Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol (s) | Name of each exchange on which registered | ||||||||||||
The |
Accelerated filer o | Non-accelerated filer o | |||||||
Smaller reporting company | Emerging growth company |
Class | Outstanding at August 3, 2023 | |||||||||||||
Common Stock, $.001 par value |
Term | Definition | |||||||
2020 Equity Plan | First Busey's 2020 Equity Incentive Plan | |||||||
ACL | Allowance for credit losses | |||||||
Amended 2020 Equity Plan | First Busey's Amended 2020 Equity Incentive Plan | |||||||
Annual Report | Annual report filed with the SEC on Form 10-K pursuant to Section 13 or 15(d) of the Exchange Act | |||||||
AOCI | Accumulated other comprehensive income (loss) | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
Basel III | 2010 capital accord adopted by the international Basel Committee on Banking Supervision | |||||||
Basel III Rule | Regulations promulgated by U.S. federal banking agencies – the OCC, the Federal Reserve, and the FDIC – to both enforce implementation of certain aspects of the Basel III capital reforms and effect certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act | |||||||
bps | basis points | |||||||
CAC | Cummins-American Corp. | |||||||
CECL | ASU 2016-13, codified as ASC Topic 326 “Financial Instruments-Credit Losses,” which established the Current Expected Credit Losses methodology for measuring credit losses on financial instruments | |||||||
COVID-19 | Coronavirus disease 2019 | |||||||
DSU | Deferred stock unit | |||||||
ESPP | Employee Stock Purchase Plan | |||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||
Fair value | The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, as defined in ASC Topic 820 “Fair Value Measurement” | |||||||
FASB | Financial Accounting Standards Board | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
Federal Reserve | Board of Governors of the Federal Reserve System | |||||||
FHLB | Federal Home Loan Bank | |||||||
First Busey | First Busey Corporation, together with its wholly-owned consolidated subsidiaries; also, “Busey,” the “Company,” “we,” “us,” and “our” | |||||||
First Busey Risk Management | First Busey Risk Management, Inc. | |||||||
FirsTech | FirsTech, Inc. | |||||||
FOMC | Federal Open Market Committee | |||||||
GAAP | U.S. Generally Accepted Accounting Principles | |||||||
LIBOR | London Interbank Offered Rate | |||||||
Nasdaq | National Association of Securities Dealers Automated Quotations | |||||||
NMTC | New Markets Tax Credit | |||||||
OCI | Other comprehensive income (loss) | |||||||
OREO | Other real estate owned | |||||||
PCD | Purchased credit deteriorated | |||||||
PPP | Paycheck Protection Program |
Term | Definition | |||||||
PSU | Performance-based restricted stock unit | |||||||
Quarterly Report | Quarterly report filed with the SEC on Form 10-Q pursuant to Section 13 or 15(d) of the Exchange Act | |||||||
RSU | Restricted stock unit | |||||||
SBA | U.S. Small Business Administration | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
SOFR | Secured Overnight Financing Rate published by the Federal Reserve | |||||||
TDR | Troubled debt restructuring | |||||||
U.S. | United States of America | |||||||
U.S. Treasury | U.S. Department of the Treasury | |||||||
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents: | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-bearing deposits | |||||||||||
Total cash and cash equivalents | |||||||||||
Debt securities available for sale | |||||||||||
Debt securities held to maturity | |||||||||||
Equity securities | |||||||||||
Loans held for sale | |||||||||||
Portfolio loans (net of ACL of $ | |||||||||||
Premises and equipment, net | |||||||||||
Right of use assets | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Cash surrender value of bank owned life insurance | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and stockholders’ equity | |||||||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | $ | |||||||||
Interest-bearing | |||||||||||
Total deposits | |||||||||||
Securities sold under agreements to repurchase | |||||||||||
Short-term borrowings | |||||||||||
Long-term debt | |||||||||||
Subordinated notes, net of unamortized issuance costs | |||||||||||
Junior subordinated debt owed to unconsolidated trusts | |||||||||||
Lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, ($ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
AOCI | ( | ( | |||||||||
Total stockholders’ equity before treasury stock | |||||||||||
Treasury stock at cost | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ | |||||||||
Shares | |||||||||||
Common shares issued | |||||||||||
Less: Treasury shares | ( | ( | |||||||||
Common shares outstanding |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest and fees on loans | $ | $ | $ | $ | |||||||||||||||||||
Interest and dividends on investment securities: | |||||||||||||||||||||||
Taxable interest income | |||||||||||||||||||||||
Non-taxable interest income | |||||||||||||||||||||||
Other interest income | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | |||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||
Senior notes | |||||||||||||||||||||||
Subordinated notes | |||||||||||||||||||||||
Junior subordinated debt owed to unconsolidated trusts | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Net interest income after provision for credit losses | |||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Wealth management fees | |||||||||||||||||||||||
Fees for customer services | |||||||||||||||||||||||
Payment technology solutions | |||||||||||||||||||||||
Mortgage revenue | |||||||||||||||||||||||
Income on bank owned life insurance | |||||||||||||||||||||||
Realized net gains (losses) on securities | ( | ( | |||||||||||||||||||||
Unrealized net gains (losses) recognized on equity securities | ( | ( | ( | ( | |||||||||||||||||||
Other income | |||||||||||||||||||||||
Total noninterest income | |||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries, wages, and employee benefits | |||||||||||||||||||||||
Data processing | |||||||||||||||||||||||
Net occupancy expense of premises | |||||||||||||||||||||||
Furniture and equipment expenses | |||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Interchange expense | |||||||||||||||||||||||
FDIC insurance | |||||||||||||||||||||||
Other expense | |||||||||||||||||||||||
Total noninterest expense | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income taxes | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Dividends declared per share of common stock | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
OCI: | |||||||||||||||||||||||
Unrealized/Unrecognized gains (losses) on debt securities: | |||||||||||||||||||||||
Net unrealized holding gains (losses) on debt securities available for sale, net of taxes of $ | ( | ( | ( | ||||||||||||||||||||
Net unrealized gains (losses) on debt securities transferred to held to maturity from available for sale, net of taxes of $ | ( | ||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, net of taxes of $( | ( | ||||||||||||||||||||||
Amortization of unrecognized losses on securities transferred to held to maturity, net of taxes of $( | |||||||||||||||||||||||
Net change in unrealized/unrecognized gains (losses) on debt securities | ( | ( | ( | ||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges: | |||||||||||||||||||||||
Net unrealized holding gains (losses) on cash flow hedges, net of taxes of $ | ( | ( | ( | ( | |||||||||||||||||||
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $( | ( | ( | |||||||||||||||||||||
Net change in unrealized gains (losses) on cash flow hedges | ( | ( | ( | ( | |||||||||||||||||||
Net change in AOCI | ( | ( | ( | ||||||||||||||||||||
Total comprehensive income (loss) | $ | $ | ( | $ | $ | ( |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
OCI, net of tax | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Repurchase of stock | ( | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Issuance of treasury stock for ESPP | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Cash dividends on common stock at $ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock dividend equivalents on RSUs/PSUs/DSUs | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
OCI, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Repurchase of stock | ( | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Issuance of treasury stock for ESPP | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||
Net issuance of treasury stock for warrants exercised | ( | ||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock at $ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock dividend equivalents on RSUs/PSUs/DSUs | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
OCI, net of tax | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Repurchase of stock | ( | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Issuance of treasury stock for ESPP | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Net issuance of treasury stock for RSU/DSU vesting and related tax | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Cash dividends on common stock at $ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock dividend equivalents on RSUs/DSUs at $ | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
OCI, net of tax | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Repurchase of stock | ( | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Issuance of treasury stock for ESPP | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Net issuance of treasury stock for RSU/DSU vesting and related tax | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||
Cash dividends on common stock at $ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock dividend equivalents on RSUs/DSUs at $ | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows provided by (used in) operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for credit losses | |||||||||||
Amortization of intangible assets | |||||||||||
Amortization of mortgage servicing rights | |||||||||||
Amortization of NMTC | |||||||||||
Depreciation and amortization of premises and equipment | |||||||||||
Net amortization (accretion) on portfolio loans | |||||||||||
Net amortization (accretion) of premium (discount) on investment securities | |||||||||||
Net amortization (accretion) of premium (discount) on time deposits | ( | ( | |||||||||
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings | |||||||||||
Impairment of OREO and other repossessed assets | |||||||||||
Impairment of fixed assets held for sale | |||||||||||
Impairment of mortgage servicing rights | ( | ||||||||||
Impairment of leases | |||||||||||
Unrealized (gains) losses recognized on equity securities, net | |||||||||||
(Gain) loss on sales of equity securities, net | ( | ||||||||||
(Gain) loss on sales of debt securities, net | ( | ||||||||||
(Gain) loss on sales of loans, net | ( | ( | |||||||||
(Gain) loss on sales of OREO | |||||||||||
(Gain) loss on sales of premises and equipment | ( | ( | |||||||||
(Gain) loss on life insurance proceeds | ( | ||||||||||
(Increase) decrease in cash surrender value of bank owned life insurance | ( | ( | |||||||||
Provision for deferred income taxes | ( | ( | |||||||||
Stock-based compensation | |||||||||||
Mortgage loans originated for sale | ( | ( | |||||||||
Proceeds from sales of mortgage loans | |||||||||||
(Increase) decrease in other assets | ( | ( | |||||||||
Increase (decrease) in other liabilities | ( | ( | |||||||||
Net cash provided by (used in) operating activities | |||||||||||
Cash flows provided by (used in) investing activities | |||||||||||
Purchases of equity securities | ( | ( | |||||||||
Purchases of debt securities available for sale | ( | ( | |||||||||
Proceeds from sales of equity securities | |||||||||||
Proceeds from paydowns and maturities of debt securities held to maturity | |||||||||||
Proceeds from paydowns and maturities of debt securities available for sale | |||||||||||
Purchases of FHLB and other bank stock | ( | ||||||||||
Proceeds from the redemption of FHLB and other bank stock | |||||||||||
Net (increase) decrease in loans | ( | ( | |||||||||
Cash paid for premiums on bank-owned life insurance | ( | ( | |||||||||
Proceeds from life insurance | |||||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Proceeds from disposition of premises and equipment | |||||||||||
Proceeds from sales of OREO | |||||||||||
Net cash provided by (used in) investing activities | ( |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows provided by (used in) financing activities | |||||||||||
Net increase (decrease) in deposits | $ | ( | $ | ( | |||||||
Net change in federal funds purchased and securities sold under agreements to repurchase | ( | ( | |||||||||
Proceeds from FHLB advances | |||||||||||
Repayment of FHLB advances | ( | ( | |||||||||
Proceeds from other borrowings, net of debt issuance costs | |||||||||||
Repayment of other borrowings | ( | ( | |||||||||
Cash dividends paid | ( | ( | |||||||||
Purchase of treasury stock | ( | ( | |||||||||
Cash paid for withholding taxes on stock-based payments | ( | ( | |||||||||
Proceeds from stock warrants exercised | |||||||||||
Issuance of treasury stock for ESPP | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ( | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | $ | ( | ||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, ending of period | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||
Cash payments for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | |||||||||||
Non-cash investing and financing activities: | |||||||||||
OREO acquired in settlement of loans | |||||||||||
Transfer of debt securities available for sale to held to maturity |
As of June 30, 2023 | |||||||||||||||||||||||
Amortized Cost | Unrealized | Fair Value | |||||||||||||||||||||
Gross Gains | Gross Losses | ||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Obligations of U.S. government corporations and agencies | ( | ||||||||||||||||||||||
Obligations of states and political subdivisions1 | ( | ||||||||||||||||||||||
Asset-backed securities1 | ( | ||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ||||||||||||||||||||||
Residential mortgage-backed securities | ( | ||||||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
Total debt securities available for sale | $ | $ | $ | ( | $ |
Amortized Cost | Unrecognized | Fair Value | |||||||||||||||||||||
Gross Gains | Gross Losses | ||||||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||||||
Commercial mortgage-backed securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Residential mortgage-backed securities | ( | ||||||||||||||||||||||
Total debt securities held to maturity | $ | $ | $ | ( | $ |
As of December 31, 2022 | |||||||||||||||||||||||
Amortized Cost | Unrealized | Fair Value | |||||||||||||||||||||
Gross Gains | Gross Losses | ||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Obligations of U.S. government corporations and agencies | ( | ||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ||||||||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ||||||||||||||||||||||
Residential mortgage-backed securities | ( | ||||||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
Total debt securities available for sale | $ | $ | $ | ( | $ |
Amortized Cost | Unrecognized | Fair Value | |||||||||||||||||||||
Gross Gains | Gross Losses | ||||||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||||||
Commercial mortgage-backed securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Residential mortgage-backed securities | ( | ||||||||||||||||||||||
Total debt securities held to maturity | $ | $ | $ | ( | $ |
As of June 30, 2023 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
Debt securities available for sale | |||||||||||
Due in one year or less | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Debt securities available for sale | $ | $ |
Debt securities held to maturity | |||||||||||
Due after one year through five years | $ | $ | |||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Debt securities held to maturity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Realized gains and losses on debt securities | |||||||||||||||||||||||
Gross gains on debt securities | $ | $ | $ | $ | |||||||||||||||||||
Gross (losses) on debt securities | ( | ( | ( | ( | |||||||||||||||||||
Realized net gains (losses) on debt securities1 | $ | ( | $ | ( | $ | ( | $ |
As of June 30, 2023 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ( | ( | ||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Debt securities available for sale with gross unrealized losses | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | ||||||||||||||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Debt securities held to maturity with gross unrecognized losses | $ | $ | $ | $ | ( | $ | $ | ( |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities1 | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | ( | ( | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ( | ( | ||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Debt securities available for sale with gross unrealized losses | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | ||||||||||||||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Debt securities held to maturity with gross unrecognized losses | $ | $ | ( | $ | $ | ( | $ | $ | ( |
As of June 30, 2023 | |||||||||||||||||
Available for Sale | Held to Maturity | Total | |||||||||||||||
Debt securities with gross unrealized or unrecognized losses, fair value | $ | $ | $ | ||||||||||||||
Gross unrealized or unrecognized losses on debt securities | |||||||||||||||||
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses | % | % | % | ||||||||||||||
Count of debt securities | |||||||||||||||||
Count of debt securities in an unrealized or unrecognized loss position |
As of December 31, 2022 | |||||||||||||||||
Available for Sale | Held to Maturity | Total | |||||||||||||||
Debt securities with gross unrealized or unrecognized losses, fair value | $ | $ | $ | ||||||||||||||
Gross unrealized or unrecognized losses on debt securities | |||||||||||||||||
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses | % | % | % | ||||||||||||||
Count of debt securities | |||||||||||||||||
Count of debt securities in an unrealized or unrecognized loss position |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Commercial loans | |||||||||||
Commercial | $ | $ | |||||||||
Commercial real estate | |||||||||||
Real estate construction | |||||||||||
Total commercial loans | |||||||||||
Retail loans | |||||||||||
Retail real estate | |||||||||||
Retail other | |||||||||||
Total retail loans | |||||||||||
Total portfolio loans | |||||||||||
ACL | ( | ( | |||||||||
Portfolio loans, net | $ | $ |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Pledged loans | |||||||||||
FHLB | $ | $ | |||||||||
Federal Reserve Bank | |||||||||||
Total pledged loans | $ | $ |
As of June 30, 2023 | |||||||||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Substandard Non-accrual | Total | ||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Real estate construction | |||||||||||||||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||||||||||||||
Retail loans | |||||||||||||||||||||||||||||||||||
Retail real estate | |||||||||||||||||||||||||||||||||||
Retail other | |||||||||||||||||||||||||||||||||||
Total retail loans | |||||||||||||||||||||||||||||||||||
Total portfolio loans | $ | $ | $ | $ | $ | $ |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Substandard Non-accrual | Total | ||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Real estate construction | |||||||||||||||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||||||||||||||
Retail loans | |||||||||||||||||||||||||||||||||||
Retail real estate | |||||||||||||||||||||||||||||||||||
Retail other | |||||||||||||||||||||||||||||||||||
Total retail loans | |||||||||||||||||||||||||||||||||||
Total portfolio loans | $ | $ | $ | $ | $ | $ |
As of and For The Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade Ratings | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retail real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retail other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Total current period charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade Ratings | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retail real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retail other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | $ | $ | $ | $ | $ | $ | $ | $ |
As of June 30, 2023 | |||||||||||||||||||||||
Loans past due, still accruing | Non-accrual Loans | ||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+Days | |||||||||||||||||||||
Past due and non-accrual loans | |||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Past due and non-accrual commercial loans | |||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||
Retail real estate | |||||||||||||||||||||||
Retail other | |||||||||||||||||||||||
Past due and non-accrual retail loans | |||||||||||||||||||||||
Total past due and non-accrual loans | $ | $ | $ | $ |
As of December 31, 2022 | |||||||||||||||||||||||
Loans past due, still accruing | Non-accrual Loans | ||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+Days | |||||||||||||||||||||
Past due and non-accrual loans | |||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Past due and non-accrual commercial loans | |||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||
Retail real estate | |||||||||||||||||||||||
Retail other | |||||||||||||||||||||||
Past due and non-accrual retail loans | |||||||||||||||||||||||
Total past due and non-accrual loans | $ | $ | $ | $ |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
Payment Deferral1 | % of Total Class of Financing Receivable2 | Term Extension3 | % of Total Class of Financing Receivable | ||||||||||||||||||||
Loan class: | |||||||||||||||||||||||
Commercial | $ | % | $ | % | |||||||||||||||||||
Commercial real estate | % | % | |||||||||||||||||||||
Real estate construction | % | % | |||||||||||||||||||||
Total of loans modified during the period4 | $ | % | $ | % |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
Payment Deferral1 | % of Total Class of Financing Receivable2 | Term Extension3 | % of Total Class of Financing Receivable | ||||||||||||||||||||
Loan class: | |||||||||||||||||||||||
Commercial | $ | % | $ | % | |||||||||||||||||||
Commercial real estate | % | % | |||||||||||||||||||||
Real estate construction | % | % | |||||||||||||||||||||
Total of loans modified during the period4 | $ | % | $ | % |
Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | ||||||||||
