# EDGAR Filing Document

**Accession Number:** 0000314489
**File Stem:** 0000314489-26-000006
**Filing Date:** 2026-1
**Character Count:** 146841
**Document Hash:** 0815d199672b183414acf246946e4b6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000314489-26-000006.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000314489-26-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20260127

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST BUSEY CORP /NV/
- **CENTRAL INDEX KEY:** 0000314489
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 371078406
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42677
- **FILM NUMBER:** 26566606

**BUSINESS ADDRESS:**
- **STREET 1:** 11440 TOMAHAWK CREEK PKWY
- **CITY:** LEAWOOD
- **STATE:** KS
- **ZIP:** 66211
- **BUSINESS PHONE:** 2173654544

**MAIL ADDRESS:**
- **STREET 1:** 11440 TOMAHAWK CREEK PKWY
- **CITY:** LEAWOOD
- **STATE:** KS
- **ZIP:** 66211

?xml version='1.0' encoding='ASCII'? buse-20260127

**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): January 27, 2026

__________________________________________

![Busey_Blue.jpg](buse-20260127_g1.jpg)

**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**<br>**Leawood, Kansas 66211** |  |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) |
|  | **(217) 365-4544** |  |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
| **N/A** | **N/A** | **N/A** |
| (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) | (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&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On January 27, 2026, First Busey Corporation ("Busey") issued a press release ("Earnings Release") disclosing financial results for the quarter ended December 31, 2025. A copy of the Earnings Release is attached hereto as <u>[Exhibit 99.1](buse_20260127x25q4xex991.htm)</u> and is incorporated herein by reference.

*The information in Item 2.02 of this Current Report on Form 8-K and <u>[Exhibit 99.1](buse_20260127x25q4xex991.htm)</u> 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 5.02&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

<u>Departure of Michael J. Maddox</u>

On January 27, 2026, Busey and Busey Bank (the "Bank") entered into a letter agreement (the "Separation Letter") with Michael J. Maddox, the former President and Vice Chairman of Busey and President and Chief Executive Officer of the Bank, confirming the separation of Mr. Maddox from his employment with Busey and its subsidiaries and resignation from Busey's and the Bank's Board of Directors, each effective January 27, 2026.

Under the terms of the Separation Letter, subject to the effectiveness of a release of claims, Mr. Maddox will receive (a) cash severance in the amount of $4,363,333, representing the base salary and annual bonuses he would have earned through the third anniversary of Busey's acquisition of CrossFirst Bankshares, Inc. ("CrossFirst"), (b) his annual bonus for 2025, determined based on actual performance for the 2025 performance year, (c) a cash amount of $4,175,559, representing the unvested portion of his retention award granted pursuant to the letter agreement he entered into with Busey on August 26, 2024 in connection with Busey's acquisition of CrossFirst, and (d) reimbursement of reasonable outplacement expenses, subject to a cap of $25,000. Mr. Maddox's outstanding unvested equity awards will vest in full, with any performance-based vesting conditions deemed satisfied at target. In addition, Mr. Maddox continues to be bound by his post-employment non-competition, non-solicitation, and non-disclosure covenants and obligations under his employment agreement and letter agreement. Busey expects to incur a non-recurring pre-tax expense of approximately $9 million in the first quarter of 2026 in connection with the portion of such payments and benefits that were not previously accrued.

<u>Appointment of Van A. Dukeman as President of Busey and Chief Executive Officer of the Bank and T. Anthony Hammond as President of the Bank</u>

Effective January 27, 2026, the Board of Directors of Busey reappointed Van A. Dukeman, Busey's Chief Executive Officer, as President of Busey and Chief Executive Officer of the Bank. Mr. Dukeman will also continue to serve in his current roles with Busey and the Bank. Also effective January 27, 2026, the Board of Directors of the Bank appointed T. Anthony Hammond, the Bank's current President of Regional Banking, as President of the Bank.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On January 27, 2026, Busey published its Earnings Investor Presentation discussing financial results for the quarter ended December 31, 2025. A copy is attached hereto as <u>[Exhibit 99.2](buse_20260127x25q4xex992.htm)</u> and is incorporated herein by reference.

*The information in Item 7.01 of this Current Report on Form 8-K and <u>[Exhibit 99.2](buse_20260127x25q4xex992.htm)</u> 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.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 99.1 | <u>[Earnings Release issued by First Busey Corporation, dated, January 27, 2026](buse_20260127x25q4xex991.htm)</u> |
| 99.2 | <u>[Earnings Investor Presentation issued by First Busey Corporation, dated January 27, 2026](buse_20260127x25q4xex992.htm)</u> |
| 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: | January 27, 2026 | By: | /s/ CHRISTOPHER H.M. CHAN |
|  |  |  | Christopher H.M. Chan |
|  |  |  | Executive Vice President, Chief Financial Officer |

---

## Exhibit 99.1

**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 5<br>F O U R T H<br>Q U A R T E R**

**E A R N I N G S**

Q 4 \| 2 0 2 5

![firstbuseylogoa.jpg](firstbuseylogoa.jpg)

------

---

| | |
|:---|:---|
| ![buseycirclewhitea.jpg](buseycirclewhitea.jpg) | www.busey.com |
| | INVESTOR CONTACT: Christopher H.M. Chan, Chief Financial Officer \| 913-647-9825 |

---

LEAWOOD, KS, January 27, 2026 (GLOBE NEWSWIRE) – First Busey Corporation (Nasdaq: BUSE) Announces 2025 Fourth Quarter Earnings.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Income** | **Diluted EPS** | **Net Interest Margin**<sup>1</sup> | **ROAA**<sup>1</sup> | **ROATCE**<sup>1</sup> |
| **$60.8 million**<br>**$65.2 million** (adj)<sup>2</sup> | **$0.63**<br>**$0.68** (adj)<sup>2</sup> | **3.71%**<br>**3.59%** (adj)<sup>2</sup> | **1.32%**<br>**1.41%** (adj)<sup>2</sup> | **12.59%**<br>**13.58%** (adj)<sup>2</sup> |

