First Busey (Nasdaq: BUSE) lifts Q2 profit while cutting credit costs

Rhea-AI Filing Summary

First Busey Corporation, an $18.19 billion financial holding company, reported strong Q2 2026 results. Quarterly net income was $63,176 thousand, up from $47,404 thousand a year earlier, and diluted EPS was $0.69 versus $0.52. For the first six months of 2026, net income reached $113,157 thousand compared with $17,414 thousand in 2025, as results included a much smaller provision for credit losses and no large securities losses like the prior year.

Net interest income for the first half of 2026 was $306,371 thousand versus $256,914 thousand, while the provision for credit losses fell to $5,247 thousand from $51,293 thousand. Realized net gains on debt securities were $23 thousand in 2026 compared with a loss of $15,536 thousand in 2025. Noninterest expense was $242,154 thousand, similar to 2025, but acquisition-related expenses declined sharply to $6,440 thousand from $88,198 thousand.

As of June 30 2026, total assets were $18,191,867 thousand, portfolio loans were $13,195,154 thousand, and deposits were $15,128,745 thousand. The allowance for credit losses was $164,204 thousand. Stockholders’ equity was $2,383,170 thousand after repurchasing 4,957,400 common shares for $129,905 thousand and paying cash dividends of $53,870 thousand on preferred and common stock.

Positive

• Six‑month net income increased to $113,157 thousand from $17,414 thousand a year earlier, with diluted EPS up to $1.20 from $0.22, driven by higher net interest income and much lower credit loss provisioning and securities losses.

Negative

• None.

Filing Explained

At June 30, 2026, Busey reported 665,373 thousand cash, including 96,102 thousand restricted, plus an undrawn 50.0 million credit line.

The Form 10-Q is an unaudited quarterly update covering June 30, 2026. Its practical consequence is a more precise view of liquidity and credit exposure: reported cash includes restricted amounts, while available borrowing capacity is disclosed separately from borrowings.

At June 30, 2026, Busey reported cash and cash equivalents of $665,373 thousand, including $96,102 thousand of restricted cash and cash equivalents. The company also had access to a $50.0 million revolving credit line, with no balance outstanding; that is available capacity, not a reported draw.

The filing reports $62,766 thousand of non-accrual loans at June 30, compared with $51,198 thousand at December 31, 2025. For loans modified for borrowers experiencing financial difficulty during the prior twelve months, $51,379 thousand was current and $4,473 thousand was non-accrual at June 30.

Debt securities with unrealized or unrecognized losses had fair value of $2,229,194 thousand and losses of $285,357 thousand; the filing attributes those losses to market interest rates and conditions rather than credit-related impairments. The relevant follow-up is the performance of the modified-loan balances identified in the filing’s June 30 performance table.

Key Figures

Total Assets: $18,191,867 thousand Q2 2026 Net Income: $63,176 thousand Six‑Month Net Income 2026: $113,157 thousand +5 more

8 metrics

Total Assets $18,191,867 thousand As of June 30, 2026 consolidated balance sheet

Q2 2026 Net Income $63,176 thousand Three months ended June 30, 2026

Six‑Month Net Income 2026 $113,157 thousand Six months ended June 30, 2026

Q2 2026 Diluted EPS $0.69 Diluted earnings per common share for Q2 2026

Deposits $15,128,745 thousand Total deposits as of June 30, 2026

Portfolio Loans $13,195,154 thousand Gross portfolio loans as of June 30, 2026

Allowance for Credit Losses $164,204 thousand ACL on portfolio loans as of June 30, 2026

Share Repurchases 1H 2026 $129,905 thousand Cash used to repurchase 4,957,400 common shares

Key Terms

Allowance for credit losses, Purchased credit deteriorated, Other real estate owned, Non-accrual loans, +2 more

6 terms

Allowance for credit losses financial

"Critical accounting estimates relate to ... the determination of the ACL."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

Purchased credit deteriorated financial

"A portion of acquired loans were PCD. The following table provides a reconciliation..."

Purchased credit deteriorated (PCD) describes a debt asset bought when its borrower’s ability to repay has already worsened since the loan was first issued. Under accounting rules, buyers must immediately account for the full expected loss rather than spreading it out, so PCD holdings lower reported earnings and capital right away and signal higher credit risk—similar to buying a used car with known damage that you must account for in your budget.

Other real estate owned financial

"Busey held $0.3 million of commercial OREO, an immaterial amount of residential OREO..."

Assets a lender or financial firm holds after taking back real property through foreclosure or repossession because a borrower defaulted. Think of it like a store keeping returned items it didn’t sell — these properties are not earning interest, can be costly to maintain, and may be sold at a loss or profit, so they directly affect a lender’s balance sheet, cash flow and perceived credit risk for investors.

Non-accrual loans financial

"An analysis of portfolio loans that were past due and still accruing, or on a non-accrual status..."

A non-accrual loan is a loan a lender has decided is unlikely to produce the scheduled interest payments, so the lender stops counting future interest as income and may record the loan at a reduced value. Think of it like renting out a house where the tenant has stopped paying: you stop counting future rent as earnings because it’s uncertain you’ll get it. For investors, a rise in non-accrual loans signals worsening credit quality, lower reported income and higher potential losses that can weaken a bank’s capital and share price.

Subordinated notes financial

"First Busey issued $100.0 million aggregate principal amount of 5.000% fixed-to-floating rate subordinated notes..."

Subordinated notes are loans companies issue that rank below other debts for repayment, meaning holders get paid only after higher-priority creditors if the issuer runs into trouble. Because they act like being farther back in line at a buffet, they usually offer higher interest to compensate for greater risk, so investors watch them for potential higher returns but also increased chance of loss and sensitivity to the issuer’s financial health.

Basel III Rule financial

"Basel III Rule | Regulations promulgated by U.S. federal banking agencies..."

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did First Busey (BUSE) perform financially in Q2 2026?

First Busey generated $63,176 thousand in Q2 2026 net income, up from $47,404 thousand in Q2 2025. Diluted EPS was $0.69 versus $0.52. For the first six months, net income reached $113,157 thousand compared with $17,414 thousand a year earlier.

How did credit costs change for First Busey (BUSE) in the first half of 2026?

The provision for credit losses was $5,247 thousand in the first half of 2026, down from $51,293 thousand in 2025. The allowance for credit losses stood at $164,204 thousand on portfolio loans of $13,195,154 thousand as of June 30 2026.

What is the size of First Busey’s (BUSE) balance sheet and loan portfolio?

As of June 30 2026, total assets were $18,191,867 thousand. Portfolio loans totaled $13,195,154 thousand and deposits were $15,128,745 thousand. Trust assets under care were $16.51 billion, up from $15.66 billion at December 31 2025.

What capital return actions did First Busey (BUSE) take in the first half of 2026?

First Busey repurchased 4,957,400 common shares for $129,905 thousand and paid cash dividends totaling $53,870 thousand, including $9,179 thousand on preferred stock and $44,691 thousand on common stock, during the six months ended June 30 2026.

How did the CrossFirst acquisition affect First Busey (BUSE)?

On March 1 2025, First Busey acquired CrossFirst, recording net assets acquired of $760,387 thousand and total consideration of $808,980 thousand. Goodwill recognized was $48,593 thousand and other intangible assets were $81,783 thousand, assigned primarily to the Banking segment.

What preferred stock has First Busey (BUSE) issued and what are the dividends?

First Busey has 7,750 shares of Series A Non‑Cumulative Perpetual Preferred Stock and 215,000 shares of 8.25% Series B Non‑Cumulative Perpetual Preferred Stock outstanding. Preferred dividends were $9,179 thousand for the six months ended June 30 2026.

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TABLE OF CONTENTS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended June 30, 2026

or

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File No. 001-42677

FIRST BUSEY CORPORATION

(Exact name of registrant as specified in its charter)

Nevada			37-1078406
(State or other jurisdiction of incorporation or 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

N/A

(Former name, former address, and former fiscal year, if changed since last report)

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

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 þ  No o

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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions 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.  o

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class						Outstanding at August 6, 2026
Common Stock, $0.001 par value						82,576,956

FIRST BUSEY CORPORATION

FORM 10-Q

JUNE 30, 2026

Table of Contents
GLOSSARY			1
PART I—FINANCIAL INFORMATION			3
ITEM 1. FINANCIAL STATEMENTS			3
CONSOLIDATED BALANCE SHEETS (Unaudited)			4
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)			5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)			6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)			7
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)			9
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)			11
Note 1. Significant Accounting Policies			11
Note 2. Business Combinations			15
Note 3. Debt Securities			19
Note 4. Portfolio Loans			24
Note 5. Leases			33
Note 6. Deposits			36
Note 7. Borrowings			37
Note 8. Regulatory Capital			39
Note 9. Tax Credit Investments and Other Investments in Unconsolidated Entities			40
Note 10. Stock-Based Compensation			41
Note 11. Outstanding Commitments and Contingent Liabilities			43
Note 12. Derivative Financial Instruments			44
Note 13. Fair Value Measurements			49
Note 14. Earnings Per Common Share			55
Note 15. Accumulated Other Comprehensive Income (Loss)			55
Note 16. Operating Segments and Related Information			57
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)			62
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			97
ITEM 4. CONTROLS AND PROCEDURES			98
PART II—OTHER INFORMATION			98
ITEM 1. LEGAL PROCEEDINGS			98
ITEM 1A. RISK FACTORS			98
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES			98
ITEM 3. DEFAULTS UPON SENIOR SECURITIES			99
ITEM 4. MINE SAFETY DISCLOSURES			99
ITEM 5. OTHER INFORMATION			99
ITEM 6. EXHIBITS			100
SIGNATURES			101

First Busey Corporation (BUSE) | 2026 Q2

TABLE OF CONTENTS

GLOSSARY

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

Term						Definition
2020 Equity Plan						First Busey Corporation 2020 Equity Incentive Plan, as amended and restated on May 24, 2023, and May 20, 2026
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
bps						basis points
Busey						First Busey Corporation, together with its wholly-owned consolidated subsidiaries
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
CRE						Commercial real estate
Credit Agreement						Second Amended and Restated Credit Agreement dated as of May 28, 2021, by and between First Busey and USB, as amended, restated, supplemented or otherwise modified from time to time
CrossFirst						CrossFirst Bankshares, Inc.
DSU						Deferred stock unit
ESPP						First Busey Corporation Employee Stock Purchase Plan
Exchange Act						Securities Exchange Act of 1934, as amended
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 Busey						First Busey Corporation
FirsTech						FirsTech, Inc.
GAAP						U.S. Generally Accepted Accounting Principles
MD&A						Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Unaudited), included in this Quarterly Report
M&M						Merchants and Manufacturers Bank Corporation

First Busey Corporation (BUSE) | 2026 Q2 — 1

TABLE OF CONTENTS

Term						Definition
MSA						Metropolitan Statistical Area
Nasdaq						National Association of Securities Dealers Automated Quotations
N/A						Not applicable
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
RSU						Restricted stock unit
SBA						U.S. Small Business Administration
SEC						U.S. Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate published by the Federal Reserve
SSAR						Stock-settled stock appreciation right
U.S.						United States of America
U.S. Treasury						U.S. Department of the Treasury
USB						U.S. Bank National Association

First Busey Corporation (BUSE) | 2026 Q2 — 2

TABLE OF CONTENTS

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

First Busey Corporation (BUSE) | 2026 Q2 — 3

TABLE OF CONTENTS

FIRST BUSEY CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

			As of
(dollars in thousands, except per share amounts)			June 30, 2026						December 31, 2025
Assets
Cash and cash equivalents:
Cash and due from banks			$	182,537					$	181,041
Interest-bearing deposits			482,836						99,186
Total cash and cash equivalents			665,373						280,227
Interest-bearing time deposits in other banks			14,450						13,825
Debt securities available for sale			2,265,167						2,162,548
Debt securities held to maturity			703,988						746,385
Equity securities			16,397						14,916
Loans held for sale			8,660						5,752
Portfolio loans (net of ACL of $164,204 at June 30, 2026, and $174,023 at December 31, 2025)			13,030,950						13,393,776
Restricted bank stock			83,171						77,006
Premises and equipment, net			191,953						193,444
Goodwill			382,363						383,280
Other intangible assets, net			88,925						97,449
Cash surrender value of bank owned life insurance			263,698						260,402
Other assets			476,772						475,726
Total assets			$	18,191,867					$	18,104,736
Liabilities and stockholders’ equity
Liabilities
Deposits:
Noninterest-bearing			$	3,496,319					$	3,659,421
Interest-bearing			11,632,426						11,246,537
Total deposits			15,128,745						14,905,958
Securities sold under agreements to repurchase			144,061						166,929
Short-term borrowings			28,333						—
Long-term borrowings			95,325						113,806
Subordinated notes, net of unamortized issuance costs			99,603						99,395
Junior subordinated debt owed to unconsolidated trusts			62,473						77,328
Other liabilities			250,157						272,338
Total liabilities			15,808,697						15,635,754
Outstanding commitments and contingent liabilities (see Notes 5 and 11)
Stockholders’ equity
Preferred stock, $0.001 par value, liquidation preference $222,750 at June 30, 2026, and December 31, 2025			—						—
Common stock, $0.001 par value			93						93
Additional paid-in capital			2,364,585						2,375,511
Retained earnings			395,409						336,707
AOCI			(141,080)						(124,473)
Total stockholders’ equity before treasury stock			2,619,007						2,587,838
Treasury stock at cost			(235,837)						(118,856)
Total stockholders’ equity			2,383,170						2,468,982
Total liabilities and stockholders’ equity			$	18,191,867					$	18,104,736
Shares
Preferred shares issued and outstanding (1,000,000 shares authorized)			222,750						222,750
Common shares (200,000,000 authorized at June 30, 2026, and December 31, 2025):
Issued			92,694,541						92,694,541
Less: Treasury			9,505,040						5,070,111
Outstanding			83,189,501						87,624,430

See accompanying Notes to Consolidated Financial Statements (Unaudited).

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FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands, except per share amounts)			2026						2025						2026						2025
Interest income
Interest and fees on loans			$	198,219					$	214,409					$	398,774					$	353,942
Taxable interest income			22,289						23,393						43,384						41,690
Non-taxable interest income			1,733						1,640						3,466						2,282
Dividend income on bank stock			1,127						543						2,007						1,302
Other interest income			1,057						7,461						2,279						15,045
Total interest income			224,425						247,446						449,910						414,261
Interest expense
Deposits			65,761						88,147						131,787						145,459
Federal funds purchased and securities sold under agreements to repurchase			1,098						886						1,994						1,762
Short-term borrowings			1,485						496						2,396						563
Long-term borrowings			1,093						743						2,161						1,030
Subordinated notes			1,355						2,599						2,708						5,786
Junior subordinated debt owed to unconsolidated trusts			1,231						1,392						2,493						2,747
Total interest expense			72,023						94,263						143,539						157,347
Net interest income			152,402						153,183						306,371						256,914
Provision for credit losses			2,189						5,700						5,247						51,293
Net interest income after provision for credit losses			150,213						147,483						301,124						205,621
Noninterest income
Wealth management fees			19,981						16,777						39,351						34,141
Payment technology solutions			4,968						4,956						10,045						10,029
Treasury management services			4,789						4,569						9,245						7,406
Capital markets income			1,871						1,254						4,242						2,579
Card services and ATM fees			4,813						4,880						9,459						8,589
Other service charges on deposit accounts			1,407						1,513						2,913						3,046
Income on bank owned life insurance			1,637						1,745						3,253						3,191
Realized net gains (losses) on securities			—						1						23						(15,536)
Unrealized net gains (losses) recognized on equity securities			2,445						5,996						1,482						5,765
Other noninterest income			2,400						3,172						6,563						6,876
Total noninterest income			44,311						44,863						86,576						66,086
Noninterest expense
Salaries and employee benefits			67,677						78,360						152,907						145,923
Data processing			8,868						14,021						18,732						23,596
Net occupancy expense of premises			7,850						7,832						15,502						13,631
Furniture and equipment expenses			2,336						2,409						4,513						4,153
Professional fees			3,041						2,874						6,280						12,385
Amortization of intangible assets			4,232						4,592						8,523						7,675
Interchange expense			1,096						1,297						2,212						2,640
FDIC insurance			2,349						2,424						4,800						4,591
Other noninterest expense			15,186						14,024						28,685						25,269
Total noninterest expense			112,635						127,833						242,154						239,863
Income before income taxes			81,889						64,513						145,546						31,844
Income taxes			18,713						17,109						32,389						14,430
Net income			$	63,176					$	47,404					$	113,157					$	17,414
Dividends on preferred stock			4,590						155						$	9,179					$	155
Net income available to common stockholders			$	58,586					$	47,249					$	103,978					$	17,259
Weighted average number of common shares outstanding, basic			84,498,030						89,645,040						85,588,955						79,139,706
Weighted average number of common shares outstanding, diluted			85,385,382						90,883,711						86,602,278						80,251,577
Basic earnings per common share			$	0.69					$	0.53					$	1.21					$	0.22
Diluted earnings per common share			$	0.69					$	0.52					$	1.20					$	0.22

See accompanying Notes to Consolidated Financial Statements (Unaudited).

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FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Net income			$	63,176					$	47,404					$	113,157					$	17,414
OCI:
Unrealized/Unrecognized gains (losses) on debt securities:
Net unrealized holding gains (losses) on debt securities available for sale			(2,102)						13,492						(15,536)						37,319
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income			—						(1)						(23)						15,536
Amortization of unrecognized losses on securities transferred to held to maturity			899						1,132						1,883						2,265
Tax effect			301						(1,415)						3,425						(13,829)
Net change in unrealized/unrecognized gains (losses) on debt securities			(902)						13,208						(10,251)						41,291
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges			(7,554)						3,463						(11,266)						9,561
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income			1,387						2,265						2,790						4,325
Tax effect			1,542						(1,437)						2,120						(3,449)
Net change in unrealized gains (losses) on cash flow hedges			(4,625)						4,291						(6,356)						10,437
OCI			(5,527)						17,499						(16,607)						51,728
Total comprehensive income			$	57,649					$	64,903					$	96,550					$	69,142

See accompanying Notes to Consolidated Financial Statements (Unaudited).