Weighted Average Term Extension | Weighted Average Term Extension | ||||||||||
Loan class: | |||||||||||
Commercial | |||||||||||
Commercial real estate | |||||||||||
Real estate construction | |||||||||||
Total financial effect |
Three and Six Months Ended June 30, 2023 | |||||||||||
Payment Deferral | Term Extension | ||||||||||
Loan class: | |||||||||||
Commercial | $ | $ | |||||||||
Commercial real estate | |||||||||||
Amortized cost of modified loans with subsequent defaults | $ | $ |
As of June 30, 2023 | |||||||||||||||||||||||
Current | 30-89 Days | 90+ Days | Non-accrual | ||||||||||||||||||||
Loan class: | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Real estate construction | |||||||||||||||||||||||
Amortized cost of modified loans | $ | $ | $ | $ |
As of June 30, 2023 | |||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Average Recorded Investment | |||||||||||||||||||||||||||||||||
With No Allowance | With Allowance | Total | Related Allowance | ||||||||||||||||||||||||||||||||
Loans evaluated individually | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Real estate construction | |||||||||||||||||||||||||||||||||||
Commercial loans evaluated individually | |||||||||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||||
Retail real estate | |||||||||||||||||||||||||||||||||||
Retail loans evaluated individually | |||||||||||||||||||||||||||||||||||
Total loans evaluated individually | $ | $ | $ | $ | $ | $ |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Average Recorded Investment | |||||||||||||||||||||||||||||||||
With No Allowance | With Allowance | Total | Related Allowance | ||||||||||||||||||||||||||||||||
Loans evaluated individually | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Real estate construction | |||||||||||||||||||||||||||||||||||
Commercial loans evaluated individually | |||||||||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||||
Retail real estate | |||||||||||||||||||||||||||||||||||
Retail loans evaluated individually | |||||||||||||||||||||||||||||||||||
Total loans evaluated individually | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Real Estate Construction | Retail Real Estate | Retail Other | Total | ||||||||||||||||||||||||||||||
ACL balance, March 31, 2023 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Provision for credit losses | ( | ( | |||||||||||||||||||||||||||||||||
Charged-off | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
ACL balance, June 30, 2023 | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Real Estate Construction | Retail Real Estate | Retail Other | Total | ||||||||||||||||||||||||||||||
ACL balance, December 31, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Provision for credit losses | ( | ( | ( | ||||||||||||||||||||||||||||||||
Charged-off | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
ACL balance, June 30, 2023 | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Real Estate Construction | Retail Real Estate | Retail Other | Total | ||||||||||||||||||||||||||||||
ACL balance, March 31, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Provision for credit losses | ( | ( | |||||||||||||||||||||||||||||||||
Charged-off | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
ACL balance, June 30, 2022 | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Real Estate Construction | Retail Real Estate | Retail Other | Total | ||||||||||||||||||||||||||||||
ACL balance, December 31, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Provision for credit losses | ( | ( | |||||||||||||||||||||||||||||||||
Charged-off | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
ACL balance, June 30, 2022 | $ | $ | $ | $ | $ | $ |
As of June 30, 2023 | |||||||||||||||||||||||||||||||||||
Portfolio Loans | ACL Attributed to Portfolio Loans | ||||||||||||||||||||||||||||||||||
Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | ||||||||||||||||||||||||||||||
Portfolio loans and related ACL | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Real estate construction | |||||||||||||||||||||||||||||||||||
Commercial loans and related ACL | |||||||||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||||
Retail real estate | |||||||||||||||||||||||||||||||||||
Retail other | |||||||||||||||||||||||||||||||||||
Retail loans and related ACL | |||||||||||||||||||||||||||||||||||
Portfolio loans and related ACL | $ | $ | $ | $ | $ | $ |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Portfolio Loans | ACL Attributed to Portfolio Loans | ||||||||||||||||||||||||||||||||||
Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | ||||||||||||||||||||||||||||||
Portfolio loans and related ACL | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Real estate construction | |||||||||||||||||||||||||||||||||||
Commercial loans and related ACL | |||||||||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||||
Retail real estate | |||||||||||||||||||||||||||||||||||
Retail other | |||||||||||||||||||||||||||||||||||
Retail loans and related ACL | |||||||||||||||||||||||||||||||||||
Portfolio loans and related ACL | $ | $ | $ | $ | $ | $ |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Lease balances | |||||||||||
Right of use assets | $ | $ | |||||||||
Lease liabilities | |||||||||||
Supplemental information | |||||||||||
Year through which lease terms extend | 2037 | 2037 | |||||||||
Weighted average remaining lease term, in years | |||||||||||
Weighted average discount rate | % | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Lease costs | |||||||||||||||||||||||
Operating lease costs | $ | $ | $ | $ | |||||||||||||||||||
Variable lease costs | |||||||||||||||||||||||
Short-term lease costs | |||||||||||||||||||||||
Total lease cost1 | $ | $ | $ | $ | |||||||||||||||||||
Cash flows related to leases | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating lease cash flows – Fixed payments | $ | $ | $ | $ | |||||||||||||||||||
Operating lease cash flows – Liability reduction | |||||||||||||||||||||||
Right of use assets obtained during the period in exchange for operating lease liabilities |
As of June 30, 2023 | |||||
Rent commitments | |||||
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total undiscounted cash flows | |||||
Less: Amounts representing interest | |||||
Present value of net future minimum lease payments | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Rental income | $ | $ | $ | $ |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Deposits | |||||||||||
Noninterest-bearing demand deposits | $ | $ | |||||||||
Interest-bearing transaction deposits | |||||||||||
Saving deposits and money market deposits | |||||||||||
Time deposits | |||||||||||
Total deposits | $ | $ |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Brokered savings deposits and money market deposits | $ | $ | |||||||||
Brokered time deposits | |||||||||||
Aggregate amount of time deposits with a minimum denomination of $100,000 | |||||||||||
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000 |
As of June 30, 2023 | |||||
Time deposits by schedule of maturities | |||||
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Time deposits | $ |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Securities sold under agreements to repurchase | $ | $ | |||||||||
Weighted average rate for securities sold under agreements to repurchase | % | % |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Short-term borrowings | |||||||||||
FHLB advances maturing in less than one year from date of origination, and the current portion of long-term FHLB advances due within 12 months | $ | $ | |||||||||
Term Loan, current portion due within 12 months | |||||||||||
Total short-term debt | $ | $ |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Long-term debt | |||||||||||
Term Loan | $ | $ | |||||||||
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Unamortized debt issuance costs | |||||||||||
Subordinated notes issued in 2020 | $ | $ | |||||||||
Subordinated notes issued in 2022 | |||||||||||
Total unamortized debt issuance costs | $ | $ |
As of June 30, 2023 | |||||||||||||||||||||||||||||||||||
Actual | Minimum Capital Requirement | Minimum To Be Well Capitalized | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Busey Bank | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Busey Bank | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Total capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Busey Bank | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Leverage ratio of Tier 1 capital to average assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | % | $ | % | N/A | N/A | |||||||||||||||||||||||||||||
Busey Bank | $ | % | $ | % | $ | % |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Actual | Minimum Capital Requirement | Minimum To Be Well Capitalized | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Busey Bank | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Busey Bank | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Total capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Busey Bank | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Leverage ratio of Tier 1 capital to average assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | % | $ | % | N/A | N/A | |||||||||||||||||||||||||||||
Busey Bank | $ | % | $ | % | $ | % |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life | |||||||||||||||
Options outstanding at December 31, 2022 | $ | ||||||||||||||||
Forfeited | ( | ||||||||||||||||
Options outstanding at June 30, 2023 | |||||||||||||||||
Options exercisable at June 30, 2023 |
RSU Awards | |||||||||||
Shares | Weighted- Average Grant Date Fair Value | ||||||||||
Nonvested at December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Dividend equivalents earned | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Nonvested at June 30, 2023 |
PSU Awards | |||||||||||
Shares1 | Weighted- Average Grant Date Fair Value | ||||||||||
Nonvested at December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Dividend equivalents earned | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Nonvested at June 30, 2023 | |||||||||||
DSU Awards | |||||||||||
Shares | Weighted- Average Grant Date Fair Value | ||||||||||
Nonvested at December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Dividend equivalents earned | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Nonvested at June 30, 2023 | |||||||||||
Vested and outstanding at June 30, 2023 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||
RSU awards | $ | $ | $ | $ | |||||||||||||||||||
PSU awards1 | |||||||||||||||||||||||
DSU awards | |||||||||||||||||||||||
2021 ESPP | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Unamortized stock-based compensation | |||||||||||
RSU awards | $ | $ | |||||||||
PSU awards1 | |||||||||||
DSU awards | |||||||||||
Total unamortized stock-based compensation | $ | $ | |||||||||
Weighted average period over which expense is to be recognized |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Financial instruments whose contract amounts represent credit risk | |||||||||||
Commitments to extend credit | $ | $ | |||||||||
Standby letters of credit | |||||||||||
Total commitments | $ | $ |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Cash pledged to secure obligations under derivative contracts | $ | $ | |||||||||
Collateral held to secure obligations under derivative contracts |
As of | |||||||||||||||||
Location | June 30, 2023 | December 31, 2022 | |||||||||||||||
Debt Swap | |||||||||||||||||
Notional amount | $ | $ | |||||||||||||||
Weighted average fixed pay rates | % | % | |||||||||||||||
Weighted average variable 3-month LIBOR receive rates | % | % | |||||||||||||||
Weighted average maturity | |||||||||||||||||
Loan Swap | |||||||||||||||||
Notional amount | $ | $ | |||||||||||||||
Weighted average fixed receive rates | % | % | |||||||||||||||
Weighted average variable Prime pay rates | % | % | |||||||||||||||
Weighted average maturity | |||||||||||||||||
Gross aggregate fair value of the swaps | |||||||||||||||||
Gross aggregate fair value of swap assets | Other assets | $ | $ | ||||||||||||||
Gross aggregate fair value of swap liabilities | Other liabilities | ||||||||||||||||
Balances carried in AOCI | |||||||||||||||||
Unrealized gains (losses) on cash flow hedges, net of tax | AOCI | $ | ( | $ | ( |
As of June 30, 2023 | |||||
Unrealized gains (losses) in OCI expected to be recognized in income | |||||
Unrealized losses expected to be reclassified from OCI to interest income | $ | ( | |||
Unrealized gains expected to be reclassified from OCI to interest expense | |||||
Net unrealized gains (losses) in OCI expected to be recognized in net interest income | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest on swap transactions | |||||||||||||||||||||||
Increase (decrease) in interest income on swap transactions | $ | ( | $ | $ | ( | $ | |||||||||||||||||
(Increase) decrease in interest expense on swap transactions | ( | ( | |||||||||||||||||||||
Net increase (decrease) in net interest income on swap transactions | $ | ( | $ | $ | ( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges | |||||||||||||||||||||||
Net gain (loss) recognized in OCI, net of tax | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
(Gain) loss reclassified from OCI to interest income, net of tax | ( | ( | |||||||||||||||||||||
(Gain) loss reclassified from OCI to interest expense, net of tax | ( | ( | |||||||||||||||||||||
Net change in unrealized gains (losses) on cash flow hedges, net of tax | $ | ( | $ | ( | $ | ( | $ | ( |
As of June 30, 2023 | |||||||||||||||||||||||
Derivative Asset | Derivative Liability | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps – pay floating, receive fixed | $ | $ | $ | $ | |||||||||||||||||||
Interest rate swaps – pay fixed, receive floating | |||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | $ | $ | $ |
As of December 31, 2022 | |||||||||||||||||||||||
Derivative Asset | Derivative Liability | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps – pay floating, receive fixed | $ | $ | $ | $ | |||||||||||||||||||
Interest rate swaps – pay fixed, receive floating | |||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
Location | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||
Pay floating, receive fixed | Noninterest expense | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Pay fixed, receive floating | Noninterest expense | ( | ( | ( | |||||||||||||||||||||||||
Net change in fair value of interest rate swaps | $ | $ | $ | $ |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Risk participation agreements | |||||||||||
Number of risk participation agreements | |||||||||||
Notional amount | $ | $ | |||||||||
Fair value |
As of June 30, 2023 | |||||||||||||||||||||||
Derivative Asset | Derivative Liability | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
Foreign currency forward contracts | |||||||||||||||||||||||
Foreign currency exchange forward contract (Buy) | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency exchange forward contract (Sell) | ( | ||||||||||||||||||||||
Total foreign currency forward contracts | $ | $ | $ | $ | ( |
As of June 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||
Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||
Derivatives with positive fair value | |||||||||||||||||||||||||||||
Interest rate lock commitments | $ | $ | $ | $ | |||||||||||||||||||||||||
Forward sales commitments | Other assets | ||||||||||||||||||||||||||||
Mortgage banking derivatives recorded in other assets | $ | $ | $ | $ | |||||||||||||||||||||||||
Derivatives with negative fair value | |||||||||||||||||||||||||||||
Interest rate lock commitments | $ | $ | $ | $ | |||||||||||||||||||||||||
Forward sales commitments | Other liabilities | ||||||||||||||||||||||||||||
Mortgage banking derivatives recorded in other liabilities | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
Location | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Net gains (losses) | |||||||||||||||||||||||||||||
Interest rate lock commitments | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||
Forward sales commitments | Mortgage revenue | ( | ( | ||||||||||||||||||||||||||
Net gains (losses) | $ | $ | ( | $ | $ | ( |
As of June 30, 2023 | |||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Obligations of U.S. government corporations and agencies | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Derivative liabilities |
As of December 31, 2022 | |||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Obligations of U.S. government corporations and agencies | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Derivative liabilities |
As of June 30, 2023 | |||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||||||
Loans evaluated individually, net of related allowance | $ | $ | $ | $ | |||||||||||||||||||
Bank property held for sale with impairment |
As of December 31, 2022 | |||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||||||
Loans evaluated individually, net of related allowance | $ | $ | $ | $ | |||||||||||||||||||
Bank property held for sale with impairment |
As of June 30, 2023 | |||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||
Loans evaluated individually, net of related allowance | $ | Appraisal of collateral | Appraisal adjustments | - (- | |||||||||||||||||||
Bank property held for sale with impairment | Appraisal of collateral or real estate listing price | Appraisal adjustments | - (- |
As of December 31, 2022 | |||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||
Loans evaluated individually, net of related allowance | $ | Appraisal of collateral | Appraisal adjustments | - (- | |||||||||||||||||||
Bank property held for sale with impairment | Appraisal of collateral or real estate listing price | Appraisal adjustments | - (- |
As of June 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Financial assets | |||||||||||||||||||||||
Level 1 inputs: | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Level 2 inputs: | |||||||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||
Level 3 inputs: | |||||||||||||||||||||||
Portfolio loans, net | |||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||
Other servicing rights | |||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Level 2 inputs: | |||||||||||||||||||||||
Time deposits | $ | $ | $ | $ | |||||||||||||||||||
Securities sold under agreements to repurchase | |||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||
Junior subordinated debt owed to unconsolidated trusts | |||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||
Level 3 inputs: | |||||||||||||||||||||||
Subordinated notes, net of unamortized issuance costs |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding, basic | |||||||||||||||||||||||
Dilutive effect of common stock equivalents: | |||||||||||||||||||||||
Options | |||||||||||||||||||||||
Warrants | |||||||||||||||||||||||
RSU awards | |||||||||||||||||||||||
PSU awards | |||||||||||||||||||||||
DSU awards | |||||||||||||||||||||||
ESPP | |||||||||||||||||||||||
Weighted average number of common shares outstanding, diluted | |||||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Anti-dilutive common stock equivalents | |||||||||||||||||||||||
Options | |||||||||||||||||||||||
RSU awards | |||||||||||||||||||||||
PSU awards | |||||||||||||||||||||||
Total anti-dilutive common stock equivalents |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||||||||||||||
Unrealized/Unrecognized gains (losses) on debt securities | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Unrealized holding gains (losses) on debt securities available for sale, net | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Unrecognized losses on debt securities transferred to held to maturity from available for sale | |||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net | ( | ( | |||||||||||||||||||||||||||||||||
Amortization of unrecognized losses on securities transferred to held to maturity | ( | ( | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Unrealized holding gains (losses) on cash flow hedges, net | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance at end of period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Total AOCI | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||||||||||||||
Unrealized/Unrecognized gains (losses) on debt securities | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Unrealized holding gains (losses) on debt securities available for sale, net | ( | ( | ( | ||||||||||||||||||||||||||||||||
Unrecognized losses on debt securities transferred to held to maturity from available for sale | ( | ( | |||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net | ( | ( | ( | ||||||||||||||||||||||||||||||||
Amortization of unrecognized losses on securities transferred to held to maturity | ( | ( | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Unrealized holding gains (losses) on cash flow hedges, net | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance at end of period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Total AOCI | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
Goodwill | Total Assets | ||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||
Operating segment | |||||||||||||||||||||||
Banking | $ | $ | $ | $ | |||||||||||||||||||
FirsTech | |||||||||||||||||||||||
Wealth Management | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Consolidated total | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Banking | $ | $ | $ | $ | |||||||||||||||||||
FirsTech | |||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
Total net interest income | $ | $ | $ | $ | |||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Banking | $ | $ | $ | $ | |||||||||||||||||||
FirsTech | |||||||||||||||||||||||
Wealth Management | |||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
Total noninterest income | $ | $ | $ | $ | |||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Banking | $ | $ | $ | $ | |||||||||||||||||||
FirsTech | |||||||||||||||||||||||
Wealth Management | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total noninterest expense | $ | $ | $ | $ | |||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Banking | $ | $ | $ | $ | |||||||||||||||||||
FirsTech | |||||||||||||||||||||||
Wealth Management | |||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
Total income before income taxes | $ | $ | $ | $ | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Banking | $ | $ | $ | $ | |||||||||||||||||||
FirsTech | |||||||||||||||||||||||
Wealth Management | |||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
Total net income | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Reported: | Net income | $ | 29,364 | $ | 29,824 | $ | 66,150 | $ | 58,263 | |||||||||||||||||
