First Busey : Announces 2024 Third Quarter Earnings

BUSE

F I R S T B U S E Y C O R P O R A T I O N

A N N O U N C E S

2 0 2 4

T H I R D

Q U A R T E R

E A R N I N G S

Q 3 | 2 0 2 4

October 22, 2024

First Busey Corporation Announces 2024 Third Quarter Earnings CHAMPAIGN, IL - (GLOBE NEWSWIRE) - First Busey Corporation (Nasdaq: BUSE)

Net Income of $32.0 million

Diluted EPS of $0.55

THIRD QUARTER 2024 HIGHLIGHTS

For additional information, please refer to the 3Q24 Earnings Investor Presentation.

MESSAGE FROM OUR CHAIRMAN & CEO

Third Quarter Financial Results

Net income for First Busey Corporation ("Busey," "Company," "we," "us," or "our") was $32.0 million for the third quarter of 2024, or $0.55 per diluted common share, compared to $27.4 million, or $0.47 per diluted common share, for the second quarter of 2024, and $30.7 million, or $0.54 per diluted common share, for the third quarter of 2023. Adjusted net income1, which excludes the impact of acquisition and restructuring expenses, was $33.5 million, or $0.58 per diluted common share, for the third quarter of 2024, compared to $29.0 million, or $0.50 per diluted common share, for the second quarter of 2024 and $30.7 million or $0.55 per diluted common share for the third quarter of 2023. Annualized return on average assets and annualized return on average tangible common equity1 were 1.06% and 12.80%, respectively, for the third quarter of 2024. Annualized adjusted return on average assets1 and annualized adjusted return on average tangible common equity1 were 1.11% and 13.41%, respectively, for the third quarter of 2024.

Third quarter results included $0.8 million in net securities gains, nearly all of which were unrealized, as well as immaterial follow-on adjustments from the mortgage servicing rights sale previously announced in the first quarter of 2024. Excluding these items, adjusted noninterest income1 was $35.1 million, or 29.9% of operating revenue1, during the third quarter of 2024, compared to $33.9 million, or 29.1% of operating revenue, for the second quarter of 2024 and $31.3 million, or 28.7% of operating revenue, for the third quarter of 2023. Further adjusted net income1 was $32.9 million for the third quarter of 2024 with these items excluded, equating to further adjusted earnings1 of $0.57 per diluted common share.

Pre-provision net revenue1 was $41.7 million for the third quarter of 2024, compared to $41.1 million for the second quarter of 2024 and $38.1 million for the third quarter of 2023. Pre-provision net revenue to average assets1 was 1.38% for the third quarter of 2024, compared to 1.37% for the second quarter of 2024, and 1.24% for the third quarter of 2023. Adjusted pre-provision net revenue1 was $44.1 million for the third quarter of 2024, compared to $42.6 million for the second quarter of 2024 and $40.5 million for the third quarter of 2023. Adjusted pre-provision net revenue to average assets1 was 1.46% for the third quarter of 2024, compared to 1.42% for the second quarter of 2024 and 1.32% for the third quarter of 2023.

First Busey Corporation (BUSE) | 2024 Q3 - 2

Our fee-based businesses continue to add revenue diversification. Total noninterest income was $36.0 million for the third quarter of 2024, compared to $33.8 million for the second quarter of 2024 and $31.0 million for the third quarter of 2023. Busey's Wealth Management and FirsTech operating segments contributed $16.2 million and $5.6 million, respectively, to our noninterest income for the third quarter of 2024, representing 60.4% of noninterest income on a combined basis.

Busey views certain non-operating items, including acquisition-related expenses and restructuring charges, as adjustments to net income reported under U.S. generally accepted accounting principles ("GAAP"). Non-operating pretax adjustments for acquisition and restructuring expenses1 were $1.9 million in the third quarter of 2024. Busey believes that its non-GAAP measures (which are identified with the endnote labeled as 1) facilitate the assessment of its financial results and peer comparability. For more information and a reconciliation of these non-GAAP measures in tabular form, see "Non-GAAPFinancial Information" beginning on page 16.

