XML 22 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Parent Company Only Financial Information
12 Months Ended
Dec. 31, 2011
Parent Company Only Financial Information  
Parent Company Only Financial Information

Note 21.  Parent Company Only Financial Information

 

Condensed financial data for First Busey Corporation is presented below.

 

BALANCE SHEETS

 

 

 

December 31,

 

 

 

2011

 

2010

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash and due from subsidiary banks

 

$

25,771

 

$

80,735

 

Securities purchased from subsidiary under agreements to resell

 

 

10,909

 

Securities available for sale

 

208

 

208

 

Loans

 

163

 

248

 

Investments in subsidiaries:

 

 

 

 

 

Bank

 

412,425

 

378,471

 

Non-bank

 

22,714

 

23,291

 

Premises and equipment, net

 

844

 

959

 

Other assets

 

9,487

 

11,928

 

Total assets

 

$

471,612

 

$

506,749

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Liabilities:

 

 

 

 

 

Long-term debt

 

$

 

$

 

Long-term ESOP debt

 

417

 

834

 

Junior subordinated debentures owed to unconsolidated trusts

 

55,000

 

55,000

 

Other liabilities

 

6,928

 

30,410

 

Total liabilities

 

62,345

 

86,244

 

 

 

 

 

 

 

Total stockholders’ equity

 

409,267

 

420,505

 

Total liabilities and stockholders’ equity

 

$

471,612

 

$

506,749

 

 

STATEMENTS OF OPERATIONS

 

 

 

Years Ended December 31,

 

 

 

2011

 

2010

 

2009

 

 

 

(dollars in thousands)

 

Operating income:

 

 

 

 

 

 

 

Dividends from subsidiaries:

 

 

 

 

 

 

 

Bank

 

$

 

$

 

$

9,200

 

Non-bank

 

3,750

 

1,900

 

3,000

 

Interest and dividend income

 

63

 

27

 

68

 

Other income

 

2,424

 

2,743

 

3,756

 

Total operating income

 

6,237

 

4,670

 

16,024

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

Salaries and employee benefits

 

3,620

 

2,595

 

3,458

 

Interest expense

 

1,963

 

3,197

 

3,900

 

Operating expense

 

2,623

 

2,612

 

6,945

 

Total expenses

 

8,206

 

8,404

 

14,303

 

 

 

 

 

 

 

 

 

Income (loss) before income tax benefit and distributions (in excess of) less than net income of subsidiaries

 

(1,969

)

(3,734

)

1,721

 

 

 

 

 

 

 

 

 

Income tax benefit

 

2,556

 

2,530

 

2,748

 

 

 

 

 

 

 

 

 

Income before distributions less than (in excess of) net income of subsidiaries

 

587

 

(1,204

)

4,469

 

 

 

 

 

 

 

 

 

Distributions less than (in excess of) net income (loss) of subsidiaries:

 

 

 

 

 

 

 

Bank

 

29,941

 

23,051

 

(327,139

)

Non-bank

 

(655

)

1,383

 

(443

)

 

 

 

 

 

 

 

 

Net income (loss)

 

$

29,873

 

$

23,230

 

$

(323,113

)

 

STATEMENTS OF CASH FLOWS

 

 

 

Years Ended December 31,

 

 

 

2011

 

2010

 

2009

 

 

 

(dollars in thousands)

 

Cash Flows from Operating Activities

 

 

 

 

 

 

 

Net income (loss)

 

$

29,873

 

$

23,230

 

$

(323,113

)

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

 

 

 

 

 

 

 

Depreciation and amortization

 

120

 

310

 

360

 

Distributions in excess of (less than) net income of subsidiaries

 

(29,286

)

(24,434

)

327,582

 

Goodwill impairment

 

 

 

3,364

 

Stock-based compensation

 

488

 

194

 

141

 

Fair value adjustment on employee stock ownership plan shares allocated

 

(318

)

(328

)

(280

)

Security gains, net

 

 

 

(84

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

Decrease (increase) in other assets

 

1,479

 

(953

)

(365

)

(Decrease) increase in other liabilities

 

(22,630

)

22,128

 

1,626

 

Net cash (used in) provided by operating activities

 

(20,274

)

20,147

 

9,231

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

Proceeds from sales of securities available for sale

 

 

 

695

 

Purchases of securities available for sale

 

 

 

(75

)

Securities purchased under agreements to resell, net

 

10,909

 

16,095

 

(27,004

)

Decrease in loans

 

85

 

81

 

57

 

Proceeds from sales of premises and equipment

 

 

191

 

4

 

Purchases of premises and equipment

 

(5

)

(6

)

(57

)

Investment in subsidiary, net

 

 

(12,500

)

(136,000

)

Net cash provided by (used in) investing activities

 

10,989

 

3,861

 

(162,380

)

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

Proceeds from short-term debt

 

 

4,000

 

 

Principal payments on long-term debt

 

 

(13,000

)

(17,000

)

Principal payments on short-term debt

 

 

(4,000

)

(28,000

)

Proceeds from issuance of Series T Preferred stock and warrants

 

 

 

100,000

 

Repurchase of Series T Preferred Stock

 

(100,000

)

 

 

Proceeds from issuance of Series C Preferred stock

 

72,664

 

 

 

Proceeds from issuance of Series B Preferred stock, net

 

 

31,862

 

 

Proceeds from issuance of Common stock, net

 

 

52,454

 

116,854

 

Cash dividends paid

 

(18,343

)

(15,617

)

(18,951

)

Net cash (used in) provided by financing activities

 

(45,679

)

55,699

 

152,903

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and due from subsidiary banks

 

(54,964

)

79,707

 

(246

)

Cash and due from subsidiary banks, beginning

 

80,735

 

1,028

 

1,274

 

 

 

 

 

 

 

 

 

Cash and due from subsidiary banks, ending

 

$

25,771

 

$

80,735

 

$

1,028