First Busey : Busey Q1 2026 Investor Presentation

Published: 2026-04-28 17:53:58 ET BUSE

Published on 04/28/2026 at 05:53 pm EDT

Huse

FIRST BUSEY CORPORATION

busey.com NASDAQ: BUSE

Member FDIC

Overview of First Busey Corporation (BUSE) 4

1Q26 Review 5

Investment Highlights 6

Earnings Performance 7

Strategically Configured Regional Operating Model 8

High Quality Loan Portfolio 9

Well-Diversified & Conservatively Underwritten Portfolio 10

Pristine Credit Quality 11

Top Tier Core Deposit Franchise 12

Net Interest Margin 13

Diversified and Significant Sources of Noninterest Income 14

Wealth Management 15

Focused Control on Expenses 16

Robust Capital Foundation 17

Appendix: 18

Seasoned Leadership Team 19

Purchase Accounting Projections 20

Non-GAAP Financial Information 21

Holding company of a 158+ year old bank Corporate headquarters in Leawood, KS

Powerful Combination of Banking, Wealth, and Payments

Premier Commercial Banking Franchise with attractive market footprint

Full-service Trust Company

Treasury Management Services and Payment Solutions

Sizable business lines that provide a full suite of solutions to our clients at every stage of their business and personal life

$18.0 Billion

Total Assets 1

Wealth Assets Under Care 1

Market Cap 1

1 Total Assets and Wealth Assets Under Care as of 3/31/26. Market cap as of 4/27/26

‌1Q26 Review

Improving Profitability

Profitability was strong with a 1.42% adj. ROAA1, a 14.12% adj. ROATCE1, and 54.8% efficiency ratio1

in 1Q26, compared to 1.09% adj. ROAA1, 11.25% adj. ROATCE1, and 58.7% efficiency ratio1 in 1Q25

NIM up 6 bps QoQ and up 61 bps YoY as the company continues to demonstrate disciplined loan pricing and strong deposit cost control

1Q26 Summary Income Statement

$ in millions

Metric 4Q25 1Q26

Adj. Diluted EPS 1 $0.68 $0.67 Adj. Net Income to Common S/H 1 $61 million $59 million

$154.0

$43.2

1.26%

Allowance/ Loans

21.48%

Effective Tax Rate

$58.6

Total Operating Revenue 1 $201 million $197 million Net Interest Margin 1 3.71% 3.77%

-$112.8

-$3.1

-$13.7

-$4.4

-$4.6

Net Interest Income

$158 million

$154 million

Net Interest Adj.

Adj.

Provision for

Income

Reversal of tax

Preferred

Adj. Net

Adj. Noninterest Income 1

$43 million

Income Noninterest

Noninterest

credit losses

Taxes

benefit from

Dividend

Income to

Income¹

Expense¹

non-operating

costs

Common

Shareholders¹

Adj. Pre-Provision Net Revenue 1 $85 million $84 million

Wealth management exhibits excellent performance

Assets Under Care of $15.6 billion at 3/31/26, as net AUC inflows across our footprint helped to soften the impacts from lower markets during the quarter

1Q26 Wealth segment revenue of $19.5 million was a new quarterly record (supported by typical seasonally high Ag Services revenue), following the FY 2025 wealth segment revenue of

$70.2 million being the highest in company history

Tangible Book Value grows year-over-year as Share Repurchase Plan remains active

TBV per share up $1.52/share, or 8%, YoY; TBV per share plus dividend up 14%

Since embarking on share repurchase initiative in March 2025, repurchased over 6% of the total common shares that were outstanding at 3/31/25

Adj. ROAA 1

1.41%

1.42%

Adj. ROATCE 1

14.32%

14.12%

Efficiency Ratio 1

55.0%

54.8%

Total Assets

$18.1 billion

$18.0 billion

Total Loans

$13.6 billion

$13.5 billion

Total Deposits

$14.9 billion

$14.7 billion

TBV / Share 1

$20.23

$20.14

Adj. PPNR ROAA 1 1.85% 1.89%

Repurchase

Plan Update

Common Shares Repurchased

Average Price

$ Return to Shareholders

FY 2025

3.06 million

$22.81

$69.9 million

1Q26

2.62 million

$25.07

$65.6 million

Total

5.68 million

$23.85

$135.5 million

Balance sheet contracted due partially to anticipated seasonal patterns; asset quality remains strong

Loans declined by $108 million influenced by steady payoff headwinds and typical lighter first quarter loan production; asset quality remains strong with NPAs / Assets now at 0.28%, reserve coverage at 1.26% of total loans, and 22 bps of NCOs during 1Q26

Deposits declined by $170 million, partially related to seasonal public funds and business outflows that are anticipated to substantially return in 2Q26 and 3Q26

1 Non-GAAP calculations, see Appendix

Balance Sheet Strength

High quality, commercially-oriented loan portfolio is well-diversified by sector and geographic location and conservatively underwritten with low levels of concentration; strong reserve levels with allowance/loans at 1.26%

Stable, low-cost core deposit franchise: 93.7% core deposits1, 23.9% of total deposits were noninterest-bearing, 37.4% of total deposits were priced at 1 basis point or less, and 1.81% total cost of deposits in 1Q26

Resilient liquidity profile with available sources of on- and off-balance sheet liquidity2 totaling $8.6 billion

Robust capital foundation with capital ratios at $800 million+ excess over well-capitalized minimums with capital buffer: TCE/TA of 9.8%, CET1 of 12.3%, and Total Capital of 15.9% at 3/31/263