We remain deliberate in our efforts to prudently manage our expense base and operating efficiency given the economic outlook. Noninterest expense was $75.9 million in the third quarter of 2024, compared to $75.5 million in the second quarter of 2024 and $70.9 million in the third quarter of 2023. Adjusted core expense1, which excludes the amortization of intangible assets and new markets tax credits, acquisition and restructuring expenses, and the provision for unfunded commitments, was $71.0 million in the third quarter of 2024, compared to $71.1 million in the second quarter of 2024 and $66.0 million in the third quarter of 2023. The year-over-year comparable period growth in adjusted core expense can be attributed primarily to the acquisition of M&M and general inflationary pressures on compensation and benefits and to a lesser extent certain other expense categories.

Quarterly pre-tax expense synergies resulting from our acquisition of Merchants and Manufacturers Bank Corporation (the "M&M acquisition") are anticipated to be $1.6 million to $1.7 million per quarter when fully realized. Quarterly run-rate savings are projected to be achieved by the first quarter of 2025. During the third quarter of 2024, we achieved approximately 79% of the full quarterly savings. We expect to continue to prudently manage our expenses and to realize increased rates of M&M acquisition synergies during the final quarter of 2024.

Planned Partnership with CrossFirst

On August 26, 2024, Busey and CrossFirst Bankshares, Inc. ("CrossFirst") entered into an agreement and plan of merger (the "merger agreement") pursuant to which CrossFirst will merge with and into Busey (the "merger") and CrossFirst's wholly-owned subsidiary, CrossFirst Bank, will merge with and into Busey Bank. This partnership will create a premier commercial bank in the Midwest, Southwest, and Florida, with 77 full-service locations across 10 states-Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas-and approximately $20 billion in combined assets, $17 billion in total deposits, $15 billion in total loans, and $14 billion in wealth assets under care.

Under the terms of the merger agreement, CrossFirst stockholders will have the right to receive for each share of CrossFirst common stock 0.6675 of a share of Busey's common stock. Upon completion of the transaction, Busey's stockholders will own approximately 63.5% of the combined company and CrossFirst's stockholders will own approximately 36.5% of the combined company, on a fully-diluted basis. Busey common stock will continue to trade on the Nasdaq under the "BUSE" stock ticker symbol.

Completion of the merger is subject to customary closing conditions, including the approval of both Busey and CrossFirst stockholders and the regulatory approvals for the merger and the bank merger. With approvals, the parties expect to close the merger in the first or second quarter of 2025. The combined holding company will continue to operate under the First Busey Corporation name and the combined bank will operate under the Busey Bank name. It is anticipated that CrossFirst Bank will merge with and into Busey Bank in mid-2025. At the time of the bank merger, CrossFirst Bank locations will become banking centers of Busey Bank. In connection with the merger, Busey incurred one-time pretax acquisition-related expenses of $1.3 million during the third quarter of 2024.

For further details on the merger, see Busey's Current Report on Form 8-Kannouncing the merger, which was filed with the U.S. Securities and Exchange Commission (the "SEC") on August 27, 2024.

First Busey Corporation (BUSE) | 2024 Q3 - 3

Busey's Conservative Banking Strategy

Busey's financial strength is built on a long-term conservative operating approach. That focus will not change now or in the future.

The quality of our core deposit franchise is a critical value driver of our institution. Our granular deposit base continues to position us well, with core deposits1 representing 96.5% of our deposits as of September 30, 2024. Our retail deposit base was comprised of more than 253,000 accounts with an average balance of $22 thousand and an average tenure of 16.7 years as of September 30, 2024. Our commercial deposit base was comprised of more than 33,000 accounts with an average balance of $97 thousand and an average tenure of 12.6 years as of September 30, 2024. We estimate that 29% of our deposits were uninsured and uncollateralized2 as of September 30, 2024, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

Asset quality remains strong by both Busey's historical and current industry trends. Non-performing assets decreased to $8.3 million during the third quarter of 2024, representing 0.07% of total assets. Busey's results for the third quarter of 2024 include an insignificant provision expense for credit losses and a $0.4 million provision expense for unfunded commitments. The allowance for credit losses was $85.0 million as of September 30, 2024, representing 1.09% of total portfolio loans outstanding, and providing coverage of 10.34 times our non-performing loan balance. Busey recorded net charge-offs of $0.2 million in the third quarter of 2024. As of September 30, 2024, our commercial real estate loan portfolio of investor-owned office properties within Central Business District3 areas was minimal at $2.1 million. Our credit performance continues to reflect our highly diversified, conservatively underwritten loan portfolio, which has been originated predominantly to established customers with tenured relationships with our company.