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FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

			Three Months Ended June 30, 2026
			Number of Shares												Stock												Additional Paid-in Capital						Retained Earnings						AOCI						Treasury Stock						Total Stockholders' Equity
(dollars in thousands)			Preferred						Common						Preferred						Common
Balance, March 31, 2026			222,750						85,507,160						$	—					$	93					$	2,361,959					$	359,162					$	(135,553)					$	(172,639)					$	2,413,022
Net income			—						—						—						—						—						63,176						—						—						63,176
OCI, net of tax			—						—						—						—						—						—						(5,527)						—						(5,527)
Repurchase of stock, including excise tax			—						(2,340,000)						—						—						—						—						—						(63,756)						(63,756)
Net issuance of treasury stock for stock-based compensation plans			—						22,341						—						—						(197)						—						—						558						361
Cash dividends on preferred stock			—						—						—						—						—						(4,590)						—						—						(4,590)
Cash dividends on common stock			—						—						—						—						—						(22,080)						—						—						(22,080)
Dividend equivalents on RSUs/PSUs/DSUs			—						—						—						—						259						(259)						—						—						—
Stock-based compensation expense			—						—						—						—						2,564						—						—						—						2,564
Balance, June 30, 2026			222,750						83,189,501						$	—					$	93					$	2,364,585					$	395,409					$	(141,080)					$	(235,837)					$	2,383,170

			Three Months Ended June 30, 2025
			Number of Shares												Stock												Additional Paid-in Capital						Retained Earnings						AOCI						Treasury Stock						Total Stockholders' Equity
(dollars in thousands)			Preferred						Common						Preferred						Common
Balance, March 31, 2025			7,750						90,008,178						$	—					$	93					$	2,167,275					$	249,484					$	(172,810)					$	(64,436)					$	2,179,606
Net income			—						—						—						—						—						47,404						—						—						47,404
OCI, net of tax			—						—						—						—						—						—						17,499						—						17,499
Issuance of preferred stock, net of issuance costs			215,000						—						—						—						207,447						—						—						—						207,447
Repurchase of stock, including excise tax			—						(1,012,000)						—						—						—						—						—						(21,655)						(21,655)
Net issuance of treasury stock for stock-based compensation plans			—						108,500						—						—						(3,087)						—						—						2,496						(591)
Cash dividends on preferred stock			—						—						—						—						—						(155)						—						—						(155)
Cash dividends on common stock			—						—						—						—						—						(22,442)						—						—						(22,442)
Dividend equivalents on RSUs/PSUs/DSUs			—						—						—						—						492						(492)						—						—						—
Stock-based compensation expense			—						—						—						—						5,433						—						—						—						5,433
Balance, June 30, 2025			222,750						89,104,678						$	—					$	93					$	2,377,560					$	273,799					$	(155,311)					$	(83,595)					$	2,412,546

(continued)

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FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Continued)

			Six Months Ended June 30, 2026
			Number of Shares												Stock												Additional Paid-in Capital						Retained Earnings						AOCI						Treasury Stock						Total Stockholders' Equity
(dollars in thousands)			Preferred						Common						Preferred						Common
Balance, December 31, 2025			222,750						87,624,430						$	—					$	93					$	2,375,511					$	336,707					$	(124,473)					$	(118,856)					$	2,468,982
Net income			—						—						—						—						—						113,157						—						—						113,157
OCI, net of tax			—						—						—						—						—						—						(16,607)						—						(16,607)
Repurchase of stock, including excise tax			—						(4,957,400)						—						—						—						—						—						(129,905)						(129,905)
Net issuance of treasury stock for stock-based compensation plans			—						522,471						—						—						(18,211)						—						—						12,924						(5,287)
Cash dividends on preferred stock			—						—						—						—						—						(9,179)						—						—						(9,179)
Cash dividends on common stock			—						—						—						—						—						(44,691)						—						—						(44,691)
Dividend equivalents on RSUs/PSUs/DSUs			—						—						—						—						585						(585)						—						—						—
Stock-based compensation expense			—						—						—						—						6,700						—						—						—						6,700
Balance, June 30, 2026			222,750						83,189,501						$	—					$	93					$	2,364,585					$	395,409					$	(141,080)					$	(235,837)					$	2,383,170

			Six Months Ended June 30, 2025
			Number of Shares												Stock												Additional Paid-in Capital						Retained Earnings						AOCI						Treasury Stock						Total Stockholders' Equity
(dollars in thousands)			Preferred						Common						Preferred						Common
Balance, December 31, 2024			—						56,895,981						$	—					$	60					$	1,360,530					$	294,054					$	(207,039)					$	(64,336)					$	1,383,269
Net income			—						—						—						—						—						17,414						—						—						17,414
OCI, net of tax			—						—						—						—						—						—						51,728						—						51,728
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, including excise tax			—						(1,232,000)						—						—						—						—						—						(26,491)						(26,491)
Net issuance of treasury stock for stock-based compensation plans			—						292,429						—						—						(8,114)						—						—						7,232						(882)
Cash dividends on preferred stock			—						—						—						—						—						(155)						—						—						(155)
Cash dividends on common stock			—						—						—						—						—						(36,666)						—						—						(36,666)
Dividend equivalents on RSUs/PSUs/DSUs			—						—						—						—						848						(848)						—						—						—
Stock-based compensation expense			—						—						—						—						8,827						—						—						—						8,827
Balance, June 30, 2025			222,750						89,104,678						$	—					$	93					$	2,377,560					$	273,799					$	(155,311)					$	(83,595)					$	2,412,546

See accompanying Notes to Consolidated Financial Statements (Unaudited).

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FINANCIAL STATEMENTS

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

			Six Months Ended June 30,
(dollars in thousands)			2026						2025
Cash flows provided by (used in) operating activities
Net income			$	113,157					$	17,414
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses			5,247						51,293
Amortization of intangible assets			8,523						7,675
Amortization of mortgage servicing rights			376						327
Depreciation and amortization of premises and equipment			7,130						6,082
Net amortization (accretion) on portfolio loans			(10,336)						(7,325)
Net amortization (accretion) of premium (discount) on investment securities			(1,164)						1,451
Net amortization (accretion) of premium (discount) on time deposits			14						(1,580)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings			925						1,000
Impairment of OREO and other repossessed assets			67						270
Impairment of fixed assets held for sale			11						188
Impairment (reversal of impairment) of mortgage servicing rights			(155)						(2)
Unrealized (gains) losses recognized on equity securities, net			(1,482)						(5,765)
(Gain) loss on sales of debt securities, net			(23)						15,536
(Gain) loss on sales of loans, net			(557)						(655)
(Gain) loss on sales of OREO and other repossessed assets			(38)						85
(Gain) loss on sales of premises and equipment			8						49
(Gain) loss on life insurance proceeds			—						(357)
Increase in cash surrender value of bank owned life insurance			(3,253)						(2,834)
Provision for deferred income taxes expense			3,181						2,217
Stock-based compensation expense			6,700						8,827
Mortgage loans originated for sale			(35,364)						(45,736)
Proceeds from sales of mortgage loans			33,033						39,639
Increase in other assets			(3,499)						(3,754)
Decrease in other liabilities			(29,481)						(26,151)
Net cash provided by operating activities			$	93,020					$	57,894
Cash flows provided by (used in) investing activities
Purchases of interest-bearing time deposits in other banks			$	(970)					$	(300)
Proceeds from maturities of interest-bearing time deposits in other banks			345						1,180
Purchases of equity securities			(18,420)						(869)
Proceeds from sales of equity securities			18,421						6,430
Purchases of debt securities available for sale			(272,556)						(376,552)
Proceeds from sales of debt securities available for sale			—						528,940
Proceeds from paydowns and maturities of debt securities available for sale			156,409						202,613
Proceeds from paydowns and maturities of debt securities held to maturity			43,436						24,719
Purchases of restricted bank stock			(33,533)						(35,265)
Proceeds from the redemption of restricted bank stock			27,429						11,786
Purchases of loans			(8,678)						—
Proceeds from the sales of loans			8,754						—
Net (increase) decrease in loans			367,160						(39,614)
Net cash received in (paid for) acquisitions (see Note 2)			—						385,804
Cash paid for premiums on bank-owned life insurance			(42)						(46)
Proceeds from life insurance			—						4,334
Purchases of premises and equipment			(4,734)						(5,173)
Proceeds from disposition of premises and equipment			296						2
Net proceeds from OREO and other repossessed assets			2,056						15,295
Net cash provided by investing activities			$	285,373					$	723,284

(continued)

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FINANCIAL STATEMENTS

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)

			Six Months Ended June 30,
(dollars in thousands)			2026						2025
Cash flows provided by (used in) financing activities
Net increase (decrease) in deposits			$	222,773					$	(750,837)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase			(22,868)						2,420
Proceeds from short-term borrowings			14,761,801						—
Repayment of short-term borrowings			(14,761,801)						(11,158)
Proceeds from other borrowings, net of debt issuance costs			11,000						16,667
Repayment of other borrowings			(15,090)						(125,030)
Cash dividends paid			(53,870)						(36,821)
Purchase of treasury stock			(129,905)						(26,491)
Cash paid for withholding taxes on stock-based payments			(6,526)						(1,911)
Issuance of treasury stock for the ESPP			1,239						1,029
Issuance of preferred stock, net of stock issuance costs			—						207,447
Common stock issuance costs			—						(920)
Net cash provided by (used in) financing activities			$	6,753					$	(725,605)
Net increase in cash and cash equivalents1			$	385,146					$	55,573
Cash and cash equivalents, beginning of period1			280,227						682,410
Cash and cash equivalents, ending of period1			$	665,373					$	737,983
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest			$	149,893					$	148,580
Non-cash investing and financing activities:
OREO and other repossessed assets acquired in settlement of loans			$	339					$	14,869
Transfer of loans held for sale to portfolio loans			10						—

___________________________________________

1.Cash and cash equivalent balances include restricted cash and cash equivalents. See “Note 1. Significant Accounting Policies—Cash and Cash Equivalents” for additional information regarding restrictions on cash and cash equivalents, as required by ASC 230‑10‑50.

See accompanying Notes to Consolidated Financial Statements (Unaudited).

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FIRST BUSEY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 1. SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

First Busey Corporation, a Nevada corporation organized in 1980, is an $18.19 billion financial holding company headquartered in Leawood, Kansas. First Busey’s stock is traded on The Nasdaq Global Select Market, with its common stock trading under the symbol “BUSE” and its depositary shares of Busey Series B Preferred Stock trading under the symbol “BUSEP.”

Busey operates and reports its business in three segments: Banking, Wealth Management, and FirsTech. Busey provides a full range of banking and wealth management services through Busey Bank, and payment technology solutions through Busey Bank’s wholly owned subsidiary, FirsTech. For additional information about Busey's operating segments, see “Note 16. Operating Segments and Related Information.” Busey also has various other subsidiaries that are not significant to the consolidated entity.

Basis of Financial Statement Presentation

These unaudited consolidated financial statements and related notes should be read together with the audited consolidated financial statements included in Busey's 2025 Annual Report. These interim unaudited consolidated financial statements serve to update Busey's 2025 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements.

Busey’s unaudited consolidated financial statements are prepared in conformity with GAAP, and reflect the elimination of intercompany accounts and transactions. Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a material impact on Busey’s consolidated financial condition or results of operations.

In the opinion of Busey’s management, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly Busey’s results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.

Use of Estimates

In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, Busey’s management is required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the disclosures provided. Actual results could differ from those estimates. Critical accounting estimates which are particularly susceptible to significant change 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 unaudited consolidated financial statements. Busey had assets under care of $16.51 billion at June 30, 2026, and $15.66 billion at December 31, 2025.

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 with original maturities of three months or less. The carrying amount of these instruments is considered a reasonable estimate of fair value.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Restrictions on Cash and Cash Equivalents

Cash and cash equivalents reported on the Consolidated Balance Sheets (Unaudited) includes amounts generally described as restricted cash, as summarized in the table below:

									As of
(dollars in thousands)			Location						June 30, 2026						December 31, 2025
Restricted cash and cash equivalents
Contractually restricted by third-party service providers			Cash and due from banks						$	13,647					$	13,647
Cash pledged to secure obligations under derivative contracts			Interest-bearing deposits						14,400						14,400
Restricted cash subject to call by the Federal Reserve Bank			Interest-bearing deposits						68,055						68,055
Total restricted cash and cash equivalents									$	96,102					$	96,102

Interest-bearing time deposits in other banks

Interest-bearing time deposits in other banks consist of certificates of deposit with original maturities greater than three months and are carried at amortized cost.

Income Taxes

Busey is subject to income taxes in U.S. federal and various state jurisdictions. First Busey and its subsidiaries file consolidated federal and state income tax returns with each subsidiary computing its taxes on a separate entity basis. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations, which requires significant judgment. Busey monitors evolving federal and state tax legislation and its potential impact on operations on an ongoing basis.

As of June 30, 2026, Busey remains under examination by the Illinois Department of Revenue for M&M's tax filings for the tax years ended December 31, 2022 and 2023.

Preferred Stock

The following table summarizes First Busey’s preferred stock issuances as of both June 30, 2026, and December 31, 2025:

Title of Each Issue						Shares Authorized						Shares Issued						Shares Outstanding						Par Value
Preferred stock, $0.001 par value:						1,000,000
Series A Non-Cumulative Perpetual Preferred Stock						7,750						7,750						7,750						$	7.75
8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock						230,000						215,000						215,000						$	215.00

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

						Three Months Ended June 30,												Six Months Ended June 30,
Title of Each Issue						2026						2025						2026						2025
Series A Non-Cumulative Perpetual Preferred Stock1						$	—					$	—					$	—					$	7.75
8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock2						—						215.00						—						215.00

___________________________________________

1.Busey Series A Preferred Stock was issued on March 1, 2025.

2.Busey Series B Preferred Stock was issued on May 20, 2025.

Impact of Recently Adopted Accounting Standards

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 to reduce complexity in estimating the ACL for current accounts receivable and current contract assets arising from transactions subject to ASC 606 by permitting an entity to assume that current conditions as of the balance sheet date will remain static for the remaining life of these assets. Busey adopted this ASU prospectively for annual and interim reporting periods beginning January 1, 2026, and elected the practical expedient for in-scope assets. Loans and other financial assets measured at amortized cost are not within the scope of this ASU. Because Busey does not currently have in-scope assets, adoption of this standard did not have a material impact on Busey’s financial position or 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. This ASU was adopted on a prospective basis for annual and interim reporting periods beginning January 1, 2026. Because Busey does not currently have any convertible debt, adoption of this standard did not have a material impact on Busey’s financial position or results of operations.

Recently Issued Accounting Standards Not Yet Adopted

In May 2026, the FASB issued ASU 2026‑02 “Environmental Credits and Environmental Credit Obligations (Topic 818),” which establishes recognition, measurement, presentation, and disclosure requirements for environmental credits and environmental credit obligations. This update is to be applied on a retrospective basis, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2028. Early adoption is permitted as of the beginning of an annual reporting period. Busey is currently evaluating the applicability and effect of this ASU on its financial position, results of operations, and related disclosures.

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.

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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.

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 completed 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 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.

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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 those of the SEC in order to better facilitate comparisons between SEC registrants and entities that are not subject to SEC reporting requirements. The amendments in this ASU should be applied prospectively, and the effective date 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 by June 30, 2027, the pending content of this update will be removed from the ASC and have no further effect. Because this update relates only to disclosure, Busey does not expect adoption of this ASU to have a material impact on its financial position or results of operations.

Subsequent Events

Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued, and noted the following:

•On July 13, 2026, Busey entered into a letter agreement with its Chief Executive Officer, which included an equity grant with a three‑year vesting term. First Busey filed a copy of the letter agreement as Exhibit 10.1 to a Current Report filed with the SEC on July 14, 2026.

•On July 31, 2026, First Busey filed a Current Report with the SEC, announcing the retirement of a member of its board of directors from his position, effective July 29, 2026. Effective at that time, the board of directors passed a resolution to reduce its size to 11 directors.

Other than these, there were no significant events subsequent to the quarter ended June 30, 2026, through the filing date of these unaudited 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. Busey operated CrossFirst Bank as a separate banking subsidiary until it was merged with and into Busey Bank on June 20, 2025. Additional information about the CrossFirst acquisition, including the merger consideration and the basis for determining the fair value of consideration transferred, was provided in “Note 2. Business Combinations” in Busey’s 2025 Annual Report.

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. 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. A final fair value adjustment for deferred taxes was recorded during the three months ended March 31, 2026, resulting in a $0.9 million increase to the fair value of net assets acquired. Fair values are now final.

As the total consideration paid for CrossFirst exceeded the estimated fair value of net assets acquired, goodwill of $48.6 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.

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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:

			As of
			March 1, 2025
(dollars in thousands)			(final)
Assets acquired
Cash and cash equivalents			$	385,808
Securities			725,622
Portfolio loans, net of ACL			6,023,063
Premises and equipment			69,673
Other intangible assets1			81,783
Other assets			213,352
Total assets acquired			7,499,301
Liabilities assumed
Deposits			6,571,699
Short-term borrowings			11,148
Long-term borrowings			68,922
Junior subordinated debt owed to unconsolidated trusts			2,238
Other liabilities			84,907
Total liabilities assumed			6,738,914
Net assets acquired			$	760,387
Consideration paid
Cash			$	4
Common stock			795,227
Preferred stock			7,750
Replacement awards2			5,999
Total consideration paid			$	808,980
Goodwill			$	48,593

___________________________________________

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

2.Represents the fair value of replacement equity awards issued to CrossFirst associates attributable to pre-combination service.

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Valuations of Loans

Estimated fair values for the loan portfolio acquired in the CrossFirst acquisition includes 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 applies various assumptions about coupon rates, remaining maturities, prepayment speeds, projected default probabilities, losses given default, 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 include 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:

			As of
(dollars in thousands)			March 1, 2025
PCD Financial Assets
Gross contractual receivable for PCD financial assets			$	1,539,718
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets			(100,783)
Interest premium (discount) specific to PCD financial assets			(3,063)
Loans previously charged-off prior to acquisition			(110,740)
Fair value of PCD financial assets			$	1,325,132

Pro Forma Results

The following unaudited pro forma information has been prepared as if the CrossFirst acquisition had occurred on January 1, 2024. The pro forma results combine CrossFirst’s historical results into Busey’s Consolidated Statements of Income (Unaudited), including the impact of estimated purchase accounting adjustments such as loan discount accretion, intangible assets amortization, and deposit accretion, net of taxes, which may not align with the timing of actual results. 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 acquisition actually occurred on January 1, 2024. 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 acquisition-related expenses that have been recognized are included in net income in the table below:

(dollars in thousands)									Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
Revenue (net interest income plus noninterest income)									$	194,806											$	365,963
Net income									48,032												68,274

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Other Acquisition Costs

Busey incurred acquisition-related expenses as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Pre-tax acquisition expenses
CrossFirst1			$	1,196					$	16,600					$	6,440					$	88,090
M&M2			—						—						—						108
Pre-tax acquisition expenses			$	1,196					$	16,600					$	6,440					$	88,198

___________________________________________

1.During the six months ended June 30, 2026, Busey recorded acquisition expenses comprising salaries and employee benefits for multi-year retention agreements, replacement stock-based compensation awards, and relocation related to the CrossFirst acquisition; data processing; and professional fees.

During the six months ended June 30, 2025, Busey recorded an initial provision to establish an ACL on non-PCD loans and unfunded commitments and multiple components of noninterest expense including salaries and employee benefits (including equity compensation); data processing; and legal, professional, and consulting costs. In addition to the acquisition costs presented in the table above, during the three months ended June 30, 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.

2.During the six months ended June 30, 2025, Busey recorded final acquisition expenses, comprising data processing and consulting expenses, related to the acquisition of M&M, which was completed on April 1, 2024.

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

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Pre-tax costs to consummate the merger			$	—					$	86					$	119					$	7,230

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 June 30, 2026
(dollars in thousands)			Amortized Cost						Unrealized												Fair Value
									Gross Gains						Gross Losses
Debt securities available for sale1
Obligations of U.S. government corporations and agencies			$	106,962					$	—					$	(1,191)					$	105,771
Obligations of states and political subdivisions			276,467						2,894						(10,384)						268,977
Asset-backed securities			227,166						58						(218)						227,006
Commercial mortgage-backed securities			160,834						116						(11,828)						149,122
Residential mortgage-backed securities			1,604,567						3,435						(135,420)						1,472,582
Corporate debt securities			43,027						313						(1,631)						41,709
Total debt securities available for sale			$	2,419,023					$	6,816					$	(160,672)					$	2,265,167

			Amortized Cost						Unrecognized												Fair Value
									Gross Gains						Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	340,073					$	—					$	(66,792)					$	273,281
Residential mortgage-backed securities			363,915						—						(57,893)						306,022
Total debt securities held to maturity			$	703,988					$	—					$	(124,685)					$	579,303

___________________________________________

1.This table includes debt securities marked at par, with no gain or loss.