---

---

| | | |
|:---|:---|:---|
| **MESSAGE FROM OUR CHAIRMAN, PRESIDENT, & CEO** | **CONTENTS** | |
| Our results this quarter represent a meaningful culmination to a year of strong performance and the completed merger and integration of CrossFirst. Profitability in the fourth quarter showed vast improvement from last year with adjusted return on average assets<sup>2</sup> improving 39 basis points to 1.41% and net interest margin<sup>2</sup> expanding 76 basis points to 3.71%, driven by continued strong deposit cost control. Wealth management fee income had a record quarter as assets under care were up 4.7% quarter-over-quarter to $15.66 billion driven by strong investment performance and positive net flows from new and legacy markets. Capital remained strong, and Common Equity Tier 1 Capital to Risk Weighted Assets<sup>3</sup> grew to 12.44%, a 11 basis point increase from the prior quarter. Tangible common equity to tangible assets<sup>2</sup> grew to 10.06% with tangible book value per common share<sup>2</sup> increasing 13.1% over the prior year end, even as we repurchased $29.8 million of stock in the fourth quarter and $69.9 million for the full year. Loan balances were stable quarter-over-quarter and deposits were down $164.2 million due to the intentional runoff of $180.0 million as Busey continued its strategic, targeted reduction of brokered and high-cost, non-relationship funding. As we look forward to 2026, Busey is well positioned to navigate diverse macroeconomic scenarios given its robust capital and liquidity position and disciplined credit and risk management culture.<br>Van A. Dukeman<br>Chairman, President, and CEO of First Busey Corporation and Chairman and CEO of Busey Bank | [O](#id910d2d4bd7b4d11b625cf51de21b021_582)[rganizational Update](#id910d2d4bd7b4d11b625cf51de21b021_582) | [2](#id910d2d4bd7b4d11b625cf51de21b021_582) |
| Our results this quarter represent a meaningful culmination to a year of strong performance and the completed merger and integration of CrossFirst. Profitability in the fourth quarter showed vast improvement from last year with adjusted return on average assets<sup>2</sup> improving 39 basis points to 1.41% and net interest margin<sup>2</sup> expanding 76 basis points to 3.71%, driven by continued strong deposit cost control. Wealth management fee income had a record quarter as assets under care were up 4.7% quarter-over-quarter to $15.66 billion driven by strong investment performance and positive net flows from new and legacy markets. Capital remained strong, and Common Equity Tier 1 Capital to Risk Weighted Assets<sup>3</sup> grew to 12.44%, a 11 basis point increase from the prior quarter. Tangible common equity to tangible assets<sup>2</sup> grew to 10.06% with tangible book value per common share<sup>2</sup> increasing 13.1% over the prior year end, even as we repurchased $29.8 million of stock in the fourth quarter and $69.9 million for the full year. Loan balances were stable quarter-over-quarter and deposits were down $164.2 million due to the intentional runoff of $180.0 million as Busey continued its strategic, targeted reduction of brokered and high-cost, non-relationship funding. As we look forward to 2026, Busey is well positioned to navigate diverse macroeconomic scenarios given its robust capital and liquidity position and disciplined credit and risk management culture.<br>Van A. Dukeman<br>Chairman, President, and CEO of First Busey Corporation and Chairman and CEO of Busey Bank | [Financial Results](#id910d2d4bd7b4d11b625cf51de21b021_19) | [2](#id910d2d4bd7b4d11b625cf51de21b021_19) |
| Our results this quarter represent a meaningful culmination to a year of strong performance and the completed merger and integration of CrossFirst. Profitability in the fourth quarter showed vast improvement from last year with adjusted return on average assets<sup>2</sup> improving 39 basis points to 1.41% and net interest margin<sup>2</sup> expanding 76 basis points to 3.71%, driven by continued strong deposit cost control. Wealth management fee income had a record quarter as assets under care were up 4.7% quarter-over-quarter to $15.66 billion driven by strong investment performance and positive net flows from new and legacy markets. Capital remained strong, and Common Equity Tier 1 Capital to Risk Weighted Assets<sup>3</sup> grew to 12.44%, a 11 basis point increase from the prior quarter. Tangible common equity to tangible assets<sup>2</sup> grew to 10.06% with tangible book value per common share<sup>2</sup> increasing 13.1% over the prior year end, even as we repurchased $29.8 million of stock in the fourth quarter and $69.9 million for the full year. Loan balances were stable quarter-over-quarter and deposits were down $164.2 million due to the intentional runoff of $180.0 million as Busey continued its strategic, targeted reduction of brokered and high-cost, non-relationship funding. As we look forward to 2026, Busey is well positioned to navigate diverse macroeconomic scenarios given its robust capital and liquidity position and disciplined credit and risk management culture.<br>Van A. Dukeman<br>Chairman, President, and CEO of First Busey Corporation and Chairman and CEO of Busey Bank | [Balance Sheet Strength](#id910d2d4bd7b4d11b625cf51de21b021_49) | [9](#id910d2d4bd7b4d11b625cf51de21b021_49) |
| Our results this quarter represent a meaningful culmination to a year of strong performance and the completed merger and integration of CrossFirst. Profitability in the fourth quarter showed vast improvement from last year with adjusted return on average assets<sup>2</sup> improving 39 basis points to 1.41% and net interest margin<sup>2</sup> expanding 76 basis points to 3.71%, driven by continued strong deposit cost control. Wealth management fee income had a record quarter as assets under care were up 4.7% quarter-over-quarter to $15.66 billion driven by strong investment performance and positive net flows from new and legacy markets. Capital remained strong, and Common Equity Tier 1 Capital to Risk Weighted Assets<sup>3</sup> grew to 12.44%, a 11 basis point increase from the prior quarter. Tangible common equity to tangible assets<sup>2</sup> grew to 10.06% with tangible book value per common share<sup>2</sup> increasing 13.1% over the prior year end, even as we repurchased $29.8 million of stock in the fourth quarter and $69.9 million for the full year. Loan balances were stable quarter-over-quarter and deposits were down $164.2 million due to the intentional runoff of $180.0 million as Busey continued its strategic, targeted reduction of brokered and high-cost, non-relationship funding. As we look forward to 2026, Busey is well positioned to navigate diverse macroeconomic scenarios given its robust capital and liquidity position and disciplined credit and risk management culture.<br>Van A. Dukeman<br>Chairman, President, and CEO of First Busey Corporation and Chairman and CEO of Busey Bank | [Corporate Profile](#id910d2d4bd7b4d11b625cf51de21b021_88) | [13](#id910d2d4bd7b4d11b625cf51de21b021_88) |
