First Busey Corporation Announces 2025 Fourth Quarter Earnings

Rhea-AI Summary

First Busey Corporation (Nasdaq: BUSE) reported Q4 2025 net income of $60.8 million ($0.63 diluted EPS) and adjusted net income of $65.2 million ($0.68). Net interest margin expanded to 3.71%, adjusted ROAA was 1.41%, and adjusted ROATCE was 13.58%.

Wealth assets under care rose to $15.66 billion (+4.7% QoQ). CET1 capital grew to 12.44%, tangible book value per share increased 13.1% YoY, and the company repurchased $69.9 million of stock in 2025. Leadership changes were announced on January 27, 2026.

Positive

• Net income +116% year-over-year in Q4 ($60.8M vs $28.1M)
• Net interest margin expanded by 76 basis points to 3.71%
• Wealth assets under care grew to $15.66 billion (+4.7% QoQ)
• Tangible book value per share +13.1% year-over-year
• Share repurchases of $69.9 million for full-year 2025

Negative

• Deposits down $164.2 million in Q4 due to targeted runoff
• One relationship operating loss of $3.8 million raised expenses
• Full-year provision for credit losses of $52.7 million

LEAWOOD, Kan., Jan. 27, 2026 (GLOBE NEWSWIRE) -- First Busey Corporation (Nasdaq: BUSE) Announces 2025 Fourth Quarter Earnings.

Net Income		Diluted EPS		Net Interest Margin1		ROAA1		ROATCE1
$60.8 million $65.2 million (adj)2		$0.63 $0.68 (adj)2		3.71% 3.59% (adj)2		1.32% 1.41% (adj)2		12.59% 13.58% (adj)2

MESSAGE FROM OUR CHAIRMAN, PRESIDENT, & CEO

Our results this quarter represent a meaningful culmination to a year of strong performance and the completed merger and integration of CrossFirst. Profitability in the fourth quarter showed vast improvement from last year with adjusted return on average assets² improving 39 basis points to 1.41% and net interest margin² expanding 76 basis points to 3.71%, driven by continued strong deposit cost control. Wealth management fee income had a record quarter as assets under care were up 4.7% quarter-over-quarter to $15.66 billion driven by strong investment performance and positive net flows from new and legacy markets. Capital remained strong, and Common Equity Tier 1 Capital to Risk Weighted Assets³ grew to 12.44%, a 11 basis point increase from the prior quarter. Tangible common equity to tangible assets² grew to 10.06% with tangible book value per common share² increasing 13.1% over the prior year end, even as we repurchased $29.8 million of stock in the fourth quarter and $69.9 million for the full year. Loan balances were stable quarter-over-quarter and deposits were down $164.2 million due to the intentional runoff of $180.0 million as Busey continued its strategic, targeted reduction of brokered and high-cost, non-relationship funding. As we look forward to 2026, Busey is well positioned to navigate diverse macroeconomic scenarios given its robust capital and liquidity position and disciplined credit and risk management culture.

Van A. Dukeman
Chairman, President, and CEO of First Busey Corporation and Chairman and CEO of Busey Bank

ORGANIZATIONAL UPDATE

The First Busey Corporation Board of Directors announced today that Michael J. Maddox has separated from the company, effective immediately. Current Chairman and CEO of First Busey Corporation, Van A. Dukeman, has agreed to serve the company for at least two more years and assume the roles of President of First Busey Corporation and CEO of Busey Bank. Further, the Board appointed T. Anthony (Tony) Hammond, Busey Bank’s current President of Regional Banking, to serve as President of Busey Bank. Please see 8-K dated January 27, 2026, for additional information.

FINANCIAL RESULTS

Fourth quarter 2025 net income for First Busey Corporation, together with its consolidated subsidiaries (“Busey,” the “Company,” “we,” “us,”, or “our”) was $60.8 million, or $0.63 per diluted common share, compared to $57.1 million, or $0.58 per diluted common share, for the third quarter of 2025, and $28.1 million, or $0.49 per diluted common share, for the fourth quarter of 2024. Annualized return on average assets² and annualized return on average tangible common equity² were 1.32% and 12.59%, respectively, for the fourth quarter of 2025. Total noninterest expense and adjusted noninterest expense were impacted by a $3.8 million operating loss tied to one relationship.

Taking into account our fourth quarter results, full year 2025 net income was $135.3 million, or $1.47 per diluted common share. Return on average assets and return on average tangible common equity² were 0.76% and 7.48%, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
	Three Months Ended												Years Ended
(dollars in thousands, except per share amounts)	December 31, 2025				September 30, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Total interest income	$	235,094			$	244,505			$	131,316			$	893,860			$	523,681
Total interest expense		77,536				89,368				49,738				324,251				201,070
Net interest income		157,558				155,137				81,578				569,609				322,611
Provision for credit losses(i)		2,435				(985	)			818				52,743				7,495
Net interest income after provision for credit losses(i)		155,123				156,122				80,760				516,866				315,116
Total noninterest income		42,691				41,198				35,221				149,975				139,682
Total noninterest expense(i)		120,320				120,018				78,622				480,201				301,494
Income before income taxes		77,494				77,302				37,359				186,640				153,304
Income taxes		16,744				20,204				9,254				51,378				39,613
Net income		60,750				57,098				28,105				135,262				113,691
Dividends on preferred stock		4,590				5,131				—				9,876				—
Net income available to common stockholders	$	56,160			$	51,967			$	28,105			$	125,386			$	113,691
Basic earnings per common share	$	0.63			$	0.58			$	0.49			$	1.49			$	2.01
Diluted earnings per common share	$	0.63			$	0.58			$	0.49			$	1.47			$	1.98
Effective income tax rate		21.61	%			26.14	%			24.77	%			27.53	%			25.84	%

___________________________________________

(i)	Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.

