CrossFirst deal boosts First Busey (NASDAQ: BUSE) 2025 scale and profit

Rhea-AI Filing Summary

First Busey Corporation filed its annual report outlining a much larger franchise after the March 1, 2025 acquisition of CrossFirst Bankshares. The company is now an $18.10 billion financial holding company with 79 banking centers across 10 states and diversified services in banking, wealth management, and payment technology.

Net interest income rose to $569.6 million in 2025, and pre‑provision net revenue increased to $250.1 million, with adjusted pre‑provision net revenue of $304.8 million. Adjusted net income reached $225.0 million, or $2.53 per diluted share. Average total assets grew to $17.73 billion, and wealth management assets under care were $15.66 billion as of December 31, 2025.

Busey emphasizes conservative capital management, reporting that both the holding company and Busey Bank exceeded Basel III "well capitalized" thresholds at year‑end. The report also details strong market positions in key Midwestern and Southwestern markets and a focus on human capital, with 1,914 full‑time equivalents and high associate engagement and wellness participation.

Insights

Regional bank and capital regulation analyst

CrossFirst acquisition and strong capital drive a larger, more profitable Busey franchise.

First Busey used 2025 to scale meaningfully, completing the CrossFirst Bankshares acquisition on March 1, 2025 and merging CrossFirst Bank into Busey Bank on June 20, 2025. This helped lift average total assets to $17.73 billion from $12.05 billion in 2024 and expanded operations to 79 banking centers in 10 states.

Earnings quality also improved. Pre‑provision net revenue rose to $250.1 million, with adjusted pre‑provision net revenue of $304.8 million. Adjusted net income increased to $225.0 million, supporting adjusted diluted EPS of $2.53 versus $2.09 in 2024. These gains reflect both organic performance and acquisition‑related contributions, alongside notable acquisition and restructuring expenses.

From a safety and soundness perspective, Busey highlights robust capital ratios, stating that as of December 31, 2025 both Busey and Busey Bank exceeded Basel III "well capitalized" thresholds and satisfied the capital conservation buffer. The bank also details its position above supervisory CRE concentration indicators and its navigation of post‑$10 billion regulatory requirements such as Durbin interchange limits, Volcker compliance, and CFPB oversight. Future disclosures in company filings may further clarify how the enlarged balance sheet and regulatory environment shape profitability and growth.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 0-15950

FIRST BUSEY CORPORATION

(Exact name of registrant as specified in its charter)

Nevada			37-1078406
(State or other jurisdiction of incorporation of organization)			(I.R.S. Employer Identification No.)

11440 Tomahawk Creek Parkway

Leawood, Kansas 66211

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code (217) 365-4544

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock ($0.001 par value)

BUSE

The Nasdaq Stock Market LLC

Depositary Shares, each representing a 1/40th interest in a share of 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value

BUSEP

The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes ☑  No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes ☐  No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☑  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☑  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

			Large accelerated filer ☑			Accelerated filer ☐
			Non-accelerated filer ☐			Smaller reporting company ☐
						Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.    ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.    ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes ☐  No ☑

The aggregate market value of the voting and non-voting common equity held by non-affiliates on June 30, 2025, was $1.95 billion, determined using a per share closing price for the registrant’s common stock on that date of $22.89, as quoted on The Nasdaq Global Select Market. In calculating the market value of securities held by non-affiliates of the registrant as of June 30, 2025, the registrant has treated as securities held by affiliates the voting and non-voting stock owned by its directors and principal executive officers, voting stock for which its directors hold voting power, and voting and non-voting stock held by the First Busey Corporation Plan and Trust in a fiduciary capacity for benefit of its directors and principal executive officers. This calculation does not reflect a determination that persons are affiliates for any other purposes.

As of February 26, 2026, there were 86,227,449 shares of the registrant’s common stock, $0.001 par value, outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive Proxy Statement for the 2026 Annual Meeting of Stockholders of First Busey Corporation to be held May 20, 2026, are incorporated by reference in this Form 10-K in response to Part III.

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First Busey Corporation (BUSE) | 2025 — 2

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FIRST BUSEY CORPORATION

FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS
GLOSSARY						6
PART I			ITEM 1. BUSINESS			8
			Organization			8
			Business Combinations			9
			Banking Center Markets			11
			Human Capital			14
			Corporate Governance			15
			Supervision, Regulation, and Other Factors			15
			Securities And Exchange Commission Reporting and Other Information			28
			Non-GAAP Financial Information			28
			Forward-Looking Statements			34
			ITEM 1A. RISK FACTORS			36
			Economic and Market Risks			36
			Regulatory and Legal Risks			37
			Credit and Lending Risks			38
			Capital and Liquidity Risks			40
			Competitive and Strategic Risks			41
			Accounting and Tax Risks			45
			Operational Risks			46
			ITEM 1B. UNRESOLVED STAFF COMMENTS			48
			ITEM 1C. CYBERSECURITY			48
			ITEM 2. PROPERTIES			49
			ITEM 3. LEGAL PROCEEDINGS			49
			ITEM 4. MINE SAFETY DISCLOSURES			50
PART II			ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES			50
			ITEM 6. [RESERVED]			52
			ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)			53
			Scope of Discussion			53
			Busey’s Conservative Banking Strategy			54
			Critical Accounting Estimates			54
			Results Of Operations — Three Years Ended December 31, 2025			57
			Financial Condition			71
			New Accounting Pronouncements			88
			Effects Of Inflation			88
			ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			89
			ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA			90
			Report of Independent Registered Public Accounting Firm (PCAOB ID 49)			91

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			Consolidated Financial Statements			94
			Consolidated Balance Sheets			94
			Consolidated Statements of Income			95
			Consolidated Statements of Comprehensive Income			96
			Consolidated Statements of Stockholders’ Equity			97
			Consolidated Statements of Cash Flows			100
			Notes to Consolidated Financial Statements			102
			Note 1. Significant Accounting Policies			102
			Note 2. Business Combinations			120
			Note 3. Debt Securities			125
			Note 4. Portfolio Loans			131
			Note 5. Other Real Estate Owned and Other Repossessed Assets			141
			Note 6. Premises and Equipment			142
			Note 7. Leases			142
			Note 8. Goodwill and Other Intangible Assets			145
			Note 9. Deposits			147
			Note 10. Borrowings			147
			Note 11. Junior Subordinated Debt Owed to Unconsolidated Trusts			149
			Note 12. Regulatory Capital			150
			Note 13. Income Taxes			153
			Note 14. Tax Credit Investments and Other Investments in Unconsolidated Entities			155
			Note 15. Employee Benefit Plans			156
			Note 16. Stock-Based Compensation			157
			Note 17. Transactions with Related Parties			164
			Note 18. Outstanding Commitments and Contingent Liabilities			165
			Note 19. Derivative Financial Instruments			166
			Note 20. Fair Value Measurements			172
			Note 21. Earnings Per Common Share			178
			Note 22. Accumulated Other Comprehensive Income (Loss)			179
			Note 23. Operating Segments and Related Information			180
			Note 24. Parent Company Only Financial Information			185
			ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE			188
			ITEM 9A. CONTROLS AND PROCEDURES			188
			ITEM 9B. OTHER INFORMATION			191
			ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS			191
PART III			ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE			191
			ITEM 11. EXECUTIVE COMPENSATION			192
			ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS			193

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			ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE			193
			ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES			193
PART IV			ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES			194
			ITEM 16. FORM 10-K SUMMARY			194
EXHIBIT INDEX						195
SIGNATURES						201

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GLOSSARY

Busey uses acronyms, abbreviations, and other terms throughout this Annual Report, as defined in the glossary below:

Term						Definition
2020 Equity Plan						First Busey Corporation Amended 2020 Equity Incentive Plan
401(k) Plan						First Busey Corporation Profit Sharing Plan and Trust
ACL						Allowance for credit losses
Annual Report						Annual report filed with the SEC on Form 10-K pursuant to Section 13 or 15(d) of the Exchange Act
AOCI						Accumulated other comprehensive income (loss)
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
Basel III						2010 capital accord adopted by the international Basel Committee on Banking Supervision
Basel III Rule						Regulations promulgated by U.S. federal banking agencies—the OCC, the Federal Reserve, and the FDIC—to both enforce implementation of certain aspects of the Basel III capital reforms and effect certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act
BHCA						Bank Holding Company Act of 1956, as amended
bps						basis points
Busey						First Busey Corporation, together with its wholly-owned consolidated subsidiaries; also, “First Busey,” and the “Company”
Busey Series A Preferred Stock						Series A Non-Cumulative Perpetual Preferred Stock, $0.001 par value
Busey Series B Preferred Stock						8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value
C&I						Commercial and industrial
CECL						ASC Topic 326 “Financial Instruments-Credit Losses,” which established the Current Expected Credit Losses methodology for measuring credit losses on financial instruments
CFPB						Consumer Financial Protection Bureau
CRA						Community Reinvestment Act
CRE						Commercial real estate
CRE Guidance						Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices guidance issued jointly by the OCC, the Federal Reserve, and the FDIC
CrossFirst						CrossFirst Bankshares, Inc.
Current Report						Current report filed with the SEC on Form 8-K pursuant to Section 13 or 15(d) of the Exchange Act
DFPR						Illinois Department of Financial and Professional Regulation
Dodd-Frank Act						Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010
DSU						Deferred stock unit
Durbin Amendment						The Durbin Amendment to the Dodd-Frank Act, requiring the Federal Reserve to establish a maximum permissible interchange fee for many types of debit transactions
ESPP						First Busey Corporation Employee Stock Purchase Plan
Exchange Act						Securities Exchange Act of 1934, as amended

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Term						Definition
Fair value						The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, as defined in ASC Topic 820 “Fair Value Measurement”
FASB						Financial Accounting Standards Board
FDIC						Federal Deposit Insurance Corporation
Federal Reserve						Board of Governors of the Federal Reserve System
FHLB						Federal Home Loan Bank
First Community						First Community Financial Partners, Inc.
FirsTech						FirsTech, Inc.
GAAP						U.S. Generally Accepted Accounting Principles
LOCOM						Lower of Cost or Market, an accounting approach under which assets are carried at amortized historical cost less write-offs and downward fair value adjustments, as may be applicable
M&M						Merchants and Manufacturers Bank Corporation
M&M Bank						Merchants and Manufacturers Bank
MSA						Metropolitan Statistical Area
Nasdaq						National Association of Securities Dealers Automated Quotations
N/A						Not applicable
NM						Not meaningful
OCC						Office of the Comptroller of the Currency
OCI						Other comprehensive income (loss)
OREO						Other real estate owned
PCAOB						Public Company Accounting Oversight Board
PCD						Purchased credit deteriorated
PSU						Performance stock unit
Quarterly Report						Quarterly report filed with the SEC on Form 10-Q pursuant to Section 13 or 15(d) of the Exchange Act
Regulatory Relief Act						Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018
RSU						Restricted stock unit
SBA						U.S. Small Business Administration
SEC						U.S. Securities and Exchange Commission
Securities Act						Securities Act of 1933, as amended
SOFR						Secured Overnight Financing Rate published by the Federal Reserve
SSAR						Stock-settled stock appreciation right
Stock Repurchase Plan						Stock repurchase program approved by First Busey Corporation's board of directors on February 3, 2015
Term Loan						$60 million term loan provided for in the Second Amended and Restated Credit Agreement, dated May 28, 2021. This term loan was paid off in the first quarter of 2024.
U.S.						United States of America
U.S. Treasury						U.S. Department of the Treasury
Volcker Rule						A financial regulation included in the Dodd-Frank Act that was intended to reduce risk in the banking system, which prohibits banking organizations that exceed a $10 billion asset threshold from engaging in proprietary trading and limits their investments in private equity funds

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PART I

ITEM 1. BUSINESS

Contents of Item 1. Business

ORGANIZATION			8
Banking			8
Wealth Management			9
FirsTech			9
BUSINESS COMBINATIONS			9
2025 Acquisition of CrossFirst Bankshares, Inc.			10
2024 Acquisition of Merchants and Manufacturers Bank Corporation			10
BANKING CENTER MARKETS			11
Busey’s Regional Operating Model			11
Market Competition			13
HUMAN CAPITAL			14
CORPORATE GOVERNANCE			15
SUPERVISION, REGULATION, AND OTHER FACTORS			15
General Supervision and Regulation			15
The $10 billion Threshold			17
The Role of Capital			18
Supervision and Regulation of First Busey Corporation			20
Supervision and Regulation of Busey Bank			23
SECURITIES AND EXCHANGE COMMISSION REPORTING AND OTHER INFORMATION			28
NON-GAAP FINANCIAL INFORMATION			28
FORWARD-LOOKING STATEMENTS			34

ORGANIZATION

First Busey Corporation is an $18.10 billion financial holding company. Organized in Nevada in 1980, First Busey Corporation is headquartered in Leawood, Kansas. First Busey Corporation’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE” and its Series B preferred stock is traded on The Nasdaq Global Select Market under the symbol “BUSEP.”

Busey conducts the business of banking and provides related banking services, asset management, brokerage, and fiduciary services through Busey Bank, and provides payment technology solutions through FirsTech. Busey also has various other subsidiaries that are not significant to the consolidated entity.

Banking

Busey Bank is an Illinois state-chartered bank headquartered in Champaign, Illinois. Initially founded in 1868, Busey Bank now has a total of 79 banking centers across 10 states, with 50 in Illinois, nine in Missouri, four in Texas, three in Colorado, three in Florida, three in Kansas, three in Oklahoma, two in Arizona, one in Indiana, and one in New Mexico.

Busey Bank offers a range of diversified financial products and services for consumers and businesses, including online and mobile banking capabilities to conveniently serve its customers’ needs. Commercial services include commercial, CRE, real estate construction, and agricultural loans, as well as commercial depository services such as cash management. Retail banking services include residential real estate, home equity lines of credit, consumer loans, customary types of demand and savings deposits, money transfers, safe deposit services, and individual retirement accounts and other fiduciary services through Busey Bank’s banking centers, automated teller machines, and technology-based networks.

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Contents of Item 1. Business

Busey Bank’s principal sources of income are interest and fees on loans and investments, wealth management fees, service fees, and payment technology solutions revenue. Principal expenses are interest paid on deposits and borrowings and general operating expenses.

Wealth Management

Busey Bank provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations through its Wealth Management business. As of December 31, 2025, $15.66 billion of assets were under care. For individuals, Busey Bank provides investment management, trust and estate advisory services, and financial planning. For businesses, it provides investment management, business succession planning, and employee retirement plan services. For foundations, Busey Bank provides investment management, investment strategy consulting, and fiduciary services. Brokerage-related services are offered by Busey Investment Services, a division of Busey Bank, through a third-party arrangement. In addition, Busey Bank provides professional farm management and brokerage services to the agricultural industry.

FirsTech

FirsTech, a wholly owned subsidiary of Busey Bank, delivers technology‑enabled payment processing solutions to business clients across the United States. The company operates a multi‑channel payments platform that facilitates the collection and processing of consumer payments through a variety of electronic and in‑person methods.

FirsTech’s service offerings include mobile text‑based bill payment; interactive voice response systems; electronic payment concentration and routing to Automated Clearing House networks, money management networks, and credit card networks; walk‑in payment processing through third‑party retail agent locations; customer service payment processing via telephone; direct debit services; merchant services referral solutions for financial institution partners and their commercial customers; and lockbox remittance processing for mail‑based payments. The company also provides ancillary tools that support billing, reconciliation, payment reminders, and treasury‑related functions.

FirsTech serves clients across a broad range of industries, with a significant concentration in regulated sectors such as financial services, utilities, insurance, and telecommunications.

BUSINESS COMBINATIONS

Over the last several years, Busey has completed the following acquisitions as part of its strategy to expand into new service areas and to provide broader coverage in areas where Busey already maintains a presence:

Acquisition Date						Companies Acquired
January 8, 2015						Herget Financial Corp. and its wholly-owned bank subsidiary, Herget Bank, National Association
April 30, 2016						Pulaski Financial Corp. and its wholly-owned subsidiary, Pulaski Bank, National Association
July 2, 2017						First Community Financial Partners, Inc. and its wholly-owned subsidiary, First Community Financial Bank
October 1, 2017						Mid Illinois Bancorp, Inc. and its wholly-owned subsidiary, South Side Trust & Savings Bank of Peoria
January 31, 2019						The Banc Ed Corp. and its wholly-owned subsidiary, TheBANK of Edwardsville
August 31, 2019						Investors' Security Trust Company
May 31, 2021						Cummins-American Corp. and its wholly-owned subsidiary, Glenview State Bank
April 1, 2024						Merchants and Manufacturers Bank Corporation, and its wholly-owned subsidiary, Merchants and Manufacturers Bank
March 1, 2025						CrossFirst Bankshares, Inc., and its wholly-owned subsidiary CrossFirst Bank

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Contents of Item 1. Business

2025 Acquisition of CrossFirst Bankshares, Inc.

On March 1, 2025, Busey completed its acquisition of CrossFirst and its wholly-owned subsidiary, CrossFirst Bank. This transformative partnership helped create a premier commercial bank spanning 10 states.

CrossFirst Bank’s results of operations were included in Busey’s results of operations beginning March 1, 2025. Busey operated CrossFirst Bank as a separate banking subsidiary until it was merged with and into Busey Bank on June 20, 2025. At the time of the bank merger, CrossFirst Bank’s banking centers became banking centers of Busey Bank.

2024 Acquisition of Merchants and Manufacturers Bank Corporation

On April 1, 2024, Busey completed its acquisition of M&M and its wholly-owned subsidiary, M&M Bank. This partnership added M&M’s Life Equity Loan® products to Busey’s existing suite of services and expanded Busey’s presence in the suburban Chicago market. M&M’s results of operations were included in Busey’s results of operation beginning April 1, 2024.

For further information regarding these acquisitions, see “Note 2. Business Combinations” in the Notes to the Consolidated Financial Statements. Further information related to acquisitions made prior to January 1, 2024, has been presented in the Annual Reports previously filed with the SEC corresponding to each year of each acquisition.

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Contents of Item 1. Business

BANKING CENTER MARKETS

Busey’s Regional Operating Model

Busey Bank, headquartered in Champaign, Illinois, serves the banking needs of its customers through 79 banking centers located across five geographical regions and verticals spanning 10 states.

Busey’s East Region

Busey Bank serves the suburban Chicago market with 11 banking centers in its East Region, offering a full spectrum of financial services to individuals and businesses. The Chicago area is home to several Fortune 500 companies, featuring a diverse economic mix that includes manufacturing, logistics, information technology, and financial services. With a regionalized approach and a legacy of service excellence, Busey remains a trusted financial partner to the vibrant communities of northeastern Illinois.

Busey Bank operates 20 banking centers in the St. Louis MSA, including eight banking centers in eastern Missouri and 12 banking centers in western Illinois. St. Louis has a diverse economy and major employment sectors including healthcare, financial services, professional and business services, and retail. Busey continues to build on its legacy of serving dynamic urban and suburban markets in the region.

Busey Bank serves the southwest Florida banking market with three banking centers located in and around Fort Myers, an area which has experienced strong population growth, job expansion, and a vibrant housing market, as well as the benefits of a robust tourism and winter resort economy. These factors have contributed to a thriving environment for consumer banking and small business services.

Busey’s Midwest Region

Busey Bank serves the central Illinois banking market with 27 banking centers, six of which are in the Chicago MSA. The economy of central Illinois is agriculture-based, with a prominent presence of manufacturing and services industries. These industries, coupled with large healthcare and higher education sectors, anchor the communities in which they are located and have provided a comparatively stable foundation for housing, employment, and small business.

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Contents of Item 1. Business

Busey Bank has one banking center in the Indianapolis, Indiana, area, which is the most populous city of Indiana with a diverse economy, due in part to it serving as the headquarters of many large corporations. Its strategic location and infrastructure have fostered steady economic performance, positioning Busey to meet the financial needs of both retail and commercial clients.

Busey’s Central Region

Busey Bank serves the Kansas City MSA with three banking centers, including two locations in Leawood, Kansas and one in Kansas City, Missouri. The Kansas City MSA is a diverse and economically vibrant region, supported by industries such as healthcare, financial services, manufacturing, and transportation. Leawood is known for its desirable residential communities and concentration of corporate offices and financial institutions, while the Missouri location provides connectivity to the area’s broader commercial and industrial base. Together, these banking centers position Busey to serve a wide range of consumer and business clients across one of the Midwest’s most dynamic metropolitan regions.

Busey Bank operates one banking center in Wichita, Kansas, the state’s largest city and a key regional economic hub. Wichita’s economy is anchored by its leadership in aviation, aerospace engineering, and manufacturing, along with growing healthcare and education footprints that contribute to a stable employment base and expanding residential development. Busey’s presence in Wichita enables Busey Bank to serve a diverse mix of consumer and commercial clients in a market known for its industrial strength and community resilience.

Busey Bank serves the Oklahoma banking market with three banking centers, including two in Oklahoma City and one in Tulsa. These cities anchor the state’s economy, with leading sectors including aerospace, energy, healthcare, and higher education. Both Oklahoma City and Tulsa have benefited from economic diversification efforts and urban revitalization, fostering resilience in employment and housing markets and providing opportunities for Busey to support local business and community needs.

Busey’s Texas Region

Busey Bank operates four banking centers across the Dallas-Fort Worth MSA, including locations in Dallas, Frisco, and Fort Worth, Texas. The Dallas-Fort Worth MSA is the most populous metropolitan area in the southern United States, and serves as a key business and financial hub with a diverse economy spanning technology, healthcare, telecommunications, and logistics. The region’s rapid population growth, entrepreneurial energy, and deep talent pool have created strong demand for housing and commercial expansion, aligning well with Busey’s financial services model.

Busey’s West Region

Busey Bank has two banking centers in Arizona, located in Phoenix and Tucson. Phoenix, a fast-growing metropolitan area, features a broad-based economy with key sectors in advanced manufacturing, fintech, and education. Tucson, supported by a strong university presence and a vibrant tourism sector, has seen steady growth in small business development and residential communities. Busey’s presence supports a range of financial needs in both urban and suburban settings.

Busey Bank has three banking centers in Colorado, located in Denver and Colorado Springs. Denver stands out as a major economic center with thriving industries in technology, energy, and financial services, while Colorado Springs offers a more suburban environment anchored by defense, aerospace, and healthcare sectors. Both cities have experienced consistent population growth and infrastructure investment, creating opportunities for Busey to serve a dynamic customer base.

Busey Bank operates one banking center in Clayton, New Mexico. Located in northeastern New Mexico, Clayton’s economy is primarily driven by agriculture, cattle ranching, and small-scale retail, with steady contributions from transportation services due to its proximity to major highways. The community also benefits from local tourism linked to nearby parks and attractions. Busey’s presence supports essential financial needs in this rural market, reinforcing its commitment to serving both metropolitan and underserved areas with tailored banking solutions.

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Contents of Item 1. Business

Busey’s Verticals

Transcending geographical boundaries, Busey operates in several industry verticals, including Life Equity Lending, Sponsor Finance, Energy Lending, and SBA Lending.

Market Competition

Busey Bank competes actively with national and state banks, savings and loan associations, and credit unions for deposits and loans. Busey Bank competes for real estate and other loans primarily on the basis of type of loan, interest rates and loan fees, and the quality of services provided. Busey Bank and FirsTech compete with other financial institutions, including asset management and trust companies, security broker/dealers, personal loan companies, insurance companies, finance companies, leasing companies, mortgage companies, payment technology solution companies, financial technology companies, digital asset providers, and certain governmental agencies, all of which actively engage in marketing various types of loans, deposit accounts, wealth management, and other products and services.

Busey Bank faces substantial competition in attracting deposits from other commercial banks, savings institutions, digital banks, money market and mutual funds, credit unions, insurance agencies, brokerage firms, and other investment vehicles. Customers for banking services are generally influenced by convenience, quality of service and technology, personal contacts, price of services, and availability of products. Busey Bank attracts a significant amount of deposits through its banking centers, primarily from the communities in which those banking centers are located; therefore, competition for those deposits is principally from other commercial banks, savings institutions, and credit unions located in the same communities. Busey Bank competes for deposits by offering a variety of deposit accounts at competitive rates, high-quality customer service, convenient business hours, technology enabled solutions including internet and mobile banking, and convenient banking centers with inter-branch deposit and withdrawal privileges.

Based on information obtained from the FDIC Summary of Deposits dated June 30, 2025, the most recent report available, out of 349 financial institutions headquartered in the State of Illinois, Busey Bank ranked fourth in total deposits within the Illinois market. Further, Busey Bank ranked in the top 10 in total deposits in nine Illinois counties, as well as two Kansas counties and two New Mexico counties:

As of June 30, 2025
County						Busey Bank Market Share Ranking
Illinois
Champaign						1
Macon						1
Madison						2
Grundy						3
McLean						3
St. Clair						4
Tazewell						4
Peoria						4
Will						8
Kansas
Johnson						6
Sedgwick						7
New Mexico
Harding						1
Union						1

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HUMAN CAPITAL

Busey is built upon a strong commitment to associate, customer, stockholder, and community, with its associates as the cornerstone of this unwavering commitment. Busey’s vision, Service Excellence in Everything We Do, starts with Busey’s dedication to its associates. Busey is deeply humbled to be consistently recognized nationally and locally throughout the Company’s footprint, including being named nationally among the Best-In-State Banks and America’s Best Banks by Forbes; the Best Banks to Work For by American Banker; and the Best Places to Work in Money Management by Pension and Investments. Additionally, Busey is consistently named among the Best Places to Work and Best Companies to Work For by associates and publications across our footprint. From exceeding the needs of customers and colleagues to serving their communities selflessly, Busey associates show unmatched dedication to the Company. Their shared experiences are what make these and other awards possible. Since Busey opened its doors 158 years ago, Busey has maintained its core values, creating a strong foundation and shaping its inclusive culture.

Busey remains committed to fostering a welcoming and supportive environment within its organization, the banking profession, and the communities in which it operates. Busey is dedicated to attracting and retaining top talent across a variety of backgrounds and experiences. Teams with varying beliefs and opinions promote productivity, creativity, and innovation, while better meeting and exceeding the needs of Busey’s customer base. Recruiting, supporting, and retaining a workforce with varying perspectives and ideas, while maintaining a welcoming culture, is the foundation of Busey’s core value—One Busey. Busey’s endeavors in this regard are reported to the Employee Benefit and Compensation Committee and to the Board's Enterprise Risk Committee, which hold the organization accountable to this core value at the highest levels of management.

Associate engagement is an important barometer of Busey’s cultural health. Busey regularly solicits feedback to understand the views of its associates about their work environment and Busey’s culture. The results from engagement surveys are used to implement programs and processes designed to enhance engagement and improve the associate experience. With a strong 90% participation rate and an approach focused on continuous improvement, 2025 results remained in-line with the prior year and exceeded expectations. One way Busey keeps associates informed and engaged is through quarterly update calls, which are conducted by Busey leadership. These calls provide important information about the financial health of the Company, but more importantly they provide a cultural touchpoint to solidify Busey’s commitment to its number one asset – its associates. A tenet of Busey’s engaged culture is a commitment to investing in associates through unique, award-winning training and development programs. In 2025, 47% of Busey’s associate base engaged in talent and leadership development programs. Since 2017, Busey has been a proud recipient of the Association for Talent Development’s BEST Award, which is presented to organizations that demonstrate enterprise-wide success as a result of employee talent development.

Additionally, Busey cares about the health and well-being of its associates and their families, as evidenced by a strong investment and an 86% participation rate in Busey’s innovative, holistic health and wellness program, B Well. Investments in B Well include stress management and mental wellness components, lifesaving biometric screenings, access to fitness and wellness coaches, onsite wellness centers, health club reimbursements, on-demand wellness streaming service, and Health Savings Account investments funded by the Company. In 2025, Busey was honored to be recognized among the Healthiest Employers in Illinois, St. Louis, and Florida and received a Silver Well Workplace Award by the Wellness Alliance.

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Contents of Item 1. Business

As of December 31, 2025, Busey and its subsidiaries had a total of 1,914 full-time equivalents. Geographic distribution of Busey associates is as follows:

			As of December 31, 2025
			Full-time						Part-time						Total
Busey associates by state
Illinois			1,111						63						1,174
Missouri			197						3						200
Kansas			188						1						189
Florida			97						—						97
Texas			75						1						76
Arizona			39						—						39
Colorado			39						—						39
Indiana			39						—						39
Oklahoma			39						—						39
New Mexico			9						—						9
Remote			47												47
Total number of associates			1,880						68						1,948
Full-time equivalents			1,880						34						1,914

CORPORATE GOVERNANCE

Information about Busey’s Board of Directors and Executive Officers is presented under “Officers & Directors” within the “Governance” section on Busey’s Investor Relations website at ir.busey.com. Additionally, a listing of Busey’s executive officers is presented in Part III, Item 10 of this Form 10‑K under the caption “Executive Officers.”

Busey has adopted a code of ethics applicable to all Busey associates, officers, and directors. The text of this code of ethics is presented under “Governance Documents” within the “Governance” section on Busey’s Investor Relations website at ir.busey.com.

Reference to Busey’s Investor Relations website does not constitute incorporation by reference of the information contained on the website and it should not be considered part of this document.

SUPERVISION, REGULATION, AND OTHER FACTORS

General Supervision and Regulation

FDIC-insured institutions, like Busey Bank, as well as their holding companies and affiliates, are extensively regulated under federal and state law. As a result, Busey’s growth and earnings performance may be affected not only by management decisions, competitive dynamics, and general economic conditions, but also by the requirements of federal and state statutes and by the regulations and policies of various banking agencies, including the DFPR, the Federal Reserve, the FDIC, and federal and state consumer financial protection agencies. Furthermore, taxation laws administered by the Internal Revenue Service and state taxing authorities, accounting rules developed by the FASB, securities laws administered by the SEC and state securities authorities, and anti-money laundering laws and sanctions enforced by the U.S. Treasury have an impact on Busey’s business. The effect of these statutes, regulations, regulatory policies, and accounting rules are significant to Busey’s operations and results.

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Federal and state banking laws impose a comprehensive system of supervision, regulation, and enforcement on the operations of FDIC-insured institutions, their holding companies, and affiliates that is intended primarily for the protection of the FDIC-insured deposits and depositors of banks, rather than stockholders. These laws, and the regulations of the banking agencies issued under them, affect, among other things, the scope of Busey’s business; the kinds and amounts of investments that Busey may make; required capital levels relative to assets; the nature and amount of collateral for loans; the establishment of branches; the ability of Busey to merge, consolidate, and acquire; dealings with Busey’s insiders and affiliates; and Busey’s payment of dividends.

In response to the global financial crisis and particularly following the passage of the Dodd-Frank Act in 2010, Busey experienced heightened regulatory requirements and scrutiny. Although the reforms primarily targeted large banking organizations and systemically important financial institutions, certain provisions of the law triggered at the $10 billion in assets threshold and the influence of other provisions filtered down in varying degrees to community banks over time, causing Busey’s compliance and risk management processes, and the costs thereof, to increase. The Regulatory Relief Act provided meaningful relief for banks and their holding companies that were not considered systemically important (amended to encompass those with assets under $250 billion). However, the $10 billion threshold remained in place for certain Dodd-Frank Act reforms that are applicable to Busey, as discussed below.

Over the past year, the federal banking agencies have continued efforts to streamline and modernize regulatory and supervisory frameworks applicable to banking organizations, including through initiatives to improve examination efficiency, enhance transparency and consistency in supervisory expectations, and refine certain regulatory requirements. While many targeted regulatory relief measures have been directed primarily toward community banking organizations, supervisory and policy initiatives applicable to larger institutions have focused on improving risk-based oversight and reducing unnecessary compliance burden without altering core safety-and-soundness standards. Congress also has considered additional measures aimed at easing specific compliance obligations (particularly for community banks), although no reforms comparable in scope to the Regulatory Relief Act have been enacted to date. These developments may be favorable to the operations of Busey or Busey Bank; however, future changes in laws, regulations, or supervisory priorities, and their impacts on Busey’s or Busey Bank’s business, remain uncertain.

The supervisory framework applicable to U.S. banking organizations subjects banks and bank holding companies to regular examination by their respective banking agencies. These examinations result in confidential examination reports and supervisory ratings that may impact an institution’s operations, capital levels, growth and strategic initiatives. Examinations consider not only compliance with applicable laws and regulations, but also capital levels, asset quality, management ability and performance, earnings, liquidity, and overall risk profile, among other factors. The banking agencies generally have broad discretion to impose restrictions and limitations on the operations of a banking organization where the agencies determine, among other things, that such operations are unsafe or unsound, violate applicable law, or are otherwise inconsistent with laws and regulations. Changes in supervisory approach or emphasis may materially effect the operations and financial results of Busey, as well as the banking industry in general. In recent supervisory communications, rulemakings, and policy statements, federal banking agencies have indicated an increased focus on core, material financial risks (rather than risk management processes), greater transparency in supervisory expectations, and efforts to reduce examination burden in certain circumstances. For example, the Federal Reserve, Busey Bank’s primary federal regulator, has released guidance intended to streamline supervisory and examination processes, including the issuance of Matters Requiring Attention, and may propose, or join the FDIC’s and OCC’s interagency efforts regarding, rules to clarify standards for unsafe or unsound practices. These initiatives may enable management to focus more effectively on growth opportunities and the management of material financial risks.

The following is a summary of the material elements of the supervisory and regulatory framework applicable to Busey. It does not describe all of the statutes, regulations, and regulatory policies that apply, nor does it restate all of the requirements of those that are described. The descriptions are qualified in their entirety by reference to particular statutory and regulatory provisions.

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The $10 billion Threshold

As indicated above, the Dodd-Frank Act included a number of requirements that are triggered when a banking entity crosses over $10 billion in assets. These include requirements for stress testing capital, maintenance of a risk committee, adherence to the Volcker Rule’s complicated prohibitions on proprietary trading and ownership of private funds, limitations on interchange fees for certain debit transactions, clearing of swap agreements, and examination and enforcement related to consumer financial services by the CFPB, in addition to a number of heightened reporting requirements. The Regulatory Relief Act eliminated the stress test and risk committee requirements for banking entities between $10 billion and $50 billion, but the other regulations and reporting requirements under the Dodd-Frank Act were not changed.

Busey crossed the $10 billion asset threshold in 2020. The material consequences to Busey of crossing the $10 billion asset threshold include the following:

Interchange Fees

The Durbin Amendment to the Dodd-Frank Act required the Federal Reserve to establish a maximum permissible interchange fee for many types of debit transactions. Interchange fees, also known as “swipe” fees, are charges that merchants pay to card-issuing banks, such as Busey Bank, for processing electronic payment transactions. The Federal Reserve set the maximum interchange fee at 21 cents, plus five bps of the transaction value. The Federal Reserve also adopted a rule to allow a debit card issuer to recover one cent per transaction for fraud prevention purposes if the issuer complies with certain fraud-related requirements required by the Federal Reserve. Fee limits imposed by the Durbin Amendment are applicable to any banking organization with over $10 billion in assets and became applicable to Busey Bank on July 1, 2022, following a six-month transition period. Compliance with the Durbin Amendment has reduced Busey Bank’s earnings on covered debit transactions.

Volcker Rule

The Volcker Rule (also a part of the Dodd-Frank Act) restricts the ability of banking organizations (holding companies and their affiliates) with over $10 billion in assets to sponsor or invest in private funds, or to engage in certain types of proprietary trading. In October 2019, the Federal Reserve, OCC, FDIC, Commodity Futures Trading Commission, and SEC finalized rules to tailor the application of the Volcker Rule based on the size and scope of a banking organization’s trading activities and to clarify and amend certain definitions, requirements, and exemptions. Banking organizations have two years (with a possibility of extensions) to comply with the Volcker Rule requirements after crossing the $10 billion threshold. Busey does not materially engage in the activities prohibited by the Volcker Rule; therefore, the application of the rule has not had a material effect on Busey’s operations.

CFPB Examination and Enforcement

Although most of the CFPB’s rules issued under federal consumer financial protection laws are applicable to all providers of consumer financial services, the CFPB only has examination and enforcement authority over banks with more than $10 billion in assets (measured over four consecutive quarters). Busey Bank is under CFPB oversight for consumer banking products and services and continues to be examined for compliance with consumer laws by its primary federal regulator, the Federal Reserve. For more on the CFPB’s current posture, see “Item 1. Business—Supervision, Regulation and Other Factors—Supervision and Regulation of Busey Bank—Consumer Financial Services” below.

Clearing Swaps Agreements

Banks with over $10 billion in assets are required to clear swaps agreements on exchanges. Busey Bank became subject to the exchange requirement in 2021.

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Risk Committee

The Dodd-Frank Act required publicly traded bank holding companies with more than $10 billion in total consolidated assets to establish and maintain a risk committee. Pursuant to the Federal Reserve’s final rules issued under the Regulatory Relief Act, that threshold was increased to $50 billion. Although it is not yet required to have a risk committee in place, Busey established a committee comprised of holding company directors in 2018 to oversee risk matters in preparation for future growth.

The Role of Capital

Regulatory capital represents the net assets of a banking organization available to absorb losses. Because of the risks attendant to their business, FDIC-insured institutions, such as Busey Bank, as well as their holding companies (i.e., banking organizations), generally are required to hold more capital than other businesses. These requirements directly affect Busey’s earnings capabilities. Although capital historically has been one of the key measures of the financial health of both bank holding companies and banks, its role became fundamentally more important in the wake of the global financial crisis, as the banking agencies recognized that the amount and quality of capital held by banking organizations prior to that crisis was insufficient to absorb losses during periods of severe stress.

Capital Levels

Banking organizations have been required to hold minimum levels of capital based on guidelines established by the federal banking agencies since 1983. The minimum capital levels for banking organizations have been expressed in terms of ratios of “capital” divided by “total assets.” Beginning in 1989, capital guidelines for U.S. banking organizations have been based upon international capital accords, known as the “Basel” accords, adopted by the Basel Committee on Banking Supervision, a committee of central banks and bank supervisors that acts as the primary global standard-setter for prudential regulation, as interpreted and implemented by the U.S. federal banking agencies on an interagency basis. These accords recognized that bank assets for the purpose of the capital ratio calculations needed to be risk weighted (the theory being that riskier assets should require more capital) and that off-balance sheet exposures needed to be factored into the calculations. Following the global financial crisis, the Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, announced an agreement on a strengthened set of capital requirements for banking organizations around the world, known as the Basel III accords, to address deficiencies recognized in connection with the global financial crisis.

The Basel III Rule

The U.S. federal banking agencies adopted the Basel III Rule in regulations that were effective in 2015 (with a number of phase-ins). The Basel III Rule established capital standards for banks and bank holding companies that are meaningfully more stringent than those established previously and are still in effect today. The Basel III Rule is applicable to all banking organizations that are subject to minimum capital requirements, including national banks, state banks, and savings and loan associations, as well as to most bank and savings and loan holding companies. First Busey Corporation and Busey Bank are each subject to the Basel III Rule as described below.

Risk-Weighting Assets

Three of the required Basel III capital ratios, as discussed immediately below, are calculated using a denominator of total “risk-weighted” assets. In the calculation of “risk weights,” which was introduced in the first Basel accord, bank assets were divided into four basic risk-weighted categories of zero, 20, 50, and 100%. The Basel III Rule required a more complex, detailed, and calibrated assessment of risk in the calculation of risk weightings. Although it uses the same technique introduced by the Basel I accord in assigning assets to risk-weight categories, it significantly increases the number of categories and adds conditions to the assignment of certain risk weights. Risk weights were established as high as 250% for certain CRE exposures, and higher for certain derivatives.

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The assignment of risk weights is likely to continue to be under review by federal banking agencies as they seek to implement certain remaining elements of the Basel III accords. Previously, in July 2023, the federal banking agencies proposed wide-ranging and significant changes to the Basel III Rule (a “Basel III Endgame Proposal Rule”) to complete this implementation process; however, the proposal was not adopted, in part due to stakeholder concerns regarding potential economic impacts, data transparency, and the alignment of certain provisions with statutory tailoring requirements. Based on public statements from federal agency officials, it is anticipated that a revised proposal may be issued in the future. Any re-proposal of the Basel III Endgame Rule is expected to primarily affect large, complex banking organizations.

Minimum Capital Ratio Requirements

The Basel III Rule also increased the required quantity and quality of capital. Not only did it increase most of the required minimum capital ratios in effect prior to January 1, 2015, but by requiring that capital instruments be of higher quality to absorb loss, it also introduced the concept of Common Equity Tier 1 Capital, which consists primarily of common stock, related surplus (net of Treasury stock), retained earnings, and Common Equity Tier 1 minority interests, subject to certain regulatory adjustments and deductions. The Basel III Rule also changed the definition of regulatory capital by establishing more stringent criteria for instruments to qualify as Additional Tier 1 Capital (primarily non-cumulative perpetual preferred stock that meets certain requirements) and Tier 2 Capital (primarily other types of preferred stock and subordinated debt, subject to limitations). In addition, the Basel III Rule also limited the inclusion of minority interests, mortgage-servicing assets, and deferred tax assets in regulatory capital and required deductions from Common Equity Tier 1 Capital if such assets exceeded prescribed thresholds.

The Basel III Rule requires banking organizations to maintain minimum capital ratios to be deemed “adequately capitalized” as follows:

•A ratio of Common Equity Tier 1 Capital to risk-weighted assets equal to 4.5%;

•A ratio of Tier 1 Capital to risk-weighted assets equal to 6%;

•A ratio of Total Capital (Tier 1 plus Tier 2 Capital) to risk-weighted assets equal to 8%; and

•A leverage ratio of Tier 1 Capital to total quarterly average assets equal to 4%.

Capital Conservation Buffer

In addition, banking organizations that want to make capital distributions (including for dividends and stock repurchases) and pay discretionary bonuses to executive officers without restriction also must maintain 2.5% in Common Equity Tier 1 Capital in the form of a capital conservation buffer. The purpose of the conservation buffer is to ensure that banking organizations maintain a cushion of capital that can be used to absorb losses during periods of financial and economic stress. Factoring in the capital conservation buffer increases the minimum ratios described above to 7% for Common Equity Tier 1 Capital, 8.5% for Tier 1 Capital, and 10.5% for Total Capital.

Well Capitalized Requirements

The ratios described above represent minimum standards for banking organizations to be considered “adequately capitalized.” Banking agencies uniformly encourage banking organizations to maintain capital levels above these minimums and to be classified as “well capitalized.” To that end, federal law and regulations provide various incentives for banking organizations to maintain regulatory capital at levels in excess of minimum regulatory requirements. For example, a well capitalized banking organization may: (1) qualify for exemptions from prior notice or application requirements otherwise applicable to certain types of activities; (2) receive expedited processing of other required notices or applications; and (3) accept, roll-over or renew brokered deposits. In addition, the banking agencies may require higher capital levels where warranted by the banking organization’s particular operating circumstances or risk profiles. For example, the Federal Reserve’s capital guidelines contemplate that additional capital may be required to take adequate account of, among other things, interest rate risk or the risks posed by concentrations of credit, nontraditional activities, or securities trading activities. Further, any banking organization experiencing or anticipating significant growth would be expected to maintain capital ratios, including tangible capital positions (i.e., Tier 1 Capital less all intangible assets), well above the minimum regulatory levels.

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Under the capital regulations of the Federal Reserve, in order to be well capitalized, a banking organization must maintain all of the following:

•A ratio of Common Equity Tier 1 Capital to risk-weighted assets of 6.5% or more;

•A ratio of Tier 1 Capital to total risk-weighted assets of 8% or more;

•A ratio of Total Capital to total risk-weighted assets of 10% or more; and

•A leverage ratio of Tier 1 Capital to total adjusted quarterly average assets of 5% or greater.

Under the Basel III Rule, a banking organization may be considered “well capitalized” while not complying with the capital conservation buffer described above.

As of December 31, 2025: (1) Busey Bank was not subject to a directive from the Federal Reserve or the DFPR to increase its capital, and (2) Busey Bank was well capitalized, as defined by Federal Reserve regulations. As of December 31, 2025, Busey had regulatory capital in excess of the Federal Reserve’s requirements and met the Basel III Rule requirements to be well capitalized. First Busey Corporation and Busey Bank also are in compliance with the capital conservation buffer.

Prompt Corrective Action

The concept of a banking organization being “adequately capitalized” or “well capitalized” is part of a regulatory enforcement regime that provides the federal banking agencies with broad power to take “prompt corrective action” to resolve the problems of depository institutions based on the capital level of each particular institution. The extent of the regulators’ powers depends on whether the banking organization in question is “adequately capitalized,” “undercapitalized,” “significantly undercapitalized,” or “critically undercapitalized,” in each case as defined by regulation. Depending upon the capital category to which a banking organization is assigned, the banking agencies’ corrective powers include: (1) requiring the institution to submit a capital restoration plan; (2) limiting the institution’s asset growth and restricting its activities; (3) requiring the institution to issue additional capital stock (including additional voting stock) or to sell itself; (4) restricting transactions between the institution and its affiliates; (5) restricting the interest rate that the institution may pay on deposits; (6) ordering a new election of directors of the institution; (7) requiring that senior executive officers or directors be dismissed; (8) prohibiting the institution from accepting deposits from correspondent banks; (9) requiring the institution to divest certain subsidiaries; (10) prohibiting the payment of principal or interest on subordinated debt; and (11) ultimately, appointing a receiver for the institution.

Supervision and Regulation of First Busey Corporation

General

First Busey Corporation, as the sole stockholder of Busey Bank, is a bank holding company. As a bank holding company, First Busey Corporation is registered with, and subject to regulation, supervision, and enforcement by, the Federal Reserve under the BHCA. First Busey Corporation is legally obligated to act as a source of financial and managerial strength to Busey Bank and to commit resources to support it in circumstances where First Busey Corporation might not otherwise do so. Under the BHCA, First Busey Corporation is subject to periodic examination by the Federal Reserve and is required to file with the Federal Reserve periodic reports of its operations and such additional information regarding First Busey Corporation and Busey Bank as the Federal Reserve may require.

Acquisitions and Activities

The primary purpose of a bank holding company is to control, manage, and provide financial strength for one or more subsidiary banks. The BHCA generally requires the prior approval of the Federal Reserve for any merger involving a bank holding company or any acquisition by a bank holding company of another bank or bank holding company. Pursuant to the BHCA and the Dodd-Frank Act, the Federal Reserve may permit a well capitalized and well managed bank holding company to acquire banks located in any U.S. state, subject to federal deposit concentration limits, applicable nondiscriminatory state deposit-cap laws, and state minimum existence requirements for target banks (not exceeding five years).

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The BHCA generally prohibits bank holding companies from acquiring direct or indirect ownership or control of more than 5% of the outstanding voting shares of any nonbanking entity, and from engaging in any business other than that of banking, managing, and controlling banks, or furnishing services to banks and their subsidiaries. This general prohibition is subject to a number of exceptions. The principal exception allows bank holding companies to engage in, and to own shares of companies engaged in, certain businesses found by the Federal Reserve prior to November 11, 1999, to be “so closely related to banking ... as to be a proper incident thereto.” This authority permits First Busey Corporation to engage in a variety of banking-related businesses, including, among other things, the ownership and operation of a savings association, or any entity engaged in consumer finance, equipment leasing, and mortgage banking and brokerage services. The BHCA does not place formal territorial restrictions on the domestic activities of nonbank subsidiaries of bank holding companies. In addition to approval from the Federal Reserve in certain circumstances, prior approval for the establishment or acquisition of nonbank subsidiaries of a bank holding company may be required from other agencies, such as agencies regulating the nonbank entity.

Financial Holding Company Election

Additionally, bank holding companies that meet certain eligibility requirements prescribed by the BHCA and elect to operate as financial holding companies may engage in, or own shares in companies engaged in, a wider range of nonbanking activities, including securities and insurance underwriting and sales, merchant banking, and any other activity that: (1) the Federal Reserve, in consultation with the Secretary of the Treasury, determines by regulation or order is financial in nature or incidental to any such financial activity; or (2) that the Federal Reserve determines by order to be complementary to any such financial activity, as long as the activity does not pose a substantial risk to the safety or soundness of FDIC-insured institutions or the financial system generally.

First Busey Corporation has elected to operate as a financial holding company. To maintain its status as a financial holding company, First Busey Corporation and Busey Bank must be well capitalized, well managed, and Busey Bank must have a least a satisfactory CRA rating. If the Federal Reserve determines that a financial holding company is no longer well capitalized or well managed, the Federal Reserve will provide a period of time in which to achieve compliance with those requirements once again, but during the period of noncompliance, the Federal Reserve may place any limitations on the financial holding company that it deems appropriate. Furthermore, if the Federal Reserve determines that a financial holding company’s subsidiary bank has not received a satisfactory CRA rating, that financial holding company will not be able to commence any new financial activities or acquire a company that engages in such activities.

Change in Control

Federal law also prohibits any person or company from acquiring “control” of an FDIC-insured depository institution or its holding company without prior notice to the appropriate federal banking agency. “Control” is conclusively determined to exist upon the acquisition of 25% or more of the outstanding voting securities of a bank or bank holding company, but may be presumed to arise under certain circumstances between 10% and 24.99% ownership.

Capital Requirements

Bank holding companies are required to maintain capital in accordance with Federal Reserve capital adequacy requirements. For a discussion of capital requirements, see “Item 1. Business—Supervision, Regulation and Other Factors—The Role of Capital” above.

Dividend Payments

First Busey Corporation's ability to pay dividends to its stockholders may be affected by both general corporate law considerations and the policies and capital requirements of the Federal Reserve applicable to bank holding companies. As a Nevada corporation, First Busey Corporation is subject to the limitations of Nevada law, which prohibits First Busey Corporation from paying a dividend if, after such dividend: (1) First Busey Corporation would not be able to pay its debts as they become due in the usual course of business; or (2) First Busey Corporation’s total assets would be less than the sum of its total liabilities plus any amount that would be needed, if First Busey Corporation were to be dissolved at the time of the dividend payment, to satisfy the preferential rights upon dissolution of stockholders whose rights are superior to the rights of the stockholders receiving the dividend.

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As a general matter, the Federal Reserve has indicated that the board of directors of a bank holding company should eliminate, defer, or significantly reduce dividends to stockholders if: (1) the company’s net income available to stockholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is inconsistent with the company’s capital needs and overall current and prospective financial condition; or (3) the company will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. The Federal Reserve also possesses enforcement powers over bank holding companies and their nonbank subsidiaries to prevent or remedy actions that represent unsafe or unsound practices or violations of applicable statutes and regulations. Among these powers is the ability to proscribe the payment of dividends by banks and bank holding companies. Finally, the Basel III Rule imposes consolidated capital requirements on banking organizations. As a result, banking organizations must maintain a capital conservation buffer of 2.5% of risk-weighted assets in Common Equity Tier 1 Capital above the minimum risk-based capital requirements to avoid regulatory limits on dividends and other capital distributions. See “Item 1. Business—Supervision, Regulation and Other Factors—The Role of Capital” above.

Monetary Policy

The monetary policy of the Federal Reserve has a significant effect on the operating results of bank holding companies and their subsidiaries. Among the tools available to the Federal Reserve to affect the money supply are open market transactions in U.S. government securities and changes in the discount rate on bank borrowings. These tools are used in varying combinations to influence overall growth and distribution of bank loans, investments, and deposits, and their use may affect interest rates charged on loans or paid on deposits, which may impact the business and operations of First Busey Corporation and Busey Bank.

Federal Securities Regulation

Busey’s common stock is registered with the SEC under the Securities Act and the Exchange Act. Consequently, Busey is subject to the information, proxy solicitation, insider trading, and other restrictions and requirements of the SEC under the Exchange Act.

Corporate Governance/Incentive Compensation

The Dodd-Frank Act addressed many investor protection, corporate governance, and executive compensation matters that affect most U.S. publicly traded companies. It increased stockholder influence over boards of directors by requiring companies to give stockholders a nonbinding vote on executive compensation and so-called “golden parachute” payments, and it authorized the SEC to promulgate rules that would allow stockholders to nominate and solicit voters for their own candidates using a company’s proxy materials.

The Dodd-Frank Act also directed the Federal Reserve, together with the other federal banking and financial services agencies, to promulgate rules prohibiting excessive incentive-based compensation paid to executives of bank holding companies, regardless of whether such companies are publicly traded. Although several agencies have made repeated efforts to implement rules under this provision of the Dodd-Frank Act—including a proposal issued most recently in May 2024, which was subsequently withdrawn—no final rule has been adopted at this time. Nevertheless, the federal banking agencies have issued interagency guidance on sound incentive compensation practices for banking organizations, reflecting the agencies’ recognition that incentive compensation practices in the financial industry were among the factors contributing to the global financial crisis. The interagency guidance recognizes three core principles for effective incentive compensation plans: (1) appropriately balancing risk and reward; (2) compatibility with effective controls and risk management; and (3) support by strong corporate governance, including active and effective oversight by the organization’s board of directors. Although much of the guidance is directed at larger, complex banking organizations that are expected to maintain systematic and formalized policies and procedures, smaller banking organizations, like Busey, are expected to implement less extensive and less formalized systems pursuant to this guidance.

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Supervision and Regulation of Busey Bank

General

Busey Bank is an Illinois-chartered bank. Its deposit accounts are insured by the FDIC’s Deposit Insurance Fund to the maximum extent provided under federal law and FDIC regulations, currently $250,000 per insured depositor, per ownership category. Ongoing policy discussions at the federal level have focused on potential changes to deposit insurance coverage, including possible adjustments to coverage limits, although no changes have been enacted.

As an Illinois-chartered FDIC-insured bank, Busey Bank is subject to the examination, supervision, reporting, and enforcement requirements of the DFPR, its chartering authority. In October 2024, Busey Bank became a member of the Federal Reserve System, and as a result, Busey Bank became subject to the examination, reporting, regulatory, and enforcement requirements of the Federal Reserve. In addition, the FDIC, as administrator of its Deposit Insurance Fund, has regulatory authority over Busey Bank.