The strength of our balance sheet is also reflected in our capital foundation. In the third quarter of 2024, our Common Equity Tier 1 ratio4 was 13.78% and our Total Capital to Risk Weighted Assets ratio4 was 18.19%. Our regulatory capital ratios continue to provide a buffer of more than $580 million above levels required to be designated well-capitalized. Our Tangible Common Equity ratio1 increased to 8.96% during the third quarter of 2024, compared to 8.36% for the second quarter of 2024 and 7.06% for the third quarter of 2023. Busey's tangible book value per common share1 increased to $18.19 at September 30, 2024, from $16.97 at June 30, 2024, and $15.07 at September 30, 2023, reflecting a 20.7% year-over- year increase. During the third quarter of 2024, we paid a common share dividend of $0.24.

Community Banking

In July 2024-based on their community involvement and academic achievements-Busey awarded 10 deserving students from across Busey's footprint in Illinois, Missouri, Florida, and Indiana, a $2,500 scholarship to support their continuing education and bright futures. With 70 applications received, and a record number of eligible applicants, the students with the top scores, as determined by Busey's Scholarship Committee, averaged a 4.16 GPA. Since the inception of the Busey Bank Bridge Scholarship program in 2022, Busey has awarded 30 scholarships to deserving students for a total $75,000. Full details on the scholarship's eligibility criteria and application process can be found at https:// www.busey.com/busey/busey-bank-bridge-scholarship.

First Busey Corporation (BUSE) | 2024 Q3 - 4

As we build upon Busey's forward momentum and our strategic growth plans, we are grateful for the opportunities to consistently earn the business of our customers, based on the contributions of our talented associates and the continued support of our loyal shareholders. With our strong capital position, an attractive core funding base, and a sound credit foundation, we remain confident that we are well positioned as we move into the final quarter of 2024 and into 2025. We are mindful of the evolving economic outlook and remain focused on balance sheet strength, profitability, and growth, in that order. The pending CrossFirst transaction fits with our acquisition strategy and we are excited to welcome our CrossFirst colleagues into the Busey family.

Van A. Dukeman

Chairman and Chief Executive Officer

First Busey Corporation

First Busey Corporation (BUSE) | 2024 Q3 - 5

SELECTED FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

September 30,

EARNINGS & PER SHARE AMOUNTS

2024

2024

2023

2024

2023

Net income

$

32,004

$

27,357

$

30,666

$

85,586

$

96,816

Diluted earnings per common share

0.55

0.47

0.54

1.49

1.72

Cash dividends paid per share

0.24

0.24

0.24

0.72

0.72

Pre-provision net revenue1, 2

41,744

41,051

38,139

129,168

125,593

Operating revenue2

117,688

116,311

109,084

343,676

336,146

Net income by operating segment:

Banking

33,221

26,697

31,189

86,410

98,689

FirsTech

(61)

