First Busey Q3 earnings: net income falls to $55.8M

Non-accrual loans totaled $80.9 million at September 30, 2026, versus $51.2 million at December 31, 2025.

Available on EDGAR 11/05/2026 - 04:03 PM EST Accepted by SEC EDGAR 11/05/2026 - 04:02 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

First Busey Corporation (BUSE) reported third-quarter 2026 net income of $55.8 million, compared with $57.1 million in the 2025 quarter. Diluted earnings per common share were $0.61 versus $0.58. For the nine months ended September 30, 2026, net income was $169.0 million, compared with $74.5 million in the prior-year period, and net interest income was $459.5 million versus $412.1 million.

At September 30, 2026, total assets were $18.56 billion and deposits were $15.54 billion. Portfolio loans, net of the allowance for credit losses, were $12.66 billion. Cash and cash equivalents were $883.1 million, compared with $280.2 million at December 31, 2025. Net cash provided by operating activities for the nine months was $164.2 million, compared with $120.4 million.

During the nine months, the company repurchased 6,930,300 shares for $190.1 million. Accumulated other comprehensive loss was $241.9 million at September 30, 2026, versus $124.5 million at December 31, 2025. Third-quarter other comprehensive loss was $100.8 million, compared with income of $18.5 million a year earlier, including unrealized changes on debt securities and cash flow hedges.

1 point · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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Positive

• Moderate pointNine-month net income reached $169.0 million, versus $74.5 million.

Negative

• None.

Filing Explained

Common shares outstanding fell from 87,624,430 at December 31, 2025 to 81,276,654 at September 30, 2026, leaving a smaller outstanding-share base; the filing reports 80,256,870 as of November 5, 2026.

Key Figures

Net income: $55.8 million Diluted earnings per common share: $0.61 per share Net income: $169.0 million +5 more

8 metrics

Net income $55.8 million Three months ended September 30, 2026; $57.1 million in 2025

Diluted earnings per common share $0.61 per share Three months ended September 30, 2026; $0.58 in 2025

Net income $169.0 million Nine months ended September 30, 2026; $74.5 million in 2025

Net interest income $459.5 million Nine months ended September 30, 2026; $412.1 million in 2025

Total assets $18.56 billion As of September 30, 2026

Total deposits $15.54 billion As of September 30, 2026

Shares repurchased 6,930,300 shares Nine months ended September 30, 2026

Cost of shares repurchased $190.1 million Nine months ended September 30, 2026

Key Terms

Allowance for Credit Losses, Purchased credit deteriorated, Accumulated other comprehensive income (loss), Non-accrual, +1 more

5 terms

Allowance for Credit Losses financial

"Allowance for Credit Losses"

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

"Purchased credit deteriorated"

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.

Accumulated other comprehensive income (loss) financial

"Accumulated other comprehensive income (loss)"

A balance-sheet line that tracks certain gains and losses that haven’t flowed through the company’s profit-and-loss statement, such as unrealized changes in the value of investments, foreign-currency adjustments, and some pension-related items. Think of it like a storage closet for value swings the company hasn’t ‘realized’ by selling or settling them yet; it changes shareholders’ equity and helps investors see hidden volatility or potential future impacts on book value.

Non-accrual financial

"Non-accrual loans"

A non-accrual loan or asset is one for which a lender has stopped counting expected interest as income because the borrower is very late on payments or in serious financial trouble. For investors, non-accruals signal that future cash from interest is uncertain and that the lender may need to write down the loan’s value or set aside extra reserves, similar to a landlord who stops recording rent when a tenant stops paying.

LOCOM financial

"Busey accounts for loans held for sale at LOCOM"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was BUSE's net income in Q3 2026?

First Busey reported net income of $55.8 million for the three months ended September 30, 2026, versus $57.1 million in 2025; diluted earnings per common share were $0.61, compared with $0.58.

How much net income did BUSE report for the first nine months of 2026?

First Busey reported $169.0 million in net income for the nine months ended September 30, 2026, compared with $74.5 million for the same period in 2025.

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

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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 September 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: (913) 312-6800

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 November 5, 2026
Common Stock, $0.001 par value						80,256,870

FIRST BUSEY CORPORATION

FORM 10-Q

SEPTEMBER 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 (LOSS) (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			20
Note 4. Portfolio Loans			25
Note 5. Leases			36
Note 6. Deposits			39
Note 7. Borrowings			40
Note 8. Regulatory Capital			42
Note 9. Tax Credit Investments and Other Investments in Unconsolidated Entities			43
Note 10. Stock-Based Compensation			44
Note 11. Outstanding Commitments And Contingent Liabilities			46
Note 12. Derivative Financial Instruments			47
Note 13. Fair Value Measurements			53
Note 14. Earnings Per Common Share			59
Note 15. Accumulated Other Comprehensive Income (Loss)			59
Note 16. Operating Segments And Related Information			61
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)			66
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			101
ITEM 4. CONTROLS AND PROCEDURES			102
PART II—OTHER INFORMATION			102
ITEM 1. LEGAL PROCEEDINGS			102
ITEM 1A. RISK FACTORS			102
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES			102
ITEM 3. DEFAULTS UPON SENIOR SECURITIES			103
ITEM 4. MINE SAFETY DISCLOSURES			103
ITEM 5. OTHER INFORMATION			103
ITEM 6. EXHIBITS			104
SIGNATURES			105

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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 Office of the Comptroller of the Currency, 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
CECL						ASC Topic 326 “Financial Instruments-Credit Losses,” which established the Current Expected Credit Losses methodology for measuring credit losses on financial instruments
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

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Term						Definition
LOCOM						Lower of Cost or Market, an accounting approach under which assets are carried at amortized historical cost less write-offs and downward fair value adjustments, as may be applicable
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
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
pts						percentage points
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
USB						U.S. Bank National Association

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PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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FIRST BUSEY CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

			As of
(dollars in thousands, except per share amounts)			September 30, 2026						December 31, 2025
Assets
Cash and cash equivalents:
Cash and due from banks			$	173,136					$	181,041
Interest-bearing deposits			709,917						99,186
Total cash and cash equivalents			883,053						280,227
Interest-bearing time deposits in other banks			24,450						13,825
Debt securities available for sale			2,669,937						2,162,548
Debt securities held to maturity			685,134						746,385
Equity securities			15,557						14,916
Loans held for sale			68,081						5,752
Portfolio loans (net of ACL of $164,280 at September 30, 2026, and $174,023 at December 31, 2025)			12,658,209						13,393,776
Restricted bank stock			77,067						77,006
Premises and equipment, net			190,257						193,444
Goodwill			382,363						383,280
Other intangible assets, net			84,774						97,449
Cash surrender value of bank owned life insurance			265,357						260,402
Other assets			554,367						475,726
Total assets			$	18,558,606					$	18,104,736
Liabilities and stockholders’ equity
Liabilities
Deposits:
Noninterest-bearing			$	3,439,061					$	3,659,421
Interest-bearing			12,098,505						11,246,537
Total deposits			15,537,566						14,905,958
Securities sold under agreements to repurchase			154,693						166,929
Short-term borrowings			41,793						—
Long-term borrowings			98,165						113,806
Subordinated notes, net of unamortized issuance costs			99,710						99,395
Junior subordinated debt owed to unconsolidated trusts			62,546						77,328
Other liabilities			307,854						272,338
Total liabilities			16,302,327						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 September 30, 2026, and December 31, 2025			—						—
Common stock, $0.001 par value			93						93
Additional paid-in capital			2,367,703						2,375,511
Retained earnings			424,880						336,707
AOCI			(241,880)						(124,473)
Total stockholders’ equity before treasury stock			2,550,796						2,587,838
Treasury stock at cost			(294,517)						(118,856)
Total stockholders’ equity			2,256,279						2,468,982
Total liabilities and stockholders’ equity			$	18,558,606					$	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 September 30, 2026, and December 31, 2025):
Issued			92,694,541						92,694,541
Less: Treasury			11,417,887						5,070,111
Outstanding			81,276,654						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 September 30,												Nine Months Ended September 30,
(dollars in thousands, except per share amounts)			2026						2025						2026						2025
Interest income
Interest and fees on loans			$	196,747					$	214,357					$	595,521					$	568,299
Taxable interest income			26,449						22,146						69,833						63,836
Non-taxable interest income			1,751						1,644						5,217						3,926
Dividend income on bank stock			1,237						871						3,244						2,173
Other interest income			6,387						5,487						8,666						20,532
Total interest income			232,571						244,505						682,481						658,766
Interest expense
Deposits			74,923						84,611						206,710						230,070
Federal funds purchased and securities sold under agreements to repurchase			928						976						2,922						2,738
Short-term borrowings			315						26						2,711						589
Long-term borrowings			869						937						3,030						1,967
Subordinated notes			1,356						1,417						4,064						7,203
Junior subordinated debt owed to unconsolidated trusts			1,035						1,401						3,528						4,148
Total interest expense			79,426						89,368						222,965						246,715
Net interest income			153,145						155,137						459,516						412,051
Provision for credit losses			9,642						(985)						14,889						50,308
Net interest income after provision for credit losses			143,503						156,122						444,627						361,743
Noninterest income
Wealth management fees			19,846						17,184						59,197						51,325
Payment technology solutions			5,108						5,092						15,153						15,121
Treasury management services			4,824						4,228						14,069						11,634
Capital markets income			1,472						1,936						5,714						4,515
Card services and ATM fees			4,733						4,799						14,192						13,388
Other service charges on deposit accounts			1,361						1,617						4,274						4,663
Income on bank owned life insurance			1,659						1,623						4,912						4,814
Realized net gains (losses) on securities			137						(13)						160						(15,549)
Unrealized net gains (losses) recognized on equity securities			(840)						(275)						642						5,490
Other noninterest income			2,102						5,007						8,665						11,883
Total noninterest income			40,402						41,198						126,978						107,284
Noninterest expense
Salaries and employee benefits			66,432						74,145						219,339						220,068
Data processing			9,436						9,714						28,168						33,310
Net occupancy expense of premises			7,977						7,982						23,479						21,613
Furniture and equipment expenses			2,530						2,143						7,043						6,296
Professional fees			2,507						2,931						8,787						15,316
Amortization of intangible assets			4,151						4,507						12,674						12,182
Interchange expense			1,156						1,336						3,368						3,976
FDIC insurance			1,293						3,151						6,093						7,742
Other noninterest expense			15,916						14,109						44,601						39,378
Total noninterest expense			111,398						120,018						353,552						359,881
Income before income taxes			72,507						77,302						218,053						109,146
Income taxes			16,662						20,204						49,051						34,634
Net income			$	55,845					$	57,098					$	169,002					$	74,512
Dividends on preferred stock			4,589						5,131						13,768						5,286
Net income available to common stockholders			$	51,256					$	51,967					$	155,234					$	69,226
Weighted average number of common shares outstanding, basic			82,478,537						89,136,898						84,540,756						82,508,723
Weighted average number of common shares outstanding, diluted			83,733,110						90,218,382						85,634,496						83,609,999
Basic earnings per common share			$	0.62					$	0.58					$	1.84					$	0.84
Diluted earnings per common share			$	0.61					$	0.58					$	1.81					$	0.83

See accompanying Notes to Consolidated Financial Statements (Unaudited).

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FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Net income			$	55,845					$	57,098					$	169,002					$	74,512
OCI:
Unrealized/Unrecognized gains (losses) on debt securities:
Net unrealized holding gains (losses) on debt securities available for sale			(115,214)						24,391						(130,750)						61,710
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income			(137)						13						(160)						15,549
Amortization of unrecognized losses on securities transferred to held to maturity			901						1,104						2,784						3,369
Tax effect			28,649						(8,356)						32,074						(22,185)
Net change in unrealized/unrecognized gains (losses) on debt securities			(85,801)						17,152						(96,052)						58,443
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges			(21,482)						(486)						(32,748)						9,075
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income			1,466						2,304						4,256						6,629
Tax effect			5,017						(460)						7,137						(3,909)
Net change in unrealized gains (losses) on cash flow hedges			(14,999)						1,358						(21,355)						11,795
OCI			(100,800)						18,510						(117,407)						70,238
Total comprehensive income (loss)			$	(44,955)					$	75,608					$	51,595					$	144,750

See accompanying Notes to Consolidated Financial Statements (Unaudited).

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FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

			Three Months Ended September 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, June 30, 2026			222,750						83,189,501						$	—					$	93					$	2,364,585					$	395,409					$	(141,080)					$	(235,837)					$	2,383,170
Net income			—						—						—						—						—						55,845						—						—						55,845
OCI, net of tax			—						—						—						—						—						—						(100,800)						—						(100,800)
Repurchase of stock, including excise tax			—						(1,972,900)						—						—						—						—						—						(60,180)						(60,180)
Net issuance of treasury stock for stock-based compensation plans			—						60,053						—						—						(1,158)						—						—						1,500						342
Cash dividends on preferred stock			—						—						—						—						—						(4,589)						—						—						(4,589)
Cash dividends on common stock			—						—						—						—						—						(21,504)						—						—						(21,504)
Dividend equivalents on RSUs/PSUs/DSUs			—						—						—						—						281						(281)						—						—						—
Stock-based compensation expense			—						—						—						—						3,995						—						—						—						3,995
Balance, September 30, 2026			222,750						81,276,654						$	—					$	93					$	2,367,703					$	424,880					$	(241,880)					$	(294,517)					$	2,256,279

			Three Months Ended September 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, June 30, 2025			222,750						89,104,678						$	—					$	93					$	2,377,560					$	273,799					$	(155,311)					$	(83,595)					$	2,412,546
Net income			—						—						—						—						—						57,098						—						—						57,098
OCI, net of tax			—						—						—						—						—						—						18,510						—						18,510
Repurchase of stock, including excise tax			—						(580,000)						—						—						—						—						—						(13,547)						(13,547)
Net issuance of treasury stock for stock-based compensation plans			—						264,365						—						—						(8,740)						—						—						6,108						(2,632)
Cash dividends on preferred stock			—						—						—						—						—						(5,131)						—						—						(5,131)
Cash dividends on common stock			—						—						—						—						—						(22,307)						—						—						(22,307)
Dividend equivalents on RSUs/PSUs/DSUs			—						—						—						—						382						(382)						—						—						—
Stock-based compensation expense			—						—						—						—						4,298						—						—						—						4,298
Balance, September 30, 2025			222,750						88,789,043						$	—					$	93					$	2,373,500					$	303,077					$	(136,801)					$	(91,034)					$	2,448,835

(continued)

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FIRST BUSEY CORPORATION

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

			Nine Months Ended September 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			—						—						—						—						—						169,002						—						—						169,002
OCI, net of tax			—						—						—						—						—						—						(117,407)						—						(117,407)
Repurchase of stock, including excise tax			—						(6,930,300)						—						—						—						—						—						(190,085)						(190,085)
Net issuance of treasury stock for stock-based compensation plans			—						582,524						—						—						(19,369)						—						—						14,424						(4,945)
Cash dividends on preferred stock			—						—						—						—						—						(13,768)						—						—						(13,768)
Cash dividends on common stock			—						—						—						—						—						(66,195)						—						—						(66,195)
Dividend equivalents on RSUs/PSUs/DSUs			—						—						—						—						866						(866)						—						—						—
Stock-based compensation expense			—						—						—						—						10,695						—						—						—						10,695
Balance, September 30, 2026			222,750						81,276,654						$	—					$	93					$	2,367,703					$	424,880					$	(241,880)					$	(294,517)					$	2,256,279

			Nine Months Ended September 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			—						—						—						—						—						74,512						—						—						74,512
OCI, net of tax			—						—						—						—						—						—						70,238						—						70,238
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			—						(1,812,000)						—						—						—						—						—						(40,038)						(40,038)
Net issuance of treasury stock for stock-based compensation plans			—						556,794						—						—						(16,854)						—						—						13,340						(3,514)
Cash dividends on preferred stock			—						—						—						—						—						(5,286)						—						—						(5,286)
Cash dividends on common stock			—						—						—						—						—						(58,973)						—						—						(58,973)
Dividend equivalents on RSUs/PSUs/DSUs			—						—						—						—						1,230						(1,230)						—						—						—
Stock-based compensation expense			—						—						—						—						13,125						—						—						—						13,125
Balance, September 30, 2025			222,750						88,789,043						$	—					$	93					$	2,373,500					$	303,077					$	(136,801)					$	(91,034)					$	2,448,835

See accompanying Notes to Consolidated Financial Statements (Unaudited).