Dividends on preferred stock decreased in the fourth quarter of 2025 compared to the third quarter of 2025. Based on the Certificate of Designation, dividends on the Series B Preferred Stock are calculated on the basis of a 360-day year of twelve 30-day months. The first dividend on the Series B Preferred Stock was calculated from the issuance date of May 20, 2025; therefore, it included additional days that resulted in additional dividends of $0.5 million in the third quarter of 2025.

Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles ("GAAP"). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Pre-tax non-GAAP adjustments were as follows:

	Three Months Ended									Years Ended
(dollars in thousands)	December 31, 2025			September 30, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Pre-tax non-GAAP adjusting items
Realized net (gains) losses on the sale of mortgage servicing rights	$	—		$	—		$	—		$	—		$	(7,724	)
Net securities (gains) losses		667			288			196			10,726			6,102
Other noninterest income		—			44			—			44			—
Provision for credit losses		—			—			—			49,602			—
Salaries, wages, and employee benefits		4,027			5,610			247			37,072			1,580
Data processing		294			424			14			6,984			548
Net occupancy expense of premises		4			9			41			13			46
Furniture and equipment expenses		—			66			—			67			88
Professional fees		131			358			2,983			8,100			4,891
Other noninterest expense		360			740			300			2,413			987
Total pre-tax non-GAAP adjustments	$	5,483		$	7,539		$	3,781		$	115,021		$	6,518

For more information and a reconciliation of non-GAAP measures—which are identified with the End Note labeled as 2—in tabular form, see "Non-GAAP Financial Information."

Adjusted net income available to common stockholders,² which excludes the impact of non-GAAP adjustments, was $60.6 million, or $0.68 per diluted common share, for the fourth quarter of 2025, compared to $57.4 million, or $0.64 per diluted common share, for the third quarter of 2025 and $30.9 million, or $0.53 per diluted common share, for the fourth quarter of 2024. Annualized adjusted return on average assets² and annualized adjusted return on average tangible common equity² were 1.41% and 13.58%, respectively, for the fourth quarter of 2025.

Full-year 2025 adjusted net income available to common stockholders² was $215.1 million, or $2.53 per diluted common share. Adjusted return on average assets² and adjusted return on average tangible common equity² were 1.27% and 12.83%, respectively.

Pre-Provision Net Revenue²

Pre-provision net revenue² was $80.6 million for the fourth quarter of 2025, compared to $76.6 million for the third quarter of 2025 and $38.4 million for the fourth quarter of 2024. Pre-provision net revenue to average assets² was 1.75% for the fourth quarter of 2025, compared to 1.63% for the third quarter of 2025, and 1.26% for the fourth quarter of 2024.

Adjusted pre-provision net revenue² was $85.4 million for the fourth quarter of 2025, compared to $83.9 million for the third quarter of 2025 and $42.0 million for the fourth quarter of 2024. Adjusted pre-provision net revenue to average assets² was 1.85% for the fourth quarter of 2025, compared to 1.78% for the third quarter of 2025 and 1.38% for the fourth quarter of 2024.

Taking into account our fourth quarter results, full year 2025 pre-provision net revenue² was $250.1 million and adjusted pre-provision net revenue² was $304.8 million. Pre-provision net revenue to average assets² and adjusted pre-provision net revenue to average assets² were 1.41% and 1.72%, respectively.

Net Interest Income and Net Interest Margin²

Busey’s average balances, annualized yield rates, and net interest margins are presented in the tables below:

	Three Months Ended
	December 31, 2025									September 30, 2025
(dollars in thousands)	Average Balance			Income/ Expense			Yield/ Rate(vi)			Average Balance			Income/ Expense			Yield/ Rate(vi)
Assets
Interest-bearing bank deposits and federal funds sold	$	417,451		$	4,101		3.90	%		$	489,730		$	5,487		4.45	%
Investment securities(i)(ii)		2,872,518			22,527		3.11	%			2,963,467			24,228		3.24	%
Restricted bank stock		77,006			783		4.03	%			77,041			871		4.49	%
Loans held for sale		8,705			128		5.83	%			9,895			155		6.21	%
Portfolio loans(i)(iii)		13,565,320			208,415		6.10	%			13,732,229			214,552		6.20	%
Total interest-earning assets(i)		16,941,000		$	235,954		5.53	%			17,272,362		$	245,293		5.63	%
Noninterest-earning assets		1,368,250									1,390,087
Total assets	$	18,309,250								$	18,662,449
Liabilities and stockholders’ equity
Interest-bearing transaction deposits	$	3,207,478		$	13,809		1.71	%		$	3,256,326		$	16,208		1.97	%
Savings and money market deposits		5,906,577			36,565		2.46	%			6,199,404			44,361		2.84	%
Time deposits		2,401,447			22,545		3.72	%			2,545,749			24,042		3.75	%
Federal funds purchased and repurchase agreements		162,391			970		2.37	%			150,260			976		2.58	%
Borrowings(iv)		278,050			3,647		5.20	%			266,643			3,781		5.63	%
Total interest-bearing liabilities		11,955,943		$	77,536		2.57	%			12,418,382		$	89,368		2.86	%
Noninterest-bearing deposits		3,636,001									3,578,164
Other liabilities		248,499									239,995
Stockholders’ equity		2,468,807									2,425,908
Total liabilities and stockholders’ equity	$	18,309,250								$	18,662,449
Net interest margin(i)(v)				$	158,418		3.71	%					$	155,925		3.58	%

___________________________________________

(i)	On a tax-equivalent basis and assuming a federal income tax rate of 21.0%.
(ii)	Investment securities include debt securities available for sale, debt securities held to maturity, and equity securities.
(iii)	Non-accrual loans have been included in average portfolio loans.
(iv)	Includes, as applicable, short-term borrowings, long-term borrowings, subordinated notes, and junior subordinated debt owed to unconsolidated trusts.
(v)	For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information.”
(vi)	Annualized.