Deposit Insurance Assessments

As an FDIC-insured institution, Busey Bank is required to pay deposit insurance premiums to the FDIC. The FDIC uses a risk-based assessment system under which FDIC-insured institutions pay insurance premiums based on their size and risk classification. A bank’s assessment is calculated by multiplying its assessment rate by its assessment base (average consolidated total assets minus its average tangible equity). For institutions like Busey Bank that are considered large banking organizations for this purpose, the assessment rate is based on examination ratings and certain financial measures used to estimate a bank’s ability to withstand stress, and measures of loss to the FDIC in the event of a bank’s failure. The total base assessment rates, effective as of January 1, 2023, currently range from 2.5 bps (for the lowest risk institutions) to 42 bps (for higher risk institutions) on an annualized basis.

At least semi-annually, the FDIC updates its loss and income projections for the Deposit Insurance Fund and, if needed, increases or decreases the assessment rates, following a notice and comment period on proposed rulemaking. For this purpose, the reserve ratio is the Deposit Insurance Fund balance divided by estimated insured deposits. In response to the global financial crisis, the Dodd-Frank Act increased the minimum reserve ratio from 1.15% to 1.35% of the estimated amount of total insured deposits. In its May 2025 report, the FDIC stated that the reserve ratio likely will reach the statutory minimum by the September 30, 2028, deadline and that no adjustments to the base assessment rates are currently projected.

In addition, because the cost of the failures of Silicon Valley Bank and Signature Bank attributable to the systemic risk exception to the Deposit Insurance Fund was approximately $16.7 billion, the FDIC adopted a special assessment for banking organizations with assets of $5 billion or more. The FDIC has been collecting the special assessment over eight quarters, at a quarterly rate of 3.36 bps for the initial seven quarters of the collection period (ending on December 30, 2025) and at a quarterly rate of 2.97 bps for the eighth and final collection period. The quarterly special assessment rate is applied to the special assessment base equal to an FDIC-insured institution’s estimated uninsured deposits for the December 31, 2022, reporting period, adjusted to exclude the first $5 billion in estimated uninsured deposits. Busey Bank, as part of a banking organization with assets of $5 billion or more, is technically subject to the FDIC special assessment; however, it did not have to pay this assessment due to its uninsured deposits being below the $5 billion exclusion threshold.

Supervisory Assessments

All Illinois-chartered banks are required to pay supervisory assessments to the DFPR to fund the operations of that agency. The amount of the assessment is calculated on the basis of each bank’s total assets. During the year ended December 31, 2025, Busey Bank paid supervisory assessments to the DFPR totaling approximately $1.0 million.

Capital Requirements

Banks are generally required to maintain capital levels in excess of other businesses. For a discussion of capital requirements, see “Item 1. Business—Supervision, Regulation and Other Factors—The Role of Capital” above.

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Liquidity Requirements

Liquidity is a measure of the ability and ease with which bank assets may be converted to meet financial obligations to pay deposits or other funding sources. Banks are required to implement liquidity risk management frameworks that ensure they maintain sufficient liquidity, including a cushion of unencumbered, high quality, liquid assets to withstand a range of stress events. The level and speed of deposit outflows contributing to the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank in 2023 was unprecedented and contributed to acute liquidity and funding strain on the financial industry, underscoring the importance of liquidity risk management and contingency funding planning by FDIC-insured institutions, like Busey Bank, as highlighted in a 2023 addendum to interagency guidance on funding and liquidity risk management.

Primary roles of liquidity risk management are to: (1) prospectively assess the need for funds to meet obligations; and (2) ensure the availability of cash or collateral to fulfill those needs at the appropriate time by coordinating the various sources of funds available to the institution under normal and stressed conditions. The Basel III Rule includes a liquidity framework that requires the largest insured institutions to measure their liquidity against specific liquidity tests. One test, referred to as the liquidity coverage ratio, is designed to ensure that the banking entity has an adequate stock of unencumbered high-quality liquid assets that can be converted easily and immediately in private markets into cash to meet liquidity needs for a 30-calendar day liquidity stress scenario. The other test, known as the net stable funding ratio, is designed to promote more medium- and long-term funding of the assets and activities of FDIC-insured institutions over a one-year horizon. These tests provide an incentive for banks and holding companies to increase their holdings in Treasury securities and other sovereign debt as a component of assets, increase the use of long-term debt as a funding source and to rely on stable funding like core deposits (in lieu of brokered deposits).

Although these tests do not apply to Busey Bank, management continues to review its liquidity risk management framework in light of regulatory and industry developments.

Dividend Payments

The primary source of funds for First Busey Corporation is dividends from Busey Bank. Under Illinois banking law, Illinois-chartered banks generally may pay dividends only out of net profits. The DFPR may restrict the declaration or payment of a dividend by an Illinois-chartered bank. The Federal Reserve Act also imposes limitations on the amount of dividends paid by state member banks, such as Busey Bank. Without Federal Reserve approval, a state member bank may not pay dividends in any calendar year that, in the aggregate, exceed that bank’s calendar year-to-date net income plus the bank’s retained income for the two preceding calendar years.

The payment of dividends by any FDIC-insured institution is affected by the requirement to maintain adequate capital pursuant to applicable capital adequacy guidelines and regulations, and an FDIC-insured institution generally is prohibited from paying any dividends if, following payment thereof, the institution would be undercapitalized. Notwithstanding the availability of funds for dividends, the Federal Reserve, the FDIC, and the DFPR may prohibit the payment of dividends by Busey Bank, if any of these banking agencies determines that such payment would constitute an unsafe or unsound practice. In addition, under the Basel III Rule, FDIC-insured institutions that want to pay unrestricted dividends must maintain 2.5% in Common Equity Tier 1 Capital attributable to the capital conservation buffer.

State Bank Investments, Activities, and Acquisitions

Busey Bank is permitted to make investments and engage in activities directly or through subsidiaries as authorized by Illinois law. However, under federal law and FDIC regulations, FDIC-insured state banks are prohibited, subject to certain exceptions, from making or retaining equity investments that are not permissible for a national bank. Federal law and FDIC regulations also prohibit FDIC-insured state banks and their subsidiaries from engaging as principal in any activity that is not permitted for a national bank unless the bank meets, and continues to meet, its minimum regulatory capital requirements, and the FDIC determines that the activity would not pose a significant risk to the Deposit Insurance Fund. These restrictions have not had, and are not currently expected to have, a material impact on the operations of Busey Bank.

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Busey Bank may be required to obtain approval from the DFPR and the Federal Reserve (or in some cases, the FDIC) before engaging in certain acquisitions or mergers under applicable state and federal law. With respect to interstate mergers and acquisitions, for instance, federal law permits state banks to merge with banks in other states subject to: (1) regulatory approval; (2) federal and state deposit concentration limits; and (3) state law limitations requiring the merging bank to have been in existence for a minimum period of time (not to exceed five years) prior to the merger. Although prior administrations indicated an intention to increase scrutiny of bank-related mergers and acquisitions, in 2025, the FDIC (as well as the OCC) rescinded certain prior administrative actions on this topic, with the stated goal of streamlining and expediting the regulatory review of certain merger and acquisition applications. Although the Federal Reserve, Busey Bank’s primary federal regulator, has not issued updated policy statements or rules regarding its review process under the Bank Merger Act in recent years, leading Federal Reserve officials have expressed a desire for increased consistency, transparency, and efficiency, where appropriate, in the review of merger and acquisition applications.

Branching Authority

Illinois banks, such as Busey Bank, have the authority under Illinois law to establish branches anywhere in the State of Illinois, subject to receipt of all required regulatory approvals. The Dodd-Frank Act permits well capitalized and well managed banks to establish new interstate branches or acquire individual branches of a bank in another state (rather than the acquisition of an out-of-state bank in its entirety) without impediments.

Affiliate and Insider Transactions

Busey Bank is subject to certain restrictions imposed by federal law on “covered transactions” between Busey Bank and its “affiliates.” First Busey Corporation is an affiliate of Busey Bank for purposes of these restrictions. Covered transactions subject to these restrictions include extensions of credit to First Busey Corporation, investments in the stock or other securities of First Busey Corporation, and the acceptance of the stock or other securities of First Busey Corporation as collateral for loans made by Busey Bank. The Dodd-Frank Act enhanced these requirements by expanding the definition of “covered transactions” and extending the period for which collateral requirements for such transactions must be maintained.

Certain limitations and reporting requirements also apply to extensions of credit by Busey Bank to its directors and officers, to directors and officers of First Busey Corporation and its subsidiaries, to principal stockholders of First Busey Corporation, and to “related interests” of such directors, officers, and principal stockholders. In addition, federal law and regulations may govern the terms upon which any person who is a director or officer of First Busey Corporation or Busey Bank, or a principal stockholder of First Busey Corporation, may obtain credit from banks with which Busey Bank maintains a correspondent relationship.

Safety and Soundness Standards/Risk Management

The federal banking agencies have adopted operational and managerial standards to promote the safety and soundness of FDIC-insured institutions. The standards apply to internal controls, information systems, internal audit systems, loan documentation, credit underwriting, interest rate exposure, asset growth, compensation, fees and benefits, asset quality, and earnings.

These safety and soundness standards generally prescribe the goals to be achieved in each area, and each institution is responsible for establishing its own procedures to achieve those goals. Although regulatory standards do not have the force of law, if an FDIC-insured institution operates in an unsafe and unsound manner, its primary federal regulator may require the submission of a plan to achieve and maintain compliance. Failure to submit an acceptable compliance plan, or to implement an approved plan in any material respect may result in a formal agency order directing the institution to cure the deficiency. Until such deficiency is resolved, the agency may restrict the institution’s rate of growth, require additional capital, limit deposit rates, or take other corrective action as deemed appropriate. Noncompliance with safety and soundness principles also may constitute grounds for other enforcement action by the federal banking agencies, including cease and desist orders and civil money penalty assessments.

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The federal banking agencies have emphasized the importance of sound risk management processes and strong internal controls when evaluating the activities of FDIC-insured institutions. In 2025, however, the agencies signaled a shift toward focusing on the identification and management of material financial risks, rather than primarily on adherence to prescriptive operational processes. Although effective risk management, internal controls, and board and management oversight remain important, supervisory attention may increasingly center on whether specific practices pose material harm to the institution’s financial condition or create a risk of loss to the Deposit Insurance Fund. Despite this potential shift in focus, the banking agencies continue to evaluate a broad spectrum of risks, including, but not limited to, credit, market, liquidity, operational, and legal risk—emphasizing their potential impact on safety and soundness. Notably, the federal banking agencies have indicated that they intend to remove reputation risk from consideration, citing concerns about its use in restricting banking services to certain industries or groups. The key risk themes identified by Busey for 2025 are discussed under “Item 1A. Risk Factors” below.

Busey Bank is expected to have active board and senior management oversight; adequate policies, procedures, and limits; adequate risk measurement, monitoring, and management information systems; and comprehensive internal controls. The federal banking agencies also have released specific risk management guidance on certain topics, including third-party relationships, in response to the proliferation of relationships between banking organizations and financial technology companies (although the guidance applies more broadly).

Privacy and Cybersecurity

Busey Bank is subject to numerous U.S. federal and state laws and regulations aimed at protecting non-public, personal and other confidential information of its customers. These laws require Busey Bank to periodically disclose its privacy policies and practices regarding the sharing of non-public customer information and, in certain circumstances, permit consumers to opt out of the sharing of information with unaffiliated third parties. They also limit Busey Bank’s ability to share certain information with affiliates and non-affiliates for marketing and/or non-marketing purposes, or to contact customers with marketing offers. In addition, Busey Bank is required to implement a comprehensive information security program that includes administrative, technical, and physical safeguards to ensure the security and confidentiality of customer records and information. These security and privacy policies and procedures, for the protection of personal and confidential information, are in effect across all businesses and geographic locations.

Busey Bank and First Busey Corporation also are subject to a number of federal and state laws and regulations requiring notifications and disclosures regarding certain cybersecurity incidents. In addition, Busey Bank must consider and address cybersecurity considerations and risks as part of its risk management processes, including implementing and maintaining appropriate safeguards, monitoring and testing systems, and overseeing the cybersecurity practices of its service providers. Regulatory guidance emphasizes that cybersecurity should be integrated into overall enterprise risk management and business continuity planning.

Federal Home Loan Bank System

Busey Bank is a member of the FHLB, which serves as a central credit facility for its members. The FHLB is funded primarily from proceeds from the sale of obligations of the FHLB system. It makes loans to member banks in the form of FHLB advances. All advances from the FHLB are required to be fully collateralized as determined by the FHLB.

Community Reinvestment Act Requirements

The CRA imposes on Busey Bank a continuing and affirmative obligation, consistent with safe and sound operations, to help meet the credit needs of the entire community, including low- and moderate-income neighborhoods. Federal banking agencies regularly assess Busey Bank’s record of meeting these credit needs through periodic CRA examinations. Busey Bank’s CRA ratings derived from these examinations can have significant impacts on the activities in which Busey Bank and First Busey Corporation may engage. For example, a low CRA rating may impact the review of applications for acquisitions by Busey Bank, or Busey’s financial holding company status.

In 2023, the federal banking agencies issued a final rule intended to strengthen and modernize the CRA regulations (the "CRA Rule"). The CRA Rule was subsequently challenged in court, which affected its implementation. In 2025, the federal banking agencies issued a proposed rule to rescind the CRA Rule and reinstate the prior CRA regulatory framework adopted in 1995.

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In 2022, Busey Bank, as an Illinois chartered bank, became subject to state-level CRA standards, following passage of the Illinois Community Reinvestment Act. As a result, in addition to federal CRA examinations, the DFPR also assesses Busey Bank’s record of meeting the credit needs of its communities. Similar to the potential impact under the federal CRA regime, Busey Bank’s Illinois Community Reinvestment Act performance may affect applications for additional acquisitions or activities.

Anti-Money Laundering/Countering the Financing of Terrorism/Sanctions

The Bank Secrecy Act is a U.S. federal statutory framework, as amended and supplemented by additional laws and implemented through regulations, which is designed to combat money laundering, the financing of terrorism, and other illicit financial activity. The Bank Secrecy Act and related anti-money laundering/countering the financing of terrorism (“AML/CFT”) laws and regulations are intended to prevent terrorists and criminals from accessing the U.S. financial system and have significant implications for FDIC-insured institutions and other businesses involved in the transmissions of funds. Together, this regulatory framework provides a foundation to promote financial transparency and deter and detect efforts to misuse the U.S. financial system to launder criminal proceeds, finance terrorist acts, or facilitate other illicit conduct. The Bank Secrecy Act and related regulations require financial institutions to establish and maintain policies and procedures for addressing: (1) customer identification and customer due diligence; (2) the prevention and detection of money laundering and terrorist financing; (3) the identification and reporting of suspicious activities and certain currency transactions; (4) compliance with laws relating to currency crimes; and (5) cooperation with law enforcement authorities. Busey Bank also must comply with stringent economic and trade sanctions regimes administered and enforced by the Office of Foreign Assets Control.

Although core AML/CFT statutory requirements and regulatory expectations remain unchanged, federal banking agencies and the Financial Crimes Enforcement Network appear to be pursuing efforts to modernize and streamline AML/CFT compliance through a more risk-based approach. These efforts include revised examination expectations, increased focus on program effectiveness, and initiatives intended to reduce unnecessary compliance burden where institutions can demonstrate strong risk governance and effective controls.

Concentrations in Commercial Real Estate

Concentration risk exists when FDIC-insured institutions allocate a disproportionate amount of assets to a single industry or economic segment. Concentration in CRE lending is one area of regulatory focus that has, in recent years, been subject to additional scrutiny by federal banking agencies as well as the SEC for publicly-traded banking organizations. The interagency CRE Guidance provides supervisory criteria, including the following numerical indicators, to assist bank examiners in identifying banks with potentially significant CRE loan concentrations that may warrant greater supervisory scrutiny. These indicators include: (1) total CRE loans exceeding 300% of capital and increasing 50% or more in the preceding three years; or (2) construction and land development loans exceeding 100% of capital. The CRE Guidance does not establish binding limits on CRE lending activities, but rather is intended to inform supervisory assessments of whether an institution’s risk profile, earnings capacity, and capital levels are commensurate with its CRE exposure.

In recent years, the federal banking agencies have issued statements to reinforce prudent risk-management practices related to CRE lending, in response to observed growth in many CRE markets, increased competitive pressures, rising CRE concentrations, and an easing of CRE underwriting standards. In other statements, the federal banking agencies have reminded FDIC-insured institutions to maintain underwriting discipline and to identify, measure, monitor, and manage the risks arising from CRE lending, including by holding capital commensurate with those risks. As of December 31, 2025, Busey Bank did not exceed these guidelines.

Consumer Financial Services

The historical structure of federal consumer protection regulation applicable to all providers of consumer financial products and services changed significantly on July 21, 2011, when the CFPB commenced operations to supervise and enforce consumer protection laws. The CFPB has broad rulemaking authority for a wide range of consumer protection laws that apply to all providers of consumer products and services, including Busey Bank, as well as the authority to prohibit “unfair, deceptive or abusive” acts and practices. The CFPB has examination and enforcement authority over providers with more than $10 billion in assets. Busey Bank is under CFPB oversight for consumer banking transactions.

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In response to mortgage-related abuses that contributed to the global financial crisis, the Dodd-Frank Act and CFPB rulemaking significantly expanded underwriting, disclosure, and anti-predatory lending requirements for residential mortgage loans, including by imposing ability-to-repay standards and establishing a presumption of compliance for certain “qualified mortgages.” The CFPB has continued to refine these requirements through additional rulemaking addressing qualified mortgages ability-to-repay standards.

Over the last several years, the CFPB has taken an aggressive approach to the regulation and supervision, where applicable, of providers of consumer financial products and services. However, more recently, changes in leadership and policy direction at the CFPB have led to: (1) shifts in regulatory priorities, including the rescission or reconsideration of certain CFPB guidance and rules; (2) a reduction in CFPB enforcement activity; and (3) constraints on the CFPB’s budget and resources, although the CFPB continues to retain statutory authority to administer, supervise, and enforce federal consumer financial protection laws. In addition, state banking and other financial services regulatory agencies retain authority to administer and enforce state consumer financial protection laws, which may apply to Busey Bank, and could increase supervisory or enforcement activity in response to changes in federal regulatory priorities.

Consumer protection rules have an impact on Busey Bank’s operations, including by increasing compliance costs and potentially negatively affecting earnings. Busey Bank also must comply with certain state consumer protection laws and requirements in the states in which it operates.

SECURITIES AND EXCHANGE COMMISSION REPORTING AND OTHER INFORMATION

Busey makes its Annual Reports, Quarterly Reports, Current Reports, and any amendments thereto available, free of charge, on its website at busey.com as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC. Reference to Busey’s website does not constitute incorporation by reference of the information contained on the website and it should not be considered part of this document.

The SEC maintains an internet site at sec.gov, which contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, and from which Busey’s SEC filings may be accessed.

NON-GAAP FINANCIAL INFORMATION

This Annual Report contains certain financial information determined by methods other than in accordance with GAAP. Management uses these non-GAAP financial measures and non-GAAP ratios, together with the related GAAP financial 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.

Non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for the 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 federal income tax rates or effective tax rates as noted with the tables below.

The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Pre-Provision Net Revenue and Related Measures
						Years Ended December 31,
(dollars in thousands)						2025						2024						2023
Net interest income (GAAP)						$	569,609					$	322,611					$	320,621
Total noninterest income (GAAP)						149,975						139,682						121,214
Net security (gains) losses (GAAP)						10,726						6,102						2,199
Total noninterest expense (GAAP)1						(480,201)						(301,494)						(285,071)
Pre-provision net revenue (Non-GAAP)			[a]			250,109						166,901						158,963
Acquisition and restructuring (income) expenses, excluding initial provision expenses						54,693						8,140						4,328
Amortization of New Markets Tax Credits						—						—						8,999
Realized net (gains) losses on the sale of mortgage service rights						—						(7,724)						—
Adjusted pre-provision net revenue (Non-GAAP)			[b]			$	304,802					$	167,317					$	172,290
Average total assets			[c]			$	17,729,887					$	12,051,871					$	12,246,218
Pre-provision net revenue to average total assets (Non-GAAP)			[a÷c]			1.41		%				1.38		%				1.30		%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)			[b÷c]			1.72		%				1.39		%				1.41		%

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1.Beginning in 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.

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
						Years Ended December 31,
(dollars in thousands, except per share amounts)						2025						2024						2023
Net income (GAAP)			[a]			$	135,262					$	113,691					$	122,565
Day 2 provision for credit losses1						45,572						—						—
Adjustment of initial provision for unfunded commitments due to adoption of new model2						4,030						—						—
Other acquisition (income) expenses						54,736						6,901						357
Restructuring expenses						(43)						1,239						3,971
Realized net (gains) losses on the sale of mortgage servicing rights						—						(7,724)						—
Net securities (gains) losses						10,726						6,102						2,199
Related tax (benefit) expense3						(30,228)						(1,622)						(1,329)
Non-recurring deferred tax adjustment4						4,919						1,446						—
Adjusted net income (Non-GAAP)5			[b]			224,974						120,033						127,763
Preferred dividends			[c]			9,876						—						—
Adjusted net income available to common stockholders (Non-GAAP)			[d]			$	215,098					$	120,033					$	127,763
Weighted average number of common shares outstanding, diluted (GAAP)			[e]			85,133,626						57,543,001						56,256,148
Diluted earnings per common share (GAAP)			[(a-c)÷e]			$	1.47					$	1.98					$	2.18
Adjusted diluted earnings per common share (Non-GAAP)			[d÷e]			$	2.53					$	2.09					$	2.27
Average total assets			[f]			$	17,729,887					$	12,051,871					$	12,246,218
Return on average assets (Non-GAAP)			[a÷f]			0.76		%				0.94		%				1.00		%
Adjusted return on average assets (Non-GAAP)5			[b÷f]			1.27		%				1.00		%				1.04		%
Average common equity						$	2,145,484					$	1,342,424					$	1,197,511
Average goodwill and other intangible assets, net						(469,187)						(366,601)						(359,347)
Average tangible common equity (Non-GAAP)			[g]			$	1,676,297					$	975,823					$	838,164
Return on average tangible common equity (Non-GAAP)			[(a-c)÷g]			7.48		%				11.65		%				14.62		%
Adjusted return on average tangible common equity (Non-GAAP)			[d÷g]			12.83		%				12.30		%				15.24		%

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1.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 Consolidated Statements of Income.

2.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.

3.Tax benefits were calculated by using tax rates of 26.3%, 24.9%, and 20.4% for the years ended December 31, 2025, 2024, and 2023, respectively.

4.A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition. 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 Consolidated Statements of Income.

5.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.

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin
						Years Ended December 31,
(dollars in thousands)						2025						2024						2023
Net interest income (GAAP)						$	569,609					$	322,611					$	320,621
Tax-equivalent adjustment1						2,976						1,693						2,173
Tax-equivalent net interest income (Non-GAAP)			[a]			572,585						324,304						322,794
Purchase accounting accretion related to business combinations						(20,901)						(3,166)						(1,477)
Adjusted net interest income (Non-GAAP)			[b]			$	551,684					$	321,138					$	321,317
Average interest-earning assets (Non-GAAP)			[c]			$	16,331,740					$	10,999,424					$	11,181,010
Net interest margin (Non-GAAP)			[a÷c]			3.51		%				2.95		%				2.89		%
Adjusted net interest margin (Non-GAAP)			[b÷c]			3.38		%				2.92		%				2.87		%

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

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios
						Years Ended December 31,
(dollars in thousands)						2025						2024						2023
Net interest income (GAAP)			[a]			$	569,609					$	322,611					$	320,621
Tax-equivalent adjustment1						2,976						1,693						2,173
Tax-equivalent net interest income (Non-GAAP)			[b]			572,585						324,304						322,794
Total noninterest income (GAAP)						149,975						139,682						121,214
Net security (gains) losses						10,726						6,102						2,199
Noninterest income excluding net securities gains and losses (Non-GAAP)			[c]			160,701						145,784						123,413
Acquisition and restructuring (gain) loss						44						—						—
Realized net (gains) losses on the sale of mortgage service rights						—						(7,724)						—
Adjusted noninterest income (Non-GAAP)			[d]			$	160,745					$	138,060					$	123,413
Tax-equivalent revenue (Non-GAAP)			[e = b+c]			$	733,286					$	470,088					$	446,207
Adjusted tax-equivalent revenue (Non-GAAP)			[f = b+d]			733,330						462,364						446,207
Operating revenue (Non-GAAP)			[g = a+d]			730,354						460,671						444,034
Adjusted noninterest income to operating revenue (Non-GAAP)			[d÷g]			22.01		%				29.97		%				27.79		%
Total noninterest expense (GAAP)2						$	480,201					$	301,494					$	285,071
Amortization of intangible assets						(16,614)						(10,057)						(10,432)
Noninterest expense excluding amortization of intangible assets (Non-GAAP)2			[h]			463,587						291,437						274,639
Acquisition and restructuring (income) expenses, excluding initial provision expenses						(54,649)						(8,140)						(4,328)
Amortization of New Markets Tax Credits						—						—						(8,999)
Adjusted noninterest expense (Non-GAAP)2			[i]			$	408,938					$	283,297					$	261,312
Efficiency ratio (Non-GAAP)2			[h÷e]			63.22		%				62.00		%				61.55		%
Adjusted efficiency ratio (Non-GAAP)2			[i÷f]			55.76		%				61.27		%				58.56		%

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

2.Beginning in 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.

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

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

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1.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 December 31,
(dollars in thousands)						2025						2024
Total deposits (GAAP)			[a]			$	14,905,958					$	9,982,490
Brokered deposits, excluding brokered time deposits of $250,000 or more						(70,140)						(13,090)
Time deposits of $250,000 or more						(876,207)						(334,503)
Core deposits (Non-GAAP)			[b]			$	13,959,611					$	9,634,897
Core deposits to total deposits (Non-GAAP)			[b÷a]			93.65		%				96.52		%

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FORWARD-LOOKING STATEMENTS

Statements contained in or incorporated by reference into this Annual Report that are not historical facts may constitute forward-looking statements within the meaning of Section 27A Securities Act, and Section 21E of the Exchange Act. These forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain assumptions and estimates and describe Busey’s future plans, strategies, and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim” and similar expressions. These forward-looking statements include statements relating to Busey’s projected growth, anticipated future financial performance, financial condition, credit quality, and management’s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, business and growth strategies, and any other statements that are not historical facts.

These forward-looking statements are subject to significant risks, assumptions, and uncertainties, and could be affected by many factors. Factors that could have a material adverse effect on Busey’s financial condition, results of operations, and future prospects can be found under “Item 1A. Risk Factors” in this Annual Report and elsewhere in Busey’s periodic and Current Reports filed with the SEC. These factors include, but are not limited to, 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 FASB, the SEC, or the PCAOB;

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;

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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 CRE loans);

14.the concentration of large deposits from certain clients who have balances above current FDIC 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;

22.the ability of Busey to manage the risks associated with the foregoing; and

23.other factors and risks described under “Item 1A. Risk Factors” herein.

Because of those risks and other uncertainties, Busey’s actual future results, performance, achievement, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, Busey’s past results of operations are not necessarily indicative of its future results.

You should not place undue reliance on any forward-looking statements, which speak only as of the dates on which they were made. Busey does not undertake an obligation to update these forward-looking statements, even though circumstances may change in the future, except as required under federal securities law. Busey qualifies all of its forward-looking statements by these cautionary statements.

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ITEM 1A. RISK FACTORS

This section highlights the risks management believes could adversely affect Busey’s financial performance. Additional risks that could affect Busey adversely and cannot be predicted may arise at any time. Further, risks that are immaterial at this time may have an adverse impact on Busey’s future financial condition.

Contents of Item 1A. Risk Factors

ECONOMIC AND MARKET RISKS			36
REGULATORY AND LEGAL RISKS			37
CREDIT AND LENDING RISKS			38
CAPITAL AND LIQUIDITY RISKS			40
COMPETITIVE AND STRATEGIC RISKS			41
ACCOUNTING AND TAX RISKS			45
OPERATIONAL RISKS			46

ECONOMIC AND MARKET RISKS

Economic and financial market conditions, including conditions in the states in which it operates, may adversely affect Busey’s business.

Busey’s general financial performance is highly dependent upon the business environment in the markets where it operates and, in particular, the ability of borrowers to pay interest on, and repay principal of, outstanding loans, and the value of collateral securing those loans, as well as demand for loans and other products and services it offers. A favorable business environment is characterized by, among other factors, economic growth, efficient capital markets, low and stable inflation, full employment, high business and investor confidence, and strong business earnings. Unfavorable or uncertain economic and market conditions can be caused by declines in economic growth, business activity, or investor or business confidence; limitations on the availability, or increases in the cost, of credit and capital; increases in inflation or interest rates; high unemployment; natural disasters; or a combination of these or other factors. Current conditions reflect elevated interest rates and persistent inflation above the Federal Reserve’s 2% target, which continue to pressure borrowing costs and consumer confidence. Fiscal imbalances, including a large federal deficit and rising debt-service obligations, add longer-term uncertainty. Geopolitical conflicts across the globe, including conflicts in the Middle East, the Russian invasion of Ukraine, and the recent military activity in Venezuela, sustain volatility in energy and trade markets, while domestic labor markets remain tight in key sectors despite slowing job growth. Supply chain disruptions, though improved, persist due to structural and geopolitical factors. Policy uncertainty—including tariffs, immigration enforcement, and regulatory changes—further complicates planning. These factors may adversely affect Busey’s business, financial condition, results of operations, and growth prospects.

Shifts in consumer and business behavior during economic uncertainty may impact Busey’s business.

Uncertainty regarding economic conditions may result in changes in consumer and business spending, borrowing, and savings habits. Downturns in the markets where Busey’s banking operations occur could result in a decrease in demand for Busey’s products and services, an increase in loan delinquencies and defaults, high or increased levels of problem assets and foreclosures, and reduced wealth management fees resulting from lower asset values. Such conditions could adversely affect Busey’s asset quality, financial condition, and results of operations.

Regional economic vulnerabilities may heighten risks.

Busey conducts banking operations across ten states, including Illinois, Missouri, Texas, Colorado, Florida, Kansas, Oklahoma, Arizona, Indiana, and New Mexico, with a focus in the major metropolitan areas in these states, which can be more susceptible to economic cycles, real estate market volatility, and localized downturns. Urban markets often experience sharper volatility in employment, housing demand, and commercial development, which can affect credit quality and loan demand. These regional and metropolitan exposures could adversely impact Busey’s financial condition and results of operations.

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Contents of Item 1A. Risk Factors

Changes in interest rates and yield‑curve dynamics may compress net interest margin, affect asset valuations, and create liquidity pressures.

Busey’s financial performance depends heavily on the level, direction, and volatility of interest rates. Movements in short‑term or long‑term rates—and changes in the shape of the yield curve—may materially affect net interest income and the value of interest‑earning assets and funding sources. Rising rates can increase funding costs faster than earning‑asset yields reprice, compressing net interest margin, reducing fair values of fixed‑rate assets, and slowing loan demand. Conversely, declining rates may reduce yields on loans and securities more quickly than deposit costs decline, accelerate prepayments on fixed‑rate loans and securities, and require reinvestment at lower rates. In addition, inverted or flattened yield curves may limit opportunities to profitably deploy funds and can discourage borrowers from seeking longer‑term credit. Busey’s interest‑rate risk management strategies may not fully mitigate these impacts. Sustained interest‑rate volatility, rapid shifts in the yield curve, or an inability to effectively manage interest‑rate sensitivity could materially and adversely affect Busey’s net interest income, liquidity position, financial condition, and results of operations.

REGULATORY AND LEGAL RISKS

Changes in government policies and regulatory frameworks could adversely affect operations and profitability.

The banking regulatory environment is a complex mix of increased deferment to local regulatory authorities relative to international rulemaking, adapting to digital innovation (e.g., AI, digital assets, etc.), and potential easing of federal regulatory oversight. Key risks in 2026 include implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, managing fintech/crypto risks, and evolving technological, geopolitical, and economic pressures, all requiring an agile regulatory management system.

More specifically, Busey Bank's focus on commercial banking and wealth management increases risk for customers to seek out opportunities in digital assets and real time payments, requiring enhanced risk oversight and compliance practices to ensure rapid adoption when appropriate.

In addition, the geopolitical risk from global conflicts increases the operational burden of complying with dynamic sanctions placed and eased on various foreign countries, foreign nationals, and foreign companies despite limited exposure to foreign customers and transactions. These evolving regulatory, technological, and geopolitical dynamics could increase compliance costs, operational complexity, and strategic risk for the Company, which in turn could adversely affect Busey’s financial condition and results of operations.

Evolving privacy, data protection, and information security laws and regulations present operational and legal challenges.

In the normal course of business, Busey collects, processes, and retains sensitive and confidential information regarding its customers, and Busey’s collection and handling of such information is subject to regulatory scrutiny. There has been a heightened legislative and regulatory focus on privacy, data protection, and information security. New or revised laws and regulations, including with respect to the use of artificial intelligence by financial institutions and service providers, may significantly impact Busey’s current and planned privacy, data protection, and information security-related practices; the collection, use, retention, and safeguarding of customer and employee information; and current or planned business activities. Compliance with current or future privacy, data protection, and information security laws could result in higher compliance and technology costs and could restrict Busey’s ability to provide certain products and services, which could materially and adversely affect Busey’s business, financial condition, and results of operations.

Laws impacting cannabis-related businesses may have an impact on Busey’s operations and risk profile.

Executive Order 14370, "Increasing Medical Marijuana and Cannabidiol Research," directs federal agencies to work towards rescheduling marijuana from Schedule I to Schedule III under the Controlled Substances Act. This includes instructing the Attorney General to expedite the rulemaking process, following a Department of Justice proposed rule based on a Health and Human Services recommendation that marijuana has an accepted medical use. The executive order itself does not change cannabis's legal status under the Controlled Substances Act; it only directs the Attorney General to expedite the formal rulemaking process. The outlook is encouraging more commercial investment into cannabis related businesses with anticipation of rescheduling of cannabis.

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It is Busey Bank’s current practice to avoid knowingly providing banking products or services to entities or individuals that: (1) directly or indirectly manufacture, distribute, or dispense marijuana or hemp products, or those with a significant financial interest in such entities; or (2) derive a material amount of revenue from providing products or services to, or other involvement with, such entities. Busey Bank uses reasonable measures, including appropriate new account screening and customer due diligence measures, to ensure that existing and potential customers that operate in the states in which the Bank operates do not engage in any such activities. Nonetheless, shifts in state laws legalizing cannabis use and decriminalizing possession have increased the number of direct and indirect cannabis-related businesses in the states in which Busey operates, and therefore increases the likelihood that Busey Bank could interact with such businesses, as well as their owners and employees. Such interactions could create additional legal, regulatory, strategic, and reputational risk to Busey Bank and First Busey Corporation. Any such legal, regulatory, or reputational exposure could adversely affect Busey’s financial condition and results of operations.

Busey is or may become involved from time to time in suits, legal proceedings, information-gathering requests, investigations, and proceedings by governmental and self-regulatory agencies that may lead to adverse consequences.

Busey may be subject to lawsuits, governmental inquiries, or self-regulatory reviews. These proceedings could result in penalties, adverse judgments, or operational restrictions. While accruals are established for legal contingencies when losses are probable and estimable, outcomes may exceed these amounts, and accordingly, Busey’s ultimate losses may be higher, possibly significantly so, than the amounts accrued for legal loss contingencies, which may materially and adversely affect Busey’s financial condition and results of operations.

See “Note 18. Outstanding Commitments and Contingent Liabilities” in the Notes to the Consolidated Financial Statements for information regarding an ongoing dispute regarding the amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey Corporation to the Illinois Secretary of State.

CREDIT AND LENDING RISKS

Heightened credit risk associated with lending activities may result in insufficient credit loss provisions, which could have material adverse effects on Busey’s results of operations and financial condition.

Busey’s lending activities involve inherent risks, including borrower nonpayment, fluctuations in collateral value, and the effects of economic and market conditions. These risks have been amplified by certain economic factors, such as elevated interest rates above the Federal Reserve’s 2% target, inflationary pressures, tariffs, geopolitics, and increased economic uncertainty. Busey employs rigorous underwriting standards, monitors portfolio performance, including industry and geographic loan concentrations, and conducts both internal and external independent loan reviews to mitigate these risks. Additionally, Busey leverages stress testing at both the borrower and portfolio levels to proactively identify potential vulnerabilities. Despite these efforts, credit risks cannot be eliminated, and increased borrower stress could lead to increased delinquencies, non-performing loans, higher ACL provisions, and charge-offs.

Busey establishes the ACL based on detailed analyses of the loan portfolio and broader market conditions, incorporating forward-looking forecasts and management judgments. While management considers the ACL adequate to absorb probable losses, unforeseen economic disruptions or borrower-specific events could necessitate additional provisions and adversely affect Busey’s financial condition and results of operations.

Elevated levels of non-performing assets could reduce Busey’s profitability and strain operational resources.

Non-performing assets negatively impact Busey’s financial condition through lost interest income, increased loan administration costs, and adverse effects on efficiency ratios. The resolution of these assets demands significant management attention and regulatory compliance, which can divert resources from other priorities. Non-performing loans and OREO properties elevate Busey’s risk profile and require ongoing vigilance to minimize financial and operational disruptions, which may adversely affect Busey’s financial condition and results of operations.

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Contents of Item 1A. Risk Factors

Loan concentrations in volatile markets could increase Busey’s exposure to adverse economic conditions and heighten credit risk.

Busey may face elevated credit risks, or experience increased credit losses, when its loan portfolio is concentrated by loan type, industry segment, borrower characteristics, or the geographic location of borrowers or collateral. CRE is a significant component of Busey’s loan portfolio and is inherently sensitive to broader economic and market fluctuations. Busey’s CRE portfolio primarily consists of (1) owner occupied CRE and (2) non-owner occupied CRE, each with distinct risk profiles:

•Owner occupied CRE: Repayment of owner occupied CRE loans depends on the financial performance and operational stability of the business occupying the property. Financial stress, cash flow constraints, or operational disruptions at the borrower level may impair repayment capacity. However, these loans may benefit from the borrower’s incentive to maintain the property to support its ongoing business operations.

•Non-owner occupied CRE: Non-owner occupied CRE loans rely on rental income generated by third party tenants. These loans are more vulnerable to changes in market demand, tenant turnover, rising vacancy rates, reduced rental income, and potential regulatory shifts affecting commercial leasing or property use. Economic downturns or weakened tenant performance can materially impact the borrower’s ability to meet repayment obligations.

If concentrations within the loan portfolio are not effectively monitored and managed, Busey could face heightened credit losses, increased earnings volatility, and reduced capital flexibility, which could materially and adversely affect its financial condition and results of operations.

Busey’s commercial lending activities expose it to repayment risks that may increase during periods of economic stress.

Busey primarily underwrites commercial loans based on the borrower’s projected cash flows, with collateral serving as secondary support. Credit enhancements—such as pledged collateral and personal guarantees—are often used to improve the likelihood of repayment. However, repayment capacity, particularly for loans secured by accounts receivable, may depend heavily on the borrower’s ability to collect payments from its own customers. During periods of economic stress or industry‑specific downturns, borrowers may experience weakened collections, which can elevate repayment risk.

Collateral securing commercial loans may depreciate over time, be difficult to accurately value, or fluctuate in response to changes in the borrower’s financial condition or business performance. Given the size of certain commercial loan exposures and the often less‑marketable nature of related collateral, even a limited number of credit losses within this portfolio could result in a disproportionately negative impact on the Company.

Failure to effectively manage these risks could lead to higher credit losses, reduced asset quality, and increased operational costs, any of which could materially and adversely affect Busey’s financial condition and results of operations.

Construction, land acquisition, and development loans involve heightened risks that could adversely affect Busey’s credit performance.

Construction, land acquisition, and development lending carries additional risk because loan proceeds are advanced based on the projected value of a property that will not be realized until the project is completed. In periods of declining real estate markets conditions, construction costs may exceed expected values, resulting in diminished collateral coverage. Due to uncertainties in estimating total construction costs, timelines, and the ultimate market value of the completed property—and given the potential impact of zoning, permitting, environmental requirements, and other governmental regulations—accurately assessing required funding levels and the resulting loan‑to‑value ratio can be difficult.

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Repayment of these loans is often dependent on the successful completion and stabilization of the project, including the borrower’s ability to sell or lease the property, rather than solely on the borrower’s or guarantor’s financial capacity. If Busey’s appraisal of the completed project proves overstated, or if market values or rental rates decline, the collateral securing the loan may be insufficient at completion. In the event of default, foreclosure prior to or at completion may not result in full recovery of principal, interest, or associated foreclosure and holding costs, and Busey may be required to advance additional funds to complete the project or retain the property for an extended period.

Failure to effectively manage these risks could result in increased nonperforming assets, elevated expenses, and higher credit losses, which could materially and adversely affect Busey’s financial condition and results of operations.

Credit exposure to the energy industry may increase Busey’s vulnerability to sector-specific volatility.

Busey has limited credit exposure to energy-related loans across its western markets and throughout the United States. A downturn or prolonged stagnation in the energy sector could adversely affect borrowers engaged in energy production, services, and related activities, potentially resulting in higher delinquencies and increased charge‑offs. Pricing pressures on oil and natural gas may also contribute to elevated credit stress within the energy portfolio, higher loss expectations, greater utilization of unfunded commitments, and reduced demand for new energy-related credit.

Sustained uncertainty and price volatility in the energy sector may produce additional adverse effects that are difficult to quantify, and responses to climate change—whether through regulation, market shifts, or technological transition—may further weaken the financial condition of Busey’s energy‑sector clients, thereby increasing associated credit risk.

Failure to effectively manage these exposures could lead to increased nonperforming assets, greater operational costs, and higher credit losses, any of which could materially and adversely impact Busey’s financial condition and results of operations.

Credit quality deterioration in investment securities may result in significant realized losses, impacting Busey’s financial performance.

Busey’s investment portfolio includes securities issued by government-sponsored agencies and non-government entities. While these securities offer portfolio diversification, they are subject to risks such as credit downgrades, collateral underperformance, and issuer defaults. These factors could result in realized losses, negatively impacting Busey’s financial condition and results of operations.

CAPITAL AND LIQUIDITY RISKS

Failure to maintain sufficient capital to meet regulatory requirements could have material adverse effects on financial condition, liquidity, results of operations, and regulatory compliance.

Busey is required to satisfy regulatory capital standards and to maintain sufficient liquidity to support ongoing operations and strategic objectives. Its ability to raise additional capital when needed depends on conditions in the capital markets, broader economic trends, investor sentiment toward the banking industry, governmental actions, and other factors outside Busey’s control, as well as Busey’s own financial performance and condition. As a result, Busey cannot guarantee that it will be able to obtain additional capital on favorable terms, or at all, if circumstances require it.

Failure to maintain capital ratios at levels sufficient to be considered “well‑capitalized” for regulatory purposes could negatively affect customer confidence, constrain growth opportunities, increase funding costs, raise FDIC insurance premiums, restrict the ability to pay dividends, limit acquisition capacity, and otherwise adversely affect business operations. In addition, under FDIC regulations, if Busey no longer meets the standards to be deemed “well‑capitalized,” it may face restrictions on the interest rates it may pay on deposits and on its ability to accept, renew, or roll over deposits, particularly brokered deposits.

Failure to effectively manage capital and liquidity levels could result in higher funding costs, reduced operational flexibility, and diminished competitive positioning, any of which could materially and adversely affect Busey’s financial condition and results of operations.

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Liquidity risks could affect operations and jeopardize Busey’s business, financial condition, and results of operations.

Maintaining sufficient liquidity is essential to Busey’s business model and ongoing operations. Busey relies on a variety of funding sources—including deposits, borrowings, sales or maturities of securities, loan sales, and operating cash flows—to support lending activity, meet obligations, and manage daily liquidity needs. Additional liquidity is available through repurchase agreements, brokered deposits, and borrowing capacity with the FHLB and the Federal Reserve Bank. An inability to access these funding sources in adequate amounts or on acceptable terms could materially impair liquidity.

Access to funding may be negatively affected by factors specific to Busey, as well as broader conditions in the banking industry or the economy, many of which are beyond Busey’s control. Increasing competition from large banks and fintech firms for retail deposits may further pressure Busey’s ability to attract and retain deposits, which could adversely affect liquidity.

A reduction in available funding or capital could constrain Busey’s ability to originate new loans, purchase investment securities, meet operating expenses, satisfy deposit withdrawal demands, or pay dividends to stockholders. Failure to effectively manage liquidity needs could materially and adversely affect Busey’s liquidity position, overall financial condition, and results of operations.

Busey may face challenges accessing contingent liquidity during times of market stress.

Busey’s ability to access contingent liquidity during periods of market stress depends on its operational readiness to utilize central‑bank and other secured funding facilities. Operational readiness includes maintaining current and complete legal documentation, ensuring proper internal controls and procedures, and pre-positioning eligible collateral with the Federal Reserve Banks or other liquidity providers. The Federal Reserve periodically updates collateral requirements, valuation methodologies, and margin schedules, which can affect the type and value of assets considered eligible for borrowing. Institutions that regularly pre‑pledge collateral and test operational access have been observed to access the Federal Reserve’s discount window more promptly during periods of financial stress, thereby reducing liquidity pressures and stabilizing funding profiles. Failure to maintain adequate preparedness—including insufficient collateral, incomplete documentation, or inadequate operational testing—could limit Busey’s ability to access these facilities when needed, increase the cost of contingent funding, and heighten the risk of liquidity shortfalls. Any such limitations could materially and adversely affect Busey’s liquidity position, financial condition, results of operations, and ability to meet its obligations as they come due.

COMPETITIVE AND STRATEGIC RISKS

If securities or industry analysts do not publish or cease publishing research reports about Busey, if they adversely change their recommendations regarding Busey’s stock, or if Busey’s operating results do not meet their expectations, the price of Busey’s stock could decline.

The trading market for Busey’s common stock is significantly influenced by research and reports from industry analysts. Limited or negative analyst coverage could reduce the stock’s demand, market price, and trading volume. Downgrades, unfavorable comparisons with competitors, or operating results that fall short of analyst’s expectations may further negatively affect stock performance. The cessation of analyst coverage could exacerbate these challenges, diminishing interest in Busey’s stock and affecting stock performance.

Busey faces significant competition from traditional financial institutions and emerging non‑bank competitors threatening market share.

Busey operates in highly competitive markets across its geographic footprint, competing with national and regional banks, community banks, credit unions, and a range of non‑bank financial services providers, including fintech companies offering digital‑first products and platforms. Advances in financial technology have enabled non‑banks and large technology firms to provide services historically offered by regulated financial institutions, such as payment processing, credit products, and deposit‑like alternatives.

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Innovations including digital wallets, peer‑to‑peer lending platforms, and blockchain‑enabled financial services continue to reshape customer expectations and may increase the risk of disintermediation. To remain competitive, Busey must continue to invest in technology, enhance digital capabilities, and respond to evolving customer preferences.

Failure to effectively manage competitive pressures could result in reduced loan and deposit balances, lower fee income, and diminished profitability, any of which could materially and adversely affect Busey’s financial condition and results of operations.

Rapid technological change, digital innovation, and emerging artificial intelligence capabilities present competitive, operational, and compliance risks.

The financial services industry is undergoing significant digital transformation, requiring continual investment to meet evolving customer expectations for convenience, personalization, security, and speed. Failure to effectively adopt, integrate, or govern new technologies—including generative AI—may impair Busey’s ability to attract and retain customers, compete with technologically advanced financial firms, or achieve anticipated efficiencies. The increasing use of artificial intelligence across the industry also introduces risks related to cybersecurity, data privacy, intellectual property, fraud prevention, model governance, and evolving regulatory requirements. Generative AI, in particular, enables more sophisticated impersonation, social‑engineering, and fraud schemes, increasing the need for robust controls, monitoring, and oversight.

Busey relies on third‑party technology providers for critical functions, and deficiencies in their performance, security practices, or Busey’s oversight could result in operational disruptions, service interruptions, or compliance failures. Inadequate management of these technology‑related risks—including risks arising from rapid adoption of artificial intelligence—could lead to operational inefficiencies, elevated costs, regulatory exposure, diminished competitiveness, or cybersecurity incidents, and could materially and adversely affect Busey’s financial condition and results of operations.

Acquisitions and strategic combinations are important to Busey’s growth strategy, but they involve significant regulatory, operational, financial, and strategic risks.

Acquisitions and strategic combinations offer opportunities to expand market presence, diversify revenue streams, and enhance operational scale. However, acquisitions inherently involve significant uncertainties and risks. Each transaction requires extensive evaluation of financial, operational, cultural, and regulatory factors, and Busey must successfully integrate acquired operations while maintaining service quality, customer relationships, and internal controls. The execution and integration challenges associated with acquisitions can affect multiple areas of the business. These risks may be heightened by differences in business models, product offerings, compliance programs, or organizational cultures between Busey and the acquired institution.

Regulatory Approvals and Conditions:

•Bank mergers and acquisitions require approvals from multiple regulators and may be delayed, conditioned, or denied.

•Approvals may impose restrictions on operations, capital, or business practices that reduce expected benefits.

•Timing uncertainty around regulatory processes can increase integration costs and execution risk.

Due Diligence Limitations and Legacy Liabilities:

•Pre‑closing diligence has inherent limits and may not identify all credit, operational, legal, tax, compliance, Bank Secrecy Act and Anti-Money Laundering regulations, fair lending, environmental, or cybersecurity issues.

•Post‑closing discovery of legacy risks, including litigation, contractual obligations, off‑balance‑sheet exposures, or regulatory remediation, can increase costs and reduce anticipated returns.

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Integration, Technology, Data, and Cybersecurity:

•Integrating systems, data, processes, models, and vendors is complex and may create operational disruptions or control gaps.

•Data conversions and core or digital platform migrations present risks related to data integrity, customer experience, and business continuity.

•Integration periods can heighten vulnerability to cyber incidents, fraud, and third‑party risk, including from new or inherited vendors.

Customer, Cultural, and Talent Retention:

•Harmonizing organizational cultures and compensation structures is challenging and may affect morale and productivity.

•Loss of key personnel or relationship managers, or deterioration in customer experience, can lead to client attrition and reduced business volumes.

•Retention and severance arrangements may increase expenses and dilute near‑term results.

Credit Quality, Valuation, and Purchase Accounting:

•Acquired portfolios may perform below expectations due to borrower‑specific, collateral, or concentration risks, among others.

•Fair value marks, credit loss allowances, and other purchase accounting adjustments may be larger than expected and affect earnings.

•Subsequent adverse performance could require additional provisions, write‑downs, or other valuation adjustments.

Financing, Capital, and Dilution:

•Transactions may require new debt or equity financing, increasing leverage, reducing liquidity, or diluting existing stockholder positions.

•Use of capital for acquisitions may reduce flexibility for other strategic investments or stockholder returns.

•Financing terms, covenants, or market conditions may limit post‑closing operating discretion.

Contractual, Legal, and Reputational Risk:

•Change‑of‑control provisions in customer, vendor, or employment contracts may trigger renegotiations, terminations, or penalties.

•Disputes, litigation, or claims related to the transaction or legacy activities may arise.

•Missteps in execution can damage brand and stakeholder trust, affecting customer acquisition and retention.

Internal Controls, Compliance, and Governance:

•Integrating control environments, policies, and risk management frameworks—including compliance with the Sarbanes-Oxley Act of 2002 and model risk management—may expose gaps or require material remediation efforts.

•Misalignment in risk appetite or governance practices can impair decision‑making and oversight.

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Synergies, Timing, and Strategic Fit:

•Cost savings, revenue synergies, and strategic benefits may be smaller than projected, take longer to realize, or not materialize.

•Management distraction during the transaction and integration phases can adversely affect ongoing operations and strategic execution.

•Market availability and pricing of targets may limit opportunities or require terms that reduce expected returns.

Goodwill and Intangible Assets:

•Acquisitions typically result in goodwill and other intangibles, which are subject to periodic assessments and potential impairment.

•Any impairment charges could negatively affect reported earnings.

The risks above can lead to higher operating and integration costs, reduced revenue, credit losses, increased provisions, system and control remediation expenses, customer attrition, litigation, regulatory burdens, capital strain, and dilution. Individually or in the aggregate, these factors could disrupt operations, reduce profitability, and impair capital and liquidity, any of which could materially and adversely affect Busey’s financial condition and results of operations.

Introduction of new products and services carries financial and strategic risks.

Busey strives to serve customers with a competitive product set and relevant services. While introducing new lines of business or innovative products and services supports this goal, these efforts carry inherent risks. Competitive pressures, underdeveloped markets, or unforeseen challenges can lead to delayed timelines and missed profitability targets. Significant investments in technology and marketing may not yield the desired outcomes. These risks may materially adversely affect Busey’s financial condition and results of operations.

The rapid evolution of digital assets and emerging regulatory frameworks introduces new competitive, compliance, and operational risks for Busey.

The rapid evolution of digital assets and emerging regulatory frameworks introduces new competitive, compliance, and operational risks for Busey. While Busey does not currently offer digital asset products such as cryptocurrencies or stablecoins, increasing global adoption of digital assets and distributed‑ledger technologies continues to influence customer expectations and competitive dynamics. Recent U.S. legislative and regulatory initiatives—including the enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in 2025, which establishes federal standards for payment stablecoin issuers, and ongoing Congressional efforts to finalize broader crypto‑market structure legislation such as the Digital Asset Market Clarity Act—signal a shift toward more comprehensive oversight of digital‑asset activities.

These regulatory developments may affect Busey even without offering digital‑asset products, including through increased expectations related to cybersecurity, anti‑money‑laundering controls, sanctions compliance, custody arrangements, data governance, and vendor‑risk management.

The competitive landscape is also evolving as traditional financial institutions, fintech companies, and technology firms leverage innovations such as stablecoin‑based payments, blockchain settlements, and digital‑wallet ecosystems. These developments may accelerate disintermediation risks or shift customer behavior toward alternative financial platforms that offer new capabilities, higher transaction speeds, or programmable payment features. To remain competitive, Busey must assess emerging technologies, invest in modern infrastructure, and maintain the flexibility to scale operational capabilities in response to changing market demand. Failure to do so could impede Busey’s ability to offer competitive products, attract and retain customers, or respond to strategic opportunities.