| Our results this quarter represent a meaningful culmination to a year of strong performance and the completed merger and integration of CrossFirst. Profitability in the fourth quarter showed vast improvement from last year with adjusted return on average assets<sup>2</sup> improving 39 basis points to 1.41% and net interest margin<sup>2</sup> expanding 76 basis points to 3.71%, driven by continued strong deposit cost control. Wealth management fee income had a record quarter as assets under care were up 4.7% quarter-over-quarter to $15.66 billion driven by strong investment performance and positive net flows from new and legacy markets. Capital remained strong, and Common Equity Tier 1 Capital to Risk Weighted Assets<sup>3</sup> grew to 12.44%, a 11 basis point increase from the prior quarter. Tangible common equity to tangible assets<sup>2</sup> grew to 10.06% with tangible book value per common share<sup>2</sup> increasing 13.1% over the prior year end, even as we repurchased $29.8 million of stock in the fourth quarter and $69.9 million for the full year. Loan balances were stable quarter-over-quarter and deposits were down $164.2 million due to the intentional runoff of $180.0 million as Busey continued its strategic, targeted reduction of brokered and high-cost, non-relationship funding. As we look forward to 2026, Busey is well positioned to navigate diverse macroeconomic scenarios given its robust capital and liquidity position and disciplined credit and risk management culture.<br>Van A. Dukeman<br>Chairman, President, and CEO of First Busey Corporation and Chairman and CEO of Busey Bank | [Non-GAAP Financial Information](#id910d2d4bd7b4d11b625cf51de21b021_103) | [15](#id910d2d4bd7b4d11b625cf51de21b021_103) |
| Our results this quarter represent a meaningful culmination to a year of strong performance and the completed merger and integration of CrossFirst. Profitability in the fourth quarter showed vast improvement from last year with adjusted return on average assets<sup>2</sup> improving 39 basis points to 1.41% and net interest margin<sup>2</sup> expanding 76 basis points to 3.71%, driven by continued strong deposit cost control. Wealth management fee income had a record quarter as assets under care were up 4.7% quarter-over-quarter to $15.66 billion driven by strong investment performance and positive net flows from new and legacy markets. Capital remained strong, and Common Equity Tier 1 Capital to Risk Weighted Assets<sup>3</sup> grew to 12.44%, a 11 basis point increase from the prior quarter. Tangible common equity to tangible assets<sup>2</sup> grew to 10.06% with tangible book value per common share<sup>2</sup> increasing 13.1% over the prior year end, even as we repurchased $29.8 million of stock in the fourth quarter and $69.9 million for the full year. Loan balances were stable quarter-over-quarter and deposits were down $164.2 million due to the intentional runoff of $180.0 million as Busey continued its strategic, targeted reduction of brokered and high-cost, non-relationship funding. As we look forward to 2026, Busey is well positioned to navigate diverse macroeconomic scenarios given its robust capital and liquidity position and disciplined credit and risk management culture.<br>Van A. Dukeman<br>Chairman, President, and CEO of First Busey Corporation and Chairman and CEO of Busey Bank | [Forward-Looking Statements](#id910d2d4bd7b4d11b625cf51de21b021_127) | [21](#id910d2d4bd7b4d11b625cf51de21b021_127) |
| Our results this quarter represent a meaningful culmination to a year of strong performance and the completed merger and integration of CrossFirst. Profitability in the fourth quarter showed vast improvement from last year with adjusted return on average assets<sup>2</sup> improving 39 basis points to 1.41% and net interest margin<sup>2</sup> expanding 76 basis points to 3.71%, driven by continued strong deposit cost control. Wealth management fee income had a record quarter as assets under care were up 4.7% quarter-over-quarter to $15.66 billion driven by strong investment performance and positive net flows from new and legacy markets. Capital remained strong, and Common Equity Tier 1 Capital to Risk Weighted Assets<sup>3</sup> grew to 12.44%, a 11 basis point increase from the prior quarter. Tangible common equity to tangible assets<sup>2</sup> grew to 10.06% with tangible book value per common share<sup>2</sup> increasing 13.1% over the prior year end, even as we repurchased $29.8 million of stock in the fourth quarter and $69.9 million for the full year. Loan balances were stable quarter-over-quarter and deposits were down $164.2 million due to the intentional runoff of $180.0 million as Busey continued its strategic, targeted reduction of brokered and high-cost, non-relationship funding. As we look forward to 2026, Busey is well positioned to navigate diverse macroeconomic scenarios given its robust capital and liquidity position and disciplined credit and risk management culture.<br>Van A. Dukeman<br>Chairman, President, and CEO of First Busey Corporation and Chairman and CEO of Busey Bank | [End Notes](#id910d2d4bd7b4d11b625cf51de21b021_130) | [22](#id910d2d4bd7b4d11b625cf51de21b021_130) |
| Our results this quarter represent a meaningful culmination to a year of strong performance and the completed merger and integration of CrossFirst. Profitability in the fourth quarter showed vast improvement from last year with adjusted return on average assets<sup>2</sup> improving 39 basis points to 1.41% and net interest margin<sup>2</sup> expanding 76 basis points to 3.71%, driven by continued strong deposit cost control. Wealth management fee income had a record quarter as assets under care were up 4.7% quarter-over-quarter to $15.66 billion driven by strong investment performance and positive net flows from new and legacy markets. Capital remained strong, and Common Equity Tier 1 Capital to Risk Weighted Assets<sup>3</sup> grew to 12.44%, a 11 basis point increase from the prior quarter. Tangible common equity to tangible assets<sup>2</sup> grew to 10.06% with tangible book value per common share<sup>2</sup> increasing 13.1% over the prior year end, even as we repurchased $29.8 million of stock in the fourth quarter and $69.9 million for the full year. Loan balances were stable quarter-over-quarter and deposits were down $164.2 million due to the intentional runoff of $180.0 million as Busey continued its strategic, targeted reduction of brokered and high-cost, non-relationship funding. As we look forward to 2026, Busey is well positioned to navigate diverse macroeconomic scenarios given its robust capital and liquidity position and disciplined credit and risk management culture.<br>Van A. Dukeman<br>Chairman, President, and CEO of First Busey Corporation and Chairman and CEO of Busey Bank |  |  |

