DEF 14A: First Busey Corporation Announces 2024 Annual Meeting of Stockholders

First Busey Corporation will hold its 2024 Annual Meeting of Stockholders virtually on May 22, 2024, to vote on director elections, executive compensation, and other corporate matters.

Summary

• First Busey Corporation is holding its 2024 Annual Meeting of Stockholders on May 22, 2024, at 10:30 a.m., central time, as a virtual meeting.
• Stockholders of record as of March 25, 2024, are entitled to vote.
• The meeting will address the election of 10 directors, an advisory vote on executive compensation (say-on-pay), an advisory vote on the frequency of future say-on-pay votes, and the ratification of RSM US LLP as the company's independent registered public accounting firm for the year ending December 31, 2024.
• The board of directors recommends voting for all director nominees, for the say-on-pay proposal, for a one-year frequency for future say-on-pay votes, and for the ratification of the accounting firm appointment.
• The proxy statement and annual report are available online, and stockholders can request paper copies.
• The company's principal executive offices are located in Champaign, Illinois.

Sentiment

Score: 7

Explanation: The document presents a generally positive outlook, highlighting the company's strong capital position, community involvement, and commitment to sustainability, but also acknowledges challenges in the economic environment and the failure to meet Core Earnings Per Share targets.

Positives

• The company is committed to environmental sustainability, recycling over 35,000 pounds of waste and conserving over 125,000 gallons of water in 2023.
• First Busey associates are actively involved in community organizations, contributing nearly 16,000 hours in 2023.
• The company has a high level of associate engagement, scoring 4.31 out of 5 in 2023.
• Busey Bank earned a Net Promoter Score (NPS) of 56.5 in 2023, significantly above the financial services industry benchmark of 23.5.
• First Busey has strong inside ownership with over 7% of First Busey common stock beneficially owned by directors and insiders.

Risks

• The document mentions general economic risks, credit risks, regulatory risks, audit risks, and reputational risks.
• The document mentions the impact of competition or risk-related behavior that may be affected by our compensation plans.

Future Outlook

First Busey is poised for growth in 2024 and beyond, with a strong capital position, an attractive core funding base, a sound credit foundation, and an active growth plan.

Management Comments

• First Busey remains committed to balance sheet strength, profitability and growth, in that order.
• First Busey continues to navigate the current economic environment effectively and prudently and resolute in its focus on serving our customers, communities and associates while protecting our balance sheet.
• First Buseys financial strength is built on a long-term conservative operating approach.
• There is no current expectation that such focus will change going forward.
• Throughout, First Buseys management team remained disciplined in its focus on capital, credit quality and efficiency to produce continued solid returns for our stockholders.
• As we reflect back on 2023 and look ahead to 2024, First Busey remains steadfast in our commitment to the customers and communities we serve.

Industry Context

The document notes that the year featured tighter monetary policy and persistent inflation that put increased pressures on consumers and businesses, and ongoing geopolitical tensions fueled market volatility and economic uncertainty across most industries, including banking and financial services.

Comparison to Industry Standards

• The document compares First Busey's Asset Quality Ratio, Net Promoter Score, and Gallup Engagement Score to peer groups and industry benchmarks.
• Busey Bank's Net Promoter Score (NPS) of 56.5 is significantly above the financial services industry benchmark of 23.5.

Related Party Transactions

• Directors and executive officers and their associates were customers of, and had transactions with, First Busey and our subsidiaries in the ordinary course of business during 2023.
• All outstanding loans, commitments to loan, transactions in repurchase agreements, fiduciary and wealth management services, certificates of deposit and depository relationships were in the ordinary course of business and were made on substantially the same terms, including interest rates, collateral and repayment terms on the extension of credit, as those prevailing at the time for comparable transactions with other persons not related to First Busey and did not involve more than the normal risk of collectability or present unfavorable features.

Stakeholder Impact

• The company's performance and governance practices impact shareholders, associates, customers, and communities.
• First Busey is committed to the fair treatment of all our customers and maintains high standards of corporate responsibility by providing consistent, objective and unbiased treatment to all.

Next Steps

• Stockholders are encouraged to vote on the proposals outlined in the proxy statement.
• First Busey will publish its 2023 Busey Impact Report in 2024.

Key Dates

Keywords

annual meeting, proxy statement, directors, executive compensation, RSM US LLP, stockholders, corporate governance, First Busey