1Q26

KRX Median

$ in billions

Metrics better than

KRX median in bold

MRQ 4

Total Assets

$18.0

$29.4

Total Loans

$13.5

$21.4

Total Deposits

$14.7

$24.4

Total Wealth AUC

$15.6

TCE Ratio1

9.8 %

8.9 %

CET1 Ratio3

12.3 %

12.2 %

NPA/Assets

0.28 %

0.45 %

Net Interest Margin 1

3.77 %

3.59 %

Adj. Nonint. Income %

21.9 %

16.7 %

Adj. PPNR ROAA 1

1.89 %

1.78 %

Adj. ROAA 1

1.42 %

1.32 %

Adj. ROATCE 1

14.1 %

14.6 %

Efficiency Ratio 1

54.8 %

54.9 %

Market Cap 5

$2.3

$4.5

Dividend Yield 5

3.9%

3.0 %

Price / TBV 5

1.3x

1.7x

Price / 2026E 6

10.4x

10.9x

Attractive Profitability and Returns

Long history of quality earnings performance

Substantial improvements in ROAA1, ROATCE1, Net Interest Margin1, and Efficiency Ratio1 over the last twelve months as synergy realization ramped up from recently integrated CrossFirst acquisition

Quarterly common stock dividend of $0.26 (3.9% yield)5, increased by $0.01, or 4%, in Jan. 2026

Disciplined Growth Strategy Driven by Regional Operating Model

Active share repurchase program with $135.5 million, or over 6% of outstanding common shares, repurchased during the last twelve months

Organic growth powered by an approach that brings the full capabilities of commercial, wealth, and payments to each community through local leadership and autonomy

Anticipated primary organic growth drivers are expansion in new high-growth markets, successful hiring/ retaining of top-tier talent, and delivering the full suite of solutions to the entirety of the client base

Efficient branch network - average deposits per branch of $184 million at 3/31/26

Executed nine strategic acquisitions over the last decade to enhance franchise value without unduly diluting shareholders, including the TBV-accretive acquisition of the $7.5 billion asset CrossFirst Bank in 2025

of Operating Revenue

1 Non-GAAP calculation, see Appendix | 2 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey's borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines | 3 1Q26 capital ratios are preliminary estimates | 4 Most recent quarter reported for KRX components as of 4/27/26 | 5 Market Data for BUSE updated to close on 4/27/26 | 6 Based on consensus median net income of covering analysts as of 4/27/26

‌Earnings Performance

$ in millions

$57.2

$57.4

$60.6

$0.68

$58.6

$0.67

$39.9

$0.63

$0.64

$0.57

2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

14.4%

14.0%

14.3%

14.1%

11.3%

1 .41 %

1 .42%

1 .33%

1 .21 %

1 .09%

2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

$31.22

$0.75

$12.33

$0.36

$30

+9.49% CAGR

$0.67

+$18.89

$20

$0.50

$10

FY 201 5

FY 201 6

FY 201 7

FY 201 8

FY 201 9

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

2026

$0.25

201 6

201 7

201 8

201 9

2020

2021

2022

2023

2024

2025

2026

Current common stock dividend yield of 3.9%3

1 Non-GAAP calculation, see Appendix | 2 Includes cumulative dividends per share over the period | 3 Market Data for BUSE updated to close on 4/27/26

Enterprise-wide sales structure is organized by region - bringing full capabilities and the complete Busey experience to each community through local leadership and autonomy

$3.0B

deposits

$2.0B

loans

Focused on bringing the full breadth of commercial, wealth, and payments to provide a broad set of financial solutions to well-capitalized individuals and the companies they own & operate

$2.4B

deposits

$2.0B

loans

$3B AUC

$1.5B

loans

$7.7B

deposits

$4.6B $13B

loans AUC

$1.8B

loans

$0.7B

deposits

Life Equity Lending Structured Finance Energy Banking SBA Lending

$1.1B

loans

$0.8B

deposits

Notes: Balances based on origination location; data as of 3/31/26 | St. Louis MSA markets were recategorized into the Midwest region in 1Q26 (previously categorized in East region)

Other

Residential

Real Estate 1 6%

Real Estate Construction 8%

Total Loan Portfolio:

$13.5

Billion

Commercial &

Industrial 30%

Owner-Occupied CRE

Non-Owner- 11 %

Occupied CRE 31 %

As of 3/31/26

Commercially-oriented portfolio is

well-diversified by sector and geographic location and conservatively underwritten with low levels of concentration

Commercial Loans /

Disciplined loan pricing remains a key enterprise-wide priority

Net New Funding Yield Loan Yield SOFR 30D (Avg)

Total Portfolio

80%

100/300 Test

46% C&D /

229% CRE

6.35%

6.49%

6.91 %

7.1 3%

7.06%

5.76%

6.22%

6.20%

4.36%

4.33%

4.35%

6.1 0% 6.03%

While maintaining focus on our guiding principles of pristine asset quality

4.09%

Classified Assets / Capital 1

NPLs / Total Loans

3.68%

9.4% 0.35%

KRX Median MRQ 2 KRX Median MRQ 2

11.3% 0.56%

3/31 /25 6/30/25 9/30/25 1 2/31 /25 3/31 /26

Seasonally slow new production during the quarter and payoff headwinds contributed to anticipated QoQ balance decline

$ in millions

Portfolio

% of

2025 Q4 QoQ ∆ 2026 Q1 Total

East

(Chicago, Southwest FL)4 $2,519 +$34 $2,553 19.0 %

Midwest

(Central IL, Indy, St. Louis)4 $4,732 -$114 $4,618 34.3 %

Majority of loan contraction in the Midwest region is due to several larger C&I and CRE payoffs in the St. Louis market

14.6 %

$1,965

$2,029 -$64

Central

(KC, Wichita, OKC, Tulsa)

loan payoffs of ~$50 million during the quarter

Central region continued to generate new client production, but experienced headwind from PCD