	Years Ended December 31,
		2025									2024
(dollars in thousands)	Average Balance			Income/ Expense			Yield/ Rate			Average Balance			Income/ Expense			Yield/ Rate
Assets
Interest-bearing bank deposits and federal funds sold	$	575,781		$	24,633		4.28	%		$	445,881		$	22,441		5.03	%
Investment securities(i)(ii)		2,925,777			91,333		3.12	%			2,726,488			74,282		2.72	%
Restricted bank stock		65,988			2,956		4.48	%			14,414			848		5.88	%
Loans held for sale		7,257			440		6.06	%			8,012			503		6.28	%
Portfolio loans(i)(iii)		12,756,937			777,474		6.09	%			7,804,629			427,300		5.47	%
Total interest-earning assets(i)		16,331,740		$	896,836		5.49	%			10,999,424		$	525,374		4.78	%
Noninterest-earning assets		1,398,147									1,052,447
Total assets	$	17,729,887								$	12,051,871
Liabilities and stockholders’ equity
Interest-bearing transaction deposits	$	3,076,961		$	56,233		1.83	%		$	2,469,664		$	42,925		1.74	%
Savings and money market deposits		5,738,073			154,300		2.69	%			3,246,507			74,536		2.30	%
Time deposits		2,471,023			92,456		3.74	%			1,584,953			61,002		3.85	%
Federal funds purchased and repurchase agreements		149,916			3,708		2.47	%			147,786			4,308		2.92	%
Borrowings(iv)		319,041			17,554		5.50	%			314,174			18,299		5.82	%
Total interest-bearing liabilities		11,755,014		$	324,251		2.76	%			7,763,084		$	201,070		2.59	%
Noninterest-bearing deposits		3,450,226									2,738,892
Other liabilities		244,188									207,471
Stockholders’ equity		2,280,459									1,342,424
Total liabilities and stockholders’ equity	$	17,729,887								$	12,051,871
Net interest margin(i)(v)				$	572,585		3.51	%					$	324,304		2.95	%

___________________________________________

(i)	On a tax-equivalent basis and assuming a federal income tax rate of 21.0%.
(ii)	Investment securities include debt securities available for sale, debt securities held to maturity, and equity securities.
(iii)	Non-accrual loans have been included in average portfolio loans.
(iv)	Includes, as applicable, short-term borrowings, long-term borrowings, subordinated notes, and junior subordinated debt owed to unconsolidated trusts.
(v)	For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information.”

Net interest income increased by $2.4 million in the fourth quarter of 2025, compared to the third quarter of 2025, primarily due to applying measured rate cutting initiatives to optimize funding costs. Deposit funding cost reduction during the quarter of 24 basis points represents a 53% beta relative to the quarterly move in the fed funds target average rate.

Based on our most recent Asset Liability Management Committee model, a -100 basis point parallel rate shock is expected to decrease net interest income by 1.8% (relative to a current base rate scenario) over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Stability in core deposit balances as well as retail time deposit and savings specials have continued to provide sufficient funding flows to allow intentional runoff of brokered and high-cost, non-relationship funding with no incremental short-term borrowing at quarter-end. Continued targeted reduction of $180.0 million deposits bearing a weighted average cost of 4.16% included $55.0 million of brokered deposits. At December 31, 2025, Busey Bank had $70.1 million of remaining brokered funding, comprising 0.5% of total deposits. Total deposit cost of funds decreased from 2.15% during the third quarter of 2025 to 1.91% during the fourth quarter of 2025. At December 31, 2025, our spot rate on total deposits costs was 1.80%, compared to 2.01% at September 30, 2025.

Noninterest Income

	Three Months Ended												Years Ended
(dollars in thousands)	December 31, 2025				September 30, 2025				December 31, 2024				December 31, 2025				December 31, 2024
NONINTEREST INCOME
Wealth management fees	$	18,101			$	17,184			$	16,786			$	69,426			$	63,630
Payment technology solutions		4,879				5,092				5,094				20,000				21,983
Treasury management services		4,726				4,598				2,130				17,322				8,377
Card services and ATM fees		4,660				4,799				3,477				18,048				13,424
Other service charges on deposit accounts		1,618				1,617				2,381				6,281				9,440
Mortgage revenue		803				657				496				2,565				2,075
Income on bank owned life insurance		1,783				1,623				1,080				6,597				5,130
Realized net gains (losses) on the sale of mortgage servicing rights		—				—				—				—				7,724
Net securities gains (losses)		(667	)			(288	)			(196	)			(10,726	)			(6,102	)
Other noninterest income		6,788				5,916				3,973				20,462				14,001
Total noninterest income	$	42,691			$	41,198			$	35,221			$	149,975			$	139,682

Total noninterest income increased by 3.6% compared to the third quarter of 2025 primarily due to increases in wealth management fees and other noninterest income. Compared to the fourth quarter of 2024, total noninterest income increased by 21.2% as we benefit from the CrossFirst Bankshares, Inc. (“CrossFirst”) acquisition and extend services into new markets. For the full year 2025, total noninterest income increased by 7.4%.

Busey continues to benefit from its diverse set of product offerings. Wealth management fees, wealth management referral fees included in other noninterest income, payment technology solutions, treasury management services, and corporate credit card interchange income contributed 66.9% of noninterest income excluding net securities gains and losses² for the fourth quarter of 2025 and 69.3% for the full year.

Noteworthy changes in noninterest income during the quarter include:

• Wealth management fees increased by $0.9 million, or 5.3%, compared to the third quarter of 2025 primarily due to increases in trust fees and farm management fees. Busey’s Wealth Management division ended the fourth quarter of 2025 with $15.66 billion in assets under care, compared to $14.96 billion at the end of the third quarter of 2025 and $13.83 billion at the end of the fourth quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark⁴ over the last three and five years.
• Other noninterest income increased by $0.9 million, or 14.7%, compared to the third quarter of 2025, primarily due to increased swap origination fee and loan fee income, partially offset by fluctuations in gains on private equity investments.
  