---

**ORGANIZATIONAL UPDATE**

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

**FINANCIAL RESULTS**

Fourth quarter 2025 net income for First Busey Corporation, together with its consolidated subsidiaries ("Busey," the "Company," "we," "us,", or "our") was $60.8 million, or $0.63 per diluted common share, compared to $57.1 million, or $0.58 per diluted common share, for the third quarter of 2025, and $28.1 million, or $0.49 per diluted common share, for the fourth quarter of 2024. Annualized return on average assets<sup>2</sup> and annualized return on average tangible common equity<sup>2</sup> were 1.32% and 12.59%, respectively, for the fourth quarter of 2025. Total noninterest expense and adjusted noninterest expense were impacted by a $3.8 million operating loss tied to one relationship.

Taking into account our fourth quarter results, full year 2025 net income was $135.3 million, or $1.47 per diluted common share. Return on average assets and return on average tangible common equity<sup>2</sup> were 0.76% and 7.48%, respectively.

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **2**

------

![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONDENSED CONSOLIDATED STATEMENTS OF INCOME *(unaudited)*** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME *(unaudited)*** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME *(unaudited)*** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME *(unaudited)*** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME *(unaudited)*** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME *(unaudited)*** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| *(dollars in thousands, except per share amounts)* | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| Total interest income | $235094 | $244505 | $131316 | $893860 | $523681 |
| Total interest expense | 77536 | 89368 | 49738 | 324251 | 201070 |
| Net interest income | 157558 | 155137 | 81578 | 569609 | 322611 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses<sup>(i)</sup> | 2435 | (985) | 818 | 52743 | 7495 |
| Net interest income after provision for credit losses<sup>(i)</sup> | 155123 | 156122 | 80760 | 516866 | 315116 |
| Total noninterest income | 42691 | 41198 | 35221 | 149975 | 139682 |
| Total noninterest expense<sup>(i)</sup> | 120320 | 120018 | 78622 | 480201 | 301494 |
| Income before income taxes | 77494 | 77302 | 37359 | 186640 | 153304 |
| &nbsp;&nbsp;&nbsp;Income taxes | 16744 | 20204 | 9254 | 51378 | 39613 |
| Net income | 60750 | 57098 | 28105 | 135262 | 113691 |
| &nbsp;&nbsp;&nbsp;Dividends on preferred stock | 4590 | 5131 |  | 9876 |  |
| Net income available to common stockholders | $56160 | $51967 | $28105 | $125386 | $113691 |
| Basic earnings per common share | $0.63 | $0.58 | $0.49 | $1.49 | $2.01 |
| Diluted earnings per common share | $0.63 | $0.58 | $0.49 | $1.47 | $1.98 |
| Effective income tax rate | 21.61% | 26.14% | 24.77% | 27.53% | 25.84% |

---

___________________________________________

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

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

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

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **3**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| *(dollars in thousands)* | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| **Pre-tax non-GAAP adjusting items** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized net (gains) losses on the sale of mortgage servicing rights | $— | $— | $— | $— | $(7724) |
| &nbsp;&nbsp;&nbsp;Net securities (gains) losses | 667 | 288 | 196 | 10726 | 6102 |
| &nbsp;&nbsp;&nbsp;Other noninterest income |  | 44 |  | 44 |  |
| &nbsp;&nbsp;&nbsp;Provision for credit losses |  |  |  | 49602 |  |
| &nbsp;&nbsp;&nbsp;Salaries, wages, and employee benefits | 4027 | 5610 | 247 | 37072 | 1580 |
| &nbsp;&nbsp;&nbsp;Data processing | 294 | 424 | 14 | 6984 | 548 |
| &nbsp;&nbsp;&nbsp;Net occupancy expense of premises | 4 | 9 | 41 | 13 | 46 |
| &nbsp;&nbsp;&nbsp;Furniture and equipment expenses |  | 66 |  | 67 | 88 |
| &nbsp;&nbsp;&nbsp;Professional fees | 131 | 358 | 2983 | 8100 | 4891 |
| &nbsp;&nbsp;&nbsp;Other noninterest expense | 360 | 740 | 300 | 2413 | 987 |
| Total pre-tax non-GAAP adjustments | $5483 | $7539 | $3781 | $115021 | $6518 |

---

For more information and a reconciliation of non-GAAP measures—which are identified with the End Note labeled as 2—in tabular form, see "<u>[Non-GAAP Financial Information](#id910d2d4bd7b4d11b625cf51de21b021_103)</u>" beginning on page <u>[15](#id910d2d4bd7b4d11b625cf51de21b021_103)</u>.

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

Full-year 2025 adjusted net income available to common stockholders<sup>2</sup> was $215.1 million, or $2.53 per diluted common share. Adjusted return on average assets<sup>2</sup> and adjusted return on average tangible common equity<sup>2</sup> were 1.27% and 12.83%, respectively.

***Pre-Provision Net Revenue***<sup>2</sup>

Pre-provision net revenue<sup>2</sup> was $80.6 million for the fourth quarter of 2025, compared to $76.6 million for the third quarter of 2025 and $38.4 million for the fourth quarter of 2024. Pre-provision net revenue to average assets<sup>2</sup> was 1.75% for the fourth quarter of 2025, compared to 1.63% for the third quarter of 2025, and 1.26% for the fourth quarter of 2024.

Adjusted pre-provision net revenue<sup>2</sup> was $85.4 million for the fourth quarter of 2025, compared to $83.9 million for the third quarter of 2025 and $42.0 million for the fourth quarter of 2024. Adjusted pre-provision net revenue to average assets<sup>2</sup> was 1.85% for the fourth quarter of 2025, compared to 1.78% for the third quarter of 2025 and 1.38% for the fourth quarter of 2024.

Taking into account our fourth quarter results, full year 2025 pre-provision net revenue<sup>2</sup> was $250.1 million and adjusted pre-provision net revenue<sup>2</sup> was $304.8 million. Pre-provision net revenue to average assets<sup>2</sup> and adjusted pre-provision net revenue to average assets<sup>2</sup> were 1.41% and 1.72%, respectively.

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **4**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