Inadequate oversight or adaptation to these developments could lead to increased operational complexity, reduced competitiveness, and financial impacts that materially and adversely affect Busey’s financial condition and results of operations.

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ACCOUNTING AND TAX RISKS

Financial statements are created, in part, using estimates, assumptions, and management judgments, which, if incorrect, could result in material misstatement and adverse effect on Busey’s financial position.

Busey’s financial performance is impacted by accounting principles, policies, and guidelines. Some of these policies require the use of estimates and assumptions that may affect the value of assets or liabilities and financial results. Certain accounting policies are critical and require management to make subjective and complex judgments about matters that are inherently uncertain, and materially different amounts could be reported under different conditions or using different assumptions. If such estimates or assumptions underlying Busey’s Consolidated Financial Statements are incorrect, Busey may experience material losses.

One such assumption and estimate is the valuation analysis of Busey’s goodwill and other intangible assets. Although Busey’s analysis does not indicate impairments exist, Busey is required to perform additional impairment assessments on at least an annual basis, which could result in future impairment charges. Any future impairment of goodwill or other intangible assets, whether based on the current balances or future balances arising out of acquisitions, could have a material adverse effect on Busey’s financial condition or results of operations.

Changes in accounting principles or guidelines could adversely affect financial reporting.

Periodically, agencies such as the FASB or the SEC change the financial accounting and reporting standards or the interpretation of those standards that govern the preparation of Busey’s Financial Statements. These changes are beyond Busey’s control, can be difficult to predict, and could materially impact how Busey reports its financial condition and results of operations. Changes in these standards are continuously occurring, and the implementation of such changes could have a material adverse effect on Busey’s financial condition and results of operations.

Busey is subject to changes in tax law and may not realize tax benefits which could adversely affect its results of operations.

Changes in tax laws at federal or state levels could influence Busey’s short-term and long-term earnings. Tax law changes are both difficult to predict and beyond Busey’s control. These laws are complex and subject to different interpretations by the taxpayer and the various taxing authorities. In determining the provision for income taxes and filing tax returns, management makes judgments and estimates about the application of these inherently complex laws, related regulations, and case law. These interpretations are subject to challenge by taxing authorities upon audit and may result in adjustments to our tax return filings, resulting in similar adverse impacts to our financial position. Changes in tax laws could affect Busey’s earnings, its customers’ financial positions, or both.

Deferred tax assets are future tax benefits carried on the balance sheet that allow for tax savings by reducing taxable income in subsequent periods. They arise, in part, as a result of net loss carry-overs, and other book accounting to tax accounting timing differences, for items such as expected credit losses, stock-based compensation, and deferred compensation. Deferred tax assets are recorded for such items when it is anticipated that the tax benefits will be recognized in earnings in future periods. A valuation allowance is established against a deferred tax asset when it is more-likely-than-not that some or all of the future tax benefit will not be realized.

In evaluating the need for a valuation allowance, Busey estimates future taxable income based on management forecasts and tax planning strategies that may be available to the Company.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods prior to the expiration of the related net operating losses and may be limited by ownership change rules under Section 382 of the Internal Revenue Code.

If future events differ significantly from current forecasts, Busey may need to establish an additional valuation allowance against its deferred tax assets, which could have a material adverse effect on its financial condition and results of operations.

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Contents of Item 1A. Risk Factors

Investments in tax-advantaged projects may not generate returns as anticipated and may have an adverse impact on Busey’s financial results.

Busey invests in certain tax-advantaged projects promoting renewable energy, affordable housing, community development, and other community revitalization projects. These investments are designed to generate a return primarily through the realization of federal and state income tax credits and other tax benefits over specified periods. Busey is subject to the risk that previously recorded tax credits, which remain subject to recapture by taxing authorities based on compliance features required at the project level, may fail to meet certain government compliance requirements and may not be realized.

The ultimate realization of these benefits depends upon having sufficient taxable income and on many other factors outside of Busey’s control, including changes in the applicable tax code and the ability of the projects to be completed. Busey continues to monitor tax law developments and compliance with applicable regulations to mitigate these risks. The potential inability to realize these tax credits and other tax benefits could negatively impact Busey’s earnings and financial condition.

OPERATIONAL RISKS

Busey’s framework for managing risks may not be fully effective in mitigating risk and loss.

Busey’s risk management framework is designed to identify, measure, monitor, and analyze a broad spectrum of risks, including compliance, operational, and reputational risks. However, as with any framework, inherent limitations exist, particularly as new risks emerge or previously unidentified vulnerabilities become apparent.

The effectiveness of this framework depends on its alignment with Busey’s evolving risk profile, especially following the completion of the CrossFirst merger. As the organization grows in complexity, risks related to system integration, process harmonization, and operational oversight may challenge the framework's capacity to adapt in a timely and effective manner. Failures to identify and manage these risks could adversely affect Busey’s financial condition, regulatory standing, and overall operational stability.

To address these challenges, Busey continuously refines its risk management processes, leveraging enhanced risk assessment tools, investing in automation and analytics, and aligning with industry best practices. Despite these efforts, no risk management framework is foolproof, and unforeseen losses or disruptions remain a possibility, which may materially and adversely affect Busey’s financial condition and results of operations.

Technological investments drive efficiency but introduce cybersecurity risks.

Busey’s ongoing investments in technology infrastructure have strengthened operational efficiency, enhanced client service delivery, and supported the scaling of key business functions. Initiatives such as enterprise-wide automation, cloud integration, and enhanced data analytics capabilities have positioned Busey as a forward-thinking financial institution. However, these advancements introduce vulnerabilities, including the risk of cyber-attacks and operational disruptions.

The Federal Reserve’s November 2025 Financial Stability Report has emphasized growing threats posed by sophisticated cyber-attacks. These threats not only compromise data integrity but also pose significant reputational and financial risks. The outcomes of such risks include:

•Amplification of Vendor Risk: Third-party vendors and their subcontractors introduce multi-layered risks, complicating oversight and heightening the likelihood of service interruptions or compliance breaches.

•Need for Advanced Cyber Protections: As bad actors deploy increasingly sophisticated tactics, including artificial intelligence-driven impersonation and malware, the effectiveness of traditional cybersecurity defenses is diminished.

To mitigate these risks, Busey has implemented robust cybersecurity protocols, regular system audits, and incident response plans. The use of artificial intelligence-powered tools provide additional layers of fraud and threat detection, enabling proactive management. However, as cybersecurity threats evolve, the possibility of system penetration persists even with robust security protocols in place. As a result, successful or attempted cyber intrusions, vendor failures, or operational disruptions stemming from these evolving threats could materially and adversely impact Busey’s financial condition and results of operations.

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Contents of Item 1A. Risk Factors

Outsourcing dependencies could disrupt operations and increase compliance risks.

Busey’s reliance on secure and resilient systems to manage customer relationships, transactions, and data underscores the critical importance of operational stability. Outsourcing arrangements introduce risks tied to service disruptions, compliance violations, and vulnerabilities stemming from subcontractors in downstream supply chains.

This cascading outsourcing structure adds complexity to communication and coordination, particularly when vendors operate in regions with varying regulatory standards. Risks are further amplified by geopolitical tensions, trade restrictions, or cyberattacks targeting these external partners.

While Busey conducts rigorous due diligence when selecting third-party providers, residual risks, especially from indirect outsourcing (fourth parties), remain challenging to eliminate entirely. Failures or breaches in these systems could disrupt Busey’s operations, damage its reputation, and materially and adversely affect its financial conditions and results of operations.

Fraudulent activities could erode financial stability and customer trust.

The rising sophistication of fraudulent schemes poses a persistent challenge for financial institutions, with Busey being no exception. Fraudulent activities, such as identity theft, phishing, and unauthorized transactions, could result in financial losses, regulatory penalties, and erosion of customer trust.

Busey employs a multi-layered approach to fraud prevention, including internal controls, advanced fraud detection tools, and insurance coverage. However, even robust frameworks may not fully eliminate risks, particularly as threat actors adapt their tactics to exploit emerging industry vulnerabilities and customer vulnerabilities. Accordingly, successful fraud attempts or failures in our fraud‑prevention controls could result in financial losses, increased operational costs, regulatory consequences, and reputational harm that could adversely affect Busey’s financial condition and results of operations.

Busey’s ability to attract and retain key personnel may affect future growth and earnings.

Busey’s ability to attract and retain experienced management and qualified personnel remains critical to sustaining growth and executing its strategic objectives. Despite continued investment in leadership development, succession planning, and employee engagement, competitive labor markets and evolving employee expectations pose ongoing challenges.

Beyond executive leadership, Busey's ability to build and maintain a diverse and skilled workforce is essential to implementing its community-based strategy and serving an expanded geographic footprint. The unexpected departure of high-performing employees or difficulty in recruiting specialized talent could disrupt operations, delay strategic initiatives, or increase costs associated with workforce realignment, all of which may materially and adversely affect Busey’s financial condition and results of operations.

Damage resulting from negative publicity could harm Busey’s reputation and adversely impact its business and financial condition.

Busey’s ability to attract and retain customers, investors, employees, and business partners depends significantly on the trust placed in its brand, business practices, and commitment to responsible conduct. Negative public opinion may arise from actual or alleged issues across a wide range of activities, including employee misconduct, customer service failures, loan origination or servicing practices, compliance or regulatory violations, cybersecurity incidents, data‑protection lapses, corporate governance concerns, product suitability issues, or perceived shortfalls in Busey’s community and stakeholder engagement. Even isolated incidents—whether substantiated or not—can be rapidly amplified through social media, news outlets, or regulatory commentary, increasing the speed and scale at which reputational harm may occur.

Reputation risk is heightened by Busey’s relationship‑based operating model, in which customer loyalty and business development rely heavily on personal trust and perceived service quality. Busey is also exposed to reputational impacts arising from its third‑party relationships, including vendors, fintech partners, and other service providers, whose failures or misconduct may be attributed to Busey.

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Contents of Item 1A. Risk Factors

Reputational harm can lead to customer attrition, reduced deposit and loan growth, lower fee income, diminished employee morale or retention challenges, increased regulatory scrutiny, delays in obtaining regulatory approvals, reduced investor confidence, and exposure to litigation or enforcement actions. These effects may also limit Busey’s ability to pursue strategic initiatives or partnerships. Any failure to effectively identify, monitor, and manage reputational risks could result in lost business opportunities, elevated costs, and operational disruptions, and could materially and adversely affect Busey’s financial condition and results of operations.

Severe weather, natural disasters, pandemics or other health crises, acts of war or terrorism and other external events could significantly impact Busey’s business.

Adverse external events—including severe weather, natural disasters, wildfires, pandemics or other public‑health crises, acts of war or terrorism, and other large‑scale disruptions—could significantly affect Busey’s operations and the ability of customers, counterparties, and third‑party providers to conduct business. Such events may interrupt business activity, damage physical assets, disrupt supply chains, reduce demand for financial services, impair borrowers’ repayment capacity, increase vacancy rates in commercial properties, and reduce the value of collateral supporting Busey’s loan portfolio. They may also lead to financial‑market volatility, elevated credit losses, and operational challenges stemming from facility closures, evacuations, or interruptions in access to banking channels. Geopolitical conflicts can further influence energy prices, commodity markets, and financial‑market stability, while regulatory responses to these events may impose additional compliance or operational requirements.

Although Busey maintains business‑continuity plans and risk‑management processes, the occurrence of one or more such adverse events could disrupt operations, increase costs, reduce revenue, and materially and adversely affect Busey’s financial condition and results of operations.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Busey maintains a cyber security risk management program designed to prevent, detect, and respond to information security threats. The program is designed to align with the Cyber Risk Institute’s Profile framework, which is based on the National Institute of Standards and Technology’s Cybersecurity Framework. The program is led by Busey’s Chief Information Security Officer (“CISO”). Busey’s CISO has been in the role since September 2020 and has over 15 years of experience across external and internal audit, technology risk management, and cybersecurity matters, primarily within the financial services sector, and also including additional industries such as healthcare, technology, consumer products, and manufacturing for both regional and multinational corporations. Busey’s cyber security risk management program is a key part of the Company’s overall risk management system, which is administered by the Chief Risk Officer.

Busey’s cyber security risk management program includes administrative, technical, and physical safeguards to help ensure the security and confidentiality of customer records and information. Busey has long devoted significant resources to assessing, identifying, and managing risks associated with cybersecurity threats, including:

•Establishing an internal cybersecurity team that is responsible for conducting regular assessments of Busey’s information systems, existing controls, vulnerabilities, and potential improvements;

•Employing continuous monitoring tools that can detect and help respond to cybersecurity threats in real-time;

•Performing due diligence with respect to third-party service providers, including their cybersecurity practices, and requiring contractual commitments from Busey’s service providers to take certain cybersecurity measures;

•Ongoing monitoring and assessment of third-party vendors' cybersecurity practices, including regular audits, compliance checks, and incident reporting requirements;

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•Engaging third-party cybersecurity consultants, who conduct periodic penetration testing, vulnerability assessments, and other procedures to identify potential weaknesses in Busey’s systems and processes;

•Mandating periodic cybersecurity training for Busey’s workforce, which includes awareness programs on phishing, social engineering, and other common cyber threats;

•Implementing access control measures such as multi-factor authentication, role-based access controls, and regular access reviews to ensure that only authorized personnel have access to critical systems and data;

•Using data encryption for both data at rest and data in transit to protect sensitive information; and

•Creating an incident response plan that outlines the steps to contain, mitigate, and remediate the impact of cybersecurity incidents, including communication protocols and post-incident analysis.

Busey’s security and privacy policies and procedures are in effect across all of its businesses and geographic locations. Busey adheres to various regulatory requirements and standards, including the Gramm-Leach-Bliley Act to ensure compliance with data protection laws. Additionally, Busey maintains cybersecurity insurance coverage to mitigate potential financial impacts from cyber incidents.

Busey’s board of directors, as a whole and through its Enterprise Risk Committee (the “Risk Committee”), is responsible for the oversight of risk management. In that role, Busey’s board of directors and its Risk Committee, with support from Busey’s cybersecurity advisors, are responsible for ensuring that the risk management processes developed and implemented by management are adequate and functioning as designed. To carry out those duties, both the board of directors and the Risk Committee receive quarterly reports from Busey’s management team regarding cybersecurity risks, and Busey’s efforts to prevent, detect, mitigate, and remediate any cybersecurity incidents.

Busey’s historical data indicates that while Busey has encountered cybersecurity threats and incidents, none have materially affected the Company. Still, Busey faces a number of cybersecurity risks in connection with its business, and it is possible that threats and incidents identified in the future could have a material adverse effect on Busey’s business strategy, results of operations, and financial condition. For additional information on the risks that cybersecurity threats pose to Busey see “Item 1A. Risk Factors—Operational Risks.”

ITEM 2. PROPERTIES

The following facilities, which are owned by Busey, house the executive and primary administrative offices of each respective entity:

First Busey Corporation

Busey Bank

FirsTech

11440 Tomahawk Creek Parkway Leawood, KS 66211

100 West University Avenue Champaign, IL 61820

130 North Water Street Decatur, IL 62523

First Busey Corporation and its subsidiaries also own or lease other facilities, such as banking centers of Busey Bank, for business operations. Busey considers its properties to be suitable and adequate for its present needs. None of the properties are subject to any material encumbrance.

ITEM 3. LEGAL PROCEEDINGS

As part of the ordinary course of business, First Busey Corporation and its subsidiaries are parties to litigation that is incidental to their regular business activities.

On November 25, 2025, First Busey Corporation filed two lawsuits against the Illinois Secretary of State in connection with an ongoing dispute regarding the amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey Corporation to the Illinois Secretary of State. See “Note 18. Outstanding Commitments and Contingent Liabilities” in the Notes to the Consolidated Financial Statements for further information.

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Other than the foregoing lawsuits, there is no material pending litigation, other than ordinary routine litigation incidental to its business, in which First Busey Corporation or any of its subsidiaries is involved or of which any of their property is the subject. Furthermore, there is no pending legal proceeding that is adverse to Busey in which any director, officer, or affiliate of Busey, or any associate of any such director or officer, is a party, or has a material interest.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

COMMON STOCK

Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.”

Busey has a history of paying regular dividends, and Busey’s board of directors and management are committed to continuing to pay regular cash dividends on its common stock; however, no guarantee can be given with respect to future dividends, as they are dependent on certain regulatory restrictions, future earnings, capital requirements, and the financial condition of First Busey Corporation and its subsidiaries. See “Item 1. Business—Supervision, Regulation, and Other Factors—Supervision and Regulation of First Busey Corporation—Dividend Payments” and “Item 1. Business—Supervision, Regulation, and Other Factors—Supervision and Regulation of Busey Bank—Dividend Payments” for further discussion of these matters. Busey’s preferred stock outstanding has preference over Busey’s common stock with respect to payment of dividends.

As of February 26, 2026, First Busey Corporation had 86,227,449 shares of common stock outstanding held by 1,833 holders of record. Additionally, there were an estimated 18,322 beneficial holders whose stock was held in street name by brokerage houses and nominees as of that date.

STOCK REPURCHASE PLAN

On February 3, 2015, First Busey Corporation's board of directors approved the Stock Repurchase Plan to enable Busey to purchase shares of its common stock through various means including purchases executed on the open market, through block trades or otherwise, and in privately negotiated transactions. The Stock Repurchase Plan provides Busey with treasury shares from which stock-based compensation can be issued, and it limits the number of outstanding shares that may be actively traded. The Stock Repurchase Plan does not obligate Busey to purchase any shares of its common stock, and it has no expiration date. The Stock Repurchase Plan may be terminated, or the number of shares authorized for repurchase may be increased or decreased by Busey's board of directors at its discretion at any time.

Under the Stock Repurchase Plan, Busey's board of directors has authorized shares for repurchase as shown in the table below:

			Number of Shares Authorized
February 3, 2015			666,667
May 22, 2019			1,000,000
February 5, 2020			2,000,000
May 24, 2023			2,000,000
May 29, 2025			2,000,000
December 4, 2025			4,000,000

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During the fourth quarter of 2025, Busey purchased 1,251,100 shares of its common stock pursuant to the Stock Repurchase Plan. As of December 31, 2025, Busey had 4,856,175 shares that may still be purchased under the Stock Repurchase Plan.

Period						Total Number of Common Shares Purchased						Weighted Average Price Paid per Common Share						Number of Common Shares Purchased as Part of Publicly Announced Plans or Programs						Maximum Number of Common Shares That May Yet Be Purchased Under the Plans or Programs
October 1-31, 2025						300,000						$	23.04					300,000						1,807,275
November 1-30, 2025						308,000						22.84						308,000						1,499,275
December 1-31, 2025						643,100						24.68						643,100						4,856,175
Three months ended December 31, 2025						1,251,100						$	23.84					1,251,100
Year ended December 31, 2025						3,063,100						$	22.81					3,063,100

STOCK PERFORMANCE GRAPH

The following graph compares Busey’s performance, as measured by the change in price of its common stock plus reinvested dividends, with the Nasdaq Composite, the Russell 2000 Index, the KBW Nasdaq Regional Banking Index, and the S&P U.S. BMI Banks – Midwest Region over the five years ended December 31, 2025. The KBW Nasdaq Regional Banking Index seeks to reflect the performance of publicly traded U.S. regional banks and thrift institutions. Banks in the S&P U.S. BMI Banks – Midwest Region Index represent all Major Exchange Traded Banks in S&P Capital IQ’s coverage universe that are headquartered in Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Ohio, South Dakota, and Wisconsin.

For purposes of the comparative total return graph, Busey intends to replace the Nasdaq Composite with the Russell 2000 Index. Busey’s management believes the Russell 2000 Index is more comparable because it includes a higher percentage representation from the finance sector, and its market capitalization range provides a more representative and comparable group to Busey’s market capitalization.

In addition, for purposes of the comparative total return graph, Busey intends to replace the S&P U.S. BMI Banks – Midwest Region with the KBW Nasdaq Regional Banking Index. With Busey’s expanded footprint beyond the Midwest region, Busey’s management believes the KBW Nasdaq Regional Banking Index now provides a more appropriate comparison, and beginning in 2025 Busey’s new equity award grants with a total stockholder return performance goal will be evaluated in comparison to the KBW Nasdaq Regional Banking Index.

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						As of December 31,
Index						2020						2021						2022						2023						2024						2025
First Busey Corporation						$	100.00					$	130.76					$	123.68					$	129.97					$	128.37					$	135.42
KBW Nasdaq Regional Banking Index						100.00						136.64						127.17						126.67						143.39						152.71
S&P U.S. BMI Banks – Midwest Region						100.00						132.12						114.02						116.40						142.02						159.02
Russell 2000 Index						100.00						114.82						91.35						106.82						119.14						134.40
Nasdaq Composite						100.00						122.18						82.42						119.22						154.47						187.12

ITEM 6. [RESERVED]

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

Contents of Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Unaudited) (“MD&A”)

SCOPE OF DISCUSSION			53
BUSEY’S CONSERVATIVE BANKING STRATEGY			54
CRITICAL ACCOUNTING ESTIMATES			54
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations			54
Goodwill			55
Income Taxes			55
Allowance for Credit Losses			55
RESULTS OF OPERATIONS — THREE YEARS ENDED DECEMBER 31, 2025			57
Net Income			57
Non-GAAP Adjusting Items and Non-GAAP Measures			58
Operating Performance Metrics			59
Net Interest Income			59
Noninterest Income			67
Noninterest Expense			69
Efficiency Ratio			70
Income Taxes			70
FINANCIAL CONDITION			71
Balance Sheet			71
Investment Securities			71
Portfolio Loans			74
Deposits			83
Borrowings			84
Liquidity			85
Off-Balance-Sheet Arrangements			86
Contractual Obligations			87
Cash Flows			87
Capital Resources			88
NEW ACCOUNTING PRONOUNCEMENTS			88
EFFECTS OF INFLATION			88

SCOPE OF DISCUSSION

The following is management’s discussion and analysis of the financial condition as of December 31, 2025, and 2024, and the results of operations for the years ended December 31, 2025, 2024, and 2023, of First Busey Corporation and its subsidiaries. It should be read in conjunction with “Item 1. Business,” the Consolidated Financial Statements, and the related Notes to the Consolidated Financial Statements included in this Annual Report.

Detailed discussion and analysis of Busey’s financial condition and results of operation for 2025 as compared to 2024 can be found below. Comparison of 2024 to 2023 can be found in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of Busey's 2024 Annual Report.

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Contents of Item 7. MD&A

BUSEY’S CONSERVATIVE BANKING STRATEGY

Busey’s financial strength is built on a long-term conservative operating approach. The quality of Busey’s core deposit1 franchise is a critical value driver of the institution. Busey remains substantially core deposit funded, with robust liquidity. As of December 31, 2025, Busey’s loan to deposit ratio was 91.0% and core deposits1 represented 93.7% of total deposits. Furthermore, Busey has sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of its customers.

Busey’s credit performance reflects its highly diversified, conservatively underwritten loan portfolio. Busey’s approach to lending and its underwriting standards are designed to emphasize relationship banking rather than transactional banking. In addition, as a matter of both policy and practice, Busey limits concentration exposures in any particular loan segment. While impacted by loans acquired as a result of the CrossFirst acquisition, asset quality remains strong by both Busey’s historical and current industry trends.

Busey’s conservative banking strategy is reflected in the strength of its capital base. Busey strives to consistently maintain capital ratios well in excess of thresholds required to be designated as well capitalized by applicable regulatory guidelines, thereby ensuring financial strength and flexibility across economic and operating cycles. At December 31, 2025, Busey’s leverage ratio of Tier 1 capital to average assets was 11.9%, its common equity Tier 1 capital to risk weighted assets ratio was 12.4%, and its total capital to risk weighted assets ratio was 15.9%.

CRITICAL ACCOUNTING ESTIMATES

Busey has established various accounting policies that govern the application of GAAP in the preparation of its Consolidated Financial Statements. Significant accounting policies are described in “Note 1. Significant Accounting Policies” in the Notes to the Consolidated Financial Statements.

Critical accounting estimates are those that are critical to the portrayal and understanding of Busey’s financial condition and results of operations and require management to make assumptions that are subjective or complex. These estimates involve judgments, assumptions, and uncertainties that are susceptible to change. In the event that different assumptions or conditions were to prevail, and depending on the severity of such changes, the possibility of a materially different financial condition or materially different results of operations is a reasonable likelihood. Further, changes in accounting standards could impact Busey’s critical accounting estimates. Management has reviewed these critical accounting estimates and related disclosures with Busey’s Audit Committee. The following estimates could be deemed critical:

Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations

Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method of accounting, assets acquired and liabilities assumed are recorded at their estimated fair value on the date of acquisition. Fair values are determined based on the definition of “fair value” defined in ASC Topic 820 “Fair Value Measurement” as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The determination of fair values is based on valuations using management’s assumptions of future growth rates, future attrition, discount rates, multiples of earnings or other relevant factors. In addition, Busey engages third party specialists to assist in the development of fair values.

The fair value of a loan portfolio acquired in a business combination generally requires greater levels of management estimates and judgment than other assets acquired or liabilities assumed. Acquired loans are within the scope of ASC Topic 326 “Financial Instruments-Credit Losses.” However, the offset to record the allowance on acquired loans at the date of acquisition depends on whether or not the loan is classified as PCD. The allowance for PCD loans is recorded through a gross-up effect, while the allowance for acquired non-PCD loans is recorded through provision expense, consistent with originated loans. Thus, the determination of which loans are PCD and non-PCD can have a significant effect on the accounting for these loans.

1 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, see “Item 1. Business—Non-GAAP Financial Information.”

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Contents of Item 7. MD&A

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired using the acquisition method of accounting. Goodwill is not amortized; instead, Busey assesses the potential for impairment on an annual basis or more frequently if events and circumstances indicate that goodwill might be impaired. Management applies significant judgment when testing goodwill for impairment, such as the valuation approach chosen, market multiples for competitors used in the calculation, and forecasts of business outlook.

Income Taxes

Busey is subject to the income tax laws of the U.S., as well as the tax laws of the individual states and municipalities in which the Company conducts its operations. These laws are often complex and subject to nuanced interpretations.

Income taxes are estimated for the tax effects of the transactions reported on Busey’s Consolidated Financial Statements and consist of an expense for taxes currently due plus assets and/or liabilities for deferred taxes. Deferred taxes represent the future tax consequences of differences between the tax basis and accounting basis of certain assets and liabilities, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets and liabilities are estimates that are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. Deferred taxes are reported in other assets or other liabilities on the Consolidated Balance Sheets. Estimated income tax expense is reported on the Consolidated Statements of Income.

In establishing its provision for income taxes and its estimates of deferred tax assets and liabilities, Busey must make judgments and interpretations about the application of inherently complex tax laws. Busey must also make estimates about when in the future certain items will affect taxable income. Disputes over interpretations of the tax laws may be subject to review and adjudication by the court systems of the various tax jurisdictions or may be settled with the taxing authority upon examination or audit. Although Busey’s management believes that its judgments are sound and its tax estimates are reasonable, interpretations of tax law applied by the taxing jurisdictions could differ. As such, Busey may be exposed to losses or gains, which could be material. An unfavorable tax settlement would result in an increase in Busey’s effective income tax rate in the period of resolution. A favorable tax settlement would result in a reduction in Busey’s effective income tax rate in the period of resolution.

Allowance for Credit Losses

Busey calculates the ACL at each reporting date. Busey recognizes an allowance for the lifetime expected credit losses for the amount it does not expect to collect. Measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported book value. The calculation also contemplates that Busey may not be able to make or obtain such forecasts for the entire life of the financial assets and requires a reversion to historical credit loss information.

In determining the ACL, management relies predominantly on a disciplined credit review and approval process that extends to the full range of Busey’s credit exposure. The ACL must be determined on a collective (pool) basis when similar risk characteristics exist. On a case-by-case basis, Busey may conclude that a loan should be evaluated on an individual basis based on disparate risk characteristics.

Loans deemed uncollectible are charged-off against and reduce the ACL. A provision for credit losses is charged to current expense and acts to replenish the ACL in order to maintain the ACL at a level that management deems adequate.

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Determining the ACL involves significant judgments and assumptions. Macroeconomic forecasts provided by a third party and the economic indices sourced are significant judgments used in determining the allowance. Changes in these economic forecasts could significantly affect the ACL and lead to materially different amounts from one period to the next. Additionally, prepayment assumptions impact model output. Further, Busey completes a quarterly evaluation of several qualitative factors to determine if there should be adjustments made to the ACL. These factors include economic conditions, collateral, concentrations, delinquency trends, portfolio composition, underwriting, and certain other risks. Significant downturns relating to loan quality and economic conditions could result in a requirement for an additional allowance. Likewise, an upturn in loan quality and improved economic conditions may allow for a reduction in the required allowance. Because of the nature of the judgments and assumptions made by management, actual results may differ from these judgments and assumptions.

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RESULTS OF OPERATIONS — THREE YEARS ENDED DECEMBER 31, 2025

Net Income

Results of Busey’s operations are presented below, segregated by operating segment:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Net income
Banking			$	150,342					$	117,266					$	123,853
Wealth Management			24,183						22,030						18,804
FirsTech			(1,763)						(670)						830
Other			(37,500)						(24,935)						(20,922)
Net income			$	135,262					$	113,691					$	122,565

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Non-GAAP Adjusting Items and Non-GAAP Measures

Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under GAAP. Busey also adjusts for net securities gains and losses to align with industry and research analyst reporting. The objective of Busey’s 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:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Pre-tax non-GAAP adjusting items by income/expense category
Realized net (gains) losses on the sale of mortgage servicing rights			$	—					$	(7,724)					$	—
Net securities (gains) losses			10,726						6,102						2,199
Other noninterest income			44						—						—
Provision for credit losses			49,602						—						—
Salaries, wages, and employee benefits			37,072						1,580						3,760
Data processing			6,984						548						—
Net occupancy expense of premises			13						46						—
Furniture and equipment expenses			67						88						—
Professional fees			8,100						4,891						435
Other noninterest expense			2,413						987						133
Total pre-tax non-GAAP adjustments			$	115,021					$	6,518					$	6,527
Non-GAAP adjusting items by business objective
Balance sheet repositioning1			$	—					$	(7,724)					$	—
Net securities (gains) losses1			10,726						6,102						2,199
Initial provision for credit losses2			49,602						—						—
Other acquisition (income) expenses3			54,736						6,901						357
Restructuring expenses4			(43)						1,239						3,971
Total pre-tax non-GAAP adjustments			$	115,021					$	6,518					$	6,527

___________________________________________

1.During the year ended December 31, 2024, Busey executed a two-part balance sheet repositioning strategy in which it sold mortgage servicing rights on approximately $923.5 million of one-to-four family mortgage loans for a pre-tax gain of $7.7 million and sold available-for-sale debt securities with a book value of approximately $108.2 million for a pre-tax loss of $6.8 million.

2.During the year ended December 31, 2025, in connection with the CrossFirst acquisition, Busey’s recorded expense for the initial provision for credit losses consisting of a Day 2 provision for loan losses of $42.4 million, a Day 2 provision for unfunded commitments of $3.1 million, and an adjustment to the initial provision for unfunded commitments of $4.0 million that was recorded based on revised estimates resulting from implementation of a new CECL model.

3.Other acquisition expenses related to the acquisition of CrossFirst, which was completed on March 1, 2025, and the acquisition of M&M, which was completed on April 1, 2024.

4.Restructuring expenses were related to previously disclosed restructuring and efficiency plans and to corporate strategy advisement.

A reconciliation of non-GAAP measures, which Busey believes facilitates the assessment of its financial results and peer comparability, is included in tabular form in this Annual Report. See “Item 1. Business—Non-GAAP Financial Information.”

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Operating Performance Metrics

Operating performance metrics presented in the table below have been derived from information used by management to monitor and manage Busey’s financial performance:

			Years Ended December 31,
(dollars in thousands, except per share amounts)			2025						2024						2023
Net income (GAAP)			$	135,262					$	113,691					$	122,565
Adjusted net income (Non-GAAP)1, 2			$	224,974					$	120,033					$	127,763
Net income available to common stockholders (GAAP)			$	125,386					$	113,691					$	122,565
Adjusted net income available to common stockholders (Non-GAAP)1			$	215,098					$	120,033					$	127,763
Diluted earnings per common share			$	1.47					$	1.98					$	2.18
Adjusted diluted earnings per common share (Non-GAAP)1, 2			$	2.53					$	2.09					$	2.27
Return on average assets			0.76		%				0.94		%				1.00		%
Adjusted return on average assets (Non-GAAP)1, 2			1.27		%				1.00		%				1.04		%
Return on average tangible common equity (Non-GAAP)1			7.48		%				11.65		%				14.62		%
Adjusted return on average tangible common equity (Non-GAAP)1, 2			12.83		%				12.30		%				15.24		%
Pre-provision net revenue (Non-GAAP)1, 3			$	250,109					$	166,901					$	158,963
Adjusted pre-provision net revenue (Non-GAAP)1, 3			$	304,802					$	167,317					$	172,290
Pre-provision net revenue to average total assets (Non-GAAP)1, 3			1.41		%				1.38		%				1.30		%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)1, 3			1.72		%				1.39		%				1.41		%

___________________________________________

1.For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 1. Business—Non-GAAP Financial Information” included in this Annual Report.

2.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 non-recurring deferred tax adjustments.

3.Beginning in 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, affecting the calculation of pre-provision net revenue and related measures and ratios.

Net Interest Income

Net interest income is the difference between interest income and fees earned on loans and investments (“interest-earning assets”) and interest expense incurred on deposits and borrowings (“interest-bearing liabilities”). Interest rate levels and volume fluctuations within interest-earning assets and interest-bearing liabilities impact net interest income. Net interest margin is tax-equivalent net interest income as a percent of average interest-earning assets.

Certain assets with tax-favorable treatment are evaluated on a tax-equivalent basis, assuming a federal income tax rate of 21.0%. Tax-favorable assets generally have lower contractual pre-tax yields than fully taxable assets. A tax-equivalent analysis is performed by adding the tax savings to the earnings on tax-favorable assets. After factoring in the tax-favorable effects of these assets, the yields may be more appropriately evaluated against alternative earning assets. In addition to yield, various other risks are factored into the evaluation process.

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The tables below present Busey’s Consolidated Average Balance Sheets, summarizing average balances for each major category of assets and liabilities, the interest income earned on interest-earning assets, the interest expense paid for interest-bearing liabilities, and the related interest yields for the periods indicated. Average information is provided on a daily average basis:

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			Year Ended December 31, 2025
(dollars in thousands)			Average Balance						Income/ Expense						Yield/ Rate
Assets
Interest-bearing bank deposits and federal funds sold			$	575,781					$	24,633					4.28		%
Investment securities:
U.S. Government obligations			96,287						4,782						4.97		%
Obligations of states and political subdivisions			233,027						9,670						4.15		%
Other securities			2,596,463						76,881						2.96		%
Restricted bank stock			65,988						2,956						4.48		%
Loans held for sale			7,257						440						6.06		%
Portfolio loans1, 2			12,756,937						777,474						6.09		%
Total interest-earning assets1, 3			16,331,740						$	896,836					5.49		%
Cash and due from banks			166,511
Premises and equipment			175,077
ACL			(172,147)
Other assets			1,228,706
Total assets			$	17,729,887
Liabilities and stockholders’ equity
Interest-bearing transaction deposits			$	3,076,961					$	56,233					1.83		%
Savings and money market deposits			5,738,073						154,300						2.69		%
Time deposits			2,471,023						92,456						3.74		%
Federal funds purchased and repurchase agreements			149,916						3,708						2.47		%
Borrowings4			242,225						12,064						4.98		%
Junior subordinated debt issued to unconsolidated trusts			76,816						5,490						7.15		%
Total interest-bearing liabilities			11,755,014						$	324,251					2.76		%
Net interest spread1															2.73		%
Noninterest-bearing deposits			3,450,226
Other liabilities			244,188
Stockholders’ equity			2,280,459
Total liabilities and stockholders’ equity			$	17,729,887
Interest income / earning assets1, 3			$	16,331,740					$	896,836					5.49		%
Interest expense / earning assets			16,331,740						324,251						1.98		%
Net interest margin1									$	572,585					3.51		%

___________________________________________

1.On a tax-equivalent basis, assuming a federal income tax rate of 21.0%.

2.Non-accrual loans have been included in average portfolio loans.

3.Interest income includes tax-equivalent adjustments of $3.0 million.

4.Borrowings include, as applicable, short-term borrowings, long-term borrowings, senior notes, and subordinated notes. Interest expense includes a non-usage fee on the revolving credit facility.

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			Year Ended December 31, 2024
(dollars in thousands)			Average Balance						Income/ Expense						Yield/ Rate
Assets
Interest-bearing bank deposits and federal funds sold			$	445,881					$	22,441					5.03		%
Investment securities:
U.S. Government obligations			5,495						158						2.88		%
Obligations of states and political subdivisions			153,467						4,338						2.83		%
Other securities			2,567,526						69,786						2.72		%
Restricted bank stock			14,414						848						5.88		%
Loans held for sale			8,012						503						6.28		%
Portfolio loans1, 2			7,804,629						427,300						5.47		%
Total interest-earning assets1, 3			10,999,424						$	525,374					4.78		%
Cash and due from banks			109,400
Premises and equipment			121,663
ACL			(89,369)
Other assets			910,753
Total assets			$	12,051,871
Liabilities and stockholders’ equity
Interest-bearing transaction deposits			$	2,469,664					$	42,925					1.74		%
Savings and money market deposits			3,246,507						74,536						2.30		%
Time deposits			1,584,953						61,002						3.85		%
Federal funds purchased and repurchase agreements			147,786						4,308						2.92		%
Borrowings4			240,137						13,651						5.68		%
Junior subordinated debt issued to unconsolidated trusts			74,037						4,648						6.28		%
Total interest-bearing liabilities			7,763,084						$	201,070					2.59		%
Net interest spread1															2.19		%
Noninterest-bearing deposits			2,738,892
Other liabilities			207,471
Stockholders’ equity			1,342,424
Total liabilities and stockholders’ equity			$	12,051,871
Interest income / earning assets1, 3			$	10,999,424					$	525,374					4.78		%
Interest expense / earning assets			10,999,424						201,070						1.83		%
Net interest margin1									$	324,304					2.95		%

___________________________________________

1.On a tax-equivalent basis, assuming a federal income tax rate of 21.0%.

2.Non-accrual loans have been included in average portfolio loans.

3.Interest income includes tax-equivalent adjustments of $1.7 million.

4.Borrowings include, as applicable, short-term borrowings, long-term borrowings, senior notes, and subordinated notes. Interest expense includes a non-usage fee on the revolving credit facility.

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			Year Ended December 31, 2023
(dollars in thousands)			Average Balance						Income/ Expense						Yield/ Rate
Assets
Interest-bearing bank deposits and federal funds sold			$	214,422					$	10,531					4.91		%
Investment securities:
U.S. Government obligations			79,669						578						0.73		%
Obligations of states and political subdivisions			233,377						6,560						2.81		%
Other securities			2,875,769						76,568						2.66		%
Restricted bank stock			16,416						1,170						7.13		%
Loans held for sale			1,885						116						6.13		%
Portfolio loans1, 2			7,759,472						387,193						4.99		%
Total interest-earning assets1, 3			11,181,010						$	482,716					4.32		%
Cash and due from banks			116,530
Premises and equipment			124,565
ACL			(92,991)
Other assets			917,104
Total assets			$	12,246,218
Liabilities and stockholders’ equity
Interest-bearing transaction deposits			$	2,775,045					$	43,268					1.56		%
Savings and money market deposits			2,870,397						37,038						1.29		%
Time deposits			1,406,928						43,679						3.10		%
Federal funds purchased and repurchase agreements			200,894						5,203						2.59		%
Borrowings4			500,301						26,881						5.37		%
Junior subordinated debt issued to unconsolidated trusts			71,894						3,853						5.36		%
Total interest-bearing liabilities			7,825,459						$	159,922					2.04		%
Net interest spread1															2.28		%
Noninterest-bearing deposits			3,018,563
Other liabilities			204,685
Stockholders’ equity			1,197,511
Total liabilities and stockholders’ equity			$	12,246,218
Interest income / earning assets1, 3			$	11,181,010					$	482,716					4.32		%
Interest expense / earning assets			11,181,010						159,922						1.43		%
Net interest margin1									$	322,794					2.89		%

___________________________________________

1.On a tax-equivalent basis, assuming a federal income tax rate of 21.0%.

2.Non-accrual loans have been included in average portfolio loans.

3.Interest income includes tax-equivalent adjustments of $2.2 million.

4.Borrowings include short-term borrowings, long-term debt, senior notes, and subordinated notes. Interest expense includes a non-usage fee on the revolving credit facility.

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The following tables present, for the major components of interest-earning assets and interest-bearing liabilities, a breakout of changes in interest income and interest expense attributable to (1) changes in average volume and (2) changes in average yield. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately, based on changes due to rate and changes due to volume:

			Years Ended December 31,
			2025 vs. 2024 Change Due To
(dollars in thousands)			Average Volume						Average Yield/Rate						Total Change
Increase (decrease) in interest income
Interest-bearing bank deposits and federal funds sold			$	5,891					$	(3,699)					$	2,192
Investment securities:
U.S. Government obligations			4,429						195						4,624
Obligations of state and political subdivisions			2,802						2,530						5,332
Other securities			794						6,301						7,095
Restricted bank stock			2,356						(248)						2,108
Loans held for sale			(46)						(17)						(63)
Portfolio loans			297,176						52,998						350,174
Change in interest income			313,402						58,060						371,462
Increase (decrease) in interest expense
Interest-bearing transaction deposits			11,005						2,303						13,308
Savings and money market deposits			68,504						11,260						79,764
Time deposits			33,198						(1,744)						31,454
Federal funds purchased and repurchase agreements			61						(661)						(600)
Borrowings			132						(1,719)						(1,587)
Junior subordinated debt owed to unconsolidated trusts			180						662						842
Change in interest expense			113,080						10,101						123,181
Increase (decrease) in net interest income			$	200,322					$	47,959					$	248,281
Percentage increase (decrease) in net interest income over prior period															76.6		%

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			Years Ended December 31,
			2024 vs. 2023 Change Due To
(dollars in thousands)			Average Volume						Average Yield/Rate						Total Change
Increase (decrease) in interest income
Interest-bearing bank deposits and federal funds sold			$	11,643					$	267					$	11,910
Investment securities:
U.S. Government obligations			(919)						499						(420)
Obligations of state and political subdivisions			(2,259)						37						(2,222)
Other securities			(8,350)						1,568						(6,782)
Restricted bank stock			(132)						(190)						(322)
Loans held for sale			384						3						387
Portfolio loans			2,266						37,841						40,107
Change in interest income			2,633						40,025						42,658
Increase (decrease) in interest expense
Interest-bearing transaction deposits			(5,029)						4,686						(343)
Savings and money market deposits			3,489						34,009						37,498
Time deposits			5,985						11,338						17,323
Federal funds purchased and repurchase agreements			(1,489)						594						(895)
Borrowings			(16,737)						3,507						(13,230)
Junior subordinated debt owed to unconsolidated trusts			118						677						795
Change in interest expense			(13,663)						54,811						41,148
Increase (decrease) in net interest income			$	16,296					$	(14,786)					$	1,510
Percentage increase (decrease) in net interest income over prior period															0.5		%

Notable changes in average assets and average liabilities are summarized as follows for the periods presented:

			Years Ended December 31,
(dollars in thousands)			2025						2024						Change						% Change
Average interest-earning assets			$	16,331,740					$	10,999,424					$	5,332,316					48.5		%
Average interest-bearing liabilities			11,755,014						7,763,084						3,991,930						51.4		%
Average noninterest-bearing deposits			3,450,226						2,738,892						711,334						26.0		%
Total average deposits			14,736,283						10,040,016						4,696,267						46.8		%
Total average liabilities			15,449,428						10,709,447						4,739,981						44.3		%
Average noninterest-bearing deposits as a percent of total average deposits			23.4		%				27.3		%				(390) bps
Total average deposits as a percent of total average liabilities			95.4		%				93.7		%				170 bps

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Changes in net interest income and net interest margin are summarized as follows for the periods presented:

			Years Ended December 31,
(dollars in thousands)			2025						2024						Change						% Change
Net interest income
Interest income, on a tax-equivalent basis1			$	896,836					$	525,374					$	371,462					70.7		%
Interest expense			(324,251)						(201,070)						(123,181)						(61.3)		%
Net interest income, on a tax-equivalent basis1			$	572,585					$	324,304					$	248,281					76.6		%
Net interest margin1, 2			3.51		%				2.95		%				56 bps

___________________________________________

1.Assuming a federal income tax rate of 21.0%.

2.Net interest income expressed as a percentage of average earning assets, stated on a tax-equivalent basis.

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.

Net interest spread represents the difference between the average rate earned on earning assets and the average rate paid on interest-bearing liabilities, and is presented in the table below for the periods indicated:

									Years Ended December 31,
															2025						2024						2023
Net interest spread1															2.73		%				2.19		%				2.28		%

___________________________________________

1.Calculated on a tax-equivalent basis.

Annualized net interest margins for the quarterly periods indicated were as follows:

			2025						2024						2023
First Quarter			3.16		%				2.79		%				3.13		%
Second Quarter			3.49		%				3.03		%				2.86		%
Third Quarter			3.58		%				3.02		%				2.81		%
Fourth Quarter			3.71		%				2.95		%				2.75		%

Management attempts to mitigate the effects of an unpredictable interest-rate environment through effective portfolio management, prudent loan underwriting and pricing discipline, and operational efficiencies.

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Noninterest Income

Changes in noninterest income are summarized in the tables below for the periods presented:

			Years Ended December 31,
(dollars in thousands)			2025						2024						Change						% Change
Noninterest income
Wealth management fees			$	69,426					$	63,630					$	5,796					9.1		%
Payment technology solutions			20,000						21,983						(1,983)						(9.0)		%
Treasury management services			17,322						8,377						8,945						106.8		%
Card services and ATM fees			18,048						13,424						4,624						34.4		%
Other service charges on deposit accounts			6,281						9,440						(3,159)						(33.5)		%
Mortgage revenue			2,565						2,075						490						23.6		%
Income on bank owned life insurance			6,597						5,130						1,467						28.6		%
Realized net gains (losses) on the sale of mortgage servicing rights			—						7,724						(7,724)						(100.0)		%
Securities income:
Realized net gains (losses) on securities			(15,242)						(7,033)						(8,209)						(116.7)		%
Unrealized net gains (losses) recognized on equity securities			4,516						931						3,585						385.1		%
Net securities gains (losses)			(10,726)						(6,102)						(4,624)						(75.8)		%
Other noninterest income			20,462						14,001						6,461						46.1		%
Total noninterest income			$	149,975					$	139,682					$	10,293					7.4		%
Assets under care as of period end			$	15,657,269					$	13,833,654					$	1,823,615					13.2		%

Total noninterest income was $150.0 million for the year ended December 31, 2025, an increase of 7.4% when compared with $139.7 million for the year ended December 31, 2024. Total noninterest income represented 20.8% of total revenue2 in 2025, compared to 30.2% in 2024. The year ended December 31, 2025, includes ten months of income from the CrossFirst acquisition.

Revenues from wealth management fees and payment technology solutions provide a complement to spread-based revenue from traditional banking activities.

Wealth management fees increased by 9.1% to $69.4 million for 2025, compared to $63.6 million for 2024. Busey’s Wealth Management division had $15.66 billion in assets under care as of December 31, 2025, compared to $13.83 billion as of December 31, 2024. Busey’s portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets.

Income from payment technology solutions derives from Busey’s payment processing company, FirsTech. This income decreased by 9.0% to $20.0 million for 2025, compared to $22.0 million for 2024, primarily due to decreases in income from online bill payments.

Treasury management services consist primarily of business analysis charges and wire transfer fees on commercial accounts. Income from treasury management services increased by 106.8% compared to 2024 due to the addition of CrossFirst commercial services.

Card services and ATM fees, which include both commercial and consumer accounts, increased by 34.4% compared to 2024 primarily due to the addition of CrossFirst corporate card services.

2 Total revenue consists of net interest income plus noninterest income.

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Other service charges on deposit accounts were $6.3 million for the year ended December 31, 2025, a decline of 33.5% from the comparable period in 2024. Declines were largely related to lower non-sufficient fund charges, reflecting changes Busey made to its fee structure in 2025.

Mortgage revenue was $2.6 million for 2025, compared to $2.1 million for 2024. General economic conditions and interest rate volatility may impact future mortgage revenue.

Income on bank owned life insurance increased by 28.6% to $6.6 million for 2025, compared to $5.1 million for 2024, resulting from a $1.9 million increase in the cash surrender value of the insurance policies partially offset by a $0.4 million decrease in earnings on death proceeds.

During the year ended December 31, 2025, Busey did not record any realized gains on the sale of mortgage servicing rights. In comparison, during the year ended December 31, 2024, Busey recognized a $7.7 million gain on the sale of mortgage servicing rights in connection with a strategic two-part balance sheet repositioning. For more information, see “Busey executed a two-part balance sheet repositioning strategy” in the Management Discussion and Analysis included in Busey’s Quarterly Report for the first quarter of 2024, filed with the SEC on May 7, 2024.

Net securities losses of $10.7 million during the year ended December 31, 2025, were greater than the net securities losses realized during the comparable period in 2024. Losses for the year ended December 31, 2025, were comprised of $15.2 million of realized net losses on securities resulting from a strategic balance sheet repositioning completed in the first quarter of 2025, partially offset by unrealized net gains on Busey’s approximately 3% equity ownership of a financial institution that was the target of an acquisition at a significant market premium.

Other income increased by 46.1% to $20.5 million for 2025, compared to $14.0 million for 2024. Increases in other income were primarily attributable to increases in commercial loan servicing income and swap origination fees.

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Noninterest Expense

Changes in noninterest expense are summarized in the tables below for the periods presented:

			Years Ended December 31,
(dollars in thousands)			2025						2024						Change						% Change
Noninterest expense
Salaries, wages, and employee benefits			$	289,063					$	175,619					$	113,444					64.6		%
Data processing			43,181						27,124						16,057						59.2		%
Premises expenses:
Net occupancy expense of premises			29,490						18,737						10,753						57.4		%
Furniture and equipment expenses			8,496						6,805						1,691						24.8		%
Combined, net occupancy expense of premises and furniture and equipment expenses			37,986						25,542						12,444						48.7		%
Professional fees			18,807						12,804						6,003						46.9		%
Amortization of intangible assets			16,614						10,057						6,557						65.2		%
Interchange expense			5,194						6,001						(807)						(13.4)		%
FDIC insurance			10,397						5,603						4,794						85.6		%
Other noninterest expense			58,959						38,744						20,215						52.2		%
Total noninterest expense			$	480,201					$	301,494					$	178,707					59.3		%
Income taxes			$	51,378					$	39,613					$	11,765					29.7		%
Effective income tax rate			27.5		%				25.8		%				170 bps
Efficiency ratio (Non-GAAP)1			63.2		%				62.0		%				120 bps
Adjusted efficiency ratio (Non-GAAP)1			55.8		%				61.3		%				(550) bps
Full-time equivalent associates as of period-end			1,914						1,509						405						26.8		%

___________________________________________

1.For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 1. Business—Non-GAAP Financial Information” included in the Annual Report.

Total noninterest expense increased to $480.2 million for the year ended December 31, 2025, compared to $301.5 million for the year ended December 31, 2024, representing a year-over-year increase of 59.3%. Growth in noninterest expense was primarily attributable to acquisition expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks from March 1, 2025, until the banks were merged on June 20, 2025, and increased expenses associated with Busey’s larger organization and expanded branch network. Acquisition and restructuring expenses contributed $54.6 million to total noninterest expense for the year ended December 31, 2025, compared to $8.1 million for the comparable period in 2024. 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.

Salaries, wages, and employee benefits increased to $289.1 million for 2025, compared to $175.6 million for 2024. Excluding acquisition and restructuring expenses, which include severance, retention, and stock-based compensation expenses related to the CrossFirst acquisition, salaries, wages, and employee benefits were $252.0 million for 2025, compared to $174.0 million for 2024, representing an increase of 44.8%. 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.

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Data processing expense increased to $43.2 million for 2025, compared to $27.1 million for 2024. Excluding acquisition and restructuring expenses, data processing expense was $36.2 million for 2025, compared to $26.6 million for 2024, representing an increase of 36.2%. Increases were primarily attributable to Company-wide investments in technology enhancements, as well as inflation-driven price increases.

Combined, net occupancy expense of premises and furniture and equipment expenses increased to $38.0 million for 2025, compared to $25.5 million for 2024. The CrossFirst acquisition added 16 banking centers. Further, on August 18, 2025, Busey opened its second Denver service center, located in the Cherry Creek North neighborhood. Primary cost drivers in these expense categories include lease costs, repairs and maintenance, depreciation expense, real estate taxes, and utilities.

Professional fees increased to $18.8 million for 2025, compared to $12.8 million for 2024. Excluding acquisition and restructuring expenses, professional fees were $10.7 million for 2025, compared to $7.9 million for 2024, representing an increase of 35.3%. Primary cost drivers in this expense category include legal, audit and accounting, and consulting expenses.

Amortization of intangible assets increased to $16.6 million for 2025, compared to $10.1 million for 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets with amortization of $7.8 million during the year ended December 31, 2025. Busey uses an accelerated amortization methodology.

Interchange expense decreased to $5.2 million for 2025, compared to $6.0 million for 2024. Fluctuations in interchange expense relate to payment and volume activity at FirsTech.

FDIC insurance expense increased to $10.4 million for 2025, compared to $5.6 million for 2024. Additional FDIC insurance assessments were the result of Busey’s growth in average assets in connection with the CrossFirst acquisition.

Other noninterest expense increased to $59.0 million for 2025, compared to $38.7 million for 2024. Excluding acquisition and restructuring expenses, other noninterest expense was $56.5 million for 2025, compared to $37.8 million for 2024, representing an increase of 49.8%. Increases in other noninterest expense were attributable to multiple items, including increased costs on loans, marketing, business development, and office supplies.