  

Operating Efficiency

	Three Months Ended									Years Ended
(dollars in thousands)	December 31, 2025			September 30, 2025			December 31, 2024			December 31, 2025			December 31, 2024
NONINTEREST EXPENSE
Salaries, wages, and employee benefits	$	68,995		$	74,145		$	45,458		$	289,063		$	175,619
Data processing		9,871			9,714			6,564			43,181			27,124
Net occupancy expense of premises		7,877			7,982			4,794			29,490			18,737
Furniture and equipment expenses		2,200			2,143			1,650			8,496			6,805
Professional fees		3,491			2,931			4,938			18,807			12,804
Amortization of intangible assets		4,432			4,507			2,471			16,614			10,057
Interchange expense		1,218			1,336			1,305			5,194			6,001
FDIC insurance		2,655			3,151			1,330			10,397			5,603
Other noninterest expense(i)		19,581			14,109			10,112			58,959			38,744
Total noninterest expense(i)	$	120,320		$	120,018		$	78,622		$	480,201		$	301,494

___________________________________________

(i)	Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within other noninterest expense or total noninterest expense.

Total noninterest expense increased by 0.3% compared to the third quarter of 2025, primarily due to increases in other noninterest expense. Compared to the fourth quarter of 2024 total noninterest expense increased by 53.0%, with the increases primarily attributable to nonrecurring acquisition expenses related to the CrossFirst acquisition and increased expense associated with the combined organization and branch network. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million with 100% realization of identified synergies in 2026.

Adjusted noninterest expense,² which excludes acquisition and restructuring expenses and amortization of intangible assets, was as follows:

	Three Months Ended									Years Ended
(dollars in thousands)	December 31, 2025			September 30, 2025			December 31, 2024			December 31, 2025			December 31, 2024
NONINTEREST EXPENSE WITH NON-GAAP ADJUSTMENTS
Salaries, wages, and employee benefits	$	64,968		$	68,535		$	45,211		$	251,991		$	174,039
Data processing		9,577			9,290			6,550			36,197			26,576
Net occupancy expense of premises		7,873			7,973			4,753			29,477			18,691
Furniture and equipment expenses		2,200			2,077			1,650			8,429			6,717
Professional fees		3,360			2,573			1,955			10,707			7,913
Interchange expense		1,218			1,336			1,305			5,194			6,001
FDIC insurance		2,655			3,151			1,330			10,397			5,603
Other noninterest expense		19,221			13,369			9,812			56,546			37,757
Adjusted noninterest expense (Non-GAAP)	$	111,072		$	108,304		$	72,566		$	408,938		$	283,297

Noteworthy changes in noninterest expense during the quarter include:

• Salaries, wages, and employee benefits expenses declined by $5.2 million, or 6.9%, compared to the third quarter of 2025, with acquisition and restructuring expenses declining by $1.6 million. Compared to the fourth quarter of 2024, salaries, wages, and employee benefits expenses increased by $23.5 million, or 51.8%, of which $3.8 million was attributable to increases in acquisition and restructuring expenses. During 2025, Busey added 17 banking centers, largely in connection with the CrossFirst acquisition, resulting in the expansion of Busey’s workforce, including the addition of 405 full-time equivalent associates.
• Other noninterest expense increased by $5.5 million, or 38.8%, compared to the third quarter of 2025, and increased by $9.5 million, or 93.6%, compared to the fourth quarter of 2024. Significant drivers of the increase included a $3.8 million operating loss recognized in the fourth quarter of 2025 tied to one relationship, loan expenses, and marketing and business development costs.

Busey’s efficiency ratio² was 57.4% for the fourth quarter of 2025, compared to 58.5% for the third quarter of 2025 and 64.8% for the fourth quarter of 2024. The adjusted efficiency² ratio was 55.0% for the fourth quarter of 2025, compared to 54.8% for the third quarter of 2025, and 61.8% for the fourth quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiently.

Taxes

Busey's effective tax rate for the fourth quarter of 2025 declined to 21.6% compared to 26.1% for the third quarter. The decrease compared with the prior period resulted primarily from the utilization of purchased federal income tax credits and more favorable state apportionment outcomes. For the full year 2025, Busey’s effective tax rate was 27.5%.

BALANCE SHEET STRENGTH

Busey’s financial strength is built on a long-term conservative operating approach. That focus has endured over time and will continue to guide us in the future.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
	As of
(dollars in thousands)	December 31, 2025				September 30, 2025				December 31, 2024
ASSETS
Cash and cash equivalents	$	294,052			$	385,474			$	697,659
Debt securities available for sale		2,162,548				2,099,259				1,810,221
Debt securities held to maturity		746,385				784,821				826,630
Equity securities		14,916				15,931				15,862
Loans held for sale		5,752				8,943				3,657
Portfolio loans		13,567,799				13,598,266				7,697,087
Allowance for credit losses		(174,023	)			(174,181	)			(83,404	)
Restricted bank stock		77,006				77,006				49,930
Premises and equipment, net		193,444				190,721				118,820
Goodwill and other intangible assets, net		480,729				485,203				365,975
Other assets		736,128				717,185				544,285
Total assets	$	18,104,736			$	18,188,628			$	12,046,722
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities
Total deposits	$	14,905,958			$	15,070,162			$	9,982,490
Securities sold under agreements to repurchase		166,929				147,152				155,610
Borrowings		290,529				272,971				302,538
Other liabilities		272,338				249,508				222,815
Total liabilities		15,635,754				15,739,793				10,663,453
Stockholders' equity
Retained earnings		336,707				303,077				294,054
Accumulated other comprehensive income (loss)		(124,473	)			(136,801	)			(207,039	)
Other stockholders' equity(i)		2,256,748				2,282,559				1,296,254
Total stockholders' equity		2,468,982				2,448,835				1,383,269
Total liabilities & stockholders' equity	$	18,104,736			$	18,188,628			$	12,046,722

___________________________________________

(i)	Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.