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			As of December 31, 2025
(dollars in thousands)			Amortized Cost						Unrealized												Fair Value
									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.This table includes debt securities marked at par, with no gain or loss.

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 June 30, 2026
(dollars in thousands)			Amortized Cost						Fair Value
Debt securities available for sale
Due in one year or less			$	7,849					$	7,840
Due after one year through five years			97,382						93,388
Due after five years through ten years			341,119						323,752
Due after ten years			1,972,673						1,840,187
Debt securities available for sale			$	2,419,023					$	2,265,167
Debt securities held to maturity
Due in one year or less			$	3,956					$	3,945
Due after one year through five years			34,434						33,093
Due after ten years			665,598						542,265
Debt securities held to maturity			$	703,988					$	579,303

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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:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Realized gains and losses on debt securities
Gross gains on debt securities			$	—					$	1					$	24					$	9
Gross losses on debt securities1			—						—						(1)						(15,545)
Realized net gains (losses) on debt securities			$	—					$	1					$	23					$	(15,536)

___________________________________________

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.

Debt securities with carrying amounts of $711.8 million on June 30, 2026, and $744.2 million on December 31, 2025, 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 June 30, 2026
			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 agencies1			$	105,744					$	(1,191)					$	27					$	—					$	105,771					$	(1,191)
Obligations of states and political subdivisions			38,558						(461)						91,385						(9,923)						129,943						(10,384)
Asset-backed securities			162,814						(218)						—						—						162,814						(218)
Commercial mortgage-backed securities			62,252						(447)						72,914						(11,381)						135,166						(11,828)
Residential mortgage-backed securities			374,254						(4,401)						716,307						(131,019)						1,090,561						(135,420)
Corporate debt securities			2,486						(4)						23,150						(1,627)						25,636						(1,631)
Debt securities available for sale with gross unrealized losses			$	746,108					$	(6,722)					$	903,783					$	(153,950)					$	1,649,891					$	(160,672)

															Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities															$	273,281					$	(66,792)					$	273,281					$	(66,792)
Residential mortgage-backed securities															306,022						(57,893)						306,022						(57,893)
Debt securities held to maturity with gross unrecognized losses															$	579,303					$	(124,685)					$	579,303					$	(124,685)

___________________________________________

1.Losses on securities in a continuous loss position for 12 months or more were immaterial, rounding to zero thousand.

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			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)

															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)

Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below:

			As of June 30, 2026
(dollars in thousands)			Available for Sale						Held to Maturity						Total
Debt securities with gross unrealized or unrecognized losses, fair value			$	1,649,891					$	579,303					$	2,229,194
Gross unrealized or unrecognized losses on debt securities			160,672						124,685						285,357
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses			9.7		%				21.5		%				12.8		%
Count of debt securities			665						52						717
Count of debt securities in an unrealized or unrecognized loss position			463						52						515

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

			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

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 June 30, 2026, Busey did not hold general obligation bonds of any single issuer that exceeded, in aggregate, 10% of Busey’s stockholders’ equity.

NOTE 4. PORTFOLIO LOANS

Loan Categories

Busey’s lending can be summarized in two primary categories: commercial and retail. Loans within these categories are further classified by lending activity: C&I and other commercial, commercial real estate, 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
(dollars in thousands)			June 30, 2026						December 31, 2025
Commercial loans
C&I and other commercial			$	3,959,997					$	4,229,208
CRE			5,452,781						5,550,018
Real estate construction			1,027,069						1,039,289
Total commercial loans			10,439,847						10,818,515
Retail loans
Retail real estate			2,116,360						2,154,616
Retail other			638,947						594,668
Total retail loans			2,755,307						2,749,284
Total portfolio loans			13,195,154						13,567,799
ACL			(164,204)						(174,023)
Portfolio loans, net			$	13,030,950					$	13,393,776

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Net deferred loan origination costs included in the balances above were $5.0 million as of June 30, 2026, compared to $7.0 million as of December 31, 2025. Net accretable purchase accounting adjustments included in the balances above reduced loans by $76.5 million as of June 30, 2026, and $86.6 million as of December 31, 2025. Deposit account overdrafts reported as loans totaled $5.2 million as of June 30, 2026, and $7.1 million as of December 31, 2025.

Busey purchased $8.7 million of retail other loans and sold $8.7 million of C&I and other commercial loans during the three and six months ended June 30, 2026. Other than loans acquired in business combinations, Busey did not execute any significant loan purchases or sales during the three and six months ended June 30, 2025.

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
(dollars in thousands)			June 30, 2026						December 31, 2025
Pledged loans
FHLB			$	7,053,467					$	5,051,512
Federal Reserve Bank			2,151,503						1,854,423
Total pledged loans			$	9,204,970					$	6,905,935

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.

First Busey Corporation (BUSE) | 2026 Q2 — 25

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Risk grades of portfolio loans and gross charge-offs are presented in the tables below by lending activity, further sorted by origination year:

			As of and For The Six Months Ended June 30, 2026
Risk Grade Ratings			Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans						Total
(dollars in thousands)			2026						2025						2024						2023						2022						Prior
C&I and other commercial
Pass			$	258,641					$	565,733					$	395,757					$	186,551					$	170,815					$	226,405					$	1,427,969					$	3,231,871
Watch			21,648						51,029						66,016						63,276						29,713						43,370						124,533						399,585
Special Mention			4,259						15,270						13,260						22,469						10,335						4,305						95,288						165,186
Substandard			12,887						1,369						5,724						44,927						19,902						9,942						21,066						115,817
Substandard non-accrual			4						3,987						2,636						23,902						3,756						4,387						8,866						47,538
Total C&I and other commercial			297,439						637,388						483,393						341,125						234,521						288,409						1,677,722						3,959,997
Gross charge-offs			$	180					$	383					$	4,712					$	2,953					$	6,180					$	1,614					$	171					$	16,193
CRE
Pass			717,048						827,048						427,846						567,379						914,659						1,067,555						52,951						4,574,486
Watch			200,466						115,563						51,925						45,275						100,888						136,589						4,277						654,983
Special Mention			33,529						41,231						6,758						28,252						12,362						49,497						770						172,399
Substandard			16,579						1,137						4,200						3,242						4,294						8,542						354						38,348
Substandard non-accrual			68						448						681						6,140						495						4,733						—						12,565
Total CRE			967,690						985,427						491,410						650,288						1,032,698						1,266,916						58,352						5,452,781
Gross charge-offs			—						—						—						228						—						—						—						228
Real estate construction
Pass			219,026						347,213						206,098						70,502						26,710						6,015						80,274						955,838
Watch			14,837						948						929						1,883						22,561						149						6,815						48,122
Special Mention			348						15,366						—						—						—						6,295						300						22,309
Substandard			—						—						—						—						—						745						55						800
Total real estate construction			234,211						363,527						207,027						72,385						49,271						13,204						87,444						1,027,069
Gross charge-offs			—						—						101						—						—						—						—						101
Retail real estate
Pass			101,400						129,691						117,825						240,681						419,645						801,946						254,763						2,065,951
Watch			24,936						484						491						332						9,262						479						546						36,530
Special Mention			3,231						45						66						—						818						1,676						200						6,036
Substandard			—						—						—						4,082						129						1,085						—						5,296
Substandard non-accrual			—						510						175						127						488						578						669						2,547
Total retail real estate			129,567						130,730						118,557						245,222						430,342						805,764						256,178						2,116,360
Gross charge-offs			119						—						151						—						39						44						81						434
Retail other
Pass			1,652						3,867						1,634						23,377						21,422						2,697						584,182						638,831
Substandard non-accrual			—						—						—						76						28						12						—						116
Total retail other			1,652						3,867						1,634						23,453						21,450						2,709						584,182						638,947
Gross charge-offs			264						—						—						10						—						—						77						351
Total portfolio loans			$	1,630,559					$	2,120,939					$	1,302,021					$	1,332,473					$	1,768,282					$	2,377,002					$	2,663,878					$	13,195,154
Total gross charge-offs			$	563					$	383					$	4,964					$	3,191					$	6,219					$	1,658					$	329					$	17,307

First Busey Corporation (BUSE) | 2026 Q2 — 26

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

			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

First Busey Corporation (BUSE) | 2026 Q2 — 27

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Past Due and Non-accrual Loans

An analysis of portfolio loans that were past due and still accruing, or on a non-accrual status, is presented in the table below:

			As of June 30, 2026
			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			$	1,408					$	377					$	1,592					$	47,538					$	14,576
CRE			44						652						2,932						12,565						4,990
Real estate construction			135						—						—						—						—
Past due and non-accrual commercial loans			1,587						1,029						4,524						60,103						19,566
Retail loans
Retail real estate			3,242						504						—						2,547						—
Retail other			774						999						144						116						—
Past due and non-accrual retail loans			4,016						1,503						144						2,663						—
Total past due and non-accrual loans			$	5,603					$	2,532					$	4,668					$	62,766					$	19,566

			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

Busey collected $0.4 million on non-accrual CRE loans during the three months ended June 30, 2026, which was recognized in interest income on a cash basis. Busey collected $1.0 million on non-accrual loans during the six months ended June 30, 2026, consisting of $0.6 million on C&I and other commercial loans and $0.4 million on CRE loans, which was recognized in interest income on a cash basis. Amounts collected on non-accrual loans and recognized in interest income on a cash basis were immaterial for both the three and six months ended June 30, 2025.

First Busey Corporation (BUSE) | 2026 Q2 — 28

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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:

																					Three Months Ended June 30, 2026
(dollars in thousands)																					Term Extension												Combination—Interest Rate Reduction and Payment Deferral						% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial																					$	10,686											$	574					0.3		%
CRE																					12,161												3,548						0.3		%
Total loans modified during the period1																					$	22,847											$	4,122					0.2		%

___________________________________________

1.Modifications were primarily for loans classified as substandard, with approximately 7.1% classified as substandard non-accrual.

															Three Months Ended June 30, 2025
(dollars in thousands)															Payment Deferral						Term Extension						Combination—Payment Deferral and Term Extension												% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial															$	490					$	21,913					$	4,412											0.6		%
CRE1															—						1,297						—												—		%
Total loans modified during the period2															$	490					$	23,210					$	4,412											0.2		%

___________________________________________

1.Modified loans represented an insignificant portion of CRE loans, rounding to zero percent.

2.All modifications were for loans classified as substandard.

															Six Months Ended June 30, 2026
(dollars in thousands)															Payment Deferral						Term Extension												Combination—Interest Rate Reduction and Payment Deferral						% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial															$	1,822					$	35,442											$	574					1.0		%
CRE															—						12,161												3,548						0.3		%
Total loans modified during the period1															$	1,822					$	47,603											$	4,122					0.4		%

___________________________________________

1.Modifications were primarily for loans classified as substandard, with approximately 8.4% classified as special mention and approximately 7.8% classified as substandard non-accrual.

First Busey Corporation (BUSE) | 2026 Q2 — 29

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

															Six Months Ended June 30, 2025
(dollars in thousands)															Payment Deferral						Term Extension						Combination—Payment Deferral and Term Extension												% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial															$	11,639					$	26,985					$	4,412											1.0		%
CRE1															—						1,848						—												—		%
Real estate construction															—						5,187						—												0.5		%
Total loans modified during the period2															$	11,639					$	34,020					$	4,412											0.4		%

___________________________________________

1.Modified loans represented an insignificant portion of CRE loans, rounding to zero percent.

2.Modifications were primarily for loans classified as substandard, with approximately 0.9% classified as substandard non-accrual.

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:

									Three Months Ended June 30,																								Six Months Ended June 30,
									2026																														2025												2026																														2025
									Weighted Average Interest Rate Reduction												Weighted Average Term Extension																								Weighted Average Term Extension												Weighted Average Interest Rate Reduction												Weighted Average Term Extension																								Weighted Average Term Extension
C&I and other commercial									3.25		%										8 months																								1.7 years												3.25		%										10 months																								1.6 years
CRE									3.15		%										1.2 years																								7 months												3.15		%										1.2 years																								11 months
Real estate construction									—		%										—																								—												—		%										—																								1.3 years
Aggregate effect									3.17		%										11 months																								1.6 years												3.17		%										11 months																								1.5 years

Payment deferrals for borrowers experiencing financial difficulty can include deferrals of three or more payments to the end of the loan, accommodations to restructure the payment terms of the loan, or accommodations to allow for a period of interest-only payments on the loan.

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 June 30, 2026
(dollars in thousands)			Current						30-89 Days						90+ Days						Non-accrual
Modified Loans
C&I and other commercial			$	34,978					$	—					$	—					$	4,200
CRE			16,401						—						—						273
Loans modified during the last twelve months			$	51,379					$	—					$	—					$	4,473

Busey had commitments of $1.3 million as of June 30, 2026, and $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.

First Busey Corporation (BUSE) | 2026 Q2 — 30

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

A default occurs when a loan is 90 days or more past due or transferred to non-accrual status. The following table presents loans that defaulted after having been modified during the twelve months before the default.

																					Three Months Ended June 30,																														Six Months Ended June 30,
																					2026																		2025																								2026																		2025
(dollars in thousands)																					Term Extension																														Payment Deferral																																										Term Extension																														Payment Deferral
Loans with Subsequent Defaults
C&I and other commercial																					$	—																													$	467																																									$	—																													$	467
CRE																					—																														—																																										273																														—
Modified loans with subsequent defaults																					$	—																													$	467																																									$	273																													$	467

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. Collateral dependent loans are secured by (1) business assets, for C&I and other commercial loans; (2) real estate, for CRE and retail real estate loans; and (3) vehicles and other personal assets, for retail other loans. Loans are written down to the lower of cost or fair value of the underlying collateral, less estimated costs to sell. Busey had $57.4 million of collateral dependent loans as of June 30, 2026, and $47.8 million of collateral dependent loans as of December 31, 2025.

OREO and Other Repossessed Assets

Busey held $0.3 million of commercial OREO, an immaterial amount of residential OREO, and $2.6 million of other repossessed assets, as of June 30, 2026. Busey’s recorded investment in residential real estate loans that were in the process of foreclosure was $0.9 million as of June 30, 2026. Busey follows Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.

Allowance for Credit Losses

A description of Busey's accounting policies and methodology related to the ACL, including the three components of the ACL—specific allocations/individual reserves, quantitative reserves, and qualitative reserves— is included under the heading “Allowance for Credit Losses” in “Note 1. Significant Accounting Policies” and “Note 4. Portfolio Loans” in Busey's 2025 Annual Report. There were no significant changes to the methodology during the six months ended June 30, 2026.

Busey's quantitative 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. Due to the continued economic uncertainty in the markets in which Busey operates, in estimating the ACL, Busey uses a forecast period of 12 months with an immediate reversion to historical loss rates beyond this forecast period.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The following tables summarize 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 from other lending activities:

			Three Months Ended June 30, 2026
(dollars in thousands)			C&I and Other Commercial						CRE						Real Estate Construction						Retail Real Estate						Retail Other						Total
ACL balance, March 31, 2026			$	57,804					$	70,100					$	12,588					$	27,140					$	1,422					$	169,054
Provision for loan losses			6,772						(8,060)						2,367						272						181						1,532
Charged-off			(8,688)						(228)						(101)						(283)						(167)						(9,467)
Recoveries			1,531						1,371						1						87						95						3,085
ACL balance, June 30, 2026			$	57,419					$	63,183					$	14,855					$	27,216					$	1,531					$	164,204

			Three Months Ended June 30, 2025
(dollars in thousands)			C&I and Other Commercial						CRE						Real Estate Construction						Retail Real Estate						Retail Other						Total
ACL balance, March 31, 2025			$	89,304					$	68,478					$	8,689					$	26,399					$	2,340					$	195,210
Provision for loan losses			(18,863)						13,370						4,300						2,597						(399)						1,005
Charged-off			(2,080)						(10,916)						—						(119)						(268)						(13,383)
Recoveries			217						3						83						165						34						502
ACL balance, June 30, 2025			$	68,578					$	70,935					$	13,072					$	29,042					$	1,707					$	183,334

			Six Months Ended June 30, 2026
(dollars in thousands)			C&I and Other Commercial						CRE						Real Estate Construction						Retail Real Estate						Retail Other						Total
ACL balance, December 31, 2025			$	61,370					$	70,328					$	11,568					$	29,178					$	1,579					$	174,023
Provision for loan losses			10,328						(8,294)						3,386						(1,672)						177						3,925
Charged-off			(16,193)						(228)						(101)						(434)						(351)						(17,307)
Recoveries			1,914						1,377						2						144						126						3,563
ACL balance, June 30, 2026			$	57,419					$	63,183					$	14,855					$	27,216					$	1,531					$	164,204

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			Six Months Ended June 30, 2025
(dollars in thousands)			C&I and Other Commercial						CRE						Real Estate Construction						Retail Real Estate						Retail Other						Total
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			(18,240)						12,977						4,611						2,094						(418)						1,024
Charged-off3			(33,301)						(11,169)						—						(119)						(629)						(45,218)
Recoveries			313						134						93						298						70						908
ACL balance, June 30, 2025			$	68,578					$	70,935					$	13,072					$	29,042					$	1,707					$	183,334

___________________________________________

1.The Day 1 PCD was attributable to the CrossFirst acquisition (see “Note 2. Business Combinations”), and represents the initial adjustment to the fair value of the PCD loans.

2.The Day 2 provision for loan losses was attributable to the CrossFirst acquisition (see “Note 2. Business Combinations”), and represents the initial provision for non-PCD loans.

3.Charged-off amounts included $31.1 million for PCD loans assumed in the CrossFirst acquisition, which were fully reserved at acquisition and did not require recording additional provision expense.

NOTE 5. LEASES

Busey as the Lessee

Busey’s leases consist primarily of real estate leases for banking centers, ATM locations, and office space, as well as equipment leases. Lease-related balances that Busey reported on its Consolidated Balance Sheets (Unaudited) are presented in the table below:

									As of
(dollars in thousands)			Location						June 30, 2026						December 31, 2025
Lease balances
Right of use assets:
Operating leases			Other assets						$	30,735					$	30,204
Finance leases1			Premises and equipment, net						4,997						5,155
Total right of use assets									$	35,732					$	35,359
Lease liabilities:
Operating leases			Other liabilities						$	34,422					$	32,597
Finance leases			Long-term borrowings						6,134						6,223
Total lease liabilities									$	40,556					$	38,820

___________________________________________

1.Balances are presented net of accumulated amortization of $0.4 million at June 30, 2026, and $0.3 million at December 31, 2025.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Lease terms are summarized in the following table:

As of

June 30, 2026

December 31, 2025

Lease terms

Weighted average remaining lease terms:

Operating leases

7.23 years

7.41 years

Finance leases

15.76 years

16.26 years

Weighted average discount rates:

Operating leases

4.27

%

4.24

%

Finance leases

5.10

%

5.10

%

Costs recorded in connection with these leases are summarized in the table below:

									Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Lease costs
Operating lease costs:
Premises rent expense			Net occupancy expense of premises						$	1,735					$	1,788					$	3,446					$	2,738
Equipment rent expense			Furniture and equipment expenses						7						7						15						14
Finance lease costs:
Amortization expense			Net occupancy expense of premises						80						—						159						—
Interest expense			Long-term borrowings						77						—						155						—
Variable lease costs			Net occupancy expense of premises						9						15						19						30
Short-term lease costs			Net occupancy expense of premises						—						18						5						30
Total lease cost									$	1,908					$	1,828					$	3,799					$	2,812

Cash paid for amounts included in the measurement of lease liabilities is summarized in the table below:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Cash flows related to leases
Operating cash flows from operating leases			$	3,034					$	2,996					$	6,039					$	4,555
Operating cash flows from finance leases			77						—						155						—
Financing cash flows from finance leases			45						—						90						—
Right of use assets obtained in exchange for operating lease liabilities1			211						(1,115)						3,459						29,618

___________________________________________

1.The six months ended June 30, 2025, included $29.6 million right of use assets recognized in connection with the acquisition of CrossFirst.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Future undiscounted payments for leases with initial terms of one year or more are summarized in the table below:

			As of June 30, 2026
(dollars in thousands)			Operating Leases						Finance Leases
Rent commitments
Remainder of 2026			$	3,439					$	245
2027			6,572						528
2028			6,049						540
2029			5,075						540
2030			4,184						540
2031			3,942						540
Thereafter			10,948						6,085
Total undiscounted cash flows			40,209						9,018
Less: Amounts representing interest			5,787						2,884
Present value of net future minimum lease payments			$	34,422					$	6,134

As of June 30, 2026, Busey had commitments totaling $1.7 million for one lease contract with a future accounting commencement date.