Efficiency Ratio

The efficiency ratio3 is calculated as total noninterest expense, less amortization charges, as a percentage of tax-equivalent net interest income plus noninterest income, less security gains and losses. The efficiency ratio, which is a measure commonly used by management and the banking industry, measures the amount of expense incurred to generate a dollar of revenue. Busey’s efficiency ratio was 63.2% for the year ended December 31, 2025, compared to 62.0% for the year ended December 31, 2024.

Operating costs have been influenced by acquisition expenses and other restructuring costs, and the adjusted efficiency ratio3 was 55.8% for the year ended December 31, 2025, compared to 61.3% for the year ended December 31, 2024.

Income Taxes

Effective income tax rates, calculated by dividing income taxes by income before taxes, were 27.5%, 25.8%, and 20.4% for the years ended December 31, 2025, 2024, and 2023, respectively. Busey's effective tax rate increased in 2025 primarily due to the deferred tax impact of the lower blended state tax rates resulting in (1) a one-time revaluation of deferred tax assets; and (2) a higher disallowance related to Internal Revenue Code Section 162(m) limited compensation. These results were partially offset by increased tax credit investments and tax-exempt interest. Following the acquisition of CrossFirst Bank, and the inclusion of the CrossFirst entities within the Busey consolidated group, the deferred tax attributes were revalued to reflect the new consolidated group's state tax rates. As such, there was a significant rate change adjustment recognized against deferred tax assets in 2025, which increased Busey's effective tax rate for the year ended December 31, 2025.

3 The efficiency ratio and adjusted efficiency ratio are both non-GAAP financial measures. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, see “Item 1. Business—Non-GAAP Financial Information.”

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Busey continues to monitor evolving federal and state tax legislation and its potential impact on operations on an ongoing basis. As of December 31, 2025, Busey remains under examination by the Illinois Department of Revenue for Merchant & Manufacturers Bank's tax filings for the tax years ended December 31, 2022 and 2023. The Florida Department of Revenue examination of Busey Bank's tax years 2020 to 2022 corporate income tax filings was completed with no additional income tax assessments.

FINANCIAL CONDITION

Balance Sheet

Changes in significant items included on Busey’s Consolidated Balance Sheets are summarized in the table below:

			As of December 31,
(dollars in thousands)			2025						2024						Change						% Change
Assets
Debt securities available for sale			$	2,162,548					$	1,810,221					$	352,327					19.5		%
Debt securities held to maturity			746,385						826,630						(80,245)						(9.7)		%
Portfolio loans, net of ACL			13,393,776						7,613,683						5,780,093						75.9		%
Total assets			18,104,736						12,046,722						6,058,014						50.3		%
Liabilities
Deposits:
Noninterest-bearing			3,659,421						2,719,907						939,514						34.5		%
Interest-bearing			11,246,537						7,262,583						3,983,954						54.9		%
Total deposits			14,905,958						9,982,490						4,923,468						49.3		%
Securities sold under agreements to repurchase			166,929						155,610						11,319						7.3		%
Long-term borrowings			113,806						—						113,806						100.0		%
Subordinated notes, net of unamortized issuance costs			99,395						227,723						(128,328)						(56.4)		%
Total liabilities			15,635,754						10,663,453						4,972,301						46.6		%
Stockholders’ equity			2,468,982						1,383,269						1,085,713						78.5		%

Investment Securities

The primary purposes of Busey’s investment securities portfolio are to provide a source of earnings by deploying funds that are not needed to fulfill loan demand, deposit redemptions, or other liquidity purposes; to serve as a tool for interest rate risk positioning; and to provide collateral for pledging purposes against public deposits and repurchase agreements, all while providing a source of liquidity.

Busey considers many factors in determining the composition of its investment portfolio including, but not limited to, credit quality, duration, interest rate risk, liquidity, tax-equivalent yield, regulatory considerations, and overall portfolio allocation. As of December 31, 2025, Busey did not hold general obligation bonds of any single issuer, the aggregate of which exceeded 10% of Busey’s stockholders’ equity.

Pledged securities totaled $744.2 million, or 25.6% of total debt securities, as of December 31, 2025, and $871.4 million, or 33.0% of total debt securities, as of December 31, 2024.

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Debt Securities Available for Sale

Debt securities available for sale are carried at fair value. Net unrealized gains or losses, net of tax, are recorded in stockholders’ equity, through AOCI. As of December 31, 2025, the fair value of debt securities available for sale was $2.16 billion, and the amortized cost was $2.30 billion. There were $13.9 million of gross unrealized gains and $152.2 million of gross unrealized losses, resulting in a net unrealized loss of $138.3 million.

The composition of debt securities available for sale was as follows:

			As of December 31,
(dollars in thousands)			2025						2024
Debt securities available for sale
Obligations of U.S. government corporations and agencies			$	112,046					$	1,400
Obligations of states and political subdivisions			263,873						139,829
Asset-backed securities			265,580						336,557
Commercial mortgage-backed securities			132,942						92,174
Residential mortgage-backed securities			1,344,416						1,087,210
Corporate debt securities			43,691						153,051
Debt securities available for sale, fair value			$	2,162,548					$	1,810,221
Debt securities available for sale, amortized cost			$	2,300,845					$	2,039,952
Fair value as a percentage of amortized cost			93.99		%				88.74		%

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By maturity date, fair values and weighted average yields of debt securities available for sale as of December 31, 2025, are presented in the following table:

			Due in 1 year or less												Due after 1 year through 5 years												Due after 5 years through 10 years												Due after 10 years
(dollars in thousands)			Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield
Debt securities available for sale1
Obligations of U.S. government corporations and agencies			$	—					—		%				$	82					5.18		%				$	—					—		%				$	111,964					4.95		%
Obligations of states and political subdivisions2			5,889						3.70		%				42,361						2.55		%				75,654						3.08		%				139,969						5.65		%
Asset-backed securities			—						—		%				—						—		%				120,990						5.37		%				144,590						5.27		%
Commercial mortgage-backed securities			1,612						2.75		%				2,618						3.02		%				58,612						3.31		%				70,100						3.44		%
Residential mortgage-backed securities			53						2.87		%				2,908						3.91		%				75,297						2.16		%				1,266,158						3.09		%
Corporate debt securities			3,130						2.61		%				15,366						4.30		%				25,195						4.20		%				—						—		%
Debt securities available for sale			$	10,684					3.23		%				$	63,335					3.06		%				$	355,748					3.78		%				$	1,732,781					3.61		%

___________________________________________

1.Securities are presented based upon final contractual maturity or pre-refunded date.

2.Weighted average yield calculated on a tax-equivalent basis, assuming a federal income tax rate of 21.0%.

Debt Securities Held to Maturity

Debt securities held to maturity are carried at amortized cost. Unrecognized losses related to securities that were transferred in 2022 are included in OCI, net of taxes, and amortized into income over the contractual lives of the securities. An ACL balance will be established for debt securities held to maturity when applicable. No ACL was recorded for Busey’s portfolio of debt securities held to maturity as of December 31, 2025 or 2024.

As of December 31, 2025, the amortized cost of debt securities held to maturity was $746.4 million, and the fair value was $626.0 million. There were no gross unrecognized gains and $120.4 million of gross unrecognized losses.

The composition of debt securities held to maturity was as follows:

			As of December 31,
(dollars in thousands)			2025						2024
Debt securities held to maturity
Commercial mortgage-backed securities			$	367,825					$	415,530
Residential mortgage-backed securities			378,560						411,100
Debt securities held to maturity, amortized cost			$	746,385					$	826,630
Debt securities held to maturity, fair value			$	625,957					$	675,053
Fair value as a percentage of amortized cost			83.87		%				81.66		%

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By maturity date, fair values and weighted average yields of debt securities held to maturity as of December 31, 2025, are presented in the following table:

			Due in 1 year or less												Due after 1 year through 5 years												Due after 5 years through 10 years												Due after 10 years
(dollars in thousands)			Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield
Debt securities held to maturity1
Commercial mortgage-backed securities			$	19,896					2.15		%				$	35,836					2.18		%				$	—					—		%				$	246,883					2.12		%
Residential mortgage-backed securities			—						—		%				—						—		%				—						—		%				323,342						2.22		%
Debt securities held to maturity			$	19,896					2.15		%				$	35,836					2.18		%				$	—					—		%				$	570,225					2.18		%

___________________________________________

1.Securities are presented based upon final contractual maturity or pre-refunded date.

Equity Securities

Equity securities are carried at fair value. The fair value of equity securities was $14.9 million as of December 31, 2025, compared to $15.9 million as of December 31, 2024.

Portfolio Loans

Busey believes that making sound and profitable loans is a necessary and desirable means of employing funds available for investment. Busey maintains lending policies and procedures designed to focus lending efforts on the types, locations, and duration of loans most appropriate for its business model and markets. While not specifically limited, Busey attempts to focus its lending on short to intermediate-term loans (0-10 years) in states where Busey maintains lending offices. Busey attempts to utilize government-assisted lending programs, such as the SBA and U.S. Department of Agriculture lending programs, when prudent. Generally, loans are collateralized by assets, primarily real estate, and guaranteed by individuals. Loans are expected to be repaid primarily from cash flows of the borrowers or from proceeds from the sale of selected assets of the borrowers.

Management reviews and approves Busey Bank’s lending policies and procedures on a regular basis. Management routinely—at least quarterly—reviews the ACL in conjunction with reports related to loan production, loan quality, concentrations of credit, loan delinquencies, non-performing loans, and potential problem loans. Busey’s underwriting standards are designed to encourage relationship banking rather than transactional banking. Relationship banking implies a primary banking relationship with the borrower that includes, at a minimum, an active deposit banking relationship in addition to the lending relationship. Significant underwriting factors in addition to location, duration, a sound and profitable cash flow basis, and the borrower’s character, include the quality of the borrower’s financial history, the liquidity of the underlying collateral, and the reliability of the valuation of the underlying collateral.

At no time is a borrower’s total borrowing relationship permitted to exceed Busey Bank’s regulatory lending limit. Busey generally limits such relationships to amounts substantially less than the regulatory limit. Loans to related parties, including executive officers and directors of First Busey Corporation and its subsidiaries, are reviewed for compliance with regulatory guidelines.

Busey maintains an independent loan review department that reviews loans for compliance with Busey’s loan policy on a periodic basis. In addition, the loan review department reviews risk assessments made by Busey’s credit department, lenders, and loan committees. Results of these reviews are presented to management and the audit committee at least quarterly.

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Busey Bank’s lending can be summarized into five primary lending activities, which can be further categorized as either commercial or retail lending. Commercial lending activities consist of C&I and other commercial loans, CRE loans, and real estate construction loans while retail lending activities consist of retail real estate loans and retail other loans.

C&I and Other Commercial Loans

C&I and other commercial loans typically comprise working capital loans or business expansion loans, including loans for asset purchases and other business loans. C&I and other commercial loans will generally be guaranteed, in full or a material percentage, by the primary owners of the business. C&I and other commercial loans are made based primarily on the borrower’s historical and projected cash flows and secondarily on the underlying assets pledged as collateral by the borrower. Cash flows of the borrower, however, may not perform consistently with historical or projected information. Further, collateral securing loans may fluctuate in value due to individual economic or other factors. Busey Bank has established minimum standards and underwriting guidelines for all C&I and other commercial loan types.

Commercial Real Estate Loans

The commercial environment, along with the academic presence in some of the markets in which Busey operates, provides for the majority of Busey’s commercial lending opportunities to be CRE related, including multi-unit housing. As the majority of Busey’s loan portfolio is within the CRE class, Busey’s goal is to maintain a high quality, geographically diverse portfolio of CRE loans. CRE loans are subject to underwriting standards and guidelines similar to commercial loans. CRE loans are generally guaranteed, in full or a material percentage, by the primary owners of the business. Repayment of these loans is primarily dependent on the cash flows of the underlying property. Nevertheless, CRE loans generally must be supported by an adequate underlying collateral value. The performance and the value of the underlying property may be adversely affected by economic factors or geographical and/or industry specific factors. These loans are subject to other industry guidelines which Busey closely monitors.

Real Estate Construction Loans

Real estate construction loans are primarily commercial in nature. Loan proceeds are monitored by Busey and advanced for the improvement of real estate in which Busey holds a mortgage. Real estate construction loans will generally be guaranteed, in full or a material percentage, by the developer or primary owners of the business. These loans are subject to underwriting standards and guidelines similar to commercial loans and generally must be supported by an adequate “as completed” value of the underlying project. In addition to the underlying project, the financial history of the developer and business owners weighs significantly in determining approval. Repayment of these loans is typically through permanent financing following completion of the construction. Real estate construction loans are inherently more risky than loans on completed properties as the unimproved nature and the financial risks of construction significantly enhance the risks of commercial real estate loans. These loans are closely monitored and subject to other industry guidelines.

Retail Real Estate Loans

Retail real estate loans are comprised of direct consumer loans that include residential real estate, home equity lines of credit, and home equity loans. In 2025, Busey retained a smaller percentage of originated retail real estate loans in its portfolio, electing to sell a larger percentage to secondary market purchasers. As retail real estate loan underwriting is subject to specific regulations, Busey typically underwrites retail real estate loans to conform to widely accepted standards. Several factors are considered in underwriting including the debt-to-income ratio and credit history of the borrower, as well as the value of the underlying real estate.

Retail Other Loans

Retail other loans consist of installment loans to individuals, including automotive loans and indirect lending. These loans are centrally underwritten utilizing the borrower’s financial history, including credit scores, as well as information about the underlying collateral. Retail other loans also include whole-life loans which are secured by the cash value of underlying life insurance policies. Repayment of retail other loans is expected from the borrower’s cash flows.

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Portfolio Composition

The composition of Busey’s loan portfolio as of the dates indicated, as well as changes in portfolio loan balances, were as follows:

			As of December 31,
(dollars in thousands)			2025						2024						Change						% Change
Commercial loans
C&I and other commercial			$	4,229,208					$	1,904,515					$	2,324,693					122.1		%
CRE			5,550,018						3,269,564						2,280,454						69.7		%
Real estate construction			1,039,289						378,209						661,080						174.8		%
Total commercial loans			10,818,515						5,552,288						5,266,227						94.8		%
Retail loans
Retail real estate			2,154,616						1,696,457						458,159						27.0		%
Retail other			594,668						448,342						146,326						32.6		%
Total retail loans			2,749,284						2,144,799						604,485						28.2		%
Total portfolio loans			13,567,799						7,697,087						5,870,712						76.3		%
ACL			(174,023)						(83,404)						(90,619)						108.7		%
Portfolio loans, net			$	13,393,776					$	7,613,683					$	5,780,093					75.9		%

Portfolio loan growth in 2025 was primarily attributable to the CrossFirst acquisition. Busey remains steadfast in its conservative approach to underwriting and disciplined approach to pricing. During 2025, Busey experienced elevated payoffs that outpaced new production momentums.

Concentration of Credit Risk

As a matter of policy and practice, Busey limits the level of concentration exposure in any particular loan segment with the goal of maintaining a well-diversified loan portfolio. The following table presents the percentage of total portfolio loans for each lending activity.

			As of December 31,
			2025						2024
Commercial loans
C&I and other commercial			31.2		%				24.8		%
CRE			40.9		%				42.5		%
Real estate construction			7.6		%				4.9		%
Total commercial loans			79.7		%				72.2		%
Retail loans
Retail real estate			15.9		%				22.0		%
Retail other			4.4		%				5.8		%
Total retail loans			20.3		%				27.8		%
Total portfolio loans			100.0		%				100.0		%

Busey Bank originates loans across its regional operating model and through its specialty product lines, as described below:

•East – Suburban Chicago markets, the St. Louis MSA, and southwest Florida

•Midwest – Central Illinois and Indianapolis, Indiana

•Central – The Kansas City MSA, Central Kansas, and Oklahoma

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•Texas – The Dallas-Fort Worth MSA

•West – Colorado, New Mexico, and Arizona

•Verticals – Busey’s Life Equity Lending, Sponsor Finance, Energy Lending, and SBA Lending products

The distribution of Busey Bank loans outstanding as of December 31, 2025, that were originated in each of these markets is presented in the table below:

			As of December 31, 2025
(dollars in thousands)			C&I and other commercial						CRE						Real estate construction						Retail real estate						Retail other						Total
Loans by region of origination
East			$	1,088,440					$	1,808,207					$	113,509					$	879,925					$	80,416					$	3,970,497
Midwest			844,521						1,424,213						269,526						722,721						9,521						3,270,502
Central			626,517						839,189						204,985						342,953						9,792						2,023,436
Texas			598,561						790,181						276,156						117,814						3,211						1,785,923
West			245,275						527,756						155,173						78,952						457						1,007,613
Verticals			825,894						160,472						19,940						12,251						491,271						1,509,828
Total portfolio loans			$	4,229,208					$	5,550,018					$	1,039,289					$	2,154,616					$	594,668					13,567,799
ACL																																	(174,023)
Portfolio loans, net of ACL																																	$	13,393,776

Prior to the CrossFirst acquisition on March 1, 2025, Busey Bank’s loan origination occurred in the Illinois, Missouri, Florida, and Indiana markets. The geographic distribution of Busey Bank loans outstanding as of December 31, 2024, that were originated in each of these markets is presented in the table below:

			As of December 31, 2024
(dollars in thousands)			C&I and other commercial						CRE						Real estate construction						Retail real estate						Retail other						Total
Loans by state of origination
Illinois			$	1,493,670					$	2,285,915					$	232,898					$	1,275,834					$	443,164					$	5,731,481
Missouri			276,140						560,337						40,816						211,878						3,731						1,092,902
Florida			58,277						245,918						30,826						128,352						683						464,056
Indiana			76,428						177,394						73,669						80,393						764						408,648
Total portfolio loans			$	1,904,515					$	3,269,564					$	378,209					$	1,696,457					$	448,342					7,697,087
ACL																																	(83,404)
Portfolio loans, net of ACL																																	$	7,613,683

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Commercial Real Estate Loans

CRE loans made up 40.9% of Busey’s total loan portfolio as of December 31, 2025, and CRE properties were approximately 25.8% owner occupied. Owner occupied commercial real estate is generally dependent on the performance of the borrowers’ businesses, whereas non-owner occupied commercial real estate is generally reliant on property cash flows generated by third-party tenants.

			As of December 31,
(dollars in thousands)			2025									2024
COMMERCIAL REAL ESTATE LOANS
Non-owner occupied commercial real estate			$	4,118,361		74.2		%				$	2,360,273		72.2		%
Owner-occupied commercial real estate			1,431,657			25.8		%				909,291			27.8		%
Total commercial real estate loans			$	5,550,018		100.0		%				$	3,269,564		100.0		%

CRE loans are made across a variety of industries, as depicted in the table below. Balances reflected in the table below do not include loan origination fees or costs, purchase accounting adjustments, SBA discounts, or negative escrow amounts.

			As of December 31, 2025
			CRE Loans						Occupied By												% of CRE Loans That Are Owner Occupied
(dollars in thousands)									Non-Owner						Owner
Industry
Industrial and warehousing			$	1,189,936					$	702,068					$	487,868					41.0		%
Apartments			875,081						874,893						188						—		%
Retail			870,227						747,309						122,918						14.1		%
Traditional office			675,386						464,224						211,162						31.3		%
Specialty			561,210						222,564						338,646						60.3		%
Hotel			333,906						329,186						4,720						1.4		%
Medical office			285,182						133,805						151,377						53.1		%
Student housing			231,134						231,019						115						—		%
Restaurant			153,063						37,684						115,379						75.4		%
Self-Storage			151,999						147,572						4,427						2.9		%
Senior housing			137,485						132,504						4,981						3.6		%
Nursing homes			91,951						90,506						1,445						1.6		%
Healthcare			20,263						20,000						263						1.3		%
Group homes			4,986						3,568						1,418						28.4		%
Continuing Care Facilities			2,965						2,965						—						—		%
1-4 Family			500						500						—						—		%
Land acquisition and development			91						—						91						100.0		%
Other			890						389						501						56.3		%
Total			$	5,586,255					$	4,140,756					$	1,445,499					25.9		%

Loan Commitments

Commitments to extend credit and standby letters of credit increased by $2.27 billion, or 89.2%, to a total of $4.82 billion as of December 31, 2025, compared to $2.55 billion as of December 31, 2024.

Loan Maturities

The determination of loan maturities is based on contractual loan terms. Demand loans, loans having no stated schedule of repayments and no stated maturity, and overdrafts are considered to mature within one year.

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The following table sets forth the remaining maturities of portfolio loans at December 31, 2025:

(dollars in thousands)			Within 1 Year						After 1 Year Through 5 Years						After 5 Years Through 15 Years						After 15 Years						Total
Portfolio loans
C&I and other commercial			$	1,313,365					$	2,312,244					$	471,324					$	132,275					$	4,229,208
CRE			1,583,739						3,060,619						812,144						93,516						5,550,018
Real estate construction			454,078						527,776						36,120						21,315						1,039,289
Retail real estate			109,449						254,098						510,486						1,280,583						2,154,616
Retail other			78,660						515,367						641						—						594,668
Total portfolio loans			$	3,539,291					$	6,670,104					$	1,830,715					$	1,527,689					$	13,567,799

Interest Rate Structure

Portfolio loans maturing after one year are summarized below by interest rate structure and lending activity, as of December 31, 2025:

(dollars in thousands)			Fixed Rate						Adjustable Rate						Total
Portfolio loans maturing after 1 year
C&I and other commercial			$	867,820					$	2,048,023					$	2,915,843
CRE			2,188,213						1,778,066						3,966,279
Real estate construction			63,004						522,207						585,211
Retail real estate			831,864						1,213,303						2,045,167
Retail other			70,712						445,296						516,008
Total portfolio loans maturing after 1 year			$	4,021,613					$	6,006,895					$	10,028,508

Allowance for Credit Losses and Provision for Credit Losses

The ACL is a significant estimate on Busey’s Consolidated Financial Statements, affecting both earnings and capital. The methodology adopted influences, and is influenced by, Busey’s overall credit risk management processes. The ACL is recorded in accordance with GAAP to provide an adequate reserve for expected credit losses that is reflective of management’s best estimate of what is expected to be collected. Estimates of credit losses are based on a careful consideration of all significant factors affecting the collectability as of the evaluation date. The ACL is established through the provision for credit loss charged to income. Provision expenses for loan losses were recorded as follows for each of the years indicated:

									Years Ended December 31,
(dollars in thousands)			Location						2025						2024						2023
Provision for loan losses1			Provision for credit losses						$	45,746					$	8,590					$	2,399

___________________________________________

1.The year ended December 31, 2025, included $42.4 million provision expense that was recorded to establish an initial allowance for loan losses on non-PCD loans immediately following the close of the CrossFirst acquisition in accordance with ASC 326‑20‑30‑15.

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The following table summarizes, by lending activity, net charge-off and recovery activity affecting the ACL balance, together with average portfolio loans outstanding and the related ratios of net charge-offs (recoveries) to average portfolio loans:

(dollars in thousands)			ACL						Average Portfolio Loans Outstanding						Ratio of Net Charge-offs (Recoveries) To Average Portfolio Loans
ACL balance, December 31, 2022			$	91,608
Net (charge-offs) recoveries and average portfolio loans by lending activity:
C&I and other commercial			(1,877)						$	1,910,008					0.10		%
CRE			(379)						3,316,633						0.01		%
Real estate construction			171						536,280						(0.03)		%
Retail real estate			183						1,689,868						(0.01)		%
Retail other			(365)						306,683						0.12		%
Net (charge-offs) recoveries and average portfolio loans			(2,267)						$	7,759,472					0.03		%
Provision for loan losses			2,399
ACL balance, December 31, 2023			91,740
Day 1 PCD1			1,243
Net (charge-offs) recoveries and average portfolio loans by lending activity:
C&I and other commercial			(14,946)						$	1,892,293					0.79		%
CRE			(3,168)						3,361,644						0.09		%
Real estate construction			67						416,439						(0.02)		%
Retail real estate			348						1,714,681						(0.02)		%
Retail other			(470)						419,572						0.11		%
Net (charge-offs) recoveries and average portfolio loans			(18,169)						$	7,804,629					0.23		%
Provision for loan losses			8,590
ACL balance, December 31, 2024			83,404
Day 1 PCD1			100,783
Day 2 Provision for loan losses2			42,433
Net (charge-offs) recoveries and average portfolio loans by lending activity:
C&I and other commercial			(41,862)						$	4,039,572					1.04		%
CRE			(12,342)						5,161,370						0.24		%
Real estate construction			95						940,845						(0.01)		%
Retail real estate			(750)						2,127,351						0.04		%
Retail other			(1,051)						487,799						0.22		%
Net (charge-offs) recoveries and average portfolio loans			(55,910)						$	12,756,937					0.44		%
Provision for loan losses			3,313
ACL balance, December 31, 2025			$	174,023

___________________________________________

1.The Day 1 PCD was attributable to the M&M acquisition in 2024 and the CrossFirst acquisition in 2025.

2.The Day 2 Provision for loan losses was attributable to the CrossFirst acquisition.

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The following table sets forth the ACL by loan categories and percentage of loans to total loans as of December 31 for each of the years indicated:

			As of December 31,
			2025												2024
(dollars in thousands)			ACL						% of Loans to Total Loans						ACL						% of Loans to Total Loans
Loan Category
C&I and other commercial			$	61,370					31.2		%				$	21,589					24.8		%
CRE			70,328						40.9		%				32,301						42.5		%
Real estate construction			11,568						7.6		%				3,345						4.9		%
Retail real estate			29,178						15.9		%				23,711						22.0		%
Retail other			1,579						4.4		%				2,458						5.8		%
Total			$	174,023					100.0		%				$	83,404					100.0		%

Busey did not record an allowance for loan losses for its Life Equity Loan® portfolio, a component of its retail other lending activity, due to no expected credit loss at default, as permitted under the practical expedient provided within ASC 326-20-35-6. The Life Equity Loan® portfolio balance was $445.4 million as of December 31, 2025, and $264.2 million as of December 31, 2024.

As of December 31, 2025, Busey management believed the level of the allowance to be appropriate based upon the information available. However, additional losses may be identified in the loan portfolio as new information is obtained. Factors that influence Busey’s calculation of its ACL include changes in economic conditions and forecasts, originated and acquired loan portfolio composition, credit performance trends, portfolio duration, and other factors.

Non-Performing Loans and Non-Performing Assets

Loans are considered past due if the required principal or interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory guidelines. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Typically, loans are secured by collateral. When a loan is classified as non-accrual and determined to be collateral dependent, it is appropriately reserved or charged down through the ACL to the fair value of Busey’s interest in the underlying collateral less estimated costs to sell. Busey’s loan portfolio is collateralized primarily by real estate.

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The following table sets forth information concerning non-performing assets and asset quality ratios:

						As of December 31,
(dollars in thousands)						2025						2024						Change						% Change
Total assets						$	18,104,736					$	12,046,722					$	6,058,014					50.3		%
Portfolio loans						13,567,799						7,697,087						5,870,712						76.3		%
Loans 30 – 89 days past due						16,475						8,124						8,351						102.8		%
Non-performing assets
Non-performing loans:
Non-accrual loans						$	51,198					$	22,088					$	29,110					131.8		%
Loans 90+ days past due and still accruing						2,288						1,149						1,139						99.1		%
Total non-performing loans						53,486						23,237						30,249						130.2		%
OREO and other repossessed assets						4,626						63						4,563						NM
Total non-performing assets						58,112						23,300						34,812						149.4		%
Substandard (excludes 90+ days past due)						116,402						62,023						54,379						87.7		%
Classified assets						$	174,514					$	85,323					$	89,191					104.5		%
ACL						$	174,023					$	83,404					$	90,619					108.7		%
Bank Tier 1 Capital						2,150,048						1,438,296						711,752						49.5		%
Ratios
ACL to portfolio loans						1.28		%				1.08		%				20 bps
ACL to non-accrual loans						3.40 x						3.78 x						(0.38) x
ACL to non-performing loans						3.25 x						3.59 x						(0.34) x
ACL to non-performing assets						2.99 x						3.58 x						(0.58) x
Non-accrual loans to portfolio loans						0.38		%				0.29		%				9 bps
Non-performing loans to portfolio loans						0.39		%				0.30		%				9 bps
Non-performing assets to total assets						0.32		%				0.19		%				13 bps
Non-performing assets to portfolio loans and OREO and other repossessed assets						0.43		%				0.30		%				13 bps
Classified assets to Bank Tier 1 Capital and ACL						7.51		%				5.61		%				190 bps

Busey’s total assets grew by 50.3% to $18.10 billion as of December 31, 2025, compared to $12.05 billion as of December 31, 2024, largely in connection with the CrossFirst acquisition. Further, Busey’s loan portfolio grew by 76.3% to $13.57 billion as of December 31, 2025, compared to $7.70 billion as of December 31, 2024.

Asset quality continues to be strong. Following the merger of CrossFirst Bank into Busey Bank in June, Busey is operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey’s pillars of credit quality. Busey’s operating mandate and focus remain on emphasizing credit quality over asset growth.

Non-performing loan balances increased to $53.5 million as of December 31, 2025, compared to $23.2 million as of December 31, 2024, primarily due to PCD loans assumed in the CrossFirst acquisition. Non-performing loans represented 0.39% of portfolio loans as of December 31, 2025, compared to 0.30% as of December 31, 2024. Busey’s ACL was 3.25 times its non-performing loan balance at December 31, 2025, compared to 3.59 times its non-performing loan balance at December 31, 2024.

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Non-performing assets, which include non-performing loans, OREO, and other repossessed assets, increased to $58.1 million as of December 31, 2025, compared to $23.3 million as of December 31, 2024. Non-performing assets represented 0.32% of total assets as of December 31, 2025, compared to 0.19% as of December 31, 2024. Busey’s ACL was 2.99 times its non-performing assets as of December 31, 2025, compared to 3.58 times its non-performing assets as of December 31, 2024.

Classified assets, which include non-performing assets and substandard loans, increased to $174.5 million as of December 31, 2025, compared to $85.3 million as of December 31, 2024. Classified assets represented 7.51% of Busey Bank’s Tier 1 capital and ACL at December 31, 2025, up from 5.61% at December 31, 2024.

Net charge-offs totaled $55.9 million in 2025, representing 0.44% of average loans, compared with net charge-offs of $18.2 million in 2024, representing 0.23% of average loans. Net charge-offs for the year ended December 31, 2025, included $36.2 million related to PCD loans.

Asset quality metrics remain dependent upon market-specific economic conditions, and specific measures may fluctuate from period to period. If economic conditions were to deteriorate, Busey would expect the credit quality of its loan portfolio to decline and loan defaults to increase.

Potential Problem Loans

Potential problem loans are loans classified as substandard that are not individually evaluated, non-accrual, or 90+ days past due, but where current information indicates that the borrower may not be able to comply with loan repayment terms. Management assesses the potential for loss on such loans and considers the effect of any potential loss in determining its provision for expected credit losses. Potential problem loans increased to $116.4 million, or 0.9% of portfolio loans, as of December 31, 2025, compared to $62.0 million, or 0.8% of portfolio loans, as of December 31, 2024. Management continues to monitor these loans and work with the borrowers on restructurings, guarantees, additional collateral, or other planned actions. As of December 31, 2025, management identified no other loans that represent or result from trends or uncertainties that would be expected to materially impact future operating results, liquidity, or capital resources.

Deposits

The following table presents the composition of, and changes in, Busey’s deposits:

			As of December 31,
			2025												2024
(dollars in thousands)			Balance						% Total						Balance						% Total																		Change						% Change
Deposits
Non-maturity deposits:
Noninterest-bearing demand deposits			$	3,659,421					24.6		%				$	2,719,907					27.3		%																$	939,514					34.5		%
Interest-bearing transaction deposits			3,119,475						20.9		%				2,423,237						24.3		%																696,238						28.7		%
Saving deposits and money market deposits			5,697,172						38.2		%				3,348,711						33.5		%																2,348,461						70.1		%
Total non-maturity deposits			12,476,068						83.7		%				8,491,855						85.1		%																3,984,213						46.9		%
Time deposits			2,429,890						16.3		%				1,490,635						14.9		%																939,255						63.0		%
Total deposits			$	14,905,958					100.0		%				$	9,982,490					100.0		%																$	4,923,468					49.3		%

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Total deposits increased by 49.3% to $14.91 billion as of December 31, 2025, compared to $9.98 billion as of December 31, 2024, in connection with the CrossFirst acquisition. Busey focuses on deepening its customer relationships to maintain and protect its strong core deposit4 franchise. Core deposits include non-brokered transaction accounts, money market and savings deposit accounts, and time deposits of $250,000 or less. Core deposits represented 93.7% of total deposits as of December 31, 2025.

Deposits are federally insured up to the FDIC insurance limit of $250,000. When a portion of a deposit account exceeds the FDIC insurance limit, that portion is uninsured. Estimated uninsured deposits were $6.46 billion, or 43% of total deposits, as of December 31, 2025. Excluding intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution, the portion of Busey’s deposit base that was uninsured and not otherwise collateralized was estimated to be $5.58 billion, or 37% of total deposits, at December 31, 2025. Of that amount, $759.4 million represented time deposits. The following table presents estimates of the uninsured portion of time deposits by maturity date:

(dollars in thousands)			As of December 31, 2025
Estimated uninsured time deposits by schedule of maturities
3 months or less			$	193,879
Over 3 months through 6 months			467,812
Over 6 months through 12 months			82,469
Thereafter			15,195
Uninsured time deposits			$	759,355

Additional information about Busey’s deposits is located in “Note 9. Deposits.”

Borrowings

Busey’s borrowings include, as applicable, securities sold under agreements to repurchase, a revolving line of credit, short-term borrowings, long-term borrowings, subordinated notes, and junior subordinated debt owed to unconsolidated trusts.

4 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 1. Business—Non-GAAP Financial Information” included in this Annual Report.

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The following table sets forth the distribution of securities sold under agreements to repurchase and short-term borrowings, as well as the weighted average interest rates thereon:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Securities sold under agreements to repurchase
Balance at end of period			$	166,929					$	155,610					$	187,396
Weighted average interest rate at end of period			2.22		%				2.63		%				3.26		%
Maximum outstanding at any month end in year-to-date period			$	166,929					$	214,567					$	248,850
Average daily balance for the year-to-date period			149,724						147,588						200,702
Weighted average interest rate during period1			2.47		%				2.91		%				2.58		%
FHLB advances, current portion due within 12 months
Balance at end of period			$	—					$	—					$	—
Weighted average interest rate at end of period			—		%				—		%				—		%
Maximum outstanding at any month end in year-to-date period			$	76,911					$	24,100					$	603,881
Average daily balance for the year-to-date period			11,698						7,018						241,382
Weighted average interest rate during period1			4.45		%				5.54		%				4.90		%
Term Loan, current portion due within 12 months
Balance at end of period			$	—					$	—					$	12,000
Weighted average interest rate at end of period			—		%				—		%				7.14		%
Maximum outstanding at any month end in year-to-date period			$	—					$	12,000					$	12,000
Average daily balance for the year-to-date period			—						2,853						12,000
Weighted average interest rate during period1			—		%				7.26		%				6.88		%

___________________________________________

1.The weighted average interest rate is computed by dividing total interest for the period by the average daily balance outstanding.

Additional information about Busey’s borrowing activities is located in “Note 10. Borrowings.” Additional information about Busey’s contractual obligations related to its borrowing activities is located under the heading “Contractual Obligations” within this MD&A.

Liquidity

Liquidity management is the process by which Busey ensures that adequate liquid funds are available to meet the present and future cash flow obligations arising in the daily operations of its business. These financial obligations consist of needs for funds to meet commitments to borrowers for extensions of credit, fund capital expenditures, honor withdrawals by customers, pay dividends to stockholders, and pay operating expenses. Busey’s most liquid assets are cash and due from banks, interest-bearing bank deposits, and federal funds sold. Balances of these assets are dependent on Busey’s operating, investing, lending, and financing activities during any given period.

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Average liquid assets are summarized in the table below:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Average liquid assets
Cash and due from banks			$	166,511					$	109,400					$	116,530
Interest-bearing bank deposits			575,781						445,881						214,422
Less: Restricted and pledged cash and bank deposits			(86,844)						(38,057)						(35,806)
Total average liquid assets			$	655,448					$	517,224					$	295,146
Average liquid assets as a percent of average total assets			3.7		%				4.3		%				2.4		%

Cash and unencumbered securities on Busey’s Consolidated Balance Sheets are summarized as follows:

			As of December 31,
(dollars in thousands)			2025						2024
Unencumbered cash and securities
Total cash and cash equivalents			$	294,052					$	697,659
Restricted and pledged cash and bank deposits			(96,102)						(65,830)
Debt securities available for sale			2,162,548						1,810,221
Debt securities available for sale pledged as collateral			(562,566)						(653,454)
Cash and unencumbered securities			$	1,797,932					$	1,788,596

Busey’s primary sources of funds consist of deposits, investment maturities and sales, loan principal repayments, and capital funds. Additional liquidity is provided by the ability to borrow from the FHLB, the Federal Reserve Bank, and Busey’s revolving credit facility, as summarized in the table below:

			As of December 31,
(dollars in thousands)			2025						2024
Additional available borrowing capacity
FHLB			$	1,775,157					$	1,679,463
Federal Reserve Bank			1,585,816						664,083
Federal funds purchased			485,000						477,500
Revolving credit facility			40,000						40,000
Additional borrowing capacity			$	3,885,973					$	2,861,046

Further, Busey could utilize brokered deposits as additional sources of liquidity, as needed.

As of December 31, 2025, management believed that adequate liquidity existed to meet all projected cash flow obligations. Busey seeks to achieve a satisfactory degree of liquidity by actively managing both assets and liabilities. Asset management guides the proportion of liquid assets to total assets, while liability management monitors future funding requirements and prices liabilities accordingly.

Busey’s ability to pay cash dividends to its stockholders and to service its debt is dependent on the receipt of cash dividends from its subsidiaries. Busey Bank paid dividends to First Busey Corporation totaling $160.0 million and $100.0 million for the years ended December 31, 2025, and 2024, respectively.

Off-Balance-Sheet Arrangements

Busey Bank routinely enters into commitments to extend credit and standby letters of credit in the normal course of business to meet the financing needs of its customers. The balance of commitments to extend credit represents future cash requirements and some of these commitments may expire without being drawn upon.

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Contents of Item 7. MD&A

The following table summarizes Busey’s outstanding commitments and reserves for unfunded commitments :

			As of December 31,
(dollars in thousands)			2025						2024
Outstanding loan commitments and standby letters of credit			$	4,820,613					$	2,548,178
Reserve for unfunded commitments			12,964						5,967

The following table summarizes Busey’s provision for unfunded commitments for the periods presented:

									Years Ended December 31,
(dollars in thousands)			Location						2025						2024						2023
Provision for unfunded commitments1			Provision for credit losses						$	6,997					$	(1,095)					$	461

___________________________________________

1.The year ended December 31, 2025, included $7.2 million to establish an initial allowance for unfunded commitments in connection with the CrossFirst acquisition.

Busey anticipates that it will have sufficient funds available to meet current loan commitments, including loan applications received and in process prior to the issuance of firm commitments.

Contractual Obligations

Busey has entered into certain contractual obligations and other commitments that generally relate to funding of operations through deposits, debt issuance, and property and equipment leases.

The following table summarizes significant contractual obligations and other commitments, excluding, when applicable, short-term borrowings and the current portion of long-term borrowings, as of December 31, 2025:

(dollars in thousands)			Time deposits						Long-term Borrowings						Subordinated Notes, Net of Unamortized Issuance Costs						Junior Subordinated Debt Owed to Unconsolidated Trusts						Operating Leases in Other Liabilities						Total
Contractual obligations1
2026			$	2,364,343					$	3,234					$	5,000					$	4,813					$	6,255					$	2,382,960
2027			46,913						60,290						5,000						4,813						5,929						122,215
2028			10,952						48,865						5,000						4,813						5,406						74,284
2029			4,593						762						5,000						4,813						4,407						18,813
2030			2,667						757						5,000						4,813						3,505						15,985
Thereafter			422						9,919						107,389						101,411						12,690						221,912
Contractual obligations			$	2,429,890					$	123,827					$	132,389					$	125,476					$	38,192					$	2,849,774
Commitments to extend credit and standby letters of credit																																	$	4,820,613

___________________________________________

1.The contractual obligations in this table include principal and estimated interest without any purchase accounting or debt issuance cost adjustments.

Cash Flows

Busey’s cash flows consist of operating activities, investing activities, and financing activities.

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Contents of Item 7. MD&A

Net cash flows provided by operating activities totaled $192.6 million in 2025, compared to $178.3 million provided by operating activities in 2024. Significant operating activities affecting cash flows include net income, depreciation and amortization, the provision for credit losses, stock-based compensation, and mortgage loan sale activity. Fluctuations in sales of loans held for sale are a function of changes in market rates for mortgage loans, which influence refinance activity.

Net cash provided by investing activities totaled $1.10 billion in 2025, compared to $657.9 million provided by investing activities in 2024. Significant investing activities are those associated with managing Busey’s investment and loan portfolios.

Net cash used in financing activities totaled $1.69 billion in 2025, compared to $858.1 million used in financing activities in 2024. Significant financing activities affecting cash flows include deposit and other borrowings, issuance of preferred stock, and cash dividends paid.

For additional detail, see the Consolidated Statements of Cash Flows.

Capital Resources

Busey’s capital ratios are in excess of those required to be considered “well-capitalized” pursuant to applicable regulatory guidelines. The Federal Reserve uses capital adequacy guidelines in its examination and regulation of bank holding companies and their subsidiary banks. Risk-based capital ratios are established by allocating assets and certain off-balance-sheet commitments into risk-weighted categories. These balances are then multiplied by the factor appropriate for that risk-weighted category. In order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain capital in excess of regulatory minimum capital requirements. The table below presents minimum capital ratios that include the capital conservation buffer in comparison to the capital ratios for First Busey and Busey Bank as of December 31, 2025.

			Minimum Capital Requirements with Capital Buffer						As of December 31, 2025
									First Busey						Busey Bank
Common equity Tier 1 capital to risk weighted assets			7.00		%				12.43		%				13.97		%
Tier 1 capital to risk weighted assets			8.50		%				13.88		%				13.97		%
Total capital to risk weighted assets			10.50		%				15.93		%				14.86		%
Leverage ratio of Tier 1 capital to average assets			4.00		%				11.93		%				12.00		%

Management believes that no conditions or events have occurred since December 31, 2025, that would materially adversely change First Busey’s or Busey Bank’s capital classifications. For further discussion of capital resources and requirements, see “Note 12. Regulatory Capital.”

NEW ACCOUNTING PRONOUNCEMENTS

Busey reviews new accounting standards as issued. Information relating to accounting pronouncements applicable to Busey appears in “Note 1. Significant Accounting Policies” in the Notes to Consolidated Financial Statements.

EFFECTS OF INFLATION

The effect of inflation on a financial institution differs significantly from the effect on an industrial company. While a financial institution’s operating expenses, particularly salaries, wages, and employee benefits, are affected by general inflation, the asset and liability structure of a financial institution consists largely of monetary items. Monetary items, such as cash, loans, and deposits, are those assets and liabilities which are or will be converted into a fixed number of dollars regardless of changes in prices. As a result, changes in interest rates have a more significant impact on a financial institution’s performance than does general inflation. For additional information regarding interest rates and changes in net interest income see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operation — Three Years Ended December 31, 2025—Net Interest Income” and “Item  7A. Quantitative and Qualitative Disclosures About Market Risk.”

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of changes in asset values due to movements in underlying market rates and prices. Interest rate risk is a type of market risk to earnings and capital arising from movements in interest rates. Interest rate risk is the most significant market risk affecting Busey as other types of market risk, such as foreign currency exchange rate risk and commodity price risk, have a minimal impact or do not arise in the normal course of Busey’s business activities.

Busey has an asset-liability committee, whose policy is to meet at least quarterly, to review current market conditions and to structure the Consolidated Balance Sheets to optimize stability in net interest income in consideration of projected future changes in interest rates.

As interest rate changes do not impact all categories of assets and liabilities equally or simultaneously, the asset-liability committee primarily relies on balance sheet and income simulation analysis to determine the potential impact of changes in market interest rates on net interest income. In these standard simulation models, the balance sheet is projected over a one-year and a two-year time horizon and net interest income is calculated under current market rates and assuming permanent instantaneous shifts of +/-100 and +/-200 bps. The model assumes immediate and sustained shifts in the federal funds rate and other market rate indices and corresponding shifts in other non-market rate indices based on their historical changes relative to changes in the federal funds rate and other market indices. Assets and liabilities are assumed to remain constant as of the measurement date; variable-rate assets and liabilities are repriced based on repricing frequency; and prepayment speeds on loans are projected for both declining and rising rate environments.

Busey’s interest rate risk resulting from immediate and sustained changes in interest rates, expressed as a change in net interest income as a percentage of the net interest income calculated in the constant base model, was as follows:

			Year-One: Basis Point Changes												Year-Two: Basis Point Changes
			December 31, 2025						December 31, 2024						December 31, 2025						December 31, 2024
+200			4.14		%				4.05		%				5.65		%				5.24		%
+100			2.31		%				1.96		%				3.13		%				2.59		%
-100			(1.76)		%				(1.81)		%				(3.27)		%				(3.35)		%
-200			(2.18)		%				(3.39)		%				(5.59)		%				(6.65)		%

Interest rate risk is monitored and managed within approved policy limits and any temporary exceptions to policy in periods of rapid rate movement are approved and documented. The calculation of potential effects of hypothetical interest rate changes is based on numerous assumptions and should not be relied upon as indicative of actual results. Actual results would likely differ from simulated results due to the timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Contents of Item 8. Financial Statements and Supplementary Data

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			91
CONSOLIDATED FINANCIAL STATEMENTS			94
CONSOLIDATED BALANCE SHEETS			94
CONSOLIDATED STATEMENTS OF INCOME			95
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME			96
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY			97
CONSOLIDATED STATEMENTS OF CASH FLOWS			100
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			102
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES			102
NOTE 2. BUSINESS COMBINATIONS			120
NOTE 3. DEBT SECURITIES			125
NOTE 4. PORTFOLIO LOANS			131
NOTE 5. OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS			141
NOTE 6. PREMISES AND EQUIPMENT			142
NOTE 7. LEASES			142
NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS			145
NOTE 9. DEPOSITS			147
NOTE 10. BORROWINGS			147
NOTE 11. JUNIOR SUBORDINATED DEBT OWED TO UNCONSOLIDATED TRUSTS			149
NOTE 12. REGULATORY CAPITAL			150
NOTE 13. INCOME TAXES			153
NOTE 14. TAX CREDIT INVESTMENTS AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES			155
NOTE 15. EMPLOYEE BENEFIT PLANS			156
NOTE 16. STOCK-BASED COMPENSATION			157
NOTE 17. TRANSACTIONS WITH RELATED PARTIES			164
NOTE 18. OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES			165
NOTE 19. DERIVATIVE FINANCIAL INSTRUMENTS			166
NOTE 20. FAIR VALUE MEASUREMENTS			172
NOTE 21. EARNINGS PER COMMON SHARE			178
NOTE 22. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)			179
NOTE 23. OPERATING SEGMENTS AND RELATED INFORMATION			180
NOTE 24. PARENT COMPANY ONLY FINANCIAL INFORMATION			185

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Contents of Item 8. Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of First Busey Corporation and Subsidiaries

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of First Busey Corporation and Subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013, and our report dated February 26, 2026, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

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Allowance for Credit Losses on Loans ‑ Adjustments to Historical Loss Factors

As described in Note 1 to the financial statements, the allowance for credit losses is measured on a collective (pool) loan basis when similar risk characteristics exist. On a case by case basis, a loan may be evaluated on an individual basis based on disparate risk characteristics. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the amortized cost basis. Adjustments to historical loss information are made for differences in current loan specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions such as changes in unemployment rates, property values, and other relevant factors. The calculation also contemplates that Busey may not be able to make or obtain such forecasts for the entire life of the financial assets and requires a reversion to historical credit loss information. As described in Note 4 to the financial statements, Management estimates the allowance for credit losses balance using relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The allowance for credit losses consists of three components: (1) specific allocations/individual reserves; (2) quantitative reserves; and (3) qualitative reserves.

We identified the adjustments to historical loss factors, including the forecasting and qualitative reserves components of the allowance for credit losses on pooled loans, as a critical audit matter, as auditing the underlying support and adjustments required significant auditor judgment as amounts determined or utilized by management rely on analysis that is highly subjective and includes significant estimation uncertainty.

Our audit procedures related to the adjustments to historical loss factors within the allowance for credit losses on pooled loans include the following, among others:

•We obtained an understanding of the relevant controls related to the allowance for credit losses on pooled loans and tested such controls for design and operating effectiveness, including those over approval of key data inputs including forecasted economic scenarios, loss drivers and qualitative factors (such as economic and business conditions) including validation of underlying data, qualitative reserve component in the calculation of the allowance for credit losses and tested such controls for design and operating effectiveness.

•We tested the completeness and accuracy of data used by management in determining the inputs to the forecasted economic scenarios and qualitative reserve component including testing the supporting data for agreement to internal or external source data.

•We tested management’s forecasts of future economic loss drivers, which include national unemployment, change in national gross domestic product, and change in National Housing Price Index, by comparing these forecasts to external and internal information sources.

•We tested management’s conclusions regarding the appropriateness of the qualitative reserve component, including magnitude and directional consistency of changes in the level of adjustments to historical loss information between periods and evaluating whether management’s conclusions were reasonable and consistent with Company provided internal data and external independent data, including data related to current and forecasted periods, to historical loss factors included in the allowance for credit losses calculation.

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Contents of Item 8. Financial Statements and Supplementary Data

Business Combination ‑ Fair Value of Acquired Loans

As described in Notes 1 and 2 to the consolidated financial statements, on March 1, 2025, the Company completed its acquisition of CrossFirst Bankshares. The CrossFirst acquisition was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values as of March 1, 2025, the date of acquisition. Subsequent to the acquisition, fair value adjustments of $1.9 million have been recorded, as additional information and valuations became available. As the total consideration paid for CrossFirst exceeded the estimated fair value of net assets acquired, goodwill of $49.5 million was recorded as a result of the acquisition. Estimated fair values for the loan portfolio acquired in the CrossFirst acquisition included adjustments to certain receivables that were not considered purchase credit deteriorated (PCD) as of the acquisition date. These loans did not show signs of deterioration since origination, and therefore, at the acquisition date, were not subject to the guidance related to PCD loans. Receivables acquired in the CrossFirst acquisition that were not subject to these requirements included non‑PCD loans with a fair value of $4.70 billion and gross contractual amounts receivable of $4.79 billion. The fair value of PCD loans at acquisition was $1.33 billion compared to a contractual value of $1.54 billion.

We identified the fair value of acquired PCD and non-PCD loans as a critical audit matter, because of the judgments necessary to determine the fair value of the loan portfolio acquired, the high degree of auditor judgment involved and the extensive audit effort involved in testing management estimates and assumptions related to classification and valuation methodology of PCD loans and discount rates on non-PCD loans.

Our audit procedures related to the valuation of the acquired loan portfolio included the following, among others:

•We obtained an understanding of the relevant controls related to the business combination, including the valuation of the acquired loan portfolio and management’s development of significant assumptions, and tested such controls for design and operating effectiveness.

•We obtained the valuation report prepared by a third party engaged by management, and gained an understanding of the valuation methodology applied to PCD and non‑PCD loans, as well as key inputs and assumptions.

•We tested the completeness and accuracy of data inputs provided by management and utilized in the calculation performed by the third‑party specialist.

•We utilized internal valuation specialists to assist in evaluating the discount rate on non‑PCD loans.

•We evaluated the appropriateness of management’s classification of PCD loans, and tested the propriety of the fair value credit marks associated with these loans.

/s/ RSM US LLP

We or our predecessor firms have served as the Company’s auditor since at least 1980; however, an earlier year could not be established.

Des Moines, Iowa

February 26, 2026

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Contents of Item 8. Financial Statements and Supplementary Data

FIRST BUSEY CORPORATION

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

			As of December 31,
(dollars in thousands, except per share amounts)			2025						2024
Assets
Cash and cash equivalents:
Cash and due from banks			$	181,041					$	129,444
Interest-bearing deposits			113,011						568,215
Total cash and cash equivalents			294,052						697,659
Debt securities available for sale			2,162,548						1,810,221
Debt securities held to maturity			746,385						826,630
Equity securities			14,916						15,862
Loans held for sale			5,752						3,657
Portfolio loans (net of ACL of $174,023 at December 31, 2025, and $83,404 at December 31, 2024)			13,393,776						7,613,683
Restricted bank stock			77,006						49,930
Premises and equipment, net			193,444						118,820
Goodwill			383,280						333,695
Other intangible assets, net			97,449						32,280
Cash surrender value of bank owned life insurance			260,402						185,087
Other assets			475,726						359,198
Total assets			$	18,104,736					$	12,046,722
Liabilities and stockholders’ equity
Liabilities
Deposits:
Noninterest-bearing			$	3,659,421					$	2,719,907
Interest-bearing			11,246,537						7,262,583
Total deposits			14,905,958						9,982,490
Securities sold under agreements to repurchase			166,929						155,610
Long-term borrowings			113,806						—
Subordinated notes, net of unamortized issuance costs			99,395						227,723
Junior subordinated debt owed to unconsolidated trusts			77,328						74,815
Other liabilities			272,338						222,815
Total liabilities			15,635,754						10,663,453
Outstanding commitments and contingent liabilities (see Notes 7 and 18)
Stockholders’ equity
Preferred stock, $0.001 par value, liquidation preference $222,750 at December 31, 2025 and zero at December 31, 2024			—						—
Common stock, $0.001 par value			93						60
Additional paid-in capital			2,375,511						1,360,530
Retained earnings			336,707						294,054
AOCI			(124,473)						(207,039)
Total stockholders’ equity before treasury stock			2,587,838						1,447,605
Treasury stock at cost			(118,856)						(64,336)
Total stockholders’ equity			2,468,982						1,383,269
Total liabilities and stockholders’ equity			$	18,104,736					$	12,046,722
Shares
Preferred shares issued and outstanding (1,000,000 shares authorized)			222,750						—
Common shares (200,000,000 authorized at December 31, 2025 and 100,000,000 authorized at December 31, 2024):
Issued			92,694,541						59,546,273
Less: Treasury			5,070,111						2,650,292
Outstanding			87,624,430						56,895,981

See accompanying Notes to Consolidated Financial Statements.