Adjusted: | Net income1 | $ | 29,373 | $ | 30,081 | $ | 66,159 | $ | 59,185 | |||||||||||||||||
Reported: | Diluted earnings per common share | $ | 0.52 | $ | 0.53 | $ | 1.18 | $ | 1.04 | |||||||||||||||||
Adjusted: | Diluted earnings per common share1 | $ | 0.52 | $ | 0.54 | $ | 1.18 | $ | 1.05 | |||||||||||||||||
Reported: | Return on average assets2 | 0.96 | % | 0.96 | % | 1.09 | % | 0.94 | % | |||||||||||||||||
Adjusted: | Return on average assets1, 2 | 0.96 | % | 0.97 | % | 1.09 | % | 0.95 | % | |||||||||||||||||
Reported: | Return on average tangible common equity1, 2 | 13.90 | % | 14.50 | % | 16.12 | % | 13.57 | % | |||||||||||||||||
Adjusted: | Return on average tangible common equity1, 2 | 13.90 | % | 14.62 | % | 16.12 | % | 13.79 | % | |||||||||||||||||
Reported: | Pre-provision net revenue1 | $ | 39,536 | $ | 39,569 | $ | 87,454 | $ | 75,635 | |||||||||||||||||
Adjusted: | Pre-provision net revenue1 | $ | 42,072 | $ | 41,267 | $ | 91,576 | $ | 80,621 | |||||||||||||||||
Reported: | Pre-provision net revenue to average assets1, 2 | 1.30 | % | 1.27 | % | 1.44 | % | 1.21 | % | |||||||||||||||||
Adjusted: | Pre-provision net revenue to average assets1, 2 | 1.38 | % | 1.33 | % | 1.51 | % | 1.29 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Non-operating costs | |||||||||||||||||||||||
Acquisition related expenses1 | $ | 12 | $ | 204 | $ | 12 | $ | 1,039 | |||||||||||||||
Restructuring charges2 | — | 99 | — | 99 | |||||||||||||||||||
Total non-operating costs | $ | 12 | $ | 303 | $ | 12 | $ | 1,138 |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate5 | Average Balance | Income/ Expense | Yield/ Rate5 | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-bearing bank deposits and federal funds sold | $ | 116,998 | $ | 1,311 | 4.49 | % | $ | 230,129 | $ | 358 | 0.62 | % | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
U.S. Government obligations | 84,944 | 148 | 0.70 | % | 187,785 | 281 | 0.60 | % | |||||||||||||||||||||||||||
Obligations of states and political subdivisions1 | 244,080 | 1,704 | 2.80 | % | 293,276 | 1,947 | 2.66 | % | |||||||||||||||||||||||||||
Other securities | 2,926,717 | 19,121 | 2.62 | % | 3,359,950 | 14,664 | 1.75 | % | |||||||||||||||||||||||||||
Loans held for sale | 1,941 | 26 | 5.37 | % | 3,089 | 32 | 4.16 | % | |||||||||||||||||||||||||||
Portfolio loans1, 2 | 7,755,618 | 95,150 | 4.92 | % | 7,378,969 | 65,860 | 3.58 | % | |||||||||||||||||||||||||||
Total interest-earning assets1, 3 | 11,130,298 | $ | 117,460 | 4.23 | % | 11,453,198 | $ | 83,142 | 2.91 | % | |||||||||||||||||||||||||
Cash and due from banks | 118,860 | 121,568 | |||||||||||||||||||||||||||||||||
Premises and equipment | 125,205 | 133,242 | |||||||||||||||||||||||||||||||||
ACL | (92,970) | (88,753) | |||||||||||||||||||||||||||||||||
Other assets | 928,472 | 832,815 | |||||||||||||||||||||||||||||||||
Total assets | $ | 12,209,865 | $ | 12,452,070 | |||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits | $ | 2,651,083 | $ | 9,549 | 1.44 | % | $ | 2,662,976 | $ | 500 | 0.08 | % | |||||||||||||||||||||||
Savings and money market deposits | 2,802,675 | 7,717 | 1.10 | % | 3,459,414 | 692 | 0.08 | % | |||||||||||||||||||||||||||
Time deposits | 1,343,830 | 9,502 | 2.84 | % | 848,693 | 954 | 0.45 | % | |||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | 201,020 | 1,223 | 2.44 | % | 235,733 | 147 | 0.25 | % | |||||||||||||||||||||||||||
Borrowings4 | 692,150 | 9,293 | 5.39 | % | 296,168 | 3,667 | 4.97 | % | |||||||||||||||||||||||||||
Junior subordinated debt issued to unconsolidated trusts | 71,870 | 945 | 5.27 | % | 71,693 | 708 | 3.96 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 7,762,628 | $ | 38,229 | 1.98 | % | 7,574,677 | $ | 6,668 | 0.35 | % | |||||||||||||||||||||||||
Net interest spread1 | 2.26 | % | 2.56 | % | |||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,054,483 | 3,535,110 | |||||||||||||||||||||||||||||||||
Other liabilities | 184,819 | 145,231 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,207,935 | 1,197,052 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,209,865 | $ | 12,452,070 | |||||||||||||||||||||||||||||||
Interest income / earning assets1, 3 | $ | 11,130,298 | $ | 117,460 | 4.23 | % | $ | 11,453,198 | $ | 83,142 | 2.91 | % | |||||||||||||||||||||||
Interest expense / earning assets | 11,130,298 | 38,229 | 1.38 | % | 11,453,198 | 6,668 | 0.23 | % | |||||||||||||||||||||||||||
Net interest margin1 | $ | 79,231 | 2.86 | % | $ | 76,474 | 2.68 | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-bearing bank deposits and federal funds sold | $ | 112,550 | $ | 2,299 | 4.12 | % | $ | 394,562 | $ | 635 | 0.32 | % | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
U.S. Government obligations | 104,970 | 343 | 0.66 | % | 192,660 | 569 | 0.60 | % | |||||||||||||||||||||||||||
Obligations of states and political subdivisions1 | 249,213 | 3,469 | 2.81 | % | 297,781 | 3,862 | 2.62 | % | |||||||||||||||||||||||||||
Other securities | 2,953,392 | 37,700 | 2.57 | % | 3,414,885 | 27,615 | 1.63 | % | |||||||||||||||||||||||||||
Loans held for sale | 1,796 | 49 | 5.53 | % | 7,485 | 115 | 3.10 | % | |||||||||||||||||||||||||||
Portfolio loans1, 2 | 7,733,370 | 185,263 | 4.83 | % | 7,270,506 | 126,983 | 3.52 | % | |||||||||||||||||||||||||||
Total interest-earning assets1, 3 | 11,155,291 | $ | 229,123 | 4.14 | % | 11,577,879 | $ | 159,779 | 2.78 | % | |||||||||||||||||||||||||
Cash and due from banks | 117,013 | 124,085 | |||||||||||||||||||||||||||||||||
Premises and equipment | 126,145 | 134,304 | |||||||||||||||||||||||||||||||||
ACL | (92,832) | (88,604) | |||||||||||||||||||||||||||||||||
Other assets | 931,026 | 808,264 | |||||||||||||||||||||||||||||||||
Total assets | $ | 12,236,643 | $ | 12,555,928 | |||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits | $ | 2,708,973 | $ | 16,487 | 1.23 | % | $ | 2,671,606 | $ | 864 | 0.07 | % | |||||||||||||||||||||||
Savings and money market deposits | 2,856,635 | 11,669 | 0.82 | % | 3,444,744 | 1,252 | 0.07 | % | |||||||||||||||||||||||||||
Time deposits | 1,152,331 | 13,352 | 2.34 | % | 882,779 | 2,154 | 0.49 | % | |||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | 215,604 | 2,445 | 2.29 | % | 253,316 | 206 | 0.16 | % | |||||||||||||||||||||||||||
Borrowings4 | 683,796 | 17,666 | 5.21 | % | 290,331 | 6,865 | 4.77 | % | |||||||||||||||||||||||||||
Junior subordinated debt issued to unconsolidated trusts | 71,848 | 1,858 | 5.21 | % | 71,672 | 1,362 | 3.83 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 7,689,187 | $ | 63,477 | 1.66 | % | 7,614,448 | $ | 12,703 | 0.34 | % | |||||||||||||||||||||||||
Net interest spread1 | 2.48 | % | 2.44 | % | |||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,163,011 | 3,562,380 | |||||||||||||||||||||||||||||||||
Other liabilities | 194,966 | 140,040 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,189,479 | 1,239,060 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,236,643 | $ | 12,555,928 | |||||||||||||||||||||||||||||||
Interest income / earning assets1, 3 | $ | 11,155,291 | $ | 229,123 | 4.14 | % | $ | 11,577,879 | $ | 159,779 | 2.78 | % | |||||||||||||||||||||||
Interest expense / earning assets | 11,155,291 | 63,477 | 1.15 | % | 11,577,879 | 12,703 | 0.22 | % | |||||||||||||||||||||||||||
Net interest margin1 | $ | 165,646 | 2.99 | % | $ | 147,076 | 2.56 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
Average interest-earning assets | $ | 11,130,298 | $ | 11,453,198 | $ | (322,900) | (2.8) | % | |||||||||||||||
Average interest-bearing liabilities | 7,762,628 | 7,574,677 | 187,951 | 2.5 | % | ||||||||||||||||||
Average noninterest-bearing deposits | 3,054,483 | 3,535,110 | (480,627) | (13.6) | % | ||||||||||||||||||
Total average deposits | 9,852,071 | 10,506,193 | (654,122) | (6.2) | % | ||||||||||||||||||
Total average liabilities | 11,001,930 | 11,255,018 | (253,088) | (2.2) | % | ||||||||||||||||||
Average noninterest-bearing deposits as a percent of total average deposits | 31.0 | % | 33.6 | % | (260) bps | ||||||||||||||||||
Total average deposits as a percent of total average liabilities | 89.5 | % | 93.3 | % | (380) bps |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
Average interest-earning assets | $ | 11,155,291 | $ | 11,577,879 | $ | (422,588) | (3.6) | % | |||||||||||||||
Average interest-bearing liabilities | 7,689,187 | 7,614,448 | 74,739 | 1.0 | % | ||||||||||||||||||
Average noninterest-bearing deposits | 3,163,011 | 3,562,380 | (399,369) | (11.2) | % | ||||||||||||||||||
Total average deposits | 9,880,950 | 10,561,509 | (680,559) | (6.4) | % | ||||||||||||||||||
Total average liabilities | 11,047,164 | 11,316,868 | (269,704) | (2.4) | % | ||||||||||||||||||
Average noninterest-bearing deposits as a percent of total average deposits | 32.0 | % | 33.7 | % | (170) bps | ||||||||||||||||||
Total average deposits as a percent of total average liabilities | 89.4 | % | 93.3 | % | (390) bps |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Interest income, on a tax-equivalent basis1 | $ | 117,460 | $ | 83,142 | $ | 34,318 | 41.3 | % | |||||||||||||||
Interest expense | (38,229) | (6,668) | (31,561) | (473.3) | % | ||||||||||||||||||
Net interest income, on a tax-equivalent basis1 | $ | 79,231 | $ | 76,474 | $ | 2,757 | 3.6 | % | |||||||||||||||
Net interest margin1, 2 | 2.86 | % | 2.68 | % | 18 bps |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Interest income, on a tax-equivalent basis1 | $ | 229,123 | $ | 159,779 | $ | 69,344 | 43.4 | % | |||||||||||||||
Interest expense | (63,477) | (12,703) | (50,774) | (399.7) | % | ||||||||||||||||||
Net interest income, on a tax-equivalent basis1 | $ | 165,646 | $ | 147,076 | $ | 18,570 | 12.6 | % | |||||||||||||||
Net interest margin1, 2 | 2.99 | % | 2.56 | % | 43 bps |
2023 | 2022 | ||||||||||
First Quarter | 3.13 | % | 2.45 | % | |||||||
Second Quarter | 2.86 | % | 2.68 | % | |||||||
Third Quarter | 3.00 | % | |||||||||
Fourth Quarter | 3.24 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Wealth management and payment technology income: | |||||||||||||||||||||||
Wealth management fees | $ | 14,562 | $ | 14,135 | $ | 427 | 3.0 | % | |||||||||||||||
Payment technology solutions | 5,231 | 4,888 | 343 | 7.0 | % | ||||||||||||||||||
Combined, wealth management fees and payment technology solutions | 19,793 | 19,023 | 770 | 4.0 | % | ||||||||||||||||||
Fees for customer services | 7,239 | 9,588 | (2,349) | (24.5) | % | ||||||||||||||||||
Mortgage revenue | 272 | 284 | (12) | (4.2) | % | ||||||||||||||||||
Income on bank owned life insurance | 1,029 | 874 | 155 | 17.7 | % | ||||||||||||||||||
Securities income: | |||||||||||||||||||||||
Realized net gains (losses) on securities | (178) | 20 | (198) | (990.0) | % | ||||||||||||||||||
Unrealized net gains (losses) recognized on equity securities | (1,881) | (1,734) | (147) | (8.5) | % | ||||||||||||||||||
Net securities gains (losses) | (2,059) | (1,714) | (345) | (20.1) | % | ||||||||||||||||||
Other income | 1,738 | 2,964 | (1,226) | (41.4) | % | ||||||||||||||||||
Total noninterest income | $ | 28,012 | $ | 31,019 | $ | (3,007) | (9.7) | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Wealth management and payment technology solutions income: | |||||||||||||||||||||||
Wealth management fees | $ | 29,359 | $ | 29,914 | $ | (555) | (1.9) | % | |||||||||||||||
Payment technology solutions | 10,546 | 9,965 | 581 | 5.8 | % | ||||||||||||||||||
Combined, wealth management fees and payment technology solutions | 39,905 | 39,879 | 26 | 0.1 | % | ||||||||||||||||||
Fees for customer services | 14,058 | 18,495 | (4,437) | (24.0) | % | ||||||||||||||||||
Mortgage revenue | 560 | 1,259 | (699) | (55.5) | % | ||||||||||||||||||
Income on bank owned life insurance | 2,681 | 1,758 | 923 | 52.5 | % | ||||||||||||||||||
Securities income: | |||||||||||||||||||||||
Realized net gains (losses) on securities | (174) | 126 | (300) | (238.1) | % | ||||||||||||||||||
Unrealized net gains (losses) recognized on equity securities | (2,501) | (2,454) | (47) | (1.9) | % | ||||||||||||||||||
Net securities gains (losses) | (2,675) | (2,328) | (347) | (14.9) | % | ||||||||||||||||||
Other income | 5,331 | 7,728 | (2,397) | (31.0) | % | ||||||||||||||||||
Total noninterest income | $ | 59,860 | $ | 66,791 | $ | (6,931) | (10.4) | % | |||||||||||||||
Assets under care as of period end | $ | 11,477,985 | $ | 11,453,753 | $ | 24,232 | 0.2 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries, wages, and employee benefits | $ | 39,859 | $ | 38,110 | $ | 1,749 | 4.6 | % | |||||||||||||||
Data processing | 5,902 | 5,375 | 527 | 9.8 | % | ||||||||||||||||||
Premises expenses: | |||||||||||||||||||||||
Net occupancy expense of premises | 4,540 | 4,720 | (180) | (3.8) | % | ||||||||||||||||||
Furniture and equipment expenses | 1,681 | 2,045 | (364) | (17.8) | % | ||||||||||||||||||
Combined, net occupancy expense of premises and furniture and equipment expenses | 6,221 | 6,765 | (544) | (8.0) | % | ||||||||||||||||||
Professional fees | 973 | 1,607 | (634) | (39.5) | % | ||||||||||||||||||
Amortization of intangible assets | 2,669 | 2,951 | (282) | (9.6) | % | ||||||||||||||||||
Interchange expense | 1,870 | 1,487 | 383 | 25.8 | % | ||||||||||||||||||
FDIC insurance | 1,506 | 1,153 | 353 | 30.6 | % | ||||||||||||||||||
Other expense | 10,205 | 11,644 | (1,439) | (12.4) | % | ||||||||||||||||||
Total noninterest expense | $ | 69,205 | $ | 69,092 | $ | 113 | 0.2 | % | |||||||||||||||
Income taxes | $ | 7,486 | $ | 6,378 | $ | 1,108 | 17.4 | % | |||||||||||||||
Effective income tax rate | 20.3 | % | 17.6 | % | 270 bps | ||||||||||||||||||
Efficiency ratio1 | 60.9 | % | 60.6 | % | 30 bps | ||||||||||||||||||
Adjusted efficiency ratio1 | 60.9 | % | 60.3 | % | 60 bps |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries, wages, and employee benefits | $ | 80,190 | $ | 77,464 | $ | 2,726 | 3.5 | % | |||||||||||||||
Data processing | 11,542 | 10,353 | 1,189 | 11.5 | % | ||||||||||||||||||
Premises expenses: | |||||||||||||||||||||||
Net occupancy expense of premises | 9,302 | 9,787 | (485) | (5.0) | % | ||||||||||||||||||
Furniture and equipment expenses | 3,427 | 4,075 | (648) | (15.9) | % | ||||||||||||||||||
Combined, net occupancy expense of premises and furniture and equipment expenses | 12,729 | 13,862 | (1,133) | (8.2) | % | ||||||||||||||||||
Professional fees | 3,031 | 3,114 | (83) | (2.7) | % | ||||||||||||||||||
Amortization of intangible assets | 5,398 | 5,962 | (564) | (9.5) | % | ||||||||||||||||||
Interchange expense | 3,723 | 3,032 | 691 | 22.8 | % | ||||||||||||||||||
FDIC insurance | 3,008 | 2,226 | 782 | 35.1 | % | ||||||||||||||||||
Other expense | 19,987 | 23,455 | (3,468) | (14.8) | % | ||||||||||||||||||
Total noninterest expense | $ | 139,608 | $ | 139,468 | $ | 140 | 0.1 | % | |||||||||||||||
Income taxes | $ | 17,049 | $ | 13,644 | $ | 3,405 | 25.0 | % | |||||||||||||||
Effective income tax rate | 20.5 | % | 19.0 | % | 150 bps | ||||||||||||||||||
Efficiency ratio1 | 58.8 | % | 61.8 | % | (300) bps | ||||||||||||||||||
Adjusted efficiency ratio1 | 58.8 | % | 61.2 | % | (240) bps | ||||||||||||||||||
Full-time equivalent employees as of period-end | 1,477 | 1,493 | (16) | (1.1) | % |
As of | |||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | Change | % Change | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Debt securities available for sale | $ | 2,283,848 | $ | 2,461,393 | $ | (177,545) | (7.2) | % | |||||||||||||||
Debt securities held to maturity | 894,102 | 918,312 | (24,210) | (2.6) | % | ||||||||||||||||||
Portfolio loans, net of ACL | 7,713,645 | 7,634,094 | 79,551 | 1.0 | % | ||||||||||||||||||
Total assets | $ | 12,209,029 | $ | 12,336,677 | $ | (127,648) | (1.0) | % | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Noninterest-bearing | $ | 3,086,885 | $ | 3,393,666 | $ | (306,781) | (9.0) | % | |||||||||||||||
Interest-bearing | 6,975,870 | 6,677,614 | 298,256 | 4.5 | % | ||||||||||||||||||
Total deposits | 10,062,755 | 10,071,280 | (8,525) | (0.1) | % | ||||||||||||||||||
Securities sold under agreements to repurchase | 202,953 | 229,806 | (26,853) | (11.7) | % | ||||||||||||||||||
Short-term borrowings | 212,000 | 351,054 | (139,054) | (39.6) | % | ||||||||||||||||||
Subordinated notes, net of unamortized issuance costs | 222,454 | 222,038 | 416 | 0.2 | % | ||||||||||||||||||
Total liabilities | $ | 11,007,081 | $ | 11,190,700 | $ | (183,619) | (1.6) | % | |||||||||||||||
Stockholders’ equity | $ | 1,201,948 | $ | 1,145,977 | $ | 55,971 | 4.9 | % |
June 30, 2023 | |||||||||||||||||||||||||||||
Illinois | Missouri | Florida | Indiana | Total | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||
Commercial | $ | 1,400,687 | $ | 405,859 | $ | 43,271 | $ | 49,901 | $ | 1,899,718 | |||||||||||||||||||
Commercial real estate | 2,253,168 | 712,853 | 228,396 | 166,891 | 3,361,308 | ||||||||||||||||||||||||
Real estate construction | 332,904 | 98,902 | 48,513 | 52,081 | 532,400 | ||||||||||||||||||||||||
Total commercial loans | 3,986,759 | 1,217,614 | 320,180 | 268,873 | 5,793,426 | ||||||||||||||||||||||||
Retail loans | |||||||||||||||||||||||||||||
Retail real estate | 1,270,584 | 228,378 | 128,616 | 75,479 | 1,703,057 | ||||||||||||||||||||||||
Retail other | 304,193 | 1,690 | 1,557 | 1,361 | 308,801 | ||||||||||||||||||||||||
Total retail loans | 1,574,777 | 230,068 | 130,173 | 76,840 | 2,011,858 | ||||||||||||||||||||||||
Total portfolio loans | $ | 5,561,536 | $ | 1,447,682 | $ | 450,353 | $ | 345,713 | $ | 7,805,284 | |||||||||||||||||||
ACL | (91,639) | ||||||||||||||||||||||||||||
Portfolio loans, net of ACL | $ | 7,713,645 |
December 31, 2022 | |||||||||||||||||||||||||||||
Illinois | Missouri | Florida | Indiana | Total | |||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||
Commercial | $ | 1,401,165 | $ | 466,904 | $ | 52,925 | $ | 53,160 | $ | 1,974,154 | |||||||||||||||||||
Commercial real estate | 2,180,767 | 680,532 | 220,939 | 179,635 | 3,261,873 | ||||||||||||||||||||||||
Real estate construction | 326,154 | 131,782 | 31,212 | 41,321 | 530,469 | ||||||||||||||||||||||||
Total commercial loans | 3,908,086 | 1,279,218 | 305,076 | 274,116 | 5,766,496 | ||||||||||||||||||||||||
Retail loans | |||||||||||||||||||||||||||||
Retail real estate | 1,253,069 | 210,048 | 122,397 | 71,568 | 1,657,082 | ||||||||||||||||||||||||
Retail other | 296,719 | 2,565 | 1,788 | 1,052 | 302,124 | ||||||||||||||||||||||||
Total retail loans | 1,549,788 | 212,613 | 124,185 | 72,620 | 1,959,206 | ||||||||||||||||||||||||
Total portfolio loans | $ | 5,457,874 | $ | 1,491,831 | $ | 429,261 | $ | 346,736 | $ | 7,725,702 | |||||||||||||||||||
ACL | (91,608) | ||||||||||||||||||||||||||||
Portfolio loans, net of ACL | $ | 7,634,094 |
As of | |||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | Change | % Change | ||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||
Commercial | $ | 1,899,718 | $ | 1,974,154 | $ | (74,436) | (3.8) | % | |||||||||||||||
Commercial real estate | 3,361,308 | 3,261,873 | 99,435 | 3.0 | % | ||||||||||||||||||
Real estate construction | 532,400 | 530,469 | 1,931 | 0.4 | % | ||||||||||||||||||
Total commercial loans | 5,793,426 | 5,766,496 | 26,930 | 0.5 | % | ||||||||||||||||||
Retail loans | |||||||||||||||||||||||
Retail real estate | 1,703,057 | 1,657,082 | 45,975 | 2.8 | % | ||||||||||||||||||
Retail other | 308,801 | 302,124 | 6,677 | 2.2 | % | ||||||||||||||||||
Total retail loans | 2,011,858 | 1,959,206 | 52,652 | 2.7 | % | ||||||||||||||||||
Total portfolio loans | 7,805,284 | 7,725,702 | 79,582 | 1.0 | % | ||||||||||||||||||
ACL | (91,639) | (91,608) | (31) | — | % | ||||||||||||||||||
Portfolio loans, net of ACL | $ | 7,713,645 | $ | 7,634,094 | $ | 79,551 | 1.0 | % |
As of | |||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | Change | % Change | ||||||||||||||||||||
Total commercial loans | $ | 5,793,426 | $ | 5,766,496 | $ | 26,930 | 0.5 | % | |||||||||||||||
Less: PPP loans amortized cost | (667) | (845) | 178 | 21.1 | % | ||||||||||||||||||
Commercial loan balances, excluding PPP loans | $ | 5,792,759 | $ | 5,765,651 | $ | 27,108 | 0.5 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Provision for credit losses | $ | 627 | $ | 1,653 | $ | 1,580 | $ | 1,400 |
As of June 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
Portfolio Loans | ACL | Ratio of ACL to Portfolio Loans | Portfolio Loans | ACL | Ratio of ACL to Portfolio Loans | ||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Commercial | $ | 1,899,718 | $ | 24,510 | 1.29 | % | $ | 1,974,154 | $ | 23,860 | 1.21 | % | |||||||||||||||||||||||
Commercial real estate | 3,361,308 | 33,656 | 1.00 | % | 3,261,873 | 38,299 | 1.17 | % | |||||||||||||||||||||||||||
Real estate construction | 532,400 | 5,071 | 0.95 | % | 530,469 | 6,457 | 1.22 | % | |||||||||||||||||||||||||||
Total commercial | 5,793,426 | 63,237 | 1.09 | % | 5,766,496 | 68,616 | 1.19 | % | |||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||||
Retail real estate | 1,703,057 | 24,675 | 1.45 | % | 1,657,082 | 18,193 | 1.10 | % | |||||||||||||||||||||||||||
Retail other | 308,801 | 3,727 | 1.21 | % | 302,124 | 4,799 | 1.59 | % | |||||||||||||||||||||||||||
Total retail | 2,011,858 | 28,402 | 1.41 | % | 1,959,206 | 22,992 | 1.17 | % | |||||||||||||||||||||||||||
Total | $ | 7,805,284 | $ | 91,639 | 1.17 | % | $ | 7,725,702 | $ | 91,608 | 1.19 | % |
As of | |||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | Change | % Change | ||||||||||||||||||||
Portfolio loans | $ | 7,805,284 | $ | 7,725,702 | $ | 79,582 | 1.0 | % | |||||||||||||||
Loans 30 – 89 days past due | 5,169 | 6,548 | (1,379) | (21.1) | % | ||||||||||||||||||
Total assets | 12,209,029 | 12,336,677 | (127,648) | (1.0) | % | ||||||||||||||||||
Non-performing assets | |||||||||||||||||||||||
Non-performing loans: | |||||||||||||||||||||||
Non-accrual loans | $ | 15,209 | $ | 15,067 | $ | 142 | 0.9 | % | |||||||||||||||
Loans 90+ days past due and still accruing | 569 | 673 | (104) | (15.5) | % | ||||||||||||||||||
Total non-performing loans | 15,778 | 15,740 | 38 | 0.2 | % | ||||||||||||||||||
OREO and other repossessed assets | 68 | 850 | (782) | (92.0) | % | ||||||||||||||||||
Total non-performing assets | 15,846 | 16,590 | (744) | (4.5) | % | ||||||||||||||||||
Substandard (excludes 90+ days past due) | 66,007 | 90,489 | (24,482) | (27.1) | % | ||||||||||||||||||
Classified assets | $ | 81,853 | $ | 107,079 | $ | (25,226) | (23.6) | % | |||||||||||||||
ACL | $ | 91,639 | $ | 91,608 | $ | 31 | — | % | |||||||||||||||
Bank Tier 1 Capital | 1,338,375 | 1,306,716 | 31,659 | 2.4 | % | ||||||||||||||||||
Ratios | |||||||||||||||||||||||
ACL to portfolio loans | 1.17 | % | 1.19 | % | (2) bps | ||||||||||||||||||
ACL to non-accrual loans | 602.53 | % | 608.00 | % | (547) bps | ||||||||||||||||||
ACL to non-performing loans | 580.80 | % | 582.01 | % | (121) bps | ||||||||||||||||||