$ in millions

+$500

+$319

-$263

-$190

+$250

+$95

-$69

Texas

(Dallas, Fort Worth)

West

$1,770 -$19 $1,751 13.0 %

West region produced growth of 4.6% QoQ;

driven by production from new hires and $0

retained talent in Phoenix, Denver, and

(AZ, CO, NM) $1,006 +$47 $1,053 7.8 %

Colorado Springs markets

Verticals $1,511 +$9 $1,520 11.3 %

Total Loans $13,568 -$108 $13,460 100 %

Life Equity Lending continued to provide strong loan production that offset slight declines in other verticals to drive net positive growth during quarter

New Loan Production

Net Line of Credit Draws

PCD Loan Payoffs

Other Payoffs⁵

Amortization

1 Capital is Busey Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses | 2 Most recent quarter reported for KRX components as of 4/27/26 | 3 Based on loan origination

4 St. Louis MSA markets were recategorized into the Midwest region in 1Q26 (previously categorized in East region) | 5 Includes $7.4 million of net charge-offs, which represent an immaterial percentage of other payoffs

Commercial & Industrial (C&I)

$ in millions

Property Type

% of 3/31/26 3/31/26 Total Classified Balances Loans Balances

$ in millions

Property Type

% of 3/31/26 3/31/26 Total Classified Balances Loans Balances

$ in millions

NAICS Sector

% of 3/31/26 3/31/26 Total Classified Balances Loans Balances

Investor-Owned CRE 1

Owner-Occupied CRE

Apartments $1,153.0 8.6 % $0.0

Industrial/Warehouse 921.4 6.8 % 0.1

Retail 776.2 5.8 % 0.0

Traditional Office 508.5 3.8 % 0.5

Land Acq. & Dev. 396.2 2.9 % 11.8

Hotel 338.9 2.5 % 0.0

Student Housing 274.2 2.0 % 0.0

100/300 Test:

46% C&D

229% CRE-I

Only 0.2% of total CRE-I loans are classified

Specialty 237.6 1.8 % 0.0

Senior Housing

159.5

1.2 %

0.0

Self-Storage

146.8

1.1 %

0.0

Medical Office

137.9

1.0 %

0.0

Other

168.5

1.3 %

0.0

Grand Total

$5,218.7

38.8 %

$12.4

Industrial/Warehouse $492.2 3.7 % $11.3

Specialty 327.1 2.4 % 6.5

Traditional Office 210.1 1.6 % 1.2

Medical Office 150.1 1.1 % 0.0

Restaurant 116.7 0.9 % 8.9

Retail 110.4 0.8 % 1.7

Other 16.9 0.1 % 3.6

Grand Total $1,423.5 10.6 % $33.2

Only 2.3% of total OOCRE loans are classified

Lower risk profiles as underwritten to the primary occupying business and are not as exposed to lease turnover risks

Finance and Insurance

$804.6

6.0 %

$14.4

Manufacturing

468.4

3.5 %

57.4

Real Estate, Rental and Leasing

381.9

2.8 %

3.5

Food Services, Drinking Places

330.3

2.5 %

8.0

Wholesale Trade

247.1

1.8 %

9.2

Construction

229.6

1.7 %

3.4

Other Services (ex. Public Admin)

223.9

1.7 %

2.7

Mining, Quarrying, Oil, Gas

217.4

1.6 %

0.0

Retail Trade

179.1

1.3 %

4.0

Agriculture, Forestry, Fishing

161.7

1.2 %

4.8

Transportation

151.3

1.1 %

9.0

Health Care and Social Assist.

148.3

1.1 %

9.7

Professional, Scientific, Tech

129.9

1.0 %

16.5

Educational Services

111.0

0.8 %

0.1

Other 297.7 2.2 % 15.7

Grand Total $4,082.2 30.3 % $158.4

Majority of the Finance & Insurance portfolio (represents 20% of C&I loans, or 6% of total loans) is secured by marketable securities

C&I lines of credits have an overall utilization of 51%, demonstrating substantial borrowing capacity and appropriate revolving of most lines

1 Investor owned CRE (CRE-I) includes C&D, Multifamily and non-owner occupied CRE

Note: Minor difference in balances from above charts and consolidated balances reported elsewhere is attributable to purchase accounting, deferred fees & costs, and overdrafts

Conservative underwriting and strong portfolio management has resulted in a continued legacy of pristine credit quality

Processes in place that identify any early warning indicators and proactively engage the special assets group early in the credit review process (special assets group has remained intact since the 2008-2009 recession)

Loans 90+ days past due and still accruing of $0.8 million

$ in millions

0.46%

0.39%

0.31 %

at 3/31/26, or 0.01% of total loans, and loans 30-89 days past due represent 0.13% of total loans

OREO and repossessed asset balances total $3.3 million at 3/31/26, down from $4.6 million at 12/31/25 due to successful disposition of certain assets

0.23%

0.1 3%

0.06%

0.1 9%

0.32%

0.28%

1Q26 net credit provision expense of $3.1 million

2022 YE 2023 YE 2024 YE 2025 YE 2026 Q1

BUSE NPAs

$16.6

$7.9

$23.3

$58.1

$49.9

$ in millions

1 .26%

1 .20%

1 .22%

1 .1 9%

1 .1 7%

1 .28%

0.23%

0.1 6%

0.22%

0.1 9%

0.1 7%

0.05%

0.01 % 0.03%

1 .07%

1 .08%

BUSE NCOs

$0.9

$2.3

$18.2

$5.8

$7.4

2022 YE 2023 YE 2024 YE 2025 Q4 2026 Q1

2022 YE 2023 YE 2024 YE 2025 YE 2026 Q1

Reserves + purchase accounting marks / loans = 1.86%

Allowance to Nonperforming Loans coverage of 3.63 x

1 Average loans was calculated as the average of the ending portfolio loan balances over the most recent four quarters

As of 3/31/26

Loan to Deposit Ratio

91.3%

Core Deposits 1

93.7%

MRQ Avg Cost of Total Deposits

Total Cost of Deposits vs. Peers

37% deposit beta during 1Q26

53% deposit beta since 2Q25

3.00%

2.50%

2.21 % 2.1 5%

Interest-bearing

21 %

Total Deposits:

Noninterest-bearing 24%

$14.7

Billion

Savings & Money Market 39%

Time

>250k 6%

Time

<250k 1 0%

1.81%

% of Total Deposits priced at 1 bp or less

37.4%

Average Deposits per Branch

$184 million

2.00%

1 .50%

1 .00%

2.00%

1 .91 %

3/1/25:

Closed acquisition of CrossFirst Bankshares

2.00% 1 .99%

6/28/25:

Merged CrossFirst Bank into Busey Bank

1 .91 %

1 .89%

1 .81 %

2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

$ in millions

Portfolio

% of

2025 Q4 QoQ ∆ 2026 Q1 Total

East

Midwest

(Central IL, Indy, St. Louis)2

$7,876

-$178

$7,698

52.2 %

rebuild in 2Q26 and 3Q26,

consistent with prior years

(Chicago, Southwest FL)2 $2,401 +$9 $2,410 16.4 %

Central

(KC, Wichita, OKC, Tulsa) $2,953 +$12 $2,965 20.1 %

Texas

(Dallas, Fort Worth) $721 -$23 $698 4.7 %

(AZ, CO, NM)

$797

+$6

$803

5.4 %

but was pressured by one

Verticals

$158

+$4

$162

1.1 %

outsized transactional ICS

deposit outflow

Total Deposits

$14,906

-$170

$14,736

100 %

West

Midwest region impacted by outflows of seasonal public funds that are expected to

Texas demonstrated momentum on core deposit gathering during quarter,

Deposit Costs expected to remain stable

Spot total deposit cost was 1.81% at 3/31/26, compared to 1.80% at 12/31/25

Brokered deposits are less than 1% of total deposits

New CD production in 1Q26 had a weighted-average term of

7.4 months and a weighted-average rate of 3.3%; CD repricing anticipated to be beneficial in 2Q26

2Q26

3Q26

4Q26

Balances

$1,268

$666

$132

Weighted

Average Rate 3.8 %

3.3 %

2.3 %

($ millions)

1 Non-GAAP calculation, see Appendix | 2 St. Louis MSA markets were recategorized into the Midwest region in 1Q26 (previously categorized in East region)

$ in millions

$1 03.7

$7.1

$146.1

$5.9

$149.2

$5.2

$152.4

$5.4

$148.6

$2.7

$101.0

$1 53.2 $1 55.1 $1 57.6 $1 54.0

Earning Assets Cost of Funds NIM

5.63% 5.63% 5.53% 5.51 %

5.08%

3.58% 3.71 % 3.77%

3.1 6%

3.49%

2.02% 2.29% 2.22% 1 .97% 1 .89%

2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

Note: Company Purchase Accounting Schedule in appendix

Factors contributing to the QoQ +6 bps NIM expansion

2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

Avg IE Assets ($B)

$13.36

$17.70

$17.27

$16.94

$16.67

Continued to benefit from the substantial amount of low-yield loans and securities rolling off into higher-yield products

Reduced deposit costs by 10 bps QoQ (37% quarterly beta) by applying measured rate cutting initiatives to optimize funding costs

Net interest income declined $3.6 million QoQ, primarily due to lower day count in the first quarter

2Q26 - 4Q26 2027 2028

Weighted Average Rate

4.8 %

4.9 %

5.4 %

Balances ($ millions)

$842 $982 $708

Rate Shock

Year 1

N ct

II Impa

Year 2 N t

II Impac

Balance sheet remains well-positioned for rate neutrality

1Q26 Net New Loan Funding Yield:

6.49%

+200 bps

+4.3%

+5.0%

+100 bps

+2.3%

+2.7%

-100 bps

-1.3%

-2.5%

-200 bps

-1.3%

-4.2%

2Q26 - 4Q26 2027 2028

New Securities purchased at:

~4.75%

Roll-off Cash Flow

($ millions) $303 $321 $322

Approximate Roll-off Yield

3.2 %

3.1 %

3.0 %

1 Tax-equivalent adjusted amounts; Non-GAAP, see Appendix

2 Based on a static balance sheet that is projected over one- and two-year time horizons, with net interest income calculated under current market rates assuming permanent instantaneous shifts

$ in millions

Adjusted Noninterest Income

As a percentage of

Total Revenue 1

$1 92.0

$153.2

$1 96.7

$155.1

$200.9

$157.6

$1 97.2

$154.0

$1 40.7

$103.7

26.3%

20.2%

21 .1 %

21 .6%

21 .9%

$37.0

$38.9

$41.5

$43.4

$43.2

NII became a larger share of total revenue with significant NIM expansion and recent acquisition

Wealth + Payments +

Treasury Management

As a percentage of

Total Noninterest Income 2

$ in thousands

2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

Noninterest Income Detail

YoY

2025 Q1 4 Change

% of Total

2026 Q1 (Adj.)

Payment Technology Solutions includes lockbox/ACH payment processing, merchant services, online payments, and other electronic payments

