How well capitalized is First Busey Corporation after Q1 2026 share repurchases?

Capital levels are robust. Estimated Common Equity Tier 1 capital to risk‑weighted assets was 12.31% , and total capital was 15.87% . Tangible common equity to tangible assets was 9.81% , even after repurchasing $65.6 million of common stock during the quarter.

First Busey (NASDAQ: BUSE) posts Q1 2026 profit rebound with higher margins and strong credit

Q: How did First Busey Corporation (BUSE) perform financially in Q1 2026?

First Busey generated net income of $50.0 million in Q1 2026, versus a loss a year earlier. Adjusted net income available to common stockholders was $58.6 million , or $0.67 per diluted share, reflecting stronger core earnings and lower credit costs.

Q: How did First Busey’s net interest margin and deposit costs trend in Q1 2026?

Net interest margin increased to 3.77% in Q1 2026, while adjusted net interest margin was 3.64% . Total deposit cost of funds declined to 1.81% , helped by lower funding costs and disciplined pricing on deposits and new certificates of deposit.

Q: What was the asset quality profile for First Busey Corporation in Q1 2026?

Asset quality remained strong. Non‑performing assets were 0.28% of total assets, and non‑performing loans were 0.35% of portfolio loans. The allowance for credit losses stood at $169.1 million , or 1.26% of portfolio loans, covering non‑performing loans 3.63 times.

Q: What did First Busey Corporation report about loans and deposits in Q1 2026?

Portfolio loans totaled $13.46 billion and reflected modest seasonal contraction. Deposits were $14.74 billion , down 1.1% quarter‑over‑quarter, largely from seasonal public fund and business outflows that management expects to largely rebuild later in the year.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

First Busey Corporation reported strong first quarter 2026 results, with net income of $50.0 million and diluted EPS of $0.52, compared with a net loss of $(30.0) million a year earlier. Adjusted net income available to common stockholders was $58.6 million, or $0.67 per diluted share, up from $0.57 in the prior‑year quarter.

Profitability improved, as adjusted return on average assets reached 1.42% and adjusted return on average tangible common equity was 14.12%. Net interest margin rose to 3.77%, while adjusted net interest margin was 3.64%, supported by higher asset yields and disciplined deposit costs.

Asset quality remained solid, with non‑performing assets at 0.28% of total assets and an allowance for credit losses of $169.1 million, or 1.26% of portfolio loans. Capital stayed strong with an estimated Common Equity Tier 1 ratio of 12.31% and tangible common equity to tangible assets of 9.81%, even after repurchasing $65.6 million of common stock during the quarter.

Positive

Earnings turnaround and strong profitability: Net income reached $50.0 million with adjusted EPS of $0.67, driving an adjusted ROAA of 1.42% and adjusted ROATCE of 14.12%, a substantial improvement from the prior‑year loss.

Negative

None.

Insights

Results show a sharp YoY earnings rebound, stronger margins, and solid credit quality.

First Busey delivered net income of $50.0 million versus a net loss a year ago, with adjusted EPS rising to $0.67. This reflects integration benefits from the CrossFirst acquisition, higher net interest income, and lower credit costs compared with the heavy provisioning in early 2025.

Core profitability metrics are robust: adjusted ROAA of 1.42%, adjusted ROATCE of 14.12%, and an efficiency ratio of 54.8%. Net interest margin expanded to 3.77%, while deposit costs declined to 1.81%, indicating disciplined funding management in a still‑elevated rate environment.

Credit and capital support the story. Non‑performing assets are only 0.28% of total assets, with the allowance at 1.26% of portfolio loans and 3.63 times non‑performing loans. Estimated Common Equity Tier 1 of 12.31% and tangible common equity to tangible assets of 9.81% leave more than $800 million above key regulatory thresholds, even after repurchasing $65.6 million of stock in the quarter.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income: $50.0 million Adjusted EPS: $0.67 per diluted share Net interest margin: 3.77% +5 more

8 metrics

Net income $50.0 million For the quarter ended March 31, 2026

Adjusted EPS $0.67 per diluted share Q1 2026 adjusted net income available to common stockholders

Net interest margin 3.77% Tax‑equivalent net interest margin for Q1 2026

Adjusted ROAA 1.42% Annualized adjusted return on average assets in Q1 2026

Adjusted ROATCE 14.12% Annualized adjusted return on average tangible common equity in Q1 2026

Non-performing assets ratio 0.28% Non‑performing assets as a percentage of total assets at March 31, 2026

Allowance for credit losses $169.1 million (1.26% of loans) Allowance and coverage of portfolio loans at March 31, 2026

Common Equity Tier 1 ratio 12.31% Estimated CET1 capital to risk‑weighted assets as of March 31, 2026

Key Terms

Net interest margin, Pre-provision net revenue, Allowance for credit losses, Common Equity Tier 1 capital, +2 more

6 terms

Net interest margin financial

"Net interest margin 2 continued its expansion, up 6 basis points quarter-over-quarter, to 3.77%."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

Pre-provision net revenue financial

"Pre-provision net revenue2 was $67.7 million for the first quarter of 2026, compared to $80.6 million for the fourth quarter of 2025"

Pre-provision net revenue is a bank’s income from core operations — interest earned minus interest paid plus fees and other operating income, after operating costs — measured before setting aside funds for potential loan losses. Investors use it to gauge how well a bank’s everyday business generates money independent of one-time loss reserves, like judging a store’s sales and operating profit before accounting for an expected number of returned items.

Allowance for credit losses financial

"The allowance for credit losses was $169.1 million as of March 31, 2026, 3.63 times our non-performing loans balance"

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.

Common Equity Tier 1 capital financial

"Common Equity Tier 1 Capital to Risk Weighted Assets 3 at 12.31%, even after significant share repurchases"

Core capital a bank holds consisting mainly of common shares and retained profits that can absorb losses without forcing the bank to sell assets or seek emergency help; items that can’t reliably cover losses are excluded. Think of it as the bank’s shock-absorbing cushion: a higher common equity tier 1 (CET1) level and ratio means regulators and investors view the bank as better able to survive bad loans or market shocks, so it signals lower risk to shareholders and creditors.

Tangible common equity financial

"Tangible common equity to tangible assets (ii) | 9.81 % | | 10.06 %"

Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.

Efficiency ratio financial

"The efficiency ratio2 was 54.8% for the first quarter of 2026, compared to 55.0% for the fourth quarter of 2025"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

Earnings Snapshot

Net income: $50.0 million

Q1 2026

Net income $50.0 million vs. $(30.0) million loss in Q1 2025

Diluted EPS $0.52 vs. $(0.44) in Q1 2025

Adjusted EPS $0.67 vs. $0.57 in Q1 2025

Adjusted ROAA 1.42% vs. 1.09% in Q1 2025

Adjusted ROATCE 14.12% vs. 11.25% in Q1 2025

Understanding 8-K Material Events →

04/28/2026 - 05:01 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): April 28, 2026

__________________________________________

First Busey Corporation

(Exact name of Registrant as specified in its charter)

__________________________________________


Nevada	0-15950	37-1078406
(State of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

	11440 Tomahawk Creek Parkway Leawood, Kansas 66211
(Address of Principal Executive Offices)

	(217) 365-4544
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 28, 2026, First Busey Corporation (“Busey”) issued a press release (“Earnings Release”) disclosing financial results for the quarter ended March 31, 2026. A copy of the Earnings Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto is being “furnished” and will not, except to the extent required by applicable law or regulation, be deemed “filed” by Busey for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (“Securities Act”), or the Exchange Act.

Item 7.01 Regulation FD Disclosure.

On April 28, 2026, Busey published its Earnings Investor Presentation discussing financial results for the quarter ended March 31, 2026. A copy is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

The information in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.2 attached hereto is being “furnished” and will not, except to the extent required by applicable law or regulation, be deemed “filed” by Busey for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.

Item 9.01. Financial Statements and Exhibits.


Exhibit Number						Description of Exhibit
99.1						Earnings Release issued by First Busey Corporation, dated April 28, 2026
99.2						Earnings Investor Presentation issued by First Busey Corporation, dated April 28, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FIRST BUSEY CORPORATION

Date:

April 28, 2026

By:

/s/ CHRISTOPHER H.M. CHAN

Christopher H.M. Chan

Executive Vice President, Chief Financial Officer

F I R S T B U S E Y C O R P O R A T I O N

A N N O U N C E S

2 0 2 6
F I R S T
Q U A R T E R

E A R N I N G S

Q 1 | 2 0 2 6


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

LEAWOOD, KS, April 28, 2026 (GLOBE NEWSWIRE) – First Busey Corporation (Nasdaq: BUSE) Announces 2026 First Quarter Earnings.

Net Income

Diluted EPS

Net Interest Margin1

ROAA1

ROATCE1

$50.0 million

$63.2 million (adj)2

$0.52

$0.67 (adj)2

3.77%2

3.64% (adj)2

1.12%2

1.42% (adj)2

11.10%2

14.12% (adj)2


MESSAGE FROM OUR CHAIRMAN, PRESIDENT & CEO	CONTENTS
Busey posted strong results this quarter with adjusted diluted EPS of $0.67, up 17.5% year-over-year, and continued strong profitability as adjusted return on average assets2 improved by 33 basis points to 1.42% and adjusted ROATCE improved by 287 basis points to 14.12%. Net interest margin2 continued its expansion, up 6 basis points quarter-over-quarter, to 3.77%. Wealth management fee income had another record quarter, with net inflows offsetting lower market valuations and sustaining relatively stable assets under care. Expenses remained well controlled as we identified, and executed on, additional synergies related to the CrossFirst acquisition, with the efficiency ratio improving 390 basis points from last year, to 54.8%. Capital remained strong with Common Equity Tier 1 Capital to Risk Weighted Assets3 at 12.31%, even after significant share repurchases of $65.6 million during the quarter. Tangible book value per common share2 grew 8.2% year-over-year to $20.14. As expected, loan and deposit balances were down seasonally. Credit remained strong with non-performing assets down 14.0% quarter-over-quarter and the ratio of allowance to loans was stable at 1.26%. As we look ahead to the rest of the year, we have significant momentum with the addition of talent to the organization, and new business pipelines are building. With robust capital and ample liquidity, Busey remains well positioned to drive meaningful value for our associates, clients, communities, and shareholders in this volatile macro environment. Van A. Dukeman Chairman, President and CEO of First Busey Corporation	Financial Results	1
	Balance Sheet Strength	7
	Corporate Profile	11
	Non-GAAP Financial Information	13
	Forward-Looking Statements	18
	End Notes	19

FINANCIAL RESULTS

First quarter 2026 net income for First Busey Corporation, together with its consolidated subsidiaries (“Busey,” the “Company,” “we,” “us,”, or “our”) was $50.0 million, or $0.52 per diluted common share, compared to net income of $60.8 million, or $0.63 per diluted common share, for the fourth quarter of 2025, and a net loss of $(30.0) million, or $(0.44) per diluted common share, for the first quarter of 2025. Annualized return on average assets2 and annualized return on average tangible common equity2 were 1.12% and 11.10%, respectively, for the first quarter of 2026. During the first quarter of 2026, salaries, wages, and employee benefits expenses were elevated as Busey identified, and executed on, additional synergies related to the CrossFirst Bankshares, Inc. (“CrossFirst”) acquisition and also due to the previously announced departure of Michael J. Maddox.

Adjusted net income available to common stockholders,2 which excludes the impact of non-GAAP adjustments, was $58.6 million, or $0.67 per diluted common share, for the first quarter of 2026, compared to $60.6 million, or $0.68 per diluted common share, for the fourth quarter of 2025 and $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025. Annualized adjusted return on average assets2 and annualized adjusted return on average tangible common equity2 were 1.42% and 14.12%, respectively, for the first quarter of 2026.

