First Busey Corporation · NASDAQ:BUSE
First Busey — Investor Presentation (May 2024)
21 slides from First Busey's investor presentation, May 7, 2024
Slide 1: BUSE Investor Highlights May 7, 2024
BUSE INVESTOR HIGHLIGHTS May 7, 2024
Slide 2: Overview of First Busey Corporation
2 2Investor Highlights First Busey Corporation | Ticker: BUSE Overview of First Busey Corporation (NASDAQ: BUSE) Northern (IL) Central (IL/IN) Gateway (MO/IL) Florida M&M Bank1 1 Pro Forma locations reflect acquisition of Merchants & Manufacturers Bank Corp. Acquisition closed 4/1/24, anticipated to
Slide 3: Company history and acquisitions timeline
3 3Investor Highlights First Busey Corporation | Ticker: BUSE 1868 Busey Brothers & Company Bank opens its doors on January 13 in Urbana, IL. 2007 First Busey and Main Street Trust finalize MOE in July - Main Street President & CEO Van A. Dukeman is named President & CEO of the combined institution.
Slide 4: Fortress Balance Sheet at Attractive Valuation
4 4Investor Highlights First Busey Corporation | Ticker: BUSE $7.94 $20.86 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 $5 $10 $15 $20 $25 Fortress Balance Sheet at Attractive Valuation Price Per Share $23.72 Market Cap $1.3B
Slide 5: One Busey
5 5Investor Highlights First Busey Corporation | Ticker: BUSE One Busey ▪ Focus on leaning on the power of commercial, wealth, and payment tech to promote a broad set of solutions to well-capitalized individuals and the companies they own & operate ▪ This consistent go-to-market strategy provides am
Slide 6: Regional Operating Model
6 6Investor Highlights First Busey Corporation | Ticker: BUSE Regional Operating Model Loans Deposits NorthernGatewayCentral Florida $5.3 billion $1.8 billion$2.4 billion $0.5 billion $3.2 billion As of 3/31/24 AUC $9.0 billion $1.2 billion$1.5 billion $1.1 billion $1.9 billion $2.1 billion $0.4 bil
Slide 7: Fully Integrated Wealth Platform
7 7Investor Highlights First Busey Corporation | Ticker: BUSE Fully Integrated Wealth Platform $12.8 Billion Assets Under Care Revenue LTM 1 $58.6 Million PT Margin LTM 42.5% As of 3/31/24 ▪ Uniquely positioned with ability to provide comprehensive solutions similar to larger advisory firms while ma
Slide 8: Wealth Management Quarterly Trends
8 8Investor Highlights First Busey Corporation | Ticker: BUSE $14.9 $14.7 $14.4 $13.8 $15.7 $6.4 $6.5 $6.3 $5.6 $6.6 42.8% 44.1% 43.8% 40.3% 41.9% Revenue Pre-Tax Net Income Pre-Tax Profit Margin 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 $11,208 $11,478 $11,548 $12,137 $12,763 2023 Q1 2023 Q2 2023 Q3
Slide 9: FirsTech Story
9 9Investor Highlights First Busey Corporation | Ticker: BUSE ▪ Founded in 1984 as a lockbox processing facility that has evolved into eLockbox, now providing online banking & bill payment for customers 40 years after founding ▪ Initially acquired as part of First Decatur Bancshares acquisition comp
Slide 10: FirsTech Priorities
10 10Investor Highlights First Busey Corporation | Ticker: BUSE FirsTech Priorities Focused on innovating to double-digit annual growth and $50 million in annual revenue ▪ Strengthen collaboration with Busey Bank, building on existing relationships to expand delivery of FirsTech capabilities, increa
Slide 11: Robust Capital Foundation and High Quality Loan Portfolio
11 11Investor Highlights First Busey Corporation | Ticker: BUSE ▪ Capital ratios significantly in excess of well-capitalized minimums ($540+ million buffer) ▪ Total RBC of 17.9% and CET1 ratio of 13.4% at 3/31/24 ▪ TCE/TA ratio of 8.12% at 3/31/242, up from 7.05% at 3/31/23 ▪ TBV per share of $16.84
Slide 12: Compelling Financial Trends
12 12Investor Highlights First Busey Corporation | Ticker: BUSE $118.4 $108.8 $109.2 $108.0 $109.7 $12.4 $10.3 $11.9 $11.7 $12.7 $5.3 $5.2 $5.2 $5.4 $5.7 $14.8 $14.6 $14.2 $13.7 $15.5 $85.9 $78.7 $77.8 $77.1 $75.8 27.4% 27.7% 28.7% 28.5% 30.9% Other Nonint. Inc. Sources FirsTech Wealth Net Interest
Slide 13: Trading at a Discount: Illustrative Sum-of-the-Parts Analysis
13 13Investor Highlights First Busey Corporation | Ticker: BUSE +6.3% to +31.2% +19.0% Trading at a Discount: Illustrative Sum-of-the-Parts Analysis 2023 Revenue: Margin: EBITDA Multiple Range1: Value Range: $108.1 11x - 13x $1,189 - $1,405 $1,430 to $1,766 $25.21 to $31.14 $1,346 $23.72 All $ in mi
Slide 14: Forward-looking statements
14 14Investor Highlights First Busey Corporation | Ticker: BUSE This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance an
Slide 15: Appendix
Appendix Busey FIRST BUSEY CORPORATION
Slide 16: Pre-Provision Net Revenue reconciliation
16 16Investor Highlights First Busey Corporation | Ticker: BUSE 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 March 31, 2024 December 31, 2
Slide 17: Adjusted Net Income and Adjusted Diluted EPS
17 17Investor Highlights First Busey Corporation | Ticker: BUSE 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 tho
Slide 18: Further Adjusted Net Income and EPS
18 18Investor Highlights First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information (Unaudited) Further Adjusted Net Income and Further Adjusted Diluted Earnings Per Share (dollars in thousands, except per share amounts) Three Months Ended March 31, 2024 December 31, 2023 March 31, 2023 A
Slide 19: Adjusted Noninterest Income, Expense and Efficiency Ratio
19 19Investor Highlights First Busey Corporation | Ticker: BUSE Adjusted Noninterest Income, Noninterest Expense Excluding Amortization of Intangible Assets, Adjusted Noninterest Expense, Adjusted Core Expense, Noninterest Expense Excluding Non-operating Adjustments, Efficiency Ratio, Adjusted Effic
Slide 20: Tangible Book Value and Tangible Common Equity
20 20Investor Highlights First Busey Corporation | Ticker: BUSE Tangible Book Value and Tangible Book Value Per Common Share (dollars in thousands, except per share amounts) As of March 31, 2024 December 31, 2023 March 31, 2023 Total stockholders' equity $ 1,282,651 $ 1,271,981 $ 1,198,558 Goodwill
Slide 21: Core Deposits and Portfolio Loans to Core Deposits
21 21Investor Highlights First Busey Corporation | Ticker: BUSE Core Deposits, Core Deposits to Total Deposits, and Portfolio Loans to Core Deposits (dollars in thousands) As of March 31, 2024 December 31, 2023 March 31, 2023 Portfolio loans [a] $ 7,588,077 $ 7,651,034 $ 7,783,808 Total deposits [b]