Wealth Management Fees

$17,364

+12%

$19,370

44.8 %

Payment Technology Solutions

5,073

5,077

11.8 %

Treasury Management Services

3,017

+60%

4,826

11.2 %

Card Services and ATM Fees

3,709

+25%

4,646

10.8 %

Other Service Charges on Deposit Accounts

1,533

-2%

1,506

3.5 %

Mortgage Revenue

329

+33%

438

1.0 %

Income on Bank Owned Life Insurance

1,446

+12%

1,616

3.7 %

Other Noninterest Income5

4,520

+27%

5,726

13.3 %

Adjusted Noninterest Income

$36,991

+17%

$43,205

100 %

Net Securities Gains (Losses)

(15,768)

(940)

Total Noninterest Income

$21,223

$42,265

Treasury Management Services includes commercial cash management services, wires, and other commercial business service charges

1Q26 Card Services line item includes $1.3 million of interchange from corporate credit cards that are managed by Treasury Management team

Minimal contribution from other service charges such as NSF, overdraft, and consumer deposit fees

Capital Markets activities drove YoY growth momentum for Other Noninterest Income

1 1Q26 adjusted noninterest income contributed 21.9% of total operating revenue (excludes net securities gains) | 271.1% of 1Q26 adjusted noninterest income is contributed by wealth management fees, wealth management referral income included in other noninterest income, payment technology solutions revenue, and revenue lines managed by treasury management division (treasury management services revenue and corporate credit card interchange) | 3 Non-GAAP calculation, see Appendix | 4 1Q25 Noninterest Income only includes one month of contribution from CrossFirst, as acquisition was completed on 3/1/25

5 Approximately $0.2 million of Other Noninterest Income was attributable to the wealth segment in 1Q25 and 1Q26

$15.6 Billion Assets Under Care $72.1 Million LTM Revenue 1 45.8% LTM PT Margin 2

Assets Under Care

Assets Under Care (AUC) remained stable QoQ despite lower market pressures during 1Q26 and is up $2.0 billion YoY, or 14%

$13,678

$14,102

$14,959

$15,647

$15,657

$ in millions

Wealth Revenue 1 and Pre-Tax Income 2

1Q26 Wealth revenue1 of $19.5 million, a YoY increase of 11% and a new record quarterly revenue at the company

Pre-tax profit margin2 of 48.2% in 1Q26 and 45.8% over the last twelve months

$ in millions

2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

Strong net AUC inflows have supported YoY AUC growth

New wealth teams established in Kansas City, Wichita, Oklahoma City, Dallas, Denver, and Phoenix over the last twelve months

AUC in these new Western markets has grown to

$136 million as of 3/31/26, with robust AUC in pipelines

Net AUC inflows supported by the strong performance of our fully internalized investment office that utilizes a tailored,

tax-efficient approach for each client, producing long-term returns that continue to outperform benchmarks3

1 %

$7.5

$7.7

$8.5

$8.2

$9.4

$18.3

46.

43.

$17.4

$17.0

45.

$17.6

46.

$19.5

48.

2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

Integrated comprehensive capabilities to serve Personal & Institutional Clients

Wealth Revenue Composition 1

% of Total WM Revenue

2025 Q1

2025 Q2

2025 Q3

2025 Q4

2026 Q1

Trust / Agency

80.8 %

82.9 %

86.2 %

86.3 %

83.6 %

Brokerage

7.3 %

7.6 %

8.0 %

8.2 %

7.7 %

Ag Services

9.0 %

2.4 %

0.6 %

1.6 %

6.7 %

Tax & Financial Planning

0.6 %

4.1 %

0.6 %

0.5 %

Estate Settlement

1.1 %

1.8 %

3.4 %

2.2 %

0.5 %

Other

1.1 %

1.2 %

1.1 %

1.0 %

Total

100 %

Wealth revenue was ~$1 million higher QoQ due to typical seasonality in Ag Services, with sale of grain highest during the first quarter of the year

1 Wealth Management segment | 2 1Q26 wealth management pre-tax income is adjusted to exclude non-operating expenses

3 Busey Wealth Management's blended portfolio 3-year and 5-year returns vs. blended benchmark of 60% MSCI All-Country World Index and 40% Bloomberg Intermediate Govt/Credit Index

$ in millions 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

Focused on delivering positive operating leverage: strong positive operating leverage of +14% in FY 2025 and again positive in 1Q26

Noninterest Expense

$112.0

$127.8

$120.0

$120.3

$129.5

Adjusted NIE (including amortization of intangibles) decreased

Acquisition & Restructuring

$26.0

$16.6

$7.2

$4.8

$16.7

Continue to be mindful and diligent on expenses, focused on

Adjusted NIE 1

$86.0

$111.2

$112.8

$115.5

$112.8

employing the best talent and deploying a best-in-class product set to

position the company for efficient future growth

Amortization of Intangibles (-)

$3.1

$4.6

$4.5

$4.4

$4.3

Operating revenue1 per employee is $108k at 3/31/2026 compare to $78k at 12/31/2024

Adjusted NIE excluding

The "other noninterest expense" QoQ decline of 27.7% was related to

2.3% QoQ

Expenses (-)

Amortization of Intangibles 1

$82.9

$106.6

$108.3

$111.1

$108.5

lower marketing and business development costs due to timing, and

because 4Q25 other expenses were elevated due to an unusual

$3.8 million operating loss

Non-operating expenses during 1Q26 were primarily comprised of

costs from a previously announced management departure as well as

other elevated compensation expenses due to additional synergies

related to the CrossFirst acquisition that were identified and executed

Adjusted Noninterest Expense Summary on during the quarter

$ in millions

2025 Q4

QoQ Change

2026 Q1

% of Total Adj.