Portfolio Loans

We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing. Busey’s loan portfolio was comprised of the following:

	As of
(dollars in thousands)	December 31, 2025			September 30, 2025			December 31, 2024
PORTFOLIO LOANS
Commercial loans:
Commercial and industrial and other commercial	$	4,229,208		$	4,395,871		$	1,904,515
Commercial real estate		5,550,018			5,424,095			3,269,564
Real estate construction		1,039,289			1,099,524			378,209
Total commercial loans		10,818,515			10,919,490			5,552,288
Retail loans:
Retail real estate		2,154,616			2,196,246			1,696,457
Retail other		594,668			482,530			448,342
Total retail loans		2,749,284			2,678,776			2,144,799
Total portfolio loans	$	13,567,799		$	13,598,266		$	7,697,087

Commercial real estate loans can be further disaggregated between loans for properties that are non-owner occupied and loans for properties that are owned by the occupants. Non-owner occupied commercial real estate is generally reliant on property cash flows generated by third-party tenants, whereas owner occupied commercial real estate is generally dependent on the performance of the borrowers’ businesses.

	As of
(dollars in thousands)	December 31, 2025			September 30, 2025			December 31, 2024
COMMERCIAL REAL ESTATE LOANS
Non-owner occupied commercial real estate	$	4,118,361		$	4,034,429		$	2,360,273
Owner-occupied commercial real estate		1,431,657			1,389,666			909,291
Total commercial real estate loans	$	5,550,018		$	5,424,095		$	3,269,564

Asset Quality

Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment.

	As of
(dollars in thousands)	December 31, 2025				September 30, 2025				December 31, 2024
Total assets	$	18,104,736			$	18,188,628			$	12,046,722
Portfolio loans		13,567,799				13,598,266				7,697,087
Loans 30 – 89 days past due		16,475				18,914				8,124
Non-performing loans:
Non-accrual loans		51,198				46,096				22,088
Loans 90+ days past due and still accruing		2,288				1,418				1,149
Non-performing loans		53,486				47,514				23,237
Other non-performing assets		4,626				10,210				63
Non-performing assets		58,112				57,724				23,300
Substandard (excludes 90+ days past due)		116,402				103,329				62,023
Classified assets	$	174,514			$	161,053			$	85,323
Allowance for credit losses	$	174,023			$	174,181			$	83,404
RATIOS
Non-performing loans to portfolio loans		0.39	%			0.35	%			0.30	%
Non-performing assets to total assets		0.32	%			0.32	%			0.19	%
Non-performing assets to portfolio loans and other non-performing assets		0.43	%			0.42	%			0.30	%
Allowance for credit losses to portfolio loans		1.28	%			1.28	%			1.08	%
Coverage ratio of the allowance for credit losses to non-performing loans	3.25 x				3.67 x				3.59 x
Classified assets to Bank Tier 1 capital(i)and reserves		7.51	%			7.03	%			5.61	%

___________________________________________

(i)	Capital amounts for the fourth quarter of 2025 are not yet finalized and are subject to change.

Non-performing assets increased by $0.4 million compared to September 30, 2025, and increased by $34.8 million compared to December 31, 2024, with the increase compared to the prior year due primarily to the loans purchased with credit deterioration (“PCD”) assumed in the CrossFirst acquisition. Non-performing assets represented 0.32% of total assets as of both December 31, 2025, and September 30, 2025, a 13 basis point increase from December 31, 2024.

Classified assets increased by $13.5 million compared to September 30, 2025, and increased by $89.2 million compared to December 31, 2024, with the increase compared to the prior year due primarily to the PCD loans assumed in the CrossFirst acquisition.

The allowance for credit losses was $174.0 million as of December 31, 2025, 3.25 times our non-performing loans balance and representing 1.28% of total portfolio loans outstanding.

Busey’s net charge-offs and provision for credit losses were as follows:

	Three Months Ended												Years Ended
(dollars in thousands)	December 31, 2025				September 30, 2025				December 31, 2024				December 31, 2025			December 31, 2024
Net charge-offs	$	5,752			$	5,848			$	2,850			$	55,910		$	18,169
Provision for loan losses(i)	$	5,594			$	(3,305	)		$	1,273			$	45,746		$	8,590
Provision for unfunded commitments(ii)		(3,159	)			2,320				(455	)			6,997			(1,095	)
Provision for credit losses(iii)	$	2,435			$	(985	)		$	818			$	52,743		$	7,495

___________________________________________

(i)	Amounts reported as provision for loan losses for periods ending prior to June 30, 2025, were previously reported as provision for credit losses. The year ended December 31, 2025, included $42.4 million to establish an initial allowance for loan losses for loans purchased without credit deterioration (“non-PCD” loans) following the close of the CrossFirst acquisition.
(ii)	The year ended December 31, 2025, included a total of $7.2 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition and adoption of a new CECL model.
(iii)	Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses.

Net charge-offs decreased by $0.1 million when compared to the third quarter of 2025, and increased by $2.9 million when compared with the fourth quarter of 2024. Net charge-offs during the year ended December 31, 2025, included $36.2 million related to PCD loans assumed in the CrossFirst acquisition.

Provision expense recorded in the fourth quarter of 2025 included $4.5 million for PCD loans, driven by specific allocations/individual reserves.