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Contents of Item 8. Financial Statements and Supplementary Data

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

			Years Ended December 31,
(dollars in thousands, except per share amounts)			2025						2024						2023
Interest income
Interest and fees on loans			$	776,433					$	426,422					$	385,848
Taxable interest income			84,212						72,794						80,316
Non-taxable interest income			5,626						1,176						2,678
Dividend income on bank stock			2,956						848						1,170
Other interest income			24,633						22,441						10,531
Total interest income			893,860						523,681						480,543
Interest expense
Deposits			302,989						178,463						123,985
Federal funds purchased and securities sold under agreements to repurchase			3,708						4,308						5,203
Short-term borrowings			621						701						12,775
Long-term borrowings			2,841						300						1,700
Subordinated notes			8,602						12,650						12,406
Junior subordinated debt owed to unconsolidated trusts			5,490						4,648						3,853
Total interest expense			324,251						201,070						159,922
Net interest income			569,609						322,611						320,621
Provision for credit losses			52,743						7,495						2,860
Net interest income after provision for credit losses			516,866						315,116						317,761
Noninterest income
Wealth management fees			69,426						63,630						57,309
Payment technology solutions			20,000						21,983						21,192
Treasury management services			17,322						8,377						7,435
Card services and ATM fees			18,048						13,424						12,305
Other service charges on deposit accounts			6,281						9,440						10,134
Mortgage revenue			2,565						2,075						1,089
Income on bank owned life insurance			6,597						5,130						4,701
Realized net gains (losses) on the sale of mortgage servicing rights			—						7,724						—
Realized net gains (losses) on securities			(15,242)						(7,033)						(28)
Unrealized net gains (losses) recognized on equity securities			4,516						931						(2,171)
Other noninterest income			20,462						14,001						9,248
Total noninterest income			149,975						139,682						121,214
Noninterest expense
Salaries, wages, and employee benefits			289,063						175,619						162,597
Data processing			43,181						27,124						23,708
Net occupancy expense of premises			29,490						18,737						18,214
Furniture and equipment expenses			8,496						6,805						6,759
Professional fees			18,807						12,804						7,147
Amortization of intangible assets			16,614						10,057						10,432
Interchange expense			5,194						6,001						6,864
FDIC insurance			10,397						5,603						5,650
Other noninterest expense			58,959						38,744						43,700
Total noninterest expense			480,201						301,494						285,071
Income before income taxes			186,640						153,304						153,904
Income taxes			51,378						39,613						31,339
Net income			135,262						113,691						122,565
Dividends on preferred stock			9,876						—						—
Net income available to common stockholders			$	125,386					$	113,691					$	122,565
Weighted average number of common shares outstanding
Basic			84,007,614						56,610,032						55,432,322
Diluted			85,133,626						57,543,001						56,256,148
Basic earnings per common share			$	1.49					$	2.01					$	2.21
Diluted earnings per common share			1.47						1.98						2.18

See accompanying Notes to Consolidated Financial Statements.

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FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Net income			$	135,262					$	113,691					$	122,565
OCI:
Unrealized/Unrecognized gains (losses) on debt securities:
Net unrealized holding gains (losses) on debt securities available for sale			76,192						10,295						58,498
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income			15,242						7,033						5,503
Amortization of unrecognized losses on securities transferred to held to maturity			4,981						5,481						6,189
Tax effect			(26,038)						(7,934)						(20,006)
Net change in unrealized/unrecognized gains (losses) on debt securities			70,377						14,875						50,184
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges			7,780						(13,055)						(2,567)
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income			8,432						9,291						8,569
Tax effect			(4,023)						653						(1,711)
Net change in unrealized gains (losses) on cash flow hedges			12,189						(3,111)						4,291
OCI			82,566						11,764						54,475
Total comprehensive income			$	217,828					$	125,455					$	177,040

See accompanying Notes to Consolidated Financial Statements.

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FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

			Number of Shares												Stock
(dollars in thousands)			Preferred						Common						Preferred						Common						Additional Paid-in Capital						Retained Earnings						AOCI						Treasury Stock						Total Stockholders' Equity
Balance, December 31, 2024			—						56,895,981						$	—					$	60					$	1,360,530					$	294,054					$	(207,039)					$	(64,336)					$	1,383,269
Net income			—						—						—						—						—						135,262						—						—						135,262
OCI, net of tax			—						—						—						—						—						—						82,566						—						82,566
Stock issued in acquisition, net of stock issuance costs			7,750						33,148,268						—						33						808,022						—						—						—						808,055
Issuance of preferred stock, net of issuance costs			215,000						—						—						—						207,447						—						—						—						207,447
Repurchase of stock			—						(3,063,100)						—						—						—						—						—						(69,859)						(69,859)
Issuance of treasury stock for ESPP			—						97,590						—						—						(488)						—						—						2,333						1,845
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax			—						514,785						—						—						(17,566)						—						—						12,284						(5,282)
Net issuance of treasury stock for SSARs exercised and related tax			—						30,906						—						—						(1,174)						—						—						722						(452)
Cash dividends on preferred stock			—						—						—						—						—						(9,876)						—						—						(9,876)
Cash dividends common stock at $1.00 per share			—						—						—						—						—						(81,113)						—						—						(81,113)
Dividend equivalents on RSUs/PSUs/DSUs			—						—						—						—						1,620						(1,620)						—						—						—
Stock-based compensation			—						—						—						—						17,120						—						—						—						17,120
Balance, December 31, 2025			222,750						87,624,430						$	—					$	93					$	2,375,511					$	336,707					$	(124,473)					$	(118,856)					$	2,468,982

(continued)

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FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)

			Number of Shares												Stock
(dollars in thousands)			Preferred						Common						Preferred						Common						Additional Paid-in Capital						Retained Earnings						AOCI						Treasury Stock						Total Stockholders' Equity
Balance, December 31, 2023			—						55,244,119						$	—					$	58					$	1,323,595					$	237,197					$	(218,803)					$	(70,066)					$	1,271,981
Cumulative effect of change in accounting principal (ASU 2023-02)			—						—						—						—						—						(1,391)						—						—						(1,391)
Net income			—						—						—						—						—						113,691						—						—						113,691
OCI, net of tax			—						—						—						—						—						—						11,764						—						11,764
Stock issued in acquisition, net of stock issuance costs			—						1,429,304						—						2						34,232						—						—						—						34,234
Issuance of treasury stock for ESPP			—						58,843						—						—						(325)						—						—						1,515						1,190
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax			—						163,387						—						—						(5,961)						—						—						4,207						(1,754)
Net issuance of treasury stock for warrants exercised			—						328						—						—						(11)						—						—						8						(3)
Cash dividends common stock at $0.96 per share			—						—						—						—						—						(54,169)						—						—						(54,169)
Stock dividend equivalents on RSUs/PSUs/DSUs			—						—						—						—						1,274						(1,274)						—						—						—
Stock-based compensation			—						—						—						—						7,726						—						—						—						7,726
Balance, December 31, 2024			—						56,895,981						$	—					$	60					$	1,360,530					$	294,054					$	(207,039)					$	(64,336)					$	1,383,269

(continued)

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Contents of Item 8. Financial Statements and Supplementary Data

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)

			Number of Shares												Stock
(dollars in thousands)			Preferred						Common						Preferred						Common						Additional Paid-in Capital						Retained Earnings						AOCI						Treasury Stock						Total Stockholders' Equity
Balance, December 31, 2022			—						55,279,124						$	—					$	58					$	1,320,980					$	168,769					$	(273,278)					$	(70,552)					$	1,145,977
Net income			—						—						—						—						—						122,565						—						—						122,565
OCI, net of tax			—						—						—						—						—						—						54,475						—						54,475
Repurchase of stock			—						(227,935)						—						—						—						—						—						(4,482)						(4,482)
Issuance of treasury stock for ESPP			—						59,845						—						—						(530)						—						—						1,541						1,011
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax			—						132,091						—						—						(4,494)						—						—						3,401						(1,093)
Net issuance of treasury stock for warrants exercised			—						994						—						—						(17)						—						—						26						9
Cash dividends common stock at $0.96 per share			—						—						—						—						—						(53,076)						—						—						(53,076)
Stock dividend equivalents on RSUs/PSUs/DSUs			—						—						—						—						1,061						(1,061)						—						—						—
Stock-based compensation			—						—						—						—						6,595						—						—						—						6,595
Balance, December 31, 2023			—						55,244,119						$	—					$	58					$	1,323,595					$	237,197					$	(218,803)					$	(70,066)					$	1,271,981

See accompanying Notes to Consolidated Financial Statements.

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Contents of Item 8. Financial Statements and Supplementary Data

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Cash flows provided by (used in) operating activities
Net income			$	135,262					$	113,691					$	122,565
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses			52,743						7,495						2,860
Amortization of intangible assets			16,614						10,057						10,432
Amortization of mortgage servicing rights			663						997						2,785
Amortization of New Markets Tax Credit			—						—						8,999
Depreciation and amortization of premises and equipment			12,926						9,503						9,488
Net amortization (accretion) on portfolio loans			(17,221)						4,372						6,971
Net amortization (accretion) of premium (discount) on investment securities			1,457						8,857						14,406
Net amortization (accretion) of premium (discount) on time deposits			(1,710)						101						(270)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings			1,938						1,158						1,027
Impairment of OREO and other repossessed assets			422						—						100
Impairment of fixed assets held for sale			286						637						—
Impairment of mortgage servicing rights			154						—						1
Impairment of leases			28						—						—
Unrealized (gains) losses recognized on equity securities, net			(4,516)						(931)						2,171
(Gain) loss on sales of equity securities, net			—						—						(5,475)
(Gain) loss on sales of debt securities, net			15,242						7,033						5,503
(Gain) loss on sales of mortgage servicing rights			—						(7,724)						—
(Gain) loss on sales of loans, net			(1,680)						(1,761)						(733)
(Gain) loss on sales of OREO and other repossessed assets			(302)						(585)						(46)
(Gain) loss on sales of premises and equipment			(2)						(138)						(450)
(Gain) loss on life insurance proceeds			(508)						(895)						(759)
Increase in cash surrender value of bank owned life insurance			(6,089)						(4,235)						(3,942)
Provision for deferred income taxes			8,074						1,384						(2,920)
Stock-based compensation			17,120						7,726						6,595
Proceeds from the sale of mortgage servicing rights			—						9,796						—
Mortgage loans originated for sale			(106,092)						(104,176)						(35,413)
Proceeds from sales of mortgage loans			105,280						104,670						35,018
(Increase) decrease in other assets			(10,319)						19,752						(17,888)
Increase (decrease) in other liabilities			(27,199)						(8,517)						12,365
Net cash provided by operating activities			$	192,571					$	178,267					$	173,390

(continued)

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Contents of Item 8. Financial Statements and Supplementary Data

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Cash flows provided by (used in) investing activities
Purchases of equity securities			$	(919)					$	(30,422)					$	(6,617)
Purchases of debt securities available for sale			(546,278)						(182,603)						(10,436)
Proceeds from sales of equity securities			6,487						25,303						11,644
Proceeds from sales of debt securities available for sale			531,795						101,361						105,044
Proceeds from paydowns and maturities of debt securities held to maturity			82,643						48,822						48,927
Proceeds from paydowns and maturities of debt securities available for sale			464,828						370,774						326,252
Purchases of restricted bank stock			(35,278)						(43,954)						(30,957)
Proceeds from the redemption of restricted bank stock			11,905						884						43,926
Purchases of loans			(116,761)						(14,602)						—
Net decrease in loans			305,623						364,455						65,240
Net cash received in acquisitions (see Note 2)			385,804						18,377						—
Cash paid for premiums on bank-owned life insurance			(46)						(74)						(80)
Proceeds from life insurance			4,485						3,092						2,292
Purchases of premises and equipment			(19,618)						(6,430)						(9,533)
Proceeds from disposition of premises and equipment			936						2,247						4,425
Net proceeds from OREO and other repossessed assets			21,958						673						860
Net cash provided by investing activities			$	1,097,564					$	657,903					$	550,987
Cash flows provided by (used in) financing activities
Net increase (decrease) in deposits			$	(1,646,521)					$	(701,605)					$	220,146
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase			11,319						(32,969)						(42,410)
Proceeds from short-term borrowings			60,000
Repayment of short-term borrowings			(71,158)						(36,000)						(335,000)
Proceeds from other borrowings, net of debt issuance costs			40,000						—						—
Repayment of other borrowings			(129,172)						(31,450)						(16,054)
Cash dividends paid			(90,989)						(54,169)						(53,076)
Purchase of treasury stock			(69,859)						—						(4,482)
Cash paid for withholding taxes on stock-based payments			(5,282)						(1,755)						(1,093)
Proceeds from (cash paid for) the exercise of stock options, warrants, and SSARs			(452)						(3)						9
Issuance of treasury stock for the ESPP			1,845						—						—
Issuance of preferred stock, net of stock issuance costs			207,447						—						—
Common stock issuance costs			(920)						(141)						—
Net cash used in financing activities			$	(1,693,742)					$	(858,092)					$	(231,960)
Net increase (decrease) in cash and cash equivalents			$	(403,607)					$	(21,922)					$	492,417
Cash and cash equivalents, beginning of period			697,659						719,581						227,164
Cash and cash equivalents, ending of period			$	294,052					$	697,659					$	719,581
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest			$	320,008					$	208,359					$	135,482
Non-cash investing and financing activities:
OREO and other repossessed assets acquired in settlement of loans			$	22,772					$	26					$	189
Transfer of loans held for sale to portfolio loans			359						—						—

See accompanying Notes to Consolidated Financial Statements.

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. SIGNIFICANT ACCOUNTING POLICIES

Organization and Nature of Operations

First Busey Corporation is a financial holding company organized under the laws of Nevada. First Busey Corporation’s subsidiaries provide retail and commercial banking services and payment technology solutions, and offer a full range of financial products and services including depository, lending, security brokerage, investment management, and fiduciary services, to individual, corporate, institutional, and governmental customers through their locations in Illinois, Missouri, Texas, Colorado, Florida, Kansas, Oklahoma, Arizona, Indiana, and New Mexico. First Busey Corporation and its subsidiaries are subject to the regulations of certain regulatory agencies and undergo periodic examinations by those regulatory agencies.

Busey’s accounting and reporting policies conform to GAAP. The Consolidated Financial Statements include the accounts of First Busey Corporation and its subsidiaries, which include Deed of Trust Services Corporation, and Busey Bank, including Busey Bank’s wholly-owned subsidiaries Busey Capital Management, Inc., CrossFirst Investments, Inc., FirsTech, Inc., and Pulaski Service Corporation. Further, until its dissolution on December 18, 2023, First Busey Risk Management, Inc. was a subsidiary of First Busey Corporation and included in Busey’s Consolidated Financial Statements. Operating results generated from acquired businesses are included with Busey’s results of operations starting from each date of acquisition. First Busey Corporation and its subsidiaries maintain various limited liability companies that hold specific assets for risk mitigation purposes and are consolidated into Busey’s Consolidated Financial Statements. Intercompany balances and transactions have been eliminated in consolidation.

Because Busey is not the primary beneficiary, the Consolidated Financial Statements exclude the following wholly-owned variable interest entities: CrossFirst Holdings Statutory Trust I, First Busey Statutory Trust II, First Busey Statutory Trust III, First Busey Statutory Trust IV, Merchants and Manufacturers Bank Statutory Trust I, Pulaski Financial Statutory Trust I, and Pulaski Financial Statutory Trust II.

Use of Estimates

In preparing the accompanying Consolidated Financial Statements in conformity with GAAP, Busey’s management is required to make estimates and assumptions that affect the amounts reported on the Consolidated Financial Statements and the disclosures provided. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near-term relate to the fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL.

Trust Assets

Assets held for customers in a fiduciary or agency capacity, other than trust cash on deposit at Busey Bank, are not Busey’s assets and, accordingly, are not included in the accompanying Consolidated Financial Statements. Busey had assets under care of $15.66 billion at December 31, 2025, and $13.83 billion at December 31, 2024.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from other banks, and interest-bearing deposits held with other financial institutions. The carrying amount of these instruments is considered a reasonable estimate of fair value.

Busey maintains its cash in deposit accounts, the balance of which, at times, may exceed federally insured limits. Busey has not experienced any losses in such accounts. Management believes Busey is not exposed to any significant credit risk on cash and cash equivalents.

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Restrictions on Cash and Cash Equivalents

At December 31, 2025, cash and cash equivalents included $13.6 million contractually restricted by a third-party service provider, $14.4 million pledged to secure obligations under derivative contracts, and $68.1 million of reserved cash subject to call by the Federal Reserve Bank, as a member of the Federal Reserve System.

Business Combinations

Business combinations are accounted for under ASC Topic 805 “Business Combinations” using the acquisition method of accounting. The acquisition method of accounting requires that the assets acquired and the liabilities assumed are recognized, measured at their estimated fair values, as of the date Busey obtains control of the acquiree (the acquisition date). To estimate fair values of assets acquired and liabilities assumed, Busey may utilize third-party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques. Further, management assumptions require consideration of future growth rates, future attrition, discount rates, multiples of earnings or other relevant factors.

Operating results generated from acquired businesses are included with Busey’s results of operations starting from each acquisition date. Acquisition related costs are costs that Busey incurs to effect a business combination, and may include legal, accounting, valuation, other professional or consulting fees, system conversions, and marketing costs. Busey accounts for acquisition related costs by recording them as expenses in the periods in which the costs are incurred and the services are received. Costs that Busey expects, but is not obligated to incur in the future, to effect its plan to exit an activity of an acquiree or to terminate the employment of an acquiree’s employees are not liabilities at the acquisition date. Instead, Busey recognizes these costs in its post-combination Consolidated Financial Statements in accordance with other applicable accounting guidance.

For additional information relating to Busey’s business combination activities, see “Note 2. Business Combinations.”

Investment Securities

Debt Securities Available for Sale

Debt securities classified as available for sale are those debt securities that Busey intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on factors including significant movements in interest rates, changes in the maturity mix of Busey's assets and liabilities, liquidity needs, changes in investment strategy or outlook, regulatory capital considerations, and other similar factors. Debt securities available for sale are carried at fair value, with unrealized gains and losses reported in OCI, net of taxes.

Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. The amortization period for certain callable debt securities held at a premium are amortized to the earliest call date, while discounts on debt securities are amortized to maturity. Gains and losses on the sale of debt securities available for sale are recorded on the trade date and are determined using the specific identification method.

Debt securities available for sale are not within the scope of the current expected credit losses methodology, however, the accounting for credit losses on these securities is affected by ASC Subtopic 326-30 “Financial Instruments-Credit Losses—Available-for-Sale Debt Securities.” A debt security available for sale is impaired if the fair value of the security declines below its amortized cost basis. To determine the appropriate accounting, Busey must first determine if it intends to sell the security or if it is more likely than not that it will be required to sell the security before the fair value increases to at least the amortized cost basis. If either of those selling events is expected, Busey will write down the amortized cost basis of the security to its fair value. This is achieved by writing off any previously recorded allowance, if applicable, and recognizing any incremental impairment through earnings. If Busey neither intends to sell the security nor believes it is more likely than not that the Company will be required to sell the security before the fair value recovers to the amortized cost basis, Busey must determine whether any of the decline in fair value has resulted from a credit loss, or if it is entirely the result of noncredit factors.

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Busey considers the following factors in assessing whether the decline is due to a credit loss:

•Extent to which the fair value is less than the amortized cost basis;

•Adverse conditions specifically related to the security, an industry, or a geographic area (for example, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, in the financial condition of the underlying loan obligors);

•Payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future;

•Failure of the issuer of the security to make scheduled interest or principal payments; and

•Any changes to the rating of the security by a rating agency.

Impairment related to a credit loss must be measured using the discounted cash flow method. Credit loss recognition is limited to the fair value of the security. Impairment is recognized by establishing an allowance for the debt security through the provision for credit losses. Impairment related to noncredit factors is recognized in AOCI, net of applicable taxes. Busey did not recognize any credit impairment on debt securities available for sale in 2025, 2024, or 2023.

Debt Securities Held to Maturity

Debt securities classified as held to maturity are those debt securities that Busey has the intent and ability to hold to maturity and are carried at amortized cost. In 2022, Busey elected to transfer a portion of the agency mortgage-backed securities portfolio from available for sale to held to maturity. While held to maturity securities are within the scope of CECL, the standard allows for an assumption of zero credit losses when the expectation of non-payment is zero. The risk of credit loss related to mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises is considered zero, therefore requiring no allowance to be recorded.

Accrued interest receivable for both debt securities available for sale and debt securities held to maturity totaled $12.5 million at December 31, 2025, and is excluded from the estimate of credit losses. Accrued interest receivable is reported in other assets on the Consolidated Balance Sheets.

For additional information relating to Busey’s debt securities available for sale and debt securities held to maturity, see “Note 3. Debt Securities.”

Equity Securities

Equity securities are carried at fair value with changes in fair value recognized in earnings.

Loans Held for Sale

Loans held for sale include mortgage loans which Busey intends to sell to investors and/or the secondary mortgage market.

Busey accounts for loans held for sale at LOCOM. Loans held for sale are carried at amortized historical cost less loan write-offs and downward fair value adjustments, as may be applicable. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Gains and losses on sales of loans are recognized at settlement dates and are determined by the difference between the sales proceeds and the carrying amount, net of the value of any servicing assets for loans that were sold with servicing rights retained.

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Loan Servicing

Servicing assets are recognized when servicing rights are acquired or retained through the sale of mortgage and government-guaranteed commercial loans. The unpaid principal balances of loans serviced by Busey for the benefit of others totaled $667.9 million as of December 31, 2025, and $582.5 million as of December 31, 2024, and are not included in the accompanying Consolidated Balance Sheets. During the first quarter of 2024, Busey sold the mortgage servicing rights on approximately $923.5 million of one- to four-family mortgage loans for an estimated pre-tax gain of $7.5 million, which enabled Busey to sell available-for-sale debt securities with a book value of approximately $108.2 million for a pre-tax loss of $6.8 million.

Servicing rights are initially recorded at estimated fair value, which is determined using a valuation model that calculates the present value of estimated future net servicing income. Capitalized servicing rights are reported in other assets and are amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. The amortization of mortgage servicing rights is included in mortgage revenue. The amortization of government-guaranteed commercial loan servicing rights is included in other income.

Servicing rights are periodically evaluated for impairment based on the fair value of those rights as compared to the carrying amount. Fair values are estimated using discounted cash flows based on expected prepayment rates and other inputs. For purposes of measuring impairment, servicing rights are stratified by one or more predominant characteristics of the underlying loans. A valuation allowance is recognized in the amount by which the amortized cost of the rights for each stratum exceeds its fair value, if any. If Busey later determines that all or a portion of the impairment no longer exists for a particular group of loans, a reversal of the allowance may be recorded in current period earnings. Busey had $0.2 million of impairment recorded at December 31, 2025, and an immaterial amount at December 31, 2024.

Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned.

Portfolio Loans

Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, are reported at the principal balance outstanding, net of purchase premiums and discounts, deferred origination fees and costs, charge-offs, and the ACL.

Loan origination fees, net of certain direct loan origination costs, are deferred and the net amount is amortized as an adjustment of the related loan’s yield. Busey amortizes the net amount over the contractual life of the related loan.

Syndication fees are earned when Busey is the lead agent in structuring, arranging, and administering a syndicated loan. These fees are recognized as other noninterest income when the syndication is complete, except when a portion of the loan is retained, in which case Busey’s loan policies would apply.

Interest income is accrued daily on outstanding loan balances. Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. Past due status is based on the contractual terms of the loan.

Interest accrued but not collected for loans that are charged-off or placed on non-accrual status is reversed against interest income. The interest on non-accrual loans is accounted for on the cost-recovery method, until returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

For additional information relating to Busey’s portfolio loans, see “Note 4. Portfolio Loans.”

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Contents of Item 8. Financial Statements and Supplementary Data

FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Loan Modifications

Busey’s loan portfolio includes certain loans that have been modified in accordance with loan refinancing and restructuring guidance in ASC Subtopic 310-20-35-9 through 35-11 “Receivables—Nonrefundable Fees and Other Costs—Subsequent Measurement—Loan Refinancing or Restructuring” for borrowers experiencing financial difficulty. For additional information about loan modifications for borrowers experiencing financial difficulty, see “Note 4. Portfolio Loans.”

Allowance for Credit Losses

The ACL is a significant estimate on Busey’s Consolidated Financial Statements, affecting both earnings and capital. The ACL is a valuation account that is deducted from the portfolio loans’ amortized cost bases to present the net amount expected to be collected on the portfolio loans. A portfolio loan balance is charged-off against the ACL when management believes that balance is uncollectible. Recoveries will be recognized up to the aggregate amount of previously charged-off balances. The ACL is established through the provision for credit loss charged to income.

A loan’s amortized cost basis is comprised of the unpaid principal balance of the loan net of charge-offs, accrued interest receivable, purchase premiums or discounts, and net deferred origination fees or costs. Busey has estimated its allowance on the amortized cost basis of the loans, exclusive of government guaranteed loans and accrued interest receivable. As permitted under the practical expedient provided within ASC 326-20-35-6, Busey did not record an ACL for its Life Equity Loan® portfolio due to no expected credit loss at default. Busey writes off uncollectible accrued interest receivable in a timely manner and has elected to not measure an allowance for accrued interest receivable. Busey presents the aggregate amount of accrued interest receivable for all financial instruments in other assets on the Consolidated Balance Sheets and the balance of accrued interest receivable is disclosed in “Note 20. Fair Value Measurements.”

Busey’s methodology influences, and is influenced by, Busey’s overall credit risk management processes. The ACL is managed in accordance with GAAP to provide an adequate reserve for expected credit losses that is reflective of management’s best estimate of what is expected to be collected. The ACL must be determined on a collective (pool) basis when similar risk characteristics exist. On a case-by-case basis, Busey may conclude that a loan should be evaluated on an individual basis based on disparate risk characteristics.

The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the amortized cost basis. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions such as changes in unemployment rates, property values, and other relevant factors. The calculation also contemplates that Busey may not be able to make or obtain such forecasts for the entire life of the financial assets and requires a reversion to historical credit loss information. Due to the continued economic uncertainty in the markets in which the Company operates, Busey will continue to utilize a forecast period of 12 months with an immediate reversion to historical loss rates beyond this forecast period in its ACL estimate.

Factors that influence Busey’s calculation of its ACL include changes in economic conditions and forecasts, originated and acquired loan portfolio composition, prepayment speeds, credit performance trends, portfolio duration, and other factors.

For additional information relating to Busey’s ACL, see “Note 4. Portfolio Loans.”

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Assets Purchased with Credit Deterioration

Acquired loans are separated into two categories based on the credit risk characteristics of the underlying borrowers: (1) PCD, for loans which have experienced more than insignificant credit deterioration since origination, or (2) all other loans.

For PCD loans, an ACL is determined at the date of acquisition using the same methodology as other loans held for investment. This initial ACL, when determined on a collective basis, is allocated to the individual loans, and the sum of each loan’s purchase price and ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. The ACL on PCD loans is recorded in the acquisition accounting and no provision for credit losses is recognized at the acquisition date. Subsequent changes to the ACL are recorded as a charge to the provision for credit losses.

For all other loans, an ACL is established immediately after the acquisition through a charge to the provision for credit losses.

For additional information relating to Busey’s PCD assets, see “Note 2. Business Combinations” and “Note 4. Portfolio Loans.”

Other Real Estate Owned and Other Repossessed Assets

OREO and other repossessed assets represent properties and other assets acquired through foreclosure or other proceedings in settlement of loans. OREO and other repossessed assets are recorded at the fair value of the property or asset, less estimated costs of disposal, which establishes a new cost basis. Any adjustment to fair value at the time of transfer to OREO or other repossessed assets is charged to the ACL. OREO property and other repossessed assets are evaluated regularly to ensure the recorded amount is supported by its current fair value; write downs or valuation allowances to reduce the carrying amount to fair value less estimated costs to dispose are recorded, as necessary. OREO and other repossessed assets are included in other assets on the Consolidated Balance Sheets. Revenue, expense, gains, and losses from the operations of foreclosed assets are included in earnings.

For additional information relating to Busey’s OREO and other repossessed assets, see “Note 5. Other Real Estate Owned and Other Repossessed Assets.”

Long-Lived Assets

Long-lived assets, including premises and equipment, right of use assets, and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss is recognized when estimated undiscounted future cash flows from operations of the asset are less than the carrying value of the asset. Cash flows used for this analysis are those directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of the asset. Any impairment loss is measured as the amount by which the carrying value of the asset class exceeds its fair value.

Premises and Equipment

Land is carried at cost less accumulated depreciation of depreciable land improvements. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated useful lives of the assets. The estimated useful lives for premises and equipment are:

Asset Description						Estimated Useful Life
Buildings and improvements						3 — 40 years
Furniture and equipment						3 — 10 years

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Premises and equipment are reviewed for impairment in accordance with Busey’s policies regarding long-lived assets.

Bank property held for sale, included in premises and equipment, represents certain banking center office buildings which Busey had closed and consolidated with other existing banking centers. Bank property held for sale is measured at the lower of amortized cost or estimated fair value less estimated costs to sell, and depreciation has been stopped.

For additional information relating to Busey’s premises and equipment, see “Note 6. Premises and Equipment.”

Leases

A determination is made at inception if an arrangement contains a lease. For arrangements containing leases, Busey classifies the lease as either operating, finance, or short-term. Busey recognizes operating and finance leases as right of use assets and corresponding lease liabilities. Right of use assets are recognized on the lease commencement date at amounts equal to the respective lease liabilities, adjusted for prepaid lease payments, initial direct costs, and lease incentives received. Lease-related liabilities are recognized at the present value of the remaining contractual fixed lease payments, discounted using the rate implicit in the lease or Busey’s incremental borrowing rate.

ASC Topic 842 “Leases” requires the use of the rate implicit in the lease whenever this rate is readily determinable. If not readily determinable, Busey uses its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to Busey’s adoption of ASC Topic 842 on January 1, 2019, Busey used a borrowing rate that corresponded to the lease term remaining as of the date of adoption of ASC Topic 842.

Busey’s lease agreements often include one or more options to renew at Busey’s discretion. When Busey considers the exercise of a renewal option to be reasonably certain, contractual fixed lease payments for the renewal term are included in the calculation of the right of use asset and lease liability.

Right of use assets are reviewed for impairment in accordance with Busey’s policies regarding long-lived assets.

Operating Leases

Right of use assets for operating leases are included in other assets on the Consolidated Balance Sheets. Lease liabilities for operating leases are included in other liabilities on the Consolidated Balance Sheets.

Lease costs for operating leases are recognized on a straight-line basis over the lease term. Lease costs are reflected as noninterest expense for net occupancy of premises or for furniture and equipment expenses, as appropriate, on the Consolidated Statements of Income. Variable lease payments are expensed as incurred.

Finance Leases

Right of use assets for finance leases and the related accumulated amortization are included in premises and equipment, net, on the Consolidated Balance Sheets. Lease liabilities for finance leases are included in long-term borrowings on the Consolidated Balance Sheets. Repayments of the principal portion of finance lease liabilities are reflected as financing activities on the Consolidated Statements of Cash Flows.

Lease costs for finance leases are composed of interest expense and amortization expense. Interest expense on finance leases is reflected as interest expense on long-term borrowings on the Consolidated Statements of Income. Amortization expense on finance leases is reflected as noninterest expense for net occupancy of premises on the Consolidated Statements of Income.

Busey had one finance lease as of December 31, 2025, which was acquired through its acquisition of CrossFirst.

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Short-term Leases

Leases with terms of twelve months or less are classified as short-term leases. Busey made an accounting policy election to not recognize short-term leases on the balance sheet. Lease costs for short-term leases are reflected as noninterest expense for net occupancy of premises or for furniture and equipment expenses, as appropriate, on the Consolidated Statements of Income.

For additional information relating to Busey’s leases, see “Note 7. Leases.”

Goodwill and Other Intangibles

Goodwill represents the excess of consideration transferred in a business combination over the fair value of the net assets acquired. Goodwill is not amortized but is subject to at least annual impairment assessments. A separate goodwill impairment assessment is performed for each reporting unit on the goodwill that has been allocated to it. A reporting unit is a component of an operating segment that constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. Busey’s reporting units are the same as its operating segments. Busey has established December 31 as the annual impairment assessment date for each of its reporting units. As part of this assessment, each reporting unit's carrying value is compared to its fair value.

Busey estimates the fair value of its reporting units as of the measurement date utilizing valuation methodologies including comparable company analysis and precedent transaction analysis. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. There was no impairment as of December 31, 2025 or 2024.

Other intangible assets consist of core deposit and acquired customer relationship intangible assets arising from acquisitions. Other intangible assets are amortized over their estimated useful lives, and are reviewed for impairment in accordance with Busey’s policies regarding long-lived assets.

For additional information relating to Busey’s goodwill and other intangible assets, see “Note 8. Goodwill and Other Intangible Assets.”

Cash Surrender Value of Bank Owned Life Insurance

Busey has purchased, or acquired through acquisitions, life insurance policies on certain executives and senior officers. Life insurance is recorded at its cash surrender value, which approximates its fair value.

Busey maintains a liability for post-employment benefits related to split-dollar life insurance arrangements. In an endorsement split-dollar life insurance arrangement, the employer owns and controls the policy, and the employer and employee split the life insurance policy’s cash surrender value and/or death benefits. If the employer agrees to maintain a life insurance policy during the employee’s retirement, the present value of the cost of maintaining the insurance policy is accrued over the employee’s active service period. Similarly, if the employer agrees to provide the employee with a death benefit, the present value of the death benefit is accrued over the employee’s active service period. Busey accrued liabilities for these arrangements totaling $5.5 million as of December 31, 2025, and $5.7 million as of December 31, 2024. Liabilities for post-employment benefits are included in other liabilities on the Consolidated Balance Sheets.

Restricted Bank Stock

During the fourth quarter of 2024, Busey Bank became a member of the Federal Reserve System. Federal Reserve member banks are required to own a certain amount of Federal Reserve Bank stock. Busey's investment in Federal Reserve Bank stock was $68.1 million as of December 31, 2025, and $43.9 million as of December 31, 2024. Busey’s investment in Federal Reserve Bank stock represents approximately half of the total required subscription, and the remaining half is unpaid and remains subject to call by the Federal Reserve Bank. As such, Busey reserved cash of $68.1 million as of December 31, 2025, and $43.9 million as of December 31, 2024.

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Busey Bank is also a member of the FHLB system. FHLB members are required to own a certain amount of FHLB stock based on the level of borrowings and other factors, and may invest in additional amounts. Busey's investment in FHLB stock was $8.9 million as of December 31, 2025, and $6.0 million as of December 31, 2024.

In connection with the CrossFirst acquisition, Busey acquired Bankers’ Bank of the West Bancorp, Inc. bank stock and has an immaterial amount as of December 31, 2025.

Federal Reserve Bank stock, FHLB stock, and Bankers’ Bank of the West Bancorp, Inc. bank stock are carried at cost in restricted bank stock on the Consolidated Balance Sheets. Cash reserves are included in interest-bearing deposits as part of Busey’s total cash and cash equivalents balances reported on the Consolidated Balance Sheets. Dividends are reported as interest income on the Consolidated Statements of Income. Dividend income is accrued on Federal Reserve Bank stock and is recognized when declared on FHLB stock.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales only when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from Busey’s assets, (2) the transferee obtains the right to pledge or exchange the assets it receives, and no condition both constrains the transferee from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor, and (3) Busey does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. When transfers of financial assets fail to meet these criteria, those transfers are accounted for as secured borrowings.

Income Taxes

Busey is subject to income taxes in U.S. federal and various state jurisdictions. First Busey Corporation and its subsidiaries file consolidated federal and state income tax returns with each subsidiary computing its taxes on a separate entity basis. Busey monitors evolving federal and state tax legislation and its potential impact on operations on an ongoing basis.

On July 4, 2025, federal legislation was enacted, commonly referred to as the "One Big Beautiful Bill Act" ("OBBBA"), which made many tax provisions of the 2017 Tax Cuts and Jobs Act ("TCJA") permanent. It also introduced several notable amendments to TCJA. Most notably, OBBBA reinstated immediate expensing of domestic research and development expenditures, 100% bonus depreciation on qualifying assets placed in service after January 19, 2025, favorable modifications to Section 163(j) of the Internal Revenue Code, and provided incentives for financial institutions to increase lending in rural and agricultural communities. The effects of this legislation have been reflected in the December 31, 2025, Consolidated Financial Statements. Busey has determined that the impact of this legislation on future reporting periods is not expected to be material.

Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations, which requires significant judgment. Positions taken in tax returns may be subject to challenge upon examination by the taxing authorities. Uncertain tax positions are initially recognized on the Consolidated Financial Statements when it is more likely than not the position will not be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. When applicable, Busey recognizes interest accrued related to unrecognized tax benefits and penalties in operating expenses. Busey had no accruals for payments of interest and penalties related to uncertain tax positions at December 31, 2025. The federal and state tax returns filed by First Busey Corporation and its subsidiaries remain subject to examination by taxing authorities for three years.

Under GAAP, a valuation allowance is required to be recognized if it is more likely than not that the deferred tax assets will not be realized. The determination of the recoverability of the deferred tax assets is highly subjective and dependent upon judgment concerning management’s evaluation of both positive and negative evidence, the forecasts of future income, applicable tax planning strategies, and assessments of current and future economic and business conditions.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For additional information relating to Busey’s income taxes, see “Note 13. Income Taxes.”

Tax Credit Investments and Other Investments in Unconsolidated Entities

Busey has invested in certain tax-advantaged projects promoting affordable housing, community development, and renewable energy sources. These investments are designed to generate returns primarily through the realization of federal and state income tax credits and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. Busey accounts for investments in tax-advantaged projects using the proportional amortization method. Income tax credits and other tax benefits, net of investment amortization, were included as a component of Busey’s estimated annual effective tax rate used for the calculation of income taxes presented on the Consolidated Statements of Income.

In addition, Busey has private equity investments, which are primarily in funds that invest in small businesses across diverse sectors including, but not limited to, financial technology, business services, manufacturing, agribusiness, healthcare, software as a service, and environmental, or supporting the preservation of affordable housing.

Private equity investments in unconsolidated entities involve significant management judgments, including a determination of which entities have the power to direct activities, and whether these entities are variable interest entities. Busey is required to evaluate whether to consolidate a variable interest entity at both inception and on an ongoing basis. Busey is not required to consolidate variable interest entities in which it has concluded it does not have a controlling financial interest and is not the primary beneficiary. Busey’s maximum exposure to loss related to its investments in these unconsolidated variable interest entities is limited to the carrying amount of the investments and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. Busey believes potential losses from these investments are unlikely.

Private equity investments are accounted for under the equity method, utilizing the practical expedient to fair value measurement, as appropriate. Most of these investments support Busey’s regulatory compliance with the Community Reinvestment Act.

For additional information relating to Busey’s tax credit and other investments, see “Note 14. Tax Credit Investments and Other Investments in Unconsolidated Entities.”

Stock-Based Compensation

Busey’s equity incentive plans are designed to encourage ownership of its common stock by its employees and directors, to provide additional incentive for them to promote the success of Busey’s business, and to attract and retain talented personnel.

Stock Options

Busey has outstanding stock options assumed from acquisitions. All stock options that remained outstanding as of December 31, 2025, were fully vested.

Stock-Settled Appreciation Rights

Busey assumed SSARs in connection with the CrossFirst acquisition. The fair value of each SSAR was estimated at the acquisition date using a Monte Carlo simulation.

2020 Equity Plan

The 2020 Equity Plan was originally approved by stockholders at the 2020 Annual Meeting of Stockholders. A description of the 2020 Equity Plan, as originally approved, can be found in Appendix A within Busey’s Proxy Statement for the 2020 Annual Meeting of Stockholders filed on April 9, 2020. Upon the 2020 Equity Plan’s original approval, it replaced the 2010 Equity Incentive Plan and the First Community 2016 Equity Incentive Plan, which, from time to time, Busey used to grant equity awards to legacy employees of First Community. Under the terms of the 2020 Equity Plan, Busey has granted RSU, DSU, and PSU awards.

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An amendment to and restatement of the 2020 Equity Plan was approved by stockholders at the 2023 Annual Meeting of Stockholders. The terms of the amended and restated 2020 Equity Plan are substantially identical to those of the originally approved 2020 Equity Plan, other than a 1,350,000 increase in the number of shares authorized for issuance under the plan. More information can be found in Appendix A within Busey’s Proxy Statement for the 2023 Annual Meeting of Stockholders filed on April 14, 2023.

All of Busey’s employees and directors and those of its subsidiaries are eligible to receive awards under the plans.

RSU Awards

Busey grants RSU awards to members of management periodically throughout the year. RSU awards are stock-based awards for which vesting is conditional upon meeting established service criteria. Each RSU represents the future right to receive one share of Busey’s common stock. Busey’s RSUs have requisite service periods ranging from one year to five years, and are subject to accelerated vesting upon eligible retirement from Busey. Recipients earn quarterly dividend equivalents on their respective RSUs, which entitle the recipients to additional units. Therefore, dividends earned each quarter compound based upon the updated unit balances.

PSU Awards

Busey grants PSU awards to members of management periodically throughout the year. PSU awards are stock-based awards for which vesting is conditional upon meeting established performance criteria for the applicable performance period and remaining employed through the end of such performance period. Each PSU represents the future right to receive one share of Busey’s common stock. The number of PSUs that ultimately vest will be determined based on the extent to which the established performance criteria are achieved. Busey’s PSUs are subject to accelerated service-based vesting conditions upon eligible retirement from Busey. After performance determination, dividend equivalents are compounded based upon each dividend date during the performance period.

DSU Awards

Busey grants DSU awards to its non-employee directors. DSU awards are stock-based awards with a deferred settlement date. Each DSU represents the future right to receive one share of Busey’s common stock. DSUs vest over a one-year period following the grant date. Under the 2020 Equity Plan, DSUs are generally subject to the same terms as RSUs, except that following vesting of DSUs, settlement occurs within 30 days following the earlier of separation from the board or a change in control of the Company. After vesting and prior to delivery, DSUs will continue to earn dividend equivalents.

Employee Stock Purchase Plan

The First Busey Corporation ESPP was approved at Busey’s 2021 Annual Meeting of Stockholders and details can be found in Appendix A within First Busey’s Definitive Proxy Statement filed with the SEC on April 8, 2021. The purpose of the ESPP is to provide a means through which Busey associates may acquire a proprietary interest in the Company by purchasing shares of its common stock at a discounted price through voluntary payroll deductions, to assist in retaining the services of current associates and securing and retaining the services of new associates, and to provide incentives for Busey associates to exert maximum efforts toward the Company’s success.

Because the ESPP provides the opportunity for Busey associates to purchase Busey’s common stock at a 15% discount from the market price, the plan is considered to be a compensatory plan under current accounting guidance. Therefore, the entire amount of the discount is recognized in salaries, wages, and employee benefits on the Consolidated Statements of Income.

For additional information relating to Busey’s stock-based compensation, see “Note 16. Stock-Based Compensation.”

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Preferred Stock

Busey’s Series A Non-Cumulative Perpetual Preferred Stock

On March 1, 2025, in connection with the CrossFirst acquisition, Busey issued 7,750 shares of Busey Series A Preferred Stock, which were issued to holders of shares of CrossFirst Series A Non-Cumulative Perpetual Preferred Stock. The Busey Series A Preferred Stock bears a dividend rate of 8.00% per annum on the liquidation preference of $1,000 per share. Dividend payments commenced with the June 15, 2025, payment date. The Busey Series A Preferred Stock is not subject to any mandatory redemption, sinking fund, or similar provision. Busey may redeem the Busey Series A Preferred Stock, in whole or in part, on or after March 1, 2030, subject to the approval of the appropriate federal banking agency, at a redemption price of $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends, to, but excluding, the date of redemption. Additional information about the Busey Series A Preferred Stock can be found in (a) Busey’s Form 8‑K filed with the SEC on August 27, 2024, and the Agreement and Plan of Merger, dated August 26, 2024, by and between First Busey Corporation and CrossFirst Bankshares, Inc. filed therewith; and (b) Busey’s Form 8‑K filed with the SEC on March 3, 2025, and the Certificate of Designation of Series A Non-Cumulative Perpetual Preferred Stock of First Busey Corporation filed therewith.

Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock

On May 20, 2025, Busey issued 8,600,000 depositary shares (the “Depositary Shares,”), which are traded on The Nasdaq Global Select Market under the symbol “BUSEP.” Each Depositary Share represents a 1/40th interest in a share of Busey Series B Preferred Stock. The Series B Preferred Stock has a liquidation preference of $1,000 per share (equivalent to $25 per Depositary Share). Dividend payments for the Series B Preferred Stock commenced with the September 1, 2025, payment date. The Series B Preferred Stock is not subject to any mandatory redemption, sinking fund, or similar provision. Busey may redeem the Series B Preferred Stock, in whole or in part, at its option, on any dividend payment date on or after June 1, 2030, subject to the approval of the appropriate federal banking agency, at a redemption price of $1,000 per share (equivalent to $25 per Depositary Share) plus any declared and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the date of redemption. Additional information about the Depositary Shares and the Series B Preferred Stock can be found in Busey’s Form 8-K filed with the SEC on May 20, 2025, and the exhibits filed therewith.

Preferred Stock Summary

The following table summarizes Busey’s preferred stock issuances as of December 31, 2025:

Title of Each Issue						Shares Authorized						Shares Issued						Shares Outstanding						Balance						Per Share Preference in Liquidation						Aggregate Liquidation Preference ($ in 000's)
Preferred stock, $0.001 par value:						1,000,000
Series A Non-Cumulative Perpetual Preferred Stock						7,750						7,750						7,750						$	7.75					$	1,000.00					$	7,750
8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock						230,000						215,000						215,000						$	215.00					$	1,000.00					$	215,000

Busey had no preferred stock issuances as of December 31, 2024.

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Changes in preferred stock issued are presented in the following table:

						Years Ended December 31,
Title of Each Issue						2025						2024						2023
Series A Non-Cumulative Perpetual Preferred Stock						$	7.75					$	—					$	—
8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock						215.00						—						—

Treasury Stock

Treasury stock acquired is recorded at cost. Treasury stock issued is valued based on the “first-in, first-out” method. Gains and losses on issuance are recorded as increases or decreases to additional paid-in capital.

Off-Balance Sheet Arrangements

In the normal course of business, to meet the financing needs of its customers, Busey is a party to credit-related financial instruments with off-balance-sheet risk, including commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the Consolidated Balance Sheets. Busey’s exposure to credit loss is represented by the contractual amount of the commitments. Busey uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

Commitments to extend credit are agreements to lend to a customer as long as no condition established in the contract has been violated. These commitments are generally at variable interest rates, they generally have fixed expiration dates or other termination clauses, and they may require the customer to pay a fee. Commitments for lines of credit may expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. These commitments may be secured based on management’s credit evaluation of the borrower.

Standby letters of credit are conditional commitments Busey has issued to guarantee the performance of a customer’s obligation to a third-party. Those guarantees are primarily issued to support public and private borrowing arrangements, including bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Busey holds collateral, which may include accounts receivable, inventory, property and equipment, and income producing properties, supporting those commitments if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third-party, Busey would be required to fund the commitment. If the commitment is funded, Busey would be entitled to seek recovery from the customer.

Busey estimates expected credit losses for off-balance sheet arrangements over the contractual period during which it is exposed to credit risk via a present contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the issuer. To be considered unconditionally cancellable for accounting purposes, Busey must have the ability to, at any time, with or without cause, refuse to extend credit under the commitment. Off-balance-sheet credit exposure segments share the same risk characteristics as portfolio loans. Busey incorporates a probability of funding and utilizes the ACL loss rates to calculate a reserve for off-balance-sheet credit exposure, which is carried on the Consolidated Balance Sheets as a component of the ACL. The reserve for off-balance-sheet credit exposure is adjusted as a provision for unfunded commitments and is reported as a component of the provision for credit losses in the accompanying Consolidated Statements of Income. Liabilities recorded as reserves for Busey’s off-balance sheet credit exposure under these commitments totaled $13.0 million as of December 31, 2025, and $6.0 million as of December 31, 2024.

For additional information relating to Busey’s off-balance sheet arrangements, see “Note 18. Outstanding Commitments and Contingent Liabilities.”

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Derivative Financial Instruments

Busey utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. Additionally, Busey enters into derivative financial instruments, including interest rate lock commitments issued to residential loan customers for loans that will be held for sale, forward sales commitments to sell residential mortgage loans to investors, and interest rate swaps with customers and other third parties.

Interest Rate Swaps Designated as Cash Flow Hedges

Busey entered into derivative instruments designated as cash flow hedges. For a derivative instrument that qualifies and is designated as a cash flow hedge, the change in fair value of the derivative instrument is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings, and in the same category affected by the hedged transaction on the Consolidated Statements of Income. Changes in fair value of components excluded from the assessment of effectiveness are recognized in current earnings.

Interest Rate Swaps Not Designated as Hedges

Busey may offer derivative contracts to its customers in connection with their risk management needs. Busey manages the risk associated with these contracts by entering into equal and offsetting derivatives with third-party dealers. Generally, these derivatives have worked together as an economic interest rate hedge, but Busey did not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred. Swap fee revenue is typically recognized upon completion of Busey’s performance obligation.

Interest Rate Lock Commitments

Interest rate lock commitments that meet the definition of derivative financial instruments under ASC Topic 815 “Derivatives and Hedging” are carried at their fair values in other assets or other liabilities on the Consolidated Financial Statements, with changes in the fair values of the corresponding derivative financial assets or liabilities recorded as either a charge or credit to mortgage revenue during the period in which the changes occurred.

Forward Sales Commitments

Busey economically hedges mortgage loans held for sale and interest rate lock commitments issued to its residential loan customers related to loans that will be held for sale by obtaining corresponding forward sales commitments with an investor to sell the loans at an agreed-upon price at the time the interest rate locks are issued to the customers. Forward sales commitments that meet the definition of derivative financial instruments under ASC Topic 815 “Derivatives and Hedging” are carried at their fair values in other assets or other liabilities on the Consolidated Financial Statements. While such forward sales commitments generally served as an economic hedge to mortgage loans held for sale and interest rate lock commitments, Busey did not designate them for hedge accounting treatment. Changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to mortgage revenue during the period in which the changes occurred.

Risk Participation Agreements

To manage the credit risk exposure related to customer-facing swaps, Busey entered into risk participation agreements in conjunction with loan participation arrangements with other financial institutions. These agreements transfer credit risk related to an interest rate swap between Busey and another financial institution. Risk participation agreements that Busey has entered into are structured as follows:

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

•Busey has a swap agreement with a customer. Busey (purchaser) entered into a risk participation agreement with a counterparty (seller), under which the counterparty receives a fee to accept a portion of the credit risk. If Busey’s customer defaults on the swap contract, the counterparty to the risk participation agreement must reimburse Busey for the counterparty's percentage of the positive fair value (from the purchaser’s perspective) of the customer swap as of the default date. If the customer swap has a negative fair value (from the purchaser’s perspective), the counterparty has no reimbursement requirements. If Busey’s customer defaults on the swap contract and the counterparty (seller) fulfills its payment obligations under the risk participation agreement, the counterparty (seller) is entitled to a pro rata share of Busey’s claim against the customer under the terms of the swap agreement.

•A counterparty has a swap agreement with a customer. Busey (seller) entered into a risk participation with a counterparty (purchaser), under which Busey receives a fee to accept a portion of the credit risk. If the counterparty’s customer defaults on the swap contract, Busey must reimburse the counterparty (purchaser) for Busey's percentage of the positive fair value (from the purchaser’s perspective) of the customer swap as of the default date. If the customer swap has a negative fair value (from the purchaser’s perspective), Busey has no reimbursement requirements. If the counterparty’s customer defaults on the swap contract and Busey (seller) fulfills its payment obligations under the risk participation agreement, Busey (seller) is entitled to a pro rata share of the counterparty’s claim against the customer under the terms of the swap agreement.

For additional information relating to Busey’s derivative financial instruments, see “Note 19. Derivative Financial Instruments.”

Fair Value of Financial Instruments

Fair values of financial instruments are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.

For additional information relating to Busey’s fair value measurements, see “Note 20. Fair Value Measurements.”

Comprehensive Income

Accounting principles generally require that recognized revenue, expenses, gains, and losses be included in net income. However, certain changes in assets and liabilities, such as unrealized gains and losses on available for sale debt securities and unrealized gains and losses on cash flow hedges, are reported net of taxes as a separate component within the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. Busey uses the specific identification method to determine the cost of securities sold and the amounts to be reclassified out of AOCI into earnings. Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount.

Operating Segments

Operating segments are components of a business that (1) engage in business activities from which the component may earn revenues and incur expenses; (2) have operating results that are reviewed regularly by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance; and (3) for which discrete financial information is available. Busey’s chief executive officer is its chief operating decision maker. Busey’s has three reportable segments: Banking, Wealth Management, and FirsTech.

For additional information relating to Busey’s operating segments, see “Note 23. Operating Segments and Related Information.”