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FINANCIAL STATEMENTS

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

			Nine Months Ended September 30,
(dollars in thousands)			2026						2025
Cash flows provided by (used in) operating activities
Net income			$	169,002					$	74,512
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses			14,889						50,308
Amortization of intangible assets			12,674						12,182
Amortization of mortgage servicing rights			536						486
Depreciation and amortization of premises and equipment			10,689						9,505
Net amortization (accretion) on portfolio loans			(16,003)						(12,046)
Net amortization (accretion) of premium (discount) on investment securities			(2,002)						1,405
Net amortization (accretion) of premium (discount) on time deposits			21						(1,715)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings			1,389						1,470
Impairment of OREO and other repossessed assets			157						270
Impairment of fixed assets held for sale			11						188
Impairment (reversal of impairment) of mortgage servicing rights			(155)						35
Impairment of leases			—						28
Unrealized (gains) losses recognized on equity securities, net			(642)						(5,490)
(Gain) loss on sales of debt securities, net			(160)						15,549
(Gain) loss on sales of loans, net			(854)						(1,140)
(Gain) loss on sales of OREO and other repossessed assets			(74)						96
(Gain) loss on sales of premises and equipment			4						27
(Gain) loss on life insurance proceeds			—						(357)
Increase in cash surrender value of bank owned life insurance			(4,912)						(4,457)
Provision for deferred income taxes expense			7,981						3,132
Stock-based compensation expense			10,695						13,125
Mortgage loans originated for sale			(47,211)						(77,210)
Proceeds from sales of mortgage loans			50,769						73,098
Increase in other assets			(11,061)						(1,337)
Decrease in other liabilities			(31,524)						(31,284)
Net cash provided by operating activities			$	164,219					$	120,380

(continued)

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FINANCIAL STATEMENTS

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)

			Nine Months Ended September 30,
(dollars in thousands)			2026						2025
Cash flows provided by (used in) investing activities
Purchases of interest-bearing time deposits in other banks			$	(10,970)					$	(545)
Proceeds from maturities of interest-bearing time deposits in other banks			345						2,214
Purchases of equity securities			(18,440)						(919)
Proceeds from sales of equity securities			18,441						6,444
Purchases of debt securities available for sale			(910,113)						(385,411)
Proceeds from sales of debt securities available for sale			—						529,760
Proceeds from paydowns and maturities of debt securities available for sale			275,184						354,041
Proceeds from paydowns and maturities of debt securities held to maturity			62,827						43,409
Purchases of restricted bank stock			(33,533)						(35,278)
Proceeds from the redemption of restricted bank stock			33,594						11,905
Purchases of loans			(8,678)						—
Proceeds from the sales of loans			9,052						—
Net decrease in loans			667,941						161,275
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			(6,600)						(13,179)
Proceeds from disposition of premises and equipment			303						710
Net proceeds from OREO and other repossessed assets			2,972						16,260
Net cash provided by investing activities			$	82,283					$	1,080,778
Cash flows provided by (used in) financing activities
Net increase (decrease) in deposits			$	631,587					$	(1,482,312)
Net decrease in federal funds purchased and securities sold under agreements to repurchase			(12,236)						(8,458)
Proceeds from short-term borrowings			14,767,901						—
Repayment of short-term borrowings			(14,761,801)						(11,158)
Proceeds from other borrowings, net of debt issuance costs			21,000						16,667
Repayment of other borrowings			(15,134)						(125,129)
Cash dividends paid			(79,963)						(64,259)
Purchase of treasury stock			(190,085)						(40,038)
Cash paid for withholding taxes on stock-based payments			(6,646)						(5,001)
Issuance of treasury stock for the ESPP			1,701						1,487
Issuance of preferred stock, net of stock issuance costs			—						207,447
Common stock issuance costs			—						(920)
Net cash provided by (used in) financing activities			$	356,324					$	(1,511,674)
Net increase (decrease) in cash and cash equivalents1			$	602,826					$	(310,516)
Cash and cash equivalents, beginning of period1			280,227						682,410
Cash and cash equivalents, end of period1			$	883,053					$	371,894
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest			$	221,287					$	243,489
Non-cash investing and financing activities:
OREO and other repossessed assets acquired in settlement of loans			$	406					$	22,528
Transfer from portfolio loans to loans held for sale			65,377						—
Transfer of loans held for sale to portfolio loans			79						—

___________________________________________

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.

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 $18.56 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 $16.72 billion at September 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) include amounts generally described as restricted cash, as summarized in the table below:

									As of
(dollars in thousands)			Location						September 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						15,890						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									$	97,592					$	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.

Loans Held for Sale

Loans held for sale are loans which Busey has the intent and ability to sell to investors and/or in the secondary mortgage market. A portfolio loan is reclassified to held for sale when management decides to sell it in the near term. As of September 30, 2026, loans held for sale included $3.0 million of mortgage loans and $65.1 million of commercial loans.

Busey accounts for loans held for sale at LOCOM, which is determined on an individual loan basis. Loans held for sale are carried at amortized historical cost less loan write-offs and downward fair value adjustments, as may be applicable. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. When a portfolio loan is transferred to held for sale, any ACL previously recorded on the loan is reversed through the provision for credit losses, and the loan is transferred at the lower of amortized cost or fair value. Gain or loss on sale is recognized at the settlement date and is determined by the difference between the sales proceeds and the carrying amount, net of the value of any servicing asset retained.

A pool of lender finance commercial loans acquired in the acquisition of CrossFirst was reclassified to held for sale during the three months ended September 30, 2026. The loans, which were included in the C&I and other commercial lending activity within the commercial loans portfolio segment, had an amortized cost basis of $65.4 million on the transfer date. As a result of the transfer, Busey recognized both: (1) a $0.7 million LOCOM adjustment (measured at the transfer date and updated as of September 30, 2026) as a reduction to other noninterest income, primarily attributable to the purchase premium assigned to these loans at acquisition; and (2) a $0.7 million release of allowance for credit losses as a reduction to provision expense. The loans were subsequently sold in the fourth quarter of 2026.

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

As of September 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. In addition, during the three months ended September 30, 2026, Busey received notice from the Illinois Department of Revenue of its intent to audit First Busey’s 2021 tax returns.

Preferred Stock

The following table summarizes First Busey’s preferred stock issuances as of both September 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

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

						Three Months Ended September 30,												Nine Months Ended September 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

___________________________________________

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.

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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.

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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.

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. There were no significant events subsequent to the quarter ended September 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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. Goodwill recorded for this transaction reflects synergies anticipated from the acquisition and greater revenue opportunities arising from Busey’s broader service capabilities in attractive new markets. Goodwill recorded for this transaction is not deductible for tax purposes and was assigned to the Banking operating segment.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Valuations of Loans

Estimated fair values for the loan portfolio acquired in the CrossFirst acquisition included adjustments to certain receivables that were not considered PCD as of the acquisition date. These fair value adjustments were determined using a discounted cash flow model that applied various assumptions about coupon rates, remaining maturities, prepayment speeds, projected default probabilities, losses given 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 included non-PCD loans with a fair value of $4.70 billion and gross contractual amounts receivable of $4.79 billion.

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

			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 September 30, 2025												Nine Months Ended September 30, 2025
Revenue (net interest income plus noninterest income)									$	193,896											$	559,858
Net income									55,301												123,574

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Other Acquisition Costs

Busey incurred acquisition-related expenses as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Pre-tax acquisition expenses
CrossFirst1			$	1,132					$	7,251					$	7,572					$	95,341
M&M2			—						—						—						108
Pre-tax acquisition expenses			$	1,132					$	7,251					$	7,572					$	95,449

___________________________________________

1.During the nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Pre-tax costs to consummate the merger			$	—					$	301					$	119					$	7,531

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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 September 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			$	103,656					$	—					$	(6,839)					$	96,817
Obligations of states and political subdivisions			288,167						1						(30,714)						257,454
Asset-backed securities			266,911						52						(318)						266,645
Commercial mortgage-backed securities			190,254						—						(17,335)						172,919
Residential mortgage-backed securities			2,050,750						3						(212,228)						1,838,525
Corporate debt securities			39,406						61						(1,890)						37,577
Total debt securities available for sale			$	2,939,144					$	117					$	(269,324)					$	2,669,937

			Amortized Cost						Unrecognized												Fair Value
									Gross Gains						Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	330,970					$	—					$	(79,046)					$	251,924
Residential mortgage-backed securities			354,164						—						(69,621)						284,543
Total debt securities held to maturity			$	685,134					$	—					$	(148,667)					$	536,467

___________________________________________

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

			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 September 30, 2026
(dollars in thousands)			Amortized Cost						Fair Value
Debt securities available for sale
Due in one year or less			$	10,736					$	10,723
Due after one year through five years			112,388						104,489
Due after five years through ten years			328,648						300,131
Due after ten years			2,487,372						2,254,594
Debt securities available for sale			$	2,939,144					$	2,669,937
Debt securities held to maturity
Due after one year through five years			$	33,231					$	31,681
Due after ten years			651,903						504,786
Debt securities held to maturity			$	685,134					$	536,467

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Realized gains and losses on debt securities
Gross gains on debt securities			$	158					$	—					$	182					$	9
Gross losses on debt securities1			(21)						(13)						(22)						(15,558)
Realized net gains (losses) on debt securities			$	137					$	(13)					$	160					$	(15,549)

___________________________________________

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 $711.1 million on September 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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 September 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			$	96,809					$	(6,839)					$	8					$	—					$	96,817					$	(6,839)
Obligations of states and political subdivisions			168,431						(16,861)						87,203						(13,853)						255,634						(30,714)
Asset-backed securities			188,390						(318)						—						—						188,390						(318)
Commercial mortgage-backed securities			90,255						(3,087)						67,720						(14,248)						157,975						(17,335)
Residential mortgage-backed securities			1,172,186						(56,541)						665,772						(155,687)						1,837,958						(212,228)
Corporate debt securities			11,265						(225)						20,325						(1,665)						31,590						(1,890)
Debt securities available for sale with gross unrealized losses			$	1,727,336					$	(83,871)					$	841,028					$	(185,453)					$	2,568,364					$	(269,324)

															Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities															$	251,924					$	(79,046)					$	251,924					$	(79,046)
Residential mortgage-backed securities															284,543						(69,621)						284,543						(69,621)
Debt securities held to maturity with gross unrecognized losses															$	536,467					$	(148,667)					$	536,467					$	(148,667)

___________________________________________

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

			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 September 30, 2026
(dollars in thousands)			Available for Sale						Held to Maturity						Total
Debt securities with gross unrealized or unrecognized losses, fair value			$	2,568,364					$	536,467					$	3,104,831
Gross unrealized or unrecognized losses on debt securities			269,324						148,667						417,991
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses			10.5		%				27.7		%				13.5		%
Count of debt securities			714						51						765
Count of debt securities in an unrealized or unrecognized loss position			682						51						733

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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 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 September 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)			September 30, 2026						December 31, 2025
Commercial loans
C&I and other commercial			$	3,770,796					$	4,229,208
CRE			5,258,021						5,550,018
Real estate construction			1,066,709						1,039,289
Total commercial loans			10,095,526						10,818,515
Retail loans
Retail real estate			2,089,618						2,154,616
Retail other			637,345						594,668
Total retail loans			2,726,963						2,749,284
Total portfolio loans			12,822,489						13,567,799
ACL			(164,280)						(174,023)
Portfolio loans, net			$	12,658,209					$	13,393,776

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Net deferred loan origination costs included in the balances above were $5.2 million as of September 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 $71.8 million as of September 30, 2026, and $86.6 million as of December 31, 2025. Deposit account overdrafts reported as loans totaled $5.3 million as of September 30, 2026, and $7.1 million as of December 31, 2025.

Busey sold $0.3 million and $9.0 million of C&I and other commercial loans during the three and nine months ended September 30, 2026, respectively. Busey purchased $8.7 million of retail other loans during the nine months ended September 30, 2026. Other than loans acquired in business combinations, Busey did not execute any significant loan purchases or sales during the three and nine months ended September 30, 2025.

Busey reclassified a pool of lender finance loans with an amortized cost basis of $65.4 million from the C&I and other commercial lending segment to loans held for sale during the three and nine months ended September 30, 2026. In connection with the reclassification of this pool of loans, Busey released $0.7 million of ACL through the provision for credit losses. For additional information, see “Loans Held for Sale” in “Note 1. Significant Accounting Policies.”

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)			September 30, 2026						December 31, 2025
Pledged loans
FHLB			$	6,759,225					$	5,051,512
Federal Reserve Bank			2,160,380						1,854,423
Total pledged loans			$	8,919,605					$	6,905,935

Risk Grading

Busey uses 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

•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.