28

317

53

505

Wealth Management

5,618

5,561

4,781

16,177

14,571

AVERAGE BALANCES

Cash and cash equivalents

$

502,127

$

346,381

$

252,730

$

480,979

$

237,370

Investment securities

2,666,269

2,737,313

3,148,759

2,769,862

3,254,054

Loans held for sale

11,539

9,353

2,267

8,585

1,955

Portfolio loans

7,869,798

8,010,636

7,834,285

7,826,741

7,767,378

Interest-earning assets

10,936,611

10,993,907

11,118,167

10,976,660

11,142,780

Total assets

12,007,702

12,089,692

12,202,783

12,040,414

12,225,232

Noninterest-bearing deposits

2,706,858

2,816,293

2,925,244

2,743,777

3,082,884

Interest-bearing deposits

7,296,921

7,251,582

7,217,463

7,292,884

6,886,277

Total deposits

10,003,779

10,067,875

10,142,707

10,036,661

9,969,161

Federal funds purchased and securities sold under agreements to

repurchase

132,688

144,370

190,112

151,835

207,014

Interest-bearing liabilities

7,731,459

7,725,832

7,864,355

7,762,867

7,748,218

Total liabilities

10,643,325

10,757,877

10,994,376

10,716,295

11,029,374

Stockholders' equity - common

1,364,377

1,331,815

1,208,407

1,324,119

1,195,858

Tangible common equity2

994,657

955,591

850,382

957,788

835,204

PERFORMANCE RATIOS

Pre-provision net revenue to average assets1, 2, 3

1.38 %

1.37 %

1.24 %

1.43 %

1.37 %

Return on average assets3

1.06 %

0.91 %

1.00 %

0.95 %

1.06 %

Return on average common equity3

9.33 %

8.26 %

10.07 %

8.63 %

10.82 %

Return on average tangible common equity2, 3

12.80 %

11.51 %

14.31 %

11.94 %

15.50 %

Net interest margin2, 4

3.02 %

3.03 %

2.80 %

2.94 %

2.93 %

Efficiency ratio2

62.15 %

62.32 %

62.38 %

60.87 %

59.97 %

Adjusted noninterest income to operating revenue2

29.86 %

29.13 %

28.69 %

29.95 %

27.91 %

NON-GAAP FINANCIAL INFORMATION

Adjusted pre-provision net revenue1, 2

$

44,104

$

42,617

$

40,491

$

125,359

$

132,067

Adjusted net income2

33,533

29,016

30,730

89,080

96,889

Adjusted diluted earnings per share2

0.58

0.50

0.55

1.55

1.72

Adjusted pre-provision net revenue to average assets2, 3

1.46 %

1.42 %

1.32 %

1.39 %

1.44 %

Adjusted return on average assets2, 3

1.11 %

0.97 %

1.00 %

0.99 %

1.06 %

Adjusted return on average tangible common equity2, 3

13.41 %

12.21 %

14.34 %

12.42 %

15.51 %

Adjusted net interest margin2, 4

2.97 %

3.00 %

2.79 %

2.92 %

2.91 %

Adjusted efficiency ratio2

60.50 %

60.57 %

62.31 %

60.91 %

59.95 %

___________________________________________

First Busey Corporation (BUSE) | 2024 Q3 - 6

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in thousands, except per share amounts)

As of

September 30,

June 30,

September 30,

2024

2024

2023

ASSETS

$

553,709

$

285,269

$

337,919

Cash and cash equivalents

Debt securities available for sale

1,818,117

1,829,896

2,182,841

Debt securities held to maturity

838,883

851,261

882,614

Equity securities

10,315

9,618

8,782

Loans held for sale

11,523

11,286

3,051

Commercial loans

5,631,281

5,799,214

5,824,800

Retail real estate and retail other loans

2,177,816

2,199,698

2,031,360

Portfolio loans

7,809,097

7,998,912

7,856,160

Allowance for credit losses

(84,981)

(85,226)

(91,710)

Premises and equipment

120,279

121,647

122,538

Right of use asset

11,100

11,137

11,500

Goodwill and other intangible assets, net

368,249

370,580

356,343

Other assets

530,548

567,036

588,212

Total assets

$

11,986,839

$

11,971,416

$

12,258,250

LIABILITIES & STOCKHOLDERS' EQUITY

Liabilities

Deposits:

Noninterest-bearing deposits

$

2,683,543

$

2,832,776

$

2,918,574

Interest-bearing checking, savings, and money market deposits

5,739,773

5,619,470

5,747,136

Time deposits

1,519,925

1,523,889

1,666,652

Total deposits

9,943,241

9,976,135

10,332,362

Securities sold under agreements to repurchase

128,429

140,283

183,702

Short-term borrowings

-

-

12,000

Long-term debt

227,482

227,245

243,666

Junior subordinated debt owed to unconsolidated trusts

74,754

74,693

71,946

Lease liability

11,470

11,469

11,783

Other liabilities

198,579

207,781

212,633

Total liabilities

10,583,955

10,637,606

11,068,092

Stockholders' equity

279,868

261,820

224,698

Retained earnings

Accumulated other comprehensive income (loss)

(170,913)

(220,326)

(290,730)

Other1

1,293,929

1,292,316

1,256,190

Total stockholders' equity

1,402,884

1,333,810

1,190,158

Total liabilities & stockholders' equity

$

11,986,839

$

11,971,416

$

12,258,250

SHARE AND PER SHARE AMOUNTS

$

24.67

$

23.50

$

21.51

Book value per common share

Tangible book value per common share2

$

18.19

$

16.97

$

15.07

Ending number of common shares outstanding

56,872,241

56,746,937

55,342,017

___________________________________________

First Busey Corporation (BUSE) | 2024 Q3 - 7

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(dollars in thousands, except per share amounts)