ACL to non-performing assets | 578.31 | % | 552.19 | % | 2,612 bps | ||||||||||||||||||
Non-accrual loans to portfolio loans | 0.19 | % | 0.20 | % | (1) bps | ||||||||||||||||||
Non-performing loans to portfolio loans | 0.20 | % | 0.20 | % | — bps | ||||||||||||||||||
Non-performing assets to total assets | 0.13 | % | 0.13 | % | — bps | ||||||||||||||||||
Non-performing assets to portfolio loans and OREO and other repossessed assets | 0.20 | % | 0.21 | % | (1) bps | ||||||||||||||||||
Classified assets to Bank Tier 1 Capital and ACL | 5.72 | % | 7.66 | % | (194) bps |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Average liquid assets | |||||||||||||||||||||||
Cash and due from banks | $ | 118,860 | $ | 121,568 | $ | 117,013 | $ | 124,085 | |||||||||||||||
Interest-bearing bank deposits | 116,998 | 230,129 | 112,550 | 394,562 | |||||||||||||||||||
Total average liquid assets | $ | 235,858 | $ | 351,697 | $ | 229,563 | $ | 518,647 | |||||||||||||||
Average liquid assets as a percent of average total assets | 1.9 | % | 2.8 | % | 1.9 | % | 4.1 | % |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Cash and unencumbered securities | |||||||||||
Total cash and cash equivalents | $ | 232,703 | $ | 227,164 | |||||||
Debt securities available for sale | 2,283,848 | 2,461,393 | |||||||||
Debt securities available for sale pledged as collateral | (636,687) | (746,675) | |||||||||
Cash and unencumbered securities | $ | 1,879,864 | $ | 1,941,882 |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Additional borrowing capacity available from: | |||||||||||
FHLB | $ | 1,596,430 | $ | 1,765,388 | |||||||
Federal Reserve Bank | 650,402 | 659,680 | |||||||||
Federal funds purchased | 482,500 | 482,500 | |||||||||
Revolving credit facility | 40,000 | 40,000 | |||||||||
Additional borrowing capacity | $ | 2,769,332 | $ | 2,947,568 |
As of | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Outstanding loan commitments and standby letters of credit | $ | 2,143,390 | $ | 2,024,777 | |||||||
Reserve for unfunded commitments | 6,232 | 6,601 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Provision for unfunded commitments expense (release) | $ | 265 | $ | (267) | $ | (370) | $ | 845 |
Minimum Capital Requirements with Capital Buffer | As of June 30, 2023 | ||||||||||||||||
First Busey | Busey Bank | ||||||||||||||||
Common Equity Tier 1 Capital to Risk Weighted Assets | 7.00 | % | 12.35 | % | 14.76 | % | |||||||||||
Tier 1 Capital to Risk Weighted Assets | 8.50 | % | 13.17 | % | 14.76 | % | |||||||||||
Total Capital to Risk Weighted Assets | 10.50 | % | 16.56 | % | 15.68 | % | |||||||||||
Leverage Ratio of Tier 1 Capital to Average Assets | 6.50 | % | 9.93 | % | 11.12 | % |
GAAP Financial Measures | Related Non-GAAP Financial Measures | Related Non-GAAP Ratios | ||||||||||||
Net interest income Total noninterest income Net security gains and losses Total noninterest expense | Pre-provision net revenue | Pre-provision net revenue to average assets | ||||||||||||
Adjusted pre-provision net revenue | Adjusted pre-provision net revenue to average assets | |||||||||||||
Net income | Adjusted net income | Adjusted diluted earnings per share | ||||||||||||
Adjusted return on average assets | ||||||||||||||
Adjusted return on average tangible common equity | ||||||||||||||
Average common equity | Average tangible common equity | Return on average tangible common equity | ||||||||||||
Adjusted return on average tangible common equity | ||||||||||||||
Net interest income | Tax-equivalent net interest income | Net interest margin | ||||||||||||
Adjusted net interest income | Adjusted net interest margin | |||||||||||||
Net interest income Total noninterest income Net security gains and losses | Tax-equivalent revenue | Efficiency ratio | ||||||||||||
Adjusted efficiency ratio | ||||||||||||||
Adjusted core efficiency ratio | ||||||||||||||
Total noninterest expense Amortization of intangible assets | Non-interest expense excluding amortization of intangible assets | Efficiency ratio | ||||||||||||
Adjusted noninterest expense | Adjusted efficiency ratio | |||||||||||||
Adjusted core expense | Adjusted core efficiency ratio | |||||||||||||
Total noninterest expense | Noninterest expense, excluding non-operating adjustments | |||||||||||||
Total assets Goodwill and other intangible assets, net | Tangible assets | Tangible common equity to tangible assets | ||||||||||||
Total stockholders’ equity Goodwill and other intangible assets, net | Tangible common equity | Tangible common equity to tangible assets | ||||||||||||
Tangible book value | Tangible book value per common share | |||||||||||||
Portfolio loans | Core loans | Core loans to portfolio loans | ||||||||||||
Core loans to core deposits | ||||||||||||||
Total deposits | Core deposits | Core deposits to total deposits | ||||||||||||
Core loans to core deposits |
Pre-Provision Net Revenue, Adjusted Pre-Provision Net Revenue, Pre-Provision Net Revenue to Average Assets, and Adjusted Pre-Provision Net Revenue to Average Assets | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
PRE-PROVISION NET REVENUE | ||||||||||||||||||||||||||
Net interest income | $ | 78,670 | $ | 75,928 | $ | 164,527 | $ | 145,984 | ||||||||||||||||||
Total noninterest income | 28,012 | 31,019 | 59,860 | 66,791 | ||||||||||||||||||||||
Net security (gains) losses | 2,059 | 1,714 | 2,675 | 2,328 | ||||||||||||||||||||||
Total noninterest expense | (69,205) | (69,092) | (139,608) | (139,468) | ||||||||||||||||||||||
Pre-provision net revenue | 39,536 | 39,569 | 87,454 | 75,635 | ||||||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Acquisition and other restructuring expenses | 12 | 303 | 12 | 1,138 | ||||||||||||||||||||||
Provision for unfunded commitments | 265 | (267) | (370) | 845 | ||||||||||||||||||||||
Amortization of New Markets Tax Credits | 2,259 | 1,662 | 4,480 | 3,003 | ||||||||||||||||||||||
Adjusted pre-provision net revenue | $ | 42,072 | $ | 41,267 | $ | 91,576 | $ | 80,621 | ||||||||||||||||||
Pre-provision net revenue, annualized | [a] | $ | 158,578 | $ | 158,711 | $ | 176,358 | $ | 152,524 | |||||||||||||||||
Adjusted pre-provision net revenue, annualized | [b] | 168,750 | 165,521 | 184,670 | 162,578 | |||||||||||||||||||||
Average total assets | [c] | 12,209,865 | 12,452,070 | 12,236,643 | 12,555,928 | |||||||||||||||||||||
Reported: Pre-provision net revenue to average assets1 | [a÷c] | 1.30 | % | 1.27 | % | 1.44 | % | 1.21 | % | |||||||||||||||||
Adjusted: Pre-provision net revenue to average assets1 | [b÷c] | 1.38 | % | 1.33 | % | 1.51 | % | 1.29 | % |
Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Return on Average Assets, Average Tangible Common Equity, Return on Average Tangible Common Equity, and Adjusted Return on Average Tangible Common Equity | ||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
NET INCOME ADJUSTED FOR NON-OPERATING ITEMS | ||||||||||||||||||||||||||
Net income | [a] | $ | 29,364 | $ | 29,824 | $ | 66,150 | $ | 58,263 | |||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Acquisition expenses: | ||||||||||||||||||||||||||
Salaries, wages, and employee benefits | — | — | — | 587 | ||||||||||||||||||||||
Data processing | — | — | — | 214 | ||||||||||||||||||||||
Professional fees, occupancy, and other | 12 | 204 | 12 | 238 | ||||||||||||||||||||||
Other restructuring expenses: | ||||||||||||||||||||||||||
Loss on leases or fixed asset impairment | — | 99 | — | 99 | ||||||||||||||||||||||
Related tax benefit | (3) | (46) | (3) | (216) | ||||||||||||||||||||||
Adjusted net income | [b] | $ | 29,373 | $ | 30,081 | $ | 66,159 | $ | 59,185 | |||||||||||||||||
DILUTED EARNINGS PER SHARE | ||||||||||||||||||||||||||
Diluted average common shares outstanding | [c] | 56,195,801 | 56,104,017 | 56,187,820 | 56,149,466 | |||||||||||||||||||||
Reported: Diluted earnings per share | [a÷c] | $ | 0.52 | $ | 0.53 | $ | 1.18 | $ | 1.04 | |||||||||||||||||
Adjusted: Diluted earnings per share | [b÷c] | $ | 0.52 | $ | 0.54 | $ | 1.18 | $ | 1.05 | |||||||||||||||||
RETURN ON AVERAGE ASSETS | ||||||||||||||||||||||||||
Net income, annualized | [d] | $ | 117,779 | $ | 119,624 | $ | 133,396 | $ | 117,492 | |||||||||||||||||
Adjusted net income, annualized | [e] | 117,815 | 120,655 | 133,415 | 119,351 | |||||||||||||||||||||
Average total assets | [f] | 12,209,865 | 12,452,070 | 12,236,643 | 12,555,928 | |||||||||||||||||||||
Reported: Return on average assets1 | [d÷f] | 0.96 | % | 0.96 | % | 1.09 | % | 0.94 | % | |||||||||||||||||
Adjusted: Return on average assets1 | [e÷f] | 0.96 | % | 0.97 | % | 1.09 | % | 0.95 | % | |||||||||||||||||
RETURN ON AVERAGE TANGIBLE COMMON EQUITY | ||||||||||||||||||||||||||
Average common equity | $ | 1,207,935 | $ | 1,197,052 | $ | 1,189,479 | $ | 1,239,060 | ||||||||||||||||||
Average goodwill and other intangible assets, net | (360,641) | (371,890) | (361,990) | (373,342) | ||||||||||||||||||||||
Average tangible common equity | [g] | $ | 847,294 | $ | 825,162 | $ | 827,489 | $ | 865,718 | |||||||||||||||||
Reported: Return on average tangible common equity1 | [d÷g] | 13.90 | % | 14.50 | % | 16.12 | % | 13.57 | % | |||||||||||||||||
Adjusted: Return on average tangible common equity1 | [e÷g] | 13.90 | % | 14.62 | % | 16.12 | % | 13.79 | % |
Adjusted Net Interest Income and Adjusted Net Interest Margin | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net interest income | $ | 78,670 | $ | 75,928 | $ | 164,527 | $ | 145,984 | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Tax-equivalent adjustment | 561 | 546 | 1,119 | 1,092 | ||||||||||||||||||||||
Tax-equivalent net interest income | 79,231 | 76,474 | 165,646 | 147,076 | ||||||||||||||||||||||
Purchase accounting accretion related to business combinations | (413) | (599) | (816) | (1,758) | ||||||||||||||||||||||
Adjusted net interest income | $ | 78,818 | $ | 75,875 | $ | 164,830 | $ | 145,318 | ||||||||||||||||||
Tax-equivalent net interest income, annualized | [a] | $ | 317,795 | $ | 306,736 | $ | 334,038 | $ | 296,590 | |||||||||||||||||
Adjusted net interest income, annualized | [b] | 316,138 | 304,334 | 332,392 | 293,045 | |||||||||||||||||||||
Average interest-earning assets | [c] | 11,130,298 | 11,453,198 | 11,155,291 | 11,577,879 | |||||||||||||||||||||
Reported: Net interest margin1 | [a÷c] | 2.86 | % | 2.68 | % | 2.99 | % | 2.56 | % | |||||||||||||||||
Adjusted: Net interest margin1 | [b÷c] | 2.84 | % | 2.66 | % | 2.98 | % | 2.53 | % |
Noninterest Expense Excluding Amortization of Intangible Assets, Adjusted Noninterest Expense, Adjusted Core Expense, Noninterest Expense Excluding Non-operating Adjustments, Efficiency Ratio, Adjusted Efficiency Ratio, and Adjusted Core Efficiency Ratio | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net interest income | $ | 78,670 | $ | 75,928 | $ | 164,527 | $ | 145,984 | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Tax-equivalent adjustment | 561 | 546 | 1,119 | 1,092 | ||||||||||||||||||||||
Tax-equivalent net interest income | 79,231 | 76,474 | 165,646 | 147,076 | ||||||||||||||||||||||
Total noninterest income | 28,012 | 31,019 | 59,860 | 66,791 | ||||||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Net security (gains) losses | 2,059 | 1,714 | 2,675 | 2,328 | ||||||||||||||||||||||
Noninterest income excluding net securities gains and losses | 30,071 | 32,733 | 62,535 | 69,119 | ||||||||||||||||||||||
Tax-equivalent revenue | [a] | $ | 109,302 | $ | 109,207 | $ | 228,181 | $ | 216,195 | |||||||||||||||||
Total noninterest expense | $ | 69,205 | $ | 69,092 | $ | 139,608 | $ | 139,468 | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Amortization of intangible assets | [b] | (2,669) | (2,951) | (5,398) | (5,962) | |||||||||||||||||||||
Non-interest expense excluding amortization of intangible assets | [c] | 66,536 | 66,141 | 134,210 | 133,506 | |||||||||||||||||||||
Non-operating adjustments: | ||||||||||||||||||||||||||
Salaries, wages, and employee benefits | — | — | — | (587) | ||||||||||||||||||||||
Data processing | — | — | — | (214) | ||||||||||||||||||||||
Lease or fixed asset impairment | — | (99) | — | (99) | ||||||||||||||||||||||
Professional fees and other | (12) | (204) | (12) | (238) | ||||||||||||||||||||||
Adjusted noninterest expense | [f] | 66,524 | 65,838 | 134,198 | 132,368 | |||||||||||||||||||||
Provision for unfunded commitments | (265) | 267 | 370 | (845) | ||||||||||||||||||||||
Amortization of New Markets Tax Credits | (2,259) | (1,662) | (4,480) | (3,003) | ||||||||||||||||||||||
Adjusted core expense | [g] | $ | 64,000 | $ | 64,443 | $ | 130,088 | $ | 128,520 | |||||||||||||||||
Noninterest expense, excluding non-operating adjustments | [f-b] | $ | 69,193 | $ | 68,789 | $ | 139,596 | $ | 138,330 | |||||||||||||||||
Reported: Efficiency ratio | [c÷a] | 60.87 | % | 60.56 | % | 58.82 | % | 61.75 | % | |||||||||||||||||
Adjusted: Efficiency ratio | [f÷a] | 60.86 | % | 60.29 | % | 58.81 | % | 61.23 | % | |||||||||||||||||
Adjusted: Core efficiency ratio | [g÷a] | 58.55 | % | 59.01 | % | 57.01 | % | 59.45 | % |
Tangible Book Value and Tangible Book Value Per Common Share | ||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||
As of | ||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
Total stockholders' equity | $ | 1,201,948 | $ | 1,145,977 | ||||||||||
Goodwill and other intangible assets, net | (358,898) | (364,296) | ||||||||||||
Tangible book value | [a] | $ | 843,050 | $ | 781,681 | |||||||||
Ending number of common shares outstanding | [b] | 55,290,847 | 55,279,124 | |||||||||||
Tangible book value per common share | [a÷b] | $ | 15.25 | $ | 14.14 |
Tangible Common Equity and Tangible Common Equity to Tangible Assets | ||||||||||||||
(dollars in thousands) | ||||||||||||||
As of | ||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
Total assets | $ | 12,209,029 | $ | 12,336,677 | ||||||||||
Non-GAAP adjustments: | ||||||||||||||
Goodwill and other intangible assets, net | (358,898) | (364,296) | ||||||||||||
Tax effect of other intangible assets1 | 7,833 | 8,847 | ||||||||||||
Tangible assets | [a] | $ | 11,857,964 | $ | 11,981,228 | |||||||||
Total stockholders' equity | $ | 1,201,948 | $ | 1,145,977 | ||||||||||
Non-GAAP adjustments: | ||||||||||||||
Goodwill and other intangible assets, net | (358,898) | (364,296) | ||||||||||||
Tax effect of other intangible assets1 | 7,833 | 8,847 | ||||||||||||
Tangible common equity | [b] | $ | 850,883 | $ | 790,528 | |||||||||
Tangible common equity to tangible assets2 | [b÷a] | 7.18% | 6.60% |
Core Loans, Core Loans to Portfolio Loans, Core Deposits, Core Deposits to Total Deposits, and Core Loans to Core Deposits | ||||||||||||||
(dollars in thousands) | ||||||||||||||
As of | ||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
Portfolio loans | [a] | $ | 7,805,284 | $ | 7,725,702 | |||||||||
Non-GAAP adjustments: | ||||||||||||||
PPP loans amortized cost | (667) | (845) | ||||||||||||
Core loans | [b] | $ | 7,804,617 | $ | 7,724,857 | |||||||||
Total deposits | [c] | $ | 10,062,755 | $ | 10,071,280 | |||||||||
Non-GAAP adjustments: | ||||||||||||||
Brokered transaction accounts | (6,055) | (1,303) | ||||||||||||
Time deposits of $250,000 or more | (297,967) | (120,377) | ||||||||||||
Core deposits | [d] | $ | 9,758,733 | $ | 9,949,600 | |||||||||
RATIOS | ||||||||||||||
Core loans to portfolio loans | [b÷a] | 99.99% | 99.99% | |||||||||||
Core deposits to total deposits | [d÷c] | 96.98% | 98.79% | |||||||||||
Core loans to core deposits | [b÷d] | 79.98% | 77.64% |
Year-One: Basis Point Changes | |||||||||||||||||||||||||||||||||||||||||||||||
-400 | -300 | -200 | - 100 | +100 | +200 | +300 | +400 | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | (11.34) | % | (8.16)% | (5.12) | % | (2.61)% | 2.20% | 4.45% | 6.71% | 8.99% | |||||||||||||||||||||||||||||||||||||
December 31, 2022 | (21.24) | % | (14.74)% | (8.08) | % | (3.95)% | 3.05% | 6.11% | 9.18% | 12.27% |
Year-Two: Basis Point Changes | |||||||||||||||||||||||||||||||||||||||||||||||
-400 | -300 | -200 | - 100 | +100 | +200 | +300 | +400 | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | (15.99) | % | (11.32)% | (6.97) | % | (3.51)% | 2.53% | 5.15% | 7.82% | 10.54% | |||||||||||||||||||||||||||||||||||||
December 31, 2022 | (27.82) | % | (19.56)% | (10.76) | % | (5.27)% | 3.94% | 7.91% | 11.94% | 16.02% |
Period | Total Number of Shares Purchased | Weighted Average Price Paid per Common Share | Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1-30, 2023 | — | $ | — | — | 122,210 | |||||||||||||||||||||
May 1-31, 2023 | — | $ | — | — | 2,122,210 | |||||||||||||||||||||
June 1-30, 2023 | 20,000 | $ | 19.86 | 20,000 | 2,102,210 | |||||||||||||||||||||
Three months ended June 30, 2023 | 20,000 | $ | 19.86 | 20,000 | ||||||||||||||||||||||
Six months ended June 30, 2023 | 45,000 | $ | 20.68 | 45,000 |
Incorporated herein by reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Description of Exhibit | Filing Entity1 (File No.) | Form | Exhibit | Filing Date | Filed Herewith | ||||||||||||||||||||||||||||||||
10.1 | BUSE (0-15950) | DEF 14A | Appendix A | 04/14/2023 | ||||||||||||||||||||||||||||||||||
10.2 | BUSE (333-272268) | S-8 | 4.5 | 05/30/2023 | ||||||||||||||||||||||||||||||||||
10.3 | BUSE (333-272268) | S-8 | 4.6 | 05/30/2023 | ||||||||||||||||||||||||||||||||||
10.4 | BUSE (333-272268) | S-8 | 4.7 | 05/30/2023 | ||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||||||||
101.INS | iXBRL Instance Document | |||||||||||||||||||||||||||||||||||||
101.SCH | iXBRL Taxonomy Extension Schema | |||||||||||||||||||||||||||||||||||||
101.CAL | iXBRL Taxonomy Extension Calculation Linkbase | |||||||||||||||||||||||||||||||||||||
101.LAB | iXBRL Taxonomy Extension Label Linkbase | |||||||||||||||||||||||||||||||||||||
101.PRE | iXBRL Taxonomy Extension Presentation Linkbase | |||||||||||||||||||||||||||||||||||||
101.DEF | iXBRL Taxonomy Extension Definition Linkbase | |||||||||||||||||||||||||||||||||||||
104.0 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) |
Date: August 3, 2023 | FIRST BUSEY CORPORATION (Registrant) | |||||||
By: | /s/ VAN A. DUKEMAN | |||||||
Van A. Dukeman | ||||||||
Chairman, President and Chief Executive Officer (Principal Executive Officer) | ||||||||
By: | /s/ JEFFREY D. JONES | |||||||
Jeffrey D. Jones | ||||||||
Chief Financial Officer (Principal Financial Officer) | ||||||||
By: | /s/ SCOTT A. PHILLIPS | |||||||
Scott A. Phillips | ||||||||
Corporate Controller and Principal Accounting Officer (Principal Accounting Officer) |
/s/ VAN A. DUKEMAN | |||||
Van A. Dukeman | |||||
Chairman, President and Chief Executive Officer |
/s/ JEFFREY D. JONES | |||||
Jeffrey D. Jones | |||||
Chief Financial Officer |
/s/ VAN A. DUKEMAN | |||||
Van A. Dukeman | |||||
Chairman, President and Chief Executive Officer |
/s/ JEFFREY D. JONES | |||||
Jeffrey D. Jones | |||||
Chief Financial Officer |
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Portfolio loans, allowance for credit losses | $ 91,639 | $ 91,608 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends, common stock (in dollars per share) | $ 0.24 | $ 0.23 | $ 0.48 | $ 0.46 |
Stock dividends, restricted stock units (in dollars per share) | $ 0.23 | $ 0.46 |
Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Nature of Operations First Busey Corporation, a Nevada corporation organized in 1980, is a $12.2 billion financial holding company headquartered in Champaign, Illinois. Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.” First Busey operates and reports its business in three segments: Banking, FirsTech, and Wealth Management. •The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana. •The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services. •The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. For additional information about First Busey's operating segments, see “Note 14. Operating Segments and Related Information.” Basis of Financial Statement Presentation These unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in Busey's 2022 Annual Report. These interim unaudited consolidated financial statements serve to update our 2022 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements. We prepared these unaudited consolidated financial statements in conformity with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation. These reclassifications did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Use of Estimates In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, Busey’s management is required to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near term relate to the fair value of debt securities available for sale, fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL. Impact of Recently Adopted Accounting Standards In March 2022, the FASB issued ASU 2022-02 “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the TDR accounting model for creditors that have already adopted CECL. In lieu of the TDR accounting model, loan refinancing and restructuring guidance in ASC Subtopic 310-20-35-9 through 35-11 “Receivables—Nonrefundable Fees and Other Costs—Subsequent Measurement—Loan Refinancing or Restructuring” will apply to all loan modifications, including those made for borrowers experiencing financial difficulty. This standard also enhances disclosure requirements related to certain loan modifications. Additionally, this standard introduces new requirements to disclose gross write-off information in the vintage disclosures of financing receivables by credit quality indicator and class of financing receivable by year of origination. This standard applies prospectively. For the transition method related to the recognition and measurement of TDRs, there is an option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. This standard became effective for Busey beginning January 1, 2023. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations. In March 2022, the FASB issued ASU 2022-01 “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method,” which replaces the current last-of-layer hedge accounting method with an expanded portfolio layer method that permits multiple hedged layers of a single closed portfolio. The scope of the portfolio layer method is also expanded to include non-prepayable financial assets. This update also provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. Amendments related to hedge basis adjustments which are included in this standard apply on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Amendments related to disclosure which are included in this standard may be applied on a prospective basis from the initial application date, or on a retrospective basis to each prior period presented after the date of adoption of the amendments in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This standard became effective for Busey beginning January 1, 2023. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations. ASU 2021-08 “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” requires measurement and recognition in accordance with ASC Topic 606 “Revenue from Contracts with Customers” for contract assets and contract liabilities acquired in a business combination. This update became effective for Busey beginning January 1, 2023. This standard applies prospectively to all business combinations that occur on or after the date it is adopted. Adoption of this standard did not have an impact on Busey’s financial position or results of operations. Recently Issued Accounting Standards Not Yet Adopted In March 2023, the FASB issued ASU 2023-02 “Investments—Equity Method and Joint Ventures (Topic 323),” permitting an election to use the proportional amortization method to account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits, regardless of the tax credit program from which the income tax credits are received, provided that certain conditions are met. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense. This standard must be applied on a retrospective or modified retrospective basis, and is applicable for Busey beginning on January 1, 2024. Early adoption is permitted. Busey is currently evaluating the potential effect on the Company’s financial position and results of operations, and upon adoption expects changes to be reflected in the Other Expense and Income Taxes line items in the Consolidated Statements of Income. In March 2023, the FASB issued ASU 2023-01 “Leases (Topic 842): Common Control Arrangements,” which requires amortization over the useful life of leasehold improvements (not the lease term) when the lease is between entities under common control, and any value of such leasehold improvements remaining at the end of the lease term is to be accounted for as a transfer between entities under common control. This standard may be adopted either prospectively, or retrospectively, and is effective for Busey beginning January 1, 2024. Early adoption is permitted. Busey is currently evaluating the potential effect on the Company’s financial position and results of operations. In June 2022, the FASB issued ASU 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which clarifies that contractual restrictions on the sale of equity securities are not considered in measuring the fair value of those equity securities, and further that contractual sale restrictions cannot be recognized and measured as a separate unit of account. This standard applies prospectively, and is effective for Busey beginning January 1, 2024. Early adoption is permitted. Busey is currently evaluating the potential effect on the Company’s financial position and results of operations. Subsequent Events Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued. There were no significant subsequent events for the quarter ended June 30, 2023, through the filing date of these unaudited consolidated financial statements.