Busey as the Lessor

Busey leases space to outside parties, consisting of operating leases primarily for offices and parking areas. Revenues recorded in connection with these leases are summarized in the table below:

									Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Rental income			Other noninterest income						$	217					$	217					$	431					$	433

Contractual terms for these leases extend through 2036. Under the terms of these lease agreements, Busey is entitled to receive aggregate future lease payments as shown in the table below:

(dollars in thousands)			As of June 30, 2026
Rents to be received
Remainder of 2026			$	429
2027			634
2028			471
2029			273
2030			193
2031			54
Thereafter			183
Total lease payments from operating leases			$	2,237

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 6. DEPOSITS

The composition of Busey’s deposits is presented in the table below:

			As of
(dollars in thousands)			June 30, 2026						December 31, 2025
Deposits
Noninterest-bearing demand deposits			$	3,496,319					$	3,659,421
Interest-bearing transaction deposits			3,315,200						3,119,475
Saving deposits and money market deposits			5,934,920						5,697,172
Time deposits			2,382,306						2,429,890
Total deposits			$	15,128,745					$	14,905,958

Additional information about Busey’s deposits is presented in the table below:

			As of
(dollars in thousands)			June 30, 2026						December 31, 2025
Brokered interest-bearing transaction deposits			$	43					$	50,136
Brokered savings deposits and money market deposits			60,000						10,000
Brokered time deposits			—						10,004
Aggregate amount of time deposits with a minimum denomination of $100,000			1,657,910						1,674,862
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000			896,354						876,207

Scheduled maturities of time deposits are presented in the table below:

(dollars in thousands)			As of June 30, 2026
Time deposits by schedule of maturities
Remainder of 2026			$	1,728,608
2027			629,564
2028			13,741
2029			5,012
2030			3,411
2031			1,957
Thereafter			13
Time deposits			$	2,382,306

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 7. 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. Securities sold under agreements to repurchase are presented in the table below:

			As of
(dollars in thousands)			June 30, 2026						December 31, 2025
Securities sold under agreements to repurchase			$	144,061					$	166,929
Weighted average rate for securities sold under agreements to repurchase			2.39		%				2.22		%

Revolving Line of Credit

Pursuant to Busey’s Credit Agreement, as amended effective April 30, 2026, Busey has access to a $50.0 million revolving line of credit bearing an interest rate equal to the one-month Term SOFR rate plus 1.65%. The termination date for the revolving line of credit is April 30, 2027. As of June 30, 2026, 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’s short-term borrowings include, as applicable, 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. Busey did not have any federal funds borrowings outstanding at June 30, 2026. Balances of short-term borrowings are presented in the table below:

			As of
(dollars in thousands)			June 30, 2026						December 31, 2025
Short-term borrowings
FHLB advances maturing in less than one year from date of origination, and the current portion of long-term FHLB advances due within 12 months			$	28,333					$	—
Total short-term borrowings			$	28,333					$	—

Funds borrowed from the FHLB, listed above, consisted of three notes with a weighted average interest rate of 3.17% and a weighted average maturity period of 11 months as of June 30, 2026.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Long-term Borrowings

Busey’s long-term borrowings consist of borrowings maturing more than one year from the loan origination date, excluding the current portion that is due within 12 months, and finance lease liabilities. Balances of long-term borrowings are presented in the table below:

			As of
(dollars in thousands)			June 30, 2026						December 31, 2025
Long-term borrowings
FHLB borrowings			$	86,030					$	102,792
Secured borrowings			3,161						4,791
Finance lease liabilities			6,134						6,223
Total long-term borrowings			$	95,325					$	113,806

Funds borrowed from the FHLB, listed above, consisted of 14 notes with a weighted average interest rate of 2.27% and a weighted average maturity period of 1.61 years as of June 30, 2026. Maturity dates for the long-term FHLB borrowings range from August 2027 through December 2030. In comparison, as of December 31, 2025, 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.

SBA loans assumed in the CrossFirst acquisition that did not qualify for sale accounting treatment are presented as secured borrowings. Secured borrowings consisted of six notes with a weighted average maturity period of 15.20 years as of June 30, 2026. Maturity dates for the secured borrowings range from September 2030 through September 2045. In comparison, as of December 31, 2025, secured borrowings consisted of seven notes with a weighted average maturity period of 17.01 years.

Subordinated Notes

On June 2, 2022, First 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.

Unamortized debt issuance costs related to Busey’s subordinated notes are presented in the table below:

			As of
(dollars in thousands)			June 30, 2026						December 31, 2025
Unamortized debt issuance costs			$	397					$	605

Junior Subordinated Debt Owed to Unconsolidated Trusts

On June 17, 2026, First Busey completed the previously announced redemption of trust preferred securities issued by First Busey Statutory Trust II and the related junior subordinated notes.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 8. REGULATORY CAPITAL

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 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 June 30, 2026, and December 31, 2025, all capital ratios of 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 June 30, 2026, that would change this designation.

Capital Amounts and Ratios

The following tables summarize regulatory capital requirements applicable to Busey and Busey Bank:

			As of June 30, 2026
			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
Busey			$	1,859,031					12.53		%				$	667,908					4.50		%				$	964,756					6.50		%
Busey Bank			$	2,168,464					14.65		%				$	665,889					4.50		%				$	961,839					6.50		%
Tier 1 capital to risk weighted assets
Busey			$	2,081,781					14.03		%				$	890,544					6.00		%				$	1,187,391					8.00		%
Busey Bank			$	2,168,464					14.65		%				$	887,852					6.00		%				$	1,183,802					8.00		%
Total capital to risk weighted assets
Busey			$	2,390,209					16.10		%				$	1,187,391					8.00		%				$	1,484,239					10.00		%
Busey Bank			$	2,312,314					15.63		%				$	1,183,802					8.00		%				$	1,479,753					10.00		%
Leverage ratio of Tier 1 capital to average assets
Busey			$	2,081,781					11.86		%				$	702,084					4.00		%				N/A						N/A
Busey Bank			$	2,168,464					12.38		%				$	700,802					4.00		%				$	876,002					5.00		%

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			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
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
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
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
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		%

Capital Conservation Buffer

Busey is subject to a capital conservation buffer pursuant to the Basel III Rule, 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 avoid regulatory limits 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%.

NOTE 9. TAX CREDIT INVESTMENTS AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES

Busey’s investments in unconsolidated entities and related unfunded investment obligations are summarized in the table below for the periods indicated:

									As of
(dollars in thousands)			Location						June 30, 2026						December 31, 2025
Investments in unconsolidated entities
Tax credit investments			Other assets						$	129,930					$	119,634
Other investments in unconsolidated entities			Other assets						37,717						46,361
Investments in unconsolidated entities									$	167,647					$	165,995
Unfunded investment obligations			Other liabilities						$	70,277					$	68,690

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 (Unaudited). Actual amounts of income tax credits and other benefits, along with the investment amortization, are presented in the table below:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Income tax credits and other tax benefits			$	5,203					$	4,319					$	10,128					$	8,908
Amortization of investments in tax-advantaged projects			4,639						3,829						9,071						7,937

NOTE 10. STOCK-BASED COMPENSATION

Changes in Busey’s outstanding equity awards are presented in the tables below:

			RSU Awards						PSU Awards1						DSU Awards
Nonvested at December 31, 2025			1,320,537						525,501						41,218
Granted			287,101						279,148						34,655
Dividend equivalents earned			22,856						1,877						4,163
Vested			(615,849)						(43,283)						(45,043)
Forfeited			(94,764)						(53,944)						—
Nonvested at June 30, 2026			919,881						709,299						34,993
Vested and outstanding at June 30, 2026			—						—						191,118

___________________________________________

1.Represents target shares at the grant date.

			Options						SSARs
Outstanding at December 31, 2025			15,106						270,398
Exercised			(5,720)						(140,232)
Forfeited			—						(1,430)
Expired			(2,640)						—
Outstanding at June 30, 2026			6,746						128,736
Exercisable at June 30, 2026			6,746						113,328

2020 Equity Plan

On May 20, 2020, the 2020 Equity Plan was 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 First Busey’s Proxy Statement for the 2020 Annual Meeting of Stockholders filed on April 9, 2020. The 2020 Equity Plan has been amended twice, as follows:

•On May 24, 2023, 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 remained 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 2020 Equity Plan. More information can be found in Appendix A within First Busey’s Proxy Statement for the 2023 Annual Meeting of Stockholders filed on April 14, 2023.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

•On May 20, 2026, a second amendment and restatement of the 2020 Equity Plan was approved by stockholders at the 2026 Annual Meeting of Stockholders. Terms of the second amended and restated 2020 Equity Plan are substantially identical to those of the originally approved 2020 Equity Plan, as first amended and restated on May 24, 2023, other than an increase of 2,100,000 in the number of shares authorized for issuance under the 2020 Equity Plan. More information can be found in Appendix A within First Busey’s Revised Proxy Statement for the 2026 Annual Meeting of Stockholders filed on April 13, 2026.

Shares remaining available for issuance under Busey’s equity compensation plans as of June 30, 2026, are set forth in the table below:

Plan						Shares Remaining Available for Issuance Pursuant to the Plan
2020 Equity Plan						2,283,484
ESPP						236,152

Stock-based Compensation Expense

Busey recognized compensation expense related to non-vested equity awards as summarized in the table below:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Stock-based compensation expense
Salaries and employee benefits1			$	2,441					$	5,213					$	6,371					$	8,430
Other noninterest expense2			123						220						329						397
Total stock-based compensation expense			$	2,564					$	5,433					$	6,700					$	8,827

___________________________________________

1.Includes expenses for RSUs, PSUs, SSARs, and the ESPP.

2.Represents expenses for DSU awards.

Unamortized compensation expense related to non-vested equity awards is summarized in the table below:

			As of
(dollars in thousands)			June 30, 2026						December 31, 2025
Unamortized stock-based compensation			$	22,677					$	15,309
Weighted average period over which expense is to be recognized on awards issued under Busey's 2020 Equity Plan			2.1 years						1.8 years
Weighted average period over which expense is to be recognized on CrossFirst replacement awards			11 months						1.2 years

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NOTE 11. OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES

Commitments and Credit Risk

A summary of the contractual amount of Busey’s exposure to off-balance sheet risk relating to commitments is presented in the table below:

			As of
(dollars in thousands)			June 30, 2026						December 31, 2025
Off-Balance Sheet Commitments
Commitments to extend credit			$	4,006,100					$	4,696,867
Standby letters of credit			103,742						123,746
Total commitments			$	4,109,842					$	4,820,613

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 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 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 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’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 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.

On March 20, 2025, the Illinois Secretary of State requested that First Busey resubmit the requested forms using a proposed methodology for paid-in capital that First Busey 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 informed the Illinois Secretary of State that it would not resubmit the requested forms with the methodology that First Busey disputes and requested that the parties instead continue good faith discussions. On July 2, 2025, First Busey 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 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 in excess of $28.0 million, including in excess of $17.4 million in interest and approximately $0.3 million in penalties. First Busey 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 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 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 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.

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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 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 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 June 30, 2026. If the likelihood of potential liabilities elevates and First Busey 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 12. 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 13: 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
(dollars in thousands)			June 30, 2026						December 31, 2025
Cash pledged to secure obligations under derivative contracts			$	14,400					$	14,400
Collateral held to secure obligations under derivative contracts			7,720						5,050

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.

Interest Rate Swaps Designated as Cash Flow Hedges

Interest rate swaps with notional amounts totaling $800.0 million as of June 30, 2026, and $500.0 million as of December 31, 2025, 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 $500.0 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.

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A summary of the interest-rate swaps designated as cash flow hedges is presented below:

									As of
(dollars in thousands)			Location						June 30, 2026						December 31, 2025
Prime Loan Swap
Notional amount									$	300,000					$	300,000
Weighted average receive rate, fixed									4.81		%				4.81		%
Weighted average pay rate, variable Prime									6.75		%				6.81		%
Weighted average maturity									2.60 years						3.10 years
SOFR Loan Swaps
Notional amount									$	500,000					$	200,000
Weighted average receive rate, fixed									3.72		%				3.78		%
Weighted average pay rate, variable 1-month CME Term SOFR1									3.63		%				3.82		%
Weighted average maturity									4.53 years						3.76 years
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets			Other assets						$	43					$	3,215
Gross aggregate fair value of swap liabilities			Other liabilities						19,820						14,589
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax			AOCI						$	(13,972)					$	(7,616)

___________________________________________

1.As of June 30, 2026, a pay rate was not yet established for a 6-month forward-starting SOFR loan swap with a notional amount of $200 million, which was entered into during the first quarter of 2026. For purposes of the weighted average pay rate calculation, Busey used the rate that would have been applicable for this loan swap as of June 30, 2026, if not for the deferred period.

During the next 12 months, Busey expects to reclassify unrealized gains and losses from OCI to interest income 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 June 30, 2026.

(dollars in thousands)			As of June 30, 2026
Unrealized losses expected to be reclassified from OCI to interest income			$	(444)

Changes in interest income recorded on these swap transactions is presented in the following table:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Decrease in interest income on swap transactions			$	(1,387)					$	(2,265)					$	(2,790)					$	(4,325)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Net gains and losses relating to cash flow derivative instruments that were recorded in OCI on the Consolidated Statements of Income (Unaudited) are presented in the table below:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Unrealized gains (losses) on cash flow hedges
Net gains (losses) recognized in OCI, net of tax			$	(5,664)					$	2,598					$	(8,447)					$	7,239
Losses reclassified from OCI to interest income, net of tax			1,039						1,693						2,091						3,198
Net change in unrealized gains (losses) on cash flow hedges, net of tax			$	(4,625)					$	4,291					$	(6,356)					$	10,437

Derivative Instruments Not Designated as Hedges

Interest Rate Swaps Not Designated as Hedges

Busey may offer interest rate swap 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 other financial institutions. These contracts supported variable rate, commercial loan relationships totaling $1.33 billion as of June 30, 2026, and $1.16 billion as of December 31, 2025. 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.

Amounts and fair values of derivative assets and derivative liabilities related to customer interest rate swaps recorded on the Consolidated Balance Sheets (Unaudited) are summarized as follows:

									As of June 30, 2026												As of December 31, 2025
(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						$	375,604					$	3,236					$	703,286					$	11,542
Interest rate swaps: receive-floating, pay-fixed			Other assets						953,930						21,432						456,973						15,998
Derivative assets not designated as hedging instruments									$	1,329,534					$	24,668					$	1,160,259					$	27,540
Derivative liabilities not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floating			Other liabilities						$	953,930					$	21,432					$	456,973					$	15,998
Interest rate swaps: receive-floating, pay-fixed			Other liabilities						375,604						3,236						703,286						11,542
Derivative liabilities not designated as hedging instruments									$	1,329,534					$	24,668					$	1,160,259					$	27,540

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Changes in fair value of these derivative assets and derivative liabilities were as follows:

									Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)									2026						2025						2026						2025
Interest rate swaps
Receive-fixed, pay-floating									$	230					$	(1,972)					$	(2,886)					$	1,062
Receive-floating, pay-fixed									(230)						1,972						2,886						(1,062)
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 that were not designated as hedging instruments 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 acquired 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.

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 August 2026 and October 2033, and are summarized as follows:

									As of June 30, 2026												As of December 31, 2025
(dollars in thousands)			Location						Notional Amount						Fair Value						Notional Amount						Fair Value
Risk participation agreements
Purchased			Other assets						$	74,808					$	12					$	74,590					$	30
Sold			Other liabilities						95,783						29						108,743						65

Changes in fair value of these derivative assets and derivative liabilities were recognized on the Consolidated Statements of Income (Unaudited) as follows:

									Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Risk participation agreements
Gains recognized in earnings			Other noninterest expense						$	9					$	5					$	18					$	7
Gains (losses) recognized in earnings			Other noninterest income						—						(3)						—						(14)
Net change in fair value of risk participation agreements									$	9					$	2					$	18					$	(7)

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Foreign Currency Exchange Contracts

From time to time, Busey enters into foreign currency exchange forward contracts that are not designated as hedging instruments to support its customers’ or its own business requirements. Foreign currency contracts, which involve the exchange of one currency for another on a specified date and at a specified rate, are used to manage fluctuations in foreign exchange rates. Foreign currency exchange contracts are carried at fair value. Amounts and fair values of foreign currency exchange derivative instruments included on the Consolidated Balance Sheets (Unaudited) are summarized as follows:

									As of June 30, 2026												As of December 31, 2025
(dollars in thousands)			Location						Notional Amount						Fair Value						Notional Amount						Fair Value
Foreign currency exchange contract			Other assets						$	3,226					$	172					$	—					$	—

Gains and/or losses relating to foreign currency exchange derivative instruments are reported in noninterest income on the Consolidated Statements of Income (Unaudited), and are summarized as follows:

									Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Gains on foreign currency exchange contracts			Other noninterest income						$	14					$	—					$	25					$	—

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 (Unaudited), 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 (Unaudited). 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 (Unaudited)

Amounts and fair values of mortgage banking derivatives included on the Consolidated Balance Sheets (Unaudited) are summarized as follows:

									As of June 30, 2026												As of December 31, 2025
(dollars in thousands)			Location						Notional Amount						Fair Value						Notional Amount						Fair Value
Mortgage banking derivative assets
Interest rate lock commitments			Other assets						$	2,240					$	47					$	6,159					$	145
Forward sales commitments			Other assets						6,731						85						1,520						2
Mortgage banking derivative assets									$	8,971					$	132					$	7,679					$	147
Mortgage banking derivative liabilities
Forward sales commitments			Other liabilities						$	2,307					$	6					$	9,278					$	26
Mortgage banking derivative liabilities									$	2,307					$	6					$	9,278					$	26

Gains and losses relating to these derivative instruments are reported in noninterest income, and are summarized as follows:

									Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Net gains (losses) on mortgage banking derivatives
Gains (losses) on interest rate lock commitments			Other noninterest income						$	58					$	239					$	102					$	481
Gains (losses) on forward sales commitments			Other noninterest income						27						26						123						(61)
Net gains (losses) on mortgage banking derivatives									$	85					$	265					$	225					$	420

NOTE 13. 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 Busey 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.