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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 Nine Months Ended September 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			$	482,853					$	484,507					$	328,231					$	153,747					$	152,017					$	214,196					$	1,256,267					$	3,071,818
Watch			22,456						67,378						56,147						27,909						26,502						41,292						161,581						403,265
Special Mention			22,645						3,633						4,015						25,788						10,121						855						51,334						118,391
Substandard			31,155						3,105						3,635						31,175						19,299						3,934						19,221						111,524
Substandard non-accrual			3,618						3,266						2,161						14,825						623						4,329						36,976						65,798
Total C&I and other commercial			562,727						561,889						394,189						253,444						208,562						264,606						1,525,379						3,770,796
Gross charge-offs			$	3,062					$	387					$	4,722					$	3,178					$	6,360					$	1,614					$	10,171					$	29,494
CRE
Pass			910,725						749,624						387,863						556,723						829,402						924,916						55,218						4,414,471
Watch			191,840						110,754						69,560						48,557						92,015						142,068						4,535						659,329
Special Mention			49,285						23,000						6,117						7,589						11,901						30,040						618						128,550
Substandard			20,856						1,700						984						3,220						4,824						11,146						354						43,084
Substandard non-accrual			4,414						448						679						1,789						495						4,762						—						12,587
Total CRE			1,177,120						885,526						465,203						617,878						938,637						1,112,932						60,725						5,258,021
Gross charge-offs			24						—						—						228						—						14						—						266
Real estate construction
Pass			302,715						336,581						186,600						18,884						27,148						5,515						69,858						947,301
Watch			29,358						932						8,892						51,011						—						141						5,998						96,332
Special Mention			—						14,750						—						—						—						6,276						—						21,026
Substandard			348						617						—						—						—						730						355						2,050
Total real estate construction			332,421						352,880						195,492						69,895						27,148						12,662						76,211						1,066,709
Gross charge-offs			—						—						101						—						—						—						—						101
Retail real estate
Pass			161,377						108,097						117,435						232,357						403,099						764,722						252,185						2,039,272
Watch			24,961						960						451						214						9,199						448						524						36,757
Special Mention			3,231						45						64						—						807						1,591						195						5,933
Substandard			87						—						—						4,004						—						1,070						—						5,161
Substandard non-accrual			406						182						193						44						626						464						580						2,495
Total retail real estate			190,062						109,284						118,143						236,619						413,731						768,295						253,484						2,089,618
Gross charge-offs			147						—						151						25						39						44						81						487
Retail other
Pass			7,378						2,399						1,427						17,841						17,052						1,807						589,372						637,276
Substandard non-accrual			—						—						—						15						54						—						—						69
Total retail other			7,378						2,399						1,427						17,856						17,106						1,807						589,372						637,345
Gross charge-offs			405						—						—						10						2						—						76						493
Total portfolio loans			$	2,269,708					$	1,911,978					$	1,174,454					$	1,195,692					$	1,605,184					$	2,160,302					$	2,505,171					$	12,822,489
Total gross charge-offs			$	3,638					$	387					$	4,974					$	3,441					$	6,401					$	1,672					$	10,328					$	30,841

First Busey Corporation (BUSE) | 2026 Q3 — 28

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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 Q3 — 29

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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 September 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			$	6,259					$	3					$	—					$	65,798					$	14,635
CRE			2,741						2,424						566						12,587						4,137
Real estate construction			617						—						123						—						—
Past due and non-accrual commercial loans			9,617						2,427						689						78,385						18,772
Retail loans
Retail real estate			3,990						324						—						2,495						—
Retail other			452						67						—						69						—
Past due and non-accrual retail loans			4,442						391						—						2,564						—
Total past due and non-accrual loans			$	14,059					$	2,818					$	689					$	80,949					$	18,772

			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

Amounts collected on non-accrual loans and recognized in interest income on a cash basis were immaterial for the three months ended September 30, 2026. Busey collected $1.0 million on non-accrual loans during the nine months ended September 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 nine months ended September 30, 2025.

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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 September 30, 2026
(dollars in thousands)									Interest Rate Reduction						Payment Deferral						Term Extension																		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial									$	4,375					$	23,431					$	18,305																	1.2		%
CRE									—						2,932						7,058																		0.2		%
Total loans modified during the period1									$	4,375					$	26,363					$	25,363																	0.4		%

___________________________________________

1.60.2% of the value of modified loans were classified as substandard and 39.8% were classified as substandard non-accrual.

									Three Months Ended September 30, 2025
(dollars in thousands)									Interest Rate Reduction						Payment Deferral						Term Extension																		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial									$	263					$	2,444					$	10,417																	0.3		%
CRE1									—						1,944						461																		—		%
Total loans modified during the period2									$	263					$	4,388					$	10,878																	0.1		%

___________________________________________

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

2.All modifications were for loans classified as substandard.

									Nine Months Ended September 30, 2026
(dollars in thousands)									Interest Rate Reduction						Payment Deferral						Term Extension												Combination—Interest Rate Reduction and Payment Deferral						% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial									$	4,375					$	23,431					$	47,420											$	574					2.0		%
CRE									—						2,932						17,934												3,548						0.5		%
Total loans modified during the period1									$	4,375					$	26,363					$	65,354											$	4,122					0.8		%

___________________________________________

1.4.5% of the value of modified loans were classified as special mention, 73.2% were classified as substandard, and 22.3% were classified as substandard non-accrual.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

									Nine Months Ended September 30, 2025
(dollars in thousands)									Interest Rate Reduction						Payment Deferral						Term Extension																		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial									$	263					$	13,005					$	22,314																	0.8		%
CRE									—						1,944						823																		0.1		%
Real estate construction									—						—						5,165																		0.5		%
Total loans modified during the period1									$	263					$	14,949					$	28,302																	0.3		%

___________________________________________

1.90.7% of the value of modified loans were classified as substandard and 9.3% were classified as substandard non-accrual.

The following table summarizes the reduction in weighted average interest rates for loans modified for borrowers experiencing financial difficulty:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Reductions in weighted average interest rates
C&I and other commercial			3.88		%				5.00		%				3.81		%				5.00		%
CRE			—		%				—		%				3.15		%				—		%
Aggregate reductions in weighted average interest rates for modified loans			3.88		%				5.00		%				3.53		%				5.00		%

The following table summarizes the extension in weighted average loan terms for loans modified for borrowers experiencing financial difficulty:

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Weighted average term extensions

C&I and other commercial

1.4 years

0.5 years

1.0 years

0.8 years

CRE

1.3 years

0.7 years

1.3 years

1.3 years

Real estate construction

—

—

—

1.3 years

Aggregate term extensions for modified loans

1.4 years

0.5 years

1.1 years

0.9 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Performance of Modified Loans

Busey closely monitors the performance of 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 September 30, 2026
(dollars in thousands)			Current						30-89 Days						90+ Days						Non-accrual
Modified Loans
C&I and other commercial			$	58,086					$	—					$	—					$	17,914
CRE			20,000						—						—						4,413
Loans modified during the last twelve months			$	78,086					$	—					$	—					$	22,327

Busey had commitments of $14.5 million as of September 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.

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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Payment Deferral
C&I and other commercial			$	—					$	—					$	—					$	467
Term Extension
C&I and other commercial			—						3,571						—						3,571
CRE			—						—						273						—
Total loans that defaulted subsequent to a modification			$	—					$	3,571					$	273					$	4,038

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 $77.0 million of collateral dependent loans as of September 30, 2026, and $47.8 million of collateral dependent loans as of December 31, 2025.

OREO and Other Repossessed Assets

Busey held an immaterial amount of residential OREO and $1.9 million of other repossessed assets as of September 30, 2026. Busey’s recorded investment in residential real estate loans that were in the process of foreclosure was $0.9 million as of September 30, 2026. Busey follows Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 nine months ended September 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.

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 September 30, 2026
(dollars in thousands)			C&I and Other Commercial						CRE						Real Estate Construction						Retail Real Estate						Retail Other						Total
ACL balance, June 30, 2026			$	57,419					$	63,183					$	14,855					$	27,216					$	1,531					$	164,204
Provision for loan losses1			19,915						(7,534)						(1,018)						(89)						170						11,444
Charged-off			(13,301)						(38)						—						(53)						(142)						(13,534)
Recoveries			1,798						194						1						95						78						2,166
ACL balance, September 30, 2026			$	65,831					$	55,805					$	13,838					$	27,169					$	1,637					$	164,280

___________________________________________

1.Includes a $0.7 million provision release on C&I and other commercial loans reclassified to loans held for sale.

			Three Months Ended September 30, 2025
(dollars in thousands)			C&I and Other Commercial						CRE						Real Estate Construction						Retail Real Estate						Retail Other						Total
ACL balance, June 30, 2025			$	68,578					$	70,935					$	13,072					$	29,042					$	1,707					$	183,334
Provision for loan losses			(4,768)						1,323						(880)						739						281						(3,305)
Charged-off			(5,753)						(1,438)						—						(53)						(204)						(7,448)
Recoveries			1,379						24						1						115						81						1,600
ACL balance, September 30, 2025			$	59,436					$	70,844					$	12,193					$	29,843					$	1,865					$	174,181

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

			Nine Months Ended September 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 losses1			30,243						(15,828)						2,368						(1,761)						347						15,369
Charged-off			(29,494)						(266)						(101)						(487)						(493)						(30,841)
Recoveries			3,712						1,571						3						239						204						5,729
ACL balance, September 30, 2026			$	65,831					$	55,805					$	13,838					$	27,169					$	1,637					$	164,280

___________________________________________

1.Includes a $0.7 million provision release on C&I and other commercial loans reclassified to loans held for sale.

			Nine Months Ended September 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			(23,008)						14,300						3,731						2,833						(137)						(2,281)
Charged-off3			(39,054)						(12,607)						—						(172)						(833)						(52,666)
Recoveries			1,692						158						94						413						151						2,508
ACL balance, September 30, 2025			$	59,436					$	70,844					$	12,193					$	29,843					$	1,865					$	174,181

___________________________________________

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 $35.7 million for PCD loans assumed in the CrossFirst acquisition, which were fully reserved at acquisition and did not require recording additional provision expense.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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						September 30, 2026						December 31, 2025
Lease balances
Right of use assets:
Operating leases			Other assets						$	29,778					$	30,204
Finance leases1			Premises and equipment, net						4,917						5,155
Total right of use assets									$	34,695					$	35,359
Lease liabilities:
Operating leases			Other liabilities						$	33,498					$	32,597
Finance leases			Long-term borrowings						6,090						6,223
Total lease liabilities									$	39,588					$	38,820

___________________________________________

1.Balances are presented net of accumulated amortization of $0.5 million at September 30, 2026, and $0.3 million at December 31, 2025.

Lease terms are summarized in the following table:

As of

September 30, 2026

December 31, 2025

Lease terms

Weighted average remaining lease terms:

Operating leases

7.05 years

7.41 years

Finance leases

15.51 years

16.26 years

Weighted average discount rates:

Operating leases

4.28

%

4.24

%

Finance leases

5.10

%

5.10

%

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

									Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Lease costs
Operating lease costs:
Premises rent expense			Net occupancy expense of premises						$	1,739					$	1,483					$	5,185					$	4,221
Equipment rent expense			Furniture and equipment expenses						7						8						22						22
Finance lease costs:
Amortization expense			Net occupancy expense of premises						79						190						238						190
Interest expense			Long-term borrowings						79						187						234						187
Variable lease costs			Net occupancy expense of premises						9						15						28						45
Short-term lease costs			1						9						14						14						44
Total lease costs									$	1,922					$	1,897					$	5,721					$	4,709

___________________________________________

1.Short-term lease costs were reported on the Statements of Income (Unaudited) in the locations noted on the table below:

						Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)						2026						2025						2026						2025
Net occupancy expense of premises						$	—					$	3					$	1					$	12
Furniture and equipment expenses						—						11						4						32
Other noninterest expense						9						—						9						—
Total short-term lease costs						$	9					$	14					$	14					$	44

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

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Cash flows related to leases
Operating cash flows for operating leases			$	3,065					$	2,657					$	9,104					$	7,212
Operating cash flows for finance leases			79						187						234						187
Financing cash flows for finance leases			44						99						134						99
Right of use assets obtained in exchange for operating lease liabilities1			446						(6,331)						3,905						23,287
Right of use assets obtained in exchange for finance lease liabilities			—						6,365						—						6,365

___________________________________________

1.The nine months ended September 30, 2025, included $23.2 million for operating and $6.4 million for financing right of use assets recognized in connection with the acquisition of CrossFirst. One finance lease assumed in the acquisition was initially classified as operating, and was moved to a financing classification in the third quarter of 2025.

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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 September 30, 2026
(dollars in thousands)			Operating Leases						Finance Leases
Rent commitments
Remainder of 2026			$	1,742					$	122
2027			6,644						528
2028			6,130						540
2029			5,162						540
2030			4,275						540
2031			4,039						540
Thereafter			10,990						6,085
Total undiscounted cash flows			38,982						8,895
Less: Amounts representing interest			5,484						2,805
Present value of net future minimum lease payments			$	33,498					$	6,090

As of September 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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Rental income			Other noninterest income						$	217					$	214					$	648					$	647

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 September 30, 2026
Rents to be received
Remainder of 2026			$	215
2027			676
2028			502
2029			304
2030			225
2031			85
Thereafter			183
Total rents to be received from operating leases			$	2,190

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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)			September 30, 2026						December 31, 2025
Deposits
Noninterest-bearing demand deposits			$	3,439,061					$	3,659,421
Interest-bearing transaction deposits			3,546,503						3,119,475
Saving deposits and money market deposits			6,147,198						5,697,172
Time deposits			2,404,804						2,429,890
Total deposits			$	15,537,566					$	14,905,958

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

			As of
(dollars in thousands)			September 30, 2026						December 31, 2025
Brokered interest-bearing transaction deposits			$	—					$	50,136
Brokered savings deposits and money market deposits			10,000						10,000
Brokered time deposits			—						10,004
Aggregate amount of time deposits with a minimum denomination of $100,000			1,685,807						1,674,862
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000			952,892						876,207

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

(dollars in thousands)			As of September 30, 2026
Time deposits by schedule of maturities
Remainder of 2026			$	756,604
2027			1,622,801
2028			14,557
2029			5,290
2030			3,466
2031			2,073
Thereafter			13
Time deposits			$	2,404,804

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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)			September 30, 2026						December 31, 2025
Securities sold under agreements to repurchase			$	154,693					$	166,929
Weighted average rate for securities sold under agreements to repurchase			2.56		%				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 September 30, 2026, there was no balance outstanding on the revolving line of credit. The revolving line of credit incurs an immaterial non-usage fee each quarter 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 outstanding balance of federal funds purchased as of September 30, 2026. Balances of short-term borrowings are presented in the table below:

			As of
(dollars in thousands)			September 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			$	41,793					$	—
Total short-term borrowings			$	41,793					$	—

Funds borrowed from the FHLB, listed above, consisted of five notes with a weighted average interest rate of 2.90% and a weighted average maturity period of 9 months as of September 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)			September 30, 2026						December 31, 2025
Long-term borrowings
FHLB borrowings			$	88,956					$	102,792
Secured borrowings			3,119						4,791
Finance lease liabilities			6,090						6,223
Total long-term borrowings			$	98,165					$	113,806

Funds borrowed from the FHLB, listed above, consisted of 14 notes with a weighted average interest rate of 2.43% and a weighted average maturity period of 1.44 years as of September 30, 2026. Maturity dates for the long-term FHLB borrowings range from October 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 15.04 years as of September 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)			September 30, 2026						December 31, 2025
Unamortized debt issuance costs			$	290					$	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 September 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 September 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 September 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			$	1,836,193					12.47		%				$	662,846					4.50		%				$	957,444					6.50		%
Busey Bank			$	2,142,635					14.59		%				$	660,884					4.50		%				$	954,610					6.50		%
Tier 1 capital to risk-weighted assets
Busey			$	2,058,943					13.98		%				$	883,795					6.00		%				$	1,178,393					8.00		%
Busey Bank			$	2,142,635					14.59		%				$	881,178					6.00		%				$	1,174,904					8.00		%
Total capital to risk-weighted assets
Busey			$	2,371,843					16.10		%				$	1,178,393					8.00		%				$	1,472,991					10.00		%
Busey Bank			$	2,290,958					15.60		%				$	1,174,904					8.00		%				$	1,468,631					10.00		%
Leverage ratio of Tier 1 capital to average assets
Busey			$	2,058,943					11.34		%				$	726,301					4.00		%				N/A						N/A
Busey Bank			$	2,142,635					11.83		%				$	724,601					4.00		%				$	905,752					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						September 30, 2026						December 31, 2025
Investments in unconsolidated entities
Tax credit investments			Other assets						$	146,211					$	119,634
Other investments in unconsolidated entities			Other assets						38,627						46,361
Investments in unconsolidated entities									$	184,838					$	165,995
Unfunded investment obligations			Other liabilities						$	71,586					$	68,690

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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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Income tax credits and other tax benefits			$	5,413					$	4,446					$	15,541					$	13,354
Amortization of investments in tax-advantaged projects			4,852						3,968						13,923						11,905
Net reduction in tax expense embedded in the estimated annual effective tax rate			$	561					$	478					$	1,618					$	1,449

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			357,745						279,148						34,655
Dividend equivalents earned			31,135						1,877						6,068
Vested			(628,286)						(43,283)						(49,570)
Forfeited			(121,038)						(69,357)						—
Nonvested at September 30, 2026			960,093						693,886						32,371
Vested and outstanding at September 30, 2026			—						—						163,523

___________________________________________

1.Represents target shares at the grant date.

			Options						SSARs
Outstanding at December 31, 2025			15,106						270,398
Exercised			(9,386)						(140,232)
Forfeited			—						(10,013)
Expired			(3,080)						—
Outstanding at September 30, 2026			2,640						120,153
Exercisable at September 30, 2026			2,640						116,338

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:

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•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.

•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 September 30, 2026, are set forth in the table below:

Plan						Shares Remaining Available for Issuance Pursuant to the Plan
2020 Equity Plan						2,239,379
ESPP						217,529

Stock-based Compensation Expense

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

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Stock-based compensation expense
Salaries and employee benefits1			$	3,682					$	4,075					$	10,053					$	12,505
Other noninterest expense2			313						223						642						620
Total stock-based compensation expense			$	3,995					$	4,298					$	10,695					$	13,125

___________________________________________

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)			September 30, 2026						December 31, 2025
Unamortized stock-based compensation			$	19,947					$	15,309
Weighted average period over which expense is to be recognized on awards issued under Busey's 2020 Equity Plan			2.0 years						1.8 years
Weighted average period over which expense is to be recognized on CrossFirst replacement awards			0.6 years						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)			September 30, 2026						December 31, 2025
Off-Balance Sheet Commitments
Commitments to extend credit			$	4,043,231					$	4,696,867
Standby letters of credit			116,932						123,746
Total commitments			$	4,160,163					$	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 unsigned 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 informing it of the scheduling of an administrative hearing 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. On September 3, 2026, First Busey received a letter from the Illinois Secretary of State updating the foregoing estimate to an amount in excess of $31.0 million, including in excess of $20.9 million in interest and approximately $0.2 million in penalties.

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First Busey disagrees with the Illinois Secretary of State’s preliminary estimate and subsequent update, and believes that the Illinois Secretary of State’s position is contrary not only to the Illinois Secretary of State’s past practice, but also existing statutory and case law. First Busey has and will continue to vigorously defend itself in this matter, 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). The federal court denied the Illinois Secretary of State’s motion to dismiss, but stayed the case pending resolution of the state court litigation. On October 6, 2026, the state court denied the Illinois Secretary of State’s motion to transfer venue and further denied the Illinois Secretary of State’s motion to dismiss on six of First Busey’s seven counts, directing the Illinois Secretary of State to respond to the complaint by November 6, 2026. Both lawsuits and the administrative hearing remain pending.

Where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, no accrual is required. Given the underlying disagreement between First Busey 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 September 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)			September 30, 2026						December 31, 2025
Cash pledged to secure obligations under derivative contracts			$	15,890					$	14,400
Collateral held to secure obligations under derivative contracts			11,260						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.

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Interest Rate Swaps Designated as Cash Flow Hedges

Interest rate swaps with notional amounts totaling $800.0 million as of September 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. 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.

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

									As of
(dollars in thousands)			Location						September 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									6.89		%				6.81		%
Weighted average maturity									2.35 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 SOFR									3.76		%				3.82		%
Weighted average maturity									4.28 years						3.76 years
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets			Other assets						$	—					$	3,215
Gross aggregate fair value of swap liabilities			Other liabilities						39,872						14,589
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax			AOCI						$	(28,971)					$	(7,616)

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 September 30, 2026.

(dollars in thousands)			As of September 30, 2026
Unrealized losses expected to be reclassified from OCI to interest income			$	(537)

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

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Decrease in interest income on swap transactions			$	(1,466)					$	(2,304)					$	(4,256)					$	(6,629)

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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Unrealized gains (losses) on cash flow hedges
Net gains (losses) recognized in OCI, net of tax			$	(16,098)					$	(363)					$	(24,545)					$	6,876
Losses reclassified from OCI to interest income, net of tax			1,099						1,721						3,190						4,919
Net change in unrealized gains (losses) on cash flow hedges, net of tax			$	(14,999)					$	1,358					$	(21,355)					$	11,795

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 September 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.

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

									As of September 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						$	45,922					$	127					$	703,286					$	11,542
Interest rate swaps: receive-floating, pay-fixed			Other assets						1,283,363						42,661						456,973						15,998
Derivative assets not designated as hedging instruments									$	1,329,285					$	42,788					$	1,160,259					$	27,540
Derivative liabilities not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floating			Other liabilities						$	1,283,363					$	42,661					$	456,973					$	15,998
Interest rate swaps: receive-floating, pay-fixed			Other liabilities						45,922						127						703,286						11,542
Derivative liabilities not designated as hedging instruments									$	1,329,285					$	42,788					$	1,160,259					$	27,540

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

									Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Interest rate swaps
Receive-fixed, pay-floating			Other noninterest expense						$	18,309					$	(1,083)					$	15,423					$	(21)
Receive-floating, pay-fixed			Other noninterest expense						(18,309)						1,083						(15,423)						21
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.

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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 June 2027 and October 2033, and are summarized as follows:

									As of September 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						$	54,179					$	1					$	74,590					$	30
Sold			Other liabilities						95,295						5						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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Risk participation agreements
Net gains recognized in earnings			Other noninterest expense						$	13					$	170					$	31					$	177
Net losses recognized in earnings			Other noninterest income						—						—						—						(14)
Net change in fair value of risk participation agreements									$	13					$	170					$	31					$	163

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 September 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						$	487					$	162					$	—					$	—

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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Net gains (losses) on foreign currency exchange contracts			Other noninterest income						$	(3)					$	—					$	22					$	—

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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 September 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						$	1,255					$	22					$	6,159					$	145
Forward sales commitments			Other assets						2,453						27						1,520						2
Mortgage banking derivative assets									$	3,708					$	49					$	7,679					$	147
Mortgage banking derivative liabilities
Forward sales commitments			Other liabilities						$	323					$	1					$	9,278					$	26
Mortgage banking derivative liabilities									$	323					$	1					$	9,278					$	26

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

									Three Months Ended September 30,												Nine Months Ended September 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						$	34					$	177					$	136					$	658
Gains (losses) on forward sales commitments			Other noninterest income						(41)						(14)						82						(75)
Net gains (losses) on mortgage banking derivatives									$	(7)					$	163					$	218					$	583

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 September 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			$	—					$	96,817					$	—					$	96,817
Obligations of states and political subdivisions			—						257,454						—						257,454
Asset-backed securities			—						266,645						—						266,645
Commercial mortgage-backed securities			—						172,919						—						172,919
Residential mortgage-backed securities			—						1,838,525						—						1,838,525
Corporate debt securities			—						37,577						—						37,577
Equity securities			15,557						—						—						15,557
Derivative assets			—						42,999						1						43,000
Derivative liabilities			—						82,661						5						82,666

			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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Beginning Balance									$	(17)					$	(45)					$	(35)					$	5
Gains recognized in earnings			Other noninterest expense						13						170						31						177
Losses recognized in earnings1			Other noninterest income						—						—						—						(14)
Purchases									—						(145)						—						(171)
Sales									—						—						—						24
Assumed in business combinations2									—						—						—						(41)
Ending Balance									$	(4)					$	(20)					$	(4)					$	(20)

___________________________________________

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’s accounting treatment for the CrossFirst portfolio of risk participation agreements remained consistent with this methodology. Beginning in 2026, gains and losses recognized on Busey’s full portfolio of risk participation agreements are 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.

Commercial Loans Held for Sale

Commercial loans held for sale are measured at LOCOM, determined on an individual loan basis. Loans with a fair value below amortized cost are measured at fair value on a nonrecurring basis. Loans with a fair value above amortized cost are carried at amortized cost and are not included in the table below. During the three months ended September 30, 2026, Busey transferred a pool of lender finance commercial loans acquired in the acquisition of CrossFirst from portfolio loans to loans held for sale. Busey measured the loans at LOCOM on the transfer date and again as of September 30, 2026. LOCOM adjustments for the three and nine months ended September 30, 2026, totaled $0.7 million. LOCOM adjustments were recognized in other noninterest income, and were primarily attributable to the purchase premium assigned to the loans at acquisition. Fair value was based on the price in the agreement under which the loans were sold on October 1, 2026. Because this price is an observable input, the fair value measurement has been classified as Level 2.

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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).

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

			As of September 30, 2026
(dollars in thousands)			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance			$	—					$	—					$	30,780					$	30,780
Commercial loans held for sale			—						43,842						—						43,842
OREO and other repossessed assets with subsequent impairment			—						—						1,897						1,897
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 September 30, 2026

(dollars in thousands)

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

30,780

Appraisal of collateral

Appraisal adjustments

-1.6% to -100.0% (-48.0)%

OREO and other repossessed assets with subsequent impairment

1,897

Appraisal of collateral

Appraisal adjustments

-11.4% to -24.1% (-11.8)%

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)%

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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)%

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 September 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			$	883,053					$	883,053					$	280,227					$	280,227
Level 2 inputs:
Interest-bearing time deposits in other banks			24,450						22,271						13,825						11,880
Debt securities held to maturity			685,134						536,467						746,385						625,957
Loans held for sale1			68,081						68,194						5,752						5,886
Restricted bank stock			77,067						77,067						77,006						77,006
Accrued interest receivable			75,589						75,589						71,788						71,788
Level 3 inputs:
Portfolio loans, net			12,658,209						12,390,932						13,393,776						13,472,907
Mortgage servicing rights			1,498						6,396						1,459						5,176
Other servicing rights			1,870						2,072						2,086						2,193
Financial liabilities
Level 2 inputs:
Time deposits			$	2,404,804					$	2,393,942					$	2,429,890					$	2,425,290
Securities sold under agreements to repurchase			154,693						154,693						166,929						166,929
Short-term borrowings			41,793						41,401						—						—
Long-term borrowings			98,165						95,431						113,806						113,853
Junior subordinated debt owed to unconsolidated trusts			62,546						58,112						77,328						71,407
Accrued interest payable			27,050						27,050						25,372						25,372
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs			99,710						97,500						99,395						94,500

___________________________________________

1.Includes $65.1 million of lender finance commercial loans held for sale as of September 30, 2026. Of this amount, $43.8 million was measured at fair value on a nonrecurring basis (see the nonrecurring fair value table above), reflecting a LOCOM valuation allowance of $0.7 million as of September 30, 2026, and $21.3 million was carried at amortized cost. The September 30, 2026, fair value of these loans was based on the price in the agreement under which the loans were sold on October 1, 2026.