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities | Debt Securities Busey's portfolio of debt securities includes both available for sale and held to maturity securities. The tables below provide the amortized cost, unrealized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands):
___________________________________________ 1.Includes securities marked at par, with no gain or loss to report.
Maturities of Debt Securities Amortized cost and fair value of debt securities, by contractual maturity or pre-refunded date, are shown below. Mortgages underlying mortgage-backed securities and asset-backed securities may be called or prepaid; therefore, actual maturities could differ from the contractual maturities. All mortgage-backed securities were issued by U.S. government corporations and agencies (dollars in thousands):
Gains and Losses on Debt Securities Available for Sale Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):
___________________________________________ 1.Net gains (losses) on sales of securities reported in the unaudited Consolidated Statements of Income include sales of equity securities, excluded in this table. Debt securities with carrying amounts of $823.6 million on June 30, 2023, and $746.7 million on December 31, 2022, were pledged as collateral for public deposits, securities sold under agreements to repurchase, and for other purposes as required. Debt Securities in an Unrealized or Unrecognized Loss Position The following information pertains to debt securities with gross unrealized or unrecognized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (dollars in thousands):
___________________________________________ 1.Unrealized losses for U.S. Treasury securities that had been in a continuous unrealized loss position for less than 12 months were insignificant, rounding to zero thousand. Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below (dollars in thousands):
Unrealized and unrecognized losses were related to changes in market interest rates and market conditions that do not represent credit-related impairments. Busey does not intend to sell securities that are in an unrealized or unrecognized loss position, and it is more likely than not that the Company will recover the amortized cost prior to being required to sell the debt securities. Full collection of the amounts due according to the contractual terms of the debt securities is expected; therefore, no ACL was recorded in relation to debt securities, and the impairment related to noncredit factors is recognized in AOCI, net of applicable taxes. As of June 30, 2023, Busey did not hold general obligation bonds of any single issuer, the aggregate of which exceeded 10% of the Company’s stockholders’ equity.
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Loans | Portfolio Loans Loan Categories Busey’s lending can be summarized in two primary categories: commercial and retail. Lending is further classified into five primary areas of loans: commercial loans, commercial real estate loans, real estate construction loans, retail real estate loans, and retail other loans. Distributions of the loan portfolio by loan category and class is presented in the following table (dollars in thousands):
Net deferred loan origination costs included in the balances above were $13.4 million as of June 30, 2023, compared to $14.0 million as of December 31, 2022. Net accretable purchase accounting adjustments included in the balances above reduced loans by $5.1 million as of June 30, 2023, and $5.9 million as of December 31, 2022. Commercial balances include loans originated under the PPP with an amortized cost of $0.7 million as of June 30, 2023, and $0.8 million as of December 31, 2022. Busey did not purchase any retail real estate loans during the three or six months ended June 30, 2023, or 2022. Pledged Loans Busey had loans pledged to the FHLB and Federal Reserve for liquidity as set forth in the table below (dollars in thousands):
Risk Grading Busey utilizes a loan grading scale to assign a risk grade to all of its loans. A description of the general characteristics of each grade is as follows: •Pass – This category includes loans that are all considered acceptable credits, ranging from investment or near investment grade, to loans made to borrowers who exhibit credit fundamentals that meet or exceed industry standards. •Watch – This category includes loans that warrant a higher-than-average level of monitoring to ensure that weaknesses do not cause the inability of the credit to perform as expected. These loans are not necessarily a problem due to other inherent strengths of the credit, such as guarantor strength, but have above average concern and monitoring. •Special mention – This category is for “Other Assets Specially Mentioned” loans that have potential weaknesses, which may, if not checked or corrected, weaken the asset or inadequately protect the Company’s credit position at some future date. •Substandard – This category includes “Substandard” loans, determined in accordance with regulatory guidelines, for which the accrual of interest has not been stopped. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. •Substandard non-accrual – This category includes loans that have all the characteristics of a “Substandard” loan with additional factors that make collection in full highly questionable and improbable. Such loans are placed on non-accrual status and may be dependent on collateral with a value that is difficult to determine. All loans are graded at their inception. Commercial lending relationships that are $1.0 million or less are usually processed through an expedited underwriting process. Most commercial loans greater than $1.0 million are included in a portfolio review at least annually. Commercial loans greater than $0.35 million that have a grading of special mention or worse are typically reviewed on a quarterly basis. Interim reviews may take place if circumstances of the borrower warrant a more frequent review. The following table is a summary of risk grades segregated by category and class of portfolio loans (dollars in thousands):
Risk grades of portfolio loans and net charge-offs are presented in the tables below by loan class, further sorted by origination year (dollars in thousands):
Past Due and Non-accrual Loans An analysis of the amortized cost basis of portfolio loans that are past due and still accruing, or on a non-accrual status, is as follows (dollars in thousands):
Gross interest income recorded on 90+ days past due loans, and that would have been recorded on non-accrual loans if they had been accruing interest in accordance with their original terms, was $0.3 million and $0.7 million for the three and six months ended June 30, 2023, respectively, and was $0.3 million and $0.5 million for the three and six months ended June 30, 2022, respectively. The amount of interest collected on those loans and recognized on a cash basis that was included in interest income was insignificant for the three and six months ended June 30, 2023. Interest collected on these loans and recognized on a cash basis was insignificant for the three months ended June 30, 2022, and was $0.4 million for the six months ended June 30, 2022. Loan Modification Disclosures Pursuant to ASU 2022-02 The followings table show the amortized cost basis of loans that were modified for borrowers experiencing financial difficulty during the periods indicated, disaggregated by class of financing receivable and type of concession granted (dollars in thousands):
1.A loan with payment deferral was modified to defer all principal payments until the end of the loan term, which was shortened. 2.Loans with payment deferrals represent an insignificant portion of commercial loans and total loans, rounding to zero percent. 3.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period. 4.Modifications include two loans on non-accrual status, one on special mention status, and the remaining loans were classified as substandard. The following table summarizes the effects of loan modifications made during the periods indicated, for borrowers experiencing financial difficulty:
Busey closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the payment performance of loans modified on or after January 1, 2023, the date we adopted ASU 2022-02 (dollars in thousands):
TDR Disclosures Prior to the Adoption of ASU 2022-02 At December 31, 2022, performing TDR’s were $3.0 million and non-performing TDR’s were $0.5 million. One loan was newly designated as a TDR during the three and six months ended June 30, 2022. There were no TDRs entered into during the 12 months ended June 30, 2022, that had subsequent defaults during the three or six months ended June 30, 2022. Gross interest income that would have been recorded in the three and six months ended June 30, 2022, if TDRs had performed in accordance with their original terms compared with their modified terms, was insignificant. Collateral Dependent Loans Management's evaluation as to the ultimate collectability of loans includes estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers. Collateral dependent loans are loans in which repayment is expected to be provided solely by the underlying collateral and there are no other available and reliable sources of repayment. Loans are written down to the lower of cost or fair value of underlying collateral, less estimated costs to sell. The Company had $13.6 million and $14.0 million of collateral dependent loans secured by real estate or business assets as of June 30, 2023, and December 31, 2022, respectively. Foreclosures As of June 30, 2023, Busey had $1.1 million of residential real estate in the process of foreclosure. Busey follows Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans. Loans Evaluated Individually Busey evaluates loans with disparate risk characteristics on an individual basis. The following tables provide details of loans evaluated individually, segregated by loan category and class. The unpaid principal balance represents customer outstanding contractual principal balances excluding any partial charge-offs. Recorded investment represents the amortized cost of customer balances net of any partial charge-offs recognized on the loan. Average recorded investment is calculated using the most recent four quarters (dollars in thousands):
The following tables present the ACL and amortized cost of portfolio loans by loan category and class (dollars in thousands):
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Busey as the Lessee Busey has operating leases consisting primarily of equipment leases and real estate leases for banking centers, ATM locations, and office space. The following table summarizes lease-related information and balances reported in our Consolidated Balance Sheets for the periods presented (dollars in thousands):
The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):
___________________________________________ 1.Lease costs are included in net occupancy and equipment expense in the Consolidated Statements of Income. Busey was obligated under noncancelable operating leases for office space and other commitments, as follows (dollars in thousands):
Busey as the Lessor Busey occasionally leases parking lots and office space to outside parties. Revenues recorded in connection with these leases and reported in Other income on our unaudited Consolidated Statements of Income are summarized as follows (dollars in thousands):
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Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits The composition of Busey’s deposits is as follows (dollars in thousands):
Additional information about Busey’s deposits follows (dollars in thousands):
Scheduled maturities of time deposits are as follows (dollars in thousands):
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The underlying securities are held by Busey’s safekeeping agent. Busey may be required to provide additional collateral based on fluctuations in the fair value of the underlying securities. Securities sold under agreements to repurchase were as follows (dollars in thousands):
Term Loan On May 28, 2021, Busey entered into a Second Amended and Restated Credit Agreement, pursuant to which Busey has access to (i) a $40.0 million revolving line of credit with a termination date of April 30, 2022, and (ii) a $60.0 million term loan with a maturity date of May 31, 2026. The loans had an annual interest rate of 1.75% plus the one-month LIBOR rate. On April 30, 2022, the agreement was amended, effecting an extension of the termination date for the revolving line of credit to April 30, 2023, and providing for the transition from a LIBOR-indexed interest rate to a SOFR-indexed interest rate. Under the terms of the amendment, the loans now have an annual interest rate of 1.80% plus the one-month forward-looking term rate based on SOFR. On April 30, 2023, the agreement was further amended to extend the term for the revolving line of credit to April 30, 2024. Proceeds of the term loan were used to fund a part of the cash portion of the merger consideration related to the acquisition of CAC in the second quarter of 2021, and for general corporate purposes. As of June 30, 2023, there was no balance outstanding on the revolving credit facility and a total of $36.0 million outstanding on the term loan, of which $12.0 million was short-term and $24.0 million was long-term. The revolving credit facility incurs a non-usage fee based on any undrawn amounts. Quarterly payments on the term loan reduce the outstanding principal balance by $3.0 million each quarter. Short-term Borrowings Busey’s short-term borrowings include loans maturing within one year of the loan origination date, as well as the current portion of long-term debt that is due within 12 months. Short-term borrowings are summarized as follows (dollars in thousands):
Funds borrowed from the FHLB, listed above, consisted of one note with an interest rate of 5.17% and a maturity period of four days as of June 30, 2023, and four notes with a weighted average interest rate of 4.28% and a weighted average maturity period of five days as of December 31, 2022. Federal funds purchased are short-term borrowings that generally mature between one day and 90 days. During the first quarter of 2023, Busey purchased federal funds to test operational availability to access funds if needed. Busey had no federal funds purchased as of June 30, 2023, or December 31, 2022. Long-term Debt Busey’s long-term debt consists of loans maturing more than one year from the loan origination date, excluding the current portion that is due within 12 months. Long-term debt is summarized as follows (dollars in thousands):
Senior and Subordinated Notes On June 1, 2020, Busey issued $125.0 million of fixed-to-floating rate subordinated notes that mature on June 1, 2030. The subordinated notes, which qualify as Tier 2 capital for Busey, bear interest at an annual rate of 5.25% for the first five years after issuance and thereafter bear interest at a floating rate equal to a three-month benchmark rate plus a spread of 5.11%, as calculated on each applicable determination date. Interest on the subordinated notes is payable semi-annually on each June 1 and December 1 during the five-year fixed-term, and thereafter on March 1, June 1, September 1, and December 1 of each year, commencing on September 1, 2025. The subordinated notes have an optional redemption, in whole or in part, on any interest payment date on or after June 1, 2025. The subordinated notes are unsecured obligations of the Company. On June 2, 2022, Busey issued $100.0 million aggregate principal amount of 5.000% fixed-to-floating rate subordinated notes maturing June 15, 2032, which qualify as Tier 2 capital for regulatory purposes. The price to the public for the subordinated notes was 100% of the principal amount of the subordinated notes. Interest on the subordinated notes accrues at a rate equal to (i) 5.000% per annum from the original issue date to, but excluding, June 15, 2027, payable semiannually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be the Three-Month Term SOFR (as defined in the subordinated notes), plus a spread of 252 basis points from and including, June 15, 2027, payable quarterly in arrears. The subordinated notes have an optional redemption, in whole or in part, on any interest payment date on or after June 15, 2027. Unamortized debt issuance costs related to senior notes and subordinated notes are presented in the following table (dollars in thousands):
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Regulatory Capital |
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Regulatory Capital | Regulatory Capital First Busey Corporation and Busey Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on Busey's consolidated financial statements. Capital amounts and classification also are subject to qualitative judgments by regulators about components, risk weightings, and other factors. Banking regulations identify five capital categories for insured depository institutions: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. As of June 30, 2023, and December 31, 2022, all capital ratios of First Busey Corporation and Busey Bank exceeded well capitalized levels under the applicable regulatory capital adequacy guidelines. Management believes that no events or changes have occurred subsequent to June 30, 2023, that would change this designation. Current Expected Credit Loss Model On August 26, 2020, the FDIC and other federal banking agencies adopted a final rule which provided banking organizations that adopted CECL during 2020 with the option to delay for two years the estimated impact of CECL on regulatory capital and to phase in the aggregate impact of the deferral on regulatory capital over a subsequent three-year period. Under this final rule, because the Company has elected to use the deferral option, the regulatory capital impact of our transition adjustments recorded on January 1, 2020, arising from the adoption of CECL, was deferred for two years. In addition, 25 percent of the ongoing impact of CECL on our ACL, retained earnings, and average total consolidated assets from January 1, 2020, through the end of the two-year deferral period, each as reported for regulatory capital purposes, has been added to the deferred transition amounts (“adjusted transition amounts”) and deferred for the two-year period. On January 1, 2022, at the conclusion of the two-year period, the adjusted transition amounts began to be phased-in for regulatory capital purposes at a rate of 25 percent per year, with the phased-in amounts included in regulatory capital at the beginning of each year. Capital Amounts and Ratios The following tables summarize regulatory capital requirements applicable to First Busey Corporation and Busey Bank (dollars in thousands):
Capital Conservation Buffer In July 2013, U.S. federal banking authorities approved the Basel III Rule for strengthening international capital standards. The Basel III Rule introduced a capital conservation buffer, composed entirely of common equity Tier 1 capital, which is added to the minimum risk-weighted asset ratios. The capital conservation buffer is not a minimum capital requirement; however, banking institutions with a ratio of common equity Tier 1 capital to risk-weighted assets below the capital conservation buffer will face constraints on dividends, equity repurchases, and discretionary bonus payments based on the amount of the shortfall. In order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain minimum ratios of (i) common equity Tier 1 capital to risk-weighted assets of at least 7.0%, (ii) Tier 1 capital to risk-weighted assets of at least 8.5%, and (iii) total capital to risk-weighted assets of at least 10.5%.