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•Level 3 Inputs—Unobservable inputs for estimating the fair values of assets or liabilities that reflect Busey’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 Financial 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.

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. 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. Due to the significance of unobservable inputs, derivative assets and liabilities 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 June 30, 2026
(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			$	—					$	105,771					$	—					$	105,771
Obligations of states and political subdivisions			—						268,977						—						268,977
Asset-backed securities			—						227,006						—						227,006
Commercial mortgage-backed securities			—						149,122						—						149,122
Residential mortgage-backed securities			—						1,472,582						—						1,472,582
Corporate debt securities			—						41,709						—						41,709
Equity securities			174						16,223						—						16,397
Derivative assets			—						25,015						12						25,027
Derivative liabilities			—						44,494						29						44,523

			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

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Activity for Busey's risk participation agreements, which are measured at estimated fair value on a recurring basis using Level 3 inputs, is summarized in the table below:

									Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Beginning Balance									$	(26)					$	(39)					$	(35)					$	5
Gains recognized in earnings			Other noninterest expense						9						5						18						7
Losses recognized in earnings1			Other noninterest income						—						(3)						—						(14)
Purchases									—						(26)						—						(26)
Sales									—						18						—						24
Assumed in business combinations2									—						—						—						(41)
Ending Balance									$	(17)					$	(45)					$	(17)					$	(45)

___________________________________________

1.CrossFirst Bank, which First Busey operated as a separate banking subsidiary from the time of its acquisition on March 1, 2025, until it was merged with and into Busey Bank on June 20, 2025, recorded gains and losses on its risk participation agreements as other noninterest income. Throughout 2025, Busey accounted for the CrossFirst portfolio of risk participation agreements consistent with this methodology. Beginning in 2026, gains and losses recognized on Busey’s full portfolio of risk participation agreements, is recorded as other noninterest expense.

2.Represents risk participation agreements assumed in the CrossFirst acquisition.

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. Fair value estimates were based upon discounted appraisals or real estate listing prices. Due to the significance of unobservable inputs, estimated fair values of all bank property held for sale have been classified as Level 3. Bank property held for sale is included in premises and equipment, net on Busey’s Consolidated Balance Sheets (Unaudited).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The following tables summarize financial assets and financial liabilities measured at estimated fair value on a non-recurring basis:

			As of June 30, 2026
(dollars in thousands)			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance			$	—					$	—					$	26,057					$	26,057
OREO and other repossessed assets with subsequent impairment			—						—						2,623						2,623
Bank property held for sale with impairment			—						—						1,661						1,661

			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

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 June 30, 2026

(dollars in thousands)

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

26,057

Appraisal of collateral

Appraisal adjustments

-1.6% to -100.0% (-34.5)%

OREO and other repossessed assets with subsequent impairment

2,623

Appraisal of collateral

Appraisal adjustments

-6.3% to -24.1% (-6.9)%

Bank property held for sale with impairment

1,661

Appraisal of collateral or real estate listing price

Appraisal adjustments

-9.0% to -46.1% (-36.1)%

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)%

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 (Unaudited) were estimated as follows:

			As of June 30, 2026												As of December 31, 2025
(dollars in thousands)			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents			$	665,373					$	665,373					$	280,227					$	280,227
Level 2 inputs:
Interest-bearing time deposits in other banks			14,450						12,491						13,825						11,880
Debt securities held to maturity			703,988						579,303						746,385						625,957
Loans held for sale			8,660						8,729						5,752						5,886
Restricted bank stock			83,171						83,171						77,006						77,006
Accrued interest receivable			72,758						72,758						71,788						71,788
Level 3 inputs:
Portfolio loans, net			13,030,950						12,866,338						13,393,776						13,472,907
Mortgage servicing rights			1,500						5,818						1,459						5,176
Other servicing rights			1,985						2,222						2,086						2,193
Financial liabilities
Level 2 inputs:
Time deposits			$	2,382,306					$	2,373,388					$	2,429,890					$	2,425,290
Securities sold under agreements to repurchase			144,061						144,061						166,929						166,929
Short-term borrowings			28,333						28,092						—						—
Long-term borrowings			95,325						94,562						113,806						113,853
Junior subordinated debt owed to unconsolidated trusts			62,473						58,363						77,328						71,407
Accrued interest payable			19,018						19,018						25,372						25,372
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs			99,603						98,250						99,395						94,500

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 14. 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 First 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 shares were issued for Busey’s outstanding equity-based awards.

Earnings per common share have been computed as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands, except per share amounts)			2026						2025						2026						2025
Net income			$	63,176					$	47,404					$	113,157					$	17,414
Dividends on preferred stock			(4,590)						(155)						(9,179)						(155)
Net income available to common stockholders			$	58,586					$	47,249					$	103,978					$	17,259
Weighted average number of common shares outstanding, basic			84,498,030						89,645,040						85,588,955						79,139,706
Dilutive effect of outstanding equity-based awards			887,352						1,238,671						1,013,323						1,111,871
Weighted average number of common shares outstanding, diluted			85,385,382						90,883,711						86,602,278						80,251,577
Basic earnings per common share			$	0.69					$	0.53					$	1.21					$	0.22
Diluted earnings per common share			$	0.69					$	0.52					$	1.20					$	0.22
Anti-dilutive equity-based awards			68,094						28,561						34,047						223,149

NOTE 15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables present changes in AOCI by component, net of tax, for the periods indicated:

			Three Months Ended June 30, 2026
(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, March 31, 2026			$	(108,779)					$	(17,427)					$	(9,347)					$	(135,553)
Unrealized holding gains (losses), net			(1,576)						—						(5,664)						(7,240)
Amounts reclassified from AOCI, net			—						—						1,039						1,039
Amortization of unrecognized losses on securities transferred to held to maturity			—						674						—						674
Balance, June 30, 2026			$	(110,355)					$	(16,753)					$	(13,972)					$	(141,080)

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			Three Months Ended June 30, 2025
(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, March 31, 2025			$	(137,725)					$	(21,426)					$	(13,659)					$	(172,810)
Unrealized holding gains (losses), net			11,988						—						2,598						14,586
Amounts reclassified from AOCI, net			(8)						—						1,693						1,685
Amortization of unrecognized losses on securities transferred to held to maturity			—						1,228						—						1,228
Balance, June 30, 2025			$	(125,745)					$	(20,198)					$	(9,368)					$	(155,311)

			Six Months Ended June 30, 2026
(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, 2025			$	(98,693)					$	(18,164)					$	(7,616)					$	(124,473)
Unrealized holding gains (losses), net			(11,644)						—						(8,447)						(20,091)
Amounts reclassified from AOCI, net			(18)						—						2,091						2,073
Amortization of unrecognized losses on securities transferred to held to maturity			—						1,411						—						1,411
Balance, June 30, 2026			$	(110,355)					$	(16,753)					$	(13,972)					$	(141,080)

			Six Months Ended June 30, 2025
(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, 2024			$	(165,680)					$	(21,554)					$	(19,805)					$	(207,039)
Unrealized holding gains (losses), net			28,569						—						7,239						35,808
Amounts reclassified from AOCI, net			11,366						—						3,198						14,564
Amortization of unrecognized losses on securities transferred to held to maturity			—						1,356						—						1,356
Balance, June 30, 2025			$	(125,745)					$	(20,198)					$	(9,368)					$	(155,311)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 16. OPERATING SEGMENTS AND RELATED INFORMATION

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.

•The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois, Missouri, Texas, Arizona, Colorado, Florida, Kansas, Oklahoma, Indiana, and New Mexico.

•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.

•The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.

Additional information about Busey’s operating segments is included in “Note 23. Operating Segments and Related Information” of Busey’s 2025 Annual Report.

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” of Busey’s 2025 Annual Report. 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 and the elimination of intercompany transactions:

			As of June 30, 2026
(dollars in thousands)			Banking						Wealth Management						FirsTech						Other						Total
Goodwill			$	359,263					$	14,108					$	8,992					$	—					$	382,363
Total assets			17,962,087						164,648						44,485						20,647						18,191,867

			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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are summarized below:

			Three Months Ended June 30, 2026
(dollars in thousands)			Banking						Wealth Management						FirsTech						Other						Total
Interest income			$	224,349					$	—					$	—					$	76					$	224,425
Intersegment interest income			—						—						14						(14)						—
Interest expense			69,410						—						—						2,613						72,023
Intersegment interest expense			300						—						—						(300)						—
Net interest income			154,639						—						14						(2,251)						152,402
Provision for credit losses			2,189						—						—						—						2,189
Net interest income after provision for credit losses			152,450						—						14						(2,251)						150,213
Noninterest income
Wealth management fees			—						19,981						—						—						19,981
Payment technology solutions			—						—						4,968						—						4,968
Treasury management services			4,789						—						—						—						4,789
Capital markets income			1,871						—						—						—						1,871
Card services and ATM fees			4,813						—						—						—						4,813
Other service charges on deposit accounts			1,407						—						—						—						1,407
All other noninterest income			4,289						164						—						2,029						6,482
Intersegment noninterest income			2,832						—						531						(3,363)						—
Noninterest income			20,001						20,145						5,499						(1,334)						44,311
Revenue			174,640						20,145						5,513						(3,585)						196,713
Noninterest expense
Salaries and employee benefits			56,801						8,115						2,761						—						67,677
Data processing			7,266						704						872						26						8,868
Amortization of intangible assets			4,066						166						—						—						4,232
Interchange expense			—						—						1,096						—						1,096
All other noninterest expense			27,605						545						771						1,841						30,762
Intersegment noninterest expense			650						749						539						(1,938)						—
Noninterest expense			96,388						10,279						6,039						(71)						112,635
Income (loss) before income taxes			76,063						9,866						(526)						(3,514)						81,889
Income taxes			17,328						2,368						(128)						(855)						18,713
Net income			$	58,735					$	7,498					$	(398)					$	(2,659)					$	63,176

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			Three Months Ended June 30, 2025
(dollars in thousands)			Banking						Wealth Management						FirsTech						Other						Total
Interest income			$	247,444					$	—					$	—					$	2					$	247,446
Intersegment interest income			—						—						17						(17)						—
Interest expense			90,247						—						—						4,016						94,263
Intersegment interest expense			866						—						—						(866)						—
Net interest income			156,331						—						17						(3,165)						153,183
Provision for credit losses			5,700						—						—						—						5,700
Net interest income after provision for credit losses			150,631						—						17						(3,165)						147,483
Noninterest income
Wealth management fees			—						16,777						—						—						16,777
Payment technology solutions			—						—						4,956						—						4,956
Treasury management services			4,569						—						—						—						4,569
Capital markets income			1,254						—						—						—						1,254
Card services and ATM fees			4,880						—						—						—						4,880
Other service charges on deposit accounts			1,513						—						—						—						1,513
All other noninterest income			4,714						209						—						5,991						10,914
Intersegment noninterest income			316						—						429						(745)						—
Noninterest income			17,246						16,986						5,385						5,246						44,863
Revenue			173,577						16,986						5,402						2,081						198,046
Noninterest expense
Salaries and employee benefits			57,247						7,106						2,851						11,156						78,360
Data processing			12,381						622						922						96						14,021
Amortization of intangible assets			4,364						228						—						—						4,592
Interchange expense			—						—						1,297						—						1,297
All other noninterest expense			26,162						590						718						2,093						29,563
Intersegment noninterest expense			5,156						778						360						(6,294)						—
Noninterest expense			105,310						9,324						6,148						7,051						127,833
Income (loss) before income taxes			62,567						7,662						(746)						(4,970)						64,513
Income taxes			16,729						1,839						(202)						(1,257)						17,109
Net income			$	45,838					$	5,823					$	(544)					$	(3,713)					$	47,404

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			Six Months Ended June 30, 2026
(dollars in thousands)			Banking						Wealth Management						FirsTech						Other						Total
Interest income			$	449,756					$	—					$	—					$	154					$	449,910
Intersegment interest income			—						—						29						(29)						—
Interest expense			138,284						—						—						5,255						143,539
Intersegment interest expense			804						—						—						(804)						—
Net interest income			310,668						—						29						(4,326)						306,371
Provision for credit losses			5,247						—						—						—						5,247
Net interest income after provision for credit losses			305,421						—						29						(4,326)						301,124
Noninterest income
Wealth management fees			—						39,351						—						—						39,351
Payment technology solutions			—						—						10,045						—						10,045
Treasury management services			9,245						—						—						—						9,245
Capital markets income			4,242						—						—						—						4,242
Card services and ATM fees			9,459						—						—						—						9,459
Other service charges on deposit accounts			2,913						—						—						—						2,913
All other noninterest income			9,909						321						—						1,091						11,321
Intersegment noninterest income			5,665						—						1,092						(6,757)						—
Noninterest income			41,433						39,672						11,137						(5,666)						86,576
Revenue			352,101						39,672						11,166						(9,992)						392,947
Noninterest expense
Salaries and employee benefits			128,508						16,981						7,418						—						152,907
Data processing			15,448						1,467						1,758						59						18,732
Amortization of intangible assets			8,176						347						—						—						8,523
Interchange expense			—						—						2,212						—						2,212
All other noninterest expense			53,287						1,397						1,447						3,649						59,780
Intersegment noninterest expense			1,329						1,499						1,079						(3,907)						—
Noninterest expense			206,748						21,691						13,914						(199)						242,154
Income (loss) before income taxes			140,106						17,981						(2,748)						(9,793)						145,546
Income taxes			31,131						4,316						(670)						(2,388)						32,389
Net income			$	108,975					$	13,665					$	(2,078)					$	(7,405)					$	113,157

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			Six Months Ended June 30, 2025
(dollars in thousands)			Banking						Wealth Management						FirsTech						Other						Total
Interest income			$	414,256					$	—					$	—					$	5					$	414,261
Intersegment interest income			—						—						30						(30)						—
Interest expense			148,764						—						—						8,583						157,347
Intersegment interest expense			1,357						—						—						(1,357)						—
Net interest income			264,135						—						30						(7,251)						256,914
Provision for credit losses			51,293						—						—						—						51,293
Net interest income after provision for credit losses			212,842						—						30						(7,251)						205,621
Noninterest income
Wealth management fees			—						34,141						—						—						34,141
Payment technology solutions			—						—						10,029						—						10,029
Treasury management services			7,406						—						—						—						7,406
Capital markets income			2,579						—						—						—						2,579
Card services and ATM fees			8,589						—						—						—						8,589
Other service charges on deposit accounts			3,046						—						—						—						3,046
All other noninterest income			(5,810)						411						(2)						5,697						296
Intersegment noninterest income			668						—						774						(1,442)						—
Noninterest income			16,478						34,552						10,801						4,255						66,086
Revenue			280,613						34,552						10,831						(2,996)						323,000
Noninterest expense
Salaries and employee benefits			103,973						14,137						5,332						22,481						145,923
Data processing			20,330						1,215						1,859						192						23,596
Amortization of intangible assets			7,205						470						—						—						7,675
Interchange expense			—						—						2,640						—						2,640
All other noninterest expense			45,987						1,327						1,335						11,380						60,029
Intersegment noninterest expense			9,821						1,558						729						(12,108)						—
Noninterest expense			187,316						18,707						11,895						21,945						239,863
Income (loss) before income taxes			42,004						15,845						(1,064)						(24,941)						31,844
Income taxes			15,859						3,803						(281)						(4,951)						14,430
Net income (loss)			$	26,145					$	12,042					$	(783)					$	(19,990)					$	17,414

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FIRST BUSEY CORPORATION

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

SCOPE OF DISCUSSION			63
BUSINESS			63
Banking Center Markets			63
Busey's Conservative Banking Strategy			64
Business Combinations			64
CrossFirst Bankshares, Inc.			64
RESULTS OF OPERATIONS — THREE AND SIX MONTHS ENDED JUNE 30, 2026			65
Net Income			65
Non-GAAP Adjusting Items and Non-GAAP Measures			66
Operating Performance Metrics			67
Net Interest Income			67
Consolidated Average Balance Sheets and Interest Rates			68
Noninterest Income			73
Noninterest Expense			76
Efficiency Ratio			79
Taxes			79
FINANCIAL CONDITION			80
Balance Sheet			80
Portfolio Loans			80
Portfolio Composition			81
Concentration of Credit Risk			82
Allowance for Credit Losses and Provision for Loan Losses			84
Non-Performing Loans and Non-Performing Assets			85
Potential Problem Loans			87
Deposits			87
Liquidity			87
Off-Balance-Sheet Arrangements			89
Capital Resources			89
NON-GAAP FINANCIAL INFORMATION			90
FORWARD-LOOKING STATEMENTS			96
CRITICAL ACCOUNTING ESTIMATES			97

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SCOPE OF DISCUSSION

The following discussion and analysis are intended to assist readers in understanding Busey’s financial condition and results of operations during the three and six months ended June 30, 2026, and should be read in conjunction with Busey’s Consolidated Financial Statements (Unaudited) and the related Notes to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report, as well as Busey's 2025 Annual Report.

BUSINESS

First Busey Corporation is an $18.19 billion financial holding company headquartered in Leawood, Kansas. First Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE,” and its depositary shares of Series B Preferred Stock are traded on The Nasdaq Global Select Market under the symbol “BUSEP.”

Busey provides a full range of banking, wealth management, and payment technology solutions to individuals and corporate clients through its subsidiaries, Busey Bank and FirsTech.

Banking Center Markets

Busey Bank, headquartered in Champaign, Illinois, serves the banking needs of its customers through 80 banking centers located across five geographical regions and verticals spanning 10 states.

East Region – Busey Bank serves its East Region through 17 banking centers in the suburban Chicago market and three banking centers located in southwest Florida.

Midwest Region – Busey Bank serves its Midwest Region through 21 banking centers in central Illinois, including six in the Chicago MSA; 20 banking centers in the St. Louis MSA, including eight banking centers in eastern Missouri and 12 banking centers in western Illinois; and one banking center in Indianapolis, Indiana.

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Central Region – Busey Bank serves its Central Region through three banking centers in the Kansas City MSA, including two locations in Leawood, Kansas and one in Kansas City, Missouri; one banking center in Wichita, Kansas; and three banking centers in Oklahoma, including two in Oklahoma City and one in Tulsa.

Texas Region – Busey Bank serves its Texas Region through four banking centers across the Dallas-Fort Worth MSA, including locations in Dallas, Frisco, and Fort Worth, Texas.

West Region – Busey Bank serves its West region through three banking centers in Arizona, located in Phoenix and Tucson; three banking centers in Colorado, located in Denver and Colorado Springs; and one banking center in Clayton, New Mexico.

Verticals – Transcending geographical boundaries, Busey operates in several industry verticals, including Life Equity Lending, Structured Finance, Energy Banking, and SBA Lending.

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 June 30, 2026, Busey’s loan to deposit ratio was 87.2% and core deposits represented 93.7% of total deposits. Busey maintains 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.

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. As of June 30, 2026, 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 12.5%, and its total capital to risk weighted assets ratio was 16.1%.

Business Combinations

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. First 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.

Further information regarding Busey’s acquisitions is provided in Note 2. Business Combinations in the Notes to the Consolidated Financial Statements (Unaudited).

1 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.