Pre-provision net revenue2 was $67.7 million for the first quarter of 2026, compared to $80.6 million for the fourth quarter of 2025 and $28.7 million for the first quarter of 2025. Pre-provision net revenue to average assets2 was 1.52% for the first quarter of 2026, compared to 1.75% for the fourth quarter of 2025, and 0.78% for the first quarter of 2025.

Adjusted pre-provision net revenue2 was $84.4 million for the first quarter of 2026, compared to $85.4 million for the fourth quarter of 2025 and $54.7 million for the first quarter of 2025. Adjusted pre-provision net revenue to average assets2 was 1.89% for the first quarter of 2026, compared to 1.85% for the fourth quarter of 2025 and 1.50% for the first quarter of 2025.

First Busey Corporation (BUSE) | 2026 Q1 — 1


CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

	Three Months Ended
(dollars in thousands, except per share amounts)	March 31, 2026			December 31, 2025			March 31, 2025(i)
Total interest income	$	225,485		$	235,094		$	166,815
Total interest expense	71,516			77,536			63,084
Net interest income	153,969			157,558			103,731
Provision for credit losses	3,058			2,435			45,593
Net interest income after provision for credit losses	150,911			155,123			58,138
Total noninterest income	42,265			42,691			21,223
Total noninterest expense	129,519			120,320			112,030
Income (loss) before income taxes	63,657			77,494			(32,669)
Income taxes	13,676			16,744			(2,679)
Net income (loss)	49,981			60,750			(29,990)
Dividends on preferred stock	4,589			4,590			—
Net income (loss) available to common stockholders	$	45,392		$	56,160		$	(29,990)

Basic earnings (loss) per common share	$	0.52		$	0.63		$	(0.44)
Diluted earnings (loss) per common share	$	0.52		$	0.63		$	(0.44)
Effective income tax rate	21.48		%	21.61		%	8.20		%

___________________________________________

(i)Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments out of total noninterest expense and into the provision for credit losses.

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


	Three Months Ended
(dollars in thousands)	March 31, 2026		December 31, 2025		March 31, 2025
PRE-TAX NON-GAAP ADJUSTMENTS TO NET INCOME

Net securities (gains) losses	$	940	$	667	$	15,768

Provision for credit losses	—		—		45,572
Salaries, wages, and employee benefits	16,124		4,027		15,878
Data processing	80		294		2,302
Net occupancy expense of premises	—		4		—

Professional fees	119		131		7,294
Other noninterest expense	377		360		552
Total pre-tax non-GAAP adjustments to net income	$	17,640	$	5,483	$	87,366

For more information and a reconciliation of non-GAAP measures—which are identified with the End Note labeled as 2—in tabular form, see "Non-GAAP Financial Information" beginning on page 13.

First Busey Corporation (BUSE) | 2026 Q1 — 2

Net Interest Income and Net Interest Margin2

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


	Three Months Ended
	March 31, 2026						December 31, 2025
(dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate(vi)		Average Balance		Income/ Expense		Yield/ Rate(vi)
ASSETS
Interest-bearing bank deposits and federal funds sold	$	139,204	$	1,222	3.56	%	$	417,451	$	4,101	3.90	%
Investment securities(i)(ii)	2,918,240		23,289		3.24	%	2,872,518		22,527		3.11	%
Restricted bank stock	81,619		880		4.37	%	77,006		783		4.03	%
Loans held for sale	5,072		73		5.84	%	8,705		128		5.83	%
Portfolio loans(i)(iii)	13,521,631		200,898		6.03	%	13,565,320		208,415		6.10	%
Total interest-earning assets(i)	16,665,766		$	226,362	5.51	%	16,941,000		$	235,954	5.53	%
Noninterest-earning assets	1,394,454						1,368,250
Total assets	$	18,060,220					$	18,309,250

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing transaction deposits	$	3,124,068	$	12,505	1.62	%	$	3,207,478	$	13,809	1.71	%
Savings and money market deposits	5,687,520		31,964		2.28	%	5,906,577		36,565		2.46	%
Time deposits	2,409,136		21,557		3.63	%	2,401,447		22,545		3.72	%
Federal funds purchased and repurchase agreements	160,822		896		2.26	%	162,391		970		2.37	%
Borrowings(iv)	391,965		4,594		4.75	%	278,050		3,647		5.20	%
Total interest-bearing liabilities	11,773,511		$	71,516	2.46	%	11,955,943		$	77,536	2.57	%
Noninterest-bearing deposits	3,536,830						3,636,001
Other liabilities	279,607						248,499
Stockholders’ equity	2,470,272						2,468,807
Total liabilities and stockholders’ equity	$	18,060,220					$	18,309,250

Net interest margin(i)(v)			$	154,846	3.77	%			$	158,418	3.71	%

___________________________________________

(i)On a tax-equivalent basis and assuming a federal income tax rate of 21.0%.

(ii)Investment securities include debt securities available for sale, debt securities held to maturity, and equity securities.

(iii)Non-accrual loans have been included in average portfolio loans.

(iv)Includes, as applicable, short-term borrowings, long-term borrowings, subordinated notes, and junior subordinated debt owed to unconsolidated trusts.

(v)For a reconciliation of non-GAAP measures, see “Non-GAAP Financial Information.”

(vi)Annualized.

Net interest income decreased by $3.6 million in the first quarter of 2026, compared to the fourth quarter of 2025, primarily resulting from two fewer calendar days in the first quarter of 2026 compared to the fourth quarter of 2025. Deposit funding cost reduction during the quarter of 10 basis points represents a 37% beta relative to the quarterly move in the fed funds target average rate.

First Busey Corporation (BUSE) | 2026 Q1 — 3

Based on our most recent Asset Liability Management Committee model, a -100 basis point parallel rate shock is expected to decrease net interest income by 1.3% (relative to a current base rate scenario) over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet strategies as well as embedding rate protection in our asset originations to provide consistent and predicable net interest income performance across different interest rate environments. Deposit balances remained largely stable outside of seasonal public fund and business outflows that contributed to an overall $169.9 million, or 1.1%, decrease in the deposit base. Retail time deposit and savings specials have continued to provide stable funding flows allowing for only minimum utilization of wholesale funding during the quarter. At March 31, 2026, Busey Bank had $60.1 million of brokered funding, comprising 0.4% of total deposits. Total deposit cost of funds decreased from 1.91% during the fourth quarter of 2025 to 1.81% during the first quarter of 2026. Busey’s spot rate on total deposits costs increased by 1 basis point to 1.81% at March 31, 2026, compared to 1.80% at December 31, 2025.

Noninterest Income


	Three Months Ended
(dollars in thousands)	March 31, 2026		December 31, 2025		March 31, 2025

NONINTEREST INCOME
Wealth management fees	$	19,370	$	18,101	$	17,364
Payment technology solutions	5,077		4,879		5,073
Treasury management services	4,826		4,726		3,017
Card services and ATM fees	4,646		4,660		3,709
Other service charges on deposit accounts	1,506		1,618		1,533
Mortgage revenue	438		803		329
Income on bank owned life insurance	1,616		1,783		1,446

Net securities gains (losses)	(940)		(667)		(15,768)
Other noninterest income	5,726		6,788		4,520
Total noninterest income	$	42,265	$	42,691	$	21,223

Total noninterest income decreased by 1.0% compared to the fourth quarter of 2025 primarily due to declines in other noninterest income. Compared to the first quarter of 2025, total noninterest income increased by 99.1%, due in large part to the strategic balance sheet repositioning executed by Busey in the first quarter of 2025, resulting in a securities loss of $15.5 million. Additionally the first quarter of 2026 included a full quarter of income as a larger organization after the acquisition of CrossFirst, in contrast to the first quarter of 2025, which included only one month of income from CrossFirst following the acquisition, completed on March 1, 2025. Busey continues to benefit from its diverse set of product offerings.

Noteworthy changes in noninterest income during the quarter include:

•Wealth management fees increased by $1.3 million, or 7.0%, compared to the fourth quarter of 2025 primarily due to increases in trust fees and seasonal farm management fees. Busey’s Wealth Management division ended the first quarter of 2026 with $15.65 billion in assets under care, compared to $15.66 billion at the end of the fourth quarter of 2025 and $13.68 billion at the end of the first quarter of 2025. Busey’s portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark4 over the last three and five years.

•Other noninterest income decreased by $1.1 million, or 15.6%, compared to the fourth quarter of 2025, primarily due to declines in income from swap origination fees, fluctuations in private equity investments, and declines in commercial loan servicing.

First Busey Corporation (BUSE) | 2026 Q1 — 4

Operating Efficiency


	Three Months Ended
(dollars in thousands)	March 31, 2026		December 31, 2025		March 31, 2025(i)
NONINTEREST EXPENSE
Salaries, wages, and employee benefits	$	85,230	$	68,995	$	67,563
Data processing	9,864		9,871		9,575
Net occupancy expense of premises	7,652		7,877		5,799
Furniture and equipment expenses	2,177		2,200		1,744
Professional fees	3,239		3,491		9,511
Amortization of intangible assets	4,291		4,432		3,083
Interchange expense	1,116		1,218		1,343
FDIC insurance	2,451		2,655		2,167
Other noninterest expense	13,499		19,581		11,245
Total noninterest expense	$	129,519	$	120,320	$	112,030

___________________________________________

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

Total noninterest expense increased by 7.6% compared to the fourth quarter of 2025, due to increases in salaries, wages, and employee benefits, which were partially offset by decreases in other noninterest expense. Compared to the first quarter of 2025, total noninterest expense increased by 15.6%, with the increases primarily attributable to increased salaries, wages, and employee benefits and other noninterest expense, partially offset by declines in professional fees.

Adjusted noninterest expense,2 which excludes acquisition and restructuring expenses, was as follows:


	Three Months Ended
(dollars in thousands)	March 31, 2026		December 31, 2025		March 31, 2025
NONINTEREST EXPENSE WITH NON-GAAP ADJUSTMENTS
Salaries, wages, and employee benefits	$	69,106	$	64,968	$	51,685
Data processing	9,784		9,577		7,273
Net occupancy expense of premises	7,652		7,873		5,799
Furniture and equipment expenses	2,177		2,200		1,744
Professional fees	3,120		3,360		2,217
Amortization of intangible assets	4,291		4,432		3,083
Interchange expense	1,116		1,218		1,343
FDIC insurance	2,451		2,655		2,167
Other noninterest expense	13,122		19,221		10,693
Adjusted noninterest expense (Non-GAAP)(i)	$	112,819	$	115,504	$	86,004

___________________________________________

(i)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.

First Busey Corporation (BUSE) | 2026 Q1 — 5

Noteworthy changes in noninterest expense during the quarter include:

•Salaries, wages, and employee benefits expenses increased by $16.2 million, or 23.5%, compared to the fourth quarter of 2025. The quarter-over-quarter growth in this expense category was primarily driven by acquisition and restructuring charges, largely due to expenses recorded in connection with the execution on additional synergies related to the CrossFirst acquisition and the departure of Mr. Maddox.

Compared to the first quarter of 2025, salaries, wages, and employee benefits expenses increased by $17.7 million, or 26.1%, of which $0.2 million was attributable to increases in acquisition and restructuring expenses. Busey’s associate base and footprint broadened in connection with the CrossFirst acquisition, which was completed on March 1, 2025, affecting one month of the first quarter of 2025 and all three months of the first quarter of 2026.

•Other noninterest expense declined by $6.1 million, or 31.1%, compared to the fourth quarter of 2025, which had been elevated by the recognition of a $3.8 million operating loss tied to one relationship. Declines in marketing and business development, primarily due to timing, and a decline in loan expenses also contributed to the decrease in other noninterest expense during the first quarter of 2026.

Compared to the first quarter of 2025, other noninterest expense increased by $2.3 million, or 20.0%. Significant drivers of the increase included business development costs, software amortization, and loan expenses, impacted by the timing of the CrossFirst acquisition.