***Net Interest Income and Net Interest Margin***<sup>2</sup>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| *(dollars in thousands)* | **Average<br>Balance** | **Income/<br>Expense** | **Yield/<br>Rate**<sup>(vi)</sup> | **Average<br>Balance** | **Income/<br>Expense** | **Yield/<br>Rate**<sup>(vi)</sup> |
| **Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing bank deposits and federal funds sold | $417451 | $4101 | 3.90% | $489730 | $5487 | 4.45% |
| &nbsp;&nbsp;&nbsp;Investment securities<sup>(i)(ii)</sup> | 2872518 | 22527 | 3.11% | 2963467 | 24228 | 3.24% |
| &nbsp;&nbsp;&nbsp;Restricted bank stock | 77006 | 783 | 4.03% | 77041 | 871 | 4.49% |
| &nbsp;&nbsp;&nbsp;Loans held for sale | 8705 | 128 | 5.83% | 9895 | 155 | 6.21% |
| &nbsp;&nbsp;&nbsp;Portfolio loans<sup>(i)(iii)</sup> | 13565320 | 208415 | 6.10% | 13732229 | 214552 | 6.20% |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets<sup>(i)</sup> | 16941000 | $235954 | 5.53% | 17272362 | $245293 | 5.63% |
| &nbsp;&nbsp;&nbsp;Noninterest-earning assets | 1368250 |  |  | 1390087 |  |  |
| Total assets | $18309250 |  |  | $18662449 |  |  |
| **Liabilities and stockholders' equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing transaction deposits | $3207478 | $13809 | 1.71% | $3256326 | $16208 | 1.97% |
| &nbsp;&nbsp;&nbsp;Savings and money market deposits | 5906577 | 36565 | 2.46% | 6199404 | 44361 | 2.84% |
| &nbsp;&nbsp;&nbsp;Time deposits | 2401447 | 22545 | 3.72% | 2545749 | 24042 | 3.75% |
| &nbsp;&nbsp;&nbsp;Federal funds purchased and repurchase agreements | 162391 | 970 | 2.37% | 150260 | 976 | 2.58% |
| &nbsp;&nbsp;&nbsp;Borrowings<sup>(iv)</sup> | 278050 | 3647 | 5.20% | 266643 | 3781 | 5.63% |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 11955943 | $77536 | 2.57% | 12418382 | $89368 | 2.86% |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 3636001 |  |  | 3578164 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 248499 |  |  | 239995 |  |  |
| &nbsp;&nbsp;&nbsp;Stockholders' equity | 2468807 |  |  | 2425908 |  |  |
| Total liabilities and stockholders' equity | $18309250 |  |  | $18662449 |  |  |
| Net interest margin<sup>(i)(v)</sup> |  | $158418 | 3.71% |  | $155925 | 3.58% |

---

___________________________________________

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(v)For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see "<u>[Non-GAAP Financial Information](#id910d2d4bd7b4d11b625cf51de21b021_103)</u>."

&nbsp;&nbsp;&nbsp;&nbsp;(vi)Annualized.

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **5**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| *(dollars in thousands)* | **Average<br>Balance** | **Income/<br>Expense** | **Yield/<br>Rate** | **Average<br>Balance** | **Income/<br>Expense** | **Yield/<br>Rate** |
| **Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing bank deposits and federal funds sold | $575781 | $24633 | 4.28% | $445881 | $22441 | 5.03% |
| &nbsp;&nbsp;&nbsp;Investment securities<sup>(i)(ii)</sup> | 2925777 | 91333 | 3.12% | 2726488 | 74282 | 2.72% |
| &nbsp;&nbsp;&nbsp;Restricted bank stock | 65988 | 2956 | 4.48% | 14414 | 848 | 5.88% |
| &nbsp;&nbsp;&nbsp;Loans held for sale | 7257 | 440 | 6.06% | 8012 | 503 | 6.28% |
| &nbsp;&nbsp;&nbsp;Portfolio loans<sup>(i)(iii)</sup> | 12756937 | 777474 | 6.09% | 7804629 | 427300 | 5.47% |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets<sup>(i)</sup> | 16331740 | $896836 | 5.49% | 10999424 | $525374 | 4.78% |
| &nbsp;&nbsp;&nbsp;Noninterest-earning assets | 1398147 |  |  | 1052447 |  |  |
| Total assets | $17729887 |  |  | $12051871 |  |  |
| **Liabilities and stockholders' equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing transaction deposits | $3076961 | $56233 | 1.83% | $2469664 | $42925 | 1.74% |
| &nbsp;&nbsp;&nbsp;Savings and money market deposits | 5738073 | 154300 | 2.69% | 3246507 | 74536 | 2.30% |
| &nbsp;&nbsp;&nbsp;Time deposits | 2471023 | 92456 | 3.74% | 1584953 | 61002 | 3.85% |
| &nbsp;&nbsp;&nbsp;Federal funds purchased and repurchase agreements | 149916 | 3708 | 2.47% | 147786 | 4308 | 2.92% |
| &nbsp;&nbsp;&nbsp;Borrowings<sup>(iv)</sup> | 319041 | 17554 | 5.50% | 314174 | 18299 | 5.82% |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 11755014 | $324251 | 2.76% | 7763084 | $201070 | 2.59% |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 3450226 |  |  | 2738892 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 244188 |  |  | 207471 |  |  |
| &nbsp;&nbsp;&nbsp;Stockholders' equity | 2280459 |  |  | 1342424 |  |  |
| Total liabilities and stockholders' equity | $17729887 |  |  | $12051871 |  |  |
| Net interest margin<sup>(i)(v)</sup> |  | $572585 | 3.51% |  | $324304 | 2.95% |

---

___________________________________________

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(v)For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see "<u>[Non-GAAP Financial Information](#id910d2d4bd7b4d11b625cf51de21b021_103)</u>."

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

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

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **6**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

***Noninterest Income***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| *(dollars in thousands)* | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| **NONINTEREST INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth management fees | $18101 | $17184 | $16786 | $69426 | $63630 |
| &nbsp;&nbsp;&nbsp;Payment technology solutions | 4879 | 5092 | 5094 | 20000 | 21983 |
| &nbsp;&nbsp;&nbsp;Treasury management services | 4726 | 4598 | 2130 | 17322 | 8377 |
| &nbsp;&nbsp;&nbsp;Card services and ATM fees | 4660 | 4799 | 3477 | 18048 | 13424 |
| &nbsp;&nbsp;&nbsp;Other service charges on deposit accounts | 1618 | 1617 | 2381 | 6281 | 9440 |
| &nbsp;&nbsp;&nbsp;Mortgage revenue | 803 | 657 | 496 | 2565 | 2075 |
| &nbsp;&nbsp;&nbsp;Income on bank owned life insurance | 1783 | 1623 | 1080 | 6597 | 5130 |
| &nbsp;&nbsp;&nbsp;Realized net gains (losses) on the sale of mortgage servicing rights |  |  |  |  | 7724 |
| &nbsp;&nbsp;&nbsp;Net securities gains (losses) | (667) | (288) | (196) | (10726) | (6102) |
| &nbsp;&nbsp;&nbsp;Other noninterest income | 6788 | 5916 | 3973 | 20462 | 14001 |
| Total noninterest income | $42691 | $41198 | $35221 | $149975 | $139682 |

---

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

Busey continues to benefit from its diverse set of product offerings. Wealth management fees, wealth management referral fees included in other noninterest income, payment technology solutions, treasury management services, and corporate credit card interchange income contributed 66.9% of noninterest income excluding net securities gains and losses<sup>2</sup> for the fourth quarter of 2025 and 69.3% for the full year.