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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 September 30,												Nine Months Ended September 30,
(dollars in thousands, except per share amounts)			2026						2025						2026						2025
Net income			$	55,845					$	57,098					$	169,002					$	74,512
Dividends on preferred stock			(4,589)						(5,131)						(13,768)						(5,286)
Net income available to common stockholders			$	51,256					$	51,967					$	155,234					$	69,226
Weighted average number of common shares outstanding, basic			82,478,537						89,136,898						84,540,756						82,508,723
Dilutive effect of outstanding equity-based awards			1,254,573						1,081,484						1,093,740						1,101,276
Weighted average number of common shares outstanding, diluted			83,733,110						90,218,382						85,634,496						83,609,999
Basic earnings per common share			$	0.62					$	0.58					$	1.84					$	0.84
Diluted earnings per common share			$	0.61					$	0.58					$	1.81					$	0.83
Anti-dilutive equity-based awards			66,891						298,211						44,995						249,668

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 September 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, June 30, 2026			$	(110,355)					$	(16,753)					$	(13,972)					$	(141,080)
Unrealized holding gains (losses), net			(86,352)						—						(16,098)						(102,450)
Amounts reclassified from AOCI, net			(124)						—						1,099						975
Amortization of unrecognized losses on securities transferred to held to maturity			—						675						—						675
Balance, September 30, 2026			$	(196,831)					$	(16,078)					$	(28,971)					$	(241,880)

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			Three Months Ended September 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, June 30, 2025			$	(125,745)					$	(20,198)					$	(9,368)					$	(155,311)
Unrealized holding gains (losses), net			16,326						—						(363)						15,963
Amounts reclassified from AOCI, net			1						—						1,721						1,722
Amortization of unrecognized losses on securities transferred to held to maturity			—						825						—						825
Balance, September 30, 2025			$	(109,418)					$	(19,373)					$	(8,010)					$	(136,801)

			Nine Months Ended September 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			(97,996)						—						(24,545)						(122,541)
Amounts reclassified from AOCI, net			(142)						—						3,190						3,048
Amortization of unrecognized losses on securities transferred to held to maturity			—						2,086						—						2,086
Balance, September 30, 2026			$	(196,831)					$	(16,078)					$	(28,971)					$	(241,880)

			Nine Months Ended September 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			44,895						—						6,876						51,771
Amounts reclassified from AOCI, net			11,367						—						4,919						16,286
Amortization of unrecognized losses on securities transferred to held to maturity			—						2,181						—						2,181
Balance, September 30, 2025			$	(109,418)					$	(19,373)					$	(8,010)					$	(136,801)

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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. Reconciling items included in the tables below consist of amounts attributable to the parent company and the elimination of intercompany transactions:

			As of September 30, 2026
(dollars in thousands)			Banking						Wealth Management						FirsTech						Total Reportable Segments						Reconciling Items						Consolidated Total
Goodwill			$	359,263					$	14,108					$	8,992					$	382,363					$	—					$	382,363
Total assets			18,321,683						173,722						44,081						18,539,486						19,120						18,558,606

			As of December 31, 2025
(dollars in thousands)			Banking						Wealth Management						FirsTech						Total Reportable Segments						Reconciling Items						Consolidated Total
Goodwill			$	360,180					$	14,108					$	8,992					$	383,280					$	—					$	383,280
Total assets			17,880,797						152,422						45,373						18,078,592						26,144						18,104,736

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

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			Three Months Ended September 30, 2026
(dollars in thousands)			Banking						Wealth Management						FirsTech						Total Reportable Segments						Reconciling Items						Consolidated Total
Interest income			$	232,493					$	—					$	—					$	232,493					$	78					$	232,571
Intersegment interest income			—						—						14						14						(14)						—
Interest expense			77,002						—						—						77,002						2,424						79,426
Intersegment interest expense			166						—						—						166						(166)						—
Net interest income			155,325						—						14						155,339						(2,194)						153,145
Provision for credit losses			9,642						—						—						9,642						—						9,642
Net interest income after provision for credit losses			145,683						—						14						145,697						(2,194)						143,503
Noninterest income
Wealth management fees			—						19,846						—						19,846						—						19,846
Payment technology solutions			—						—						5,108						5,108						—						5,108
Treasury management services			4,824						—						—						4,824						—						4,824
Capital markets income			1,472						—						—						1,472						—						1,472
Card services and ATM fees			4,733						—						—						4,733						—						4,733
Other service charges on deposit accounts			1,361						—						—						1,361						—						1,361
All other noninterest income			4,651						123						—						4,774						(1,716)						3,058
Intersegment noninterest income			2,833						—						543						3,376						(3,376)						—
Noninterest income			19,874						19,969						5,651						45,494						(5,092)						40,402
Revenue			175,199						19,969						5,665						200,833						(7,286)						193,547
Noninterest expense
Salaries and employee benefits			56,235						7,759						2,438						66,432						—						66,432
Data processing			7,995						688						732						9,415						21						9,436
Amortization of intangible assets			3,997						154						—						4,151						—						4,151
Interchange expense			—						—						1,156						1,156						—						1,156
All other noninterest expense			27,218						581						1,105						28,904						1,319						30,223
Intersegment noninterest expense			663						750						539						1,952						(1,952)						—
Noninterest expense			96,108						9,932						5,970						112,010						(612)						111,398
Income (loss) before income taxes			69,449						10,037						(305)						79,181						(6,674)						72,507
Income taxes			15,917						2,408						(62)						18,263						(1,601)						16,662
Net income			$	53,532					$	7,629					$	(243)					$	60,918					$	(5,073)					$	55,845

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

			Three Months Ended September 30, 2025
(dollars in thousands)			Banking						Wealth Management						FirsTech						Total Reportable Segments						Reconciling Items						Consolidated Total
Interest income			$	244,504					$	—					$	—					$	244,504					$	1					$	244,505
Intersegment interest income			—						—						16						16						(16)						—
Interest expense			86,524						—						—						86,524						2,844						89,368
Intersegment interest expense			951						—						—						951						(951)						—
Net interest income			157,029						—						16						157,045						(1,908)						155,137
Provision for credit losses			(985)						—						—						(985)						—						(985)
Net interest income after provision for credit losses			158,014						—						16						158,030						(1,908)						156,122
Noninterest income
Wealth management fees			—						17,184						—						17,184						—						17,184
Payment technology solutions			—						—						5,092						5,092						—						5,092
Treasury management services			4,228						—						—						4,228						—						4,228
Capital markets income			1,936						—						—						1,936						—						1,936
Card services and ATM fees			4,799						—						—						4,799						—						4,799
Other service charges on deposit accounts			1,617						—						—						1,617						—						1,617
All other noninterest income			4,391						183						(4)						4,570						1,772						6,342
Intersegment noninterest income			564						—						443						1,007						(1,007)						—
Noninterest income			17,535						17,367						5,531						40,433						765						41,198
Revenue			174,564						17,367						5,547						197,478						(1,143)						196,335
Noninterest expense
Salaries and employee benefits			53,264						7,576						2,620						63,460						10,685						74,145
Data processing			8,062						658						931						9,651						63						9,714
Amortization of intangible assets			4,292						215						—						4,507						—						4,507
Interchange expense			—						—						1,336						1,336						—						1,336
All other noninterest expense			26,706						562						674						27,942						2,374						30,316
Intersegment noninterest expense			4,346						885						404						5,635						(5,635)						—
Noninterest expense			96,670						9,896						5,965						112,531						7,487						120,018
Income (loss) before income taxes			78,879						7,471						(418)						85,932						(8,630)						77,302
Income taxes			21,283						1,793						(112)						22,964						(2,760)						20,204
Net income			$	57,596					$	5,678					$	(306)					$	62,968					$	(5,870)					$	57,098

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

			Nine Months Ended September 30, 2026
(dollars in thousands)			Banking						Wealth Management						FirsTech						Total Reportable Segments						Reconciling Items						Consolidated Total
Interest income			$	682,249					$	—					$	—					$	682,249					$	232					$	682,481
Intersegment interest income			—						—						43						43						(43)						—
Interest expense			215,286						—						—						215,286						7,679						222,965
Intersegment interest expense			970						—						—						970						(970)						—
Net interest income			465,993						—						43						466,036						(6,520)						459,516
Provision for credit losses			14,889						—						—						14,889						—						14,889
Net interest income after provision for credit losses			451,104						—						43						451,147						(6,520)						444,627
Noninterest income
Wealth management fees			—						59,197						—						59,197						—						59,197
Payment technology solutions			—						—						15,153						15,153						—						15,153
Treasury management services			14,069						—						—						14,069						—						14,069
Capital markets income			5,714						—						—						5,714						—						5,714
Card services and ATM fees			14,192						—						—						14,192						—						14,192
Other service charges on deposit accounts			4,274						—						—						4,274						—						4,274
All other noninterest income			14,560						444						—						15,004						(625)						14,379
Intersegment noninterest income			8,498						—						1,635						10,133						(10,133)						—
Noninterest income			61,307						59,641						16,788						137,736						(10,758)						126,978
Revenue			527,300						59,641						16,831						603,772						(17,278)						586,494
Noninterest expense
Salaries and employee benefits			184,743						24,740						9,856						219,339						—						219,339
Data processing			23,443						2,155						2,490						28,088						80						28,168
Amortization of intangible assets			12,173						501						—						12,674						—						12,674
Interchange expense			—						—						3,368						3,368						—						3,368
All other noninterest expense			80,505						1,978						2,552						85,035						4,968						90,003
Intersegment noninterest expense			1,992						2,249						1,618						5,859						(5,859)						—
Noninterest expense			302,856						31,623						19,884						354,363						(811)						353,552
Income (loss) before income taxes			209,555						28,018						(3,053)						234,520						(16,467)						218,053
Income taxes			47,048						6,724						(732)						53,040						(3,989)						49,051
Net income			$	162,507					$	21,294					$	(2,321)					$	181,480					$	(12,478)					$	169,002

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

			Nine Months Ended September 30, 2025
(dollars in thousands)			Banking						Wealth Management						FirsTech						Total Reportable Segments						Reconciling Items						Consolidated Total
Interest income			$	658,760					$	—					$	—					$	658,760					$	6					$	658,766
Intersegment interest income			—						—						46						46						(46)						—
Interest expense			235,288						—						—						235,288						11,427						246,715
Intersegment interest expense			2,308						—						—						2,308						(2,308)						—
Net interest income			421,164						—						46						421,210						(9,159)						412,051
Provision for credit losses			50,308						—						—						50,308						—						50,308
Net interest income after provision for credit losses			370,856						—						46						370,902						(9,159)						361,743
Noninterest income
Wealth management fees			—						51,325						—						51,325						—						51,325
Payment technology solutions			—						—						15,121						15,121						—						15,121
Treasury management services			11,634						—						—						11,634						—						11,634
Capital markets income			4,515						—						—						4,515						—						4,515
Card services and ATM fees			13,388						—						—						13,388						—						13,388
Other service charges on deposit accounts			4,663						—						—						4,663						—						4,663
All other noninterest income			(1,419)						594						(6)						(831)						7,469						6,638
Intersegment noninterest income			1,232						—						1,217						2,449						(2,449)						—
Noninterest income			34,013						51,919						16,332						102,264						5,020						107,284
Revenue			455,177						51,919						16,378						523,474						(4,139)						519,335
Noninterest expense
Salaries and employee benefits			157,237						21,713						7,952						186,902						33,166						220,068
Data processing			28,392						1,873						2,790						33,055						255						33,310
Amortization of intangible assets			11,497						685						—						12,182						—						12,182
Interchange expense			—						—						3,976						3,976						—						3,976
All other noninterest expense			72,693						1,889						2,009						76,591						13,754						90,345
Intersegment noninterest expense			14,167						2,443						1,133						17,743						(17,743)						—
Noninterest expense			283,986						28,603						17,860						330,449						29,432						359,881
Income (loss) before income taxes			120,883						23,316						(1,482)						142,717						(33,571)						109,146
Income taxes			37,142						5,596						(393)						42,345						(7,711)						34,634
Net income (loss)			$	83,741					$	17,720					$	(1,089)					$	100,372					$	(25,860)					$	74,512

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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			67
BUSINESS			67
Banking Center Markets			67
Busey's Conservative Banking Strategy			68
Business Combinations			68
CrossFirst Bankshares, Inc.			68
RESULTS OF OPERATIONS — THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026			69
Net Income			69
Non-GAAP Adjusting Items and Non-GAAP Measures			70
Operating Performance Metrics			71
Net Interest Income			71
Consolidated Average Balance Sheets and Interest Rates			72
Noninterest Income			77
Noninterest Expense			80
Efficiency Ratio			83
Taxes			83
FINANCIAL CONDITION			84
Balance Sheet			84
Portfolio Loans			84
Portfolio Composition			85
Concentration of Credit Risk			86
Allowance for Credit Losses and Provision for Loan Losses			88
Non-Performing Loans and Non-Performing Assets			89
Potential Problem Loans			91
Deposits			91
Liquidity			91
Off-Balance-Sheet Arrangements			93
Capital Resources			93
NON-GAAP FINANCIAL INFORMATION			94
FORWARD-LOOKING STATEMENTS			100
CRITICAL ACCOUNTING ESTIMATES			101

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

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 nine months ended September 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 $18.56 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 Busey 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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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

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 September 30, 2026, Busey’s loan-to-deposit ratio was 82.5% and core deposits represented 94.0% 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 September 30, 2026, Busey’s leverage ratio of Tier 1 capital to average assets was 11.3%, 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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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

RESULTS OF OPERATIONS — THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026

Net Income

Results of Busey’s operations, by operating segment, are presented in the table below. Reconciling items consist of amounts attributable to the parent company and the elimination of intercompany transactions.

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Net income
Banking			$	53,532					$	57,596					$	162,507					$	83,741
Wealth Management			7,629						5,678						21,294						17,720
FirsTech			(243)						(306)						(2,321)						(1,089)
Total Reportable Segments			60,918						62,968						181,480						100,372
Reconciling Items			(5,073)						(5,870)						(12,478)						(25,860)
Net income			$	55,845					$	57,098					$	169,002					$	74,512

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

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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Pre-tax non-GAAP adjustments to net income by income/expense category
Net securities (gains) losses			$	703					$	288					$	(802)					$	10,059
Other noninterest income			—						44						—						44
Provision for credit losses			—						—						—						49,602
Salaries and employee benefits			724						5,610						18,893						33,045
Data processing			—						424						80						6,690
Net occupancy expense of premises			—						9						—						9
Furniture and equipment expenses			—						66						—						67
Professional fees			—						358						823						7,969
Other noninterest expense			377						740						1,131						2,053
Total pre-tax non-GAAP adjustments to net income			$	1,804					$	7,539					$	20,125					$	109,538
Pre-tax non-GAAP adjustments to net income by business objective
Net securities (gains) losses1			$	703					$	288					$	(802)					$	10,059
Initial provision for credit losses2			—						—						—						49,602
Other acquisition (income) expenses3			1,132						7,251						7,572						49,877
Restructuring expenses4			(31)						—						13,355						—
Total pre-tax non-GAAP adjustments to net income			$	1,804					$	7,539					$	20,125					$	109,538

___________________________________________

1.During the nine months ended September 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 nine months ended September 30, 2025, in connection with the CrossFirst acquisition, Busey recorded expenses of $42.4 million to establish an initial allowance for non-PCD loans and $7.2 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition-in the first quarter of 2025 and adoption of a new CECL model in the second quarter of 2025.