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Stock-Based Compensation |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Stock Options Busey has outstanding stock options assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards for the six months ended June 30, 2023, follows:
Amended 2020 Equity Plan The 2020 Equity Plan was approved by stockholders at the 2020 Annual Meeting of Stockholders. A description of the 2020 Equity Plan can be found in Busey’s Proxy Statement for the 2020 Annual Meeting of Stockholders filed on April 9, 2020. The Amended 2020 Equity Plan was approved by stockholders at the 2023 Annual Meeting of Stockholders. The terms of the Amended 2020 Equity Plan are substantially identical to those of the stockholder approved 2020 Equity Plan, other than an increase of 1,350,000 in the number of shares authorized for issuance under the plan. More information can be found in Busey’s Proxy Statement for the 2023 Annual Meeting of Stockholders filed on April 14, 2023. Under the terms of the 2020 Equity Plan, Busey has granted RSU, PSU, and DSU awards. Upon vesting and delivery, shares are expected (though not required) to be issued from treasury. There were 1,536,783 shares available for issuance under the Amended 2020 Equity Plan as of June 30, 2023. RSU Awards Busey grants RSUs to members of management periodically throughout the year. Each RSU is equivalent to one share of Busey’s common stock. These units have requisite service periods ranging from one year to five years, subject to accelerated vesting upon eligible retirement from the Company. Recipients earn quarterly dividend equivalents on their respective units which entitle the recipients to additional units. Therefore, dividends earned each quarter compound based upon the updated unit balances. On March 22, 2023, under the terms of the 2020 Equity Plan, Busey granted 224,316 RSUs to members of management. The grant date fair value of the award totaled $4.6 million and will be recognized as compensation expense over the requisite service period ranging from one year to five years. The terms of these awards included an accelerated vesting provision upon eligible retirement from the Company, after a one-year minimum requisite service period. Subsequent to the requisite service period, the awards will become 100% vested. A summary of changes in Busey’s RSU awards for the six months ended June 30, 2023, is as follows:
PSU Awards Busey grants PSUs, which are restricted stock units that are subject to certain performance criteria, to members of management periodically throughout the year. Each PSU is equivalent to one share of Busey’s common stock. The number of units that ultimately vest will be determined based on the achievement of the market or other performance goals, subject to accelerated service-based vesting conditions upon eligible retirement from the Company. On March 22, 2023, under the terms of the 2020 Equity Plan, Busey granted a target of 104,643 PSUs with a maximum award of 167,429 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining a market-based total stockholder return performance goal. The grant date fair value of the award was $2.0 million and will be recognized in compensation expense over the performance period ending December 31, 2025. On March 22, 2023, under the terms of the 2020 Equity Plan, Busey granted a target of 104,643 PSUs with a maximum award of 167,429 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining an adjusted return on average tangible common equity performance goal. The grant date fair value of the award was $2.1 million and will be recognized in compensation expense over the performance period ending December 31, 2025. The actual amount of compensation expense recognized may vary, subject to achievement of the performance goal. On March 22, 2023, under the terms of the 2020 Equity Plan, Busey granted a target of 15,045 PSUs with a maximum award of 30,090 units. The actual number of units issued at the vesting date could range from 0% to 200% of the initial grant, depending on attaining a performance goal based upon the compounded annual revenue growth rate of the FirsTech operating segment. The grant date fair value of the award was $0.3 million and will be recognized in compensation expense over the performance period ending December 31, 2025, subject to achievement of the performance goal. A summary of changes in Busey’s PSU awards for the six months ended June 30, 2023, is as follows:
___________________________________________ 1.Shares for PSU awards represent target shares at the grant date. DSU Awards Busey grants DSUs, which are restricted stock units with a deferred settlement date, to its directors and advisory directors. Each DSU is equivalent to one share of Busey’s common stock. DSUs vest over a one-year period following the grant date. Under both the 2020 Equity Plan and the Amended 2020 Equity Plan, DSUs are generally are subject to the same terms as RSUs, except that following vesting of DSUs, settlement occurs within 30 days following the earlier of separation from the board or a change in control of the Company. After vesting and prior to delivery, these units will continue to earn dividend equivalents. On March 22, 2023, under the terms of the 2020 Equity Plan, Busey granted 41,548 DSUs to directors and advisory directors. The grant date fair value of the award totaled $0.8 million and will be recognized as compensation expense over the requisite service period of one year. Subsequent to the requisite service period, the awards will become 100% vested. A summary of changes in Busey’s DSU awards for the six months ended June 30, 2023, is as follows:
2021 Employee Stock Purchase Plan The First Busey Corporation 2021 ESPP was approved at Busey’s 2021 Annual Meeting of Stockholders and details can be found within First Busey’s Definitive Proxy Statement filed with the SEC on April 8, 2021. The purpose of the 2021 ESPP is to provide a means through which our employees may acquire a proprietary interest in the Company by purchasing shares of our common stock at a 15% discount through voluntary payroll deductions, to assist us in retaining the services of our employees and securing and retaining the services of new employees, and to provide incentives for our employees to exert maximum efforts toward our success. The 2021 ESPP initially reserved for issuance and purchase an aggregate of 600,000 shares of Busey’s common stock. The first offering under the 2021 ESPP began on July 1, 2021. There were 471,630 shares available for issuance under the 2021 ESPP as of June 30, 2023. Stock-based Compensation Expense Busey did not record any stock option compensation expense for the three or six months ended June 30, 2023, or 2022. As of June 30, 2023, the Company did not have any unrecognized stock option compensation expense. Busey recognized compensation expense related to nonvested RSU, PSU, and DSU awards, as well as the 2021 ESPP, as summarized in the table below (dollars in thousands):
___________________________________________ 1.Expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at the grant date. Expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at the grant date, adjusted for performance expectations as of the date indicated. Unamortized compensation expense related to nonvested RSU, PSU, and DSU awards is summarized in the table below (dollars in thousands):
___________________________________________ 1.Unamortized expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at grant date. Unamortized expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.
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Outstanding Commitments and Contingent Liabilities |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Commitments and Contingent Liabilities | Outstanding Commitments and Contingent Liabilities Legal Matters Busey is a party to legal actions which arise in the normal course of its business activities. In the opinion of management, the ultimate resolution of these matters is not expected to have a material effect on the Company’s financial position or results of operations. Credit Commitments and Contingencies A summary of the contractual amount of Busey’s exposure to off-balance-sheet risk relating to the Company’s commitments to extend credit and standby letters of credit follows (dollars in thousands):
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial InstrumentsBusey utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. Additionally, Busey enters into derivative financial instruments, including interest rate lock commitments issued to residential loan customers for loans that will be held for sale, forward sales commitments to sell residential mortgage loans to investors, and interest rate swaps and foreign currency exchange contracts with customers and other third parties. See “Note 11: Fair Value Measurements” for further discussion of the fair value measurement of such derivatives. To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows (dollars in thousands):
Derivative Instruments Designated as Hedges Busey entered into derivative instruments designated as cash flow hedges. For a derivative instrument that is designated and qualifies as a cash flow hedge, the change in fair value of the derivative instrument is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in fair value of components excluded from the assessment of effectiveness are recognized in current earnings. Interest Rate Swaps Designated as Cash Flow Hedges Interest rate swaps with notional amounts totaling $350.0 million as of both June 30, 2023, and December 31, 2022, were designated as cash flow hedges. Busey entered into one $50.0 million interest rate swap to hedge the risks of variability in cash flows for future interest payments attributable to changes in the contractually specified 3-month LIBOR benchmark interest rate on the Busey’s junior subordinated debt owed to unconsolidated trusts (Debt Swap). In addition, Busey entered into one $300.0 million receive fixed pay floating interest rate swap to reduce Busey’s asset sensitivity (Loan Swap). Duration was added to our loan portfolio by fixing a portion of floating prime based loans. Interest rates had risen above their historical lows allowing Busey to lock in a portion of its loan portfolio to reduce asset sensitivity while creating a more stable margin in a volatile rate market. These hedges were determined to be highly effective during the period, and Busey expects its hedges to remain highly effective during the remaining terms of the swaps. Changes in fair value were recorded net of tax in OCI. A summary of the interest-rate swaps designated as cash flow hedges is presented below (dollars in thousands):
Busey expects to reclassify unrealized gains and losses from OCI to interest income and interest expense as shown in the following table, during the next 12 months (dollars in thousands). Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to June 30, 2023.
Interest expense recorded on these swap transactions was as follows for the periods presented (dollars in thousands):
The following table reflects the net gains (losses) relating to cash flow derivative instruments that were recorded in AOCI and the unaudited Consolidated Statements of Income during the periods presented (dollars in thousands):
Derivative Instruments Not Designated as Hedges Interest Rate Swaps Not Designated as Hedges Busey may offer derivative contracts to its customers in connection with their risk management needs. Busey manages the risk associated with these contracts by entering into equal and offsetting derivative agreements with a third-party dealer. These contracts support variable rate, commercial loan relationships totaling $623.2 million as of June 30, 2023, and $576.9 million as of December 31, 2022. These derivatives generally work together as an economic interest rate hedge, but Busey did not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability are recorded as either a charge or credit to current earnings during the period in which the changes occurred. Amounts and fair values of derivative assets and liabilities related to customer interest rate swaps recorded in the Consolidated Balance Sheets are summarized as follows (dollars in thousands):
Changes in fair value of these derivative assets and liabilities are recorded in noninterest expense in the unaudited Consolidated Statements of Income and summarized as follows (dollars in thousands):
Risk Participation Agreements To manage the credit risk exposure related to customer-facing swaps, Busey entered into risk participation agreements in conjunction with loan participation arrangements with other financial institutions. The risk participation agreements mature between 2026 and 2029, and are summarized as follows (dollars in thousands):
Foreign Currency Forward Contracts Busey entered into foreign currency exchange contracts to support the business requirements of its customers. Foreign currency contracts involve the exchange of one currency for another on a specified date and at a specified rate. These contracts are executed on behalf of the Busey's customers and are used by customers to manage fluctuations in foreign exchange rates. Busey minimizes its exposure by entering into similar offsetting positions with other financial institutions. Busey is subject to the credit risk that another party will fail to perform. Amounts and fair values of derivative assets and liabilities related to foreign currency contracts recorded in the Consolidated Balance Sheets are summarized as follows (dollars in thousands):
Mortgage Banking Derivatives Interest Rate Lock Commitments Interest rate lock commitments that meet the definition of derivative financial instruments under ASC Topic 815 “Derivatives and Hedging” are carried at their fair values in other assets or other liabilities in the Consolidated Balance Sheets, with changes in the fair values of the corresponding derivative financial assets or liabilities recorded as either a charge or credit to current earnings during the period in which the changes occurred. Forward Sales Commitments Busey economically hedges mortgage loans held for sale and interest rate lock commitments issued to its residential loan customers related to loans that will be held for sale by obtaining corresponding forward sales commitments with an investor to sell the loans at an agreed-upon price at the time the interest rate locks are issued to the customers. Forward sales commitments that meet the definition of derivative financial instruments under ASC Topic 815 “Derivatives and Hedging” are carried at their fair values in other assets or other liabilities in the Consolidated Balance Sheets. While such forward sales commitments generally served as an economic hedge to mortgage loans held for sale and interest rate lock commitments, Busey did not designate them for hedge accounting treatment. Changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred. Amounts and fair values of mortgage banking derivatives included in the Consolidated Balance Sheets are summarized as follows (dollars in thousands):
Net gains (losses) relating to these derivative instruments are summarized as follows for the periods presented (dollars in thousands):
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Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements The fair value of an asset or liability is the price that would be received by selling that asset or paid in transferring that liability (exit price) in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. ASC Topic 820 “Fair Value Measurement” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: •Level 1 Inputs—Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. •Level 2 Inputs—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. •Level 3 Inputs—Unobservable inputs for determining the fair values of assets or liabilities that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to those Company assets and liabilities that are carried at fair value. In general, fair value is based upon quoted market prices, when available. If such quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable data. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect, among other things, counterparty credit quality and the company's creditworthiness as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. While management believes Busey's valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis Debt Securities Available for Sale Debt securities classified as available for sale are reported at fair value utilizing Level 2 inputs. Busey obtains fair value measurements from an independent pricing service. The independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid, and other market information. Because many fixed income securities do not trade on a daily basis, the independent pricing service applies available information, focusing on observable market data such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. The independent pricing service uses model processes, such as the Option Adjusted Spread model, to assess interest rate impact and develop prepayment scenarios. Models and processes take into account market conventions. For each asset class, a team of evaluators gathers information from market sources and integrates relevant credit information, perceived market movements, and sector news into the evaluated pricing applications and models. Market inputs that the independent pricing service normally seeks for evaluations of securities, listed in approximate order of priority, include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. The independent pricing service also monitors market indicators, industry, and economic events. For certain security types, additional inputs may be used or some of the market inputs may not be applicable. Evaluators may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs listed are available for use in the evaluation process for each security evaluation on a given day. Because the data utilized was observable, the securities have been classified as Level 2. Equity Securities Equity securities are reported at fair value utilizing Level 1 or Level 2 inputs. Fair value measurements of mutual funds, when held, are determined using unadjusted quoted prices in active markets for identical assets at the measurement date and are classified as Level 1. Fair value measurements of stock utilize quoted prices for identical or similar assets in markets that are not active and are classified as Level 2. Derivative Assets and Derivative Liabilities The majority of our derivative assets and derivative liabilities are reported at fair value utilizing Level 2 or Level 3 inputs. Fair values of derivative assets and liabilities are determined based on prices that are obtained from a third-party which uses observable market inputs and, with the exception of our risk participation agreements, are classified as Level 2. Due to the significance of unobservable inputs, derivative assets related to our risk participation agreements are classified as Level 3. The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2023, and December 31, 2022, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Loans Evaluated Individually Busey does not record portfolio loans at fair value on a recurring basis. However, periodically, a loan is evaluated individually and is reported at the fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the collateral value is not sufficient, a specific reserve is recorded. Collateral values are estimated using a combination of observable inputs, including recent appraisals, and unobservable inputs based on customized discounting criteria. Due to the significance of unobservable inputs, fair values of individually evaluated collateral dependent loans have been classified as Level 3. OREO and Other Repossessed Assets Non-financial assets measured at fair value, upon initial recognition or subsequent impairment, include OREO and other repossessed assets. OREO properties and other repossessed assets are measured using a combination of observable inputs, including recent appraisals, and unobservable inputs. Due to the significance of unobservable inputs, the fair values of all OREO and other repossessed assets have been classified as Level 3. Bank Property Held for Sale Bank property held for sale represents certain banking center office buildings which Busey has closed and consolidated with other existing banking centers. Bank property held for sale is measured at the lower of amortized cost or fair value less estimated costs to sell. Fair values were based upon discounted appraisals or real estate listing prices. Due to the significance of unobservable inputs, fair values of all bank property held for sale have been classified as Level 3. The following tables summarize assets and liabilities measured at fair value on a non-recurring basis for the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):
Financial Assets and Financial Liabilities That Are Not Carried at Fair Value Estimated fair values of financial instruments that are not carried at fair value in Busey’s Consolidated Balance Sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (dollars in thousands):
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Earnings Per Common Share |
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Earnings Per Common Share | Earnings Per Common Share Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered. Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if Busey’s outstanding stock options and warrants were exercised, stock units were vested, and ESPP shares were issued. Earnings per common share have been computed as follows (dollars in thousands, except per share amounts):
Average shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:
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Accumulated Other Comprehensive Income (Loss) |
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Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Alternative [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss). | Accumulated Other Comprehensive Income (Loss) The following tables present changes in AOCI by component, net of tax, for the periods indicated (dollars in thousands):
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Operating Segments and Related Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments and Related Information | Operating Segments and Related Information Busey has three reportable operating segments: Banking, FirsTech, and Wealth Management. Busey’s three operating segments are strategic business units that are separately managed, as they offer different products and services and have different marketing strategies. The Banking Operating Segment The Banking operating segment provides a full range of banking services to individual and corporate customers through First Busey Corporation’s wholly-owned bank subsidiary, Busey Bank, with 58 banking centers in Illinois; the St. Louis, Missouri, metropolitan area; southwest Florida; and Indianapolis, Indiana. Banking services offered to individual customers include customary types of demand and savings deposits, money transfers, safe deposit services, individual retirement accounts and other fiduciary services, automated teller machines, and technology-based networks, as well as a variety of loan products including residential real estate, home equity lines of credit, and consumer loans. Banking services offered to corporate customers include commercial, commercial real estate, real estate construction, and agricultural loans, as well as commercial depository services such as cash management. The FirsTech Operating Segment The FirsTech operating segment provides comprehensive and innovative payment technology solutions through Busey Bank’s wholly-owned subsidiary, FirsTech. FirsTech's multi-channel payment platform allows businesses to collect payments from their customers in a variety of ways to enable fast, frictionless payments. Payment method vehicles include, but are not limited to, text-based mobile bill pay; interactive voice response; electronic payment concentration delivered to Automated Clearing House networks, money management, and credit card networks; walk-in payment processing for customers at retail pay agents; customer service payments made over a telephone; direct debit services; and lockbox remittance processing for customers to make payments by mail. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services. FirsTech's client base represents a diverse set of industries, with a higher concentration in highly regulated industries, such as financial institutions, utility, insurance, and telecommunications industries. The Wealth Management Operating Segment The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Services are provided through Busey Capital Management, Inc., a wholly-owned subsidiary of Busey Bank, and Busey Wealth Management, a division of Busey Bank. Wealth management services tailored to individuals include trust and estate advisory services and financial planning. Business services include business succession planning and employee retirement plan services. Services for foundations include investment strategy consulting and fiduciary services. Segment Financial Information The segment financial information provided below has been derived from information used by management to monitor and manage Busey’s financial performance. The accounting policies of the three operating segments are the same as those described in the summary of significant accounting policies in “Note 1. Significant Accounting Policies” in Busey’s 2022 Annual Report. The Company accounts for intersegment revenue and transfers at current market value. Following is a summary of selected financial information for the Company’s operating segments. The “other” category included in the tables below consists of the parent company, First Busey Risk Management, and the elimination of intercompany transactions (dollars in thousands):
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net income | $ 29,364 | $ 29,824 | $ 66,150 | $ 58,263 |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations First Busey Corporation, a Nevada corporation organized in 1980, is a $12.2 billion financial holding company headquartered in Champaign, Illinois. Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.” First Busey operates and reports its business in three segments: Banking, FirsTech, and Wealth Management. •The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana. •The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services. •The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. For additional information about First Busey's operating segments, see “Note 14. Operating Segments and Related Information.”