The efficiency ratio2 was 54.8% for the first quarter of 2026, compared to 55.0% for the fourth quarter of 2025, and 58.7% for the first quarter of 2025. As the business grows, Busey remains focused on prudently managing its expense base and operating efficiently.

First Busey Corporation (BUSE) | 2026 Q1 — 6

BALANCE SHEET STRENGTH

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


CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

	As of
(dollars in thousands)	March 31, 2026		December 31, 2025		March 31, 2025
ASSETS
Cash and cash equivalents	$	288,462	$	280,227	$	1,185,653
Interest-bearing time deposits in other banks	13,725		13,825		14,639
Debt securities available for sale	2,215,267		2,162,548		2,273,874
Debt securities held to maturity	725,540		746,385		815,402
Equity securities	13,951		14,916		10,828
Loans held for sale	5,224		5,752		7,270
Portfolio loans	13,459,890		13,567,799		13,868,357
Allowance for credit losses	(169,054)		(174,023)		(195,210)
Restricted bank stock	81,722		77,006		53,518
Premises and equipment, net	193,322		193,444		182,003

Goodwill and other intangible assets, net	475,520		480,729		496,118
Other assets	733,053		736,128		751,800
Total assets	$	18,036,622	$	18,104,736	$	19,464,252

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Total deposits	$	14,736,060	$	14,905,958	$	16,459,470
Securities sold under agreements to repurchase	156,364		166,929		137,340
Borrowings	470,365		290,529		401,861

Other liabilities	260,811		272,338		285,975
Total liabilities	15,623,600		15,635,754		17,284,646

Stockholders’ equity
Retained earnings	359,162		336,707		249,484
Accumulated other comprehensive income (loss)	(135,553)		(124,473)		(172,810)
Other stockholders' equity(i)	2,189,413		2,256,748		2,102,932
Total stockholders’ equity	2,413,022		2,468,982		2,179,606
Total liabilities and stockholders’ equity	$	18,036,622	$	18,104,736	$	19,464,252

___________________________________________

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

First Busey Corporation (BUSE) | 2026 Q1 — 7

Portfolio Loans

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


	As of
(dollars in thousands)	March 31, 2026		December 31, 2025		March 31, 2025
PORTFOLIO LOANS
Commercial loans:
Commercial and industrial and other commercial	$	4,124,737	$	4,229,208	$	4,513,543
Commercial real estate	5,566,044		5,550,018		5,573,766
Real estate construction	1,052,505		1,039,289		1,051,179
Total commercial loans	10,743,286		10,818,515		11,138,488
Retail loans:
Retail real estate	2,119,621		2,154,616		2,245,705
Retail other	596,983		594,668		484,164
Total retail loans	2,716,604		2,749,284		2,729,869
Total portfolio loans	$	13,459,890	$	13,567,799	$	13,868,357

CRE loans comprised 41.4% of Busey’s total loan portfolio as of March 31, 2026, and CRE properties were 25.9% owner occupied. Owner occupied commercial real estate is generally dependent on the performance of the borrowers’ businesses, whereas non-owner occupied commercial real estate is generally reliant on property cash flows generated by third-party tenants.


	As of
(dollars in thousands)	March 31, 2026		December 31, 2025		March 31, 2025
COMMERCIAL REAL ESTATE LOANS
Non-owner occupied commercial real estate	$	4,125,785	$	4,118,361	$	4,123,772
Owner occupied commercial real estate	1,440,259		1,431,657		1,449,994
Total commercial real estate loans	$	5,566,044	$	5,550,018	$	5,573,766

First Busey Corporation (BUSE) | 2026 Q1 — 8

Asset Quality

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




	As of
(dollars in thousands)	March 31, 2026			December 31, 2025			March 31, 2025
Total assets	$	18,036,622		$	18,104,736		$	19,464,252
Portfolio loans	13,459,890			13,567,799			13,868,357
Loans 30 – 89 days past due	17,465			16,475			18,554
Non-performing loans:
Non-accrual loans	45,799			51,198			48,647
Loans 90+ days past due and still accruing	812			2,288			6,077
Non-performing loans	46,611			53,486			54,724
Other non-performing assets	3,337			4,626			4,757
Non-performing assets	49,948			58,112			59,481
Substandard (excludes 90+ days past due)	166,467			116,402			131,078
Classified assets	$	216,415		$	174,514		$	190,559

Allowance for credit losses	$	169,054		$	174,023		$	195,210

RATIOS
Non-performing loans to portfolio loans	0.35		%	0.39		%	0.39		%
Non-performing assets to total assets	0.28		%	0.32		%	0.31		%
Non-performing assets to portfolio loans and other non-performing assets	0.37		%	0.43		%	0.43		%
Allowance for credit losses to portfolio loans	1.26		%	1.28		%	1.41		%
Coverage ratio of the allowance for credit losses to non-performing loans	3.63 x			3.25 x			3.57 x
Classified assets to Bank Tier 1 capital(i) and reserves	9.35		%	7.51		%	8.40		%

___________________________________________

(i)Capital amounts for the first quarter of 2026 are not yet finalized and are subject to change.

Non-performing assets decreased by $8.2 million compared to December 31, 2025, and decreased by $9.5 million compared to March 31, 2025. Non-performing assets represented 0.28% of total assets as of March 31, 2026, a 4 basis point decrease from December 31, 2025, and a 3 basis point decrease from March 31, 2025.

Classified assets increased by $41.9 million compared to December 31, 2025, and increased by $25.9 million compared to March 31, 2025, as a few larger commercial credits that Busey has been monitoring shifted to substandard still accruing.

The allowance for credit losses was $169.1 million as of March 31, 2026, 3.63 times our non-performing loans balance and representing 1.26% of total portfolio loans.

First Busey Corporation (BUSE) | 2026 Q1 — 9

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




	Three Months Ended
(dollars in thousands)	March 31, 2026		December 31, 2025		March 31, 2025(i, ii)
Net charge-offs	$	7,362	$	5,752	$	31,429

Provision for loan losses	$	2,393	$	5,594	$	42,452
Provision for unfunded commitments	665		(3,159)		3,141
Provision for credit losses	$	3,058	$	2,435	$	45,593

___________________________________________

(i)Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses. For periods ending prior to June 30, 2025, amounts reported as provision for loan losses were previously reported as provision for credit losses.

(ii)The three months ended March 31, 2025, included $42.4 million to establish an initial allowance for loan losses for loans purchased without credit deterioration (“non-PCD” loans) and $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.

Net charge-offs increased by $1.6 million when compared to the fourth quarter of 2025, and decreased by $24.1 million when compared with the first quarter of 2025. Net charge-offs during the three months ended March 31, 2026, included $6.7 million related to PCD loans acquired in the CrossFirst acquisition, which were previously reserved for.

Deposits

Busey’s deposits were comprised of the following:


	As of
(dollars in thousands)	March 31, 2026		December 31, 2025		March 31, 2025
DEPOSITS
Noninterest-bearing deposits	$	3,526,036	$	3,659,421	$	3,693,070
Interest-bearing transaction deposits	3,129,186		3,119,475		3,200,137
Savings deposits and money market deposits	5,714,697		5,697,172		6,475,187
Time deposits	2,366,141		2,429,890		3,091,076
Total deposits	$	14,736,060	$	14,905,958	$	16,459,470

Core deposits2 accounted for 93.7% of total deposits as of March 31, 2026. The quality of our core deposit franchise is a critical value driver of our institution. In addition to the $3.53 billion of noninterest-bearing deposits, we also have $1.99 billion of interest-bearing non-maturity deposits that are priced at 1 basis point providing stable rate inelastic funding. Busey has ample on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the first quarter of 2026 had a weighted average term of 7.4 months at a rate of 3.28%, which was 39 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

Liquidity

As of March 31, 2026, Busey’s available sources of on- and off-balance sheet liquidity5 totaled $8.63 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $96.6 million in the first quarter of 2026. Cash flows from our securities portfolio are expected to be approximately $302.5 million for the remainder of 2026, with a current book yield of 3.21%.

First Busey Corporation (BUSE) | 2026 Q1 — 10

Capital Strength

The strength of our balance sheet is also reflected in our capital foundation. Our capital ratios remain strong, and as of March 31, 2026, our estimated regulatory capital ratios3 continued to provide a buffer of more than $800 million above minimum levels that would otherwise restrict dividends, equity repurchases, and discretionary bonus payments. The following table presents Busey’s capital estimates3 and tangible equity position:


	As of
(dollars in thousands, except per share amounts)	March 31, 2026			December 31, 2025			March 31, 2025
Common equity Tier 1 capital to risk weighted assets(i)	12.31		%	12.43		%	12.00		%

Total capital to risk weighted assets(i)	15.87		%	15.93		%	14.88		%

Tangible common equity(ii)	$	1,722,305		$	1,773,056		$	1,675,738
Tangible common equity to tangible assets(ii)	9.81		%	10.06		%	8.83		%
Tangible book value per common share(ii)	$	20.14		$	20.23		$	18.62

___________________________________________

(i)Capital amounts and ratios as of March 31, 2026, are not yet finalized and are subject to change.

(ii)For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information.”

Dividends

Busey's strong capital levels, coupled with its earnings, have allowed it to provide a steady return to its stockholders through dividends. During the first quarter of 2026, Busey paid dividends of $0.26 per share on its outstanding shares of common stock, which represents a 4.0% increase from the previous quarterly dividend of $0.25 per share. Busey also paid dividends of $20.00 per share on its outstanding shares of Series A Non-Cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition, and $0.515625 per share on its outstanding depositary shares, each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock.

Share Repurchases

During the first quarter of 2026, under its stock repurchase plan, Busey purchased 2,617,400 shares of its common stock at a weighted average price of $25.07 per share for a total of $65.6 million (excluding excise taxes). As of March 31, 2026, Busey had 2,238,775 shares remaining available for repurchase under the plan.

FIRST QUARTER EARNINGS INVESTOR PRESENTATION

For additional information on Busey’s financial condition and operating results, please refer to our Q1 2026 Earnings Investor Presentation furnished via Form 8‑K on April 28, 2026, in connection with this earnings release.

CORPORATE PROFILE

As of March 31, 2026, First Busey Corporation (Nasdaq: BUSE) was an $18.04 billion financial holding company headquartered in Leawood, Kansas.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.01 billion as of March 31, 2026. Busey Bank currently has 80 banking centers, with 21 in central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in southwest Florida, three in Oklahoma, three in Colorado, three in Arizona, one in Indianapolis, Indiana, one in Wichita, Kansas, and one in Clayton, New Mexico. More information about Busey Bank can be found at busey.com.

Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $15.65 billion as of March 31, 2026. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

First Busey Corporation (BUSE) | 2026 Q1 — 11

Busey Bank’s payment technology solutions specialize in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. Busey provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, Busey simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services.

Busey is honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development. Nationally, American Banker has named Busey a Best Bank to Work For since 2016 while Pensions and Investments has recognized Busey as a Best Place to Work in Money Management since 2018. At the local level, Busey is continually honored among the Best Places to Work in Illinois (since 2016), Best Companies to Work For in Florida (since 2017) and Best Places to Work in Indiana (since 2024).

First Busey Corporation (BUSE) | 2026 Q1 — 12

NON-GAAP FINANCIAL INFORMATION

This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.