INTEREST INCOME Interest and fees on loans

Interest and dividends on investment securities Other interest income

Total interest income

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

September 30,

2024

2024

2023

2024

2023

$

111,336

$

109,641

$

99,844

$

320,302

$

284,423

18,072

19,173

21,234

57,182

62,360

5,092

3,027

1,591

14,590

3,890

$

134,500

$

131,841

$

122,669

$

392,074

$

350,673

INTEREST EXPENSE

$

46,634

$

43,709

$

37,068

$

134,311

$

78,576

Deposits

Federal funds purchased and securities sold under agreements

981

1,040

1,327

3,393

3,772

to repurchase

Short-term borrowings

26

418

1,964

676

12,527

Long-term debt

3,181

3,181

3,528

9,767

10,631

Junior subordinated debt owed to unconsolidated trusts

1,137

1,059

991

3,185

2,849

Total interest expense

$

51,959

$

49,407

$

44,878

$

151,332

$

108,355

Net interest income

$

82,541

$

82,434

$

77,791

$

240,742

$

242,318

Provision for credit losses

2

2,277

364

7,317

1,944

Net interest income after provision for credit losses

$

82,539

$

80,157

$

77,427

$

233,425

$

240,374

NONINTEREST INCOME

$

15,378

$

15,917

$

14,235

$

46,844

$

43,594

Wealth management fees

Fees for customer services

8,168

7,798

7,502

23,022

21,560

Payment technology solutions

5,265

5,915

5,226

16,889

15,772

Mortgage revenue

355

478

311

1,579

871

Income on bank owned life insurance

1,189

1,442

1,001

4,050

3,682

Realized net gains (losses) on the sale of mortgage servicing

rights

(18)

277

-

7,724

-

Net securities gains (losses)

822

(353)

(285)

(5,906)

(2,960)

Other noninterest income

4,792

2,327

3,018

10,550

8,349

Total noninterest income

$

35,951

$

33,801

$

31,008

$

104,752

$

90,868

NONINTEREST EXPENSE

$

44,593

$

43,478

$

39,677

$

130,161

$

119,867

Salaries, wages, and employee benefits

Data processing expense

6,910

7,100

5,930

20,560

17,472

Net occupancy expense of premises

4,633

4,590

4,594

13,943

13,896

Furniture and equipment expense

1,647

1,695

1,638

5,155

5,065

Professional fees

3,118

2,495

1,542

7,866

4,573

Amortization of intangible assets

2,548

2,629

2,555

7,586

7,953

Interchange expense

1,352

1,733

1,786

4,696

5,509

FDIC insurance

1,413

1,460

1,475

4,273

4,483

Other noninterest expense

9,712

10,357

11,748

27,992

31,735

Total noninterest expense

$

75,926

$

75,537

$

70,945

$

222,232

$

210,553

Income before income taxes

$

42,564

$

38,421

$

37,490

$

115,945

$

120,689

Income taxes

10,560

11,064

6,824

30,359

23,873

Net income

$

32,004

$

27,357

$

30,666

$

85,586

$

96,816

SHARE AND PER SHARE AMOUNTS

$

0.56

$

0.48

$

0.55

$

1.52

$

1.75

Basic earnings per common share

Diluted earnings per common share

$

0.55

$

0.47

$

0.54

$

1.49

$

1.72

Average common shares outstanding

57,033,359

56,919,025

55,486,700

56,458,430

55,441,980

Diluted average common shares outstanding

57,967,848

57,853,231

56,315,492

57,411,299

56,230,624

First Busey Corporation (BUSE) | 2024 Q3 - 8

BALANCE SHEET STRENGTH

Our balance sheet remains a source of strength. Total assets were $11.99 billion as of September 30, 2024, compared to $11.97 billion as of June 30, 2024, and $12.26 billion as of September 30, 2023.

We remain steadfast in our conservative approach to underwriting and disciplined approach to pricing, particularly given our outlook for the economy in the coming quarters, and this approach has impacted loan growth as predicted. Portfolio loans totaled $7.81 billion at September 30, 2024, compared to $8.00 billion at June 30, 2024, and $7.86 billion at September 30, 2023.