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 in the nine months ended September 30, 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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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

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 September 30,												Nine Months Ended September 30,
(dollars in thousands, except per share amounts)			2026						2025						2026						2025
Net income (GAAP)			$	55,845					$	57,098					$	169,002					$	74,512
Adjusted net income (Non-GAAP)1			$	57,198					$	62,496					$	184,096					$	159,788
Net income available to common stockholders (GAAP)			$	51,256					$	51,967					$	155,234					$	69,226
Adjusted net income available to common stockholders (Non-GAAP)1			$	52,609					$	57,365					$	170,328					$	154,502
Diluted earnings per common share (GAAP)			$	0.61					$	0.58					$	1.81					$	0.83
Adjusted diluted earnings per common share (Non-GAAP)1			$	0.63					$	0.64					$	1.99					$	1.85
Return on average assets (Non-GAAP)1, 2			1.20		%				1.21		%				1.25		%				0.57		%
Adjusted return on average assets (Non-GAAP)1, 2			1.23		%				1.33		%				1.36		%				1.22		%
Return on average tangible common equity (Non-GAAP)1, 2, 3			12.93		%				12.72		%				12.82		%				6.35		%
Adjusted return on average tangible common equity (Non-GAAP)1, 2, 3			13.25		%				13.96		%				14.00		%				13.29		%
Pre-provision net revenue (Non-GAAP)1			$	82,852					$	76,605					$	232,140					$	169,513
Adjusted pre-provision net revenue (Non-GAAP)1			$	83,953					$	83,856					$	253,067					$	219,390
Pre-provision net revenue to average total assets (Non-GAAP)1, 2			1.78		%				1.63		%				1.71		%				1.29		%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)1, 2			1.80		%				1.78		%				1.87		%				1.67		%

___________________________________________

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

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

			Three Months Ended September 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			$	688,669					$	6,387					3.68		%				$	489,730					$	5,487					4.45		%
Investment securities:
U.S. Government obligations			102,475						1,320						5.11		%				113,825						1,434						5.00		%
Obligations of states and political subdivisions1			268,096						2,934						4.34		%				241,561						2,697						4.43		%
Other securities			2,863,453						24,410						3.38		%				2,608,081						20,097						3.06		%
Restricted bank stock			77,935						1,237						6.30		%				77,041						871						4.49		%
Loans held for sale			20,037						398						7.88		%				9,895						155						6.21		%
Portfolio loans1, 2			13,035,599						196,736						5.99		%				13,732,229						214,552						6.20		%
Total interest-earning assets1, 3			17,056,264						$	233,422					5.43		%				17,272,362						$	245,293					5.63		%
Cash and due from banks			170,290																		173,921
Premises and equipment			191,958																		184,113
ACL			(168,467)																		(184,680)
Other assets			1,220,894																		1,216,733
Total assets			$	18,470,939																	$	18,662,449
Liabilities and stockholders’ equity
Interest-bearing transaction deposits			$	3,426,877					$	15,343					1.78		%				$	3,256,326					$	16,208					1.97		%
Savings and money market deposits			6,127,538						38,445						2.49		%				6,199,404						44,361						2.84		%
Time deposits			2,408,540						21,135						3.48		%				2,545,749						24,042						3.75		%
Federal funds purchased and repurchase agreements			150,791						928						2.44		%				150,260						976						2.58		%
Borrowings4			229,507						2,540						4.39		%				189,432						2,380						4.98		%
Junior subordinated debt issued to unconsolidated trusts			62,498						1,035						6.57		%				77,211						1,401						7.20		%
Total interest-bearing liabilities			12,405,751						$	79,426					2.54		%				12,418,382						$	89,368					2.86		%
Net interest spread1															2.89		%																2.77		%
Noninterest-bearing deposits			3,439,388																		3,578,164
Other liabilities			272,038																		239,995
Stockholders’ equity			2,353,762																		2,425,908
Total liabilities and stockholders’ equity			$	18,470,939																	$	18,662,449
Interest income / earning assets1, 3			$	17,056,264					$	233,422					5.43		%				$	17,272,362					$	245,293					5.63		%
Interest expense / earning assets			17,056,264						79,426						1.85		%				17,272,362						89,368						2.05		%
Net interest margin1									$	153,996					3.58		%										$	155,925					3.58		%

___________________________________________

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 $0.9 million for the three months ended September 30, 2026, and $0.8 million for the three months ended September 30, 2025.

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

5.Annualized.

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

			Nine Months Ended September 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			$	319,260					$	8,666					3.63		%				$	629,137					$	20,532					4.36		%
Investment securities:
U.S. Government obligations			106,514						4,040						5.07		%				90,768						3,383						4.98		%
Obligations of states and political subdivisions1			265,508						8,599						4.33		%				225,549						6,919						4.10		%
Other securities			2,668,027						63,797						3.20		%				2,627,408						58,504						2.98		%
Restricted bank stock			81,556						3,244						5.32		%				62,275						2,173						4.67		%
Loans held for sale			11,210						593						7.07		%				6,770						312						6.16		%
Portfolio loans1, 2			13,292,823						596,111						6.00		%				12,484,515						569,059						6.09		%
Total interest-earning assets1, 3			16,744,898						$	685,050					5.47		%				16,126,422						$	660,882					5.48		%
Cash and due from banks			167,348																		167,752
Premises and equipment			192,886																		169,085
ACL			(171,976)																		(170,863)
Other assets			1,207,767																		1,242,248
Total assets			$	18,140,923																	$	17,534,644
Liabilities and stockholders’ equity
Interest-bearing transaction deposits			$	3,252,429					$	41,311					1.70		%				$	3,032,978					$	42,424					1.87		%
Savings and money market deposits			5,811,948						102,629						2.36		%				5,681,287						117,735						2.77		%
Time deposits			2,386,766						62,770						3.52		%				2,494,470						69,911						3.75		%
Federal funds purchased and repurchase agreements			160,170						2,922						2.44		%				145,711						2,738						2.51		%
Borrowings4			306,173						9,805						4.28		%				256,196						9,759						5.09		%
Junior subordinated debt issued to unconsolidated trusts			71,602						3,528						6.59		%				76,659						4,148						7.23		%
Total interest-bearing liabilities			11,989,088						$	222,965					2.49		%				11,687,301						$	246,715					2.82		%
Net interest spread1															2.98		%																2.66		%
Noninterest-bearing deposits			3,480,861																		3,387,621
Other liabilities			263,894																		242,735
Stockholders’ equity			2,407,080																		2,216,987
Total liabilities and stockholders’ equity			$	18,140,923																	$	17,534,644
Interest income / earning assets1, 3			$	16,744,898					$	685,050					5.47		%				$	16,126,422					$	660,882					5.48		%
Interest expense / earning assets			16,744,898						222,965						1.78		%				16,126,422						246,715						2.05		%
Net interest margin1									$	462,085					3.69		%										$	414,167					3.43		%

___________________________________________

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 $2.6 million for the nine months ended September 30, 2026, and $2.1 million for the nine months ended September 30, 2025, respectively.

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

5.Annualized.

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

			Three Months Ended September 30,
(dollars in thousands)			2026						2025						Change						% Change
Average interest-earning assets			$	17,056,264					$	17,272,362					$	(216,098)					(1.3)		%
Average interest-bearing liabilities			12,405,751						12,418,382						(12,631)						(0.1)		%
Average noninterest-bearing deposits			3,439,388						3,578,164						(138,776)						(3.9)		%
Total average deposits			15,402,343						15,579,643						(177,300)						(1.1)		%
Total average liabilities			16,117,177						16,236,541						(119,364)						(0.7)		%
Average noninterest-bearing deposits as a percent of total average deposits			22.3		%				23.0		%				(70) bps
Total average deposits as a percent of total average liabilities			95.6		%				96.0		%				(40) bps

			Nine Months Ended September 30,
(dollars in thousands)			2026						2025						Change						% Change
Average interest-earning assets			$	16,744,898					$	16,126,422					$	618,476					3.8		%
Average interest-bearing liabilities			11,989,088						11,687,301						301,787						2.6		%
Average noninterest-bearing deposits			3,480,861						3,387,621						93,240						2.8		%
Total average deposits			14,932,004						14,596,356						335,648						2.3		%
Total average liabilities			15,733,843						15,317,657						416,186						2.7		%
Average noninterest-bearing deposits as a percent of total average deposits			23.3		%				23.2		%				10 bps
Total average deposits as a percent of total average liabilities			94.9		%				95.3		%				(40) bps

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

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

			Three Months Ended September 30,
(dollars in thousands)			2026						2025						Change						% Change
Net interest income
Interest income, on a tax-equivalent basis1			$	233,422					$	245,293					$	(11,871)					(4.8)		%
Interest expense			(79,426)						(89,368)						9,942						11.1		%
Net interest income, on a tax-equivalent basis1			$	153,996					$	155,925					$	(1,929)					(1.2)		%
Net interest margin1, 2			3.58		%				3.58		%				— bps

			Nine Months Ended September 30,
(dollars in thousands)			2026						2025						Change						% Change
Net interest income
Interest income, on a tax-equivalent basis1			$	685,050					$	660,882					$	24,168					3.7		%
Interest expense			(222,965)						(246,715)						23,750						9.6		%
Net interest income, on a tax-equivalent basis1			$	462,085					$	414,167					$	47,918					11.6		%
Net interest margin1, 2			3.69		%				3.43		%				26 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.

The Federal Open Market Committee raised rates by 25 bps during the third quarter of 2026. Rising rates initially have a positive impact on net interest margin, as assets, in particular commercial loans, reprice more quickly and to a greater extent than liabilities. As deposit and funding costs increase in response to the tightening rate cycle, and Busey experiences deposit migration into higher cost offerings and funding alternatives, some of the net interest margin expansion is reversed.

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 September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Net interest spread1			2.89		%				2.77		%				2.98		%				2.66		%

___________________________________________

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

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

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		%				3.58		%
Fourth Quarter									3.71		%

Management attempts to mitigate the effects of a shifting 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.

Noninterest Income

Changes in noninterest income are summarized in the tables below:

			Three Months Ended September 30,
(dollars in thousands)			2026						2025						Change						% Change
Noninterest income
Wealth management fees			$	19,846					$	17,184					$	2,662					15.5		%
Payment technology solutions			5,108						5,092						16						0.3		%
Treasury management services			4,824						4,228						596						14.1		%
Capital markets income			1,472						1,936						(464)						(24.0)		%
Card services and ATM fees			4,733						4,799						(66)						(1.4)		%
Other service charges on deposit accounts			1,361						1,617						(256)						(15.8)		%
Income on bank owned life insurance			1,659						1,623						36						2.2		%
Securities income:
Realized net gains (losses) on securities			137						(13)						150						NM
Unrealized net gains (losses) recognized on equity securities			(840)						(275)						(565)						(205.5)		%
Net securities gains (losses)			(703)						(288)						(415)						(144.1)		%
Other noninterest income			2,102						5,007						(2,905)						(58.0)		%
Total noninterest income			$	40,402					$	41,198					$	(796)					(1.9)		%

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			Nine Months Ended September 30,
(dollars in thousands)			2026						2025						Change						% Change
Noninterest income
Wealth management fees			$	59,197					$	51,325					$	7,872					15.3		%
Payment technology solutions			15,153						15,121						32						0.2		%
Treasury management services			14,069						11,634						2,435						20.9		%
Capital markets income			5,714						4,515						1,199						26.6		%
Card services and ATM fees			14,192						13,388						804						6.0		%
Other service charges on deposit accounts			4,274						4,663						(389)						(8.3)		%
Income on bank owned life insurance			4,912						4,814						98						2.0		%
Securities income:
Realized net gains (losses) on securities			160						(15,549)						15,709						NM
Unrealized net gains (losses) recognized on equity securities			642						5,490						(4,848)						(88.3)		%
Net securities gains (losses)			802						(10,059)						10,861						NM
Other noninterest income			8,665						11,883						(3,218)						(27.1)		%
Total noninterest income			$	126,978					$	107,284					$	19,694					18.4		%
Assets under care as of period end			$	16,719,766					$	14,959,317					$	1,760,449					11.8		%

Total noninterest income provided $40.4 million for the three months ended September 30, 2026, a decrease of 1.9% from the comparable period in 2025, primarily due to $2.9 million in declines from other noninterest income, partially offset by $2.7 million in increases from wealth management fees. Total noninterest income provided $127.0 million for the nine months ended September 30, 2026, an increase of 18.4% from the comparable period in 2025. Whereas the nine months ended September 30, 2026, included nine months of income as a larger organization after the acquisition of CrossFirst, the nine months ended September 30, 2025, included only seven months of income from CrossFirst following the acquisition, which was completed on March 1, 2025. The nine months ended September 30, 2025, also included $15.5 million in net securities losses that were recorded in connection with a strategic balance sheet repositioning, which was partially offset by unrealized net gains on securities, which were elevated in 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.

Wealth management fees provided income of $19.8 million for the three months ended September 30, 2026, representing an increase of 15.5% from the comparable period in 2025, and provided income of $59.2 million for the nine months ended September 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 third quarter of 2026 with $16.72 billion in assets under care, an increase of 11.8% compared to the balance on September 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 $5.1 million for the three months ended September 30, 2026, representing an increase of 0.3% from the comparable period in 2025, and provided income of $15.2 million for the nine months ended September 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 September 30, 2026, representing an increase of 14.1% from the comparable period in 2025, and provided income of $14.1 million for the nine months ended September 30, 2026, representing an increase of 20.9% 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 $1.5 million for the three months ended September 30, 2026, representing a decrease of 24.0% from the comparable period in 2025, primarily due to decreases in income from swap origination fees and syndication fees, which are tied to loan production, and to an extent is impacted by volatility of interest rates. Capital markets income provided $5.7 million for the nine months ended September 30, 2026, representing an increase of 26.6% from the comparable period in 2025, primarily due to increases in income from syndication fees and letter of credit fees.

Card services and ATM fees, which include both commercial and consumer accounts, provided income of $4.7 million for the three months ended September 30, 2026, representing a decrease of 1.4% from the comparable period in 2025, primarily due to declines in ATM fees. Card services and ATM fees provided income of $14.2 million for the nine months ended September 30, 2026, representing an increase of 6.0% from the comparable period in 2025, primarily due to income from interchange fees.

Other service charges on deposit accounts provided income of $1.4 million for the three months ended September 30, 2026, representing a decrease of 15.8% from the comparable period in 2025, and provided income of $4.3 million for the nine months ended September 30, 2026, representing a decrease of 8.3% from the comparable period in 2025. Declines were largely related to lower non-sufficient fund charges.

Income on bank owned life insurance provided $1.7 million for the three months ended September 30, 2026, representing an increase of 2.2% from the comparable period in 2025, due to earnings on the cash surrender value of the policies. Income on bank owned life insurance provided $4.9 million for the nine months ended September 30, 2026, representing an increase of 2.0% from the comparable period in 2025, as a result of an increase of over $0.5 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 losses of $0.7 million recognized during the three months ended September 30, 2026, exceeded net securities losses of $0.3 million recognized during the comparable period in 2025. Net securities gains of $0.8 million were recognized during the nine months ended September 30, 2026, compared to net securities losses of $10.1 million that were recognized during the nine months ended September 30, 2025. Losses in 2025 were realized in connection with a strategic balance sheet repositioning completed during the first quarter of 2025, which was partially offset by 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.