Noteworthy changes in noninterest income during the quarter include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wealth management fees increased by $0.9 million, or 5.3%, compared to the third quarter of 2025 primarily due to increases in trust fees and farm management fees. Busey's Wealth Management division ended the fourth quarter of 2025 with $15.66 billion in assets under care, compared to $14.96 billion at the end of the third quarter of 2025 and $13.83 billion at the end of the fourth quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark<sup>4</sup> over the last three and five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other noninterest income increased by $0.9 million, or 14.7%, compared to the third quarter of 2025, primarily due to increased swap origination fee and loan fee income, partially offset by fluctuations in gains on private equity investments.

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **7**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

***Operating Efficiency***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| *(dollars in thousands)* | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| **NONINTEREST EXPENSE** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries, wages, and employee benefits | $68995 | $74145 | $45458 | $289063 | $175619 |
| &nbsp;&nbsp;&nbsp;Data processing | 9871 | 9714 | 6564 | 43181 | 27124 |
| &nbsp;&nbsp;&nbsp;Net occupancy expense of premises | 7877 | 7982 | 4794 | 29490 | 18737 |
| &nbsp;&nbsp;&nbsp;Furniture and equipment expenses | 2200 | 2143 | 1650 | 8496 | 6805 |
| &nbsp;&nbsp;&nbsp;Professional fees | 3491 | 2931 | 4938 | 18807 | 12804 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 4432 | 4507 | 2471 | 16614 | 10057 |
| &nbsp;&nbsp;&nbsp;Interchange expense | 1218 | 1336 | 1305 | 5194 | 6001 |
| &nbsp;&nbsp;&nbsp;FDIC insurance | 2655 | 3151 | 1330 | 10397 | 5603 |
| &nbsp;&nbsp;&nbsp;Other noninterest expense<sup>(i)</sup> | 19581 | 14109 | 10112 | 58959 | 38744 |
| Total noninterest expense<sup>(i)</sup> | $120320 | $120018 | $78622 | $480201 | $301494 |

---

___________________________________________

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| *(dollars in thousands)* | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| **NONINTEREST EXPENSE WITH NON-GAAP ADJUSTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries, wages, and employee benefits | $64968 | $68535 | $45211 | $251991 | $174039 |
| &nbsp;&nbsp;&nbsp;Data processing | 9577 | 9290 | 6550 | 36197 | 26576 |
| &nbsp;&nbsp;&nbsp;Net occupancy expense of premises | 7873 | 7973 | 4753 | 29477 | 18691 |
| &nbsp;&nbsp;&nbsp;Furniture and equipment expenses | 2200 | 2077 | 1650 | 8429 | 6717 |
| &nbsp;&nbsp;&nbsp;Professional fees | 3360 | 2573 | 1955 | 10707 | 7913 |
| &nbsp;&nbsp;&nbsp;Interchange expense | 1218 | 1336 | 1305 | 5194 | 6001 |
| &nbsp;&nbsp;&nbsp;FDIC insurance | 2655 | 3151 | 1330 | 10397 | 5603 |
| &nbsp;&nbsp;&nbsp;Other noninterest expense | 19221 | 13369 | 9812 | 56546 | 37757 |
| Adjusted noninterest expense (Non-GAAP) | $111072 | $108304 | $72566 | $408938 | $283297 |

---

Noteworthy changes in noninterest expense during the quarter include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salaries, wages, and employee benefits expenses declined by $5.2 million, or 6.9%, compared to the third quarter of 2025, with acquisition and restructuring expenses declining by $1.6 million. Compared to the fourth quarter of 2024, salaries, wages, and employee benefits expenses increased by $23.5 million, or 51.8%, of which $3.8 million was attributable to increases in acquisition and restructuring expenses. During 2025, Busey added 17 banking centers, largely in connection with the CrossFirst acquisition, resulting in the expansion of Busey's workforce, including the addition of 405 full-time equivalent associates.

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **8**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other noninterest expense increased by $5.5 million, or 38.8%, compared to the third quarter of 2025, and increased by $9.5 million, or 93.6%, compared to the fourth quarter of 2024. Significant drivers of the increase included a $3.8 million operating loss recognized in the fourth quarter of 2025 tied to one relationship, loan expenses, and marketing and business development costs.

Busey's efficiency ratio<sup>2</sup> was 57.4% for the fourth quarter of 2025, compared to 58.5% for the third quarter of 2025 and 64.8% for the fourth quarter of 2024. The adjusted efficiency<sup>2</sup> ratio was 55.0% for the fourth quarter of 2025, compared to 54.8% for the third quarter of 2025, and 61.8% for the fourth quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiently.

<u>Taxes</u>

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

**BALANCE SHEET STRENGTH**

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

---

| | | | |
|:---|:---|:---|:---|
| **CONDENSED CONSOLIDATED BALANCE SHEETS *(unaudited)*** | **CONDENSED CONSOLIDATED BALANCE SHEETS *(unaudited)*** | **CONDENSED CONSOLIDATED BALANCE SHEETS *(unaudited)*** | **CONDENSED CONSOLIDATED BALANCE SHEETS *(unaudited)*** |
| | **As of** | **As of** | **As of** |
| *(dollars in thousands)* | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $294052 | $385474 | $697659 |
| &nbsp;&nbsp;&nbsp;Debt securities available for sale | 2162548 | 2099259 | 1810221 |
| &nbsp;&nbsp;&nbsp;Debt securities held to maturity | 746385 | 784821 | 826630 |
| &nbsp;&nbsp;&nbsp;Equity securities | 14916 | 15931 | 15862 |
| &nbsp;&nbsp;&nbsp;Loans held for sale | 5752 | 8943 | 3657 |
| &nbsp;&nbsp;&nbsp;Portfolio loans | 13567799 | 13598266 | 7697087 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (174023) | (174181) | (83404) |
| &nbsp;&nbsp;&nbsp;Restricted bank stock | 77006 | 77006 | 49930 |
| &nbsp;&nbsp;&nbsp;Premises and equipment, net | 193444 | 190721 | 118820 |
| &nbsp;&nbsp;&nbsp;Goodwill and other intangible assets, net | 480729 | 485203 | 365975 |
| &nbsp;&nbsp;&nbsp;Other assets | 736128 | 717185 | 544285 |
| **Total assets** | $18104736 | $18188628 | $12046722 |
| **LIABILITIES & STOCKHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $14905958 | $15070162 | $9982490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | 166929 | 147152 | 155610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 290529 | 272971 | 302538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 272338 | 249508 | 222815 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 15635754 | 15739793 | 10663453 |
| &nbsp;&nbsp;&nbsp;**Stockholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 336707 | 303077 | 294054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (124473) | (136801) | (207039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other stockholders' equity<sup>(i)</sup> | 2256748 | 2282559 | 1296254 |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 2468982 | 2448835 | 1383269 |
| **Total liabilities & stockholders' equity** | $18104736 | $18188628 | $12046722 |

