debt securities available for sale

156,409

202,613

Proceeds from paydowns and maturities of debt securities held to maturity

43,436

24,719

Purchases of restricted bank stock

(33,533)

(35,265)

Proceeds from the redemption of restricted bank stock

27,429

11,786

Purchases of loans

(8,678)

Proceeds from the sales of loans

8,754

Net (increase) decrease in loans

367,160

(39,614)

Net cash received in (paid for) acquisitions (see Note 2)

385,804

Cash paid for premiums on bank-owned life insurance

(42)

(46)

Proceeds from life insurance

4,334

Purchases of premises and equipment

(4,734)

(5,173)

Proceeds from disposition of premises and equipment

296

Net proceeds from OREO and other repossessed assets

2,056

15,295

Net cash provided by investing activities

285,373

723,284

Cash flows provided by (used in) financing activities

Net increase (decrease) in deposits

222,773

(750,837)

Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase

(22,868)

2,420

Proceeds from short-term borrowings

14,761,801

Repayment of short-term borrowings

(14,761,801)

(11,158)

Proceeds from other borrowings, net of debt issuance costs

11,000

16,667

Repayment of other borrowings

(15,090)

(125,030)

Cash dividends paid

(53,870)

(36,821)

Purchase of treasury stock

(129,905)

(26,491)

Cash paid for withholding taxes on stock-based payments

(6,526)

(1,911)

Issuance of treasury stock for the ESPP

1,239

1,029

Issuance of preferred stock, net of stock issuance costs

207,447

Common stock issuance costs

(920)

Net cash provided by (used in) financing activities

6,753

(725,605)

Net increase in cash and cash equivalents

^[1]

385,146

55,573

Cash and cash equivalents, beginning of period

^[1]

280,227

682,410

Cash and cash equivalents, ending of period

^[1]

665,373

737,983

Cash payments for:

Interest

149,893

148,580

Non-cash investing and financing activities:

OREO and other repossessed assets acquired in settlement of loans

339

14,869

Transfer of loans held for sale to portfolio loans

$ 10

$ 0

[1]	Cash and cash equivalent balances include restricted cash and cash equivalents. See “Note 1. Significa nt Accounting Policies —Cash and Cash Equivalents” for additional information regarding restrictions on cash and cash equivalents, as required by ASC 230‑10‑50.

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents:
Cash and due from banks	$ 182,537	$ 181,041
Interest-bearing deposits	482,836	99,186
Total cash and cash equivalents	665,373	280,227
Interest-bearing time deposits in other banks	14,450	13,825
Debt securities available for sale	2,265,167	2,162,548
Debt securities held to maturity	703,988	746,385
Equity securities	16,397	14,916
Loans held for sale	8,660	5,752
Portfolio loans (net of ACL of $164,204 at June 30, 2026, and $174,023 at December 31, 2025)	13,030,950	13,393,776
Restricted bank stock	83,171	77,006
Premises and equipment, net	191,953	193,444
Goodwill	382,363	383,280
Other intangible assets, net	88,925	97,449
Cash surrender value of bank owned life insurance	263,698	260,402
Other assets	476,772	475,726
Total assets	18,191,867	18,104,736
Deposits:
Noninterest-bearing	3,496,319	3,659,421
Interest-bearing	11,632,426	11,246,537
Total deposits	15,128,745	14,905,958
Securities sold under agreements to repurchase	144,061	166,929
Short-term borrowings	28,333	0
Long-term borrowings	95,325	113,806
Subordinated notes, net of unamortized issuance costs	99,603	99,395
Junior subordinated debt owed to unconsolidated trusts	62,473	77,328
Other liabilities	250,157	272,338
Total liabilities	15,808,697	15,635,754
Outstanding commitments and contingent liabilities (see Notes 5 and 11)
Stockholders’ equity
Preferred stock, $0.001 par value, liquidation preference $222,750 at June 30, 2026, and December 31, 2025	0	0
Common stock, $0.001 par value	93	93
Additional paid-in capital	2,364,585	2,375,511
Retained earnings	395,409	336,707
AOCI	(141,080)	(124,473)
Total stockholders’ equity before treasury stock	2,619,007	2,587,838
Treasury stock at cost	(235,837)	(118,856)
Total stockholders’ equity	2,383,170	2,468,982
Total liabilities and stockholders’ equity	$ 18,191,867	$ 18,104,736
Preferred shares issued (in shares)	222,750	222,750
Preferred shares outstanding (in shares)	222,750	222,750
Common shares issued (in shares)	92,694,541	92,694,541
Less: Treasury (in shares)	9,505,040	5,070,111
Common stock outstanding (in shares)	83,189,501	87,624,430