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Basis of Financial Statement Presentation | Basis of Financial Statement Presentation These unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in Busey's 2022 Annual Report. These interim unaudited consolidated financial statements serve to update our 2022 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements. We prepared these unaudited consolidated financial statements in conformity with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation. These reclassifications did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
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Use of Estimates | Use of Estimates In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, Busey’s management is required to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near term relate to the fair value of debt securities available for sale, fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL.
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Impact of Recently Adopted Accounting Standards | Impact of Recently Adopted Accounting Standards In March 2022, the FASB issued ASU 2022-02 “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the TDR accounting model for creditors that have already adopted CECL. In lieu of the TDR accounting model, loan refinancing and restructuring guidance in ASC Subtopic 310-20-35-9 through 35-11 “Receivables—Nonrefundable Fees and Other Costs—Subsequent Measurement—Loan Refinancing or Restructuring” will apply to all loan modifications, including those made for borrowers experiencing financial difficulty. This standard also enhances disclosure requirements related to certain loan modifications. Additionally, this standard introduces new requirements to disclose gross write-off information in the vintage disclosures of financing receivables by credit quality indicator and class of financing receivable by year of origination. This standard applies prospectively. For the transition method related to the recognition and measurement of TDRs, there is an option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. This standard became effective for Busey beginning January 1, 2023. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations. In March 2022, the FASB issued ASU 2022-01 “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method,” which replaces the current last-of-layer hedge accounting method with an expanded portfolio layer method that permits multiple hedged layers of a single closed portfolio. The scope of the portfolio layer method is also expanded to include non-prepayable financial assets. This update also provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. Amendments related to hedge basis adjustments which are included in this standard apply on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Amendments related to disclosure which are included in this standard may be applied on a prospective basis from the initial application date, or on a retrospective basis to each prior period presented after the date of adoption of the amendments in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This standard became effective for Busey beginning January 1, 2023. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations. ASU 2021-08 “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” requires measurement and recognition in accordance with ASC Topic 606 “Revenue from Contracts with Customers” for contract assets and contract liabilities acquired in a business combination. This update became effective for Busey beginning January 1, 2023. This standard applies prospectively to all business combinations that occur on or after the date it is adopted. Adoption of this standard did not have an impact on Busey’s financial position or results of operations. Recently Issued Accounting Standards Not Yet Adopted In March 2023, the FASB issued ASU 2023-02 “Investments—Equity Method and Joint Ventures (Topic 323),” permitting an election to use the proportional amortization method to account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits, regardless of the tax credit program from which the income tax credits are received, provided that certain conditions are met. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense. This standard must be applied on a retrospective or modified retrospective basis, and is applicable for Busey beginning on January 1, 2024. Early adoption is permitted. Busey is currently evaluating the potential effect on the Company’s financial position and results of operations, and upon adoption expects changes to be reflected in the Other Expense and Income Taxes line items in the Consolidated Statements of Income. In March 2023, the FASB issued ASU 2023-01 “Leases (Topic 842): Common Control Arrangements,” which requires amortization over the useful life of leasehold improvements (not the lease term) when the lease is between entities under common control, and any value of such leasehold improvements remaining at the end of the lease term is to be accounted for as a transfer between entities under common control. This standard may be adopted either prospectively, or retrospectively, and is effective for Busey beginning January 1, 2024. Early adoption is permitted. Busey is currently evaluating the potential effect on the Company’s financial position and results of operations. In June 2022, the FASB issued ASU 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which clarifies that contractual restrictions on the sale of equity securities are not considered in measuring the fair value of those equity securities, and further that contractual sale restrictions cannot be recognized and measured as a separate unit of account. This standard applies prospectively, and is effective for Busey beginning January 1, 2024. Early adoption is permitted. Busey is currently evaluating the potential effect on the Company’s financial position and results of operations.
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Subsequent Events | Subsequent Events Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued. There were no significant subsequent events for the quarter ended June 30, 2023, through the filing date of these unaudited consolidated financial statements.
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Debt Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost, unrealized gains and losses and fair values of securities classified available for sale and held to maturity | The tables below provide the amortized cost, unrealized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands):
___________________________________________ 1.Includes securities marked at par, with no gain or loss to report.
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Maturities of debt securities | All mortgage-backed securities were issued by U.S. government corporations and agencies (dollars in thousands):
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Gains and losses on debt securities | Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):
___________________________________________ 1.Net gains (losses) on sales of securities reported in the unaudited Consolidated Statements of Income include sales of equity securities, excluded in this table.
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Debt securities in an unrealized loss position | The following information pertains to debt securities with gross unrealized or unrecognized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (dollars in thousands):
___________________________________________ 1.Unrealized losses for U.S. Treasury securities that had been in a continuous unrealized loss position for less than 12 months were insignificant, rounding to zero thousand. Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below (dollars in thousands):
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Portfolio Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of portfolio loans | Distributions of the loan portfolio by loan category and class is presented in the following table (dollars in thousands):
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Schedule of financial instruments owned and pledged as collateral | Busey had loans pledged to the FHLB and Federal Reserve for liquidity as set forth in the table below (dollars in thousands):
To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows (dollars in thousands):
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Summary of risk grades segregated by category of portfolio loans (excluding accretable purchase accounting adjustments and clearings) | The following table is a summary of risk grades segregated by category and class of portfolio loans (dollars in thousands):
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Risk grades of portfolio loans, further sorted by origination | Risk grades of portfolio loans and net charge-offs are presented in the tables below by loan class, further sorted by origination year (dollars in thousands):
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Summary of portfolio loans that are past due and still accruing or on a non-accrual status | An analysis of the amortized cost basis of portfolio loans that are past due and still accruing, or on a non-accrual status, is as follows (dollars in thousands):
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Schedule of loan modifications made to borrowers experiencing financial difficulty | The followings table show the amortized cost basis of loans that were modified for borrowers experiencing financial difficulty during the periods indicated, disaggregated by class of financing receivable and type of concession granted (dollars in thousands):
1.A loan with payment deferral was modified to defer all principal payments until the end of the loan term, which was shortened. 2.Loans with payment deferrals represent an insignificant portion of commercial loans and total loans, rounding to zero percent. 3.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period. 4.Modifications include two loans on non-accrual status, one on special mention status, and the remaining loans were classified as substandard. The following table summarizes the effects of loan modifications made during the periods indicated, for borrowers experiencing financial difficulty:
The following table depicts the payment performance of loans modified on or after January 1, 2023, the date we adopted ASU 2022-02 (dollars in thousands):
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Schedule of details of impaired loans, segregated by category | Average recorded investment is calculated using the most recent four quarters (dollars in thousands):
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Schedule of activity on the allowance for loan losses | The following tables summarize activity in the ACL attributable to each loan category. Allocation of a portion of the ACL to one category does not preclude its availability to absorb losses in other categories (dollars in thousands):
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Schedule of allowance for loan losses and recorded investments in portfolio loans, by category | The following tables present the ACL and amortized cost of portfolio loans by loan category and class (dollars in thousands):
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of lease-related balances | The following table summarizes lease-related information and balances reported in our Consolidated Balance Sheets for the periods presented (dollars in thousands):
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Schedule of lease costs and other lease information | The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):
___________________________________________ 1.Lease costs are included in net occupancy and equipment expense in the Consolidated Statements of Income.
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Schedule of future undiscounted lease payments | Busey was obligated under noncancelable operating leases for office space and other commitments, as follows (dollars in thousands):
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Summary of revenue recorded in connection with leases | Revenues recorded in connection with these leases and reported in Other income on our unaudited Consolidated Statements of Income are summarized as follows (dollars in thousands):
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Deposits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of composition of deposits | The composition of Busey’s deposits is as follows (dollars in thousands):
Additional information about Busey’s deposits follows (dollars in thousands):
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Schedule of maturities of time deposits | Scheduled maturities of time deposits are as follows (dollars in thousands):
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Borrowings (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of distribution of securities sold under agreements to repurchase and short-term borrowings and weighted average interest rates | Securities sold under agreements to repurchase were as follows (dollars in thousands):
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Schedule of short-term borrowings | Short-term borrowings are summarized as follows (dollars in thousands):
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Summary of long-term debt | Long-term debt is summarized as follows (dollars in thousands):
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Schedule of unamortized debt issuance cost | Unamortized debt issuance costs related to senior notes and subordinated notes are presented in the following table (dollars in thousands):
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Regulatory Capital (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift, Other Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of applicable holding company and bank regulatory capital requirements | The following tables summarize regulatory capital requirements applicable to First Busey Corporation and Busey Bank (dollars in thousands):
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes in the Company's stock option awards | Busey has outstanding stock options assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards for the six months ended June 30, 2023, follows:
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Summary of changes in the Company's RSU, PSU, and DSU awards | A summary of changes in Busey’s RSU awards for the six months ended June 30, 2023, is as follows:
A summary of changes in Busey’s PSU awards for the six months ended June 30, 2023, is as follows:
___________________________________________ 1.Shares for PSU awards represent target shares at the grant date. A summary of changes in Busey’s DSU awards for the six months ended June 30, 2023, is as follows:
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Schedule of Stock-based compensation expense | Busey recognized compensation expense related to nonvested RSU, PSU, and DSU awards, as well as the 2021 ESPP, as summarized in the table below (dollars in thousands):
___________________________________________ 1.Expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at the grant date. Expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at the grant date, adjusted for performance expectations as of the date indicated.
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Schedule of Unamortized stock-based compensation expense | Unamortized compensation expense related to nonvested RSU, PSU, and DSU awards is summarized in the table below (dollars in thousands):
___________________________________________ 1.Unamortized expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at grant date. Unamortized expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.
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Outstanding Commitments and Contingent Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of contractual amount of exposure to off-balance-sheet risk | A summary of the contractual amount of Busey’s exposure to off-balance-sheet risk relating to the Company’s commitments to extend credit and standby letters of credit follows (dollars in thousands):
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial instruments owned and pledged as collateral | Busey had loans pledged to the FHLB and Federal Reserve for liquidity as set forth in the table below (dollars in thousands):
To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows (dollars in thousands):
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Summary of the interest-rate swaps designated as cash flow hedges | A summary of the interest-rate swaps designated as cash flow hedges is presented below (dollars in thousands):
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Reclassification of unrealized gains and losses from OCI | Busey expects to reclassify unrealized gains and losses from OCI to interest income and interest expense as shown in the following table, during the next 12 months (dollars in thousands). Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to June 30, 2023.