Compensation & Benefits

$65.0

+6.3%

$69.1

61.3 %

Data processing

$9.6

+2.1%

$9.8

8.7 %

Occupancy & Equipment

$10.1

-3.0%

$9.8

8.7 %

Professional fees

$3.4

-8.8%

$3.1

2.7 %

Amort. of intangible assets

$4.4

-2.3%

$4.3

3.8 %

Other NIE

$23.1

-27.7%

$16.7

14.8 %

Adjusted NIE 1

$115.5

-2.3%

$112.8

100.0 %

Efficiency Ratio 1 Trend

61.8%

58.7%

55.3%

54.9%

55.1%

54.8%

2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

1 Non-GAAP, see Appendix | Note: Certain totals above may not tie exactly due to rounding. Detail amounts can be found in Non-GAAP table within Appendix

‌Robust Capital Foundation

$ in millions

9.8%

$1,722

9.3%

$1,709

8.8%

$1,676

1 0.1 %

$1,773

9.9%

$1,748

2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

$1,872

$1,880

1 2.0%

1 2.3%

7.0%

1 2.4%

$1,920

1 2.3%

$1,908

1 2.2%

$1,888

2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

150%

93%

77%

63%

48%

151%

$ in millions

Capital Ratio 12.3 % 13.8 % 15.9 %

Common Equity Tier 1 Ratio

Tier 1 Capital Ratio

Total Capital Ratio

Excess over Well Cap. Min. with Buffer

$811

$805

$820

100%

Minimum Well Capitalized with Capital Buffer

7.0 % 8.5 % 10.5 %

Amount of Capital $1,880 $2,103 $2,424

50%

36% 39% 39% 39% 39%

2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1

Well Capitalized Minimum with Buffer

$1,069 $1,298 $1,604

1 Non-GAAP calculation, see Appendix | 2 1Q26 capital ratios are preliminary estimates

3 Common dividends and share repurchases during period divided by adjusted net income available to common shareholders during period

‌FIRST BUSEY CORPORATION

‌Seasoned Leadership Team

Van A. Dukeman

Chairman, President & CEO, First Busey Corp. Chairman & CEO, Busey Bank

Amy L. Randolph

Chief Operating Officer

25%

100%

25%

Relative Operating ROAA vs. Proxy Peer Group

Relative TBV growth ex-AOCI plus cumulative dividends and share repurchases vs. Proxy Peer Group

Total

50%

Long-term incentives

Relative Total Shareholder Return vs. KRE constituents

100%

Total

Regulatory Ratings

10%

Core Deposit Growth

20%

Fee Revenue from Wealth Mgmt., Payment Technology Solutions, Treasury Mgmt., and Capital Markets

25%

Asset Quality Ratio

40%

Short-term incentives

Operating EPS

Executive compensation reinforces

corporate priorities and is aligned with driving long-term shareholder value

Weighting

2026 Executive Compensation Performance Measures

Has served as Chairman & CEO of First Busey since 2007 and became Chairman of the Board effective July 2020. Offers 40 years of diverse financial services experience and extensive board involvement with a conservative operating philosophy and management style that focuses on Busey's associates, customers, communities and shareholders.

Joined Busey in 2008 and has nearly 30 years of financial and leadership experience. Oversees various areas at Busey and its subsidiaries, including human resources, corporate communications, executive administration, marketing, the overall Busey experience, enterprise and strategic projects, as well as consumer and digital banking. Prior to Busey, Amy worked for 10+ years with CliftonLarsonAllen LLP.

Chris H.M. Chan

Chief Financial Officer

Monica L. Bowe

Chief Risk Officer

Joined Busey in September 2025. Oversees various areas at Busey and its subsidiaries-including accounting and corporate reporting, financial planning and analysis, budgeting and forecasting, corporate insights, capital markets, treasury, specialty finance and community investments, corporate development and investor relations. Chris previously served as Chief Strategy Officer at First National Bank, the largest subsidiary of

F.N.B. Corporation.

Amy J. Fauss

Chief Information & Technology Officer

Joined Busey in March 2025 with the CrossFirst Bankshares merger and oversees various areas at Busey and its subsidiaries, including all information technology and business services and systems, service support, enterprise lending services, enterprise deposits and payments, and facilities. Previously, Amy held multiple executive leadership roles with CrossFirst Bank, most recently serving as Chief Operating Officer.

Chip Jorstad

Chief Credit Officer

Joined Busey in 2011 and has over 20 years of experience in the financial services industry. Chip oversees all aspects of credit administration at Busey Bank, including commercial and consumer credit, portfolio monitoring and special assets. Before being named Chief Credit Officer in 2025, he has held the roles of President of Credit and Bank Administration, Co-Chief Banking Officer, and Regional President for Commercial Banking.

Joined Busey in January 2020 with over 25 years of financial leadership experience, including a 16-year tenure with KeyCorp. Oversees various areas at Busey and its subsidiaries, including enterprise, operational and third-party risk management, compliance, fair and responsible banking, vendor management, model risk, business continuity and information security.

Tony Hammond

President, Busey Bank

Joined Busey in May 2025. Oversees Busey's regional operating sales and revenue model which includes all commercial, wealth, treasury management, payments and specialty business units. Tony has two decades of commercial banking experience-including serving as Head of Commercial and Middle Market Banking at HTLF and senior leadership roles at Arizona Bank & Trust, Johnson Bank and BOK Financial-with a track record of consistently leading high-performing teams, growing market share and attracting top talent across the industry.

John J. Powers

General Counsel

Joined Busey in December 2011 and has over 45 years of legal experience. He oversees all legal matters and leads Busey's corporate governance efforts. Prior to joining Busey, he was a shareholder in the law firm of Meyer Capel.