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenue

ASC Topic 606 “Revenue from Contracts with Customers” outlines a single model for companies to use in accounting for revenue arising from contracts with customers and supersedes most prior revenue recognition guidance, including industry-specific guidance. ASC Topic 606 requires that companies recognize revenue based on the value of transferred goods or services as they occur in the contract and establishes additional disclosures. Busey’s revenue is comprised of net interest income, which is explicitly excluded from the scope of ASC Topic 606, and noninterest income. Busey has evaluated its noninterest income and the nature of its contracts with customers and determined that further disaggregation of revenue beyond what is presented in the accompanying Consolidated Financial Statements is not necessary. Busey satisfies its performance obligations on its contracts with customers as services are rendered, so there is limited judgment involved in applying ASC Topic 606 that affects the determination of the timing and amount of revenue from contracts with customers.

Descriptions of Busey’s primary revenue generating activities that are within the scope of ASC Topic 606, and are presented in the accompanying Consolidated Statements of Income as components of noninterest income, include wealth management fees, payment technology solutions, and fees for customer services.

Wealth Management Fees

Wealth management fees represent fees due from wealth management customers as consideration for managing the customers' assets. Wealth management and trust services include custody of assets, investment management, trust services, farm management, and other fiduciary activities. Also included are fees received from a third-party broker-dealer as part of a revenue sharing agreement for fees earned from customers that Busey refers to the third party. Revenue is recognized when the performance obligation is completed, which is generally monthly.

Payment Technology Solutions

Payment technology solutions revenue represents transaction-based fees for technology-driven payment solutions primarily for walk-in, lockbox, interactive voice recognition, and online bill payments through Busey Bank’s subsidiary, FirsTech. Revenue is recognized when the performance obligation is completed, which is generally monthly.

Treasury Management Services, Card Services and ATM Fees, and Other Service Charges on Deposit Accounts

Treasury management services include business analysis charges and wire transfer fees. Card services and ATM fees include interchange and ATM related fees. Other service charges on deposit accounts include non-sufficient funds and service charges on personal accounts. Revenue is recognized when the performance obligation is completed, which is generally monthly for account maintenance services, or when a transaction has been completed. Payments for such performance obligations are generally received at the time the performance obligations are satisfied.

Reclassifications

Reclassifications have been made to certain prior year account balances, with no effect on net income or stockholders’ equity, to be consistent with the classifications adopted as of and for the year ended December 31, 2025.

Impact of Recently Adopted Accounting Standards

In March 2024, the FASB issued ASU 2024-01 “Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards” to clarify that certain “profits interests” are within the scope of Topic 718 by amending the language and providing illustrative examples on how the scope guidance in paragraph 718-10-15-3 should be applied. This update is intended to improve clarity of the accounting standards codification, not to change the guidance. This update is effective for Busey for annual and interim reporting periods beginning January 1, 2025. Busey does not currently have any Profit Interest and Similar Awards, so adoption of this ASU did not have any impact on its financial position and results of operations.

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In December 2023 the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” requiring all entities to disclose, on an annual basis, income taxes paid (net of refunds received) disaggregated by jurisdiction. All entities must disclose the amount of income taxes paid to each individual jurisdiction in which income taxes paid (net of refunds) is equal to or exceeds 5% of total income taxes paid. Disclosure of comparative information by jurisdiction for all years presented is not required, a jurisdiction only needs to be disclosed in the periods where the 5% threshold is met. Public business entities are required to adopt ASU 2023-09 starting with the first year beginning after December 15, 2024; accordingly, Busey is subject to ASU 2023-09 starting in 2025. Busey reported Federal income tax payments of $16.8 million and income tax payments to all other jurisdictions of $4.1 million, net of related refunds, for total income tax payments of $20.9 million.

Recently Issued Accounting Standards Not Yet Adopted

In November 2025, the FASB issued ASU 2025-09 “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements” to expand the hedged risks permitted to be aggregated in a group of individual forecasted transactions, enabling entities to apply hedge accounting treatment to a broader portfolio of forecasted transactions. Under the amendments in this update, a group of individual forecasted transactions can be designated as a cash flow hedge if they have a similar risk exposure. Individual forecasted transactions are considered to have a similar risk exposure when the derivative used as the hedging instrument is highly effective against each hedged risk in the group. This update is to be applied on a prospective basis for all hedging relationships; there is an option to elect to adopt the amendments in this update for hedging relationships that exist as of the date of adoption. This update will be effective for Busey for annual and interim reporting periods beginning January 1, 2027. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.

In November 2025, the FASB issued ASU 2025-08 “Financial Instruments—Credit Losses (Topic 326): Purchased Loans” to expand the population of purchased loans subject to a “gross-up” accounting treatment, under which an ACL is recognized for the estimated credit losses at the acquisition date and the loan values are recorded at their estimated fair values plus a gross-up to offset the ACL. The gross-up accounting treatment prevents double recognition of an ACL through credit loss expense that was already considered in the fair value measurement of acquired loans. Under the guidance in this update, the gross-up accounting treatment applies to all non-PCD loans (excluding credit cards) acquired in a business combination and all non-PCD loans (excluding credit cards) that were purchased at least 90 days after origination and for which the purchaser was not involved in the loan origination. This update is to be applied prospectively, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2027. Early adoption is permitted. For future transactions, Busey will evaluate the effect this ASU may have on its financial position and results of operations.

In September 2025, the FASB issued ASU 2025-07 “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract,” to reduce diversity in the application of derivative accounting practices. This update provides a scope limitation on the definition of a derivative subject to derivative accounting under ASC Topic 815, Derivatives and Hedging, to exclude certain non-exchange-traded contracts with contingencies based on operations or activities specific to one of the parties to the contract. In addition, this update clarifies that share-based noncash consideration from a customer that is contingent on the satisfaction of performance obligations should not be recognized at contract inception as a derivative asset or an equity security, but rather should be accounted for under the guidance in ASC Topic 606, Revenue from Contracts with Customers, and that guidance in other topics does not apply to share-based noncash consideration from a customer for the transfer of goods or services unless or until the entity’s right to receive or retain the share-based noncash consideration is unconditional under ASC Topic 606. The amendments in this update may be applied on either a prospective or modified retrospective basis, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2027. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In September 2025, the FASB issued ASU 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” changing the criteria for capitalizing software costs to the following: (1) a commitment has been made to fund the software project, and (2) it is probable the project will be competed and used to perform its intended function. Under this update, software development stages are no longer a consideration in the determination of which costs are capitalized. The amendments in this update may be adopted on a prospective, modified transition, or retrospective basis, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2028. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.

In July 2025, the FASB issued ASU 2025-05 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” providing a practical expedient which, if elected, permits an entity to assume that current conditions as of the balance sheet date will remain static for the remaining life of the assets, removing the requirement to consider reasonable, supportable forecasts. The amendments in this update are to be applied prospectively, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2026. Early adoption is permitted. Busey does not expect adoption of this ASU to have a material impact its financial position and results of operations.

In November 2024, the FASB issued ASU 2024-04 “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” to clarify when certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in this update may be applied on either a prospective or retrospective basis and will be effective for Busey for annual and interim reporting periods beginning January 1, 2026. Because Busey does not currently have any convertible debt, the Company does not expect adoption of this ASU to have any impact on its financial position or results of operations.

In November 2024, the FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” to require additional disclosures within the notes to the financial statements about certain expense items. Specifically, disaggregation of income statement captions that contain expenses within the following five categories is required: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization (“DD&A”) costs recognized as part of oil- and gas-producing activities or other amounts of depletion expense. Further, this update requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses. This update provides a practical expedient for banks and bank holding companies to continue presenting salaries and employee benefits in conformity with SEC Rule 210.9-04 instead of requiring those entities to apply the employee compensation definition included in Subtopic 220-40. The amendments in this update may be applied on either a prospective or retrospective basis and will be effective for Busey beginning with the annual reporting period ending December 31, 2027, and interim reporting periods beginning January 1, 2028. Early adoption is permitted. Because this update relates only to disclosure, Busey does not expect adoption of this ASU to have any impact on its financial position or results of operations.

In October 2023, the FASB issued ASU 2023‑06 “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” which aligns certain GAAP disclosure requirements with the SEC’s disclosure requirements, in order to better facilitate comparisons between entities that are subject to the SEC’s existing disclosures with entities that were not previously subject to the SEC’s requirements. Amendments in this update should be applied prospectively, and the effective date for Busey for each amendment in this ASU will be the date on which the SEC removes the related disclosure from Regulation S‑X or Regulation S‑K. Early adoption is prohibited. If the SEC has not removed the related disclosures from Regulation S‑X or Regulation S‑K by June 30, 2027, the pending content of this update will be removed from the ASC and will not become effective for any entity. Busey does not expect adoption of this ASU to have a material impact on its financial position or results of operations.

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Subsequent Events

Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the Consolidated Financial Statements included in this Annual Report on Form 10‑K were issued. In January 2026 Busey’s Board of Directors approved redemption of the trust preferred securities issued by First Busey Statutory Trust II, with the goal of completing the redemption in June of 2026. Regulatory approval for this redemption was received in February 2026. In addition, Busey filed a Current Report on Form 8‑K on January 27, 2026, which included information regarding the departure of a named executive officer, and during the first quarter of 2026 expects to record related severance expenses according to Schedule 1 of the Separation Letter, which is filed as Exhibit 10.33 to this Annual Report. Other than these, there were no significant subsequent events for the year ended December 31, 2025, through the filing date of these Consolidated Financial Statements.

NOTE 2. BUSINESS COMBINATIONS

CrossFirst Bankshares, Inc.

On March 1, 2025, Busey completed its acquisition of CrossFirst (NASDAQ: CFB), the holding company for CrossFirst Bank, pursuant to an Agreement and Plan of Merger, dated August 26, 2024, by and between Busey and CrossFirst (the “CrossFirst Merger Agreement”). This partnership creates a premier commercial bank spanning 10 states—Illinois, Missouri, Texas, Colorado, Florida, Kansas, Oklahoma, Arizona, Indiana, and New Mexico. The combined holding company continues to operate under the First Busey Corporation name. Busey’s common stock continues to trade on the Nasdaq under the “BUSE” stock ticker symbol.

Merger of CrossFirst Bank into Busey Bank

CrossFirst Bank’s results of operations were included in Busey’s consolidated results of operations beginning March 1, 2025. Busey operated CrossFirst Bank as a separate banking subsidiary until it was merged with and into Busey Bank on June 20, 2025. At the time of the bank merger, CrossFirst Bank’s banking centers became banking centers of Busey Bank.

Merger Consideration for CrossFirst

Upon completion of the acquisition, each share of CrossFirst common stock converted into the right to receive 0.6675 of a share of Busey’s common stock. Cash was paid in lieu of fractional shares. The fair value of common shares issued in consideration of the CrossFirst acquisition was based on the closing price of Busey’s common stock on February 28, 2025.

Further, upon completion of the acquisition, each share of CrossFirst Series A Non-Cumulative Perpetual Preferred Stock converted to the right to receive one share of Busey Series A Non-Cumulative Perpetual Preferred Stock. The fair value of Busey Series A Non-Cumulative Perpetual Preferred Stock was based on the redemption price of $1,000 per share.

The total consideration paid also included the fair value of replacement equity awards related to past service totaling $6.0 million. Busey used a Monte Carlo simulation to estimate the fair value of SSARs and market-based awards. Other awards were valued based on Busey’s closing stock price on February 28, 2025.

Acquisition Accounting for CrossFirst

The CrossFirst acquisition was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values as of March 1, 2025, the date of acquisition. Subsequent to the acquisition, as additional information and valuations became available, fair value adjustments were recorded, resulting in a $1.9 million increase to the fair value of net assets acquired. Estimated fair values are considered provisional until final fair values are determined or the measurement period has passed, but no later than one year from the acquisition date. Deferred taxes are considered provisional until the measurement period is closed. Other than this, Busey does not expect any further adjustments will be necessary.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As the total consideration paid for CrossFirst exceeded the estimated fair value of net assets acquired, goodwill of $49.5 million was recorded as a result of the acquisition. Goodwill recorded for this transaction reflects synergies expected from the acquisition and the greater revenue opportunities from Busey’s broader service capabilities in attractive new markets. Goodwill recorded for this transaction is not tax deductible and was assigned to the Banking operating segment.

Merchants and Manufacturers Bank Corporation

On April 1, 2024, Busey completed its acquisition of M&M and its wholly-owned subsidiary, M&M Bank, through a merger transaction. This partnership added M&M’s Life Equity Loan® products to Busey’s existing suite of services and expanded Busey’s presence in the suburban Chicago market.

Merger of M&M Bank into Busey Bank

M&M’s results of operations were included in Busey’s consolidated results of operation beginning April 1, 2024. Busey operated M&M Bank as a separate banking subsidiary until it was merged with Busey Bank on June 21, 2024. At the time of the bank merger, M&M Bank’s banking centers became banking centers of Busey Bank, except for M&M’s banking center located at 990 Essington Rd., Joliet, Illinois, which was closed in connection with the bank merger.

Merger Consideration for M&M

At the effective time of the M&M acquisition, each share of M&M common stock converted to the right to receive, at the election of each stockholder and subject to proration and adjustment as provided in the M&M merger agreement, either (1) $117.74 in cash (“Cash Election”), (2) 5.7294 shares of Busey common stock (“Share Election”), or (3) mixed consideration of $34.55 in cash and 4.0481 shares of Busey common stock (“Mixed Election”).

Most of the M&M common stockholders who submitted an election form by the election deadline made the Share Election to receive their Merger consideration solely in the form of shares of Busey common stock. As a result of the elections of M&M common stockholders, and in accordance with the proration and adjustment provisions of the Merger Agreement, the Merger consideration paid to M&M common stockholders was comprised of an aggregate of 1,429,304 shares of Busey common stock and an aggregate of $12.2 million in cash, allocated as follows for each share of M&M stock: (1) $117.74 in cash for the Cash Election, (2) $5.3966 in cash and 5.4668 shares of Busey common stock for the Share Election, and (3) $34.55 in cash and 4.0481 shares of Busey common stock for the Mixed Election. Pursuant to the terms of the Merger Agreement, M&M common stockholders that did not make an election or submit a properly completed election form by the election deadline of March 29, 2024, received cash consideration of $117.74 for each share of M&M common stock held. No fractional shares of Busey common stock were issued in the M&M acquisition. Fractional shares were paid in cash at the rate of $23.32 per share.

Additional merger consideration of $3.0 million was paid to redeem 300 shares of M&M preferred stock.

Acquisition Accounting for M&M

The M&M acquisition was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on April 1, 2024, the date of acquisition. Fair values, including initial accounting for deferred taxes, were subject to refinement for up to one year after the closing date as additional information regarding the closing date fair values became available. Fair value adjustments representing a $0.4 million decrease in net assets acquired were recorded during the year ended December 31, 2024, as additional information became available regarding unrecorded assets and liabilities. A final fair value adjustment for deferred taxes was recorded during the three months ended March 31, 2025, resulting in an additional $0.1 million decrease in net assets acquired. Fair values were final as of March 31, 2025.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As the total consideration paid for M&M exceeded the estimated fair value of net assets acquired, goodwill of $15.9 million was recorded as a result of the acquisition. Goodwill recorded for this transaction reflects synergies expected from the acquisition and expansion within the Chicago metropolitan market. Goodwill recorded for this transaction is not tax deductible and was assigned to the Banking operating segment.

Acquisition Date Fair Values

Acquisition-date fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred, were estimated as follows:

			March 1, 2025						April 1, 2024
(dollars in thousands)			CrossFirst (provisional)						M&M (final)
Assets acquired
Cash and cash equivalents			$	385,808					$	33,577
Securities			725,622						8,086
Portfolio loans, net of ACL			6,023,063						417,230
Premises and equipment			69,673						2,045
Other intangible assets1			81,783						6,346
Other assets			212,440						10,461
Total assets acquired			7,498,389						477,745
Liabilities assumed
Deposits			6,571,699						392,838
Short-term borrowings			11,148						35,932
Long-term borrowings			68,922						1,450
Subordinated notes, net of unamortized issuance costs			—						3,911
Junior subordinated debt owed to unconsolidated trusts			2,238						2,594
Other liabilities			84,912						7,342
Total liabilities assumed			6,738,919						444,067
Net assets acquired			$	759,470					$	33,678
Consideration paid
Cash			$	4					$	15,200
Common stock			795,227						34,375
Preferred stock			7,750						—
Replacement awards			5,999						—
Total consideration paid			$	808,980					$	49,575
Goodwill			$	49,510					$	15,897

___________________________________________

1.Other intangible assets are being amortized over a period of ten years.

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Valuations of Loans

Estimated fair values for the loan portfolio acquired in the CrossFirst acquisition included adjustments to certain receivables that were not considered PCD as of the acquisition date. These fair value adjustments were determined using a discounted cash flow model that applied various assumptions about coupon rates, remaining maturities, prepayment speeds, projected default probabilities, losses given defaults, and estimates of prevailing discount rates. These loans did not show signs of deterioration since origination, and therefore, at the acquisition date, were not subject to the guidance related to PCD loans. Receivables acquired in the CrossFirst acquisition that were not subject to these requirements included non-PCD loans with a fair value of $4.70 billion and gross contractual amounts receivable of $4.79 billion.

A portion of acquired loans were PCD. The following table provides a reconciliation between the purchase price and the fair value of these financial assets:

			March 1, 2025						April 1, 2024
(dollars in thousands)			CrossFirst						M&M
PCD Financial Assets
Gross contractual receivable for PCD financial assets			$	1,539,718					$	29,290
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets			(100,783)						(1,243)
Interest premium (discount) specific to PCD financial assets			(3,063)						(1,773)
Loans previously charged-off prior to acquisition			(110,740)						—
Fair value of PCD financial assets			$	1,325,132					$	26,274

Pro Forma Results

The following unaudited pro forma information has been prepared as if the CrossFirst acquisition had occurred on January 1, 2024, and as if the M&M acquisition had occurred January 1, 2023. The pro forma results combine the historical results of CrossFirst and M&M into Busey’s Consolidated Statements of Income, including the impact of purchase accounting adjustments such as loan discount accretion, intangible assets amortization, and deposit accretion, net of taxes. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisitions actually occurred on January 1, 2024, or on January 1, 2023, as applicable. Further, pro forma information does not purport to be indicative of future financial operating results. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies, or asset dispositions. Only the merger related expenses that have been recognized are included in net income in the table below:

			Years Ended December 31,
(dollars in thousands)			2025						2024
Revenue (net interest income plus noninterest income)			$	758,049					$	750,667
Net income			182,837						170,894
Diluted earnings per common share			1.91						1.87

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Other Acquisition Costs

Busey incurred acquisition related expenses as follows:

			Years Ended December 31,
(dollars in thousands)			2025						2024
Pre-tax acquisition expenses
M&M			$	108					$	3,038
CrossFirst1			100,200						3,863
Pre-tax acquisition expenses			$	100,308					$	6,901

___________________________________________

1.In addition to the acquisition costs presented in the table above, during the year ended December 31, 2025, Busey recorded a $4.0 million adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new CECL model.

Acquisition related expenses for CrossFirst were comprised primarily of an initial provision to establish an ACL on non-PCD loans (recorded as provision expense), and multiple components of noninterest expense including an initial provision for unfunded commitments; salaries, wages and employee benefits (including equity compensation); data processing; and legal, professional, and consulting costs. Acquisition related expenses for M&M were comprised primarily of professional fees and data processing costs.

Of the total acquisition related expenses, the following legal, professional, and consulting costs were incurred to consummate the mergers:

			Years Ended December 31,
(dollars in thousands)			2025						2024
Pre-tax costs to consummate the merger
M&M			$	—					$	147
CrossFirst			7,533						3,125
Pre-tax costs to consummate the merger			$	7,533					$	3,272

For additional information about Busey’s accounting policies related to business combinations, see “Business Combinations” in “Note 1. Significant Accounting Policies.”

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3. DEBT SECURITIES

Busey's portfolio of debt securities includes both available for sale and held to maturity securities. The tables below provide the amortized cost, unrealized or unrecognized gains and losses, and fair values of debt securities, summarized by major category:

			As of December 31, 2025
			Amortized Cost						Unrealized												Fair Value
(dollars in thousands)									Gross Gains						Gross Losses
Debt securities available for sale1
Obligations of U.S. government corporations and agencies			$	111,876					$	250					$	(80)					$	112,046
Obligations of states and political subdivisions			270,682						3,089						(9,898)						263,873
Asset-backed securities			265,203						412						(35)						265,580
Commercial mortgage-backed securities			143,522						611						(11,191)						132,942
Residential mortgage-backed securities			1,464,347						9,336						(129,267)						1,344,416
Corporate debt securities			45,215						187						(1,711)						43,691
Total debt securities available for sale			$	2,300,845					$	13,885					$	(152,182)					$	2,162,548

			Amortized Cost						Unrecognized												Fair Value
									Gross Gains						Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	367,825					$	—					$	(65,210)					$	302,615
Residential mortgage-backed securities			378,560						—						(55,218)						323,342
Total debt securities held to maturity			$	746,385					$	—					$	(120,428)					$	625,957

___________________________________________

1.Includes securities marked at par, with no gain or loss to report.

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			As of December 31, 2024
			Amortized Cost						Unrealized												Fair Value
(dollars in thousands)									Gross Gains						Gross Losses
Debt securities available for sale1
Obligations of U.S. government corporations and agencies			$	1,408					$	—					$	(8)					$	1,400
Obligations of states and political subdivisions			156,534						31						(16,736)						139,829
Asset-backed securities			336,379						181						(3)						336,557
Commercial mortgage-backed securities			107,305						—						(15,131)						92,174
Residential mortgage-backed securities			1,279,090						19						(191,899)						1,087,210
Corporate debt securities			159,236						363						(6,548)						153,051
Total debt securities available for sale			$	2,039,952					$	594					$	(230,325)					$	1,810,221

			Amortized Cost						Unrecognized												Fair Value
									Gross Gains						Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	415,530					$	—					$	(77,242)					$	338,288
Residential mortgage-backed securities			411,100						—						(74,335)						336,765
Total debt securities held to maturity			$	826,630					$	—					$	(151,577)					$	675,053

___________________________________________

1.Includes securities marked at par, with no gain or loss to report.

Maturities of Debt Securities

Amortized cost and fair value of debt securities, by contractual maturity or pre-refunded date, are shown below. Mortgages underlying mortgage-backed securities and asset-backed securities may be called or prepaid; therefore, actual maturities could differ from the contractual maturities. All mortgage-backed securities were issued by U.S. government corporations and agencies.

			As of December 31, 2025
(dollars in thousands)			Amortized Cost						Fair Value
Debt securities available for sale
Due in one year or less			$	10,725					$	10,684
Due after one year through five years			66,180						63,335
Due after five years through ten years			371,411						355,748
Due after ten years			1,852,529						1,732,781
Debt securities available for sale			$	2,300,845					$	2,162,548
Debt securities held to maturity
Due in one year or less			$	20,000					$	19,896
Due after one year through five years			37,076						35,836
Due after ten years			689,309						570,225
Debt securities held to maturity			$	746,385					$	625,957

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Gains and Losses on Debt Securities Available for Sale

Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Realized gains and losses on debt securities
Gross gains on debt securities			$	321					$	1					$	20
Gross (losses) on debt securities1			(15,563)						(7,034)						(5,523)
Realized net gains (losses) on debt securities2			$	(15,242)					$	(7,033)					$	(5,503)

___________________________________________

1.During the first quarter of 2025, Busey sold available for sale debt securities with a book value of approximately $205.6 million for a pre-tax loss of $15.5 million and related estimated tax benefit of $4.3 million, as part of a balance sheet repositioning strategy. During the first quarter of 2024, Busey sold available for sale debt securities with a book value of approximately $108.2 million for a pre-tax loss of $6.8 million and related estimated tax benefit of $1.8 million, as part of a balance sheet repositioning strategy.

2.Net gains (losses) on sales of securities reported on the Consolidated Statements of Income include, as applicable, the sale of equity securities, which are excluded in this table.

Debt securities with carrying amounts of $744.2 million on December 31, 2025, and $871.4 million on December 31, 2024, were pledged as collateral for public deposits, securities sold under agreements to repurchase, and for other purposes as required.

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Debt Securities in an Unrealized or Unrecognized Loss Position

The following information pertains to debt securities with gross unrealized or unrecognized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:

			As of December 31, 2025
			Less than 12 months												12 months or more												Total
(dollars in thousands)			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Debt securities available for sale
Obligations of U.S. government corporations and agencies			$	39,156					$	(80)					$	—					$	—					$	39,156					$	(80)
Obligations of states and political subdivisions			28,592						(361)						92,205						(9,537)						120,797						(9,898)
Asset-backed securities			10,005						(35)						—						—						10,005						(35)
Commercial mortgage-backed securities			4,986						(48)						71,830						(11,143)						76,816						(11,191)
Residential mortgage-backed securities			84,023						(708)						765,361						(128,559)						849,384						(129,267)
Corporate debt securities			5,969						(20)						29,097						(1,691)						35,066						(1,711)
Debt securities available for sale with gross unrealized losses			$	172,731					$	(1,252)					$	958,493					$	(150,930)					$	1,131,224					$	(152,182)

									12 months or more												Total
															Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities															$	302,615					$	(65,210)					$	302,615					$	(65,210)
Residential mortgage-backed securities															323,342						(55,218)						323,342						(55,218)
Debt securities held to maturity with gross unrecognized losses															$	625,957					$	(120,428)					$	625,957					$	(120,428)

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			As of December 31, 2024
			Less than 12 months												12 months or more												Total
(dollars in thousands)			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Debt securities available for sale
Obligations of U.S. government corporations and agencies			$	—					$	—					$	1,328					$	(8)					$	1,328					$	(8)
Obligations of states and political subdivisions			11,234						(209)						119,723						(16,527)						130,957						(16,736)
Asset-backed securities			14,997						(3)						—						—						14,997						(3)
Commercial mortgage-backed securities			6,238						(42)						85,936						(15,089)						92,174						(15,131)
Residential mortgage-backed securities			152,081						(640)						930,642						(191,259)						1,082,723						(191,899)
Corporate debt securities			598						(1)						143,966						(6,547)						144,564						(6,548)
Debt securities available for sale with gross unrealized losses			$	185,148					$	(895)					$	1,281,595					$	(229,430)					$	1,466,743					$	(230,325)

									12 months or more												Total
															Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities															$	338,288					$	(77,242)					$	338,288					$	(77,242)
Residential mortgage-backed securities															336,765						(74,335)						336,765						(74,335)
Debt securities held to maturity with gross unrecognized losses															$	675,053					$	(151,577)					$	675,053					$	(151,577)

Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below:

			As of December 31, 2025
(dollars in thousands)			Available for Sale						Held to Maturity						Total
Debt securities with gross unrealized or unrecognized losses, fair value			$	1,131,224					$	625,957					$	1,757,181
Gross unrealized or unrecognized losses on debt securities			152,182						120,428						272,610
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses			13.5		%				19.2		%				15.5		%
Count of debt securities			637						52						689
Count of debt securities in an unrealized or unrecognized loss position			376						52						428

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			As of December 31, 2024
(dollars in thousands)			Available for Sale						Held to Maturity						Total
Debt securities with gross unrealized or unrecognized losses, fair value			$	1,466,743					$	675,053					$	2,141,796
Gross unrealized or unrecognized losses on debt securities			230,325						151,577						381,902
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses			15.7		%				22.5		%				17.8		%
Count of debt securities			677						55						732
Count of debt securities in an unrealized or unrecognized loss position			586						55						641

Unrealized and unrecognized losses were related to changes in market interest rates and market conditions that do not represent credit-related impairments. Unless part of a corporate strategy or restructuring plan, Busey does not intend to sell securities that are in an unrealized or unrecognized loss position, and it is more likely than not that Busey will recover the amortized cost prior to being required to sell the debt securities. Full collection of the amounts due according to the contractual terms of the debt securities is expected; therefore, no ACL has been recorded in relation to debt securities, and the impairment related to noncredit factors on debt securities available for sale is recognized in AOCI, net of applicable taxes. As of December 31, 2025, Busey did not hold general obligation bonds of any single issuer, the aggregate of which exceeded 10% of Busey’s stockholders’ equity.

For additional information about Busey’s accounting policies related to debt securities, see “Debt Securities Available for Sale” and “Debt Securities Held to Maturity” in “Note 1. Significant Accounting Policies.”

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NOTE 4. PORTFOLIO LOANS

Loan Categories

Busey’s lending can be summarized into two primary categories: commercial and retail. Loans within these categories are further classified by lending activity: C&I and other commercial, CRE, real estate construction, retail real estate, and retail other. Distributions of the loan portfolio by loan category and lending activity is presented in the following table:

			As of December 31,
(dollars in thousands)			2025						2024
Commercial loans
C&I and other commercial			$	4,229,208					$	1,904,515
CRE			5,550,018						3,269,564
Real estate construction			1,039,289						378,209
Total commercial loans			10,818,515						5,552,288
Retail loans
Retail real estate			2,154,616						1,696,457
Retail other			594,668						448,342
Total retail loans			2,749,284						2,144,799
Total portfolio loans			13,567,799						7,697,087
ACL			(174,023)						(83,404)
Portfolio loans, net			$	13,393,776					$	7,613,683

Net deferred loan origination costs included in the balances above were $7.0 million as of December 31, 2025, compared to $12.5 million as of December 31, 2024. Net accretable purchase accounting adjustments included in the balances above reduced loans by $86.6 million as of December 31, 2025, and by $8.8 million as of December 31, 2024. Deposit account overdrafts reported as loans totaled $7.1 million as of December 31, 2025, and $3.8 million as of December 31, 2024.

In addition to loans assumed through acquisition activities, about which information can be found in “Note 2. Business Combinations,” Busey purchased retail other loans with a principal balance of $117.3 million during the year ended December 31, 2025, and retail real estate loans with a principal balance of $6.9 million during the year ended December 31, 2024. Busey did not make any significant loan purchases during the year ended December 31, 2023.

Pledged Loans

Busey has executed a blanket lien with the FHLB. The principal balance of loans Busey has pledged as collateral with the FHLB and Federal Reserve Bank for liquidity, which Busey is able to borrow against, is set forth in the table below:

			As of December 31,
(dollars in thousands)			2025						2024
Pledged loans
FHLB			$	5,051,512					$	4,813,600
Federal Reserve Bank			1,854,423						765,824
Total pledged loans			$	6,905,935					$	5,579,424

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Risk Grading

Busey utilizes a loan grading scale to assign a risk grade to all of its loans. A description of the general characteristics of each grade is as follows:

•Pass – This category includes loans that are all considered acceptable credits, ranging from investment or near investment grade, to loans made to borrowers who exhibit credit fundamentals that meet or exceed industry standards.

•Watch – This category includes loans that warrant a higher-than-average level of monitoring to ensure that weaknesses do not cause the inability of the credit to perform as expected. These loans are not necessarily a problem due to other inherent strengths of the credit, such as guarantor strength, but have above average concern and monitoring.

•Special mention – This category is for “Other Assets Specially Mentioned” loans that have potential weaknesses, which may, if not checked or corrected, weaken the asset, or inadequately protect Busey’s credit position at some future date.

•Substandard – This category includes “Substandard” loans, determined in accordance with regulatory guidelines, for which the accrual of interest has not been stopped. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that Busey will sustain some loss if the deficiencies are not corrected.

•Substandard non-accrual – This category includes loans that have all the characteristics of a “Substandard” loan with additional factors that make collection in full highly questionable and improbable. Such loans are placed on non-accrual status and may be dependent on collateral with a value that is difficult to determine.

All loans are graded at their inception. Commercial lending relationships that are $2.0 million or less are usually processed through an expedited underwriting process. Most commercial loans greater than $2.0 million are included in a portfolio review at least annually. Commercial loans greater than $0.35 million that have a grading of special mention or worse are typically reviewed on a quarterly basis. Interim reviews may take place if circumstances of the borrower warrant a more frequent review.

The following table is a summary of Busey’s portfolio loans by risk grade:

			As of December 31, 2025
(dollars in thousands)			Pass						Watch						Special Mention						Substandard						Substandard Non-accrual						Total
Commercial loans
C&I and other commercial			$	3,567,589					$	375,113					$	176,814					$	75,394					$	34,298					$	4,229,208
CRE			4,607,134						769,405						140,967						24,680						7,832						5,550,018
Real estate construction			943,065						54,631						24,534						16,786						273						1,039,289
Total commercial loans			9,117,788						1,199,149						342,315						116,860						42,403						10,818,515
Retail loans
Retail real estate			2,106,215						30,674						7,507						1,799						8,421						2,154,616
Retail other			594,294						—						—						—						374						594,668
Total retail loans			2,700,509						30,674						7,507						1,799						8,795						2,749,284
Total portfolio loans			$	11,818,297					$	1,229,823					$	349,822					$	118,659					$	51,198					$	13,567,799

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			As of December 31, 2024
(dollars in thousands)			Pass						Watch						Special Mention						Substandard						Substandard Non-accrual						Total
Commercial loans
C&I and other commercial			$	1,545,338					$	281,424					$	36,152					$	37,749					$	3,852					$	1,904,515
CRE			2,744,018						438,945						55,041						16,507						15,053						3,269,564
Real estate construction			345,908						26,833						221						5,224						23						378,209
Total commercial loans			4,635,264						747,202						91,414						59,480						18,928						5,552,288
Retail loans
Retail real estate			1,680,640						9,408						882						2,543						2,984						1,696,457
Retail other			448,166						—						—						—						176						448,342
Total retail loans			2,128,806						9,408						882						2,543						3,160						2,144,799
Total portfolio loans			$	6,764,070					$	756,610					$	92,296					$	62,023					$	22,088					$	7,697,087

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Risk grades of portfolio loans and net charge-offs are presented in the tables below by lending activity, further sorted by origination year:

			As of and For The Year Ended December 31, 2025
Risk Grade Ratings			Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans						Total
(dollars in thousands)			2025						2024						2023						2022						2021						Prior
C&I and other commercial
Pass			$	833,539					$	486,278					$	342,560					$	207,053					$	178,429					$	122,904					$	1,396,826					$	3,567,589
Watch			21,750						79,853						56,387						38,786						48,624						16,778						112,935						375,113
Special Mention			21,712						11,609						56,578						26,343						5,339						800						54,433						176,814
Substandard			8,336						605						20,444						14,603						9,868						3,655						17,883						75,394
Substandard non-accrual			1,489						3,899						600						10,265						948						4,560						12,537						34,298
Total C&I and other commercial			886,826						582,244						476,569						297,050						243,208						148,697						1,594,614						4,229,208
Gross charge-offs			$	4,667					$	3,332					$	4,347					$	1,450					$	13,591					$	11,456					$	5,716					$	44,559
CRE
Pass			1,077,169						483,950						710,448						1,035,426						740,680						515,631						43,830						4,607,134
Watch			210,673						61,926						119,986						143,072						161,387						69,789						2,572						769,405
Special Mention			49,648						22,642						2,991						13,811						32,109						18,858						908						140,967
Substandard			2,416						679						3,857						4,873						7,316						5,324						215						24,680
Substandard non-accrual			72						—						4,547						—						—						3,213						—						7,832
Total CRE			1,339,978						569,197						841,829						1,197,182						941,492						612,815						47,525						5,550,018
Gross charge-offs			1,297						11,057						—						—						253						—						—						12,607
Real estate construction
Pass			395,019						268,117						107,930						89,673						5,356						2,733						74,237						943,065
Watch			18,571						2,112						3,999						22,561						167						—						7,221						54,631
Special Mention			17,961						—						—						—						6,573						—						—						24,534
Substandard			16,020						—						—						—						766						—						—						16,786
Substandard non-accrual			—						273						—						—						—						—						—						273
Total real estate construction			447,571						270,502						111,929						112,234						12,862						2,733						81,458						1,039,289
Gross charge-offs			—						—						—						—						—						—						—						—
Retail real estate
Pass			93,212						127,475						269,877						446,309						407,851						508,504						252,987						2,106,215
Watch			2,686						569						24,601						1,492						267						482						577						30,674
Special Mention			47						78						4,028						1,454						1,686						—						214						7,507
Substandard			—						—						108						440						484						631						136						1,799
Substandard non-accrual			154						308						128						523						264						2,841						4,203						8,421
Total retail real estate			96,099						128,430						298,742						450,218						410,552						512,458						258,117						2,154,616
Gross charge-offs			1,164						—						—						—						—						51						36						1,251
Retail other
Pass			5,233						2,265						33,349						30,321						4,561						885						517,680						594,294
Substandard non-accrual			—						—						76						134						—						—						164						374
Total retail other			5,233						2,265						33,425						30,455						4,561						885						517,844						594,668
Gross charge-offs			546						147						270						47						—						74						141						1,225
Total portfolio loans			$	2,775,707					$	1,552,638					$	1,762,494					$	2,087,139					$	1,612,675					$	1,277,588					$	2,499,558					$	13,567,799
Total gross charge-offs			$	7,674					$	14,536					$	4,617					$	1,497					$	13,844					$	11,581					$	5,893					$	59,642

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			As of and For The Year Ended December 31, 2024
Risk Grade Ratings			Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans						Total
(dollars in thousands)			2024						2023						2022						2021						2020						Prior
C&I and other commercial
Pass			$	320,831					$	147,909					$	163,870					$	125,053					$	74,146					$	117,234					$	596,295					$	1,545,338
Watch			38,734						49,394						44,709						16,393						2,175						20,964						109,055						281,424
Special Mention			1,718						2,293						5,658						2,634						106						2,540						21,203						36,152
Substandard			15,186						6,545						788						591						320						2,424						11,895						37,749
Substandard non-accrual			65						141						464						—						42						852						2,288						3,852
Total C&I and other commercial			376,534						206,282						215,489						144,671						76,789						144,014						740,736						1,904,515
Gross charge-offs			$	—					$	14,980					$	148					$	22					$	—					$	303					$	—					$	15,453
CRE
Pass			291,503						354,591						755,266						645,994						356,867						314,340						25,457						2,744,018
Watch			115,078						132,900						60,611						62,408						28,320						38,733						895						438,945
Special Mention			39,252						643						8,020						1,395						4,165						1,517						49						55,041
Substandard			6,983						355						4,628						50						95						4,346						50						16,507
Substandard non-accrual			15,000						39						—						—						14						—						—						15,053
Total CRE			467,816						488,528						828,525						709,847						389,461						358,936						26,451						3,269,564
Gross charge-offs			—						—						—						2,999						—						315						—						3,314
Real estate construction
Pass			159,825						134,450						12,205						24,781						2,213						1,124						11,310						345,908
Watch			20,170						6,455						—						208						—						—						—						26,833
Special Mention			—						—						—						221						—						—						—						221
Substandard			5,224						—						—						—						—						—						—						5,224
Substandard non-accrual			—						—						—						23						—						—						—						23
Total real estate construction			185,219						140,905						12,205						25,233						2,213						1,124						11,310						378,209
Gross charge-offs			—						—						—						—						—						—						—						—
Retail real estate
Pass			101,582						237,306						366,820						354,380						147,236						267,431						205,885						1,680,640
Watch			1,255						550						2,733						3,377						872						124						497						9,408
Special Mention			151						—						344						—						—						372						15						882
Substandard			—						243						1,018						503						—						776						3						2,543
Substandard non-accrual			—						—						344						91						152						1,526						871						2,984
Total retail real estate			102,988						238,099						371,259						358,351						148,260						270,229						207,271						1,696,457
Gross charge-offs			—						—						—						—						—						168						—						168
Retail other
Pass			4,996						55,665						57,944						12,207						2,304						589						314,461						448,166
Substandard non-accrual			—						94						67						4						—						11						—						176
Total retail other			4,996						55,759						58,011						12,211						2,304						600						314,461						448,342
Gross charge-offs			9						31						106						78						4						403						—						631
Total portfolio loans			$	1,137,553					$	1,129,573					$	1,485,489					$	1,250,313					$	619,027					$	774,903					$	1,300,229					$	7,697,087
Total gross charge-offs			$	9					$	15,011					$	254					$	3,099					$	4					$	1,189					$	—					$	19,566

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Past Due and Non-Accrual Loans

An analysis of portfolio loans that are past due and still accruing, or on non-accrual status, is presented in the table below:

			As of December 31, 2025
			Loans past due, still accruing																		Non-accrual Loans						Non-accrual Loans with No Allowance for Credit Losses
(dollars in thousands)			30-59 Days						60-89 Days						90+Days
Commercial loans
C&I and other commercial			$	3,577					$	593					$	2,128					$	34,298					$	4,612
CRE			484						2,514						—						7,832						1,588
Real estate construction			—						—						—						273						158
Past due and non-accrual commercial loans			4,061						3,107						2,128						42,403						6,358
Retail loans
Retail real estate			2,457						4,280						136						8,421						349
Retail other			2,491						79						24						374						—
Past due and non-accrual retail loans			4,948						4,359						160						8,795						349
Total past due and non-accrual loans			$	9,009					$	7,466					$	2,288					$	51,198					$	6,707

			As of December 31, 2024
			Loans past due, still accruing																		Non-accrual Loans						Non-accrual Loans with No Allowance for Credit Losses
(dollars in thousands)			30-59 Days						60-89 Days						90+Days
Commercial loans
C&I and other commercial			$	95					$	—					$	—					$	3,852					$	1,224
CRE			42						2,759						—						15,053						15,000
Real estate construction			41						—						—						23						—
Past due and non-accrual commercial loans			178						2,759						—						18,928						16,224
Retail loans
Retail real estate			3,280						683						1,115						2,984						194
Retail other			1,094						130						34						176						—
Past due and non-accrual retail loans			4,374						813						1,149						3,160						194
Total past due and non-accrual loans			$	4,552					$	3,572					$	1,149					$	22,088					$	16,418

Gross interest income recorded on 90+ days past due loans, and that would have been recorded on non-accrual loans if they had been accruing interest in accordance with their original terms, was $3.0 million, $0.9 million, and $1.1 million for the years ended December 31, 2025, 2024, and 2023, respectively. Interest collected on those loans and recognized on a cash basis that was included in interest income was immaterial for the year ended December 31, 2025, was immaterial for the year ended December 31, 2024, and was $0.4 million for the year ended December 31, 2023.

For additional information about Busey’s accounting policies related to portfolio loans, see “Portfolio Loans” in “Note 1. Significant Accounting Policies.”

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Loan Modifications for Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost basis of loans that were modified—specifically in the form of (1) principal forgiveness, (2) an interest rate reduction, (3) an other-than-insignificant payment deferral, and/or (4) a term extension—for borrowers experiencing financial difficulty during the periods indicated, disaggregated by lending activity and the type of modification:

															Year Ended December 31, 2025
(dollars in thousands)															Payment Deferral						Term Extension																		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial															$	10,554					$	22,851																	0.8		%
CRE1															939						1,502																		—		%
Real estate construction															—						16,020																		1.5		%
Total of loans modified during the period2															$	11,493					$	40,373																	0.4		%

___________________________________________

1.Modified loans represented an insignificant portion of CRE loans, rounding to zero percent.

2.Modifications included four loans on non-accrual status, and the remaining loans were classified as substandard.

															Year Ended December 31, 2024
(dollars in thousands)															Payment Deferral						Term Extension																		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial															$	325					$	26,175																	1.4		%
CRE															—						18,147																		0.6		%
Real estate construction															—						5,224																		1.4		%
Total of loans modified during the period1															$	325					$	49,546																	0.6		%

___________________________________________

1.Modifications included one loan on non-accrual status, and the remaining loans were classified as substandard.

The following table provides, as applicable for loan modifications made during the periods indicated for borrowers experiencing financial difficulty, the weighted average interest rate reductions and weighted average term extensions:

Years Ended December 31,

2025

2024

2023

Weighted Average Term Extension

Weighted Average Term Extension

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Weighted Average Loan Term Extensions

C&I and other commercial

9 months

1.3 years

—

%

1.5 years

CRE

11 months

4 months

2.50

%

1.8 years

Real estate construction

10 months

6 months

—

%

1.0 year

Aggregate effect

10 months

10 months

2.50

%

1.4 years

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Performance of Modified Loans

Busey closely monitors the performance of the loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the payment performance of loans modified during the last twelve months:

			As of December 31, 2025
(dollars in thousands)			Current						30-89 Days						90+ Days						Non-accrual
Modified Loans
C&I and other commercial			$	29,684					$	—					$	—					$	3,721
CRE			2,168						273						—						—
Real estate construction			16,020						—						—						—
Loans modified during the last twelve months			$	47,872					$	273					$	—					$	3,721

Busey had commitments of $13.5 million as of December 31, 2025, to lend additional funds to debtors experiencing financial difficulty for whom Busey modified a loan within the past twelve months. Busey did not have any commitments as of December 31, 2024, to lend additional funds to debtors experiencing financial difficulty for whom Busey had modified a loan within the past twelve months.

A default occurs when a loan is 90 days or more past due or transferred to non-accrual status. The following table provides the amortized cost basis of loans that had a payment default during the periods indicated, after having been modified during the 12 months before default for borrowers experiencing financial difficulty:

															Years Ended December 31,
															2025																														2024																								2023
(dollars in thousands)															Payment Deferral						Term Extension																																				Term Extension																																				Term Extension
Loans with Subsequent Defaults
C&I and other commercial															$	460					$	3,261																																			$	—																																			$	88
CRE															—						—																																				15,000																																				—
Modified loans with subsequent defaults															$	460					$	3,261																																			$	15,000																																			$	88

For additional information about Busey’s accounting policies related to loans modified for borrowers experiencing financial difficulty, see “Loan Modifications” in “Note 1. Significant Accounting Policies.”

Collateral Dependent Loans

Management's evaluation as to the ultimate collectability of loans includes estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers. Collateral dependent loans are loans in which repayment is expected to be provided solely by the operation or sale of the underlying collateral and there are no other available and reliable sources of repayment. Loans are written down to the lower of cost or fair value of the underlying collateral, less estimated costs to sell. Busey had $47.8 million and $19.3 million of collateral dependent loans secured by real estate for CRE and retail real estate loans, business assets for C&I and other commercial loans, and vehicles and other personal assets for retail other loans as of December 31, 2025, and December 31, 2024, respectively.

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Allowance for Credit Losses

The ACL is a valuation account that is deducted from the portfolio loans’ amortized cost bases to present the net amount expected to be collected on the portfolio loans. The ACL is established through the provision for credit losses charged to income. Portfolio loans are charged-off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Recoveries are recognized up to the aggregate amount of previously charged-off balances.

Management estimates the ACL balance using relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The ACL consists of three components: (1) specific allocations/individual reserves; (2) quantitative reserves; and (3) qualitative reserves.

•Specific allocations/individual reserves – When a loan no longer exhibits risk characteristics that are similar to other loans, that loan is individually evaluated. Individual reserves are calculated for loans that are on a non-accrual status that are greater than a defined dollar threshold or loans that have disparate risk characteristics. Reserves may be based on collateral, for collateral-dependent loans, or on quantitative and qualitative factors, including expected cash flow, market sentiment, and guarantor support.

•Quantitative reserves – Busey implemented a new non-discounted cash flow model in the second quarter of 2025 that uses combined historical loan data from Busey Bank beginning in 2004 and CrossFirst Bank since its inception in 2007. The model incorporates various baseline forecast scenarios and national unemployment rates with either national gross domestic product, the national home price index, or the national commercial real estate price index. Further, prepayment and curtailment expectations are factored into the model. Due to the continued economic uncertainty in the markets in which the Company operates, Busey will continue to utilize a forecast period of 12 months with an immediate reversion to historical loss rates beyond this forecast period in its ACL estimate.

•Qualitative reserves – Busey uses qualitative factors to adjust the historical loss factors for current and forecasted conditions. Busey considers the ten qualitative factors identified in the Interagency Guidance and ASC Topic 326 at each reporting date.

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FIRST BUSEY CORPORATION

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The following table summarizes activity in the ACL attributable to each lending activity. Allocation of a portion of the ACL to one lending activity does not preclude its availability to absorb losses in other lending activities:

(dollars in thousands)			C&I and Other Commercial						CRE						Real Estate Construction						Retail Real Estate						Retail Other						Total
ACL balance, December 31, 2022			$	23,860					$	38,299					$	6,457					$	18,193					$	4,799					$	91,608
Provision for loan losses			(727)						(2,455)						(1,465)						7,922						(876)						2,399
Charged-off			(2,429)						(953)						—						(407)						(629)						(4,418)
Recoveries			552						574						171						590						264						2,151
ACL balance, December 31, 2023			21,256						35,465						5,163						26,298						3,558						91,740
Day 1 PCD1			824						322						—						96						1						1,243
Provision for loan losses			14,455						(318)						(1,885)						(3,031)						(631)						8,590
Charged-off			(15,453)						(3,314)						—						(168)						(631)						(19,566)
Recoveries			507						146						67						516						161						1,397
ACL balance, December 31, 2024			21,589						32,301						3,345						23,711						2,458						83,404
Day 1 PCD1			75,569						21,588						2,112						1,430						84						100,783
Day 2 Provision for loan losses2			22,648						15,104						2,911						1,628						142						42,433
Provision for loan losses			(16,574)						13,677						3,105						3,159						(54)						3,313
Charged-off3			(44,559)						(12,607)						—						(1,251)						(1,225)						(59,642)
Recoveries			2,697						265						95						501						174						3,732
ACL balance, December 31, 2025			$	61,370					$	70,328					$	11,568					$	29,178					$	1,579					$	174,023

__________________________________________

1.The Day 1 PCD was attributable to the M&M acquisition in 2024 and the CrossFirst acquisition in 2025.

2.The Day 2 Provision for loan losses was attributable to the CrossFirst acquisition.

3.Charge-off amounts included $36.8 million for PCD loans assumed in the CrossFirst acquisition.

For additional information about Busey’s accounting policies related to the allowance for credit losses, see “Allowance for Credit Losses” in “Note 1. Significant Accounting Policies.”

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 5. OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS

OREO and other repossessed assets represent properties and other assets acquired through foreclosure or other proceedings in settlement of loans and is included in other assets in the accompanying Consolidated Balance Sheets. The following table summarizes the composition of Busey’s OREO and other repossessed asset balances:

			As of December 31,
(dollars in thousands)			2025						2024
OREO
Commercial			$	95					$	—
Residential			605						63
Total OREO			700						63
Other repossessed assets			3,926						—
OREO and other repossessed assets			$	4,626					$	63

The following table summarizes changes in the OREO and other repossessed assets balance:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
OREO and other repossessed assets at January 1			$	63					$	125					$	850
Additions, transfers from loans and assumed in acquisitions			26,641						26						189
Sales			(21,233)						(84)						(770)
Cash payments (collected) paid			(423)						(4)						(44)
Impairment			(422)						—						(100)
OREO and other repossessed assets at December 31			$	4,626					$	63					$	125

Busey incurs operating expenses for, and may have income from, OREO and other repossessed assets. Upon sale, Busey may recognize a gain or loss on the sale of OREO and other repossessed assets. The table below summarizes the effect of these activities, included in other noninterest income and other noninterest expense on Busey’s Consolidated Statements of Income:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Income from (expense for) OREO and other repossessed assets
Operating income (expense), net			$	38					$	(17)					$	(67)
Net gain (loss) on sales			302						585						46
Impairment expense			(422)						—						(100)
Income from (expense for) OREO and other repossessed assets			$	(82)					$	568					$	(121)

Busey’s recorded investment in residential real estate loans that were in the process of foreclosure was $6.0 million as of December 31, 2025, and $0.4 million as of December 31, 2024. Busey follows Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.

For additional information about Busey’s accounting policies related to OREO and other repossessed assets, see “Other Real Estate Owned and Other Repossessed Assets” in “Note 1. Significant Accounting Policies.”

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6. PREMISES AND EQUIPMENT

Premises and equipment are summarized in the following table:

			As of December 31,
(dollars in thousands)			2025						2024
Premises and equipment
Land and improvements			$	50,147					$	42,565
Buildings and improvements			194,925						130,185
Furniture and equipment			64,108						53,945
Premises and equipment, gross			309,180						226,695
Accumulated depreciation and amortization			(115,736)						(107,875)
Premises and equipment, net			$	193,444					$	118,820

Depreciation expense is presented in the table below:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Depreciation and amortization expense			$	12,926					$	9,503					$	9,488

For additional information about Busey’s accounting policies related to premises and equipment, see “Premises and Equipment” in “Note 1. Significant Accounting Policies.”

NOTE 7. LEASES

Busey as The Lessee

Busey’s leases consisting primarily of real estate leases for banking centers, ATM locations, and office space, as well as equipment leases. The following table summarizes lease-related balances that Busey reported on its Consolidated Balance Sheets:

									As of December 31,
(dollars in thousands)			Location						2025						2024
Lease balances
Right of use assets:
Operating leases			Other assets						$	30,204					$	10,608
Finance leases			Premises and equipment, net						5,155						—
Total right of use assets									$	35,359					$	10,608
Lease liabilities:
Operating leases			Other liabilities						$	32,597					$	11,040
Finance leases			Long-term borrowings						6,223						—
Total lease liabilities									$	38,820					$	11,040

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Lease terms are summarized in the following table:

			As of December 31,
			2025						2024
Lease terms
Weighted average remaining lease terms:
Operating leases			7.41 years						7.55 years
Finance leases			16.26 years						N/A
Weighted average discount rates:
Operating leases			4.24		%				3.77		%
Finance leases			5.10		%				N/A

The following table presents lease costs that Busey reported on its Consolidated Statements of Income:

									Years Ended December 31,
(dollars in thousands)			Location						2025						2024						2023
Lease costs
Operating lease costs:
Premises rent expense			Net occupancy expense of premises						$	5,891					$	2,335					$	2,379
Equipment rent expense			Furniture and equipment expenses						29						17						16
Finance lease costs:
Amortization expense			Net occupancy expense of premises						269						—						—
Interest expense			Long-term borrowings						267						—						—
Variable lease costs			Net occupancy expense of premises						60						58						38
Short-term lease costs			Net occupancy expense of premises						58						83						50
Total lease cost									$	6,574					$	2,493					$	2,483

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Cash paid for amounts included in the measurement of lease liabilities is presented in the following table:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Cash flows related to leases
Operating cash flows from operating leases			$	10,185					$	3,992					$	4,173
Operating cash flows from finance leases			267						—						—
Financing cash flows from finance leases			141						—						—
Right of use assets obtained in exchange for operating lease liabilities1			25,590						1,579						231
Right of use assets obtained in exchange for finance lease liabilities1			6,365						—						—

___________________________________________

1.The year ended December 31, 2025, included $23.2 million for operating and $6.4 million for financing right of use assets recognized in connection with the acquisition of CrossFirst. The year ended December 31, 2024, included $0.1 million right of use assets recognized in connection with the acquisition of M&M, and an additional $0.7 million recognized in connection with a lease amendment that was executed subsequent to the M&M acquisition for a lease that was obtained in that acquisition. Additional information about assets and liabilities obtained in business combinations can be found in “Note 2. Business Combinations.”