Other noninterest income provided $2.1 million for the three months ended September 30, 2026, representing a decrease of 58.0% from the comparable period in 2025, and provided $8.7 million for the nine months ended September 30, 2026, representing a decrease of 27.1% from the comparable period in 2025. Decreases were primarily attributable to fluctuations in income recognized on private equity investments and mortgage revenue. Other noninterest income was also impacted by a $0.7 million LOCOM adjustment recorded in the third quarter of 2026 in connection with the repositioning of a pool of lender finance loans to held for sale as part of our ongoing portfolio management efforts.

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Noninterest Expense

Changes in noninterest expense are summarized in the tables below:

			Three Months Ended September 30,
(dollars in thousands)			2026						2025						Change						% Change
Noninterest expense
Salaries and employee benefits			$	66,432					$	74,145					$	(7,713)					(10.4)		%
Data processing			9,436						9,714						(278)						(2.9)		%
Premises expenses:
Net occupancy expense of premises			7,977						7,982						(5)						(0.1)		%
Furniture and equipment expenses			2,530						2,143						387						18.1		%
Combined, net occupancy expense of premises and furniture and equipment expenses			10,507						10,125						382						3.8		%
Professional fees			2,507						2,931						(424)						(14.5)		%
Amortization of intangible assets			4,151						4,507						(356)						(7.9)		%
Interchange expense			1,156						1,336						(180)						(13.5)		%
FDIC insurance			1,293						3,151						(1,858)						(59.0)		%
Other noninterest expense			15,916						14,109						1,807						12.8		%
Total noninterest expense			$	111,398					$	120,018					$	(8,620)					(7.2)		%
Income taxes			$	16,662					$	20,204					$	(3,542)					(17.5)		%
Effective income tax rate			23.0		%				26.1		%				(310) bps
Efficiency ratio (Non-GAAP)1			54.4		%				54.9		%				(50) 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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			Nine Months Ended September 30,
(dollars in thousands)			2026						2025						Change						% Change
Noninterest expense
Salaries and employee benefits			$	219,339					$	220,068					$	(729)					(0.3)		%
Data processing			28,168						33,310						(5,142)						(15.4)		%
Premises expenses:
Net occupancy expense of premises			23,479						21,613						1,866						8.6		%
Furniture and equipment expenses			7,043						6,296						747						11.9		%
Combined, net occupancy expense of premises and furniture and equipment expenses			30,522						27,909						2,613						9.4		%
Professional fees			8,787						15,316						(6,529)						(42.6)		%
Amortization of intangible assets			12,674						12,182						492						4.0		%
Interchange expense			3,368						3,976						(608)						(15.3)		%
FDIC insurance			6,093						7,742						(1,649)						(21.3)		%
Other noninterest expense			44,601						39,378						5,223						13.3		%
Total noninterest expense			$	353,552					$	359,881					$	(6,329)					(1.8)		%
Income taxes			$	49,051					$	34,634					$	14,417					41.6		%
Effective income tax rate			22.5		%				31.7		%				(920) bps
Efficiency ratio (Non-GAAP)1			54.4		%				56.0		%				(160) bps
Full-time equivalent associates as of period-end			1,812						1,922						(110)						(5.7)		%

___________________________________________

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 $111.4 million for the three months ended September 30, 2026, representing a decrease of 7.2% from the comparable period in 2025. Excluding acquisition and restructuring expenses, adjusted noninterest expense2 totaled $110.3 million for the three months ended September 30, 2026, representing a decline of 2.2% from the comparable period in 2025. Declines were primarily attributable to reductions in salaries and employee benefits and FDIC insurance, partially offset by an increase in other noninterest expense.

Total noninterest expense was $353.6 million for the nine months ended September 30, 2026, representing a decrease of 1.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, adjusted noninterest expense totaled $332.6 million for the nine months ended September 30, 2026, representing an increase of 7.3% from the comparable period in 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 $66.4 million for the three months ended September 30, 2026, representing a decrease of 10.4% 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 $65.7 million for the three months ended September 30, 2026, representing a decrease of 4.1% from the comparable period in 2025, resulting primarily from declines in salaries and bonus expense. Salaries and employee benefits totaled $219.3 million for the nine months ended September 30, 2026, representing a decrease of 0.3% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $200.4 million for the nine months ended September 30, 2026, representing an increase of 7.2% from the comparable period in 2025, due to increases in expense for salaries and incentive compensation.

Data processing expense totaled $9.4 million for the three months ended September 30, 2026, and $28.2 million for the nine months ended September 30, 2026, representing decreases of 2.9% and 15.4%, respectively, from the comparable periods in 2025. Excluding acquisition and restructuring expenses, data processing expense increased by $0.1 million, or 1.6%, for the three months ended September 30, 2026, and increased by $1.5 million, or 5.5% for the nine months ended September 30, 2026, when compared to the same periods 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 $10.5 million for the three months ended September 30, 2026, and $30.5 million for the nine months ended September 30, 2026, representing increases of 3.8% and 9.4%, respectively, from the comparable periods in 2025. Increases were driven by expense growth in lease costs and depreciation expense, resulting 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 $2.5 million for the three months ended September 30, 2026, representing a decrease of 14.5% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees decreased by $0.1 million or 2.6% from the comparable period in 2025, primarily due to declines in legal fees partially offset by increases in consulting expenses. Professional fees totaled $8.8 million for the nine months ended September 30, 2026, representing a decrease of 42.6% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees increased by $0.6 million, or 8.4%, for the nine months ended September 30, 2026, from the comparable period in 2025, primarily due to increases in audit and accounting fees and consulting expenses, partially offset by declines in legal fees.

Amortization of intangible assets totaled $4.2 million for the three months ended September 30, 2026, representing a decrease of 7.9% from the comparable period in 2025, and totaled $12.7 million for the nine months ended September 30, 2026, representing an increase of 4.0% 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 $1.2 million for the three months ended September 30, 2026, representing a decrease of 13.5% from the comparable period in 2025, and totaled $3.4 million for the nine months ended September 30, 2026, representing a decrease of 15.3% from the comparable period in 2025. Fluctuations in interchange expense relate to payment and volume activity at FirsTech.

FDIC insurance expense totaled $1.3 million for the three months ended September 30, 2026, representing a decrease of 59.0% from the comparable period in 2025, and totaled $6.1 million for the nine months ended September 30, 2026, representing a decrease of 21.3% from the comparable period in 2025. FDIC insurance costs declined as a result of prior-period adjustments.

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

Other noninterest expense totaled $15.9 million for the three months ended September 30, 2026, representing an increase of 12.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $15.5 million for the three months ended September 30, 2026, representing an increase of 16.2% from the comparable period in 2025. Other noninterest expense totaled $44.6 million for the nine months ended September 30, 2026, representing an increase of 13.3% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $43.5 million for the nine months ended September 30, 2026, representing an increase of 16.5% 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 54.4% for the three months ended September 30, 2026, compared to 54.9% for the same period in 2025, and was 54.4% for the nine months ended September 30, 2026, compared to 56.0% for the same period in 2025.

Taxes

Busey’s effective income tax rate was 23.0% for the three months ended September 30, 2026, and 22.5% for the nine months ended September 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 September 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. In addition, during the three months ended September 30, 2026, Busey received notice from the Illinois Department of Revenue of its intent to audit First Busey’s 2021 tax returns.

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)			September 30, 2026						December 31, 2025						Change						% Change
Assets
Debt securities available for sale			$	2,669,937					$	2,162,548					$	507,389					23.5		%
Debt securities held to maturity			685,134						746,385						(61,251)						(8.2)		%
Portfolio loans, net of ACL			12,658,209						13,393,776						(735,567)						(5.5)		%
Total assets			18,558,606						18,104,736						453,870						2.5		%
Liabilities
Deposits:
Noninterest-bearing			3,439,061						3,659,421						(220,360)						(6.0)		%
Interest-bearing			12,098,505						11,246,537						851,968						7.6		%
Total deposits			15,537,566						14,905,958						631,608						4.2		%
Securities sold under agreements to repurchase			154,693						166,929						(12,236)						(7.3)		%
Short-term borrowings			41,793						—						41,793						100.0		%
Long-term borrowings			98,165						113,806						(15,641)						(13.7)		%
Subordinated notes, net of unamortized issuance costs			99,710						99,395						315						0.3		%
Junior subordinated debt owed to unconsolidated trusts			62,546						77,328						(14,782)						(19.1)		%
Total liabilities			16,302,327						15,635,754						666,573						4.3		%
Stockholders’ equity			2,256,279						2,468,982						(212,703)						(8.6)		%

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

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)			September 30, 2026						December 31, 2025						Change						% Change
Commercial loans
C&I and other commercial			$	3,770,796					$	4,229,208					$	(458,412)					(10.8)		%
CRE			5,258,021						5,550,018						(291,997)						(5.3)		%
Real estate construction			1,066,709						1,039,289						27,420						2.6		%
Total commercial loans			10,095,526						10,818,515						(722,989)						(6.7)		%
Retail loans
Retail real estate			2,089,618						2,154,616						(64,998)						(3.0)		%
Retail other			637,345						594,668						42,677						7.2		%
Total retail loans			2,726,963						2,749,284						(22,321)						(0.8)		%
Total portfolio loans			12,822,489						13,567,799						(745,310)						(5.5)		%
ACL			(164,280)						(174,023)						9,743						(5.6)		%
Portfolio loans, net			$	12,658,209					$	13,393,776					$	(735,567)					(5.5)		%

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

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

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
			September 30, 2026						December 31, 2025
Commercial loans
C&I and other commercial			29.4		%				31.2		%
CRE			41.0		%				40.9		%
Real estate construction			8.3		%				7.6		%
Total commercial loans			78.7		%				79.7		%
Retail loans
Retail real estate			16.3		%				15.9		%
Retail other			5.0		%				4.4		%
Total retail loans			21.3		%				20.3		%

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 September 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			$	618,127					$	1,163,804					$	124,995					$	513,518					$	12,954					$	2,433,398
Midwest			1,193,361						1,983,522						363,900						1,032,005						12,745						4,585,533
Central			592,224						752,663						169,539						360,863						40,448						1,915,737
Texas			455,383						631,256						208,785						99,377						11						1,394,812
West			272,342						572,247						176,240						72,734						246						1,093,809
Verticals			639,359						154,529						23,250						11,121						570,941						1,399,200
Total portfolio loans			$	3,770,796					$	5,258,021					$	1,066,709					$	2,089,618					$	637,345					12,822,489
ACL																																	(164,280)
Portfolio loans, net of ACL																																	$	12,658,209

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			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 41.0% of Busey’s total loan portfolio as of September 30, 2026, and CRE properties were 26.6% owner occupied. Owner-occupied CRE is generally dependent on the performance of the borrowers’ businesses, whereas non-owner-occupied CRE is generally reliant on property cash flows generated by third-party tenants.

			As of
(dollars in thousands)			September 30, 2026									December 31, 2025
CRE by Occupancy
Non-owner-occupied CRE			$	3,861,572		73.4		%				$	4,118,361		74.2		%
Owner-occupied CRE			1,396,449			26.6		%				1,431,657			25.8		%
CRE			$	5,258,021		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 September 30, 2026
			CRE Loans												Occupied By												% of CRE Loans That Are Owner Occupied
(dollars in thousands)												Non-Owner						Owner
Industrial and warehousing			$	1,162,609											$	679,988					$	482,621					41.5		%
Apartments			814,882												814,696						186						—		%
Retail			788,406												695,993						92,413						11.7		%
Traditional office			695,775												485,259						210,516						30.3		%
Specialty			541,384												199,574						341,810						63.1		%
Hotel			319,125												319,125						—						—		%
Medical office			277,758												147,538						130,220						46.9		%
Student housing			259,806												259,699						107						—		%
Restaurant			144,775												36,104						108,671						75.1		%
Senior housing			121,678												117,761						3,917						3.2		%
Self-Storage			87,172												82,897						4,275						4.9		%
Nursing homes			46,031												44,687						1,344						2.9		%
Healthcare			20,059												20,000						59						0.3		%
Group homes			4,874												3,495						1,379						28.3		%
Land acquisition and development			89												—						89						100.0		%
Other			787												356						431						54.8		%
Total			$	5,285,210											$	3,907,172					$	1,378,038					26.1		%

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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			Location						2026						2025						2026						20251
Provision for loan losses			Provision for credit losses						$	11,444					$	(3,305)					$	15,369					$	40,152

___________________________________________

1.The nine months ended September 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 September 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			$	3,770,796					$	65,831					1.75		%				$	4,229,208					$	61,370					1.45		%
CRE			5,258,021						55,805						1.06		%				5,550,018						70,328						1.27		%
Real estate construction			1,066,709						13,838						1.30		%				1,039,289						11,568						1.11		%
Total commercial			10,095,526						135,474						1.34		%				10,818,515						143,266						1.32		%
Retail
Retail real estate			2,089,618						27,169						1.30		%				2,154,616						29,178						1.35		%
Retail other			637,345						1,637						0.26		%				594,668						1,579						0.27		%
Total retail			2,726,963						28,806						1.06		%				2,749,284						30,757						1.12		%
Total			$	12,822,489					$	164,280					1.28		%				$	13,567,799					$	174,023					1.28		%

As of September 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)						September 30, 2026						December 31, 2025						Change						% Change
Total assets						$	18,558,606					$	18,104,736					$	453,870					2.5		%
Portfolio loans						12,822,489						13,567,799						(745,310)						(5.5)		%
Loans 30 – 89 days past due						16,877						16,475						402						2.4		%
Non-performing assets
Non-performing loans:
Non-accrual loans						$	80,949					$	51,198					$	29,751					58.1		%
Loans 90+ days past due and still accruing						689						2,288						(1,599)						(69.9)		%
Total non-performing loans						81,638						53,486						28,152						52.6		%
OREO and other repossessed assets						1,969						4,626						(2,657)						(57.4)		%
Total non-performing assets						83,607						58,112						25,495						43.9		%
Substandard (excludes 90+ days past due)						161,253						116,402						44,851						38.5		%
Classified assets						$	244,860					$	174,514					$	70,346					40.3		%
ACL						$	164,280					$	174,023					$	(9,743)					(5.6)		%
Bank Tier 1 Capital						2,142,635						2,150,048						(7,413)						(0.3)		%
Ratios
ACL to portfolio loans						1.28		%				1.28		%				— bps
ACL to non-accrual loans						2.03 x						3.40 x						(137.0) pts
ACL to non-performing loans						2.01 x						3.25 x						(124.1) pts
ACL to non-performing assets						1.96 x						2.99 x						(103.0) pts
Non-accrual loans to portfolio loans						0.63		%				0.38		%				25 bps
Non-performing loans to portfolio loans						0.64		%				0.39		%				25 bps
Non-performing assets to total assets						0.45		%				0.32		%				13 bps
Non-performing assets to portfolio loans and OREO and other repossessed assets						0.65		%				0.43		%				22 bps
Classified assets to Bank Tier 1 Capital and ACL						10.61		%				7.51		%				310 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 $83.6 million as of September 30, 2026, compared to $58.1 million as of December 31, 2025. Non-performing assets represented 0.45% of total assets as of September 30, 2026, compared to 0.32% as of December 31, 2025. The ACL was equal to 1.96 times the balance of non-performing assets as of September 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 $244.9 million as of September 30, 2026, compared to $174.5 million as of December 31, 2025. Classified assets represented 10.61% of the Bank’s Tier 1 capital and ACL at September 30, 2026, compared to 7.51% at December 31, 2025.