($ in thousands)

Actuals

Accretion/Amortization Impact Item

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26

3Q26

4Q26

Thereafter

Estimated accretion schedule of loan discounts based on anticipated contractual cash flow. These projections include remaining purchase accounting impact from all prior M&A transactions.

Loans Accretion

2,272

6,576

6,088

5,571

5,760

5,546

5,303

4,941

65,218

CD Accretion

659

921

135

-5

-8

-6

-7

-5

289

Borrowings Amortization

-203

-378

-369

-366

-357

-358

-359

-3,707

Net NII Impact

2,728

7,119

5,854

5,200

5,394

5,183

4,937

4,578

61,800

Core Deposit Intangible & Wealth Intangibles

-3,083

-4,592

-4,507

-4,432

-4,291

-4,232

-4,151

-4,082

-80,692

Amortization

Total Pre-Tax Income Impact

-355

2,527

1,347

768

1,103

951

786

496

-18,892

This presentation contains certain financial information determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP"). Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey's performance and in making business decisions, as well as for comparison to Busey's peers.

Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey's performance over time.

Included in the Appendix are tables that present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax-effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted in the tables below.

Calculation of Adjusted Net Income and Adjusted Diluted Earnings Per Common Share

Three Months Ended

(dollars in thousands, except per share amounts)

March 31,

2026

December 31,

2025

March 31,

2025

Net income (loss) (GAAP)

[a] $ 49,981

$ 60,750

$ (29,990)

Day 2 provision for credit losses1

45,572

Other acquisition (income) expenses

5,244

4,859

26,026

Restructuring expenses

11,456

(43)

Net securities (gains) losses

940

667

15,768

Related tax benefit2

(4,410)

(1,047)

(22,069)

Non-recurring deferred tax adjustment3

4,591

Adjusted net income (Non-GAAP)

[b] 63,211

65,186

39,898

Preferred dividends

[c] 4,589

4,590

Adjusted net income available to common stockholders (Non-GAAP)

[d] $ 58,622

$ 60,596

$ 39,898

Weighted average number of common shares outstanding, diluted (GAAP)

[e] 87,831,295

89,655,632

68,517,647

Diluted earnings (loss) per common share (GAAP)

[(a-c)÷e] $ 0.52

$ 0.63

$ (0.44)

Weighted average number of common shares outstanding, diluted (Non-GAAP)4

[f] 87,831,295

89,655,632

69,502,717

Adjusted diluted earnings per common share (Non-GAAP)4

[d÷f] $ 0.67

$ 0.68

$ 0.57

The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statements of Income.

Tax benefits were calculated using tax rates of 25.0%, 19.1%, and 25.3% for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.

A deferred valuation tax adjustment was recorded in the first quarter of 2025 in connection with the CrossFirst acquisition and the expansion of Busey's footprint into new states. Deferred tax adjustments are reflected within the income taxes line on the Statements of Income.

Dilution includes shares that would have been dilutive if there had been net income during the period.

Calculation of Return On Average Assets, Return On Average Tangible Common Equity, and Related Adjusted Return Measures

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands)

2026

2025

Net income (loss) (GAAP)

[a]

$ 49,981

$ 60,750

$ (29,990)

Amortization of intangible assets

4,291

4,432

3,083

Tax effect of amortization of intangible assets1

(1,073)

(1,121)

(779)

Preferred dividends

(4,589)

(4,590)

Tangible net income available to common stockholders (Non-GAAP)

[b]

$ 48,610

$ 59,471

$ (27,686)

Adjusted net income (Non-GAAP)2

[c]

$ 63,211

$ 65,186

$ 39,898

Amortization of intangible assets

4,291

4,432

3,083

Tax effect of amortization of intangible assets1

(1,073)

(1,121)

(779)

Preferred dividends

(4,589)

(4,590)

Adjusted tangible net income available to common stockholders (Non-GAAP)

[d]

$ 61,840

$ 63,907

$ 42,202

Average total assets

[e]

$ 18,060,220

$ 18,309,250

$ 14,831,298

Return on average assets (Non-GAAP)3

[a÷e]

1.12 %

1.32 %

(0.82)%

Adjusted return on average assets (Non-GAAP)3

[c÷e]

1.42 %

1.41 %

1.09 %

Average common equity

$ 2,255,075

$ 2,253,609

$ 1,932,407

Average goodwill and other intangible assets, net

(478,885)

(483,640)

(411,020)

Average tangible common equity (Non-GAAP)

[f]

$ 1,776,190

$ 1,769,969

$ 1,521,387

Return on average tangible common equity (Non-GAAP)3, 4

[b÷f]

11.10 %

13.33 %

(7.38)%

Adjusted return on average tangible common equity (Non-GAAP)3, 4

[d÷f]

14.12 %

14.32 %

11.25 %

Tax effects were calculated using income tax rates of 25.0%, 25.3%, and 25.3% for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.

A reconciliation is provided in the previous table.

Annualized measure.

Beginning in 2026, Busey revised, for all periods presented, its calculation of return on average tangible common equity and adjusted return on average tangible common equity

to eliminate the effects of intangible asset amortization from the numerator of both calculations.

Calculation of Net Interest Margin and Adjusted Net Interest Margin

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands)

2026

2025

Net interest income (GAAP)

$ 153,969

$ 157,558

$ 103,731

Tax-equivalent adjustment1

877

860

537

Tax-equivalent net interest income (Non-GAAP)

[a]

154,846

158,418

104,268

Purchase accounting accretion related to business combinations

(5,394)

(5,200)

(2,728)

Adjusted net interest income (Non-GAAP)

[b]

$ 149,452

$ 153,218 $ 101,540

Average interest-earning assets (Non-GAAP) [c] $ 16,665,766 $ 16,941,000 $ 13,363,594

Net interest margin (Non-GAAP)2

[a÷c]

3.77 %

3.71 %

3.16 %

Adjusted net interest margin (Non-GAAP)2

[b÷c]

3.64 %

3.59 %

3.08 %

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.