Average portfolio loans were $7.87 billion for the third quarter of 2024, compared to $8.01 billion for the second quarter of 2024 and $7.83 billion for the third quarter of 2023. Average interest-earning assets were $10.94 billion for the third quarter of 2024, compared to $10.99 billion for the second quarter of 2024, and $11.12 billion for the third quarter of 2023.

Total deposits were $9.94 billion at September 30, 2024, compared to $9.98 billion at June 30, 2024, and $10.33 billion at September 30, 2023. Average deposits were $10.00 billion for the third quarter of 2024, compared to $10.07 billion for the second quarter of 2024 and $10.14 billion for the third quarter of 2023. Deposit fluctuations over the last several quarters were driven by a number of elements, including

There were no short term borrowings as of September 30 or June 30, 2024, compared to $12.0 million at September 30, 2023. We had no borrowings from the Federal Home Loan Bank ("FHLB") at the end of the third quarter of 2024, the second quarter of 2024, or the third quarter of 2023. We have sufficient on- and off-balance sheet liquidity5 to manage deposit fluctuations and the liquidity needs of our customers. As of September 30, 2024, our available sources of on- and off-balance sheet liquidity totaled $6.37 billion. We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the third quarter of 2024 had a weighted average term of 8.1 months at a rate of 4.18%, 67 basis points below our average marginal wholesale equivalent-term funding cost during the quarter. Furthermore, our balance sheet liquidity profile continues to be aided by the cash flows we expect from our relatively short-duration securities portfolio. Those cash flows were approximately $81.1 million in the third quarter of 2024. For the remainder of 2024, cash flows from our securities portfolio are expected to be approximately $97.1 million with a current book yield of 2.18%.

First Busey Corporation (BUSE) | 2024 Q3 - 9

ASSET QUALITY

Credit quality continues to be strong. Loans 30-89 days past due totaled $10.1 million as of September 30, 2024, compared to $23.5 million as of June 30, 2024, and $5.9 million as of September 30, 2023. The decrease in loans that were 30-89 days past due is primarily attributable to a single commercial real estate loan in the second quarter that is no longer past due as of September 30, 2024. Non-performing loans were $8.2 million as of September 30, 2024, compared to $9.1 million as of June 30, 2024, and $12.0 million as of September 30, 2023. Continued disciplined credit management resulted in non-performing loans as a percentage of portfolio loans of 0.11% as of both September 30, 2024, and June 30, 2024, and 0.15% as of September 30, 2023. Non-performing assets were 0.07% of total assets for the third quarter of 2024, compared to 0.08% for the second quarter of 2024 and 0.10% for the third quarter of 2023. Our total classified assets were $89.0 million at September 30, 2024, compared to $95.8 million at June 30, 2024, and $59.6 million at September 30, 2023. Our ratio of classified assets to estimated bank Tier 1 capital4 and reserves remains low by historical standards, at 5.9% as of September 30, 2024, compared to 6.4% as of June 30, 2024, and 4.1% as of September 30, 2023.

Net charge-offs were $0.2 million for the third quarter of 2024, compared to $9.9 million for the second quarter of 2024, and $0.3 million for the third quarter of 2023. Charge-offs in the second quarter of 2024 were primarily in connection with a single commercial and industrial credit relationship that also experienced a partial charge-off during the first quarter of 2024. The allowance as a percentage of portfolio loans was 1.09% as of September 30, 2024, compared to 1.07% as of June 30, 2024, and 1.17% as of September 30, 2023. The ratio was impacted in 2024 by the acquisition of M&M's Life Equity LoanĀ® portfolio, as Busey did not record an allowance for credit loss for these loans due to no expected credit loss at default, as permitted under the practical expedient provided within the Accounting Standards Codification 326-20-35-6. The allowance coverage for non-performing loans was 10.34 times as of September 30, 2024, compared to 9.36 times as of June 30, 2024, and 7.64 times as of September 30, 2023.

Busey maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment.

First Busey Corporation (BUSE) | 2024 Q3 - 10

Disclaimer

First Busey Corporation published this content on November 21, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 21, 2024 at 04:59:02.616.