Deposits

Busey’s deposits were comprised of the following:

	As of
(dollars in thousands)	December 31, 2025			September 30, 2025			December 31, 2024
DEPOSITS
Noninterest-bearing deposits	$	3,659,421		$	3,554,936		$	2,719,907
Interest-bearing transaction deposits		3,119,475			3,171,255			2,423,237
Savings deposits and money market deposits		5,697,172			5,910,183			3,348,711
Time deposits		2,429,890			2,433,788			1,490,635
Total deposits	$	14,905,958		$	15,070,162		$	9,982,490

In the fourth quarter of 2025, Busey continued executing on its strategic targeted reduction of high-cost, non-relationship deposits, resulting in the intentional runoff of $180.0 million of deposits, including $55.0 million of brokered deposits and $125.0 million of corporate deposits, bearing a weighted average cost of 4.16%. Excluding this targeted runoff, deposits grew by $15.8 million during the fourth quarter of 2025 despite seasonal outflows of $242.4 million of public funds, which we expect to recover through seasonal inflows of public funds in the second and third quarters of 2026.

Core deposits² accounted for 93.7% of total deposits as of December 31, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 37% of our deposits were uninsured and uncollateralized⁵ as of December 31, 2025, and we have ample on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

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 fourth quarter of 2025 had a weighted average term of 6.6 months at a rate of 3.64%, which was 27 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

Liquidity

As of December 31, 2025, Busey’s available sources of on- and off-balance sheet liquidity⁶ totaled $7.68 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $150.0 million in the fourth quarter of 2025. Cash flows from our securities portfolio are expected to be approximately $347.1 million for 2026, with a current book yield of 2.92%.

Capital Strength

The strength of our balance sheet is also reflected in our capital foundation. Our capital ratios remain strong, and as of December 31, 2025, our estimated regulatory capital ratios³ continued to provide a buffer of more than $830 million above levels required in order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments. The following table presents Busey’s capital estimates³ and tangible equity position:

	As of
(dollars in thousands, except per share amounts)	December 31, 2025				September 30, 2025				December 31, 2024
Common equity Tier 1 capital to risk weighted assets(i)		12.44	%			12.33	%			14.10	%
Total capital to risk weighted assets(i)		15.93	%			15.89	%			18.53	%
Tangible common equity(ii)	$	1,773,056			$	1,748,435			$	1,017,294
Tangible common equity to tangible assets(ii)		10.06	%			9.88	%			8.71	%
Tangible book value per common share(ii)	$	20.23			$	19.69			$	17.88

___________________________________________

(i)	Capital amounts and ratios as of December 31, 2025, are not yet finalized and are subject to change.
(ii)	For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information.”

Dividends

Busey's strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the fourth quarter of 2025, Busey paid dividends of $0.25 per share on its outstanding shares of common stock, $20.00 per share on its outstanding shares of Series A Non-Cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition, and $0.515625 per outstanding depositary share, each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock.

On January 30, 2026, Busey will pay a cash dividend of $0.26 per common share outstanding to stockholders of record as of January 23, 2026, which represents a 4% increase from the previous quarterly dividend of $0.25 per share. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980.

Share Repurchases

During the fourth quarter of 2025, under its stock repurchase plan, Busey purchased 1,251,100 shares of its common stock at a weighted average price of $23.84 per share for a total of $29.8 million. For the full year 2025, Busey purchased 3,063,100 shares of its common stock at a weighted average price of $22.81 per share for a total of $69.9 million. As of December 31, 2025, Busey had 4,856,175 shares remaining available for repurchase under the plan.

FOURTH QUARTER EARNINGS INVESTOR PRESENTATION

For additional information on Busey’s financial condition and operating results, please refer to our Q4 2025 Earnings Investor Presentation furnished via Form 8‑K on January 27, 2026, in connection with this earnings release.

CORPORATE PROFILE

As of December 31, 2025, First Busey Corporation (Nasdaq: BUSE) was an $18.10 billion financial holding company headquartered in Leawood, Kansas.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.05 billion as of December 31, 2025. Busey Bank currently has 79 banking centers, with 21 in central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in southwest Florida, three in Oklahoma, three in Colorado, two in Arizona, one in Indianapolis, Indiana, one in Wichita, Kansas, and one in Clayton, New Mexico. More information about Busey Bank can be found at busey.com.

Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $15.66 billion as of December 31, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

Busey Bank’s wholly-owned subsidiary, FirsTech, Inc. (“FirsTech”) specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

For the fourth consecutive year, Busey was named among Forbes’ 2025’s America’s Best Banks. In 2025, Forbes also recognized Busey as a Best-in-State Bank, based on rankings of customer service, quality of financial advice, fee structures, ease of digital services, accessing help at branch locations and the degree of trust inspired. Busey was also named among the 2025 Best Banks to Work For by American Banker and the 2025 Best Places to Work in Money Management by Pensions and Investments. We are honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development.

NON-GAAP FINANCIAL INFORMATION

This earnings release contains certain financial information determined by methods other than 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.

The following tables 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 with the tables below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Pre-Provision Net Revenue and Related Measures
		Three Months Ended												Years Ended
(dollars in thousands)		December 31, 2025				September 30, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Net interest income (GAAP)		$	157,558			$	155,137			$	81,578			$	569,609			$	322,611
Total noninterest income (GAAP)			42,691				41,198				35,221				149,975				139,682
Net security (gains) losses (GAAP)			667				288				196				10,726				6,102
Total noninterest expense (GAAP)(i)			(120,320	)			(120,018	)			(78,622	)			(480,201	)			(301,494	)
Pre-provision net revenue (Non-GAAP)	[a]		80,596				76,605				38,373				250,109				166,901
Acquisition and restructuring (income) expenses, excluding initial provision expenses			4,816				7,251				3,585				54,693				8,140
Realized net (gains) losses on the sale of mortgage service rights			—				—				—				—				(7,724	)
Adjusted pre-provision net revenue (Non-GAAP)	[b]	$	85,412			$	83,856			$	41,958			$	304,802			$	167,317
Average total assets	[c]	$	18,309,250			$	18,662,449			$	12,085,993			$	17,729,887			$	12,051,871
Pre-provision net revenue to average total assets (Non-GAAP)(ii)	[a÷c]		1.75	%			1.63	%			1.26	%			1.41	%			1.38	%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)(ii)	[b÷c]		1.85	%			1.78	%			1.38	%			1.72	%			1.39	%

___________________________________________

(i)	Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.
(ii)	For quarterly periods, measures are annualized.

Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
		Three Months Ended												Years Ended
(dollars in thousands, except per share amounts)		December 31, 2025				September 30, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Net income (GAAP)	[a]	$	60,750			$	57,098			$	28,105			$	135,262			$	113,691
Day 2 provision for credit losses(i)			—				—				—				45,572				—
Adjustment of initial provision for unfunded commitments due to adoption of new model(ii)			—				—				—				4,030				—
Other acquisition (income) expenses			4,859				7,251				2,469				54,736				6,901
Restructuring expenses			(43	)			—				1,116				(43	)			1,239
Realized net (gains) losses on the sale of mortgage servicing rights			—				—				—				—				(7,724	)
Net securities (gains) losses			667				288				196				10,726				6,102
Related tax (benefit) expense(iii)			(1,047	)			(2,141	)			(1,014	)			(30,228	)			(1,622	)
Non-recurring deferred tax adjustment(iv)			—				—				—				4,919				1,446
Adjusted net income (Non-GAAP)(v)	[b]		65,186				62,496				30,872				224,974				120,033
Preferred dividends	[c]		4,590				5,131				—				9,876				—
Adjusted net income available to common stockholders (Non-GAAP)(v)	[d]	$	60,596			$	57,365			$	30,872			$	215,098			$	120,033
Weighted average number of common shares outstanding, diluted (GAAP)	[e]		89,655,632				90,218,382				57,934,812				85,133,626				57,543,001
Diluted earnings per common share (GAAP)	[(a-c)÷e]	$	0.63			$	0.58			$	0.49			$	1.47			$	1.98
Adjusted diluted earnings per common share (Non-GAAP)(v)	[d÷e]	$	0.68			$	0.64			$	0.53			$	2.53			$	2.09
Average total assets	[f]	$	18,309,250			$	18,662,449			$	12,085,993			$	17,729,887			$	12,051,871
Return on average assets (Non-GAAP)(vi)	[a÷f]		1.32	%			1.21	%			0.93	%			0.76	%			0.94	%
Adjusted return on average assets (Non-GAAP)(v)(vi)	[b÷f]		1.41	%			1.33	%			1.02	%			1.27	%			1.00	%
Average common equity		$	2,253,609			$	2,210,711			$	1,396,939			$	2,145,484			$	1,342,424
Average goodwill and other intangible assets, net			(483,640	)			(486,625	)			(367,400	)			(469,187	)			(366,601	)
Average tangible common equity (Non-GAAP)	[g]	$	1,769,969			$	1,724,086			$	1,029,539			$	1,676,297			$	975,823
Return on average tangible common equity (Non-GAAP)(vi)	[(a-c)÷g]		12.59	%			11.96	%			10.86	%			7.48	%			11.65	%
Adjusted return on average tangible common equity (Non-GAAP)(v)(vi)	[d÷g]		13.58	%			13.20	%			11.93	%			12.83	%			12.30	%

___________________________________________

(i)	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 Statement of Income.
(ii)	In the second quarter of 2025, Busey recorded an adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new Current Expected Credit Losses model.
(iii)	Tax benefits were calculated for the year-to-date periods using tax rates of 26.28% and 24.88% for the years ended December 31, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
(iv)	A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible compensation and acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey’s Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income.
(v)	Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were presented as further adjustments to adjusted net income.
(vi)	For quarterly periods, measures are annualized.

Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin
		Three Months Ended												Years Ended
(dollars in thousands)		December 31, 2025				September 30, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Net interest income (GAAP)		$	157,558			$	155,137			$	81,578			$	569,609			$	322,611
Tax-equivalent adjustment(i)			860				788				446				2,976				1,693
Tax-equivalent net interest income (Non-GAAP)	[a]		158,418				155,925				82,024				572,585				324,304
Purchase accounting accretion related to business combinations			(5,200	)			(5,854	)			(812	)			(20,901	)			(3,166	)
Adjusted net interest income (Non-GAAP)	[b]	$	153,218			$	150,071			$	81,212			$	551,684			$	321,138
Average interest-earning assets (Non-GAAP)	[c]	$	16,941,000			$	17,272,362			$	11,048,350			$	16,331,740			$	10,999,424
Net interest margin (Non-GAAP)(ii)	[a÷c]		3.71	%			3.58	%			2.95	%			3.51	%			2.95	%
Adjusted net interest margin (Non-GAAP)(ii)	[b÷c]		3.59	%			3.45	%			2.92	%			3.38	%			2.92	%

___________________________________________

(i)	Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
(ii)	For quarterly periods, measures are annualized.

Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios
		Three Months Ended												Years Ended
(dollars in thousands)		December 31, 2025				September 30, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Net interest income (GAAP)	[a]	$	157,558			$	155,137			$	81,578			$	569,609			$	322,611
Tax-equivalent adjustment(i)			860				788				446				2,976				1,693
Tax-equivalent net interest income (Non-GAAP)	[b]		158,418				155,925				82,024				572,585				324,304
Total noninterest income (GAAP)			42,691				41,198				35,221				149,975				139,682
Net security (gains) losses			667				288				196				10,726				6,102
Noninterest income excluding net securities gains and losses (Non-GAAP)	[c]		43,358				41,486				35,417				160,701				145,784
Acquisition and restructuring (gain) loss			—				44				—				44				—
Realized net (gains) losses on the sale of mortgage service rights			—				—				—				—				(7,724	)
Adjusted noninterest income (Non-GAAP)	[d]	$	43,358			$	41,530			$	35,417			$	160,745			$	138,060
Tax-equivalent revenue (Non-GAAP)	[e = b+c]	$	201,776			$	197,411			$	117,441			$	733,286			$	470,088
Adjusted tax-equivalent revenue (Non-GAAP)	[f = b+d]		201,776				197,455				117,441				733,330				462,364
Operating revenue (Non-GAAP)	[g = a+d]		200,916				196,667				116,995				730,354				460,671
Adjusted noninterest income to operating revenue (Non-GAAP)	[d÷g]		21.58	%			21.12	%			30.27	%			22.01	%			29.97	%
Total noninterest expense (GAAP)(ii)		$	120,320			$	120,018			$	78,622			$	480,201			$	301,494
Amortization of intangible assets			(4,432	)			(4,507	)			(2,471	)			(16,614	)			(10,057	)
Noninterest expense excluding amortization of intangible assets (Non-GAAP)(ii)	[h]		115,888				115,511				76,151				463,587				291,437
Acquisition and restructuring (income) expenses, excluding initial provision expenses			(4,816	)			(7,207	)			(3,585	)			(54,649	)			(8,140	)
Adjusted noninterest expense (Non-GAAP)(ii)	[i]	$	111,072			$	108,304			$	72,566			$	408,938			$	283,297
Efficiency ratio (Non-GAAP)(ii)	[h÷e]		57.43	%			58.51	%			64.84	%			63.22	%			62.00	%
Adjusted efficiency ratio (Non-GAAP)(ii)	[i÷f]		55.05	%			54.85	%			61.79	%			55.76	%			61.27	%

___________________________________________

(i)	Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
(ii)	Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense.

Tangible Assets, Tangible Common Equity, and Related Measures and Ratio
		As of
(dollars in thousands, except per share amounts)		December 31, 2025				September 30, 2025				December 31, 2024
Total assets (GAAP)		$	18,104,736			$	18,188,628			$	12,046,722
Goodwill and other intangible assets, net			(480,729	)			(485,203	)			(365,975	)
Tangible assets (Non-GAAP)(i)	[a]	$	17,624,007			$	17,703,425			$	11,680,747
Total stockholders' equity (GAAP)		$	2,468,982			$	2,448,835			$	1,383,269
Preferred stock and additional paid in capital on preferred stock			(215,197	)			(215,197	)			—
Common equity	[b]		2,253,785				2,233,638				1,383,269
Goodwill and other intangible assets, net			(480,729	)			(485,203	)			(365,975	)
Tangible common equity (Non-GAAP)(i)	[c]	$	1,773,056			$	1,748,435			$	1,017,294
Tangible common equity to tangible assets (Non-GAAP)(i)	[c÷a]		10.06	%			9.88	%			8.71	%
Ending number of common shares outstanding (GAAP)	[d]		87,624,430				88,789,043				56,895,981
Book value per common share (Non-GAAP)	[b÷d]	$	25.72			$	25.16			$	24.31
Tangible book value per common share (Non-GAAP)	[c÷d]	$	20.23			$	19.69			$	17.88

___________________________________________

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

Core Deposits and Related Ratio
		As of
(dollars in thousands)		December 31, 2025				September 30, 2025				December 31, 2024
Total deposits (GAAP)	[a]	$	14,905,958			$	15,070,162			$	9,982,490
Brokered deposits, excluding brokered time deposits of $250,000 or more			(70,140	)			(125,432	)			(13,090	)
Time deposits of $250,000 or more			(876,207	)			(807,378	)			(334,503	)
Core deposits (Non-GAAP)	[b]	$	13,959,611			$	14,137,352			$	9,634,897
Core deposits to total deposits (Non-GAAP)	[b÷a]		93.65	%			93.81	%			96.52	%

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, military conflicts, acts of war or threats thereof, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine, the conflicts in the Middle East, and recent military activity in Venezuela); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey's commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions, private credit, and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey's loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey's cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

END NOTES

1	Annualized measure.
2	Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see "Non-GAAP Financial Information.”
3	Capital amounts and ratios as of December 31, 2025, are not yet finalized and are subject to change.
4	The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
5	Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
6	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.

INVESTOR CONTACT: Christopher H.M. Chan, Chief Financial Officer | 913-647-9825       

FAQ

What were First Busey Corporation's Q4 2025 earnings and EPS (Nasdaq: BUSE)?

Q4 2025 net income was $60.8 million, or $0.63 diluted EPS. According to the company, adjusted Q4 net income was $65.2 million, or $0.68 diluted, reflecting certain non-GAAP adjustments to highlight core performance.

How did First Busey's net interest margin change in Q4 2025 (BUSE)?

Net interest margin expanded to 3.71% in Q4 2025. According to the company, the 76 basis-point improvement was driven primarily by disciplined deposit cost control and measured funding actions.

What capital and book-value metrics did First Busey report for 2025 (BUSE)?

Common Equity Tier 1 capital rose to 12.44%; tangible book value per share increased 13.1% YoY. According to the company, capital remained strong following the CrossFirst integration and 2025 share repurchases.

How much stock did First Busey repurchase in 2025 and what is the shareholder impact (BUSE)?

First Busey repurchased $69.9 million of stock in 2025, including $29.8 million in Q4. According to the company, repurchases supported tangible book value growth and reduced share count for EPS accretion.

Were there any leadership changes announced at First Busey on January 27, 2026 (BUSE)?

Yes. Michael J. Maddox separated from the company; Van A. Dukeman will serve at least two more years and assume president duties, and Tony Hammond was named president of Busey Bank, according to the company announcement.