First Busey Corporation (BUSE) | 2026 Q3 — 90

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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 $161.3 million, or 1.3% of portfolio loans, as of September 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 September 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 4.2% to $15.54 billion as of September 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 94.0% of total deposits as of September 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 $6.84 billion, or 44% of total deposits, as of September 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 $5.54 billion, or 36% of total deposits, as of September 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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			2026						2025						2026						2025
Average liquid assets
Cash and due from banks			$	170,290					$	173,921					$	167,348					$	167,752
Interest-bearing bank deposits			688,669						489,730						319,260						629,137
Less: Restricted and pledged cash and bank deposits			(96,537)						(101,400)						(96,249)						(83,724)
Total average liquid assets			$	762,422					$	562,251					$	390,359					$	713,165
Average liquid assets as a percent of average total assets			4.1		%				3.0		%				2.2		%				4.1		%

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

			As of
(dollars in thousands)			September 30, 2026						December 31, 2025
Unencumbered cash and securities
Total cash and cash equivalents			$	883,053					$	280,227
Interest-bearing time deposits in other banks			24,450						13,825
Restricted and pledged cash and bank deposits			(97,592)						(96,102)
Debt securities available for sale			2,669,937						2,162,548
Debt securities available for sale pledged as collateral			(621,606)						(562,566)
Unencumbered cash and securities			$	2,858,242					$	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)			September 30, 2026						December 31, 2025
Additional available borrowing capacity
FHLB			$	2,058,832					$	1,775,157
Federal Reserve Bank			1,823,762						1,585,816
Federal funds purchased			485,000						485,000
Revolving credit facility			50,000						40,000
Additional borrowing capacity			$	4,417,594					$	3,885,973

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

As of September 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.

First Busey Corporation (BUSE) | 2026 Q3 — 92

TABLE OF CONTENTS

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)			September 30, 2026						December 31, 2025
Outstanding loan commitments and standby letters of credit			$	4,160,163					$	4,820,613
Reserve for unfunded commitments			12,484						12,964

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

									Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			Location						2026						2025						2026						2025
Provision for unfunded commitments1			Provision for credit losses						$	(1,802)					$	2,320					$	(480)					$	10,156

___________________________________________

1.The nine months ended September 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 September 30, 2026:

			Minimum Capital Requirements with Capital Buffer						As of September 30, 2026
									Busey						Busey Bank
Common equity Tier 1 capital to risk-weighted assets			7.00		%				12.47		%				14.59		%
Tier 1 capital to risk-weighted assets			8.50		%				13.98		%				14.59		%
Total capital to risk-weighted assets			10.50		%				16.10		%				15.60		%
Leverage ratio of Tier 1 capital to average assets			4.00		%				11.34		%				11.83		%

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

First Busey Corporation (BUSE) | 2026 Q3 — 93

TABLE OF CONTENTS

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.

First Busey Corporation (BUSE) | 2026 Q3 — 94

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 Adjusted Net Income and Adjusted Diluted Earnings Per Common Share
						Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands, except per share amounts)						2026						2025						2026						2025
Net income (GAAP)			[a]			$	55,845					$	57,098					$	169,002					$	74,512
Day 2 provision for credit losses1						—						—						—						45,572
Adjustment of initial provision for unfunded commitments due to adoption of new model2						—						—						—						4,030
Other acquisition (income) expenses						1,132						7,251						7,572						49,877
Restructuring expenses						(31)						—						13,355						—
Net securities (gains) losses						703						288						(802)						10,059
Related tax benefit3						(451)						(2,141)						(5,031)						(29,181)
Non-recurring deferred tax adjustment4						—						—						—						4,919
Adjusted net income (Non-GAAP)			[b]			57,198						62,496						184,096						159,788
Preferred dividends			[c]			4,589						5,131						13,768						5,286
Adjusted net income available to common stockholders (Non-GAAP)			[d]			$	52,609					$	57,365					$	170,328					$	154,502
Weighted average number of common shares outstanding, diluted (GAAP)			[e]			83,733,110						90,218,382						85,634,496						83,609,999
Diluted earnings per common share (GAAP)			[(a-c)÷e]			$	0.61					$	0.58					$	1.81					$	0.83
Adjusted diluted earnings per common share (Non-GAAP)			[d÷e]			$	0.63					$	0.64					$	1.99					$	1.85

___________________________________________

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 26.6% for the nine months ended September 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 Q3 — 95

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 September 30,												Nine Months Ended September 30,
(dollars in thousands)						2026						2025						2026						2025
Net income (GAAP)			[a]			$	55,845					$	57,098					$	169,002					$	74,512
Amortization of intangible assets						4,151						4,507						12,674						12,182
Tax effect of amortization of intangible assets1						(1,038)						(1,210)						(3,169)						(3,245)
Preferred dividends						(4,589)						(5,131)						(13,768)						(5,286)
Tangible net income available to common stockholders (Non-GAAP)			[b]			$	54,369					$	55,264					$	164,739					$	78,163
Adjusted net income (Non-GAAP)2			[c]			$	57,198					$	62,496					$	184,096					$	159,788
Amortization of intangible assets						4,151						4,507						12,674						12,182
Tax effect of amortization of intangible assets1						(1,038)						(1,210)						(3,169)						(3,245)
Preferred dividends						(4,589)						(5,131)						(13,768)						(5,286)
Adjusted tangible net income available to common stockholders (Non-GAAP)			[d]			$	55,722					$	60,662					$	179,833					$	163,439
Average total assets			[e]			$	18,470,939					$	18,662,449					$	18,140,923					$	17,534,644
Return on average assets (Non-GAAP)3			[a÷e]			1.20		%				1.21		%				1.25		%				0.57		%
Adjusted return on average assets (Non-GAAP)3			[c÷e]			1.23		%				1.33		%				1.36		%				1.22		%
Average common equity						$	2,138,564					$	2,210,711					$	2,191,883					$	2,109,046
Average goodwill and other intangible assets, net						(469,792)						(486,625)						(474,207)						(464,316)
Average tangible common equity (Non-GAAP)			[f]			$	1,668,772					$	1,724,086					$	1,717,676					$	1,644,730
Return on average tangible common equity (Non-GAAP)3, 4			[b÷f]			12.93		%				12.72		%				12.82		%				6.35		%
Adjusted return on average tangible common equity (Non-GAAP)3, 4			[d÷f]			13.25		%				13.96		%				14.00		%				13.29		%

___________________________________________

1.Tax effects were calculated using income tax rates of 25.0% and 26.6% for the nine months ended September 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 on 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.

First Busey Corporation (BUSE) | 2026 Q3 — 96

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 Net Interest Margin and Adjusted Net Interest Margin
						Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)						2026						2025						2026						2025
Net interest income (GAAP)						$	153,145					$	155,137					$	459,516					$	412,051
Tax-equivalent adjustment1						851						788						2,569						2,116
Tax-equivalent net interest income (Non-GAAP)			[a]			153,996						155,925						462,085						414,167
Purchase accounting accretion related to business combinations						(5,199)						(5,854)						(14,743)						(15,701)
Adjusted net interest income (Non-GAAP)			[b]			$	148,797					$	150,071					$	447,342					$	398,466
Average interest-earning assets (Non-GAAP)			[c]			$	17,056,264					$	17,272,362					$	16,744,898					$	16,126,422
Net interest margin (Non-GAAP)2			[a÷c]			3.58		%				3.58		%				3.69		%				3.43		%
Adjusted net interest margin (Non-GAAP)2			[b÷c]			3.46		%				3.45		%				3.57		%				3.30		%

___________________________________________

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 September 30,												Nine Months Ended September 30,
(dollars in thousands)						2026						2025						2026						2025
Net interest income (GAAP)						$	153,145					$	155,137					$	459,516					$	412,051
Total noninterest income (GAAP)						40,402						41,198						126,978						107,284
Net security (gains) losses (GAAP)						703						288						(802)						10,059
Total noninterest expense (GAAP)						(111,398)						(120,018)						(353,552)						(359,881)
Pre-provision net revenue (Non-GAAP)			[a]			82,852						76,605						232,140						169,513
Acquisition and restructuring (income) expenses, excluding initial provision expenses						1,101						7,251						20,927						49,877
Adjusted pre-provision net revenue (Non-GAAP)			[b]			$	83,953					$	83,856					$	253,067					$	219,390
Average total assets			[c]			$	18,470,939					$	18,662,449					$	18,140,923					$	17,534,644
Pre-provision net revenue to average total assets (Non-GAAP)1			[a÷c]			1.78		%				1.63		%				1.71		%				1.29		%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)1			[b÷c]			1.80		%				1.78		%				1.87		%				1.67		%

___________________________________________

1.Annualized measure.

First Busey Corporation (BUSE) | 2026 Q3 — 97

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 Efficiency Ratio
						Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)						2026						2025						2026						2025
Net interest income (GAAP)			[a]			$	153,145					$	155,137					$	459,516					$	412,051
Tax-equivalent adjustment1						851						788						2,569						2,116
Tax-equivalent net interest income (Non-GAAP)			[b]			153,996						155,925						462,085						414,167
Total noninterest income (GAAP)						40,402						41,198						126,978						107,284
Net security (gains) losses						703						288						(802)						10,059
Acquisition and restructuring (gain) loss						—						44						—						44
Adjusted noninterest income (Non-GAAP)			[c]			$	41,105					$	41,530					$	126,176					$	117,387
Operating revenue (Non-GAAP)			[d = a+c]			$	194,250					$	196,667					$	585,692					$	529,438
Tax-equivalent operating revenue (Non-GAAP)2			[e = b+c]			195,101						197,455						588,261						531,554
Adjusted noninterest income to operating revenue (Non-GAAP)			[c÷d]			21.16		%				21.12		%				21.54		%				22.17		%
Total noninterest expense (GAAP)						$	111,398					$	120,018					$	353,552					$	359,881
Acquisition and restructuring expenses, excluding initial provision expenses						(1,101)						(7,207)						(20,927)						(49,833)
Adjusted noninterest expense (Non-GAAP)3						110,297						112,811						332,625						310,048
Amortization of intangible assets						(4,151)						(4,507)						(12,674)						(12,182)
Adjusted noninterest expense excluding amortization of intangible assets (Non-GAAP)4			[f]			$	106,146					$	108,304					$	319,951					$	297,866
Efficiency ratio (Non-GAAP)5			[f÷e]			54.41		%				54.85		%				54.39		%				56.04		%

___________________________________________

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.”

First Busey Corporation (BUSE) | 2026 Q3 — 98

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 Tangible Common Equity, and Related Measures and Ratio
						As of
(dollars in thousands, except per share amounts)						September 30, 2026																		December 31, 2025
Total assets (GAAP)						$	18,558,606																	$	18,104,736
Goodwill and other intangible assets, net						(467,137)																		(480,729)
Tangible assets (Non-GAAP)1			[a]			$	18,091,469																	$	17,624,007
Total stockholders’ equity (GAAP)						$	2,256,279																	$	2,468,982
Preferred stock and additional paid in capital on preferred stock						(215,197)																		(215,197)
Common equity			[b]			2,041,082																		2,253,785
Goodwill and other intangible assets, net						(467,137)																		(480,729)
Tangible common equity (Non-GAAP)1			[c]			$	1,573,945																	$	1,773,056
Tangible common equity to tangible assets (Non-GAAP)1			[c÷a]			8.70		%																10.06		%
Ending number of common shares outstanding (GAAP)			[d]			81,276,654																		87,624,430
Book value per common share (Non-GAAP)			[b÷d]			$	25.11																	$	25.72
Tangible book value per common share (Non-GAAP)			[c÷d]			$	19.37																	$	20.23

Calculation of Core Deposits and Related Ratio
						As of
(dollars in thousands)						September 30, 2026																		December 31, 2025
Total deposits (GAAP)			[a]			$	15,537,566																	$	14,905,958
Brokered deposits, excluding brokered time deposits of more than $250,000						(10,000)																		(70,140)
Time deposits of more than $250,000						(920,142)																		(876,207)
Core deposits (Non-GAAP)			[b]			$	14,607,424																	$	13,959,611
Core deposits to total deposits (Non-GAAP)			[b÷a]			94.01		%																93.65		%

First Busey Corporation (BUSE) | 2026 Q3 — 99

TABLE OF CONTENTS

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, 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 as a result of the recent increase in the benchmark federal funds rate by the Federal Reserve); (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 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: Projected Percentage Change in Net Interest Income												Year-Two: Projected Percentage Change in Net Interest Income
Hypothetical Immediate and Sustained Change in Interest Rates						September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025
+200 bps						2.50		%				4.14		%				2.87		%				5.65		%
+100 bps						1.47		%				2.31		%				1.66		%				3.13		%
-100 bps						(0.65)		%				(1.76)		%				(1.62)		%				(3.27)		%
-200 bps						(0.39)		%				(2.18)		%				(2.69)		%				(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 September 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 September 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 September 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.

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ISSUER PURCHASES OF EQUITY SECURITIES

Busey's Stock Repurchase Plan authorizes, but does not obligate, 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. Additional information about Busey’s Stock Repurchase Plan is available under the heading “Stock Repurchase Plan” in Part II, Item 5 of Busey’s 2025 Annual Report. The following table summarizes share repurchase activity, excluding excise taxes, during the third 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
July 1-31, 2026						542,900						$	29.50					542,900						3,355,875
August 1-31, 2026						665,000						30.81						665,000						2,690,875
September 1-30, 2026						765,000						30.19						765,000						1,925,875
Three months ended September 30, 2026						1,972,900						$	30.21					1,972,900
Nine Months ended September 30, 2026						6,930,300						$	27.18					6,930,300

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION

During the fiscal quarter ended September 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†

Letter Agreement, dated July 13, 2026, by and among First Busey Corporation, Busey Bank and Van A. Dukeman

BUSE (001-42677)

8-K

10.1

07/14/2026

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 November 5, 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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