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Schedule of interest income (expense) recorded on swap transactions | Interest expense recorded on these swap transactions was as follows for the periods presented (dollars in thousands):
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Summary of Net gains (losses) relating to these derivative instruments | The following table reflects the net gains (losses) relating to cash flow derivative instruments that were recorded in AOCI and the unaudited Consolidated Statements of Income during the periods presented (dollars in thousands):
Changes in fair value of these derivative assets and liabilities are recorded in noninterest expense in the unaudited Consolidated Statements of Income and summarized as follows (dollars in thousands):
Net gains (losses) relating to these derivative instruments are summarized as follows for the periods presented (dollars in thousands):
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Summary of fair values of derivative assets and liabilities recorded in consolidated balance sheet | Amounts and fair values of derivative assets and liabilities related to customer interest rate swaps recorded in the Consolidated Balance Sheets are summarized as follows (dollars in thousands):
Amounts and fair values of mortgage banking derivatives included in the Consolidated Balance Sheets are summarized as follows (dollars in thousands):
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Schedule of notional amount and fair value of risk participation agreement | The risk participation agreements mature between 2026 and 2029, and are summarized as follows (dollars in thousands):
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Summary of Foreign Currency Forward Contracts | Amounts and fair values of derivative assets and liabilities related to foreign currency contracts recorded in the Consolidated Balance Sheets are summarized as follows (dollars in thousands):
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis | The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2023, and December 31, 2022, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
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Schedule of assets and liabilities measured at fair value on a non-recurring basis | The following tables summarize assets and liabilities measured at fair value on a non-recurring basis for the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
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Schedule of quantitative information about Level 3 fair value measurements | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):
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Schedule of estimated fair values of financial instruments | Estimated fair values of financial instruments that are not carried at fair value in Busey’s Consolidated Balance Sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (dollars in thousands):
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Earnings Per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of computation of earnings per common share | Earnings per common share have been computed as follows (dollars in thousands, except per share amounts):
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Schedule of average shares excluded from computation of diluted earnings per common share | Average shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Alternative [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | The following tables present changes in AOCI by component, net of tax, for the periods indicated (dollars in thousands):
|
Operating Segments and Related Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of information relating to operating segments | Following is a summary of selected financial information for the Company’s operating segments. The “other” category included in the tables below consists of the parent company, First Busey Risk Management, and the elimination of intercompany transactions (dollars in thousands):
|
Significant Accounting Policies (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
segment
|
Dec. 31, 2022
USD ($)
|
|
Accounting Policies [Abstract] | ||
Total assets | $ | $ 12,209,029 | $ 12,336,677 |
Number of operating segments | 3 | |
Number of reportable segments | 3 |
Debt Securities - Maturity of Debt Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 97,674 | |
Due after one year through five years | 341,606 | |
Due after five years through ten years | 368,196 | |
Due after ten years | 1,773,162 | |
Amortized Cost | 2,580,638 | $ 2,772,453 |
Fair Value | ||
Due in one year or less | 95,155 | |
Due after one year through five years | 318,067 | |
Due after five years through ten years | 333,186 | |
Due after ten years | 1,537,440 | |
Fair Value | 2,283,848 | 2,461,393 |
Amortized Cost | ||
Due after one year through five years | 63,693 | |
Due after five years through ten years | 40,943 | |
Due after ten years | 789,466 | |
Amortized Cost | 894,102 | 918,312 |
Fair Value | ||
Due after one year through five years | 58,693 | |
Due after five years through ten years | 36,482 | |
Due after ten years | 651,327 | |
Fair Value | $ 746,502 | $ 785,295 |
Debt Securities - Gains and losses on debt securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Realized gains and losses on debt securities | ||||
Gross gains on debt securities | $ 0 | $ 1 | $ 10 | $ 114 |
Gross (losses) on debt securities | (178) | (5) | (184) | (12) |
Realized net gains (losses) on debt securities | $ (178) | $ (4) | $ (174) | $ 102 |
Debt Securities - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Asset Pledged as Collateral | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Debt securities, carrying amount | $ 823.6 | $ 746.7 |
Portfolio Loans - Schedule of financial instruments owned and pledged as collateral (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Portfolio loans, net | $ 7,713,645 | $ 7,634,094 |
Asset Pledged as Collateral | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Portfolio loans, net | 5,611,623 | 5,900,166 |
FHLB | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Portfolio loans, net | 4,817,800 | 5,095,448 |
Federal Reserve Bank | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Portfolio loans, net | $ 793,823 | $ 804,718 |
Portfolio Loans - Summary of the financial effect of modifications (Details) |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
|
Loans identified as impaired | ||
Weighted Average Term Extension | 10 months 9 days | 11 months |
Commercial | ||
Loans identified as impaired | ||
Weighted Average Term Extension | 11 months 15 days | 11 months 12 days |
Commercial real estate | ||
Loans identified as impaired | ||
Weighted Average Term Extension | 6 months | 8 months 6 days |
Real estate construction | ||
Loans identified as impaired | ||
Weighted Average Term Extension | 12 months | 12 months |
Portfolio Loans - Schedule of the amortized cost basis of modified financing receivables that subsequently defaulted (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Payment Deferral | |
Loans identified as impaired | |
Amortized cost of modified loans with subsequent defaults | $ 225 |
Term Extension | |
Loans identified as impaired | |
Amortized cost of modified loans with subsequent defaults | 958 |
Commercial | Payment Deferral | |
Loans identified as impaired | |
Amortized cost of modified loans with subsequent defaults | 0 |
Commercial | Term Extension | |
Loans identified as impaired | |
Amortized cost of modified loans with subsequent defaults | 958 |
Commercial real estate | Payment Deferral | |
Loans identified as impaired | |
Amortized cost of modified loans with subsequent defaults | 225 |
Commercial real estate | Term Extension | |
Loans identified as impaired | |
Amortized cost of modified loans with subsequent defaults | $ 0 |
Portfolio Loans - Schedule of activity on the allowance for loan losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Activity in the allowance for loan losses | ||||
ACL beginning balance | $ 91,727 | $ 88,213 | $ 91,608 | $ 87,887 |
Provision for credit losses | 627 | 1,653 | 1,580 | 1,400 |
Charged-off | (1,347) | (1,679) | (2,528) | (1,804) |
Recoveries | 632 | 570 | 979 | 1,274 |
ACL ending balance | 91,639 | 88,757 | 91,639 | 88,757 |
Commercial | ||||
Activity in the allowance for loan losses | ||||
ACL beginning balance | 24,276 | 24,173 | 23,860 | 23,855 |
Provision for credit losses | 690 | (743) | 1,385 | (492) |
Charged-off | (575) | (208) | (975) | (208) |
Recoveries | 119 | 137 | 240 | 204 |
ACL ending balance | 24,510 | 23,359 | 24,510 | 23,359 |
Commercial real estate | ||||
Activity in the allowance for loan losses | ||||
ACL beginning balance | 34,421 | 37,339 | 38,299 | 38,249 |
Provision for credit losses | (392) | 1,028 | (3,751) | (190) |
Charged-off | (534) | (1,372) | (1,073) | (1,372) |
Recoveries | 161 | 187 | 181 | 495 |
ACL ending balance | 33,656 | 37,182 | 33,656 | 37,182 |
Real estate construction | ||||
Activity in the allowance for loan losses | ||||
ACL beginning balance | 5,159 | 5,705 | 6,457 | 5,102 |
Provision for credit losses | (179) | (63) | (1,508) | 447 |
Charged-off | 0 | 0 | 0 | 0 |
Recoveries | 91 | 27 | 122 | 120 |
ACL ending balance | 5,071 | 5,669 | 5,071 | 5,669 |
Retail real estate | ||||
Activity in the allowance for loan losses | ||||
ACL beginning balance | 24,255 | 17,555 | 18,193 | 17,589 |
Provision for credit losses | 353 | 312 | 6,301 | 142 |
Charged-off | (103) | (17) | (108) | (33) |
Recoveries | 170 | 134 | 289 | 286 |
ACL ending balance | 24,675 | 17,984 | 24,675 | 17,984 |
Retail other | ||||
Activity in the allowance for loan losses | ||||
ACL beginning balance | 3,616 | 3,441 | 4,799 | 3,092 |
Provision for credit losses | 155 | 1,119 | (847) | 1,493 |
Charged-off | (135) | (82) | (372) | (191) |
Recoveries | 91 | 85 | 147 | 169 |
ACL ending balance | $ 3,727 | $ 4,563 | $ 3,727 | $ 4,563 |
Leases - Summary of lease-related balances (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
Right of use assets | $ 11,806 | $ 12,829 |
Lease liabilities | $ 12,059 | $ 12,995 |
Weighted average remaining lease term, in years | 8 years 8 months 15 days | 8 years 10 months 24 days |
Weighted average discount rate | 3.51% | 3.45% |
Leases - Schedule of lease costs and other lease information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Lease costs | ||||
Operating lease costs | $ 593 | $ 582 | $ 1,221 | $ 1,199 |
Variable lease costs | 13 | 94 | 18 | 222 |
Short-term lease costs | 16 | 6 | 22 | 10 |
Total lease cost | 622 | 682 | 1,261 | 1,431 |
Cash flows related to leases | ||||
Operating lease cash flows – Fixed payments | 564 | 738 | 1,134 | 1,369 |
Operating lease cash flows – Liability reduction | 461 | 692 | 940 | 1,277 |
Right of use assets obtained during the period in exchange for operating lease liabilities | $ 5 | $ 0 | $ 9 | $ 55 |
Leases - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Rent commitments | ||
Remainder of 2023 | $ 1,089 | |
2024 | 1,935 | |
2025 | 1,716 | |
2026 | 1,442 | |
2027 | 1,276 | |
2028 | 1,255 | |
Thereafter | 5,476 | |
Total undiscounted cash flows | 14,189 | |
Less: Amounts representing interest | 2,130 | |
Present value of net future minimum lease payments | $ 12,059 | $ 12,995 |
Leases - Summary of revenue recorded in connection with leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Leases [Abstract] | ||||
Rental income | $ 183 | $ 143 | $ 374 | $ 373 |
Deposits - Schedule of composition of deposits (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Deposits [Abstract] | ||
Noninterest-bearing demand deposits | $ 3,086,885 | $ 3,393,666 |
Interest-bearing transaction deposits | 2,725,297 | 2,857,818 |
Saving deposits and money market deposits | 2,778,958 | 2,964,421 |
Time deposits | 1,471,615 | 855,375 |
Total deposits | 10,062,755 | 10,071,280 |
Brokered savings deposits and money market deposits | 6,055 | 1,303 |
Brokered time deposits | 280 | 275 |
Aggregate amount of time deposits with a minimum denomination of $100,000 | 857,309 | 416,445 |
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000 | $ 297,967 | $ 120,377 |
Deposits - Schedule of maturities of time deposits (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Time deposits by schedule of maturities | ||
Remainder of 2023 | $ 405,424 | |
2024 | 982,225 | |
2025 | 45,768 | |
2026 | 18,196 | |
2027 | 13,130 | |
2028 | 6,328 | |
Thereafter | 544 | |
Time deposits | $ 1,471,615 | $ 855,375 |
Borrowings - Schedule of distribution of securities sold under agreements to repurchase and short-term borrowings and weighted average interest rates (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Disclosure [Abstract] | ||
Securities sold under agreements to repurchase | $ 202,953 | $ 229,806 |
Weighted average rate for securities sold under agreements to repurchase | 2.64% | 1.91% |
Borrowings - Term Loan (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
Apr. 30, 2022 |
May 28, 2021 |
|
Term Loan | ||||
Short-Term Debt [Line Items] | ||||
Issuance of debt | $ 60,000,000 | |||
Long-term debt | $ 24,000,000 | $ 30,000,000 | ||
Revolving Credit Facility | ||||
Short-Term Debt [Line Items] | ||||
Issuance of debt | $ 40,000,000 | |||
Quarterly payments on the term loan reduce the outstanding principal balance, amount | 3,000,000 | |||
Second Amended and Restated Credit Agreement | Term Loan | ||||
Short-Term Debt [Line Items] | ||||
Long-term debt | 36,000,000 | |||
Long-term debt, current | 12,000,000 | |||
Long term debt, noncurrent | 24,000,000 | |||
Second Amended and Restated Credit Agreement | Revolving Credit Facility | ||||
Short-Term Debt [Line Items] | ||||
Balance outstanding | $ 0 | |||
Second Amended and Restated Credit Agreement | One-month LIBOR rate | Term Loan | ||||
Short-Term Debt [Line Items] | ||||
Interest rate | 1.75% | |||
Third Amendment To Extend Credit Facility | SOFR-indexed interest rate | Term Loan | ||||
Short-Term Debt [Line Items] | ||||
Interest rate | 1.80% |
Borrowings - Summary of Long-term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 24,000 | $ 30,000 |
Borrowings - Senior and Subordinated Notes (Details) - Subordinated Debt - USD ($) $ in Millions |
Jun. 02, 2022 |
Jun. 01, 2020 |
---|---|---|
5.25% notes maturing June 1, 2030 | ||
Debt Instrument [Line Items] | ||
Issuance of debt | $ 125.0 | |
Floating interest rate margin (as a percent) | 5.11% | |
Duration of fixed interest rate | 5 years | |
5.25% notes maturing June 1, 2030 | Base Rate | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.25% | |
5.000% notes due 2032 | ||
Debt Instrument [Line Items] | ||
Issuance of debt | $ 100.0 | |
Fixed to floating interest rate | 5.00% | |
Percentage of principal amount of notes | 100.00% | |
5.000% notes due 2032 | SOFR | ||
Debt Instrument [Line Items] | ||
Floating interest rate margin (as a percent) | 2.52% |
Borrowings - Schedule of unamortized debt issuance cost (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Total unamortized debt issuance costs | $ 2,546 | $ 2,962 |
Subordinated notes issued in 2020 | Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Total unamortized debt issuance costs | 981 | 1,220 |
Subordinated notes issued in 2022 | Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Total unamortized debt issuance costs | $ 1,565 | $ 1,742 |
Stock-Based Compensation - Summary of changes in the Company's stock option awards (Details) - $ / shares |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Shares | ||
Outstanding at beginning of year (in shares) | 26,106 | |
Forfeited (in shares) | (4,180) | |
Outstanding at end of year (in shares) | 21,926 | 26,106 |
Exercisable at end of year (in shares) | 21,926 | |
Weighted- Average Exercise Price | ||
Outstanding at beginning of year (in dollars per share) | $ 23.53 | |
Forfeited (in dollars per share) | 23.53 | |
Outstanding at end of year (in dollars per share) | 23.53 | $ 23.53 |
Exercisable at end of year (in dollars per share) | $ 23.53 | |
Weighted- Average Remaining Contractual Life | ||
Weighted-average remaining contractual life, options outstanding | 3 years 4 months 17 days | 3 years 10 months 17 days |
Weighted-average remaining contractual life, exercisable at end of year | 3 years 4 months 17 days |
Stock-Based Compensation - Amended 2020 Equity Plan (Details) - shares |
Apr. 14, 2023 |
Jun. 30, 2023 |
---|---|---|
2020 Equity Plan | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Remaining shares available for issuance (in shares) | 1,536,783 | |
Amended 2020 Equity Plan | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Increase in the number of shares authorized for issuance (in shares) | 1,350,000 |
Stock-Based Compensation - 2021 Employee Stock Purchase Plan (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 01, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock option compensation expense | $ 2,656,000 | $ 2,336,000 | $ 4,325,000 | $ 4,245,000 | |
Options | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock option compensation expense | $ 0 | $ 0 | 0 | $ 0 | |
Unrecognized stock option compensation expense | $ 0 | ||||
2021 ESPP | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Discount through voluntary payroll deductions | 15.00% | ||||
Remaining shares available for issuance (in shares) | 600,000 | 471,630 | 471,630 |
Stock-Based Compensation - Schedule of Stock-based compensation expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 2,656 | $ 2,336 | $ 4,325 | $ 4,245 |
RSU Awards | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,231 | 1,273 | 2,251 | 2,449 |
PSU Awards | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,184 | 758 | 1,544 | 1,170 |
DSU Awards | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 211 | 257 | 407 | 483 |
2021 ESPP | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 30 | $ 48 | $ 123 | $ 143 |
Stock-Based Compensation - Schedule of Unamortized stock-based compensation expense (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total unamortized stock-based compensation | $ 18,492 | $ 13,024 |
Weighted average period over which expense is to be recognized | 2 years 7 months 6 days | 2 years 6 months |
RSU Awards | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total unamortized stock-based compensation | $ 10,697 | $ 8,570 |
PSU Awards | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total unamortized stock-based compensation | 7,179 | 4,279 |
DSU Awards | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total unamortized stock-based compensation | $ 616 | $ 175 |
Outstanding Commitments and Contingent Liabilities - Schedule of contractual amount of exposure to off-balance-sheet risk (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Credit Commitments and Contingencies | ||
Total commitments | $ 2,143,390 | $ 2,024,777 |
Commitments to extend credit | ||
Credit Commitments and Contingencies | ||
Total commitments | 2,105,034 | 1,991,769 |
Standby letters of credit | ||
Credit Commitments and Contingencies | ||
Total commitments | $ 38,356 | $ 33,008 |
Derivative Financial Instruments - Schedule of financial instruments owned and pledged as collateral (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Interest Rate Swap | ||
Derivative [Line Items] | ||
Cash pledged to secure obligations | $ 34,210 | $ 38,609 |
Interest Rate Contract | ||
Derivative [Line Items] | ||
Cash pledged to secure obligations | $ 27,670 | $ 29,830 |
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Interest Rate Swap | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | $ 300,000 | |
Interest Rate Swap | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Variable rate, commercial loans that are supported by the interest rate swap contracts | 623,200 | $ 576,900 |
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 350,000 | 350,000 |
Debt Swap | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount | 50,000 | $ 50,000 |
Debt Swap | Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000 |
Derivative Financial Instruments - Reclassification of unrealized gains and losses from OCI (Details) - Interest Rate Swap - Cash Flow Hedging $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Derivative [Line Items] | |
Net unrealized gains (losses) in OCI expected to be recognized in net interest income | $ (378) |
Interest Income | |
Derivative [Line Items] | |
Net unrealized gains (losses) in OCI expected to be recognized in net interest income | (859) |
Interest Expense | |
Derivative [Line Items] | |
Net unrealized gains (losses) in OCI expected to be recognized in net interest income | $ 481 |
Derivative Financial Instruments - Schedule of interest income (expense) recorded on swap transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Derivative [Line Items] | ||||
(Increase) decrease in interest expense on swap transactions | $ (38,229) | $ (6,668) | $ (63,477) | $ (12,703) |
Interest Rate Swap | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Increase (decrease) in interest income on swap transactions | (2,537) | 668 | (4,729) | 1,353 |
(Increase) decrease in interest expense on swap transactions | 404 | (101) | 787 | (286) |
Net increase (decrease) in net interest income on swap transactions | $ (2,133) | $ 567 | $ (3,942) | $ 1,067 |
Derivative Financial Instruments - Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) (Details) - Cash Flow Hedging - Interest Rate Contract - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Derivative [Line Items] | ||||
Net gain (loss) recognized in OCI, net of tax | $ (6,036) | $ (6,550) | $ (2,986) | $ (11,395) |
(Gain) loss reclassified from OCI to interest income, net of tax | 1,813 | (479) | 3,380 | (968) |
(Gain) loss reclassified from OCI to interest expense, net of tax | (288) | 72 | (562) | 204 |
Net change in unrealized gains (losses) on cash flow hedges, net of tax | $ (4,511) | $ (6,957) | $ (168) | $ (12,159) |
Derivative Financial Instruments - Interest Rate Swaps Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Interest Rate Swap | ||
Derivative Asset | ||
Notional Amount | $ 623,187 | $ 576,911 |
Fair Value | 35,935 | 40,055 |
Derivative Liability | ||
Notional Amount | 623,187 | 576,911 |
Fair Value | 35,935 | 40,055 |
Interest rate swaps – pay floating, receive fixed | ||
Derivative Asset | ||
Notional Amount | 21,803 | 48,728 |
Fair Value | 185 | 370 |
Derivative Liability | ||
Notional Amount | 601,384 | 528,183 |
Fair Value | 35,750 | 39,685 |
Interest rate swaps – pay fixed, receive floating | ||
Derivative Asset | ||
Notional Amount | 601,384 | 528,183 |
Fair Value | 35,750 | 39,685 |
Derivative Liability | ||
Notional Amount | 21,803 | 48,728 |
Fair Value | $ 185 | $ 370 |
Derivative Financial Instruments - Interest Rate Swaps Recorded in Noninterest Expense (Details) - Interest Rate Swap - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Derivative [Line Items] | ||||
Net change in fair value of interest rate swaps | $ 0 | $ 0 | $ 0 | $ 0 |
Noninterest expense | ||||
Derivative [Line Items] | ||||
Gain (loss), pay floating, receive fixed | 3,306 | 7,025 | (4,361) | 3,475 |
Gain (loss), pay fixed, receive floating | $ (3,306) | $ (7,025) | $ 4,361 | $ (3,475) |
Derivative Financial Instruments - Risk Participation Agreement (Details) - Risk Participation Agreement $ in Thousands |
Jun. 30, 2023
USD ($)
agreement
|
Dec. 31, 2022
USD ($)
agreement
|
---|---|---|
Derivative [Line Items] | ||
Number of risk participation agreements | agreement | 3 | 2 |
Notional amount | $ 34,297 | $ 18,899 |
Fair value | $ 15 | $ 5 |
Derivative Financial Instruments - Foreign Currency Forward Contracts (Details) - Foreign currency forward contracts - Not Designated as Hedging Instrument $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Derivative Asset | |
Notional Amount | $ 354 |
Fair Value | 47 |
Derivative Liability | |
Notional Amount | 344 |
Fair Value | (37) |
Buy | |
Derivative Asset | |
Notional Amount | 354 |
Fair Value | 47 |
Derivative Liability | |
Notional Amount | 0 |
Fair Value | 0 |
Sell | |
Derivative Asset | |
Notional Amount | 0 |
Fair Value | 0 |
Derivative Liability | |
Notional Amount | 344 |
Fair Value | $ (37) |
Derivative Financial Instruments - Net Gains (Losses) Relating to Derivative Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Derivative [Line Items] | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Mortgage revenue | Mortgage revenue | ||
Interest rate lock commitments | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Net change in fair value of interest rate swaps | $ (49) | $ 134 | $ (12) | $ 149 |
Forward sales commitments | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Net change in fair value of interest rate swaps | 86 | (319) | 32 | (213) |
Net gains (losses) | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Net change in fair value of interest rate swaps | $ 37 | $ (185) | $ 20 | $ (64) |
Earnings Per Common Share - Schedule of average shares excluded from computation of diluted earnings per common share (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common stock equivalents | 242,927 | 465,287 | 265,596 | 353,369 |
Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common stock equivalents | 21,926 | 31,166 | 22,366 | 15,583 |
RSU Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common stock equivalents | 157,781 | 155,649 | 78,891 | 77,824 |
PSU Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common stock equivalents | 63,220 | 278,472 | 164,339 | 259,962 |
Operating Segments and Related Information - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
segment
center
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of operating segments | 3 |
Number of banking centers consolidated | center | 58 |
Operating Segments and Related Information - Summary of information relating to operating segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Segment Reporting Information [Line Items] | |||||
Goodwill | $ 317,873 | $ 317,873 | $ 317,873 | ||
Total Assets | 12,209,029 | 12,209,029 | 12,336,677 | ||
Net interest income | 78,670 | $ 75,928 | 164,527 | $ 145,984 | |
Noninterest income | 28,012 | 31,019 | 59,860 | 66,791 | |
Noninterest expense | 69,205 | 69,092 | 139,608 | 139,468 | |
Income before income taxes | 36,850 | 36,202 | 83,199 | 71,907 | |
Net income | 29,364 | 29,824 | 66,150 | 58,263 | |
Operating segment | Banking | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 294,773 | 294,773 | 294,773 | ||
Total Assets | 12,057,131 | 12,057,131 | 12,199,960 | ||
Net interest income | 82,710 | 80,072 | 172,600 | 153,904 | |
Noninterest income | 10,312 | 13,982 | 22,733 | 29,268 | |
Noninterest expense | 53,491 | 54,380 | 108,142 | 109,947 | |
Income before income taxes | 38,904 | 38,021 | 85,611 | 71,825 | |
Net income | 30,665 | 30,499 | 67,500 | 56,950 | |
Operating segment | FirsTech | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 8,992 | 8,992 | 8,992 | ||
Total Assets | 48,558 | 48,558 | 48,715 | ||
Net interest income | 14 | 17 | 27 | 35 | |
Noninterest income | 5,615 | 5,336 | 11,289 | 10,755 | |
Noninterest expense | 5,319 | 4,809 | 11,058 | 9,492 | |
Income before income taxes | 310 | 544 | 258 | 1,298 | |
Net income | 226 | 397 | 188 | 947 | |
Operating segment | Wealth Management | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 14,108 | 14,108 | 14,108 | ||
Total Assets | 93,408 | 93,408 | 84,082 | ||
Noninterest income | 14,717 | 14,135 | 29,643 | 29,911 | |
Noninterest expense | 8,228 | 7,586 | 16,762 | 15,851 | |
Income before income taxes | 6,489 | 6,549 | 12,881 | 14,060 | |
Net income | 4,932 | 5,092 | 9,790 | 10,932 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 0 | 0 | 0 | ||
Total Assets | 9,932 | 9,932 | $ 3,920 | ||
Net interest income | (4,054) | (4,161) | (8,100) | (7,955) | |
Noninterest income | (2,632) | (2,434) | (3,805) | (3,143) | |
Noninterest expense | 2,167 | 2,317 | 3,646 | 4,178 | |
Income before income taxes | (8,853) | (8,912) | (15,551) | (15,276) | |
Net income | $ (6,459) | $ (6,164) | $ (11,328) | $ (10,566) |
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