---

___________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;(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)** \| 2025 **Q4** — **9**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

***Portfolio Loans***

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

---

| | | | |
|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** |
| *(dollars in thousands)* | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
| **PORTFOLIO LOANS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial and other commercial | $4229208 | $4395871 | $1904515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 5550018 | 5424095 | 3269564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate construction | 1039289 | 1099524 | 378209 |
| &nbsp;&nbsp;&nbsp;Total commercial loans | 10818515 | 10919490 | 5552288 |
| &nbsp;&nbsp;&nbsp;Retail loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail real estate | 2154616 | 2196246 | 1696457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail other | 594668 | 482530 | 448342 |
| &nbsp;&nbsp;&nbsp;Total retail loans | 2749284 | 2678776 | 2144799 |
| Total portfolio loans | $13567799 | $13598266 | $7697087 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| *(dollars in thousands)* | **December 31,<br>2025** |  | **September 30,<br>2025** | **December 31,<br>2024** |
| **COMMERCIAL REAL ESTATE LOANS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-owner occupied commercial real estate | $4118361 |  | $4034429 | $2360273 |
| &nbsp;&nbsp;&nbsp;Owner-occupied commercial real estate | 1431657 |  | 1389666 | 909291 |
| Total commercial real estate loans | $5550018 | 5550018 | $5424095 | $3269564 |

---

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **10**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

<u>Asset Quality</u>

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

---

| | | | |
|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** |
| *(dollars in thousands)* | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
| **Total assets** | $18104736 | $18188628 | $12046722 |
| **Portfolio loans** | 13567799 | 13598266 | 7697087 |
| Loans 30 – 89 days past due | 16475 | 18914 | 8124 |
| Non-performing loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-accrual loans | 51198 | 46096 | 22088 |
| &nbsp;&nbsp;&nbsp;Loans 90+ days past due and still accruing | 2288 | 1418 | 1149 |
| Non-performing loans | 53486 | 47514 | 23237 |
| Other non-performing assets | 4626 | 10210 | 63 |
| Non-performing assets | 58112 | 57724 | 23300 |
| Substandard (excludes 90+ days past due) | 116402 | 103329 | 62023 |
| Classified assets | $174514 | $161053 | $85323 |
| **Allowance for credit losses** | $174023 | $174181 | $83404 |
| **RATIOS** |  |  |  |
| Non-performing loans to portfolio loans | 0.39% | 0.35% | 0.30% |
| Non-performing assets to total assets | 0.32% | 0.32% | 0.19% |
| Non-performing assets to portfolio loans and other non-performing assets | 0.43% | 0.42% | 0.30% |
| Allowance for credit losses to portfolio loans | 1.28% | 1.28% | 1.08% |
| Coverage ratio of the allowance for credit losses to non-performing loans | 3.25 x | 3.67 x | 3.59 x |
| Classified assets to Bank Tier 1 capital<sup>(i)</sup> and reserves | 7.51% | 7.03% | 5.61% |

---

___________________________________________

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

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

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

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

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **11**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| *(dollars in thousands)* | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| Net charge-offs | $5752 | $5848 | $2850 | $55910 | $18169 |
| Provision for loan losses<sup>(i)</sup> | $5594 | $(3305) | $1273 | $45746 | $8590 |
| Provision for unfunded commitments<sup>(ii)</sup> | (3159) | 2320 | (455) | 6997 | (1095) |
| Provision for credit losses<sup>(iii)</sup> | $2435 | $(985) | $818 | $52743 | $7495 |

---

___________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;(i)Amounts reported as provision for loan losses for periods ending prior to June 30, 2025, were previously reported as provision for credit losses. The year ended December 31, 2025, included $42.4 million to establish an initial allowance for loan losses for loans purchased without credit deterioration ("non-PCD" loans) following the close of the CrossFirst acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)The year ended December 31, 2025, included a total of $7.2 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition and adoption of a new CECL model.

&nbsp;&nbsp;&nbsp;&nbsp;(iii)Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses.

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

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

***Deposits***

Busey's deposits were comprised of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** |
| *(dollars in thousands)* | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
| **DEPOSITS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | $3659421 | $3554936 | $2719907 |
| &nbsp;&nbsp;&nbsp;Interest-bearing transaction deposits | 3119475 | 3171255 | 2423237 |
| &nbsp;&nbsp;&nbsp;Savings deposits and money market deposits | 5697172 | 5910183 | 3348711 |
| &nbsp;&nbsp;&nbsp;Time deposits | 2429890 | 2433788 | 1490635 |
| Total deposits | $14905958 | $15070162 | $9982490 |

---

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

Core deposits<sup>2</sup> accounted for 93.7% of total deposits as of December 31, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 37% of our deposits were uninsured and uncollateralized<sup>5</sup> as of December 31, 2025, and we have ample on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the fourth quarter of 2025 had a weighted average term of 6.6 months at a rate of 3.64%, which was 27 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **12**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

***Liquidity***

As of December 31, 2025, Busey's available sources of on- and off-balance sheet liquidity<sup>6</sup> totaled $7.68 billion. Furthermore, Busey's balance sheet liquidity profile continues to be aided by the cash flows expected from Busey's relatively short-duration securities portfolio. Those cash flows were approximately $150.0 million in the fourth quarter of 2025. Cash flows from our securities portfolio are expected to be approximately $347.1 million for 2026, with a current book yield of 2.92%.