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RESULTS OF OPERATIONS — THREE AND SIX MONTHS ENDED JUNE 30, 2026

Net Income

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

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Net income
Banking			$	58,735					$	45,838					$	108,975					$	26,145
Wealth Management			7,498						5,823						13,665						12,042
FirsTech			(398)						(544)						(2,078)						(783)
Other			(2,659)						(3,713)						(7,405)						(19,990)
Net income			$	63,176					$	47,404					$	113,157					$	17,414

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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:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Pre-tax non-GAAP adjustments to net income by income/expense category
Net securities (gains) losses			$	(2,445)					$	(5,997)					$	(1,505)					$	9,771
Provision for credit losses			—						4,030						—						49,602
Salaries and employee benefits			2,045						11,557						18,169						27,435
Data processing			—						3,964						80						6,266
Furniture and equipment expenses			—						1						—						1
Professional fees			704						317						823						7,611
Other noninterest expense			377						761						754						1,313
Total pre-tax non-GAAP adjustments to net income			$	681					$	14,633					$	18,321					$	101,999
Pre-tax non-GAAP adjustments to net income by business objective
Net securities (gains) losses1			$	(2,445)					$	(5,997)					$	(1,505)					$	9,771
Initial provision for credit losses2			—						4,030						—						49,602
Other acquisition expenses3			1,196						16,600						6,440						42,626
Restructuring expenses4			1,930						—						13,386						—
Total pre-tax non-GAAP adjustments to net income			$	681					$	14,633					$	18,321					$	101,999

___________________________________________

1.During the six months ended June 30, 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.

2.During the six months ended June 30, 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, and a Day 2 provision for unfunded commitments of $3.1 million. During the three and six months ended June 30, 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.

3.Other acquisition expenses related to the acquisition of CrossFirst, which was completed on March 1, 2025. Final expenses for the acquisition of M&M were also included for 2025.

4.Restructuring expenses were incurred in connection with the execution on additional synergies related to the CrossFirst acquisition and also in connection with the previously announced departure of Michael J. Maddox in the first quarter of 2026.

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 MD&A. See “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:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands, except per share amounts)			2026						2025						2026						2025
Net income (GAAP)			$	63,176					$	47,404					$	113,157					$	17,414
Adjusted net income (Non-GAAP)1			$	63,687					$	57,394					$	126,898					$	97,292
Net income available to common stockholders (GAAP)			$	58,586					$	47,249					$	103,978					$	17,259
Adjusted net income available to common stockholders (Non-GAAP)1			$	59,097					$	57,239					$	117,719					$	97,137
Diluted earnings per common share (GAAP)			$	0.69					$	0.52					$	1.20					$	0.22
Adjusted diluted earnings per common share (Non-GAAP)1			$	0.69					$	0.63					$	1.36					$	1.21
Return on average assets (Non-GAAP)1, 2			1.42		%				1.00		%				1.27		%				0.21		%
Adjusted return on average assets (Non-GAAP)1, 2			1.43		%				1.21		%				1.42		%				1.16		%
Return on average tangible common equity (Non-GAAP)1, 2, 3			14.49		%				12.03		%				12.77		%				2.88		%
Adjusted return on average tangible common equity (Non-GAAP)1, 2, 3			14.61		%				14.41		%				14.36		%				12.92		%
Pre-provision net revenue (Non-GAAP)1			$	81,633					$	64,216					$	149,288					$	92,908
Adjusted pre-provision net revenue (Non-GAAP)1			$	84,759					$	80,816					$	169,114					$	135,534
Pre-provision net revenue to average total assets (Non-GAAP)1, 2			1.83		%				1.35		%				1.67		%				1.10		%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)1, 2			1.90		%				1.70		%				1.90		%				1.61		%

___________________________________________

1.For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information,” included in this MD&A.

2.Annualized measure.

3.Beginning in 2026, Busey revised, for all periods presented, its calculation of return on average tangible common equity and adjusted return on average tangible common equity to eliminate the effects of intangible asset amortization from the numerator of both calculations.

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.

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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.

Consolidated Average Balance Sheets and Interest Rates

The table below presents 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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			Three Months Ended June 30,
			2026																		2025
(dollars in thousands)			Average Balance						Income/ Expense						Yield/ Rate5						Average Balance						Income/ Expense						Yield/ Rate5
Assets
Interest-bearing bank deposits and federal funds sold			$	123,868					$	1,057					3.42		%				$	711,629					$	7,461					4.21		%
Investment securities:
U.S. Government obligations			106,799						1,333						5.01		%				115,958						1,446						5.00		%
Obligations of states and political subdivisions1			262,964						2,845						4.34		%				241,568						2,691						4.47		%
Other securities			2,594,651						20,305						3.14		%				2,725,758						21,331						3.14		%
Restricted bank stock			85,153						1,127						5.31		%				58,354						543						3.73		%
Loans held for sale			8,358						122						5.85		%				6,899						102						5.93		%
Portfolio loans1, 2			13,326,579						198,477						5.97		%				13,840,190						214,663						6.22		%
Total interest-earning assets1, 3			16,508,372						$	225,266					5.47		%				17,700,356						$	248,237					5.63		%
Cash and due from banks			167,789																		156,535
Premises and equipment			192,890																		182,174
ACL			(172,134)																		(195,527)
Other assets			1,190,180																		1,224,548
Total assets			$	17,887,097																	$	19,068,086
Liabilities and stockholders’ equity
Interest-bearing transaction deposits			$	3,203,014					$	13,463					1.69		%				$	3,188,993					$	15,288					1.92		%
Savings and money market deposits			5,615,951						32,220						2.30		%				6,381,634						45,782						2.88		%
Time deposits			2,342,629						20,078						3.44		%				2,879,902						27,077						3.77		%
Federal funds purchased and repurchase agreements			169,008						1,098						2.61		%				141,978						886						2.50		%
Borrowings4			375,336						3,933						4.20		%				315,367						3,838						4.88		%
Junior subordinated debt issued to unconsolidated trusts			75,118						1,231						6.57		%				77,141						1,392						7.24		%
Total interest-bearing liabilities			11,781,056						$	72,023					2.45		%				12,985,015						$	94,263					2.91		%
Net interest spread1															3.02		%																2.72		%
Noninterest-bearing deposits			3,467,436																		3,542,617
Other liabilities			240,118																		255,872
Stockholders’ equity			2,398,487																		2,284,582
Total liabilities and stockholders’ equity			$	17,887,097																	$	19,068,086
Interest income / earning assets1, 3			$	16,508,372					$	225,266					5.47		%				$	17,700,356					$	248,237					5.63		%
Interest expense / earning assets			16,508,372						72,023						1.75		%				17,700,356						94,263						2.14		%
Net interest margin1									$	153,243					3.72		%										$	153,974					3.49		%

___________________________________________

1.On a tax-equivalent basis and assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.

2.Non-accrual loans are included in average portfolio loans.

3.Interest income includes tax-equivalent adjustments of $0.8 million for both the three months ended June 30, 2026, and the three months ended June 30, 2025.

4.Includes short-term and long-term borrowings. Interest expense includes non-usage fees on a revolving loan.

5.Annualized.

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			Six Months Ended June 30,
			2026																		2025
(dollars in thousands)			Average Balance						Income/ Expense						Yield/ Rate5						Average Balance						Income/ Expense						Yield/ Rate5
Assets
Interest-bearing bank deposits and federal funds sold			$	131,494					$	2,279					3.50		%				$	699,996					$	15,045					4.33		%
Investment securities:
U.S. Government obligations			108,566						2,720						5.05		%				79,048						1,949						4.97		%
Obligations of states and political subdivisions1			264,193						5,665						4.32		%				217,410						4,222						3.92		%
Other securities			2,568,695						39,387						3.09		%				2,637,232						38,407						2.94		%
Restricted bank stock			83,396						2,007						4.85		%				54,770						1,302						4.79		%
Loans held for sale			6,724						195						5.85		%				5,181						157						6.11		%
Portfolio loans1, 2			13,423,566						399,375						6.00		%				11,850,318						354,507						6.03		%
Total interest-earning assets1, 3			16,586,634						$	451,628					5.49		%				15,543,955						$	415,589					5.39		%
Cash and due from banks			165,853																		164,617
Premises and equipment			193,357																		161,447
ACL			(173,759)																		(163,840)
Other assets			1,201,095																		1,255,217
Total assets			$	17,973,180																	$	16,961,396
Liabilities and stockholders’ equity
Interest-bearing transaction deposits			$	3,163,759					$	25,968					1.66		%				$	2,919,452					$	26,216					1.81		%
Savings and money market deposits			5,651,538						64,184						2.29		%				5,417,935						73,374						2.73		%
Time deposits			2,375,699						41,635						3.53		%				2,468,406						45,869						3.75		%
Federal funds purchased and repurchase agreements			164,938						1,994						2.44		%				143,400						1,762						2.48		%
Borrowings4			345,141						7,265						4.24		%				290,131						7,379						5.13		%
Junior subordinated debt issued to unconsolidated trusts			76,229						2,493						6.60		%				76,378						2,747						7.25		%
Total interest-bearing liabilities			11,777,304						$	143,539					2.46		%				11,315,702						$	157,347					2.80		%
Net interest spread1															3.03		%																2.59		%
Noninterest-bearing deposits			3,501,941																		3,290,770
Other liabilities			259,754																		244,129
Stockholders’ equity			2,434,181																		2,110,795
Total liabilities and stockholders’ equity			$	17,973,180																	$	16,961,396
Interest income / earning assets1, 3			$	16,586,634					$	451,628					5.49		%				$	15,543,955					$	415,589					5.39		%
Interest expense / earning assets			16,586,634						143,539						1.75		%				15,543,955						157,347						2.04		%
Net interest margin1									$	308,089					3.75		%										$	258,242					3.35		%

___________________________________________

1.On a tax-equivalent basis and assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.

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

3.Interest income includes tax-equivalent adjustments of $1.7 million and $1.3 million for the six months ended June 30, 2026 and 2025, respectively.

4.Includes short-term and long-term borrowings. Interest expense includes non-usage fees on a revolving loan.

5.Annualized.

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Notable changes in average assets and average liabilities are summarized as follows:

			Three Months Ended June 30,
(dollars in thousands)			2026						2025						Change						% Change
Average interest-earning assets			$	16,508,372					$	17,700,356					$	(1,191,984)					(6.7)		%
Average interest-bearing liabilities			11,781,056						12,985,015						(1,203,959)						(9.3)		%
Average noninterest-bearing deposits			3,467,436						3,542,617						(75,181)						(2.1)		%
Total average deposits			14,629,030						15,993,146						(1,364,116)						(8.5)		%
Total average liabilities			15,488,610						16,783,504						(1,294,894)						(7.7)		%
Average noninterest-bearing deposits as a percent of total average deposits			23.7		%				22.2		%				150 bps
Total average deposits as a percent of total average liabilities			94.5		%				95.3		%				(80) bps

			Six Months Ended June 30,
(dollars in thousands)			2026						2025						Change						% Change
Average interest-earning assets			$	16,586,634					$	15,543,955					$	1,042,679					6.7		%
Average interest-bearing liabilities			11,777,304						11,315,702						461,602						4.1		%
Average noninterest-bearing deposits			3,501,941						3,290,770						211,171						6.4		%
Total average deposits			14,692,937						14,096,563						596,374						4.2		%
Total average liabilities			15,538,999						14,850,601						688,398						4.6		%
Average noninterest-bearing deposits as a percent of total average deposits			23.8		%				23.3		%				50 bps
Total average deposits as a percent of total average liabilities			94.6		%				94.9		%				(30) bps

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Changes in net interest income and net interest margin are summarized as follows:

			Three Months Ended June 30,
(dollars in thousands)			2026						2025						Change						% Change
Net interest income
Interest income, on a tax-equivalent basis1			$	225,266					$	248,237					$	(22,971)					(9.3)		%
Interest expense			(72,023)						(94,263)						22,240						23.6		%
Net interest income, on a tax-equivalent basis1			$	153,243					$	153,974					$	(731)					(0.5)		%
Net interest margin1, 2			3.72		%				3.49		%				23 bps

			Six Months Ended June 30,
(dollars in thousands)			2026						2025						Change						% Change
Net interest income
Interest income, on a tax-equivalent basis1			$	451,628					$	415,589					$	36,039					8.7		%
Interest expense			(143,539)						(157,347)						13,808						8.8		%
Net interest income, on a tax-equivalent basis1			$	308,089					$	258,242					$	49,847					19.3		%
Net interest margin1, 2			3.75		%				3.35		%				40 bps

___________________________________________

1.Assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.

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 asset originations to provide consistent and predictable net interest income performance across different interest rate environments. Busey continues strategic efforts to grow core customer deposits.

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:

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Net interest spread1			3.02		%				2.72		%				3.03		%				2.59		%

___________________________________________

1.Net interest spread is calculated on a tax-equivalent basis.

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

			2026						2025
First Quarter			3.77		%				3.16		%
Second Quarter			3.72		%				3.49		%
Third Quarter									3.58		%
Fourth Quarter									3.71		%

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. For a description of accounting policies underlying the recognition of interest income and expense, refer to the Notes to Consolidated Financial Statements in Busey’s 2025 Annual Report.

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

Noninterest Income

Changes in noninterest income are summarized in the tables below:

			Three Months Ended June 30,
(dollars in thousands)			2026						2025						Change						% Change
Noninterest income
Wealth management fees			$	19,981					$	16,777					$	3,204					19.1		%
Payment technology solutions			4,968						4,956						12						0.2		%
Treasury management services			4,789						4,569						220						4.8		%
Capital markets income			1,871						1,254						617						49.2		%
Card services and ATM fees			4,813						4,880						(67)						(1.4)		%
Other service charges on deposit accounts			1,407						1,513						(106)						(7.0)		%
Income on bank owned life insurance			1,637						1,745						(108)						(6.2)		%
Securities income:
Realized net gains (losses) on securities			—						1						(1)						(100.0)		%
Unrealized net gains (losses) recognized on equity securities			2,445						5,996						(3,551)						(59.2)		%
Net securities gains (losses)			2,445						5,997						(3,552)						(59.2)		%
Other noninterest income			2,400						3,172						(772)						(24.3)		%
Total noninterest income			$	44,311					$	44,863					$	(552)					(1.2)		%

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			Six Months Ended June 30,
(dollars in thousands)			2026						2025						Change						% Change
Noninterest income
Wealth management fees			$	39,351					$	34,141					$	5,210					15.3		%
Payment technology solutions			10,045						10,029						16						0.2		%
Treasury management services			9,245						7,406						1,839						24.8		%
Capital markets income			4,242						2,579						1,663						64.5		%
Card services and ATM fees			9,459						8,589						870						10.1		%
Other service charges on deposit accounts			2,913						3,046						(133)						(4.4)		%
Income on bank owned life insurance			3,253						3,191						62						1.9		%
Securities income:
Realized net gains (losses) on securities			23						(15,536)						15,559						100.1		%
Unrealized net gains (losses) recognized on equity securities			1,482						5,765						(4,283)						(74.3)		%
Net securities gains (losses)			1,505						(9,771)						11,276						115.4		%
Other noninterest income			6,563						6,876						(313)						(4.6)		%
Total noninterest income			$	86,576					$	66,086					$	20,490					31.0		%
Assets under care as of period end			$	16,505,694					$	14,102,022					$	2,403,672					17.0		%

Total noninterest income provided $44.3 million for the three months ended June 30, 2026, a decrease of 1.2% from the comparable period in 2025, resulting in part from declines in unrealized net gains on securities, which were elevated in the second quarter of 2025 due to Busey’s equity ownership in a financial institution that was the target of an announced acquisition at a significant market premium. Total noninterest income provided $86.6 million for the six months ended June 30, 2026, an increase of 31.0% from the comparable period in 2025. Whereas the six months ended June 30, 2026, included six months of income as a larger organization after the acquisition of CrossFirst, the six months ended June 30, 2025, included only four months of income from CrossFirst following the acquisition, which was completed on March 1, 2025. The six months ended June 30, 2025, also included $15.5 million in net securities losses that were recorded in connection with a strategic balance sheet repositioning.

Wealth management fees provided income of $20.0 million for the three months ended June 30, 2026, representing an increase of 19.1% from the comparable period in 2025, and provided income of $39.4 million for the six months ended June 30, 2026, representing an increase of 15.3% from the comparable period for 2025, primarily due to increases in trust fee income. Busey’s Wealth Management division ended the second quarter of 2026 with $16.51 billion in assets under care, an increase of 17.0% compared to the balance on June 30, 2025. Busey’s portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets.

Payment technology solutions income is derived from Busey’s payment processing company, FirsTech. Payment technology solutions provided income of $5.0 million for the three months ended June 30, 2026, representing an increase of 0.2% from the comparable period in 2025, and provided income of $10.0 million for the six months ended June 30, 2026, representing an increase of 0.2% from the comparable period in 2025, primarily due to increases in income from lockbox and merchant processing services.

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Treasury management services, which consist primarily of business analysis and domestic wire transfers on commercial accounts, provided income of $4.8 million for the three months ended June 30, 2026, representing an increase of 4.8% from the comparable period in 2025, and provided income of $9.2 million for the six months ended June 30, 2026, representing an increase of 24.8% from the comparable period in 2025. Growth in treasury management services was primarily attributable to increased income from business analysis.

Capital markets income, which consists primarily of swap origination fees, foreign wire transfer fees on commercial accounts, syndication fees, and letter of credit fees, provided income of $1.9 million for the three months ended June 30, 2026, representing an increase of 49.2% from the comparable period in 2025, primarily due to increases in income from swap origination fees and letter of credit fees. Capital markets income provided $4.2 million for the six months ended June 30, 2026, representing an increase of 64.5% from the comparable period in 2025, primarily due to increases in income from swap origination fees and syndication fees.

Card services and ATM fees, which include both commercial and consumer accounts, provided income of $4.8 million for the three months ended June 30, 2026, representing a decrease of 1.4% from the comparable period in 2025, and provided income of $9.5 million for the six months ended June 30, 2026, representing an increase of 10.1% from the comparable period in 2025, primarily due to fluctuations in income from interchange fees.

Other service charges on deposit accounts provided income of $1.4 million for the three months ended June 30, 2026, representing a decrease of 7.0% from the comparable period in 2025, and provided income of $2.9 million for the six months ended June 30, 2026, representing a decrease of 4.4% from the comparable period in 2025. Declines were largely related to lower non-sufficient fund charges.

Income on bank owned life insurance provided $1.6 million for the three months ended June 30, 2026, representing a decrease of 6.2% from the comparable period in 2025. The decline was attributable to a decrease of $0.1 million in earnings on death proceeds, partially offset by an immaterial increase on the cash surrender value of the policies. Income on bank owned life insurance provided $3.3 million for the six months ended June 30, 2026, representing an increase of 1.9% from the comparable period in 2025, as a result of an increase of over $0.4 million on the cash surrender value of the policies, largely offset by a decrease of nearly $0.4 million in earnings on death proceeds.

Net securities gains of $2.4 million were recognized during the three months ended June 30, 2026, representing a decrease of 59.2% from net securities gains recognized during the comparable period in 2025, as a result of declines in unrealized net gains on securities, which were elevated in the second quarter of 2025 due to Busey’s approximately 3% equity ownership in a financial institution that was the target of an announced acquisition at a significant market premium. Net securities gains of $1.5 million were recognized during the six months ended June 30, 2026, representing an increase of 115.4% over net securities losses recognized during the comparable period in 2025. Losses were realized during the six months ended June 30, 2025, in connection with a strategic balance sheet repositioning completed during the first quarter of 2025.

Other noninterest income provided $2.4 million for the three months ended June 30, 2026, representing a decrease of 24.3% from the comparable period in 2025, and provided $6.6 million for the six months ended June 30, 2026, representing a decrease of 4.6% from the comparable period in 2025. Decreases were primarily attributable to fluctuations in income recognized on private equity investments and mortgage revenue.

