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 |
| |