Future undiscounted payments for leases with initial terms of one year or more are presented in the table below:

			As of December 31, 2025
(dollars in thousands)			Operating Leases						Finance Leases
Rent commitments
2026			$	6,255					$	490
2027			5,929						527
2028			5,406						540
2029			4,407						540
2030			3,505						540
Thereafter			12,690						6,625
Total undiscounted cash flows			38,192						9,262
Less: Amounts representing interest			5,595						3,039
Present value of net future minimum lease payments			$	32,597					$	6,223

As of December 31, 2025, Busey had commitments totaling $6.0 million for three lease contracts with future accounting commencement dates.

Busey as The Lessor

Busey leases office and parking spaces to outside parties. Revenues recorded in connection with these leases, reported in other income on Busey’s Consolidated Statements of Income, are summarized in the table below:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Rental income			$	860					$	820					$	724

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Noncancellable terms for these leases, all of which are operating leases, extend through 2030. Under the terms of these lease agreements, Busey is entitled to receive aggregate future minimum lease payments as shown in the table below:

(dollars in thousands)			As of December 31, 2025
Rents to be received
2026			$	804
2027			515
2028			377
2029			197
2030			117
Thereafter			—
Total lease payments from operating leases			$	2,010

For additional information about Busey’s accounting policies related to leases, see “Leases” in “Note 1. Significant Accounting Policies.”

NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

Busey’s goodwill is associated with its three operating segments, Banking, Wealth Management, and FirsTech. Goodwill is tested annually for impairment, and as part of this analysis, the reporting unit's carrying value is compared to its estimated fair value. Based on the impairment testing performed at December 31, 2025, there were no indicators of potential impairment.

In connection with the acquisition of CrossFirst, Busey recorded goodwill totaling $49.5 million and other intangible assets of $81.8 million during the year ended December 31, 2025, each in the Banking segment. In connection with the acquisition of M&M, Busey recorded goodwill totaling $0.1 million during the year ended December 31, 2025, and recorded goodwill totaling $15.8 million and other intangible assets of $6.3 million during the year ended December 31, 2024, each in the banking segment.

The carrying amount of goodwill by operating segment is presented in the table below:

			As of December 31,
(dollars in thousands)			2025						2024
Goodwill
Banking			$	360,180					$	310,595
Wealth Management			14,108						14,108
FirsTech			8,992						8,992
Total goodwill			$	383,280					$	333,695

Indefinite-lived intangible assets, such as goodwill, are not amortized. Goodwill is Busey's only indefinite-lived intangible asset.

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Intangible Assets

Core deposit and customer relationship intangible assets are amortized over the estimated period during which Busey expects to benefit from the assets. The following table present Busey’s intangible asset balances and the related amounts of accumulated amortization:

			As of December 31, 2025
(dollars in thousands)			Core deposit intangible						Customer relationship intangible						Total
Intangible Assets
Intangible assets, gross			$	187,194					$	33,138					$	220,332
Accumulated amortization			93,558						29,325						122,883
Intangible assets, net			$	93,636					$	3,813					$	97,449

			As of December 31, 2024
(dollars in thousands)			Core deposit intangible						Customer relationship intangible						Total
Intangible Assets
Intangible assets, gross			$	105,411					$	33,138					$	138,549
Accumulated amortization			78,831						27,438						106,269
Intangible assets, net			$	26,580					$	5,700					$	32,280

Amortization expense related to intangible assets, as reflected on Busey's Consolidated Statements of Income, is presented in the table below:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Amortization Expense
Core deposit intangible			$	14,727					$	7,739					$	7,616
Customer relationship intangible			1,887						2,318						2,816
Amortization of intangible assets			$	16,614					$	10,057					$	10,432

Future expense for the amortization of intangible assets, as estimated, is summarized in the table below:

			As of December 31, 2025
(dollars in thousands)			Core deposit intangible						Customer relationship intangible						Total
Estimated amortization expense
2026			$	15,277					$	1,479					$	16,756
2027			14,251						1,091						15,342
2028			13,184						703						13,887
2029			10,266						360						10,626
2030			9,160						162						9,322
Thereafter			31,498						18						31,516
Total estimated amortization expense			$	93,636					$	3,813					$	97,449

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For additional information about Busey’s accounting policies related to goodwill and other intangible assets, see “Goodwill and Other Intangible Assets” in “Note 1. Significant Accounting Policies.”

NOTE 9. DEPOSITS

The composition of Busey’s deposits is presented in the table below:

			As of December 31,
(dollars in thousands)			2025						2024
Deposits
Noninterest-bearing demand deposits			$	3,659,421					$	2,719,907
Interest-bearing transaction deposits			3,119,475						2,423,237
Saving deposits and money market deposits			5,697,172						3,348,711
Time deposits			2,429,890						1,490,635
Total deposits			$	14,905,958					$	9,982,490

Additional information about Busey’s deposits is presented in the table below:

			As of December 31,
(dollars in thousands)			2025						2024
Brokered interest-bearing transaction deposits			$	50,136					$	—
Brokered savings deposits and money market deposits			10,000						6,002
Brokered time deposits			10,004						7,088
Total time deposits with a minimum denomination of $100,000			1,674,862						860,193
Total time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000			876,207						334,503

Scheduled maturities of time deposits are presented in the table below:

(dollars in thousands)			As of December 31, 2025
Time deposits by schedule of maturities
2026			$	2,364,343
2027			46,913
2028			10,952
2029			4,593
2030			2,667
Thereafter			422
Time deposits			$	2,429,890

NOTE 10. BORROWINGS

Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The underlying securities are held by Busey’s safekeeping agent. Busey may be required to provide additional collateral based on fluctuations in the fair value of the underlying securities.

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Securities sold under agreements to repurchase were as follows:

			As of December 31,
(dollars in thousands)			2025						2024
Securities sold under agreements to repurchase			$	166,929					$	155,610
Weighted average rate for securities sold under agreements to repurchase			2.22		%				2.63		%

Revolving Line of Credit

On May 28, 2021, Busey entered into a Second Amended and Restated Credit Agreement, pursuant to which it has access to a $40.0 million revolving line of credit bearing an interest rate of 1.80% plus the one-month forward-looking term rate based on SOFR. After executing subsequent amendments, the current termination date for the revolving line of credit is April 30, 2026. As of December 31, 2025, there was no balance outstanding on the revolving line of credit. The revolving line of credit incurs an insignificant non-usage fee based on any undrawn amounts.

Short-Term Borrowings

Busey had no short term borrowings as of either December 31, 2025, or December 31, 2024. When applicable, Busey’s short-term borrowings include loans maturing within one year of the loan origination date, the current portion of long-term debt that is due within 12 months, and federal funds purchased. Federal funds purchased are short-term borrowings that generally mature between one day and 90 days. During the second quarter of 2025, Busey purchased federal funds to test operational availability to access funds if needed.

Long-Term Borrowings

Busey’s long-term borrowings consists of loans maturing more than one year from the loan origination date, excluding the current portion that is due within 12 months, and finance lease liabilities. Long-term borrowings are summarized in the following table:

			As of December 31,
(dollars in thousands)			2025						2024
Long-term borrowings
FHLB borrowings			$	102,792					$	—
Secured borrowings			4,791						—
Finance lease liabilities			6,223						—
Total long-term borrowings			$	113,806					$	—

Funds borrowed from the FHLB, listed above, consisted of 15 notes with a weighted average interest rate of 2.43% and a weighted average maturity period of 1.96 years as of December 31, 2025. Maturity dates for the long-term FHLB borrowings range from May 2027 through October 2028.

Acquired SBA loans that did not qualify for sale accounting treatment are presented as secured borrowings. Secured borrowings consisted of seven notes with a weighted average maturity period of 17.01 years as of December 31, 2025. Maturity dates for the secured borrowings range from September 2030 to January 2046.

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Subordinated Notes

On June 1, 2020, Busey issued $125.0 million of fixed-to-floating rate subordinated notes that mature on June 1, 2030. The subordinated notes, which qualified as Tier 2 capital for regulatory purposes, bore interest at an annual rate of 5.25% for the first five years after issuance. Thereafter, the notes were to bear interest at a floating rate equal to a three-month benchmark rate plus a spread of 5.11%, as calculated on each applicable determination date. The subordinated notes, which were unsecured obligations of the Company, had an optional redemption, in whole or in part, on any interest payment date on or after June 1, 2025. On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of the subordinated notes.

On June 2, 2022, Busey issued $100.0 million aggregate principal amount of 5.000% fixed-to-floating rate subordinated notes maturing June 15, 2032, which qualify as Tier 2 Capital for regulatory purposes. The price to the public for the subordinated notes was 100% of the principal amount of the subordinated notes. Interest on the subordinated notes accrues at a rate equal to (1) 5.000% per annum from the original issue date to, but excluding, June 15, 2027, payable semiannually in arrears, and (2) a floating rate per annum equal to a benchmark rate, which is the Three-Month Term SOFR (as defined in the subordinated notes), plus a spread of 252 bps from and including June 15, 2027, payable quarterly in arrears. The subordinated notes have an optional redemption in whole or in part on any interest payment date on or after June 15, 2027.

Associated with the M&M acquisition completed on April 1, 2024 (see “Note 2. Business Combinations”), Busey acquired a $4.0 million 5.25% fixed-to-floating rate subordinated note maturing December 4, 2030, which qualified as Tier 2 capital for regulatory purposes. Interest on the subordinated note accrued at a rate equal to 5.25% per annum from the original issue date to December 4, 2025. Thereafter, the note was to accrue interest at a floating rate per annum equal to a benchmark rate, which was the Three-Month Term SOFR (as defined in the subordinated notes), plus a spread of 497 bps. The subordinated note had an optional redemption, in whole or in part, on or after December 4, 2025. On December 4, 2025, Busey redeemed the entire $4.0 million outstanding principal amount of the subordinated note.

Unamortized debt issuance costs related to Busey’s subordinated notes are presented in the following table:

			As of December 31,
(dollars in thousands)			2025						2024
Unamortized debt issuance costs
Subordinated notes issued in 2020			$	—					$	222
Subordinated notes issued in 2022			605						1,004
Total unamortized debt issuance costs			$	605					$	1,226

NOTE 11. JUNIOR SUBORDINATED DEBT OWED TO UNCONSOLIDATED TRUSTS

Busey maintains statutory trusts for the sole purpose of issuing and servicing trust preferred securities and related trust common securities. Proceeds from such issuances were used by the trusts to purchase junior subordinated notes issued by Busey, which are the sole assets of each trust. Concurrent with the issuance of the trust preferred securities, Busey issued guarantees for the benefit of the holders of the trust preferred securities. Busey owns all of the common securities of each trust. The trust preferred securities issued by each trust rank equally with the common securities in right of payment, except that if an event of default under the indenture governing the notes has occurred and is continuing, the preferred securities will rank senior to the common securities in right of payment. Busey had $77.3 million and $74.8 million of junior subordinated debt owed to unconsolidated trusts at December 31, 2025, and 2024, respectively, maturing in 2033 through 2036. In connection with its acquisitions of Pulaski Financial Corp. in 2016, M&M in 2024, and CrossFirst in 2025 Busey has acquired similar statutory trusts and the fair value adjustment is being accreted over their weighted average remaining lives, with a balance of $2.9 million remaining to be accreted as of both December 31, 2025, and 2024.

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For regulatory capital purposes, current banking regulations allow for the inclusion in Tier 1 Capital of qualifying trust preferred securities issued prior to May 19, 2010, by bank holding companies with less than $15.0 billion of assets. With the completion of the CrossFirst acquisition on March 1, 2025, Busey surpassed the $15.0 billion asset threshold, and its trust preferred securities were relegated from Tier 1 Capital to Tier 2 Capital.

Busey’s trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated notes at par value at the stated maturity date or upon redemption. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon Busey making payments on the related junior subordinated notes. Busey’s obligations under the junior subordinated notes and other relevant trust agreements, in aggregate, constitute a full and unconditional guarantee by Busey of each trust’s obligations under the trust preferred securities issued by each trust. Busey has the right to defer payment of interest on the notes, in which case the distributions on the trust preferred securities will also be deferred, for up to five years, but not beyond the stated maturity date.

In January 2026 Busey’s Board of Directors approved the redemption of the trust preferred securities issued by First Busey Statutory Trust II. Approval for the redemption has been received from the Federal Reserve Bank. Busey expects to complete the redemption in June of 2026.

NOTE 12. REGULATORY CAPITAL

First Busey and Busey Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on First Busey's Consolidated Financial Statements. Capital amounts and classification also are subject to qualitative judgments by regulators about components, risk weightings, and other factors.

Banking regulations identify five capital categories for insured depository institutions: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. As of December 31, 2025 and 2024, all capital ratios of First Busey and Busey Bank exceeded well capitalized levels under the applicable regulatory capital adequacy guidelines. Management believes that no events or changes have occurred subsequent to December 31, 2025, that would change this designation.

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Capital Amounts and Ratios

The following tables summarize regulatory capital requirements applicable to First Busey and Busey Bank:

			As of December 31, 2025
			Actual												Minimum Capital Requirement												Minimum To Be Well Capitalized
(dollars in thousands)			Amount						Ratio						Amount						Ratio						Amount						Ratio
Common equity Tier 1 capital to risk weighted assets
First Busey			$	1,920,388					12.43		%				$	694,987					4.50		%				$	1,003,870					6.50		%
Busey Bank			$	2,150,048					13.97		%				$	692,654					4.50		%				$	1,000,500					6.50		%
Tier 1 capital to risk weighted assets
First Busey			$	2,143,138					13.88		%				$	926,650					6.00		%				$	1,235,533					8.00		%
Busey Bank			$	2,150,048					13.97		%				$	923,539					6.00		%				$	1,231,385					8.00		%
Total capital to risk weighted assets
First Busey			$	2,459,847					15.93		%				$	1,235,533					8.00		%				$	1,544,416					10.00		%
Busey Bank			$	2,287,179					14.86		%				$	1,231,385					8.00		%				$	1,539,231					10.00		%
Leverage ratio of Tier 1 capital to average assets
First Busey			$	2,143,138					11.93		%				$	718,334					4.00		%				N/A						N/A
Busey Bank			$	2,150,048					12.00		%				$	716,476					4.00		%				$	895,596					5.00		%

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			As of December 31, 2024
			Actual												Minimum Capital Requirement												Minimum To Be Well Capitalized
(dollars in thousands)			Amount						Ratio						Amount						Ratio						Amount						Ratio
Common equity Tier 1 capital to risk weighted assets
First Busey			$	1,237,301					14.10		%				$	394,840					4.50		%				$	570,325					6.50		%
Busey Bank			$	1,438,296					16.46		%				$	393,277					4.50		%				$	568,067					6.50		%
Tier 1 capital to risk weighted assets
First Busey			$	1,314,301					14.98		%				$	526,453					6.00		%				$	701,938					8.00		%
Busey Bank			$	1,438,296					16.46		%				$	524,369					6.00		%				$	699,159					8.00		%
Total capital to risk weighted assets
First Busey			$	1,625,943					18.53		%				$	701,938					8.00		%				$	877,422					10.00		%
Busey Bank			$	1,520,938					17.40		%				$	699,159					8.00		%				$	873,949					10.00		%
Leverage ratio of Tier 1 capital to average assets
First Busey			$	1,314,301					11.06		%				$	475,348					4.00		%				N/A						N/A
Busey Bank			$	1,438,296					12.14		%				$	473,878					4.00		%				$	592,347					5.00		%

Capital Conservation Buffer

In July 2013, U.S. federal banking authorities approved the Basel III Rule for strengthening international capital standards. The Basel III Rule introduced a capital conservation buffer, composed entirely of common equity Tier 1 capital, which is added to the minimum risk-weighted asset ratios. The capital conservation buffer is not a minimum capital requirement; however, banking institutions with a ratio of common equity Tier 1 capital to risk-weighted assets below the capital conservation buffer will face constraints on dividends, equity repurchases, and discretionary bonus payments based on the amount of the shortfall. In order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain minimum ratios of (1) common equity Tier 1 capital to risk-weighted assets of at least 7.0%, (2) Tier 1 capital to risk-weighted assets of at least 8.5%, and (3) total capital to risk-weighted assets of at least 10.5%.

Subsidiary Dividend Payments

First Busey Corporation’s ability to pay cash dividends to its stockholders and to service its debt is dependent on the receipt of cash dividends from its subsidiaries. Under applicable regulatory requirements, an Illinois state-chartered bank, such as Busey Bank, generally may pay dividends only out of net profits. Busey Bank paid $160.0 million, $100.0 million, and $90.0 million in dividends to First Busey Corporation during the years ended December 31, 2025, 2024, and 2023, respectively.

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NOTE 13. INCOME TAXES

Income Tax Expenses

The following table presents components of Busey’s income taxes included in the accompanying Consolidated Statements of Income:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Income taxes
Current expense:
Federal			$	33,596					$	26,696					$	20,139
State			9,708						11,533						14,120
Deferred expense:
Federal			(579)						1,561						(1,557)
State			8,653						(177)						(1,363)
Total income taxes			$	51,378					$	39,613					$	31,339

The following table provides a reconciliation of federal and state income taxes at statutory rates to the income taxes included in the accompanying Consolidated Statements of Income:

			Years Ended December 31,
(dollars in thousands)			2025												2024												2023
Income taxes at federal statutory rate			$	39,194					21.0		%				$	32,194					21.0		%				$	32,320					21.0		%
State and local income taxes (net of federal income tax effect)1			14,470						7.8		%				10,890						7.1		%				10,072						6.5		%
Tax credit investments:
Low income housing tax credits			(7,954)						(4.3)		%				(5,657)						(3.7)		%				(11,243)						(7.3)		%
New markets tax credits			(9,008)						(4.8)		%				(9,474)						(6.2)		%				(2,416)						(1.6)		%
Other credits			(1,589)						(0.9)		%				(883)						(0.6)		%				(1,306)						(0.8)		%
Nontaxable or nondeducitble items:
Tax-exempt interest, net			(2,148)						(1.2)		%				(1,141)						(0.7)		%				(1,493)						(1.0)		%
Compensation			3,079						1.7		%				407						0.3		%				(217)						(0.1)		%
Other nontaxable or nondeductible			546						0.2		%				(381)						(0.3)		%				(793)						(0.5)		%
Other items:
Investment in partnerships			14,692						7.9		%				13,244						8.6		%				5,714						3.7		%
Other			96						0.1		%				414						0.3		%				701						0.5		%
Income taxes and effective income tax rate			$	51,378					27.5		%				$	39,613					25.8		%				$	31,339					20.4		%

___________________________________________

1.State taxes in Illinois for 2025, 2024, and 2023 made up the majority (greater than 50%) of the tax effect in this category.

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Deferred Income Taxes

Net deferred taxes, reported in other assets or other liabilities on Busey’s Consolidated Balance Sheets, include the deferred tax assets and liabilities presented in the following table:

			As of December 31,
(dollars in thousands)			2025						2024
Deferred taxes
Deferred tax assets:
ACL			$	70,282					$	23,685
Unrealized loss on cash flow hedge			2,744						7,256
Unrealized losses on securities available for sale, net			43,634						61,479
Unrealized losses on securities held to maturity			6,335						8,068
Stock-based compensation			8,089						6,431
Purchase accounting adjustments			3,695						2,076
Accrued vacation			713						493
Lease liabilities			8,016						2,951
Employee costs			12,359						5,725
Tax credits			2,873						—
State net operating loss carryovers			712						—
Other			1,931						—
Deferred tax assets before valuation allowances			161,383						118,164
Valuation allowances			(712)						—
Total deferred tax assets			160,671						118,164
Deferred tax liabilities:
Basis in premises and equipment			(6,716)						(2,419)
Affordable housing partnerships and other investments			(8,920)						(8,011)
Purchase accounting adjustments			(927)						(1,022)
Mortgage servicing assets			(872)						(745)
Basis in core deposit, customer intangible assets, and asset purchase goodwill			(20,427)						(3,325)
Deferred loan origination costs			(1,836)						(3,317)
Right of use assets			(7,427)						(2,835)
Unrealized gain on equity securities			(1,268)						(172)
Other			(900)						(856)
Total deferred tax liabilities			(49,293)						(22,702)
Net deferred tax asset			$	111,378					$	95,462

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Management has determined that it is more likely than not that the net deferred tax assets included in the accompanying Consolidated Financial Statements will be fully realized with the exception of Kansas net operating losses acquired as part of the CrossFirst acquisition. Prior to acquisition, CrossFirst generated $20.5 million of Kansas net operating losses from tax years 2019 through 2025, which are indefinitely lived. As of December 31, 2025, Management has determined that it is more likely than not that these net operating losses will not be realized due to the lack of profitability reported by the entities included in the Kansas filing group. Based on this determination, Busey established a $0.7 million valuation allowance against the acquired Kansas state net operating losses for the year ended December 31, 2025. No valuation allowance was required for any deferred tax assets as of December 31, 2024.

Income Tax Payments

Income tax payments by jurisdiction, excluding payments for tax credit investments, are presented in the following table:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Income tax payments by jurisdiction
Federal			$	16,794					$	11,200					$	18,300
Illinois1			*						*						5,240
Other			4,115						1,707						1,868
Total income tax payments			$	20,909					$	12,907					$	25,408

___________________________________________

1.The amount of income taxes paid during the years ended December 31, 2025 and 2024, does not meet the five percent disaggregation threshold.

For additional information about Busey’s accounting policies related to income taxes, see “Income Taxes” in “Note 1. Significant Accounting Policies.”

NOTE 14. TAX CREDIT INVESTMENTS AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES

Busey’s investments in unconsolidated entities and related unfunded investment obligations are reflected in other assets and other liabilities on the Consolidated Balance Sheets, and are summarized in the table below:

									As of December 31,
(dollars in thousands)			Location						2025						2024
Investments in unconsolidated entities
Tax credit investments			Other assets						$	119,634					$	104,635
Other investments in unconsolidated entities			Other assets						46,361						27,371
Investments in unconsolidated entities									$	165,995					$	132,006
Unfunded investment obligations			Other liabilities						$	68,690					$	61,210

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Busey applies the proportional amortization method in accounting for investments in tax-advantaged projects. Income tax credits and other benefits related to these investments, along with investment amortization, are included as a component of Busey’s estimated annual effective tax rate used for the calculation of income taxes presented on the Consolidated Statements of Income. Actual amounts of income tax credits and other benefits, along with investment amortization, are presented in the table below.

			Years Ended December 31,
(dollars in thousands)			2025						2024
Income tax credits and other tax benefits			$	17,676					$	20,734
Amortization of investments in tax-advantaged projects			15,735						18,494

For additional information about Busey’s accounting policies related to tax credit investments and other investments in unconsolidated entities, see “Tax Credit Investments and Other Investments in Unconsolidated Entities” in “Note 1. Significant Accounting Policies.”

NOTE 15. EMPLOYEE BENEFIT PLANS

401(k) Plan

Busey provides retirement benefits under its 401(k) Plan. All Busey associates who meet certain age requirements are eligible to participate in the 401(k) Plan. There is no waiting period for participation in the 401(k) Plan. The 401(k) Plan is funded primarily through participant contributions via payroll deductions, with two contribution options: (1) the traditional option allows plan participants to elect pre-tax contributions, and (2) the Roth option allows plan participants to elect after-tax contributions. Plan participants may elect to make traditional and/or Roth 401(k) contributions, up to the annual deferral and catch-up limits established by the Internal Revenue Service.

Busey supplements participant contributions by making safe harbor matching and discretionary profit-sharing contributions to the 401(k) Plan.

Safe Harbor Match

Busey makes safe harbor matching contributions to the 401(k) Plan equal to 100% of the first 3% of eligible participant compensation contributed to the plan and 50% of the next 2% of eligible participant compensation contributed to the plan. The rights of participants in safe harbor matching contributions vest immediately.

Profit Sharing

All associates who meet certain age and service requirements are eligible to participate in Busey's profit-sharing contributions. Discretionary profit-sharing contributions and related expenses, if any, are approved solely by the First Busey Corporation board of directors, and in no case may annual contributions be greater than the amounts deductible for federal income tax purposes for that year. The rights of participants in profit-sharing contributions vest ratably over a five-year period.

401(k) Plan Expenses

Expenses related to Busey’s employee benefit plans, reported in salaries, wages, and employee benefits in the accompanying Consolidated Statements of Income, are summarized in the table below:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
401(k) Plan expenses
Safe harbor match expenses			$	6,261					$	4,486					$	3,745
Profit-sharing expenses			4,914						3,370						3,031
Total 401(k) Plan expenses			$	11,175					$	7,856					$	6,776

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NOTE 16. STOCK-BASED COMPENSATION

CrossFirst Acquisition

The CrossFirst acquisition impacted Busey and CrossFirst equity awards:

Treatment of Busey’s Equity Awards

Following the closing of the CrossFirst acquisition, except as otherwise provided in the CrossFirst Merger Agreement, Busey equity awards generally remain outstanding and subject to the same terms and conditions as applied immediately prior to the time at which the CrossFirst acquisition became effective (the “effective time”). Notable changes to Busey’s equity awards are as follows:

•ROATCE PSUs — Each PSU issued by Busey that is earned based on Core Return on Average Tangible Common Equity (the “ROATCE PSUs”) and was outstanding immediately prior to the effective time was deemed earned with the achievement of the applicable performance goals based on actual performance through December 31, 2024, the latest practicable date prior to the effective time, and otherwise remains subject to the same terms and conditions (including service-based vesting terms) as applied to such ROATCE PSUs immediately prior to the effective time. The ROATCE PSUs have been deemed earned (i) at 100% of the target level of performance, for the ROATCE PSUs granted in 2023 and (ii) at 75% of the target level of performance, for the ROATCE PSUs granted in 2024. Modifications to the ROATCE PSUs granted in 2023 impacted 108 award holders and generated $0.2 million of incremental cost, and modifications to the ROATCE PSUs granted in 2024 impacted 129 award holders and generated $0.1 million of incremental cost.

•TSR PSUs — Each Busey PSU previously granted that is tied to total stockholder return (“TSR”, and such PSUs, the “TSR PSUs”) with a performance period that ended December 31, 2024, (excluding TSR PSUs previously held by retirees) was replaced, and each TSR PSU outstanding immediately prior to the effective time with performance periods ending December 31, 2025, and December 31, 2026, (including existing TSR PSUs held by retirees) was modified, each effective March 1, 2025, such that the resulting new or modified PSUs (collectively, the “Merger PSUs”) will be earned based on Busey’s relative TSR rank as compared to the KBW Nasdaq Regional Banking Index, measured at the end of a performance period commencing January 1, 2025, and ending December 31, 2026. The Merger PSUs are subject to the terms and conditions of the 2020 Equity Plan and the applicable award agreements. The target number of PSUs subject to each such Merger PSU was determined based on the number of PSUs that would have been earned in respect of the corresponding TSR PSU had performance for such corresponding TSR PSU been determined based on actual performance as of August 26, 2024, the day immediately prior to the announcement of the Merger, which is (i) in the case of the TSR PSUs granted in 2022, 94.5% of the original target level of performance, (ii) in the case of the TSR PSUs granted in 2023, 96.2% of the original target level of performance, and (iii) in the case of the TSR PSUs granted in 2024, 76.9% of the original target level of performance. Such target number also reflects the number of dividend equivalents accrued in respect of the corresponding existing TSR PSU that would have been earned based on the same actual TSR performance. Replacements for TSR PSUs granted in 2022 impacted 107 award holders and generated $1.3 million of replacement cost. Additional information about the Merger PSU replacement grant is included below under the heading “PSU Awards” in the “2020 Equity Plan” section. Modifications to the TSR PSUs granted in 2023 impacted 108 award holders and generated $1.4 million of incremental cost, and modifications to the TSR PSUs granted in 2024 impacted 129 award holders and generated $0.8 million of incremental cost.

•Busey RSUs — Each outstanding Busey time-based restricted stock unit award (the “Busey RSUs”) will vest in equal annual installments over three (3) years following the effective time; provided that if any Busey RSU would otherwise vest by its terms on an earlier date, any then-unvested portion as of such date shall vest on such original vesting date. Modifications to RSU grants impacted 139 award holders and did not generate any incremental cost.

Each Busey equity award will be subject to double-trigger vesting upon an involuntary termination within twelve (12) months following the effective time (at target performance, in the case of Merger PSUs).

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Treatment of CrossFirst’s Equity Awards

Equity awards based on CrossFirst Common Stock that were outstanding immediately prior to the effective time were converted, at the effective time, either to Busey Common Stock or to equity awards based on Busey Common Stock, as follows:

•Director equity awards — Each CrossFirst restricted stock award held by a CrossFirst non-employee director and each deferred share of CrossFirst Common Stock that was credited to a director participant’s account under the CrossFirst 2018 Directors’ Deferred Fee Plan was converted into the right to receive 0.6675 shares of Busey Common Stock (the “Exchange Ratio”).

•CrossFirst RSUs — Each CrossFirst time-based restricted stock unit award (“CrossFirst RSU”) was converted into a restricted stock unit in respect of Busey Common Stock (a “Busey RSU”) based on the Exchange Ratio, rounded to the nearest whole share, subject to the same terms and conditions as were applicable to the CrossFirst RSUs prior to the effective time.

•CrossFirst PSUs — Each CrossFirst performance-based restricted stock unit award (“CrossFirst PSU”) was converted into a time-based Busey RSU based on the Exchange Ratio, subject to the same terms and conditions as were applicable to the CrossFirst PSUs prior to the effective time, assuming the achievement of the applicable performance goals based on, for the CrossFirst PSUs granted in 2023, actual performance through December 31, 2024, and, for the CrossFirst PSUs granted in 2024, target performance, rounded to the nearest whole share.

•CrossFirst SSARs — Each CrossFirst SSAR was converted into a stock appreciation right in respect of Busey Common Stock based on the Exchange Ratio, rounded down to the nearest whole share (and exercise price rounded up to the nearest cent), generally subject to the same terms and conditions as were applicable to the CrossFirst SSAR prior to the effective time.

Upon vesting and delivery, shares are expected, though not required, to be issued from treasury stock. Busey issued 108,021 treasury shares in conjunction with the settlement in 2025 of RSUs and SSARs that were awarded under the CrossFirst Bankshares, Inc. 2018 Omnibus Equity Incentive Plan, as Amended and Restated. The difference between the number of shares issued and the number of vested units is due to shares issued under a net share settlement option.

Stock Options

Busey has outstanding stock options that were issued under the First Community 2016 Equity Incentive Plan and assumed in Busey’s 2017 acquisition of First Community. A summary of the status of, and changes in, Busey's stock option awards for the year ended December 31, 2025, follows:

Options						Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term						Intrinsic Value ($000's)
Outstanding at December 31, 2024						15,106						$	23.53					1.87 years						$	1
Outstanding at December 31, 2025						15,106						$	23.53					0.87 years						4
Exercisable at December 31, 2025						15,106						$	23.53					0.87 years						4

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Stock Settled Appreciation Rights

Busey issued replacement awards in the form of SSARs as part of the acquisition of CrossFirst. These awards were issued under the CrossFirst Bankshares 2018 Omnibus Equity Incentive Plan with exercise prices equal to the closing price of CrossFirst’s common shares on the original date for each award adjusted by the Exchange Ratio of 0.6675, rounded up to the nearest cent. At grant, SSARs typically vested ratably over seven years of continuous service with a ten-year or fifteen-year contractual term. At grant, replacement SSARs had a weighted average remaining contractual term of 5.4 years, and unvested replacement SSARs had a weighted average remaining vesting period of 3.2 years. The fair value of each SSAR was estimated at acquisition date using a Monte Carlo simulation since the awards were all in-the-money. The fair value of SSARs that vested during 2025 was $3.7 million.

A summary of SSAR activity during 2025 is presented below:

SSARs						Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term						Intrinsic Value ($000's)
Outstanding at December 31, 2024						—						$	—					—						$	—
Replacement of CrossFirst SSARs						424,390						15.78
Exercised1						(119,842)						13.31
Forfeited						(4,005)						16.00
Expired						(30,145)						23.23
Outstanding at December 31, 2025						270,398						$	16.04					4.98 years						2,095
Exercisable at December 31, 2025						253,560						$	15.70					4.94 years						2,051

___________________________________________

1. The aggregate intrinsic value of SSARs exercised during 2025 was $1.1 million.

The following table provides the range of assumptions used in the Monte Carlo simulations to value CrossFirst awards that were replaced at acquisition and the weighted average grant date fair value per share:

						Year Ended December 31, 2025
Assumptions
Expected volatility1						29.10% – 36.70%
Expected dividends2						4.17%
Simulation term3, 4, 5						4.20 years – 5.69 years
Risk-free rate6						3.97% – 4.03%
Weighted average grant date fair value per share						$	8.94

___________________________________________

1.Expected volatility was calculated using a historical volatility of Busey’s stock price over a period commensurate with the simulation term of the SSARs.

2.The dividend yield was calculated using Busey’s annual dividend and closing stock price on the date of acquisition.

3.The simulation term was commensurate with the midpoint of the longest expected term across all SSARs and was impacted by expected exercise behavior and termination rate.

4.As a component of determining the simulation term, exercise was assumed to occur at the earlier of the midpoint of i) the greater of the weighted average time to vest or the time the options are in the money, and the time the SSARs expire, ii) 90 days following the occurrence of a termination, or iii) the end of the contractual term.

5.As a component of determining the simulation term, termination rate was assumed to be between 25% and 50% in the first year following the acquisition and 5% for every year thereafter.

6.The risk-free rate for the simulation term of the SSARs was based on the continuously compounded semi-annual zero-coupon U.S. Treasury rates.

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2020 Equity Plan

The 2020 Equity Plan was originally approved by stockholders at the 2020 Annual Meeting of Stockholders. A description of the 2020 Equity Plan, as originally approved, can be found in Appendix A within Busey’s Proxy Statement for the 2020 Annual Meeting of Stockholders filed on April 9, 2020. An amendment and restatement of the 2020 Equity Plan was approved by stockholders at the 2023 Annual Meeting of Stockholders. Terms of the amended and restated 2020 Equity Plan are substantially identical to those of the originally approved 2020 Equity Plan, other than a 1,350,000 increase in the number of shares authorized for issuance under the plan. More information can be found in Appendix A within Busey’s Proxy Statement for the 2023 Annual Meeting of Stockholders filed on April 14, 2023.

Busey has granted RSU, PSU, and DSU awards under the terms of its 2020 Equity Plan. A description of RSU, PSU, and DSU awards granted in 2025 under the terms of the 2020 Equity Plan is provided below. A description of RSU, PSU, and DSU awards granted in 2024 and 2023 under the terms of the 2020 Equity Plan can be found in Busey’s Annual Reports for the years ended December 31, 2024, and 2023, respectively.

Upon vesting and delivery, shares are expected, though not required, to be issued from treasury stock. Busey issued 437,670 treasury shares in conjunction with the settlement in 2025 of RSUs, PSUs, and DSUs that were awarded under the 2020 Equity Plan. The difference between the number of shares issued and the number of vested units is due to shares issued under a net share settlement option. There were 658,552 shares available for issuance under the 2020 Equity Plan as of December 31, 2025.

RSU Awards

Busey grants RSU awards to members of management periodically throughout the year. RSU awards are stock-based awards for which vesting is conditional upon meeting established service criteria. Each RSU represents the future right to receive one share of Busey’s common stock. Recipients earn quarterly dividend equivalents on their respective RSUs, which entitle the recipients to additional units. Therefore, dividends earned each quarter compound based upon the updated unit balances.

On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted 348,269 RSUs to members of management. The grant date fair value of the award was $7.7 million, which will be recognized as compensation expense over the requisite service period. These awards will vest in equal installments over three years, on each anniversary of the grant date. The terms of these awards included an accelerated vesting provision upon eligible retirement from Busey, after a one-year minimum requisite service period.

On May 29, 2025, under the terms of the 2020 Equity Plan, Busey granted 4,494 RSUs to members of management. The grant date fair value of the award was $0.1 million, which will be recognized as compensation expense over the requisite service period. These awards will vest in equal installments over three years, on each anniversary of the grant date.

On July 23, 2025, under the terms of the 2020 Equity Plan, Busey granted 13,724 RSUs to members of management. The grant date fair value of the award was $0.3 million, which will be recognized as compensation expense over the requisite service period. These awards will vest on July 23, 2028.

On October 8, 2025, under the terms of the 2020 Equity Plan, Busey granted 21,395 RSUs to a member of management. The grant date fair value of the award was $0.5 million, which will be recognized as compensation expense over the requisite service period. These awards will vest on October 8, 2028.

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A summary of changes in Busey’s RSU awards for the year ended December 31, 2025, is presented in the following table:

RSU Awards						Shares						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2024						1,066,772						$	21.80
Conversion of Busey ROATCE PSUs to RSUs						157,094						23.99
Replacement of CrossFirst RSUs and PSUs						341,048						23.99
Granted						387,882						22.28
Dividend equivalents earned						63,864						22.32
Vested						(547,788)						20.77
Forfeited						(148,335)						22.48
Nonvested at December 31, 2025						1,320,537						$	23.14

PSU Awards

Busey grants PSU awards to members of management periodically throughout the year. PSU awards are stock-based awards for which vesting is conditional upon meeting established performance criteria for the applicable performance period and providing continuous service through the end of such performance period. Each PSU represents the future right to receive one share of Busey’s common stock. The number of PSUs that ultimately vest will be determined based on the extent to which the established performance criteria are achieved. Busey’s PSUs are subject to accelerated service-based vesting conditions upon eligible retirement from Busey. After performance determination, dividend equivalents are compounded based upon the updated PSU balances at each dividend date during the performance period.

On March 1, 2025, under the terms of the 2020 Equity Plan, in connection with the CrossFirst acquisition, Busey granted a target of 59,471 Merger PSUs with a maximum award of 95,154 units, which replaced the TSR PSUs granted in 2022. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining a relative total stockholder return performance goal. The grant date fair value of the award, calculated using the Geometric Brownian Motion Model, was $1.3 million, which will be recognized in compensation expense over the performance period ending December 31, 2026.

On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted a target of 174,126 PSUs with a maximum award of 278,602 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining a relative total stockholder return performance goal. The grant date fair value of the award, calculated using the Geometric Brownian Motion Model, was $3.4 million, which will be recognized in compensation expense over the performance period ending December 31, 2027.

On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted a target of 174,126 PSUs with a maximum award of 278,602 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining an adjusted return on average tangible common equity performance goal. The grant date fair value of the award was $3.9 million, which will be recognized in compensation expense over the performance period ending December 31, 2027. The actual amount of compensation expense recognized for these awards is subject to adjustment based on the extent to which performance goals are expected to be achieved.

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A summary of changes in Busey’s PSU awards for the year ended December 31, 2025, is presented in the following table:

PSU Awards						Shares1						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2024						372,042						$	21.15
Modifications based on CrossFirst acquisition2						(181,828)						20.43
Granted						407,723						20.99
Dividend equivalents earned						198						21.87
Vested						(21,792)						20.61
Forfeited						(50,842)						20.94
Nonvested at December 31, 2025						525,501						$	21.32
Vested and outstanding at December 31, 20253						13,455						$	20.44

___________________________________________

1.Shares for PSU awards represent target shares at grant date.

2.Modifications include PSUs that were converted to RSUs as well as balance adjustments related to the 2023 TSR PSUs and the 2024 TSR PSUs.

3.The performance and service periods for PSUs granted in 2023 ended on December 31, 2025, and these awards were considered vested under the 2020 Equity Plan at that time. Performance achievement was calculated in January 2026 and approved by Busey’s Compensation Committee on January 27, 2026. The achievement percentage for these awards was determined to be zero percent.

DSU Awards

Busey grants DSU awards to its non-employee directors. DSU awards are stock-based awards with a deferred settlement date. Each DSU represents the future right to receive one share of Busey’s common stock. DSUs vest over a one-year period following the grant date. Under the 2020 Equity Plan, DSUs are generally subject to the same terms as RSUs, except that following vesting of DSUs, settlement occurs within 30 days following the earlier of separation from the board or a change in control of the Company. After vesting and prior to delivery, DSUs will continue to earn dividend equivalents.

On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted 39,846 DSUs to non-employee directors. The grant date fair value of the award totaled $0.9 million and will be recognized as compensation expense over the requisite service period of one year. Subsequent to the requisite service period, the awards will become 100% vested.

A summary of changes in Busey’s DSU awards for the year ended December 31, 2025, is presented in the following table:

DSU Awards						Shares						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2024						36,893						$	23.40
Granted						39,846						22.16
Dividend equivalents earned						8,518						22.64
Vested						(44,039)						23.29
Nonvested at December 31, 2025						41,218						$	22.16
Vested and outstanding at December 31, 2025						146,076						$	23.01

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Employee Stock Purchase Plan

The First Busey Corporation ESPP was approved at Busey’s 2021 Annual Meeting of Stockholders. The purpose of the ESPP is to provide a means through which Busey employees may acquire a proprietary interest in the Company by purchasing shares of its common stock at a 15% discount through voluntary payroll deductions, to assist in retaining the services of current employees and securing and retaining the services of new employees, and to provide incentives for Busey employees to exert maximum efforts toward the Company’s success. Substantially all of Busey’s employees are eligible to participate, and all participating employees have equal rights and privileges under the terms of the ESPP. Further details can be found in Appendix A within Busey’s Definitive Proxy Statement filed with the SEC on April 8, 2021.

The ESPP initially reserved for issuance and purchase an aggregate of 600,000 shares of Busey’s common stock. The first offering under the ESPP began on July 1, 2021. There were 295,946 shares available for issuance under the ESPP as of December 31, 2025.

Stock-Based Compensation Expense

Busey recognized compensation expense related to non-vested equity awards as summarized in the table below:

									Years Ended December 31,
(dollars in thousands)			Location						2025						2024						2023
Stock-based compensation expense
SSARs			Salaries, wages, and employee benefits						$	137					$	—					$	—
RSU awards			Salaries, wages, and employee benefits						10,657						3,823						2,622
PSU awards1			Salaries, wages, and employee benefits						5,158						2,867						2,962
DSU awards			Other expense						842						826						833
ESPP			Salaries, wages, and employee benefits						326						210						178
Total stock-based compensation expense									$	17,120					$	7,726					$	6,595

___________________________________________

1.Expense for PSU awards with a relative total stockholder return performance goal represents amounts based on target shares at the grant date. Expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at the grant date, adjusted for performance expectations as of the date indicated.

As all outstanding stock options were fully vested, no compensation expense was recorded for stock options for the years ended December 31, 2025, 2024, and 2023, and no unrecognized compensation expense remains for Busey’s stock option awards as of December 31, 2025.

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Unamortized stock-based compensation expense is presented in the table below:

			As of December 31,
(dollars in thousands)			2025						2024
Unamortized stock-based compensation
SSARs			$	98					$	—
RSU awards			9,236						7,093
PSU awards1			5,769						3,043
DSU awards			206						181
Total unamortized stock-based compensation			$	15,309					$	10,317
Weighted average period over which expense is to be recognized on awards issued under Busey's 2020 Equity Plan			1.8 years						2.5 years
Weighted average period over which expense is to be recognized on CrossFirst replacement awards			1.2 years						N/A

___________________________________________

1.Unamortized expense for PSU awards with a relative total stockholder return performance goal represents amounts based on target shares at grant date. Unamortized expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.

For additional information about Busey’s accounting policies related to stock-based compensation, see “Stock-Based Compensation” in “Note 1. Significant Accounting Policies.”

NOTE 17. TRANSACTIONS WITH RELATED PARTIES

Busey has had, and may be expected to have in the future, banking transactions in the ordinary course of business with related parties which include directors, executive officers, chief credit officers, their immediate families, and affiliated companies in which they have 10% or more beneficial ownership, on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with others.

The following table presents changes in loans to related parties, as a group:

(dollars in thousands)			As of and for the Year Ended December 31, 2025
Balance of loans to related parties, December 31, 2024			$	98,011
Change in relationship			(62,108)
New loans/advances			2,383
Repayments			(3,373)
Balance of loans to related parties, December 31, 2025			$	34,913
Unused commitments to directors and executive officers			$	35,863

Loans to related parties did not include significant amounts that were past due, non-accrual, or modified.

Deposits from related parties totaled $98.0 million as of December 31, 2025, and $31.2 million as of December 31, 2024.

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NOTE 18. OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES

Credit Commitments and Contingencies

A summary of the contractual amount of Busey’s exposure to off-balance-sheet risk relating to the Company’s commitments to extend credit and standby letters of credit follows:

			As of December 31,
(dollars in thousands)			2025						2024
Off-Balance Sheet Commitments
Commitments to extend credit			$	4,696,867					$	2,512,714
Standby letters of credit			123,746						35,464
Total commitments			$	4,820,613					$	2,548,178

For additional information about Busey’s accounting policies related to credit commitments and contingencies, see “Off-Balance Sheet Arrangements” in “Note 1. Significant Accounting Policies.”

Legal Matters

Busey is a party to legal actions which arise in the normal course of its business activities. Additionally, on November 25, 2025, First Busey Corporation filed two lawsuits against the Illinois Secretary of State in connection with an ongoing dispute regarding the amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey Corporation to the Illinois Secretary of State, as described in more detail under the heading “Franchise Tax Matter” below. Legal and administrative proceedings are subject to inherent uncertainties. While unfavorable outcomes could occur, Busey does not believe at this time that any potential liabilities relating to pending or potential legal matters are likely to have a material impact on Busey's results of operations or financial position.

Franchise Tax Matter

In 2021, First Busey Corporation received an inquiry from the Illinois Secretary of State, pursuant to which the Illinois Secretary of State asked for additional information regarding certain of First Busey Corporation’s franchise tax filings and the calculation of amounts due thereunder. The franchise tax is established by the Illinois Business Corporation Act (“BCA”) 805 ILCS 5/1 et seq., and is a tax imposed on foreign and domestic corporations for the privilege of conducting business in Illinois. First Busey Corporation has been cooperating with the inquiry since the initial outreach from the Illinois Secretary of State in 2021 and in October 2024 delivered additional BCA forms requested by the Illinois Secretary of State, with a full reservation of rights by First Busey Corporation.

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

On March 20, 2025, the Illinois Secretary of State requested that First Busey Corporation resubmit the requested forms using a proposed methodology for paid-in capital that First Busey Corporation views as inconsistent with the Illinois Secretary of State’s past practice, and existing statutory and case law. Accordingly, on May 14, 2025, within the Illinois Secretary of State’s requested timeframe, First Busey Corporation informed the Illinois Secretary of State that it would not resubmit the requested forms with the methodology that First Busey Corporation disputes and requested that the parties instead continue good faith discussions. On July 2, 2025, First Busey Corporation received a notice of hearing from the Illinois Secretary of State indicating that an administrative hearing has been scheduled to “ascertain” the required amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey Corporation to the Illinois Secretary of State. In the notice, the Illinois Secretary of State requested a determination of an amount due that the Illinois Secretary of State preliminarily estimated at in excess of $28.0 million, including in excess of $17.4 million in interest and approximately $0.3 million in penalties. First Busey Corporation disagrees with the Illinois Secretary of State’s preliminary estimate and believes that the Illinois Secretary of State’s request is contrary not only to the Illinois Secretary of State’s past practice, but also existing statutory and case law. First Busey Corporation intends to vigorously defend itself against the Illinois Secretary of State’s notice, including through appropriate judicial relief. To that end, on July 31, 2025, First Busey Corporation filed a special appearance with the Illinois Secretary of State’s Department of Administrative Hearings solely for the limited purpose of contesting the jurisdiction of the Illinois Secretary of State to initiate and conduct the administrative hearing, and on November 25, 2025, First Busey Corporation filed two lawsuits against the Illinois Secretary of State in connection with this matter: one in federal court, First Busey Corporation v. Alexi Giannoulias, No. 3:25-cv-50488 (N.D. Ill.); and one in Illinois state court, First Busey Corporation v. Alexi Giannoulias, No. 25-MR-283 (Sixth Judicial Circuit of Illinois, Champaign County). Both lawsuits and the administrative hearing remain pending.

Where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, no accrual is required. Given the underlying disagreement between First Busey Corporation and the Illinois Secretary of State on the proper methodology for calculating any franchise tax owed, the loss cannot be reasonably estimated. It is reasonably possible that this matter could require First Busey Corporation to pay additional taxes, including potential penalties and interest, or make other expenditures or accrue liabilities in amounts that could not be reasonably estimated as of December 31, 2025. If the likelihood of potential liabilities elevates and First Busey Corporation becomes able to reasonably estimate the loss, requiring an accrual, the potential future liabilities could be material in the period(s) in which they are recorded.

NOTE 19. DERIVATIVE FINANCIAL INSTRUMENTS

Busey utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. Additionally, Busey enters into derivative financial instruments, including interest rate lock commitments issued to residential loan customers for loans that will be held for sale; forward sales commitments to sell residential mortgage loans to investors; and interest rate swaps and risk participation agreements with customers and other third parties. See “Note 20. Fair Value Measurements” for further discussion of the fair value measurement of such derivatives.

To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows:

			As of December 31,
(dollars in thousands)			2025						2024
Cash pledged to secure obligations under derivative contracts			$	14,400					$	21,900
Collateral held to secure obligations under derivative contracts			5,050						20,260

Derivative Instruments Designated as Hedges

Busey entered into derivative instruments designated as cash flow hedges. For a derivative instrument that is designated and qualifies as a cash flow hedge, the change in fair value of the derivative instrument is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in fair value of components excluded from the assessment of effectiveness are recognized in current earnings.

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Interest Rate Swaps Designated as Cash Flow Hedges

Interest rate swaps with notional amounts totaling $500.0 million as of both December 31, 2025, and December 31, 2024, were designated as cash flow hedges. Busey entered into a $300.0 million receive-fixed pay-floating interest rate swap to reduce Busey's asset sensitivity (“Prime Loan Swap”). Duration was added to Busey’s loan portfolio by fixing a portion of floating prime-based loans. Interest rates had risen above their historical lows allowing Busey to lock in a portion of its loan portfolio to reduce asset sensitivity while creating a more stable margin in a volatile rate market. These hedges were determined to be highly effective during the period, and Busey expects its hedges to remain highly effective during the remaining terms of the swaps. Further, Busey entered into forward-starting SOFR-based receive-fixed pay-floating interest rate swaps totaling $200.0 million to reduce Busey’s asset sensitivity (“SOFR Loan Swaps”). These hedges were determined to be highly effective during the period, and Busey expects its hedges to remain highly effective during the remaining terms of the swaps. Changes in fair value were recorded net of tax in OCI.

A summary of the interest-rate swaps designated as cash flow hedges is presented below:

									As of December 31,
(dollars in thousands)			Location						2025						2024
Prime Loan Swap
Notional amount									$	300,000					$	300,000
Weighted average rate: receive-fixed									4.81		%				4.81		%
Weighted average variable Prime pay rates									6.81		%				7.62		%
Weighted average maturity									3.10 years						4.10 years
SOFR Loan Swaps
Notional amount									$	200,000					$	200,000
Weighted average rate: receive-fixed									3.78		%				3.78		%
Weighted average variable 1-month CME Term SOFR pay rates									3.82		%				—		%
Weighted average maturity									3.76 years						4.76 years
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets			Other assets						$	3,215					$	—
Gross aggregate fair value of swap liabilities			Other liabilities						$	14,589					$	27,770
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax			AOCI						$	(7,616)					$	(19,805)

During the next 12 months, Busey expects to reclassify unrealized gains and losses from OCI to interest income and interest expense as shown in the following table. Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to December 31, 2025.

(dollars in thousands)			As of December 31, 2025
Unrealized gains (losses) expected to be reclassified from OCI to interest income			$	(521)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Interest income and interest expense recorded on swap transactions is presented in the following table:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Interest on swap transactions
Increase (decrease) in interest income on swap transactions			$	(8,432)					$	(10,669)					$	(10,326)
(Increase) decrease in interest expense on swap transactions			—						1,378						1,757
Net increase (decrease) in net interest income on swap transactions			$	(8,432)					$	(9,291)					$	(8,569)

Net gains (losses) relating to cash flow derivative instruments that were recorded in OCI on the Consolidated Statements of Income are presented in the table below:

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax			$	5,919					$	(10,790)					$	(1,835)
(Gain) loss reclassified from OCI to interest income, net of tax			6,270						8,818						7,382
(Gain) loss reclassified from OCI to interest expense, net of tax			—						(1,139)						(1,256)
Net change in unrealized gains (losses) on cash flow hedges, net of tax			$	12,189					$	(3,111)					$	4,291

Derivative Instruments Not Designated as Hedges

Interest Rate Swaps Not Designated as Hedges

Busey may offer derivative contracts to its customers in connection with their risk management needs. Busey manages the risk associated with these contracts by entering into equal and offsetting derivative agreements with a third-party dealer. These contracts supported variable rate, commercial loan relationships totaling $1.16 billion as of December 31, 2025, and $719.2 million as of December 31, 2024. These derivatives generally worked together as an economic interest rate hedge, but Busey did not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.