Annualized measure.

Calculation of Pre-Provision Net Revenue and Related Measures

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands)

2026

2025

Net interest income (GAAP)

$ 153,969

$ 157,558

$ 103,731

Total noninterest income (GAAP)

42,265

42,691

21,223

Net security (gains) losses (GAAP)

940

667

15,768

Total noninterest expense (GAAP)1

(129,519)

(120,320)

(112,030)

Pre-provision net revenue (Non-GAAP)

[a]

67,655

80,596

28,692

Acquisition and restructuring (income) expenses, excluding initial provision expenses

16,700

4,816

26,026

Adjusted pre-provision net revenue (Non-GAAP)

[b]

$ 84,355

$ 85,412

$ 54,718

Average total assets [c] $ 18,060,220 $ 18,309,250 $ 14,831,298

Pre-provision net revenue to average total assets (Non-GAAP)1, 2

[a÷c]

1.52 %

1.75 %

0.78 %

Adjusted pre-provision net revenue to average total assets (Non-GAAP)2

[b÷c]

1.89 %

1.85 %

1.50 %

Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments out of total noninterest expense and into the provision for credit losses. This change affects all measures and ratios derived from total noninterest expense.

Annualized measure.

Calculation of Efficiency Ratio

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands)

2026

2025

Net interest income (GAAP)

[a]

$ 153,969

$ 157,558

$ 103,731

Tax-equivalent adjustment1

877

860

537

Tax-equivalent net interest income (Non-GAAP)

[b]

154,846

158,418

104,268

Total noninterest income (GAAP)

42,265

42,691

21,223

Net security (gains) losses

940

667

15,768

Adjusted noninterest income (Non-GAAP) [c] $ 43,205 $ 43,358 $ 36,991

Operating revenue (Non-GAAP)

[d = a+c]

$ 197,174

$ 200,916

$ 140,722

Tax-equivalent operating revenue (Non-GAAP)2

[e = b+c]

198,051

201,776

141,259

Adjusted noninterest income to operating revenue (Non-GAAP)

[c÷d]

21.91 %

21.58 %

26.29 %

Total noninterest expense (GAAP)3

$ 129,519

$ 120,320

$ 112,030

Acquisition and restructuring expenses, excluding initial provision expenses

(16,700)

(4,816)

(26,026)

Adjusted noninterest expense (Non-GAAP)4

112,819

115,504

86,004

Amortization of intangible assets

(4,291)

(4,432)

(3,083)

Adjusted noninterest expense excluding amortization of intangible assets (Non-GAAP)3, 5 [f] $ 108,528 $ 111,072 $ 82,921 Efficiency ratio (Non-GAAP)3, 6 [f÷e] 54.80 % 55.05 % 58.70 %

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.

Beginning in 2026, Busey changed the caption for this revenue measure, which was previously called "adjusted tax-equivalent revenue." The calculation itself has not changed.

Beginning in 2026, to better align with industry standards, Busey revised its calculation of adjusted noninterest expense, for all periods presented, to exclude any adjustment for amortization of intangible assets.

Beginning in 2026, Busey changed the caption for the efficiency ratio numerator from "adjusted noninterest expense" to "adjusted noninterest expense excluding amortization of intangible assets." The calculation itself has not changed.

Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the "Adjusted efficiency ratio."

Calculation of Tangible Common Equity, and Related Measures and Ratio

As of

March 31,

December 31,

March 31,

(dollars in thousands, except per share amounts)

2026

2025

Total assets (GAAP)

$ 18,036,622

$ 18,104,736

$ 19,464,252

Goodwill and other intangible assets, net

(475,520)

(480,729)

(496,118)

Tangible assets (Non-GAAP)1

[a]

$ 17,561,102

$ 17,624,007

$ 18,968,134

Total stockholders' equity (GAAP)

$ 2,413,022

$ 2,468,982

$ 2,179,606

Preferred stock and additional paid in capital on preferred stock

(215,197)

(7,750)

Common equity

[b]

$ 2,197,825

$ 2,253,785

$ 2,171,856

Goodwill and other intangible assets, net

(475,520)

(480,729)

(496,118)

Tangible common equity (Non-GAAP)1

[c]

$ 1,722,305

$ 1,773,056

$ 1,675,738

Tangible common equity to tangible assets (Non-GAAP)1

[c÷a]

9.81 %

10.06 %

8.83 %

Ending number of common shares outstanding (GAAP)

[d]

85,507,160

87,624,430

90,008,178

Book value per common share (Non-GAAP)

[b÷d]

$ 25.70

$ 25.72

$ 24.13

Tangible book value per common share (Non-GAAP)

[c÷d]

$ 20.14

$ 20.23

$ 18.62

1. Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.

Calculation of Core Deposits and Related Ratio

As of

March 31,

December 31,

March 31,

(dollars in thousands)

2026

2025

Total deposits (GAAP)

[a]

$ 14,736,060

$ 14,905,958

$ 16,459,470

Brokered deposits, excluding brokered time deposits of $250,000

or more

(60,123)

(70,140)

(722,224)

Time deposits of $250,000 or more

(865,493)

(876,207)

(867,035)

Core deposits (Non-GAAP)

[b]

$ 13,810,444

$ 13,959,611

$ 14,870,211

Core deposits to total deposits (Non-GAAP)

[b÷a]

93.72 %

93.65 %

90.34 %

Disclaimer

First Busey Corporation published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:53 UTC.