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

Noninterest Expense

Changes in noninterest expense are summarized in the tables below:

			Three Months Ended June 30,
(dollars in thousands)			2026						2025						Change						% Change
Noninterest expense
Salaries and employee benefits			$	67,677					$	78,360					$	(10,683)					(13.6)		%
Data processing			8,868						14,021						(5,153)						(36.8)		%
Premises expenses:
Net occupancy expense of premises			7,850						7,832						18						0.2		%
Furniture and equipment expenses			2,336						2,409						(73)						(3.0)		%
Combined, net occupancy expense of premises and furniture and equipment expenses			10,186						10,241						(55)						(0.5)		%
Professional fees			3,041						2,874						167						5.8		%
Amortization of intangible assets			4,232						4,592						(360)						(7.8)		%
Interchange expense			1,096						1,297						(201)						(15.5)		%
FDIC insurance			2,349						2,424						(75)						(3.1)		%
Other noninterest expense			15,186						14,024						1,162						8.3		%
Total noninterest expense			$	112,635					$	127,833					$	(15,198)					(11.9)		%
Income taxes			$	18,713					$	17,109					$	1,604					9.4		%
Effective income tax rate			22.9		%				26.5		%				(360) bps
Efficiency ratio (Non-GAAP)1			54.0		%				55.3		%				(130) bps

___________________________________________

1.Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “adjusted efficiency ratio.” The efficiency ratio is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable financial GAAP measures, see “Non-GAAP Financial Information” included in this MD&A.

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			Six Months Ended June 30,
(dollars in thousands)			2026						2025						Change						% Change
Noninterest expense
Salaries and employee benefits			$	152,907					$	145,923					$	6,984					4.8		%
Data processing			18,732						23,596						(4,864)						(20.6)		%
Premises expenses:
Net occupancy expense of premises			15,502						13,631						1,871						13.7		%
Furniture and equipment expenses			4,513						4,153						360						8.7		%
Combined, net occupancy expense of premises and furniture and equipment expenses			20,015						17,784						2,231						12.5		%
Professional fees			6,280						12,385						(6,105)						(49.3)		%
Amortization of intangible assets			8,523						7,675						848						11.0		%
Interchange expense			2,212						2,640						(428)						(16.2)		%
FDIC insurance			4,800						4,591						209						4.6		%
Other noninterest expense			28,685						25,269						3,416						13.5		%
Total noninterest expense			$	242,154					$	239,863					$	2,291					1.0		%
Income taxes			$	32,389					$	14,430					$	17,959					124.5		%
Effective income tax rate			22.3		%				45.3		%				(2,300) bps
Efficiency ratio (Non-GAAP)1			54.4		%				56.7		%				(230) bps
Full-time equivalent associates as of period-end			1,833						1,950						(117)						(6.0)		%

___________________________________________

1.Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “adjusted efficiency ratio.” The efficiency ratio is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable financial GAAP measures, see “Non-GAAP Financial Information” included in this MD&A.

Total noninterest expense was $112.6 million for the three months ended June 30, 2026, representing a decrease of 11.9% from the comparable period in 2025. Excluding acquisition and restructuring expenses, adjusted noninterest expense2 totaled $109.5 million for the three months ended June 30, 2026, representing a decrease of 1.5% from the comparable period in 2025. Declines were primarily attributable to reductions in salaries and employee benefits and data processing. Total noninterest expense was $242.2 million for the six months ended June 30, 2026, representing an increase of 1.0% from the comparable period in 2025. Excluding acquisition and restructuring expenses, adjusted noninterest expense totaled $222.3 million for the six months ended June 30, 2026, representing an increase of 12.7% from the comparable period in 2025. Growth in noninterest expense was primarily attributable to increased expenses associated with Busey’s larger organization and expanded branch network, which affected the full first half of 2026, but only four months of the first half of 2025 following the acquisition of CrossFirst on March 1, 2025.

2 Adjusted noninterest expense is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.

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Salaries and employee benefits totaled $67.7 million for the three months ended June 30, 2026, representing a decrease of 13.6% from the comparable period in 2025. Excluding acquisition and restructuring expenses, which include severance, retention, and stock-based compensation expenses related to the CrossFirst acquisition, these expenses totaled $65.6 million for the three months ended June 30, 2026, representing a decrease of 1.8% from the comparable period in 2025. Busey’s associate base declined by 117 full-time equivalent associates, from 1,950 at June 30, 2025 to 1,833 at June 30, 2026. Salaries and employee benefits totaled $152.9 million for the six months ended June 30, 2026, representing an increase of 4.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $134.7 million for the six months ended June 30, 2026, representing an increase of 13.7% from the comparable period in 2025. Busey’s associate base and footprint broadened in connection with the CrossFirst acquisition, which was completed March 1, 2025, affecting four months during the first half of 2025 compared to six months during the first half of 2026.

Data processing expense totaled $8.9 million for the three months ended June 30, 2026, representing a decrease of 36.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, data processing expense totaled $8.9 million for the three months ended June 30, 2026, representing a decrease of 11.8% from the comparable period in 2025. Data processing expense totaled $18.7 million for the six months ended June 30, 2026, representing a decrease of 20.6% from the comparable period in 2025. Excluding acquisition and restructuring expenses, data processing expense totaled $18.7 million for the six months ended June 30, 2026, representing an increase of 7.6% from the comparable period in 2025. 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 expense totaled $10.2 million for the three months ended June 30, 2026, representing a decrease of 0.5% from the comparable period in 2025. Combined, net occupancy expense of premises and furniture and equipment expense totaled $20.0 million for the six months ended June 30, 2026, representing an increase of 12.5% from the comparable period in 2025. Primary cost drivers in these expense categories include lease costs, repairs and maintenance, depreciation expense, real estate taxes, and utilities. Expense growth for the six months ended June 30, 2026, over the comparable period in 2025, resulted primarily from the addition of banking centers assumed in the CrossFirst acquisition, as well as new banking centers opened in 2025 and 2026.

Professional fees totaled $3.0 million for the three months ended June 30, 2026, representing an increase of 5.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees totaled $2.3 million for the three months ended June 30, 2026, representing a decrease of 8.6% from the comparable period in 2025. Professional fees totaled $6.3 million for the six months ended June 30, 2026, representing a decrease of 49.3% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees totaled $5.5 million for the six months ended June 30, 2026, representing an increase of 14.3% from the comparable period in 2025. Changes in professional fees were primarily related to legal and consulting expenses.

Amortization of intangible assets totaled $4.2 million for the three months ended June 30, 2026, representing a decrease of 7.8% from the comparable period in 2025, and totaled $8.5 million for the six months ended June 30, 2026, representing an increase of 11.0% from the comparable period for 2025. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets. Busey uses an accelerated amortization methodology.

Interchange expense totaled $1.1 million for the three months ended June 30, 2026, representing a decrease of 15.5% from the comparable period in 2025, and totaled $2.2 million for the six months ended June 30, 2026, representing a decrease of 16.2% from the comparable period in 2025. Fluctuations in interchange expense relate to payment and volume activity at FirsTech.

FDIC insurance expense totaled $2.3 million for the three months ended June 30, 2026, representing a decrease of 3.1% from the comparable period in 2025, and totaled $4.8 million for the six months ended June 30, 2026, representing an increase of 4.6% from the comparable period in 2025.

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Other noninterest expense totaled $15.2 million for the three months ended June 30, 2026, representing an increase of 8.3% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $14.8 million for the three months ended June 30, 2026, representing an increase of 11.7% from the comparable period in 2025. Other noninterest expense totaled $28.7 million for the six months ended June 30, 2026, representing an increase of 13.5% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $27.9 million for the six months ended June 30, 2026, representing an increase of 16.6% from the comparable period in 2025. Significant drivers of the changes in other noninterest expense included marketing, business development, and card service fees.

Efficiency Ratio

The efficiency ratio3, 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 54.0% for the three months ended June 30, 2026, compared to 55.3% for the same period in 2025, and was 54.4% for the six months ended June 30, 2026, compared to 56.7% for the same period in 2025.

Taxes

Busey’s effective income tax rate was 22.9% for the three months ended June 30, 2026, and 22.3% for the six months ended June 30, 2026. Busey’s effective income tax rates were lower than the combined federal and state statutory rate of approximately 26.0% primarily as a result of investments in federal transferrable income tax credits, tax exempt interest income, apportionment changes, and discrete adjustments related to equity award vestings. Busey continues to monitor evolving federal and state tax legislation and its potential impact on operations on an ongoing basis. As of June 30, 2026, Busey was under examination by the Illinois Department of Revenue for M&M’s tax filings for the tax years 2022 and 2023.

3 The efficiency ratio is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.

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

FINANCIAL CONDITION

Balance Sheet

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

			As of
(dollars in thousands)			June 30, 2026						December 31, 2025						Change						% Change
Assets
Debt securities available for sale			$	2,265,167					$	2,162,548					$	102,619					4.7		%
Debt securities held to maturity			703,988						746,385						(42,397)						(5.7)		%
Portfolio loans, net of ACL			13,030,950						13,393,776						(362,826)						(2.7)		%
Total assets			18,191,867						18,104,736						87,131						0.5		%
Liabilities
Deposits:
Noninterest-bearing			3,496,319						3,659,421						(163,102)						(4.5)		%
Interest-bearing			11,632,426						11,246,537						385,889						3.4		%
Total deposits			15,128,745						14,905,958						222,787						1.5		%
Securities sold under agreements to repurchase			144,061						166,929						(22,868)						(13.7)		%
Short-term borrowings			28,333						—						28,333						100.0		%
Long-term borrowings			95,325						113,806						(18,481)						(16.2)		%
Subordinated notes, net of unamortized issuance costs			99,603						99,395						208						0.2		%
Junior subordinated debt owed to unconsolidated trusts			62,473						77,328						(14,855)						(19.2)		%
Total liabilities			15,808,697						15,635,754						172,943						1.1		%
Stockholders’ equity			2,383,170						2,468,982						(85,812)						(3.5)		%

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.

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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 loans to Busey’s executive officers and directors, 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.

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. A description of each of the five primary lending activities can be found in “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio Loans” of Busey’s 2025 Annual Report.

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
(dollars in thousands)			June 30, 2026						December 31, 2025						Change						% Change
Commercial loans
C&I and other commercial			$	3,959,997					$	4,229,208					$	(269,211)					(6.4)		%
CRE			5,452,781						5,550,018						(97,237)						(1.8)		%
Real estate construction			1,027,069						1,039,289						(12,220)						(1.2)		%
Total commercial loans			10,439,847						10,818,515						(378,668)						(3.5)		%
Retail loans
Retail real estate			2,116,360						2,154,616						(38,256)						(1.8)		%
Retail other			638,947						594,668						44,279						7.4		%
Total retail loans			2,755,307						2,749,284						6,023						0.2		%
Total portfolio loans			13,195,154						13,567,799						(372,645)						(2.7)		%
ACL			(164,204)						(174,023)						9,819						(5.6)		%
Portfolio loans, net			$	13,030,950					$	13,393,776					$	(362,826)					(2.7)		%

Continuing heavy payoff headwinds contributed to anticipated declines in portfolio loan balances during the six months ended June 30, 2026.

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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
			June 30, 2026						December 31, 2025
Commercial loans
C&I and other commercial			30.0		%				31.2		%
CRE			41.3		%				40.9		%
Real estate construction			7.8		%				7.6		%
Total commercial loans			79.1		%				79.7		%
Retail loans
Retail real estate			16.0		%				15.9		%
Retail other			4.9		%				4.4		%
Total retail loans			20.9		%				20.3		%
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 and southwest Florida

•Midwest – Central Illinois, the St. Louis MSA, and Indianapolis, Indiana

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

•Texas – The Dallas-Fort Worth MSA

•West – Colorado, New Mexico, and Arizona

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

The distribution of Busey Bank loans outstanding that were originated in each of these markets is presented in the tables below:

			As of June 30, 2026
(dollars in thousands)			C&I and other commercial						CRE						Real estate construction						Retail real estate						Retail other						Total
Loans by region of origination
East			$	679,467					$	1,163,807					$	124,172					$	524,533					$	57,140					$	2,549,119
Midwest			1,192,076						2,043,519						318,310						1,033,771						9,754						4,597,430
Central			561,900						778,095						185,991						363,230						7,211						1,896,427
Texas			558,743						734,105						215,011						106,579						12						1,614,450
West			248,942						579,269						166,242						77,139						248						1,071,840
Verticals			718,869						153,986						17,343						11,108						564,582						1,465,888
Total portfolio loans			$	3,959,997					$	5,452,781					$	1,027,069					$	2,116,360					$	638,947					13,195,154
ACL																																	(164,204)
Portfolio loans, net of ACL																																	$	13,030,950

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

			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 origination1
East			$	658,068					$	1,173,323					$	86,972					$	521,515					$	79,430					$	2,519,308
Midwest			1,281,283						2,078,637						294,267						1,070,395						7,654						4,732,236
Central			621,370						828,888						206,332						359,062						13,220						2,028,872
Texas			592,692						786,899						276,881						110,746						3,215						1,770,433
West			244,347						525,820						155,017						80,558						483						1,006,225
Verticals			831,448						156,451						19,820						12,340						490,666						1,510,725
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

___________________________________________

1.In 2026, Busey moved all of its banking centers in the St. Louis MSA from its East region to its Midwest region. In addition, Busey adjusted its methodology for allocation of purchase accounting, loan fees, and clearings. For comparative purposes, the table above reflects these changes applied to Busey’s 2025 loan balances.

Commercial Real Estate Loans

CRE loans comprised 41.3% of Busey’s total loan portfolio as of June 30, 2026, and CRE properties were 26.3% 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
(dollars in thousands)			June 30, 2026									December 31, 2025
CRE by Occupancy
Non-owner occupied CRE			$	4,019,517		73.7		%				$	4,118,361		74.2		%
Owner occupied CRE			1,433,264			26.3		%				1,431,657			25.8		%
CRE			$	5,452,781		100.0		%				$	5,550,018		100.0		%

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

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 June 30, 2026
			CRE Loans												Occupied By												% of CRE Loans That Are Owner Occupied
(dollars in thousands)												Non-Owner						Owner
Industrial and warehousing			$	1,227,535											$	724,537					$	502,998					41.0		%
Apartments			867,891												867,704						187						—		%
Retail			814,433												709,038						105,395						12.9		%
Traditional office			682,112												466,099						216,013						31.7		%
Specialty			534,152												205,969						328,183						61.4		%
Hotel			334,436												310,340						24,096						7.2		%
Medical office			290,682												145,217						145,465						50.0		%
Student housing			262,144												262,029						115						—		%
Restaurant			151,043												37,328						113,715						75.3		%
Senior housing			136,207												132,236						3,971						2.9		%
Self-Storage			109,884												105,558						4,326						3.9		%
Nursing homes			46,808												45,450						1,358						2.9		%
Healthcare			20,117												20,000						117						0.6		%
Group homes			4,909												3,520						1,389						28.3		%
Land acquisition and development			90												—						90						100.0		%
Other			810												367						443						54.7		%
Total			$	5,483,253											$	4,035,392					$	1,447,861					26.4		%

Allowance for Credit Losses and Provision for Loan Losses

The ACL is a significant estimate on Busey’s unaudited consolidated financial statements, affecting both earnings and capital. 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 loan losses, charged to income. Provision expenses for loan losses were recorded as follows:

									Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			Location						2026						2025						2026						20251
Provision for loan losses			Provision for credit losses						$	1,532					$	1,005					$	3,925					$	43,457

___________________________________________

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

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

The ACL and the ratio of ACL to portfolio loan balances is presented below by lending activity:

			As of June 30, 2026																		As of December 31, 2025
(dollars in thousands)			Portfolio Loans						ACL						Ratio of ACL to Portfolio Loans						Portfolio Loans						ACL						Ratio of ACL to Portfolio Loans
Commercial
C&I and other commercial			$	3,959,997					$	57,419					1.45		%				$	4,229,208					$	61,370					1.45		%
CRE			5,452,781						63,183						1.16		%				5,550,018						70,328						1.27		%
Real estate construction			1,027,069						14,855						1.45		%				1,039,289						11,568						1.11		%
Total commercial			10,439,847						135,457						1.30		%				10,818,515						143,266						1.32		%
Retail
Retail real estate			2,116,360						27,216						1.29		%				2,154,616						29,178						1.35		%
Retail other			638,947						1,531						0.24		%				594,668						1,579						0.27		%
Total retail			2,755,307						28,747						1.04		%				2,749,284						30,757						1.12		%
Total			$	13,195,154					$	164,204					1.24		%				$	13,567,799					$	174,023					1.28		%

As of June 30, 2026, 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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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

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

						As of
(dollars in thousands)						June 30, 2026						December 31, 2025						Change						% Change
Total assets						$	18,191,867					$	18,104,736					$	87,131					0.5		%
Portfolio loans						13,195,154						13,567,799						(372,645)						(2.7)		%
Loans 30 – 89 days past due						8,135						16,475						(8,340)						(50.6)		%
Non-performing assets
Non-performing loans:
Non-accrual loans						$	62,766					$	51,198					$	11,568					22.6		%
Loans 90+ days past due and still accruing						4,668						2,288						2,380						104.0		%
Total non-performing loans						67,434						53,486						13,948						26.1		%
OREO and other repossessed assets						2,871						4,626						(1,755)						(37.9)		%
Total non-performing assets						70,305						58,112						12,193						21.0		%
Substandard (excludes 90+ days past due)						155,737						116,402						39,335						33.8		%
Classified assets						$	226,042					$	174,514					$	51,528					29.5		%
ACL						$	164,204					$	174,023					$	(9,819)					(5.6)		%
Bank Tier 1 Capital						2,168,464						2,150,048						18,416						0.9		%
Ratios
ACL to portfolio loans						1.24		%				1.28		%				(4) bps
ACL to non-accrual loans						2.62 x						3.40 x						(7,829) bps
ACL to non-performing loans						2.44 x						3.25 x						(8,186) bps
ACL to non-performing assets						2.34 x						2.99 x						(6,590) bps
Non-accrual loans to portfolio loans						0.48		%				0.38		%				10 bps
Non-performing loans to portfolio loans						0.51		%				0.39		%				12 bps
Non-performing assets to total assets						0.39		%				0.32		%				7 bps
Non-performing assets to portfolio loans and OREO and other repossessed assets						0.53		%				0.43		%				10 bps
Classified assets to Bank Tier 1 Capital and ACL						9.69		%				7.51		%				218 bps

Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. Busey’s operating mandate and focus remain on emphasizing credit quality over asset growth.

Non-performing assets, which include non-performing loans, OREO, and other repossessed assets, increased to $70.3 million as of June 30, 2026, compared to $58.1 million as of December 31, 2025. Non-performing assets represented 0.39% of total assets as of June 30, 2026, compared to 0.32% as of December 31, 2025. The ACL was equal to 2.34 times the balance of non-performing assets as of June 30, 2026, compared to 2.99 times the balance of non-performing assets as of December 31, 2025.

Classified assets, which include non-performing assets and substandard loans, increased to $226.0 million as of June 30, 2026, compared to $174.5 million as of December 31, 2025. Classified assets represented 9.69% of the Bank’s Tier 1 capital and ACL at June 30, 2026, compared to 7.51% at December 31, 2025.