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

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

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)


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

		Three Months Ended
(dollars in thousands, except per share amounts)		March 31, 2026		December 31, 2025		March 31, 2025
Net income (loss) (GAAP)	[a]	$	49,981	$	60,750	$	(29,990)
Day 2 provision for credit losses(i)		—		—		45,572

Other acquisition (income) expenses		5,244		4,859		26,026
Restructuring expenses		11,456		(43)		—

Net securities (gains) losses		940		667		15,768
Related tax benefit(ii)		(4,410)		(1,047)		(22,069)
Non-recurring deferred tax adjustment(iii)		—		—		4,591
Adjusted net income (Non-GAAP)	[b]	63,211		65,186		39,898
Preferred dividends	[c]	4,589		4,590		—
Adjusted net income available to common stockholders (Non-GAAP)	[d]	$	58,622	$	60,596	$	39,898

Weighted average number of common shares outstanding, diluted (GAAP)	[e]	87,831,295		89,655,632		68,517,647
Diluted earnings (loss) per common share (GAAP)	[(a-c)÷e]	$	0.52	$	0.63	$	(0.44)

Weighted average number of common shares outstanding, diluted (Non-GAAP)(iv)	[f]	87,831,295		89,655,632		69,502,717
Adjusted diluted earnings per common share (Non-GAAP)(iv)	[d÷f]	$	0.67	$	0.68	$	0.57

___________________________________________

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

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

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

(iv)Dilution includes shares that would have been dilutive if there had been net income during the period for March 31, 2025.

First Busey Corporation (BUSE) | 2026 Q1 — 13

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
(dollars in thousands)		March 31, 2026			December 31, 2025			March 31, 2025
Net income (loss) (GAAP)	[a]	$	49,981		$	60,750		$	(29,990)
Amortization of intangible assets		4,291			4,432			3,083
Tax effect of amortization of intangible assets(i)		(1,073)			(1,121)			(779)
Preferred dividends		(4,589)			(4,590)			—
Tangible net income available to common stockholders (Non-GAAP)	[b]	$	48,610		$	59,471		$	(27,686)





Adjusted net income (Non-GAAP)(ii)	[c]	$	63,211		$	65,186		$	39,898
Amortization of intangible assets		4,291			4,432			3,083
Tax effect of amortization of intangible assets(i)		(1,073)			(1,121)			(779)
Preferred dividends		(4,589)			(4,590)			—
Adjusted tangible net income available to common stockholders (Non-GAAP)	[d]	$	61,840		$	63,907		$	42,202

Average total assets	[e]	$	18,060,220		$	18,309,250		$	14,831,298
Return on average assets (Non-GAAP)(iii)	[a÷e]	1.12		%	1.32		%	(0.82)		%
Adjusted return on average assets (Non-GAAP)(iii)	[c÷e]	1.42		%	1.41		%	1.09		%

Average common equity		$	2,255,075		$	2,253,609		$	1,932,407
Average goodwill and other intangible assets, net		(478,885)			(483,640)			(411,020)
Average tangible common equity (Non-GAAP)	[f]	$	1,776,190		$	1,769,969		$	1,521,387

Return on average tangible common equity (Non-GAAP)(iii, iv)	[b÷f]	11.10		%	13.33		%	(7.38)		%
Adjusted return on average tangible common equity (Non-GAAP)(iii, iv)	[d÷f]	14.12		%	14.32		%	11.25		%

___________________________________________

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

(ii)A reconciliation is provided in the previous table.

(iii)Annualized measure.

(iv)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 Q1 — 14

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)


Calculation of Net Interest Margin and Adjusted Net Interest Margin

		Three Months Ended
(dollars in thousands)		March 31, 2026			December 31, 2025			March 31, 2025
Net interest income (GAAP)		$	153,969		$	157,558		$	103,731
Tax-equivalent adjustment(i)		877			860			537
Tax-equivalent net interest income (Non-GAAP)	[a]	154,846			158,418			104,268
Purchase accounting accretion related to business combinations		(5,394)			(5,200)			(2,728)
Adjusted net interest income (Non-GAAP)	[b]	$	149,452		$	153,218		$	101,540

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

Net interest margin (Non-GAAP)(ii)	[a÷c]	3.77		%	3.71		%	3.16		%
Adjusted net interest margin (Non-GAAP)(ii)	[b÷c]	3.64		%	3.59		%	3.08		%

___________________________________________

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

(ii)Annualized measure.


Calculation of Pre-Provision Net Revenue and Related Measures

		Three Months Ended
(dollars in thousands)		March 31, 2026			December 31, 2025			March 31, 2025
Net interest income (GAAP)		$	153,969		$	157,558		$	103,731
Total noninterest income (GAAP)		42,265			42,691			21,223
Net security (gains) losses (GAAP)		940			667			15,768
Total noninterest expense (GAAP)(i)		(129,519)			(120,320)			(112,030)
Pre-provision net revenue (Non-GAAP)	[a]	67,655			80,596			28,692
Acquisition and restructuring (income) expenses, excluding initial provision expenses		16,700			4,816			26,026



Adjusted pre-provision net revenue (Non-GAAP)	[b]	$	84,355		$	85,412		$	54,718

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

Pre-provision net revenue to average total assets (Non-GAAP)(i, ii)	[a÷c]	1.52		%	1.75		%	0.78		%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)(ii)	[b÷c]	1.89		%	1.85		%	1.50		%

___________________________________________

(ii)Annualized measure.

First Busey Corporation (BUSE) | 2026 Q1 — 15

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)


Calculation of Efficiency Ratio

		Three Months Ended
(dollars in thousands)		March 31, 2026			December 31, 2025			March 31, 2025
Net interest income (GAAP)	[a]	$	153,969		$	157,558		$	103,731
Tax-equivalent adjustment(i)		877			860			537
Tax-equivalent net interest income (Non-GAAP)	[b]	154,846			158,418			104,268

Total noninterest income (GAAP)		42,265			42,691			21,223
Net security (gains) losses		940			667			15,768


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

Operating revenue (Non-GAAP)	[d = a+c]	$	197,174		$	200,916		$	140,722
Tax-equivalent operating revenue (Non-GAAP)(ii)	[e = b+c]	198,051			201,776			141,259

Adjusted noninterest income to operating revenue (Non-GAAP)	[c÷d]	21.91		%	21.58		%	26.29		%

Total noninterest expense (GAAP)(iii)		$	129,519		$	120,320		$	112,030
Acquisition and restructuring expenses, excluding initial provision expenses		(16,700)			(4,816)			(26,026)
Adjusted noninterest expense (Non-GAAP)(iv)		112,819			115,504			86,004
Amortization of intangible assets		(4,291)			(4,432)			(3,083)


Adjusted noninterest expense excluding amortization of intangible assets (Non-GAAP)(iii, v)	[f]	$	108,528		$	111,072		$	82,921

Efficiency ratio (Non-GAAP)(iii, vi)	[f÷e]	54.80		%	55.05		%	58.70		%

___________________________________________

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

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

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

(iv)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.

(v)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.

(vi)Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “Adjusted efficiency ratio.”

First Busey Corporation (BUSE) | 2026 Q1 — 16

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)		March 31, 2026			December 31, 2025			March 31, 2025
Total assets (GAAP)		$	18,036,622		$	18,104,736		$	19,464,252
Goodwill and other intangible assets, net		(475,520)			(480,729)			(496,118)
Tangible assets (Non-GAAP)(i)	[a]	$	17,561,102		$	17,624,007		$	18,968,134

Total stockholders’ equity (GAAP)		$	2,413,022		$	2,468,982		$	2,179,606
Preferred stock and additional paid in capital on preferred stock		(215,197)			(215,197)			(7,750)
Common equity	[b]	2,197,825			2,253,785			2,171,856
Goodwill and other intangible assets, net		(475,520)			(480,729)			(496,118)
Tangible common equity (Non-GAAP)(i)	[c]	$	1,722,305		$	1,773,056		$	1,675,738

Tangible common equity to tangible assets (Non-GAAP)(i)	[c÷a]	9.81		%	10.06		%	8.83		%

Ending number of common shares outstanding (GAAP)	[d]	85,507,160			87,624,430			90,008,178
Book value per common share (Non-GAAP)	[b÷d]	$	25.70		$	25.72		$	24.13
Tangible book value per common share (Non-GAAP)	[c÷d]	$	20.14		$	20.23		$	18.62

___________________________________________

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


Calculation of Core Deposits and Related Ratio

		As of
(dollars in thousands)		March 31, 2026			December 31, 2025			March 31, 2025
Total deposits (GAAP)	[a]	$	14,736,060		$	14,905,958		$	16,459,470
Brokered deposits, excluding brokered time deposits of $250,000 or more		(60,123)			(70,140)			(722,224)
Time deposits of $250,000 or more		(865,493)			(876,207)			(867,035)

Core deposits (Non-GAAP)	[b]	$	13,810,444		$	13,959,611		$	14,870,211

Core deposits to total deposits (Non-GAAP)	[b÷a]	93.72		%	93.65		%	90.34		%

First Busey Corporation (BUSE) | 2026 Q1 — 17

FORWARD-LOOKING STATEMENTS

This press release 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 cause economic deterioration or instability in credit markets (including the conflicts in the Middle East and Russia’s invasion of Ukraine); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey's commercial borrowers; (6) the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry, including investor and depositor sentiment regarding bank stability and liquidity; (7) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (8) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (9) increased competition in the financial services sector (including from non-bank competitors such as credit unions, digital asset service providers, private credit, and fintech companies) and the inability to attract new customers; (10) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (11) the loss of key executives or associates, talent shortages, and employee turnover; (12) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to 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 commercial real estate loans); (15) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (16) the level of non-performing assets on Busey’s balance sheets; (17) interruptions involving information technology and communications systems or third-party servicers; (18) breaches or failures of information security controls or cybersecurity-related incidents; (19) 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; (20) 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; (21) the ability to maintain an adequate level of allowance for credit losses on loans; (22) the effectiveness of Busey’s risk management framework; and (23) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

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

First Busey Corporation (BUSE) | 2026 Q1 — 18

END NOTES


1			Annualized measure.
2			Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see "Non-GAAP Financial Information.”
3			Capital amounts and ratios as of March 31, 2026, are not yet finalized and are subject to change.
4			The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.

5			On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.

First Busey Corporation (BUSE) | 2026 Q1 — 19

FIRST BUSEY CORPORATION

11440 Tomahawk Creek Parkway, Leawood, KS 66211

NASDAQ: BUSE

100 West University Avenue, Champaign, IL 61820


Member FDIC						busey.com

Q1 2026 EARNINGS INVESTOR PRESENTATION April 28, 2026

21Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE This presentation 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 First Busey Corporation’s (“Busey’s”) financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, military conflicts, acts of war or threats thereof, or other adverse external events that could cause economic deterioration or instability in credit markets (including the conflicts in the Middle East and Russia’s invasion of Ukraine); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey's commercial borrowers; (6) the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry, including investor and depositor sentiment regarding bank stability and liquidity; (7) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (8) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (9) increased competition in the financial services sector (including from non-bank competitors such as credit unions, digital asset service providers, private credit, and fintech companies) and the inability to attract new customers; (10) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (11) the loss of key executives or associates, talent shortages, and employee turnover; (12) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to 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 commercial real estate loans); (15) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (16) the level of non-performing assets on Busey’s balance sheets; (17) interruptions involving information technology and communications systems or third-party servicers; (18) breaches or failures of information security controls or cybersecurity- related incidents; (19) 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; (20) 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; (21) the ability to maintain an adequate level of allowance for credit losses on loans; (22) the effectiveness of Busey’s risk management framework; and (23) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission. Forward-Looking Statements

31Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Table of Contents Overview of First Busey Corporation (BUSE) 4 1Q26 Review 5 Investment Highlights 6 Earnings Performance 7 Strategically Configured Regional Operating Model 8 High Quality Loan Portfolio 9 Well-Diversified & Conservatively Underwritten Portfolio 10 Pristine Credit Quality 11 Top Tier Core Deposit Franchise 12 Net Interest Margin 13 Diversified and Significant Sources of Noninterest Income 14 Wealth Management 15 Focused Control on Expenses 16 Robust Capital Foundation 17 Appendix: 18 Seasoned Leadership Team 19 Purchase Accounting Projections 20 Non-GAAP Financial Information 21

41Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Overview of First Busey Corporation (NASDAQ: BUSE) Holding company of a 158+ year old bank Corporate headquarters in Leawood, KS ▪ Treasury Management Services and Payment Solutions $18.0 Billion Total Assets 1 $15.6 Billion Wealth Assets Under Care 1 $2.3 Billion Market Cap 1 ▪ Premier Commercial Banking Franchise with attractive market footprint ▪ Full-service Trust Company 1 Total Assets and Wealth Assets Under Care as of 3/31/26. Market cap as of 4/27/26 Powerful Combination of Banking, Wealth, and Payments Sizable business lines that provide a full suite of solutions to our clients at every stage of their business and personal life

51Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1 Non-GAAP calculations, see Appendix 1Q26 Review Financial Results Metric 4Q25 1Q26 Adj. Diluted EPS 1 $0.68 $0.67 Adj. Net Income to Common S/H 1 $61 million $59 million Total Operating Revenue 1 $201 million $197 million Net Interest Margin 1 3.71% 3.77% Net Interest Income $158 million $154 million Adj. Noninterest Income 1 $43 million $43 million Adj. Pre-Provision Net Revenue 1 $85 million $84 million Adj. PPNR ROAA 1 1.85% 1.89% Adj. ROAA 1 1.41% 1.42% Adj. ROATCE 1 14.32% 14.12% Efficiency Ratio 1 55.0% 54.8% Total Assets $18.1 billion $18.0 billion Total Loans $13.6 billion $13.5 billion Total Deposits $14.9 billion $14.7 billion TBV / Share 1 $20.23 $20.14 ▪ Assets Under Care of $15.6 billion at 3/31/26, as net AUC inflows across our footprint helped to soften the impacts from lower markets during the quarter ▪ 1Q26 Wealth segment revenue of $19.5 million was a new quarterly record (supported by typical seasonally high Ag Services revenue), following the FY 2025 wealth segment revenue of $70.2 million being the highest in company history Wealth management exhibits excellent performance ▪ TBV per share up $1.52/share, or 8%, YoY; TBV per share plus dividend up 14% ▪ Since embarking on share repurchase initiative in March 2025, repurchased over 6% of the total common shares that were outstanding at 3/31/25 Tangible Book Value grows year-over-year as Share Repurchase Plan remains active ▪ Loans declined by $108 million influenced by steady payoff headwinds and typical lighter first quarter loan production; asset quality remains strong with NPAs / Assets now at 0.28%, reserve coverage at 1.26% of total loans, and 22 bps of NCOs during 1Q26 ▪ Deposits declined by $170 million, partially related to seasonal public funds and business outflows that are anticipated to substantially return in 2Q26 and 3Q26 Balance sheet contracted due partially to anticipated seasonal patterns; asset quality remains strong ▪ Profitability was strong with a 1.42% adj. ROAA1, a 14.12% adj. ROATCE1, and 54.8% efficiency ratio1 in 1Q26, compared to 1.09% adj. ROAA1, 11.25% adj. ROATCE1, and 58.7% efficiency ratio1 in 1Q25 ▪ NIM up 6 bps QoQ and up 61 bps YoY as the company continues to demonstrate disciplined loan pricing and strong deposit cost control Improving Profitability $154.0 $43.2 -$112.8 -$3.1 -$13.7 -$4.4 -$4.6 $58.6 Net Interest Income Adj. Noninterest Income¹ Adj. Noninterest Expense¹ Provision for credit losses Income Taxes Reversal of tax benefit from non-operating costs Preferred Dividend Adj. Net Income to Common Shareholders¹ 1Q26 Summary Income Statement 21.48% Effective Tax Rate 1.26% Allowance/ Loans $ in millions Common Shares Repurchased Average Price $ Return to Shareholders FY 2025 3.06 million $22.81 $69.9 million 1Q26 2.62 million $25.07 $65.6 million Total 5.68 million $23.85 $135.5 million Repurchase Plan Update

61Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Attractive Profitability and Returns Disciplined Growth Strategy Driven by Regional Operating Model Balance Sheet Strength 1 Non-GAAP calculation, see Appendix | 2 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines | 3 1Q26 capital ratios are preliminary estimates | 4 Most recent quarter reported for KRX components as of 4/27/26 | 5 Market Data for BUSE updated to close on 4/27/26 | 6 Based on consensus median net income of covering analysts as of 4/27/26 Investment Highlights ▪ Long history of quality earnings performance ▪ Substantial improvements in ROAA1, ROATCE1, Net Interest Margin1, and Efficiency Ratio1 over the last twelve months as synergy realization ramped up from recently integrated CrossFirst acquisition ▪ Quarterly common stock dividend of $0.26 (3.9% yield)5, increased by $0.01, or 4%, in Jan. 2026 ▪ Active share repurchase program with $135.5 million, or over 6% of outstanding common shares, repurchased during the last twelve months ▪ Organic growth powered by an approach that brings the full capabilities of commercial, wealth, and payments to each community through local leadership and autonomy ▪ Anticipated primary organic growth drivers are expansion in new high-growth markets, successful hiring/ retaining of top-tier talent, and delivering the full suite of solutions to the entirety of the client base ▪ Efficient branch network — average deposits per branch of $184 million at 3/31/26 ▪ Executed nine strategic acquisitions over the last decade to enhance franchise value without unduly diluting shareholders, including the TBV-accretive acquisition of the $7.5 billion asset CrossFirst Bank in 2025 ▪ High quality, commercially-oriented loan portfolio is well-diversified by sector and geographic location and conservatively underwritten with low levels of concentration; strong reserve levels with allowance/loans at 1.26% ▪ Stable, low-cost core deposit franchise: 93.7% core deposits1, 23.9% of total deposits were noninterest-bearing, 37.4% of total deposits were priced at 1 basis point or less, and 1.81% total cost of deposits in 1Q26 ▪ Resilient liquidity profile with available sources of on- and off-balance sheet liquidity2 totaling $8.6 billion ▪ Robust capital foundation with capital ratios at $800 million+ excess over well-capitalized minimums with capital buffer: TCE/TA of 9.8%, CET1 of 12.3%, and Total Capital of 15.9% at 3/31/263 $ in billions 1Q26 Metrics better than KRX median in bold KRX Median MRQ 4 Total Assets $18.0 $29.4 Total Loans $13.5 $21.4 Total Deposits $14.7 $24.4 Total Wealth AUC $15.6 NM TCE Ratio1 9.8 % 8.9 % CET1 Ratio3 12.3 % 12.2 % NPA/Assets 0.28 % 0.45 % Net Interest Margin 1 3.77 % 3.59 % Adj. Nonint. Income % of Operating Revenue 1 21.9 % 16.7 % Adj. PPNR ROAA 1 1.89 % 1.78 % Adj. ROAA 1 1.42 % 1.32 % Adj. ROATCE 1 14.1 % 14.6 % Efficiency Ratio 1 54.8 % 54.9 % Market Cap 5 $2.3 $4.5 Dividend Yield 5 3.9% 3.0 % Price / TBV 5 1.3x 1.7x Price / 2026E 6 10.4x 10.9x Financial Highlights

71Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $12.33 $31.22 FY 201 5 FY 201 6 FY 201 7 FY 201 8 FY 201 9 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 2026 Q1 $10 $20 $30 $39.9 $57.2 $57.4 $60.6 $58.6 $0.57 $0.63 $0.64 $0.68 $0.67 Adj. Net Income Avail. to Common S/H Adj. EPS 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 11.3% 14.4% 14.0% 14.3% 14.1% 1 .09% 1 .21 % 1 .33% 1 .41 % 1 .42% Adj. ROATCE Adj. ROAA 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 1 Non-GAAP calculation, see Appendix | 2 Includes cumulative dividends per share over the period | 3 Market Data for BUSE updated to close on 4/27/26 Earnings Performance Adjusted Net Income & Earnings Per Common Share 1 Adjusted ROATCE & Adjusted ROAA 1 $ in millions $0.36 $0.67 201 6 Q1 201 7 Q1 201 8 Q1 201 9 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 $0.25 $0.50 $0.75 Earnings Track Record: Adj. EPS 10-Year Trend +9.49% CAGR +$18.89 Current common stock dividend yield of 3.9%3 Tangible Common BV 1 / Share (ex-AOCI) + Dividends 2

81Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Strategically Configured Regional Operating Model Focused on bringing the full breadth of commercial, wealth, and payments to provide a broad set of financial solutions to well-capitalized individuals and the companies they own & operate Life Equity Lending Structured Finance Energy Banking SBA Lending $7.7B deposits $2.4B deposits $4.6B loans $13B AUC $3B AUC $2.0B loans $3.0B deposits $2.0B loans $0.8B deposits $1.1B loans $0.7B deposits $1.8B loans $1.5B loans Enterprise-wide sales structure is organized by region – bringing full capabilities and the complete Busey experience to each community through local leadership and autonomy Notes: Balances based on origination location; data as of 3/31/26 | St. Louis MSA markets were recategorized into the Midwest region in 1Q26 (previously categorized in East region)

91Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Commercial & Industrial 30% Owner- Occupied CRE 11 %Non-Owner- Occupied CRE 31 % Real Estate Construction 8% Residential Real Estate 1 6% Other 4% 1 Capital is Busey Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses | 2 Most recent quarter reported for KRX components as of 4/27/26 | 3 Based on loan origination 4 St. Louis MSA markets were recategorized into the Midwest region in 1Q26 (previously categorized in East region) | 5 Includes $7.4 million of net charge-offs, which represent an immaterial percentage of other payoffs Classified Assets / Capital 1 NPLs / Total Loans 9.4% 0.35% KRX Median MRQ 2 KRX Median MRQ 2 11.3% 0.56% High Quality Loan Portfolio Loan Portfolio Regional Segmentation 3 Loan Portfolio Composition Total Loan Portfolio: $13.5 Billion Commercially-oriented portfolio is well-diversified by sector and geographic location and conservatively underwritten with low levels of concentration Portfolio 2025 Q4 QoQ ∆ 2026 Q1 % of Total East (Chicago, Southwest FL)4 $2,519 +$34 $2,553 19.0 % Midwest (Central IL, Indy, St. Louis)4 $4,732 -$114 $4,618 34.3 % Central (KC, Wichita, OKC, Tulsa) $2,029 -$64 $1,965 14.6 % Texas (Dallas, Fort Worth) $1,770 -$19 $1,751 13.0 % West (AZ, CO, NM) $1,006 +$47 $1,053 7.8 % Verticals $1,511 +$9 $1,520 11.3 % Total Loans $13,568 -$108 $13,460 100 % West region produced growth of 4.6% QoQ; driven by production from new hires and retained talent in Phoenix, Denver, and Colorado Springs markets Majority of loan contraction in the Midwest region is due to several larger C&I and CRE payoffs in the St. Louis market $ in millions 6.91 % 7.1 3% 7.06% 6.35% 6.49% 5.76% 6.22% 6.20% 6.1 0% 6.03% 4.36% 4.33% 4.35% 4.09% 3.68% Net New Funding Yield Loan Yield SOFR 30D (Avg) 3/31 /25 6/30/25 9/30/25 1 2/31 /25 3/31 /26 Loan Yield While maintaining focus on our guiding principles of pristine asset quality +$319 +$95 -$69 -$263 -$190 New Loan Production Net Line of Credit Draws PCD Loan Payoffs Other Payoffs⁵ Amortization $0 +$250 +$500 Commercial Loans / Total Portfolio 80% 100/300 Test 46% C&D / 229% CRE 1Q26 Loan Balances Change Life Equity Lending continued to provide strong loan production that offset slight declines in other verticals to drive net positive growth during quarter Disciplined loan pricing remains a key enterprise-wide priority Seasonally slow new production during the quarter and payoff headwinds contributed to anticipated QoQ balance decline $ in millions As of 3/31/26 Central region continued to generate new client production, but experienced headwind from PCD loan payoffs of ~$50 million during the quarter

101Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1 Investor owned CRE (CRE-I) includes C&D, Multifamily and non-owner occupied CRE Note: Minor difference in balances from above charts and consolidated balances reported elsewhere is attributable to purchase accounting, deferred fees & costs, and overdrafts $ in millions Property Type 3/31/26 Balances % of Total Loans 3/31/26 Classified Balances Apartments $1,153.0 8.6 % $0.0 Industrial/Warehouse 921.4 6.8 % 0.1 Retail 776.2 5.8 % 0.0 Traditional Office 508.5 3.8 % 0.5 Land Acq. & Dev. 396.2 2.9 % 11.8 Hotel 338.9 2.5 % 0.0 Student Housing 274.2 2.0 % 0.0 Specialty 237.6 1.8 % 0.0 Senior Housing 159.5 1.2 % 0.0 Self-Storage 146.8 1.1 % 0.0 Medical Office 137.9 1.0 % 0.0 Other 168.5 1.3 % 0.0 Grand Total $5,218.7 38.8 % $12.4 $ in millions Property Type 3/31/26 Balances % of Total Loans 3/31/26 Classified Balances Industrial/Warehouse $492.2 3.7 % $11.3 Specialty 327.1 2.4 % 6.5 Traditional Office 210.1 1.6 % 1.2 Medical Office 150.1 1.1 % 0.0 Restaurant 116.7 0.9 % 8.9 Retail 110.4 0.8 % 1.7 Other 16.9 0.1 % 3.6 Grand Total $1,423.5 10.6 % $33.2 Well-Diversified & Conservatively Underwritten Portfolio In ve st or -O w ne d C RE 1 Only 0.2% of total CRE-I loans are classified 100/300 Test: 46% C&D 229% CRE-I Only 2.3% of total OOCRE loans are classified C&I lines of credits have an overall utilization of 51%, demonstrating substantial borrowing capacity and appropriate revolving of most lines Lower risk profiles as underwritten to the primary occupying business and are not as exposed to lease turnover risks $ in millions NAICS Sector 3/31/26 Balances % of Total Loans 3/31/26 Classified Balances Finance and Insurance $804.6 6.0 % $14.4 Manufacturing 468.4 3.5 % 57.4 Real Estate, Rental and Leasing 381.9 2.8 % 3.5 Food Services, Drinking Places 330.3 2.5 % 8.0 Wholesale Trade 247.1 1.8 % 9.2 Construction 229.6 1.7 % 3.4 Other Services (ex. Public Admin) 223.9 1.7 % 2.7 Mining, Quarrying, Oil, Gas 217.4 1.6 % 0.0 Retail Trade 179.1 1.3 % 4.0 Agriculture, Forestry, Fishing 161.7 1.2 % 4.8 Transportation 151.3 1.1 % 9.0 Health Care and Social Assist. 148.3 1.1 % 9.7 Professional, Scientific, Tech 129.9 1.0 % 16.5 Educational Services 111.0 0.8 % 0.1 Other 297.7 2.2 % 15.7 Grand Total $4,082.2 30.3 % $158.4 O w ne r-O cc up ie d C RE C om m er ci al & In du st ria l ( C &I ) Majority of the Finance & Insurance portfolio (represents 20% of C&I loans, or 6% of total loans) is secured by marketable securities

111Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ▪ Conservative underwriting and strong portfolio management has resulted in a continued legacy of pristine credit quality ▪ Processes in place that identify any early warning indicators and proactively engage the special assets group early in the credit review process (special assets group has remained intact since the 2008-2009 recession) ▪ Loans 90+ days past due and still accruing of $0.8 million at 3/31/26, or 0.01% of total loans, and loans 30-89 days past due represent 0.13% of total loans ▪ OREO and repossessed asset balances total $3.3 million at 3/31/26, down from $4.6 million at 12/31/25 due to successful disposition of certain assets ▪ 1Q26 net credit provision expense of $3.1 million 1 Average loans was calculated as the average of the ending portfolio loan balances over the most recent four quarters Pristine Credit Quality Nonperforming Assets / Total Assets Net Charge-Offs / Average Loans (Annualized) 1 0.1 3% 0.06% 0.1 9% 0.32% 0.28%0.23% 0.31 % 0.46% 0.39% Busey KRX Median 2022 YE 2023 YE 2024 YE 2025 YE 2026 Q1 $ in millions $ in millions BUSE NPAs $16.6 $7.9 $23.3 $58.1 $49.9 BUSE NCOs $0.9 $2.3 $18.2 $5.8 $7.4 0.01 % 0.03% 0.23% 0.1 7% 0.22% 0.05% 0.1 6% 0.1 9% 0.1 6% Busey KRX Median 2022 YE 2023 YE 2024 YE 2025 Q4 2026 Q1 ▪ Reserves + purchase accounting marks / loans = 1.86% ▪ Allowance to Nonperforming Loans coverage of 3.63 x Allowance / Loans 1 .1 9% 1 .20% 1 .08% 1 .28% 1 .26% 1 .07% 1 .1 7% 1 .1 7% 1 .22% Busey KRX Median 2022 YE 2023 YE 2024 YE 2025 YE 2026 Q1

121Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Midwest region impacted by outflows of seasonal public funds that are expected to rebuild in 2Q26 and 3Q26, consistent with prior years Noninterest- bearing 24% Interest-bearing 21 % Savings & Money Market 39% Time <250k 1 0% Time >250k 6% 1 Non-GAAP calculation, see Appendix | 2 St. Louis MSA markets were recategorized into the Midwest region in 1Q26 (previously categorized in East region) Loan to Deposit Ratio 91.3% Core Deposits 1 93.7% MRQ Avg Cost of Total Deposits 1.81% % of Total Deposits priced at 1 bp or less 37.4% Average Deposits per Branch $184 million Top Tier Core Deposit Franchise Deposit Portfolio Composition Total Deposits: $14.7 Billion Deposit Portfolio Regional Segmentation Portfolio 2025 Q4 QoQ ∆ 2026 Q1 % of Total East (Chicago, Southwest FL)2 $2,401 +$9 $2,410 16.4 % Midwest (Central IL, Indy, St. Louis)2 $7,876 -$178 $7,698 52.2 % Central (KC, Wichita, OKC, Tulsa) $2,953 +$12 $2,965 20.1 % Texas (Dallas, Fort Worth) $721 -$23 $698 4.7 % West (AZ, CO, NM) $797 +$6 $803 5.4 % Verticals $158 +$4 $162 1.1 % Total Deposits $14,906 -$170 $14,736 100 % $ in millions 1 .91 % 2.21 % 2.1 5% 1 .91 % 1 .81 % 2.00% 2.00% 1 .99% 1 .89% Busey KRX Median 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 1 .00% 1 .50% 2.00% 2.50% 3.00% Successful Post-Acquisition Deposit Optimization Strategy: Total Cost of Deposits vs. Peers 37% deposit beta during 1Q26 53% deposit beta since 2Q25 3/1/25: Closed acquisition of CrossFirst Bankshares 6/28/25: Merged CrossFirst Bank into Busey Bank As of 3/31/26 ▪ Spot total deposit cost was 1.81% at 3/31/26, compared to 1.80% at 12/31/25 ▪ Brokered deposits are less than 1% of total deposits ▪ New CD production in 1Q26 had a weighted-average term of 7.4 months and a weighted-average rate of 3.3%; CD repricing anticipated to be beneficial in 2Q26 2Q26 3Q26 4Q26 Balances ($ millions) $1,268 $666 $132 Weighted Average Rate 3.8 % 3.3 % 2.3 % CD Maturity Schedule as of 3/31/26 Deposit Costs expected to remain stable Texas demonstrated momentum on core deposit gathering during quarter, but was pressured by one outsized transactional ICS deposit outflow

131Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $1 03.7 $1 53.2 $1 55.1 $1 57.6 $1 54.0 $101.0 $146.1 $149.2 $152.4 $148.6 $2.7 $7.1 $5.9 $5.2 $5.4 Net Interest Income Purchase Accounting Accretion 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 5.08% 5.63% 5.63% 5.53% 5.51 % 2.02% 2.29% 2.22% 1 .97% 1 .89% 3.1 6% 3.49% 3.58% 3.71 % 3.77% Earning Assets Cost of Funds NIM 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 1 Tax-equivalent adjusted amounts; Non-GAAP, see Appendix 2 Based on a static balance sheet that is projected over one- and two-year time horizons, with net interest income calculated under current market rates assuming permanent instantaneous shifts $ in millions Factors contributing to the QoQ +6 bps NIM expansion Net Interest Margin Trend 1Net Interest Income Trend Net Interest Margin Note: Company Purchase Accounting Schedule in appendix Avg IE Assets ($B) $13.36 $17.70 $17.27 $16.94 $16.67 2Q26 - 4Q26 2027 2028 Roll-off Cash Flow ($ millions) $303 $321 $322 Approximate Roll-off Yield 3.2 % 3.1 % 3.0 % 2Q26 - 4Q26 2027 2028 Balances ($ millions) $842 $982 $708 Weighted Average Rate 4.8 % 4.9 % 5.4 % Scheduled Maturities / Repricing of Fixed Rate Loans Roll-off of Securities ▪ Continued to benefit from the substantial amount of low-yield loans and securities rolling off into higher-yield products 1Q26 Net New Loan Funding Yield: 6.49% New Securities purchased at: ~4.75% Net Interest Income Rate Sensitivity 2 Rate Shock Year 1 NII Impact Year 2 NII Impact +200 bps +4.3 % +5.0 % +100 bps +2.3 % +2.7 % -100 bps -1.3 % -2.5 % -200 bps -1.3 % -4.2 % Balance sheet remains well- positioned for rate neutrality ▪ Reduced deposit costs by 10 bps QoQ (37% quarterly beta) by applying measured rate cutting initiatives to optimize funding costs ▪ Net interest income declined $3.6 million QoQ, primarily due to lower day count in the first quarter

141Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Minimal contribution from other service charges such as NSF, overdraft, and consumer deposit fees Payment Technology Solutions includes lockbox/ACH payment processing, merchant services, online payments, and other electronic payments Treasury Management Services includes commercial cash management services, wires, and other commercial business service charges 1 1Q26 adjusted noninterest income contributed 21.9% of total operating revenue (excludes net securities gains) | 271.1% of 1Q26 adjusted noninterest income is contributed by wealth management fees, wealth management referral income included in other noninterest income, payment technology solutions revenue, and revenue lines managed by treasury management division (treasury management services revenue and corporate credit card interchange) | 3 Non-GAAP calculation, see Appendix | 4 1Q25 Noninterest Income only includes one month of contribution from CrossFirst, as acquisition was completed on 3/1/25 5 Approximately $0.2 million of Other Noninterest Income was attributable to the wealth segment in 1Q25 and 1Q26 $1 40.7 $1 92.0 $1 96.7 $200.9 $1 97.2 $37.0 $38.9 $41.5 $43.4 $43.2 $103.7 $153.2 $155.1 $157.6 $154.0 26.3% 20.2% 21 .1 % 21 .6% 21 .9% Adj. Nonint. Inc. Net Interest Income Adj. Nonint. Inc./Op. Rev. 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 $ in millions Noninterest Income Detail 2025 Q1 4 YoY Change 2026 Q1 % of Total (Adj.) Wealth Management Fees $17,364 +12 % $19,370 44.8 % Payment Technology Solutions 5,073 0 % 5,077 11.8 % Treasury Management Services 3,017 +60 % 4,826 11.2 % Card Services and ATM Fees 3,709 +25 % 4,646 10.8 % Other Service Charges on Deposit Accounts 1,533 -2 % 1,506 3.5 % Mortgage Revenue 329 +33 % 438 1.0 % Income on Bank Owned Life Insurance 1,446 +12 % 1,616 3.7 % Other Noninterest Income5 4,520 +27 % 5,726 13.3 % Adjusted Noninterest Income $36,991 +17 % $43,205 100 % Net Securities Gains (Losses) (15,768) (940) Total Noninterest Income $21,223 +99 % $42,265 $ in thousands Adjusted Noninterest Income / Operating Revenue 3 Sources of Noninterest Income Diversified and Significant Sources of Noninterest Income Capital Markets activities drove YoY growth momentum for Other Noninterest Income 21.9% 71.1% Wealth + Payments + Treasury Management As a percentage of Total Noninterest Income 2 1Q26 Card Services line item includes $1.3 million of interchange from corporate credit cards that are managed by Treasury Management team NII became a larger share of total revenue with significant NIM expansion and recent acquisition Adjusted Noninterest Income As a percentage of Total Revenue 1

151Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $17.6 $17.0 $17.4 $18.3 $19.5 $8.2 $7.7 $7.5 $8.5 $9.4 46.6% 45.1 % 43.0% 46.6% 48.2% Revenue Pre-Tax Income ² Pre-Tax Profit Margin ² 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 $13,678 $14,102 $14,959 $15,657 $15,647 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 ▪ Assets Under Care (AUC) remained stable QoQ despite lower market pressures during 1Q26 and is up $2.0 billion YoY, or 14% 1 Wealth Management segment | 2 1Q26 wealth management pre-tax income is adjusted to exclude non-operating expenses 3 Busey Wealth Management’s blended portfolio 3-year and 5-year returns vs. blended benchmark of 60% MSCI All-Country World Index and 40% Bloomberg Intermediate Govt/Credit Index $ in millions $ in millions Wealth Management Wealth Revenue Composition 1 % of Total WM Revenue 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Trust / Agency 80.8 % 82.9 % 86.2 % 86.3 % 83.6 % Brokerage 7.3 % 7.6 % 8.0 % 8.2 % 7.7 % Ag Services 9.0 % 2.4 % 0.6 % 1.6 % 6.7 % Tax & Financial Planning 0.6 % 4.1 % 0.6 % 0.5 % 0.5 % Estate Settlement 1.1 % 1.8 % 3.4 % 2.2 % 0.5 % Other 1.1 % 1.2 % 1.1 % 1.1 % 1.0 % Total 100 % 100 % 100 % 100 % 100 % $15.6 Billion Assets Under Care LTM Revenue 1$72.1 Million ▪ 1Q26 Wealth revenue1 of $19.5 million, a YoY increase of 11% and a new record quarterly revenue at the company ▪ Pre-tax profit margin2 of 48.2% in 1Q26 and 45.8% over the last twelve months Wealth Revenue 1 and Pre-Tax Income 2Assets Under Care Integrated comprehensive capabilities to serve Personal & Institutional Clients ▪ Strong net AUC inflows have supported YoY AUC growth ▪ New wealth teams established in Kansas City, Wichita, Oklahoma City, Dallas, Denver, and Phoenix over the last twelve months ▪ AUC in these new Western markets has grown to $136 million as of 3/31/26, with robust AUC in pipelines ▪ Net AUC inflows supported by the strong performance of our fully internalized investment office that utilizes a tailored, tax-efficient approach for each client, producing long-term returns that continue to outperform benchmarks3 LTM PT Margin 245.8% Wealth revenue was ~$1 million higher QoQ due to typical seasonality in Ag Services, with sale of grain highest during the first quarter of the year

161Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $ in millions 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Noninterest Expense $112.0 $127.8 $120.0 $120.3 $129.5 Acquisition & Restructuring Expenses (-) $26.0 $16.6 $7.2 $4.8 $16.7 Adjusted NIE 1 $86.0 $111.2 $112.8 $115.5 $112.8 Amortization of Intangibles (-) $3.1 $4.6 $4.5 $4.4 $4.3 Adjusted NIE excluding Amortization of Intangibles 1 $82.9 $106.6 $108.3 $111.1 $108.5 1 Non-GAAP, see Appendix | Note: Certain totals above may not tie exactly due to rounding. Detail amounts can be found in Non-GAAP table within Appendix Noninterest Expense Focused Control on Expenses $ in millions 2025 Q4 QoQ Change 2026 Q1 % of Total Adj. Compensation & Benefits $65.0 +6.3% $69.1 61.3 % Data processing $9.6 +2.1% $9.8 8.7 % Occupancy & Equipment $10.1 -3.0% $9.8 8.7 % Professional fees $3.4 -8.8% $3.1 2.7 % Amort. of intangible assets $4.4 -2.3% $4.3 3.8 % Other NIE $23.1 -27.7% $16.7 14.8 % Adjusted NIE 1 $115.5 -2.3% $112.8 100.0 % ▪ Focused on delivering positive operating leverage: strong positive operating leverage of +14% in FY 2025 and again positive in 1Q26 ▪ Adjusted NIE (including amortization of intangibles) decreased 2.3% QoQ ▪ Continue to be mindful and diligent on expenses, focused on employing the best talent and deploying a best-in-class product set to position the company for efficient future growth ▪ Operating revenue1 per employee is $108k at 3/31/2026 compared to $78k at 12/31/2024 ▪ The “other noninterest expense” QoQ decline of 27.7% was related to lower marketing and business development costs due to timing, and because 4Q25 other expenses were elevated due to an unusual $3.8 million operating loss ▪ Non-operating expenses during 1Q26 were primarily comprised of costs from a previously announced management departure as well as other elevated compensation expenses due to additional synergies related to the CrossFirst acquisition that were identified and executed on during the quarter 61.8% 58.7% 55.3% 54.9% 55.1% 54.8% 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Efficiency Ratio 1 Trend Adjusted Noninterest Expense Summary

171Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 36% 39% 39% 39% 39% 48% 77% 63% 93% 151% Dividend Payout Ratio Payout Ratio with Dividends & Share Repurchases 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 —% 50% 100% 150% $1,872 $1,888 $1,908 $1,920 $1,880 1 2.0% 1 2.2% 1 2.3% 1 2.4% 1 2.3% 7.0% Common Equity Tier 1 CET1 Ratio Min + Buffer Ratio 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 $1,676 $1,709 $1,748 $1,773 $1,722 8.8% 9.3% 9.9% 1 0.1 % 9.8% TCE TCE Ratio 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Tangible Common Equity 1 1 Non-GAAP calculation, see Appendix | 2 1Q26 capital ratios are preliminary estimates 3 Common dividends and share repurchases during period divided by adjusted net income available to common shareholders during period $ in millions Common Equity Tier 1 Ratio Tier 1 Capital Ratio Total Capital Ratio Capital Ratio 12.3 % 13.8 % 15.9 % Minimum Well Capitalized with Capital Buffer 7.0 % 8.5 % 10.5 % Amount of Capital $1,880 $2,103 $2,424 Well Capitalized Minimum with Buffer $1,069 $1,298 $1,604 Excess over Well Cap. Min. with Buffer $811 $805 $820 $ in millions $ in millions Robust Capital Foundation Common Equity Tier 1 2 Consolidated Capital as of 3/31/26 2Adjusted Common Stock Payout Ratio 3

Appendix

191Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Seasoned Leadership Team Has served as Chairman & CEO of First Busey since 2007 and became Chairman of the Board effective July 2020. Offers 40 years of diverse financial services experience and extensive board involvement with a conservative operating philosophy and management style that focuses on Busey’s associates, customers, communities and shareholders. Van A. Dukeman Chairman, President & CEO, First Busey Corp. Chairman & CEO, Busey Bank Tony Hammond President, Busey Bank Joined Busey in 2008 and has nearly 30 years of financial and leadership experience. Oversees various areas at Busey and its subsidiaries, including human resources, corporate communications, executive administration, marketing, the overall Busey experience, enterprise and strategic projects, as well as consumer and digital banking. Prior to Busey, Amy worked for 10+ years with CliftonLarsonAllen LLP. Amy L. Randolph Chief Operating Officer Joined Busey in January 2020 with over 25 years of financial leadership experience, including a 16-year tenure with KeyCorp. Oversees various areas at Busey and its subsidiaries, including enterprise, operational and third-party risk management, compliance, fair and responsible banking, vendor management, model risk, business continuity and information security. Monica L. Bowe Chief Risk Officer Joined Busey in March 2025 with the CrossFirst Bankshares merger and oversees various areas at Busey and its subsidiaries, including all information technology and business services and systems, service support, enterprise lending services, enterprise deposits and payments, and facilities. Previously, Amy held multiple executive leadership roles with CrossFirst Bank, most recently serving as Chief Operating Officer. Amy J. Fauss Chief Information & Technology Officer Joined Busey in 2011 and has over 20 years of experience in the financial services industry. Chip oversees all aspects of credit administration at Busey Bank, including commercial and consumer credit, portfolio monitoring and special assets. Before being named Chief Credit Officer in 2025, he has held the roles of President of Credit and Bank Administration, Co-Chief Banking Officer, and Regional President for Commercial Banking. Chip Jorstad Chief Credit Officer Joined Busey in September 2025. Oversees various areas at Busey and its subsidiaries—including accounting and corporate reporting, financial planning and analysis, budgeting and forecasting, corporate insights, capital markets, treasury, specialty finance and community investments, corporate development and investor relations. Chris previously served as Chief Strategy Officer at First National Bank, the largest subsidiary of F.N.B. Corporation. Chris H.M. Chan Chief Financial Officer Joined Busey in December 2011 and has over 45 years of legal experience. He oversees all legal matters and leads Busey’s corporate governance efforts. Prior to joining Busey, he was a shareholder in the law firm of Meyer Capel. John J. Powers General Counsel 2026 Executive Compensation Performance Measures Weighting Short-term incentives Operating EPS 40% Asset Quality Ratio 25% Fee Revenue from Wealth Mgmt., Payment Technology Solutions, Treasury Mgmt., and Capital Markets 20% Core Deposit Growth 10% Regulatory Ratings 5% Total 100% Long-term incentives Relative Total Shareholder Return vs. KRE constituents 50% Relative Operating ROAA vs. Proxy Peer Group 25% Relative TBV growth ex-AOCI plus cumulative dividends and share repurchases vs. Proxy Peer Group 25% Total 100% Executive compensation reinforces corporate priorities and is aligned with driving long-term shareholder value Joined Busey in May 2025. Oversees Busey’s regional operating sales and revenue model which includes all commercial, wealth, treasury management, payments and specialty business units. Tony has two decades of commercial banking experience—including serving as Head of Commercial and Middle Market Banking at HTLF and senior leadership roles at Arizona Bank & Trust, Johnson Bank and BOK Financial—with a track record of consistently leading high-performing teams, growing market share and attracting top talent across the industry.

201Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Estimated accretion schedule of loan discounts based on anticipated contractual cash flow. These projections include remaining purchase accounting impact from all prior M&A transactions. Purchase Accounting Projections ($ in thousands) Actuals Accretion/Amortization Impact Item 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Thereafter Loans Accretion 2,272 6,576 6,088 5,571 5,760 5,546 5,303 4,941 65,218 CD Accretion 659 921 135 -5 -8 -6 -7 -5 289 Borrowings Amortization -203 -378 -369 -366 -357 -358 -358 -359 -3,707 Net NII Impact 2,728 7,119 5,854 5,200 5,394 5,183 4,937 4,578 61,800 Core Deposit Intangible & Wealth Intangibles Amortization -3,083 -4,592 -4,507 -4,432 -4,291 -4,232 -4,151 -4,082 -80,692 Total Pre-Tax Income Impact -355 2,527 1,347 768 1,103 951 786 496 -18,892

211Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information This presentation contains certain financial information determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”). Management uses these non- GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time. Included in the Appendix are tables that present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures. These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax-effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted in the tables below.

221Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information (Unaudited) Calculation of Adjusted Net Income and Adjusted Diluted Earnings Per Common Share Three Months Ended (dollars in thousands, except per share amounts) March 31, 2026 December 31, 2025 March 31, 2025 Net income (loss) (GAAP) [a] $ 49,981 $ 60,750 $ (29,990) Day 2 provision for credit losses1 — — 45,572 Other acquisition (income) expenses 5,244 4,859 26,026 Restructuring expenses 11,456 (43) — Net securities (gains) losses 940 667 15,768 Related tax benefit2 (4,410) (1,047) (22,069) Non-recurring deferred tax adjustment3 — — 4,591 Adjusted net income (Non-GAAP) [b] 63,211 65,186 39,898 Preferred dividends [c] 4,589 4,590 — Adjusted net income available to common stockholders (Non-GAAP) [d] $ 58,622 $ 60,596 $ 39,898 Weighted average number of common shares outstanding, diluted (GAAP) [e] 87,831,295 89,655,632 68,517,647 Diluted earnings (loss) per common share (GAAP) [(a-c)÷e] $ 0.52 $ 0.63 $ (0.44) Weighted average number of common shares outstanding, diluted (Non-GAAP)4 [f] 87,831,295 89,655,632 69,502,717 Adjusted diluted earnings per common share (Non-GAAP)4 [d÷f] $ 0.67 $ 0.68 $ 0.57 ___________________________________________ 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. 2. Tax benefits were calculated using tax rates of 25.0%, 19.1%, and 25.3% for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively. 3. A deferred valuation tax adjustment was recorded in the first quarter of 2025 in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Deferred tax adjustments are reflected within the income taxes line on the Statements of Income. 4. Dilution includes shares that would have been dilutive if there had been net income during the period.

231Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information (Unaudited) ___________________________________________ 1. Tax effects were calculated using income tax rates of 25.0%, 25.3%, and 25.3% for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively. 2. A reconciliation is provided in the previous table. 3. Annualized measure. 4. Beginning in 2026, Busey revised, for all periods presented, its calculation of return on average tangible common equity and adjusted return on average tangible common equity to eliminate the effects of intangible asset amortization from the numerator of both calculations. Calculation of Return On Average Assets, Return On Average Tangible Common Equity, and Related Adjusted Return Measures Three Months Ended (dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Net income (loss) (GAAP) [a] $ 49,981 $ 60,750 $ (29,990) Amortization of intangible assets 4,291 4,432 3,083 Tax effect of amortization of intangible assets1 (1,073) (1,121) (779) Preferred dividends (4,589) (4,590) — Tangible net income available to common stockholders (Non-GAAP) [b] $ 48,610 $ 59,471 $ (27,686) Adjusted net income (Non-GAAP)2 [c] $ 63,211 $ 65,186 $ 39,898 Amortization of intangible assets 4,291 4,432 3,083 Tax effect of amortization of intangible assets1 (1,073) (1,121) (779) Preferred dividends (4,589) (4,590) — Adjusted tangible net income available to common stockholders (Non-GAAP) [d] $ 61,840 $ 63,907 $ 42,202 Average total assets [e] $ 18,060,220 $ 18,309,250 $ 14,831,298 Return on average assets (Non-GAAP)3 [a÷e] 1.12 % 1.32 % (0.82) % Adjusted return on average assets (Non-GAAP)3 [c÷e] 1.42 % 1.41 % 1.09 % Average common equity $ 2,255,075 $ 2,253,609 $ 1,932,407 Average goodwill and other intangible assets, net (478,885) (483,640) (411,020) Average tangible common equity (Non-GAAP) [f] $ 1,776,190 $ 1,769,969 $ 1,521,387 Return on average tangible common equity (Non-GAAP)3, 4 [b÷f] 11.10 % 13.33 % (7.38) % Adjusted return on average tangible common equity (Non-GAAP)3, 4 [d÷f] 14.12 % 14.32 % 11.25 %

241Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information (Unaudited) Calculation of Net Interest Margin and Adjusted Net Interest Margin Three Months Ended (dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Net interest income (GAAP) $ 153,969 $ 157,558 $ 103,731 Tax-equivalent adjustment1 877 860 537 Tax-equivalent net interest income (Non-GAAP) [a] 154,846 158,418 104,268 Purchase accounting accretion related to business combinations (5,394) (5,200) (2,728) Adjusted net interest income (Non-GAAP) [b] $ 149,452 $ 153,218 $ 101,540 Average interest-earning assets (Non-GAAP) [c] $ 16,665,766 $ 16,941,000 $ 13,363,594 Net interest margin (Non-GAAP)2 [a÷c] 3.77 % 3.71 % 3.16 % Adjusted net interest margin (Non-GAAP)2 [b÷c] 3.64 % 3.59 % 3.08 % ___________________________________________ 1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans. 2. Annualized measure. ___________________________________________ 1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments out of total noninterest expense and into the provision for credit losses. This change affects all measures and ratios derived from total noninterest expense. 2. Annualized measure. Calculation of Pre-Provision Net Revenue and Related Measures Three Months Ended (dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Net interest income (GAAP) $ 153,969 $ 157,558 $ 103,731 Total noninterest income (GAAP) 42,265 42,691 21,223 Net security (gains) losses (GAAP) 940 667 15,768 Total noninterest expense (GAAP)1 (129,519) (120,320) (112,030) Pre-provision net revenue (Non-GAAP) [a] 67,655 80,596 28,692 Acquisition and restructuring (income) expenses, excluding initial provision expenses 16,700 4,816 26,026 Adjusted pre-provision net revenue (Non-GAAP) [b] $ 84,355 $ 85,412 $ 54,718 Average total assets [c] $ 18,060,220 $ 18,309,250 $ 14,831,298 Pre-provision net revenue to average total assets (Non-GAAP)1, 2 [a÷c] 1.52 % 1.75 % 0.78 % Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c] 1.89 % 1.85 % 1.50 %

251Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information (Unaudited) ___________________________________________ 1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans. 2. Beginning in 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 the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments out of total noninterest expense and into the provision for credit losses. This change affects all measures and ratios derived from total noninterest expense. 4. 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. 5. 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. 6. Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “Adjusted efficiency ratio.” Calculation of Efficiency Ratio Three Months Ended (dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Net interest income (GAAP) [a] $ 153,969 $ 157,558 $ 103,731 Tax-equivalent adjustment1 877 860 537 Tax-equivalent net interest income (Non-GAAP) [b] 154,846 158,418 104,268 Total noninterest income (GAAP) 42,265 42,691 21,223 Net security (gains) losses 940 667 15,768 Adjusted noninterest income (Non-GAAP) [c] $ 43,205 $ 43,358 $ 36,991 Operating revenue (Non-GAAP) [d = a+c] $ 197,174 $ 200,916 $ 140,722 Tax-equivalent operating revenue (Non-GAAP)2 [e = b+c] 198,051 201,776 141,259 Adjusted noninterest income to operating revenue (Non-GAAP) [c÷d] 21.91 % 21.58 % 26.29 % Total noninterest expense (GAAP)3 $ 129,519 $ 120,320 $ 112,030 Acquisition and restructuring expenses, excluding initial provision expenses (16,700) (4,816) (26,026) Adjusted noninterest expense (Non-GAAP)4 112,819 115,504 86,004 Amortization of intangible assets (4,291) (4,432) (3,083) Adjusted noninterest expense excluding amortization of intangible assets (Non-GAAP)3, 5 [f] $ 108,528 $ 111,072 $ 82,921 Efficiency ratio (Non-GAAP)3, 6 [f÷e] 54.80 % 55.05 % 58.70 %

261Q26 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ___________________________________________ 1. Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment. Non-GAAP Financial Information (Unaudited) Calculation of Tangible Common Equity, and Related Measures and Ratio As of (dollars in thousands, except per share amounts) March 31, 2026 December 31, 2025 March 31, 2025 Total assets (GAAP) $ 18,036,622 $ 18,104,736 $ 19,464,252 Goodwill and other intangible assets, net (475,520) (480,729) (496,118) Tangible assets (Non-GAAP)1 [a] $ 17,561,102 $ 17,624,007 $ 18,968,134 Total stockholders’ equity (GAAP) $ 2,413,022 $ 2,468,982 $ 2,179,606 Preferred stock and additional paid in capital on preferred stock (215,197) (215,197) (7,750) Common equity [b] $ 2,197,825 $ 2,253,785 $ 2,171,856 Goodwill and other intangible assets, net (475,520) (480,729) (496,118) Tangible common equity (Non-GAAP)1 [c] $ 1,722,305 $ 1,773,056 $ 1,675,738 Tangible common equity to tangible assets (Non-GAAP)1 [c÷a] 9.81 % 10.06 % 8.83 % Ending number of common shares outstanding (GAAP) [d] 85,507,160 87,624,430 90,008,178 Book value per common share (Non-GAAP) [b÷d] $ 25.70 $ 25.72 $ 24.13 Tangible book value per common share (Non-GAAP) [c÷d] $ 20.14 $ 20.23 $ 18.62 Calculation of Core Deposits and Related Ratio As of (dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Total deposits (GAAP) [a] $ 14,736,060 $ 14,905,958 $ 16,459,470 Brokered deposits, excluding brokered time deposits of $250,000 or more (60,123) (70,140) (722,224) Time deposits of $250,000 or more (865,493) (876,207) (867,035) Core deposits (Non-GAAP) [b] $ 13,810,444 $ 13,959,611 $ 14,870,211 Core deposits to total deposits (Non-GAAP) [b÷a] 93.72 % 93.65 % 90.34 %

Source: View Original Filing on SEC EDGAR

FAQ

How did First Busey Corporation (BUSE) perform financially in Q1 2026?

First Busey generated net income of $50.0 million in Q1 2026, versus a loss a year earlier. Adjusted net income available to common stockholders was $58.6 million, or $0.67 per diluted share, reflecting stronger core earnings and lower credit costs.

What were First Busey Corporation’s key profitability metrics for Q1 2026?

Profitability was solid, with adjusted return on average assets of 1.42% and adjusted return on average tangible common equity of 14.12%. The efficiency ratio improved to 54.8%, indicating better cost control relative to revenue after the CrossFirst acquisition integration.

How did First Busey’s net interest margin and deposit costs trend in Q1 2026?

Net interest margin increased to 3.77% in Q1 2026, while adjusted net interest margin was 3.64%. Total deposit cost of funds declined to 1.81%, helped by lower funding costs and disciplined pricing on deposits and new certificates of deposit.

What was the asset quality profile for First Busey Corporation in Q1 2026?

Asset quality remained strong. Non‑performing assets were 0.28% of total assets, and non‑performing loans were 0.35% of portfolio loans. The allowance for credit losses stood at $169.1 million, or 1.26% of portfolio loans, covering non‑performing loans 3.63 times.

What did First Busey Corporation report about loans and deposits in Q1 2026?

Portfolio loans totaled $13.46 billion and reflected modest seasonal contraction. Deposits were $14.74 billion, down 1.1% quarter‑over‑quarter, largely from seasonal public fund and business outflows that management expects to largely rebuild later in the year.

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First Busey (NASDAQ: BUSE) posts Q1 2026 profit rebound with higher margins and strong credit

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How did First Busey Corporation (BUSE) perform financially in Q1 2026?

What were First Busey Corporation’s key profitability metrics for Q1 2026?

How did First Busey’s net interest margin and deposit costs trend in Q1 2026?

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First Busey (NASDAQ: BUSE) posts Q1 2026 profit rebound with higher margins and strong credit

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FAQ

How did First Busey Corporation (BUSE) perform financially in Q1 2026?

What were First Busey Corporation’s key profitability metrics for Q1 2026?

How did First Busey’s net interest margin and deposit costs trend in Q1 2026?

What was the asset quality profile for First Busey Corporation in Q1 2026?

How well capitalized is First Busey Corporation after Q1 2026 share repurchases?

What did First Busey Corporation report about loans and deposits in Q1 2026?

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