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Amounts and fair values of derivative assets and derivative liabilities related to customer interest rate swaps recorded on the Consolidated Balance Sheets are summarized as follows:

									As of December 31, 2025												As of December 31, 2024
(dollars in thousands)			Location						Notional Amount						Fair Value						Notional Amount						Fair Value
Derivative assets not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floating			Other assets						$	703,286					$	11,542					$	156,539					$	1,465
Interest rate swaps: receive-floating, pay-fixed			Other assets						456,973						15,998						562,697						28,854
Derivative assets not designated as hedging instruments									$	1,160,259					$	27,540					$	719,236					$	30,319
Derivative liabilities not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floating			Other liabilities						$	456,973					$	15,998					$	562,697					$	28,854
Interest rate swaps: receive-floating, pay-fixed			Other liabilities						703,286						11,542						156,539						1,465
Derivative liabilities not designated as hedging instruments									$	1,160,259					$	27,540					$	719,236					$	30,319

Changes in fair value of these derivative assets and derivative liabilities were recorded in noninterest expense on the Consolidated Statements of Income and are summarized as follows:

									Years Ended December 31,
(dollars in thousands)			Location						2025						2024						2023
Interest rate swaps
Receive-fixed, pay-floating			Noninterest expense						$	(2,604)					$	1,726					$	(11,525)
Receive-floating, pay-fixed			Noninterest expense						2,604						(1,726)						11,525
Net change in fair value of interest rate swaps									$	—					$	—					$	—

Risk Participation Agreements

To manage the credit risk exposure related to customer-facing swaps, Busey entered into risk participation agreements in conjunction with loan participation arrangements with other financial institutions. Under these risk participation agreements, Busey purchased credit risk participation, paying an up-front fee to a counterparty to accept a portion of its credit exposure, and will receive a payment from the counterparty if the swap customer defaults on its obligations. Busey also assumed additional risk participation agreements entered into by CrossFirst, in which CrossFirst purchased credit risk participation, and Busey will receive a payment from the counterparty if the swap customer defaults on its obligations.

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In connection with the CrossFirst acquisition, Busey assumed risk participation agreements entered into by CrossFirst, under which CrossFirst sold credit risk participation, receiving an up-front fee from a counterparty in exchange for accepting a portion of the counterparty’s credit exposure. Under these agreements, Busey will be required to make a payment to the counterparty if the swap customer defaults on its obligations.

Notional amounts of the risk participation agreements reflect the participating banks’ pro-rata shares of the derivative instruments, consistent with their shares of the related participated loans. The risk participation agreements mature between May 2026 and October 2033, and are summarized as follows:

			As of December 31,
(dollars in thousands)			2025						2024
Risk participation agreements purchased
Number of risk participation agreements			12						5
Notional amount			$	74,590					$	40,092
Fair value			30						5
Risk participation agreements sold
Number of risk participation agreements			13						—
Notional amount			$	108,743					$	—
Fair value			65						—

Mortgage Banking Derivatives

Interest Rate Lock Commitments

Interest rate lock commitments that meet the definition of derivative financial instruments under ASC Topic 815 “Derivatives and Hedging” are carried at their fair values in other assets or other liabilities on the Consolidated Balance Sheets, with changes in the fair values of the corresponding derivative financial assets or liabilities recorded as either a charge or credit to current earnings during the period in which the changes occurred.

Forward Sales Commitments

Busey economically hedges mortgage loans held for sale and interest rate lock commitments issued to its residential loan customers related to loans that will be held for sale by obtaining corresponding forward sales commitments with an investor to sell the loans at an agreed-upon price at the time the interest rate locks are issued to the customers. Forward sales commitments that meet the definition of derivative financial instruments under ASC Topic 815 “Derivatives and Hedging” are carried at their fair values in other assets or other liabilities on the Consolidated Balance Sheets. While such forward sales commitments generally served as an economic hedge to mortgage loans held for sale and interest rate lock commitments, Busey did not designate them for hedge accounting treatment. Changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Amounts and fair values of mortgage banking derivatives included on the Consolidated Balance Sheets are summarized as follows:

									As of December 31, 2025												As of December 31, 2024
(dollars in thousands)			Location						Notional Amount						Fair Value						Notional Amount						Fair Value
Mortgage banking derivative assets
Interest rate lock commitments			Other assets						$	6,159					$	145					$	2,430					$	28
Forward sales commitments			Other assets						1,520						2						3,457						21
Mortgage banking derivative assets									$	7,679					$	147					$	5,887					$	49
Mortgage banking derivative liabilities
Interest rate lock commitments			Other liabilities						$	—					$	—					$	436					$	4
Forward sales commitments			Other liabilities						9,278						26						1,955						6
Mortgage banking derivative liabilities									$	9,278					$	26					$	2,391					$	10

Gains and losses relating to these derivative instruments are reported in noninterest income, and are summarized as follows:

									Years Ended December 31,
(dollars in thousands)			Location						2025						2024						2023
Net gains (losses) on mortgage banking derivatives
Gains (losses) on interest rate lock commitments			Mortgage revenue						$	789					$	585					$	—
Gains (losses) on forward sales commitments			Mortgage revenue						(40)						(147)						2
Net gains (losses) on mortgage banking derivatives									$	749					$	438					$	2

Gains or losses are recognized on these mortgage banking derivative instruments in earnings; however, because loans held for sale are carried at LOCOM, any corresponding increase in the fair value of loans held for sale will not be recognized in earnings until the loans are sold, at which time the increase is factored into the calculated gain on sale. Decreases in the market value of loans held for sale are recognized in earnings at each measurement period.

For additional information about Busey’s accounting policies related to derivative financial instruments, see “Derivative Financial Instruments” in “Note 1. Significant Accounting Policies.”

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 20. FAIR VALUE MEASUREMENTS

The fair value of an asset or liability is the price that would be received by selling that asset or paid in transferring that liability (exit price) in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. ASC Topic 820 “Fair Value Measurement” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

•Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

•Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatility, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.

•Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to Busey’s assets and liabilities that are carried at fair value.

In general, fair value estimates are based upon quoted market prices, when available. If such quoted market prices are not available, fair values are estimated utilizing independent valuation techniques that consider identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable data. Valuation adjustments may be made to ensure that financial instruments are recorded at their estimated fair values. These adjustments may include amounts to reflect, among other things, counterparty credit quality and the company's creditworthiness as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. While management believes Busey's valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to estimate the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Debt Securities Available for Sale

Debt securities classified as available for sale are reported at fair value, which is estimated using Level 2 inputs. Busey obtains fair value measurements from an independent pricing service. The independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid, and other market information. Because many fixed income securities do not trade on a daily basis, the independent pricing service applies available information to prepare evaluations, with a focus on observable market data such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing.

The independent pricing service uses model processes, such as the Option Adjusted Spread model, to assess interest rate impact and develop prepayment scenarios. Models and processes take into account market conventions. For each asset class, a team of evaluators gathers information from market sources and integrates relevant credit information, perceived market movements, and sector news into the evaluated pricing applications and models.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Market inputs that the independent pricing service normally seeks for evaluations of securities, listed in approximate order of priority, include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. The independent pricing service also monitors market indicators, industry, and economic events. For certain security types, additional inputs may be used or some of the market inputs may not be applicable. Evaluators may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs listed are available for use in the evaluation process for each security evaluation on a given day. Because the data utilized was observable, the securities have been classified as Level 2.

Equity Securities

Equity securities are reported at fair value, which is estimated using Level 1 or Level 2 inputs. Fair value measurements of mutual funds or stock in active markets are estimated using unadjusted quoted prices for identical assets at the measurement date and are classified as Level 1. Fair value measurements of stock that are not active use quoted prices for identical or similar assets in markets and are classified as Level 2.

Derivative Assets and Derivative Liabilities

Busey’s derivative assets and derivative liabilities are reported at fair value, which is measured using Level 2 or Level 3 inputs. Derivative balances are included in other assets or other liabilities on the Consolidated Balance Sheets, and consist of interest rate swaps and risk participation agreements where there is no significant deterioration in the counterparties (loan customers) credit risk since origination of the interest rate swap or risk participation agreement, as well as mortgage banking derivatives, including interest rate lock commitments and forward sales commitments.

Fair values of derivative assets and liabilities are estimated based on prices that are obtained from a third-party which uses observable market inputs and, with the exception of risk participation agreements, are classified as Level 2. For purposes of potential valuation adjustments to Busey’s derivative positions, Busey evaluates the credit risk of its counterparties as well as its own credit risk. Accordingly, Busey has considered factors such as the likelihood of default, expected loss given default, net exposures, and remaining contractual life, among other things, in determining if any estimated fair value adjustments related to credit risk are required. Busey reviews counterparty exposure quarterly, and when necessary, appropriate adjustments are made to reflect the exposure. No changes in counterparty credit were identified.

Due to the significance of unobservable inputs, derivative assets related to risk participation agreements are classified as Level 3.

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The following tables summarize financial assets and financial liabilities measured at estimated fair value on a recurring basis:

			As of December 31, 2025
(dollars in thousands)			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available for sale:
Obligations of U.S. government corporations and agencies			$	—					$	112,046					$	—					$	112,046
Obligations of states and political subdivisions			—						263,873						—						263,873
Asset-backed securities			—						265,580						—						265,580
Commercial mortgage-backed securities			—						132,942						—						132,942
Residential mortgage-backed securities			—						1,344,416						—						1,344,416
Corporate debt securities			—						43,691						—						43,691
Equity securities			155						14,761						—						14,916
Derivative assets			—						30,902						30						30,932
Derivative liabilities			—						42,155						65						42,220

			As of December 31, 2024
(dollars in thousands)			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available for sale:
Obligations of U.S. government corporations and agencies			$	—					$	1,400					$	—					$	1,400
Obligations of states and political subdivisions			—						139,829						—						139,829
Asset-backed securities			—						336,557						—						336,557
Commercial mortgage-backed securities			—						92,174						—						92,174
Residential mortgage-backed securities			—						1,087,210						—						1,087,210
Corporate debt securities			—						153,051						—						153,051
Equity securities			5,567						10,295						—						15,862
Derivative assets			—						30,368						5						30,373
Derivative liabilities			—						58,099						—						58,099

Activity for risk participation agreements, which are financial assets measured at estimated fair value on a recurring basis using Level 3, is summarized in the tables below:

									Years Ended December 31,
(dollars in thousands)			Location						2025						2024
Beginning Balance									$	5					$	15
Gains (losses) recognized in earnings			Other expense						117						(26)
Purchases									(171)						16
Sales									55						—
Assumed in acquisition									(41)						—
Ending Balance									$	(35)					$	5

For additional information about Busey’s accounting policies related to the fair value of financial instruments, see “Fair Value of Financial Instruments” in “Note 1. Significant Accounting Policies.”

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Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain financial assets and financial liabilities are measured at estimated fair value on a non-recurring basis; that is, the instruments are not measured at estimated fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

Loans Evaluated Individually

Busey does not record portfolio loans at estimated fair value on a recurring basis. However, periodically, a loan is evaluated individually and is reported at the estimated fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the estimated collateral value is not sufficient, a specific reserve is recorded. Collateral values are estimated using a combination of observable inputs, including recent appraisals, and unobservable inputs based on customized discounting criteria. Due to the significance of unobservable inputs, fair values of individually evaluated collateral dependent loans have been classified as Level 3.

OREO and Other Repossessed Assets

Non-financial assets measured at fair value, upon initial recognition or subsequent impairment, include OREO and other repossessed assets. OREO properties and other repossessed assets are measured using a combination of observable inputs, including recent appraisals, and unobservable inputs. Due to the significance of unobservable inputs, the estimated fair values of all OREO and other repossessed assets have been classified as Level 3.

Bank Property Held for Sale

Bank property held for sale represents certain banking center office buildings which Busey has closed and consolidated with other existing banking centers. Bank property held for sale is measured at the lower of amortized cost or estimated fair value less estimated costs to sell, and is included in premises and equipment, net on the Consolidated Balance Sheets. Fair values were based upon discounted appraisals or real estate listing prices. Due to the significance of unobservable inputs, fair values of all bank property held for sale have been classified as Level 3.

The following tables summarize assets and liabilities measured at estimated fair value on a non-recurring basis:

			As of December 31, 2025
(dollars in thousands)			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance			$	—					$	—					$	19,604					$	19,604
OREO and other repossessed assets with subsequent impairment			—						—						4,409						4,409
Bank property held for sale with impairment			—						—						1,855						1,855

			As of December 31, 2024
(dollars in thousands)			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance			$	—					$	—					$	616					$	616
Bank property held for sale with impairment			—						—						2,841						2,841

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The following tables present additional quantitative information about assets measured at estimated fair value on a non-recurring basis using Level 3 inputs:

As of December 31, 2025

(dollars in thousands)

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

19,604

Appraisal of collateral

Appraisal adjustments

-1.6% to -100.0% (-44.6)

OREO and other repossessed assets with subsequent impairment

4,409

Appraisal of collateral

Appraisal adjustments

-2.8% to -24.1% (-4.5)%

Bank property held for sale with impairment

1,855

Appraisal of collateral or real estate listing price

Appraisal adjustments

-9.0% to -58.0% (-39.4)

As of December 31, 2024

(dollars in thousands)

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

616

Appraisal of collateral

Appraisal adjustments

-25.0% to -100.0% (-74.9)%

Bank property held for sale with impairment

2,841

Appraisal of collateral or real estate listing price

Appraisal adjustments

-9.0% to -76.7% (-51.8)%

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Contents of Item 8. Financial Statements and Supplementary Data

FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Financial Assets and Financial Liabilities That Are Not Carried at Fair Value

Fair values of financial instruments that are not carried at fair value on Busey’s Consolidated Balance Sheets were estimated as follows:

			As of December 31, 2025												As of December 31, 2024
(dollars in thousands)			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents			$	294,052					$	294,052					$	697,659					$	697,659
Level 2 inputs:
Debt securities held to maturity			746,385						625,957						826,630						675,053
Loans held for sale			5,752						5,886						3,657						3,726
Restricted bank stock			77,006						77,006						49,930						49,930
Accrued interest receivable			71,788						71,788						45,141						45,141
Level 3 inputs:
Portfolio loans, net			13,393,776						13,472,907						7,613,683						7,426,158
Mortgage servicing rights			1,459						5,176						1,304						5,627
Other servicing rights			2,086						2,193						1,482						1,591
Financial liabilities
Level 2 inputs:
Time deposits			$	2,429,890					$	2,425,290					$	1,490,635					$	1,481,591
Securities sold under agreements to repurchase			166,929						166,929						155,610						155,610
Long-term borrowings			113,806						113,853						—						—
Junior subordinated debt owed to unconsolidated trusts			77,328						71,407						74,815						67,314
Accrued interest payable			25,372						25,372						21,129						21,129
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs			99,395						94,500						227,723						219,043

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 21. EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered. Net income available to common stockholders is net income less dividends that have been declared on Busey’s preferred stock (all of which is non-cumulative). Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if Busey’s outstanding stock options and SSARs were exercised, stock units were vested, and ESPP shares were issued.

Earnings per common share have been computed as follows:

			Years Ended December 31,
(dollars in thousands, except per share amounts)			2025						2024						2023
Net income available to common stockholders			$	125,386					$	113,691					$	122,565
Weighted average number of common shares outstanding, basic			84,007,614						56,610,032						55,432,322
Dilutive effect of common stock equivalents:
Options			47						753						—
Warrants			—						—						324
SSARs			188,571						—						—
RSU awards			822,771						662,341						647,217
PSU awards			85,022						243,166						151,190
DSU awards			18,335						19,956						18,154
ESPP			11,266						6,753						6,941
Weighted average number of common shares outstanding, diluted			85,133,626						57,543,001						56,256,148
Basic earnings per common share			$	1.49					$	2.01					$	2.21
Diluted earnings per common share			1.47						1.98						2.18

Shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:

			Years Ended December 31,
			2025						2024						2023
Anti-dilutive common stock equivalents
Options			11,330						9,588						21,981
RSU awards			1,124						3,216						39,445
PSU awards			178,574						140,937						106,955
Total anti-dilutive common stock equivalents			191,028						153,741						168,381

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 22. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes changes AOCI by component, net of tax:

(dollars in thousands)			Unrealized Gains (Losses) on Debt Securities Available For Sale						Unrecognized Gains (Losses) on Debt Securities Held to Maturity						Unrealized Gains (Losses) on Cash Flow Hedges						Total
Balance, December 31, 2022			$	(222,394)					$	(29,899)					$	(20,985)					$	(273,278)
Unrealized holding gains (losses), net			41,824						—						(1,835)						39,989
Amounts reclassified from AOCI, net			3,934						—						6,126						10,060
Amortization of unrecognized losses on securities transferred to held to maturity			—						4,426						—						4,426
Balance, December 31, 2023			(176,636)						(25,473)						(16,694)						(218,803)
Unrealized holding gains (losses), net			6,509						—						(10,790)						(4,281)
Amounts reclassified from AOCI, net			4,447						—						7,679						12,126
Amortization of unrecognized losses on securities transferred to held to maturity			—						3,919						—						3,919
Balance, December 31, 2024			(165,680)						(21,554)						(19,805)						(207,039)
Unrealized holding gains (losses), net			55,863						—						5,919						61,782
Amounts reclassified from AOCI, net			11,124						—						6,270						17,394
Amortization of unrecognized losses on securities transferred to held to maturity			—						3,390						—						3,390
Balance, December 31, 2025			$	(98,693)					$	(18,164)					$	(7,616)					$	(124,473)

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 23. OPERATING SEGMENTS AND RELATED INFORMATION

Busey’s reportable segments are determined by its chief executive officer, who is the designated chief operating decision maker. Busey is organized into three reportable operating segments: Banking, Wealth Management, and FirsTech. These operating segments are strategic business units that are separately managed, as they offer different products and services and have different marketing strategies.

To evaluate segment performance and make informed decisions regarding the allocation of capital and personnel to the segments, the chief operating decision maker reviews each segment’s revenues, consisting of net interest income plus noninterest income, and net income, against budgeted revenues and net income on a monthly basis. This process enables Busey to (1) determine the cost and availability of funds within each business segment, (2) assess the profitability of a specific business segment by aligning relevant costs with revenues, and (3) evaluate each business segment in a way that reflects its economic impact on consolidated earnings.

Banking

The Banking operating segment provides a full range of banking services to individual and corporate customers through First Busey Corporation’s wholly-owned bank subsidiary, Busey Bank.

Busey Bank has 79 banking centers located throughout Illinois; the St. Louis, Missouri MSA; southwest Florida; Indianapolis, Indiana; the Dallas-Fort Worth MSA; the Kansas City MSA; Wichita, Kansas; Oklahoma City and Tulsa, Oklahoma; Phoenix and Tucson, Arizona; Denver and Colorado Springs, Colorado; and Clayton, New Mexico.

Banking services offered to individual customers include customary types of demand and savings deposits, money transfers, safe deposit services, individual retirement accounts and other fiduciary services, automated teller machines, and technology-based networks, as well as a variety of loan products including residential real estate, home equity lines of credit, and consumer loans. Banking services offered to corporate customers include commercial, CRE, real estate construction, and agricultural loans, as well as commercial depository services such as cash management.

Wealth Management

The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Services are provided through Busey Capital Management, Inc., a wholly-owned subsidiary of Busey Bank, and Busey Wealth Management, a division of Busey Bank.

Wealth management services tailored to individuals include trust and estate advisory services and financial planning. Business services include business succession planning and employee retirement plan services. Services for foundations include investment strategy consulting and fiduciary services.

FirsTech

The FirsTech operating segment provides comprehensive and innovative payment technology solutions through Busey Bank’s wholly-owned subsidiary, FirsTech. FirsTech's multi-channel payment platform allows businesses to collect payments from their customers in a variety of ways to enable fast, frictionless payments. Payment method vehicles include text-based mobile bill pay; interactive voice response; electronic payment concentration delivered to Automated Clearing House networks, money management, and credit card networks; walk-in payment processing for customers at retail pay agents; customer service payments made over a telephone; direct debit services; merchant services referral solutions serving partner Financial Institutions and their business customers; and lockbox remittance processing for customers to make payments by mail. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.

FirsTech's client base represents a diverse set of industries, with a higher concentration in highly regulated industries, such as financial institutions, utility, insurance, and telecommunications industries.

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Contents of Item 8. Financial Statements and Supplementary Data

FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Segment Financial Information

The segment financial information provided below has been derived from information used by management to monitor and manage Busey’s financial performance. The accounting policies of Busey’s operating segments are the same as those described in the summary of significant accounting policies in “Note 1. Significant Accounting Policies.” Busey accounts for intersegment revenue and transfers at current market prices.

Goodwill and total assets are summarized below by operating segment. The “other” category included in the tables below consists of the parent company, First Busey Risk Management, Inc. until its dissolution on December 18, 2023, and the elimination of intercompany transactions:

			As of December 31, 2025
(dollars in thousands)			Banking						Wealth Management						FirsTech						Other						Total
Goodwill			$	360,180					$	14,108					$	8,992					$	—					$	383,280
Total assets			17,880,797						152,422						45,373						26,144						18,104,736

			As of December 31, 2024
(dollars in thousands)			Banking						Wealth Management						FirsTech						Other						Total
Goodwill			$	310,595					$	14,108					$	8,992					$	—					$	333,695
Total assets			11,856,651						126,180						57,737						6,154						12,046,722

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are summarized below:

			Year Ended December 31, 2025
(dollars in thousands)			Banking						Wealth Management						FirsTech						Other						Total
Interest income			$	893,854					$	—					$	—					$	6					$	893,860
Intersegment interest income			—						—						62						(62)						—
Interest expense			310,058						—						—						14,193						324,251
Intersegment interest expense			3,210						—						—						(3,210)						—
Net interest income			580,586						—						62						(11,039)						569,609
Provision for credit losses			52,743						—						—						—						52,743
Net interest income after provision for credit losses			527,843						—						62						(11,039)						516,866
Noninterest income
Wealth management fees			—						69,426						—						—						69,426
Payment technology solutions			—						—						20,000						—						20,000
Treasury management services			17,322						—						—						—						17,322
Card services and ATM fees			18,048						—						—						—						18,048
Other service charges on deposit accounts			6,281						—						—						—						6,281
All other noninterest income			11,701						754						(11)						6,454						18,898
Intersegment noninterest income			1,795						—						1,588						(3,383)						—
Noninterest income			55,147						70,180						21,577						3,071						149,975
Revenue			635,733						70,180						21,639						(7,968)						719,584
Noninterest expense
Salaries, wages, and employee benefits			206,640						28,870						10,589						42,964						289,063
Data processing			36,551						2,590						3,702						338						43,181
Amortization of intangible assets			15,735						879						—						—						16,614
Interchange expense			—						—						5,194						—						5,194
All other noninterest expense			104,371						2,691						2,818						16,269						126,149
Intersegment noninterest expense			18,427						3,330						1,534						(23,291)						—
Noninterest expense			381,724						38,360						23,837						36,280						480,201
Income (loss) before income taxes			201,266						31,820						(2,198)						(44,248)						186,640
Income taxes			50,924						7,637						(435)						(6,748)						51,378
Net income			$	150,342					$	24,183					$	(1,763)					$	(37,500)					$	135,262

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

			Year Ended December 31, 2024
			Banking						Wealth Management						FirsTech						Other						Total
Interest income			$	523,648					$	—					$	—					$	33					$	523,681
Intersegment interest income			324						—						48						(372)						—
Interest expense			183,126						—						—						17,944						201,070
Intersegment interest expense			2,664						—						—						(2,664)						—
Net interest income			338,182						—						48						(15,619)						322,611
Provision for credit losses			7,495						—						—						—						7,495
Net interest income after provision for credit losses			330,687						—						48						(15,619)						315,116
Noninterest income
Wealth management fees			—						63,630						—						—						63,630
Payment technology solutions			—						—						21,983						—						21,983
Treasury management services			8,377						—						—						—						8,377
Card services and ATM fees			13,424						—						—						—						13,424
Other service charges on deposit accounts			9,440						—						—						—						9,440
All other noninterest income			20,563						1,323						—						942						22,828
Intersegment noninterest income			1,402						—						1,071						(2,473)						—
Noninterest income			53,206						64,953						23,054						(1,531)						139,682
Revenue			391,388						64,953						23,102						(17,150)						462,293
Noninterest expense
Salaries, wages, and employee benefits			117,730						26,631						10,130						21,128						175,619
Data processing			20,631						2,263						3,692						538						27,124
Amortization of intangible assets			8,916						1,141						—						—						10,057
Interchange expense			—						—						6,001						—						6,001
All other noninterest expense			67,528						2,836						2,736						9,593						82,693
Intersegment noninterest expense			11,457						3,096						1,443						(15,996)						—
Noninterest expense			226,262						35,967						24,002						15,263						301,494
Income (loss) before income taxes			157,631						28,986						(900)						(32,413)						153,304
Income taxes			40,365						6,956						(230)						(7,478)						39,613
Net income			$	117,266					$	22,030					$	(670)					$	(24,935)					$	113,691

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

			Year Ended December 31, 2023
			Banking						Wealth Management						FirsTech						Other						Total
Interest income			$	480,438					$	—					$	—					$	105					$	480,543
Intersegment interest income			—						—						54						(54)						—
Interest expense			140,917						—						—						19,005						159,922
Intersegment interest expense			3,006						—						—						(3,006)						—
Net interest income			336,515						—						54						(15,948)						320,621
Provision for credit losses			2,860						—						—						—						2,860
Net interest income after provision for credit losses			333,655						—						54						(15,948)						317,761
Noninterest income
Wealth management fees			—						57,309						—						—						57,309
Payment technology solutions			—						—						21,192						—						21,192
Treasury management services			7,435						—						—						—						7,435
Card services and ATM fees			12,305						—						—						—						12,305
Other service charges on deposit accounts			10,134						—						—						—						10,134
All other noninterest income			14,507						514						—						(2,182)						12,839
Intersegment noninterest income			1,149						—						1,554						(2,703)						—
Noninterest income			45,530						57,823						22,746						(4,885)						121,214
Revenue			382,045						57,823						22,800						(20,833)						441,835
Noninterest expense
Salaries, wages, and employee benefits			111,834						24,474						8,522						17,767						162,597
Data processing			18,217						1,937						3,013						541						23,708
Amortization of intangible assets			8,963						1,469						—						—						10,432
Interchange expense			—						—						6,864						—						6,864
All other noninterest expense			70,798						2,503						2,154						6,015						81,470
Intersegment noninterest expense			13,178						2,698						1,100						(16,976)						—
Noninterest expense			222,990						33,081						21,653						7,347						285,071
Income (loss) before income taxes			156,195						24,742						1,147						(28,180)						153,904
Income taxes			32,342						5,938						317						(7,258)						31,339
Net income			$	123,853					$	18,804					$	830					$	(20,922)					$	122,565

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Contents of Item 8. Financial Statements and Supplementary Data

FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 24. PARENT COMPANY ONLY FINANCIAL INFORMATION

Condensed financial data for First Busey Corporation is presented below.

CONDENSED BALANCE SHEETS

			As of December 31,
(dollars in thousands)			2025						2024
Assets
Cash and cash equivalents			$	126,764					$	73,484
Equity securities			14,761						10,295
Investments in subsidiaries:
Bank			2,483,450						1,584,264
Premises and equipment, net			1,590						11
Other assets			41,614						29,859
Total assets			$	2,668,179					$	1,697,913
Liabilities and stockholders' equity
Liabilities:
Subordinated notes, net of unamortized issuance costs			$	99,395					$	227,723
Junior subordinated debentures owed to unconsolidated trusts			77,328						74,815
Other liabilities			22,474						12,106
Total liabilities			199,197						314,644
Total stockholders' equity			2,468,982						1,383,269
Total liabilities and stockholders' equity			$	2,668,179					$	1,697,913

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED STATEMENTS OF INCOME

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Operating income
Dividends from subsidiaries:
Bank			$	160,000					$	100,000					$	90,000
Non-bank			—						—						900
Income from dissolution of non-bank subsidiary			—						—						733
Interest income			3,155						2,325						2,956
Gains (losses) recognized on equity securities, net			4,467						931						(2,171)
Other income			23,380						14,641						14,130
Total operating income			191,002						117,897						106,548
Expense
Salaries, wages, and employee benefits			42,963						21,129						17,766
Interest expense			14,193						17,944						19,005
Operating expense			18,094						11,238						8,009
Total expense			75,250						50,311						44,780
Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries			115,752						67,586						61,768
Income tax benefit			6,748						7,480						7,310
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries			122,500						75,066						69,078
Equity in undistributed (in excess of) net income of subsidiaries
Bank			12,762						38,625						53,487
Net income			$	135,262					$	113,691					$	122,565

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED STATEMENTS OF CASH FLOWS

			Years Ended December 31,
(dollars in thousands)			2025						2024						2023
Cash flows provided by (used in) operating activities
Net income			$	135,262					$	113,691					$	122,565
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization			1,029						1,163						1,038
Distributions more (less) than net income of subsidiaries			(12,762)						(38,625)						(53,487)
(Gains) losses recognized on equity securities, net			(4,467)						(931)						2,171
Stock-based compensation			17,120						7,726						6,595
(Increase) decrease in other assets			(157)						(8,848)						6,253
Increase (decrease) in other liabilities			(6,166)						365						(7,687)
Net cash provided by (used in) operating activities			129,859						74,541						77,448
Cash flows provided by (used in) investing activities
Sales (purchases) of equity securities, net			—						995						—
Net cash received in (paid for) acquisitions			11,832						(14,623)						—
Purchases of premises and equipment			(1,201)						(9)						—
Repayments of investments in subsidiaries			—						—						1,480
Net cash provided by (used in) investing activities			10,631						(13,637)						1,480
Cash flows provided by (used in) financing activities
Cash paid for withholding taxes on stock-based payments			(5,282)						(1,755)						(1,093)
Cash dividends paid			(90,989)						(54,169)						(53,076)
Repayments of borrowings			(129,000)						(31,450)						(12,000)
Proceeds from the exercise of stock options and warrants			(452)						(3)						9
Proceeds from issuance of treasury stock for the 2021 ESPP			1,845						—						—
Purchase of treasury stock			(69,859)						—						(4,482)
Issuance of preferred stock, net of stock issuance costs			207,447						—						—
Common stock issuance costs			(920)						(141)						—
Net cash provided (used in) by financing activities			(87,210)						(87,518)						(70,642)
Net increase (decrease) in cash and cash equivalents			53,280						(26,614)						8,286
Cash and cash equivalents, beginning of period			73,484						100,098						91,812
Cash and cash equivalents, ending of period			$	126,764					$	73,484					$	100,098

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

An evaluation of Busey’s disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act, was carried out as of December 31, 2025, under the supervision and with the participation of its Chief Executive Officer, Chief Financial Officer, and several other members of senior management. Based on this evaluation, Busey’s Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2025, Busey’s disclosure controls and procedures were effective in ensuring that the information Busey is required to disclose in the reports Busey files or submits under the Exchange Act was (1) accumulated and communicated to Busey’s management (including the Chief Executive Officer and Chief Financial Officer) to allow timely decisions regarding required disclosure, and (2) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During the three months ended December 31, 2025, no change occurred in Busey’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, Busey’s internal control over financial reporting.

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Busey’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Busey’s internal control over financial reporting is a process designed under the supervision of Busey’s Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Busey’s Consolidated Financial Statements for external reporting purposes in accordance with U.S. generally accepted accounting principles.

As of December 31, 2025, management assessed the effectiveness of Busey’s internal control over financial reporting based on the criteria for effective internal control over financial reporting established in “Internal Control—Integrated Framework,” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in 2013. Based on this assessment, management determined that Busey maintained effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.

RSM US LLP, an independent registered public accounting firm that audited Busey’s Consolidated Financial Statements included in this Annual Report, has issued an audit opinion on the effectiveness of Busey’s internal control over financial reporting as of December 31, 2025. The report, which expresses an unqualified opinion on the effectiveness of Busey’s internal control over financial reporting as of December 31, 2025, is included in this Item under the heading “Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting.”

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of First Busey Corporation and Subsidiaries

Opinion on the Internal Control Over Financial Reporting

We have audited First Busey Corporation and Subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes to the consolidated financial statements and our report dated February 26, 2026 expressed an unqualified opinion.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

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Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ RSM US LLP

Des Moines, Iowa

February 26, 2026

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ITEM 9B. OTHER INFORMATION

During the fiscal quarter ended December 31, 2025, none of Busey’s directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of Busey securities that was intended to satisfy the affirmative defense conditions of Rule 10b5‑1(c) or any non-Rule 10b5‑1 trading arrangement.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

EXECUTIVE OFFICERS

The business experience of each of Busey’s executive officers for at least the past five years is set forth below.

Van A. Dukeman. Mr. Dukeman, age 67, has been serving as a Director and as Chief Executive Officer of First Busey Corporation since August 2007. Mr. Dukeman has also been serving as Chairman the Board of Directors of First Busey Corporation since July 2020, and as President of First Busey Corporation since January 2026. In addition to his service with First Busey Corporation, Mr. Dukeman has been serving Busey Bank as its Chief Executive Officer since January 2026, and previously served as Chief Executive Officer of Busey Bank from October 2023 through February 2025. Prior to August 2007, Mr. Dukeman served as a Director, Chief Executive Officer, and President of Main Street Trust, Inc. from May 1998 until its merger with Busey.

Amy L. Randolph. Mrs. Randolph, age 51, has been serving as Chief Operating Officer of First Busey Corporation since October 2023. Prior to that, she served as Chief of Staff from April 2017 to October 2023, Executive Vice President and Chief Brand Officer from March 2014 to April 2017, and Senior Vice President of Growth Strategies from February 2008 to March 2014.

Christopher H.M. Chan. Mr. Chan, age 40, has been serving as Chief Financial Officer of First Busey Corporation since September 2025. Prior to joining Busey, Mr. Chan served as Executive Vice President, Chief Strategy Officer at First National Bank, based in Pittsburgh, Pennsylvania, from May 2025 to September 2025, and as Senior Vice President, Director of Corporate Strategy from July 2019 to May 2025, where he was responsible for leading strategic planning, investor relations, corporate development, and advancing First National Bank’s digital and data strategy, with oversight of digital channels, data science, artificial intelligence, and data management and governance. Prior to that, Mr. Chan served as a Portfolio Manager at Balyasny Asset Management.

Monica L. Bowe. Ms. Bowe, age 52, has been serving as Chief Risk Officer of First Busey Corporation since January 2020. Prior to that, she served as Senior Director of Operational Risk Program Management at KeyBank, a subsidiary of KeyCorp headquartered in Cleveland, Ohio, since 2015.

Amy J. Fauss. Ms. Fauss, age 58, has been serving as Chief Information and Technology Officer of First Busey Corporation since March 2025. Prior to that, she served as Chief Operating Officer of CrossFirst from February 2024 to March 2025, Chief Human Resources Officer and Chief Administrative Officer of CrossFirst and CrossFirst Bank from May 2023 to February 2024; Chief Human Resources Officer of CrossFirst and CrossFirst Bank from January 2021 until May 2023; and Chief Operating Officer of CrossFirst Bank from December 2009 until June 2022. Prior to joining CrossFirst, she served as Executive Vice President and Chief Operating Officer of Solutions Bank, where she directed all aspects of daily operations and human resources. Her experience also includes senior management positions at Hillcrest Bank and Citizens-Jackson County Bank.

T. Anthony Hammond. Mr. Hammond, age 44, has been serving as President of Busey Bank since January 2026. Prior to that, Mr. Hammond served as Busey’s President of Regional Banking since joining Busey in May 2025, overseeing Busey’s regional operating sales and revenue model for Busey’s Central, West, and Texas regions, including all commercial, wealth, treasury management, payments, and specialty business units. Mr. Hammond has two decades of commercial banking experience—including serving as Head of Commercial and Middle Market Banking at Heartland Financial USA 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.

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Chip S. Jorstad. Mr. Jorstad, age 45, has been serving as Chief Credit Officer of Busey Bank since March 2025. Prior to that, he served in several roles at Busey Bank: as President of Credit and Bank Administration from July 2022 to March 2025; Co-Chief Banking Officer from May 2020 to July 2022; Regional President Downstate Illinois from April 2017 to May 2020; Director of Middle Market and Agricultural Banking from January 2014 to September 2015; and Senior Vice President from February 2011 to January 2014. Mr. Jorstad left Busey Bank for a brief period and served as Director of Commercial Real Estate for JSM Commercial from October 2015 until April 2017. Prior to joining Busey Bank in 2011, Mr. Jorstad worked as Director of Advancement for the University of Illinois at Urbana-Champaign, and also served as an Assistant Vice President for First Midwest Bank.

Scott A. Phillips. Mr. Phillips, age 47, has been serving as Chief Accounting Officer of First Busey Corporation since February 2025, and as Busey’s Principal Accounting Officer since March 2023. Mr. Phillips previously served as Busey’s Interim Chief Financial Officer from February 2025 to September 2025, and as Busey’s Corporate Controller from January 2019 to February 2025. Prior to that, Mr. Phillips was in the banking industry for nine years at BB&T Corporation (now Truist Financial) and Florida Community Bank after beginning his career at a Big 4 public accounting firm serving clients primarily in the financial services industry.

John J. Powers. Mr. Powers, age 70, has been serving as General Counsel of First Busey Corporation since December 2011. Prior to that, he was a stockholder of Meyer Capel, P.C., a law firm based in Champaign, Illinois, since 1998.

DIRECTORS OF THE REGISTRANT AND CORPORATE GOVERNANCE

Information required by this Item is incorporated herein by reference to Busey’s Proxy Statement for its 2026 Annual Meeting of Stockholders, to be filed with the SEC within 120 days of Busey’s fiscal year end, under the captions “Proposal 1: Election of Directors,” “Executive Officers, Corporate Governance and Board of Directors Matters,” and “Delinquent Section 16(a) Reports.”

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item is incorporated herein by reference to Busey’s Proxy Statement for its 2026 Annual Meeting of Stockholders, to be filed with the SEC within 120 days of Busey’s fiscal year end, under the captions “Director Compensation,” “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Compensation of Named Executive Officers,” “CEO Pay Ratio,” and “Compensation Committee Interlocks and Insider Participation.”

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

STOCK INCENTIVE PLANS

The following table discloses the number of outstanding options, warrants, and rights granted by Busey to participants in its equity compensation plans, as well as the number of securities remaining available for future issuance under these plans, as of December 31, 2025. The table provides this information separately for equity compensation plans that have and have not been approved by security holders. Additional information regarding stock incentive plans is presented in “Note 16. Stock-based Compensation” in the Notes to Consolidated Financial Statements included pursuant to Item 8. Financial Statements and Supplementary Data.

			(a) Number of securities to be issued upon exercise of outstanding options, warrants and rights1						(b) Weighted- average exercise price of outstanding options, warrants and rights2						(c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))3
Equity compensation plans
Approved by stockholders4			1,866,580						$	23.53					954,498
Not approved by stockholders5			465,711						16.04						—6
Total as of December 31, 2025			2,332,291						$	16.44					954,498

___________________________________________

1.Shares approved by stockholders include 1,125,224 shares issuable upon the vesting and settlement of outstanding RSU awards, 538,956 shares issuable upon the vesting and settlement of outstanding PSU awards (at target), 187,294 shares issuable upon the vesting and settlement of outstanding DSU awards, and 15,106 shares issuable upon the exercise of outstanding stock option awards. The stock option awards were assumed in connection with the acquisition of First Community. Shares not approved by stockholders include 270,398 shares issuable upon the exercise of outstanding SSAR awards and 195,313 shares issuable upon the vesting and settlement of RSU awards, which were assumed in connection with the acquisition of CrossFirst.

2.Weighted average exercise prices relate only to stock options and SSARs, and do not relate to RSU, PSU, or DSU awards, each of which does not have an exercise price, or awards under the ESPP.

3.Shares approved by stockholders include 658,552 shares available for future issuance under the 2020 Equity Plan and 295,946 shares available for future issuance under the ESPP. All of the shares that remain available for future issuance under the ESPP are eligible to be purchased during the current offering period.

4.Includes the 2020 Equity Plan, the 2010 Equity Incentive Plan, as amended, the First Community 2016 Equity Incentive Plan, and the ESPP.

5.Includes the CrossFirst 2018 Omnibus Equity Incentive Plan, which was established prior to CrossFirst’s initial public offering in August 2019. Following the merger, awards issued under this plan were included in Busey’s Form S‑8 POS filed with the SEC on March 7, 2025.

6.There were 1,417,362 shares not approved by stockholders representing the difference between shares covered by Busey’s Form S‑4 filed with the SEC on October 18, 2024, and shares covered by Busey’s Form S‑8 POS filed with the SEC on March 7, 2025. These shares are utilized only to issue dividend equivalent units on existing RSU awards assumed in connection with the acquisition of CrossFirst and cannot be utilized to issue new awards.

Other information required by Item 12 is incorporated herein by reference to Busey’s Proxy Statement for its 2026 Annual Meeting of Stockholders, to be filed with the SEC within 120 days of Busey’s fiscal year end, under the caption “Stock Ownership of Certain Beneficial Owners and Management.”

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by this Item is incorporated herein by reference to Busey’s Proxy Statement for its 2026 Annual Meeting of Stockholders, to be filed with the SEC within 120 days of Busey’s fiscal year end, under the captions “Executive Officers, Corporate Governance and Board of Directors Matters” and “Certain Relationships and Related-Person Transactions.”

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by this Item is incorporated herein by reference to Busey’s Proxy Statement for its 2026 Annual Meeting of Stockholders, to be filed with the SEC within 120 days of Busey’s fiscal year end, under the caption “Audit and Related Fees.”

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PART IV

ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

EXHIBITS

A list of exhibits to this Annual Report is set forth on the Exhibit Index beginning on page 195, and is incorporated into this Annual Report by reference.

Stockholders may obtain a copy of any of the exhibits by writing to First Busey Corporation, Corporate Secretary, at 11440 Tomahawk Creek Parkway, Leawood, Kansas 66211, or by visiting the SEC’s EDGAR database at sec.gov. Busey’s SEC file number is 0-15950.

FINANCIAL STATEMENT SCHEDULES

Busey’s Consolidated Financial Statements are included as part of this Annual Report in “Part II—Item 8. Financial Statements and Supplementary Data,” as follows:

Report of Independent Registered Public Accounting Firm (PCAOB ID 49)			91
Consolidated Balance Sheets			94
Consolidated Statements of Income			95
Consolidated Statements of Comprehensive Income			96
Consolidated Statements of Stockholders’ Equity			97
Consolidated Statements of Cash Flows			100
Notes to Consolidated Financial Statements			102

Reports on Internal Control Over Financial Reporting are included as part of this Annual Report in “Part II—Item 9A. Controls and Procedures,” as follows:

Management’s Report on Internal Control Over Financial Reporting			188
Report of Independent Registered Public Accounting Firm (PCAOB ID 49)			189

ITEM 16. FORM 10-K SUMMARY

None.

First Busey Corporation (BUSE) | 2025 — 194

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EXHIBIT INDEX

Incorporated herein by reference

Exhibit Number

Description of Exhibit

Filing Entity1 (File No.)

Form

Exhibit

Filing Date

Filed Herewith

3.1

Amended and Restated Articles of Incorporation of First Busey Corporation, together with: (1) the Certificate of Amendment to Articles of Incorporation, dated July 31, 2007; (2) the Certificate of Amendment to Articles of Incorporation, dated December 3, 2009; (3) the Certificate of Amendment to Articles of Incorporation, dated May 21, 2010; and (4)  the Certificate of Change Pursuant to Nevada Revised Statutes Section 78.209, dated September 8, 2015

BUSE (000-15950)

10-Q

3.1

11/06/2015

3.2

Certificate of Amendment to Articles of Incorporation, dated May 22, 2020

BUSE (333-238782)

S-8

4.2

05/29/2020

3.3

Certificate of Amendment to Articles of Incorporation, dated February 27, 2025

BUSE (000-15950)

8-K

3.3

03/03/2025

3.4

Second Amended and Restated By-Laws of First Busey Corporation

BUSE (000-15950)

8-K

3.1

12/07/2023

3.5

Amendment to the Second Amended and Restated By-Laws of First Busey Corporation

BUSE (000-15950)

8-K

3.5

03/03/2025

3.6

Certificate of Designation of Series A Non-Cumulative Perpetual Preferred Stock of First Busey Corporation

BUSE (000-15950)

8-K

3.6

03/03/2025

3.7

Certificate of Designation designating the 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock.

BUSE (000-15950)

8-K

3.2

05/20/2025

4.1

Certain instruments defining the rights of holders of long-term debt of Busey, none of which authorize a total amount of indebtedness in excess of 10% of the total assets of First Busey Corporation and its subsidiaries on a consolidated basis, have not been filed as exhibits. Busey hereby agrees to furnish a copy of any of these agreements to the SEC upon request.

4.2

Description of First Busey Corporation’s Securities Registered Pursuant to Section 12 of The Securities Exchange Act of 1934

BUSE (000-15950)

10-Q

4.1

05/09/2025

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Incorporated herein by reference

Exhibit Number

Description of Exhibit

Filing Entity1 (File No.)

Form

Exhibit

Filing Date

Filed Herewith

4.3

Deposit Agreement, dated as of May 20, 2025, by and among First Busey Corporation, Computershare, Inc. and Computershare Trust Company, N.A., and the holders from time to time of Depositary Receipts described therein

BUSE (000-15950)

8-K

4.1

05/20/2025

4.4

Form of Depositary Receipt representing the Depositary Shares (included as Exhibit A to Exhibit 4.3)

BUSE (000-15950)

8-K

4.2

05/20/2025

10.1†

Employment Agreement by and between Main Street Trust, Inc., and Van A. Dukeman, dated December 26, 2001

MSTI (000-30031)

10-K

10.2

03/29/2002

10.2†

Letter Agreement between Main Street Trust, Inc., and Van A. Dukeman, dated September 20, 2006

MSTI (000-30031)

8-K

99.2

09/21/2006

10.3†

Van A. Dukeman Addendum to Employment Agreement

BUSE (000-15950)

10-Q

10.1

05/13/2010

10.4†

Van A. Dukeman First Amendment to Employment Agreement, dated December 31, 2008

BUSE (000-15950)

10-Q

10.1

05/08/2012

10.5†

First Busey Corporation 2010 Equity Incentive Plan, as amended

BUSE (000-15950)

DEF 14A

Appendix C

04/17/2015

10.6†

First Community Financial Partners, Inc. 2016 Equity Incentive Plan

FCFP (333-211811)

S-8

4.4

06/03/2016

10.7†

Form of Incentive Stock Option Award Agreement under the First Community Financial Partners, Inc. 2016 Equity Incentive Plan

FCFP (333-211811)

S-8

4.8

06/03/2016

10.8†

First Amendment of the First Community Financial Partners, Inc. 2016 Equity Incentive Plan

BUSE (000-15950)

10-K

10.38

02/28/2018

10.9†

Jeffrey D. Jones Employment Agreement, dated July 26, 2019

BUSE (000-15950)

8-K

10.1

07/26/2019

10.10†

Form of Director Deferred Stock Unit Award Agreement under the First Busey Corporation 2010 Equity Incentive Plan, as amended

BUSE (000-15950)

10-Q

10.1

08/07/2018

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Incorporated herein by reference

Exhibit Number

Description of Exhibit

Filing Entity1 (File No.)

Form

Exhibit

Filing Date

Filed Herewith

10.11†

Amy L. Randolph Employment Agreement, dated December 5, 2019

BUSE (000-15950)

8-K

10.2

12/10/2019

10.12†

John J. Powers Employment Agreement, dated December 5, 2019

BUSE (000-15950)

8-K

10.3

12/10/2019

10.13†

Jeffrey D. Jones Amendment to Employment Agreement, dated December 5, 2019

BUSE (000-15950)

8-K

10.4

12/10/2019

10.14†

Form of Performance-Based Restricted Stock Unit Award Agreement under the First Busey Corporation 2020 Equity Incentive Plan

BUSE (000-15950)

8-K

10.1

07/09/2020

10.15†

Form of Director Deferred Stock Unit Award Agreement under the First Busey Corporation 2020 Equity Incentive Plan

BUSE (000-15950)

10-Q

10.1

08/06/2020

10.16†

First Busey Corporation 2021 Employee Stock Purchase Plan

BUSE (0-15950)

DEF 14A

Appendix A

04/08/2021

10.17

Second Amended and Restated Credit Agreement, dated as of May 28, 2021, by and between First Busey Corporation and U.S. Bank National Association

BUSE (000-15950)

8-K

10.34

06/02/2021

10.18†

First Busey Profit Sharing Plan and Trust (as amended and restated January 1, 2022)

BUSE (000-15950)

10-K

10.30

02/23/2023

10.19†

First Busey Corporation Amended 2020 Equity Incentive Plan

BUSE (000-15950)

DEF 14A

Appendix A

04/14/2023

10.20†

Letter Agreement, dated August 26, 2024, by and between First Busey Corporation and Van A. Dukeman

BUSE (000-15950)

8-K

2.1

08/27/2024

10.21†

Letter Agreement, dated August 26, 2024, by and between First Busey Corporation and Michael J. Maddox

BUSE (000-15950)

8-K

99.1

08/27/2024

10.22†

Separation Agreement between First Busey Corporation and Jeffrey D. Jones, dated February 18, 2025

BUSE (000-15950)

8-K

10.1

02/21/2025

First Busey Corporation (BUSE) | 2025 — 197

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Incorporated herein by reference

Exhibit Number

Description of Exhibit

Filing Entity1 (File No.)

Form

Exhibit

Filing Date

Filed Herewith

10.23†

Amendment to the First Busey Corporation Profit Sharing Plan and Trust, effective September 27, 2024

BUSE (000-15950)

10-K

10.23

02/27/2025

10.24†

First Busey Corporation 2021 Employee Stock Purchase Plan First Amendment

BUSE (000-15950)

10-K

10.23

02/27/2025

10.25†

Employment Agreement, dated as of March 1, 2025, by and among First Busey Corporation, Busey Bank and Scott A. Phillips

BUSE (000-15950)

8-K

10.6

03/03/2025

10.26†

Employment Agreement, dated June 1, 2020, by and between CrossFirst Bankshares, Inc. and Michael J. Maddox

BUSE (000-15950)

8-K

10.3

03/03/2025

10.27†

CrossFirst Bankshares, Inc. 2018 Omnibus Equity Incentive Plan, as Amended and Restated

BUSE (000-15950)

8-K

10.4

03/03/2025

10.28†

Form of Retention Agreement, dated as of March 1, 2025

BUSE (000-15950)

10-Q

10.2

05/09/2025

10.29†

Amendment to Employment Agreement, dated March 4, 2025, by and among First Busey Corporation, Busey Bank, and Amy L. Randolph

BUSE (000-15950)

10-Q

10.1

05/09/2025

10.30†

Employment Agreement, by and among First Busey Corporation, Busey Bank and Christopher H.M. Chan, effective September 30, 2025

BUSE (001-42677)

8-K

10.1

09/26/2025

10.31†

Form of Restricted Stock Unit Award Agreement under the First Busey Corporation 2020 Equity Incentive Plan

X

10.32†

Employment Agreement, dated November 21, 2019, by and among First Busey Corporation, Busey Bank, and Monica L. Bowe

X

10.33†

Separation Agreement and Release, dated January 27, 2026, by and between First Busey Corporation and its subsidiaries and Michael J. Maddox

X

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Incorporated herein by reference

Exhibit Number

Description of Exhibit

Filing Entity1 (File No.)

Form

Exhibit

Filing Date

Filed Herewith

19.1

First Busey Corporation Insider Trading Policy

X

21.1

List of Subsidiaries of First Busey Corporation

X

23.1

Consent of Independent Registered Public Accounting Firm, RSM US LLP

X

31.1

Certification of Principal Executive Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a)

X

31.2

Certification of Principal Financial Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a)

X

32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, from First Busey’s Chief Executive Officer

X

32.2

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, from First Busey’s Chief Financial Officer

X

97.1

First Busey Corporation Clawback Policy

X

101.INS

iXBRL Instance Document

101.SCH

iXBRL Taxonomy Extension Schema

101.CAL

iXBRL Taxonomy Extension Calculation Linkbase

101.LAB

iXBRL Taxonomy Extension Label Linkbase

101.PRE

iXBRL Taxonomy Extension Presentation Linkbase

101.DEF

iXBRL Taxonomy Extension Definition Linkbase

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Incorporated herein by reference

Exhibit Number

Description of Exhibit

Filing Entity1 (File No.)

Form

Exhibit

Filing Date

Filed Herewith

104

Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

___________________________________________

1.BUSE is First Busey Corporation. MSTI is Main Street Trust, Inc. FCFP is First Community Financial Partners, Inc.

†Management contract or compensatory plan.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			FIRST BUSEY CORPORATION
			(Registrant)
			By:			/s/ VAN A. DUKEMAN
						Van A. Dukeman
						Chairman, President, and Chief Executive Officer (Principal Executive Officer)
			Date:			February 26, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature

Title

Date

/s/ VAN A. DUKEMAN

Chairman, President, and Chief Executive Officer

February 26, 2026

Van A. Dukeman

(Principal Executive Officer)

/s/ CHRISTOPHER H.M. CHAN

Executive Vice President, Chief Financial Officer

February 26, 2026

Christopher H.M. Chan

(Principal Financial Officer)

/s/ SCOTT A. PHILLIPS

Executive Vice President, Chief Accounting Officer

February 26, 2026

Scott A. Phillips

(Principal Accounting Officer)

/s/ STANLEY J. BRADSHAW

Director

February 26, 2026

Stanley J. Bradshaw

/s/ RODNEY K. BRENNEMAN

Director

February 26, 2026

Rodney K. Brenneman

/s/ STEVEN W. CAPLE

Director

February 26, 2026

Steven W. Caple

/s/ MICHAEL D. CASSENS

Director

February 26, 2026

Michael D. Cassens

/s/ JENNIFER M. GRIGSBY

Director

February 26, 2026

Jennifer M. Grigsby

/s/ KAREN M. JENSEN

Director

February 26, 2026

Karen M. Jensen

First Busey Corporation (BUSE) | 2025 — 201

Table of Contents

Signature

Title

Date

/s/ FREDERIC L. KENNEY

Director

February 26, 2026

Frederic L. Kenney

/s/ STEPHEN V. KING

Director

February 26, 2026

Stephen V. King

/s/ KEVIN S. RAUCKMAN

Director

February 26, 2026

Kevin S. Rauckman

/s/ SCOTT A. WEHRLI

Director

February 26, 2026

Scott A. Wehrli

/s/ TIFFANY B. WHITE

Director

February 26, 2026

Tiffany B. White

First Busey Corporation (BUSE) | 2025 — 202