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

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 $155.7 million, or 1.2% of portfolio loans, as of June 30, 2026, compared to $116.4 million, or 0.9% of portfolio loans, as of December 31, 2025. Management continues to monitor these loans and work with the borrowers on restructurings, guarantees, additional collateral, or other planned actions. As of June 30, 2026, 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

Total deposits increased by 1.5% to $15.13 billion as of June 30, 2026, compared to $14.91 billion as of December 31, 2025. 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 June 30, 2026.

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 $6.52 billion, or 43% of total deposits, as of June 30, 2026, compared to $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 $5.30 billion, or 35% of total deposits, as of June 30, 2026, compared to $5.58 billion, or 37% of total deposits, as of December 31, 2025.

For additional information about Busey’s deposits, see “Note 6. Deposits.”

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.

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 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.

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

Average liquid assets are summarized in the table below:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2026						2025						2026						2025
Average liquid assets
Cash and due from banks			$	167,789					$	156,535					$	165,853					$	164,617
Interest-bearing bank deposits			123,868						711,629						131,494						699,996
Less: Restricted and pledged cash and bank deposits			(96,102)						$	(78,659)					(96,102)						(74,740)
Total average liquid assets			$	195,555					$	789,505					$	201,245					$	789,873
Average liquid assets as a percent of average total assets			1.1		%				4.1		%				1.1		%				4.7		%

Unencumbered cash and securities on Busey’s Consolidated Balance Sheets (Unaudited) are summarized in the table below:

			As of
(dollars in thousands)			June 30, 2026						December 31, 2025
Unencumbered cash and securities
Total cash and cash equivalents			$	665,373					$	280,227
Interest-bearing time deposits in other banks			14,450						13,825
Restricted and pledged cash and bank deposits			(96,102)						(96,102)
Debt securities available for sale			2,265,167						2,162,548
Debt securities available for sale pledged as collateral			(618,327)						(562,566)
Unencumbered cash and securities			$	2,230,561					$	1,797,932

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
(dollars in thousands)			June 30, 2026						December 31, 2025
Additional available borrowing capacity
FHLB			$	2,267,851					$	1,775,157
Federal Reserve Bank			1,823,426						1,585,816
Federal funds purchased			485,000						485,000
Revolving credit facility			50,000						40,000
Additional borrowing capacity			$	4,626,277					$	3,885,973

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

As of June 30, 2026, 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.

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

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.

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

			As of
(dollars in thousands)			June 30, 2026						December 31, 2025
Outstanding loan commitments and standby letters of credit			$	4,109,842					$	4,820,613
Reserve for unfunded commitments			14,286						12,964

The following table summarizes Busey’s provision for unfunded commitments expenses (releases):

									Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Provision for unfunded commitments1			Provision for credit losses						$	657					$	4,695					$	1,322					$	7,836

___________________________________________

1.The six months ended June 30, 2025, included $7.2 million to establish an initial allowance for unfunded commitments in connection with the CrossFirst acquisition, which included a $4.0 million adjustment to the initial provision for unfunded commitments that was recorded in the second quarter of 2025 resulting from the adoption of a new CECL model.

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.

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 avoid regulatory limits 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 Busey and Busey Bank as of June 30, 2026:

			Minimum Capital Requirements with Capital Buffer						As of June 30, 2026
									Busey						Busey Bank
Common equity Tier 1 capital to risk weighted assets			7.00		%				12.53		%				14.65		%
Tier 1 capital to risk weighted assets			8.50		%				14.03		%				14.65		%
Total capital to risk weighted assets			10.50		%				16.10		%				15.63		%
Leverage ratio of Tier 1 capital to average assets			4.00		%				11.86		%				12.38		%

For further discussion of capital resources and requirements, see “Note 8. Regulatory Capital.”

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

NON-GAAP FINANCIAL INFORMATION

This Quarterly 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 noninterest 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 in 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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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Calculation of Adjusted Net Income and Adjusted Diluted Earnings Per Common Share
						Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands, except per share amounts)						2026						2025						2026						2025
Net income (GAAP)			[a]			$	63,176					$	47,404					$	113,157					$	17,414
Day 2 provision for credit losses1						—						—						—						45,572
Adjustment of initial provision for unfunded commitments due to adoption of new model2						—						4,030						—						4,030
Other acquisition expenses						1,196						16,600						6,440						42,626
Restructuring expenses						1,930						—						13,386						—
Net securities (gains) losses						(2,445)						(5,997)						(1,505)						9,771
Related tax benefit3						(170)						(4,971)						(4,580)						(27,040)
Non-recurring deferred tax adjustment4						—						328						—						4,919
Adjusted net income (Non-GAAP)			[b]			63,687						57,394						126,898						97,292
Preferred dividends			[c]			4,590						155						9,179						155
Adjusted net income available to common stockholders (Non-GAAP)			[d]			$	59,097					$	57,239					$	117,719					$	97,137
Weighted average number of common shares outstanding, diluted (GAAP)			[e]			85,385,382						90,883,711						86,602,278						80,251,577
Diluted earnings per common share (GAAP)			[(a-c)÷e]			$	0.69					$	0.52					$	1.20					$	0.22
Adjusted diluted earnings per common share (Non-GAAP)			[d÷e]			$	0.69					$	0.63					$	1.36					$	1.21

___________________________________________

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 Statements of Income (Unaudited).

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 CECL model.

3.Tax benefits were calculated using tax rates of 25.0% and 26.5% for the six months ended June 30, 2026 and 2025, respectively. Tax benefits for quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.

4.A deferred tax valuation adjustment was recorded in the first quarter of 2025 in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 included a write-off of deferred tax assets related to non-deductible compensation and acquisition-related expenses. Deferred tax adjustments are reflected within the income taxes line on the Statements of Income (Unaudited).

First Busey Corporation (BUSE) | 2026 Q2 — 91

TABLE OF CONTENTS

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

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Calculation of Return On Average Assets, Return On Average Tangible Common Equity, and Related Adjusted Return Measures
						Three Months Ended												Six Months Ended
(dollars in thousands)						June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Net income (GAAP)			[a]			$	63,176					$	47,404					$	113,157					$	17,414
Amortization of intangible assets						4,232						4,592						8,523						7,675
Tax effect of amortization of intangible assets1						(1,058)						(1,256)						(2,131)						(2,035)
Preferred dividends						(4,590)						(155)						(9,179)						(155)
Tangible net income available to common stockholders (Non-GAAP)			[b]			$	61,760					$	50,585					$	110,370					$	22,899
Adjusted net income (Non-GAAP)2			[c]			$	63,687					$	57,394					$	126,898					$	97,292
Amortization of intangible assets						4,232						4,592						8,523						7,675
Tax effect of amortization of intangible assets1						(1,058)						(1,256)						(2,131)						(2,035)
Preferred dividends						(4,590)						(155)						(9,179)						(155)
Adjusted tangible net income available to common stockholders (Non-GAAP)			[d]			$	62,271					$	60,575					$	124,111					$	102,777
Average total assets			[e]			$	17,887,097					$	19,068,086					$	17,973,180					$	16,961,396
Return on average assets (Non-GAAP)3			[a÷e]			1.42		%				1.00		%				1.27		%				0.21		%
Adjusted return on average assets (Non-GAAP)3			[c÷e]			1.43		%				1.21		%				1.42		%				1.16		%
Average common equity						$	2,183,290					$	2,180,963					$	2,218,984					$	2,057,372
Average goodwill and other intangible assets, net						(474,043)						(494,473)						(476,450)						(452,978)
Average tangible common equity (Non-GAAP)			[f]			$	1,709,247					$	1,686,490					$	1,742,534					$	1,604,394
Return on average tangible common equity (Non-GAAP)3, 4			[b÷f]			14.49		%				12.03		%				12.77		%				2.88		%
Adjusted return on average tangible common equity (Non-GAAP)3, 4			[d÷f]			14.61		%				14.41		%				14.36		%				12.92		%

___________________________________________

1.Tax effects were calculated using income tax rates of 25.0% and 26.5% for the six months ended June 30, 2026 and 2025, respectively. Tax effects for quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.

2.A reconciliation is provided in the previous table.

3.Annualized measure.

4.Beginning in 2026, Busey revised, for all periods presented, its calculation of return on average tangible common equity and adjusted return on average tangible common equity to eliminate the effects of intangible asset amortization from the numerator of both calculations.

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

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Calculation of Net Interest Margin and Adjusted Net Interest Margin
						Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)						2026						2025						2026						2025
Net interest income (GAAP)						$	152,402					$	153,183					$	306,371					$	256,914
Tax-equivalent adjustment1						841						791						1,718						1,328
Tax-equivalent net interest income (Non-GAAP)			[a]			153,243						153,974						308,089						258,242
Purchase accounting accretion related to business combinations						(4,150)						(7,119)						(9,544)						(9,847)
Adjusted net interest income (Non-GAAP)			[b]			$	149,093					$	146,855					$	298,545					$	248,395
Average interest-earning assets (Non-GAAP)			[c]			$	16,508,372					$	17,700,356					$	16,586,634					$	15,543,955
Net interest margin (Non-GAAP)2			[a÷c]			3.72		%				3.49		%				3.75		%				3.35		%
Adjusted net interest margin (Non-GAAP)2			[b÷c]			3.62		%				3.33		%				3.63		%				3.22		%

___________________________________________

1.Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21.0%, applied to non-taxable interest income on investments and loans.

2.Annualized measure.

Calculation of Pre-Provision Net Revenue and Related Measures
						Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)						2026						2025						2026						2025
Net interest income (GAAP)						$	152,402					$	153,183					$	306,371					$	256,914
Total noninterest income (GAAP)						44,311						44,863						86,576						66,086
Net security (gains) losses (GAAP)						(2,445)						(5,997)						(1,505)						9,771
Total noninterest expense (GAAP)						(112,635)						(127,833)						(242,154)						(239,863)
Pre-provision net revenue (Non-GAAP)			[a]			81,633						64,216						149,288						92,908
Acquisition and restructuring (income) expenses, excluding initial provision expenses						3,126						16,600						19,826						42,626
Adjusted pre-provision net revenue (Non-GAAP)			[b]			$	84,759					$	80,816					$	169,114					$	135,534
Average total assets			[c]			$	17,887,097					$	19,068,086					$	17,973,180					$	16,961,396
Pre-provision net revenue to average total assets (Non-GAAP)1			[a÷c]			1.83		%				1.35		%				1.67		%				1.10		%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)1			[b÷c]			1.90		%				1.70		%				1.90		%				1.61		%

___________________________________________

1.Annualized measure.

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

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Calculation of Efficiency Ratio
						Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)						2026						2025						2026						2025
Net interest income (GAAP)			[a]			$	152,402					$	153,183					$	306,371					$	256,914
Tax-equivalent adjustment1						841						791						1,718						1,328
Tax-equivalent net interest income (Non-GAAP)			[b]			153,243						153,974						308,089						258,242
Total noninterest income (GAAP)						44,311						44,863						86,576						66,086
Net security (gains) losses						(2,445)						(5,997)						(1,505)						9,771
Adjusted noninterest income (Non-GAAP)			[c]			$	41,866					$	38,866					$	85,071					$	75,857
Operating revenue (Non-GAAP)			[d = a+c]			$	194,268					$	192,049					$	391,442					$	332,771
Tax-equivalent operating revenue (Non-GAAP)2			[e = b+c]			195,109						192,840						393,160						334,099
Adjusted noninterest income to operating revenue (Non-GAAP)			[c÷d]			21.55		%				20.24		%				21.73		%				22.80		%
Total noninterest expense (GAAP)						$	112,635					$	127,833					$	242,154					$	239,863
Acquisition and restructuring expenses, excluding initial provision expenses						(3,126)						(16,600)						(19,826)						(42,626)
Adjusted noninterest expense (Non-GAAP)3						109,509						111,233						222,328						197,237
Amortization of intangible assets						(4,232)						(4,592)						(8,523)						(7,675)
Adjusted noninterest expense excluding amortization of intangible assets (Non-GAAP)4			[f]			$	105,277					$	106,641					$	213,805					$	189,562
Efficiency ratio (Non-GAAP)5			[f÷e]			53.96		%				55.30		%				54.38		%				56.74		%

___________________________________________

1.Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21.0%, applied to non-taxable interest income on investments and loans.

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

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

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

5.Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “adjusted efficiency ratio.”

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

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Calculation of Tangible Common Equity, and Related Measures and Ratio
						As of
(dollars in thousands, except per share amounts)						June 30, 2026												December 31, 2025
Total assets (GAAP)						$	18,191,867											$	18,104,736
Goodwill and other intangible assets, net						(471,288)												(480,729)
Tangible assets (Non-GAAP)1			[a]			$	17,720,579											$	17,624,007
Total stockholders’ equity (GAAP)						$	2,383,170											$	2,468,982
Preferred stock and additional paid in capital on preferred stock						(215,197)												(215,197)
Common equity			[b]			2,167,973												2,253,785
Goodwill and other intangible assets, net						(471,288)												(480,729)
Tangible common equity (Non-GAAP)1			[c]			$	1,696,685											$	1,773,056
Tangible common equity to tangible assets (Non-GAAP)1			[c÷a]			9.57		%										10.06		%
Ending number of common shares outstanding (GAAP)			[d]			83,189,501												87,624,430
Book value per common share (Non-GAAP)			[b÷d]			$	26.06											$	25.72
Tangible book value per common share (Non-GAAP)			[c÷d]			$	20.40											$	20.23

Calculation of Core Deposits and Related Ratio
						As of
(dollars in thousands)						June 30, 2026												December 31, 2025
Total deposits (GAAP)			[a]			$	15,128,745											$	14,905,958
Brokered deposits, excluding brokered time deposits of $250,000 or more						(60,043)												(70,140)
Time deposits of $250,000 or more						(896,354)												(876,207)
Core deposits (Non-GAAP)			[b]			$	14,172,348											$	13,959,611
Core deposits to total deposits (Non-GAAP)			[b÷a]			93.68		%										93.65		%

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

FORWARD-LOOKING STATEMENTS

This Quarterly Report may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations, and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, military conflicts, acts of war or threats thereof, or other adverse external events that could increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control (including the conflicts in the Middle East and Russia’s invasion of Ukraine); (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) the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry, including investor and depositor sentiment regarding bank stability and liquidity; (7) 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; (8) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (9) increased competition in the financial services sector (including from non-bank competitors such as credit unions, digital asset service providers, private credit, and fintech companies) and the inability to attract new customers; (10) 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; (11) the loss of key executives or associates, talent shortages, and employee turnover; (12) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to First Busey’s Illinois franchise taxes); (13) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (14) 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); (15) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (16) the level of non-performing assets on Busey’s balance sheets; (17) interruptions involving information technology and communications systems or third-party vendors; (18) breaches or failures of information security controls or cybersecurity-related incidents; (19) the availability of future equity and debt issuances and other capital raising opportunities on favorable terms; (20) 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; (21) 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; (22) the ability to maintain an adequate level of allowance for credit losses on loans; (23) the effectiveness of Busey’s risk management framework; and (24) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s 2025 Annual Report.

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

CRITICAL ACCOUNTING ESTIMATES

Busey’s most significant accounting policies are described in “Note 1. Significant Accounting Policies” of Busey’s 2025 Annual Report. Certain of these accounting policies require management to use significant judgment and estimates, which can have a material impact on the carrying value of certain assets and liabilities. Busey considers these policies to be its critical accounting estimates. The judgment and assumptions made are based upon historical experience, future forecasts, or other factors that management believes to be reasonable under the circumstances. Because of the nature of the judgment and assumptions, actual results could differ from estimates, which could have a material effect on Busey’s financial condition and results of operations.

For additional information regarding critical accounting estimates, see the section titled “Critical Accounting Estimates” included in Item 7 of Busey’s 2025 Annual Report. There have been no material changes in Busey’s application of critical accounting estimates since December 31, 2025.

ITEM 3. 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 (Unaudited) 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
			June 30, 2026						December 31, 2025						June 30, 2026						December 31, 2025
+200			3.09		%				4.14		%				3.74		%				5.65		%
+100			1.79		%				2.31		%				2.20		%				3.13		%
-100			(1.01)		%				(1.76)		%				(2.16)		%				(3.27)		%
-200			(0.67)		%				(2.18)		%				(3.33)		%				(5.59)		%

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 4. 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 June 30, 2026, 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 June 30, 2026, Busey’s disclosure controls and procedures were effective in ensuring that the information First Busey is required to disclose in the reports First 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 June 30, 2026, 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.

PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

As part of the ordinary course of business, Busey is party to litigation that is incidental to its regular business activities.

On November 25, 2025, First Busey 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 to the Illinois Secretary of State. See “Note 11. Outstanding Commitments and Contingent Liabilities” for further information.

Other than the foregoing lawsuits, there is no material pending litigation, other than ordinary routine litigation incidental to its business, in which Busey is involved or of which any of its 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 1A. RISK FACTORS

There have been no material changes to the factors discussed in “Part I—Item 1A. Risk Factors” of Busey’s 2025 Annual Report.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

UNREGISTERED SALES OF EQUITY SECURITIES

None.

ISSUER PURCHASES OF EQUITY SECURITIES

On February 3, 2015, First Busey's board of directors approved the Stock Repurchase Plan authorizing, but not obligating, First Busey to repurchase shares of its common stock. The Stock Repurchase Plan may be terminated, or the number of shares authorized for repurchase may be increased or decreased by First Busey's board of directors at its discretion at any time. On May 20, 2026, First Busey's board of directors approved an amendment to the Stock Repurchase Plan to increase by 4,000,000 the number of shares of First Busey’s common stock available for repurchase under the plan.

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The following table summarizes share repurchase activity, excluding excise taxes, during the second quarter of 2026.

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
April 1-30, 2026						720,000						$	26.26					720,000						1,518,775
May 1-31, 2026						885,000						26.57						885,000						4,633,775
June 1-30, 2026						735,000						28.18						735,000						3,898,775
Three months ended June 30, 2026						2,340,000						$	26.98					2,340,000
Six Months ended June 30, 2026						4,957,400						$	25.97					4,957,400

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION

During the fiscal quarter ended June 30, 2026, none of Busey’s directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of First Busey securities that was intended to satisfy the affirmative defense conditions of Rule 10b5‑1(c) or any non-Rule 10b5‑1 trading arrangement.

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ITEM 6. EXHIBITS

Incorporated herein by reference

Exhibit Number

Description of Exhibit

Filing Entity1 (File No.)1

Form

Exhibit

Filing Date

Filed Herewith

10.1†

First Busey Corporation Second Amended 2020 Equity Incentive Plan

BUSE (001-42677)

DEFR14A

Appendix A

04/13/2026

31.1

Certification of Principal Executive Officer pursuant to 15 U.S.C. §7241 and 17 C.F.R. §240.13a-14(a) as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002

X

31.2

Certification of Principal Financial Officer pursuant to 15 U.S.C. §7241 and 17 C.F.R. §240.13a-14(a) as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002

X

32.1

Certification of Principal Executive Officer pursuant to 18 U.S.C. §1350 as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002

X

32.2

Certification of Principal Financial Officer pursuant to 18 U.S.C. §1350 as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002

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

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.

†Management contract or compensatory plan.

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SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, effective as of August 6, 2026.

			FIRST BUSEY CORPORATION (Registrant)
			By:			/s/ VAN A. DUKEMAN
						Van A. Dukeman
						Chairman, President, and Chief Executive Officer (Principal Executive Officer)
			By:			/s/ CHRISTOPHER H.M. CHAN
						Christopher H.M. Chan
						Chief Financial Officer (Principal Financial Officer)
			By:			/s/ SCOTT A. PHILLIPS
						Scott A. Phillips
						Chief Accounting Officer (Principal Accounting Officer)

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