***Capital Strength***

The strength of our balance sheet is also reflected in our capital foundation. Our capital ratios remain strong, and as of December 31, 2025, our estimated regulatory capital ratios<sup>3</sup> continued to provide a buffer of more than $830 million above levels required in order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments. The following table presents Busey's capital estimates<sup>3</sup> and tangible equity position:

---

| | | | |
|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** |
| *(dollars in thousands, except per share amounts)* | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
| Common equity Tier 1 capital to risk weighted assets<sup>(i)</sup> | 12.44% | 12.33% | 14.10% |
| Total capital to risk weighted assets<sup>(i)</sup> | 15.93% | 15.89% | 18.53% |
| Tangible common equity<sup>(ii)</sup> | $1773056 | $1748435 | $1017294 |
| Tangible common equity to tangible assets<sup>(ii)</sup> | 10.06% | 9.88% | 8.71% |
| Tangible book value per common share<sup>(ii)</sup> | $20.23 | $19.69 | $17.88 |

---

___________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;(i)Capital amounts and ratios as of December 31, 2025, are not yet finalized and are subject to change.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see "<u>[Non-GAAP Financial Information](#id910d2d4bd7b4d11b625cf51de21b021_103)</u>."

<u>Dividends</u>

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

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

<u>Share Repurchases</u>

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

**FOURTH QUARTER EARNINGS INVESTOR PRESENTATION**

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

**CORPORATE PROFILE**

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

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **13**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

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

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

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

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

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **14**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

**NON-GAAP FINANCIAL INFORMATION**

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

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

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

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **15**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES *(Unaudited)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pre-Provision Net Revenue and Related Measures** | **Pre-Provision Net Revenue and Related Measures** | **Pre-Provision Net Revenue and Related Measures** | **Pre-Provision Net Revenue and Related Measures** | **Pre-Provision Net Revenue and Related Measures** | **Pre-Provision Net Revenue and Related Measures** | **Pre-Provision Net Revenue and Related Measures** |
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| *(dollars in thousands)* |  | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| **Net interest income (GAAP)** |  | $157558 | $155137 | $81578 | $569609 | $322611 |
| **Total noninterest income (GAAP)** |  | 42691 | 41198 | 35221 | 149975 | 139682 |
| **Net security (gains) losses (GAAP)** |  | 667 | 288 | 196 | 10726 | 6102 |
| **Total noninterest expense (GAAP)**<sup>(i)</sup> |  | (120320) | (120018) | (78622) | (480201) | (301494) |
| Pre-provision net revenue (Non-GAAP) | [a] | 80596 | 76605 | 38373 | 250109 | 166901 |
| &nbsp;&nbsp;&nbsp;Acquisition and restructuring (income) expenses, excluding initial provision expenses |  | 4816 | 7251 | 3585 | 54693 | 8140 |
| &nbsp;&nbsp;&nbsp;Realized net (gains) losses on the sale of mortgage service rights |  |  |  |  |  | (7724) |
| Adjusted pre-provision net revenue (Non-GAAP) | [b] | $85412 | $83856 | $41958 | $304802 | $167317 |
| Average total assets | [c] | $18309250 | $18662449 | $12085993 | $17729887 | $12051871 |
| Pre-provision net revenue to average total assets (Non-GAAP)<sup>(ii)</sup> | [a÷c] | 1.75% | 1.63% | 1.26% | 1.41% | 1.38% |
| Adjusted pre-provision net revenue to average total assets (Non-GAAP)<sup>(ii)</sup> | [b÷c] | 1.85% | 1.78% | 1.38% | 1.72% | 1.39% |

---

___________________________________________

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

&nbsp;&nbsp;&nbsp;&nbsp;(ii)For quarterly periods, measures are annualized.

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **16**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES *(Unaudited)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted Net Income, Average Tangible Common Equity, and Related Ratios** | **Adjusted Net Income, Average Tangible Common Equity, and Related Ratios** | **Adjusted Net Income, Average Tangible Common Equity, and Related Ratios** | **Adjusted Net Income, Average Tangible Common Equity, and Related Ratios** | **Adjusted Net Income, Average Tangible Common Equity, and Related Ratios** | **Adjusted Net Income, Average Tangible Common Equity, and Related Ratios** | **Adjusted Net Income, Average Tangible Common Equity, and Related Ratios** |
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| *(dollars in thousands, except per share amounts)* |  | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| **Net income (GAAP)** | [a] | $60750 | $57098 | $28105 | $135262 | $113691 |
| &nbsp;&nbsp;&nbsp;Day 2 provision for credit losses<sup>(i)</sup> |  |  |  |  | 45572 |  |
| &nbsp;&nbsp;&nbsp;Adjustment of initial provision for unfunded commitments due to adoption of new model<sup>(ii)</sup> |  |  |  |  | 4030 |  |
| &nbsp;&nbsp;&nbsp;Other acquisition (income) expenses |  | 4859 | 7251 | 2469 | 54736 | 6901 |
| &nbsp;&nbsp;&nbsp;Restructuring expenses |  | (43) |  | 1116 | (43) | 1239 |
| &nbsp;&nbsp;&nbsp;Realized net (gains) losses on the sale of mortgage servicing rights |  |  |  |  |  | (7724) |
| &nbsp;&nbsp;&nbsp;Net securities (gains) losses |  | 667 | 288 | 196 | 10726 | 6102 |
| &nbsp;&nbsp;&nbsp;Related tax (benefit) expense<sup>(iii)</sup> |  | (1047) | (2141) | (1014) | (30228) | (1622) |
| &nbsp;&nbsp;&nbsp;Non-recurring deferred tax adjustment<sup>(iv)</sup> |  |  |  |  | 4919 | 1446 |
| Adjusted net income (Non-GAAP)<sup>(v)</sup> | [b] | 65186 | 62496 | 30872 | 224974 | 120033 |
| &nbsp;&nbsp;&nbsp;Preferred dividends | [c] | 4590 | 5131 |  | 9876 |  |
| Adjusted net income available to common stockholders (Non-GAAP)<sup>(v)</sup> | [d] | $60596 | $57365 | $30872 | $215098 | $120033 |
| **Weighted average number of common shares outstanding, diluted (GAAP)** | [e] | 89655632 | 90218382 | 57934812 | 85133626 | 57543001 |
| **Diluted earnings per common share (GAAP)** | [(a-c)÷e] | $0.63 | $0.58 | $0.49 | $1.47 | $1.98 |
| Adjusted diluted earnings per common share (Non-GAAP)<sup>(v)</sup> | [d÷e] | $0.68 | $0.64 | $0.53 | $2.53 | $2.09 |
| Average total assets | [f] | $18309250 | $18662449 | $12085993 | $17729887 | $12051871 |
| Return on average assets (Non-GAAP)<sup>(vi)</sup> | [a÷f] | 1.32% | 1.21% | 0.93% | 0.76% | 0.94% |
| Adjusted return on average assets (Non-GAAP)<sup>(v)(vi)</sup> | [b÷f] | 1.41% | 1.33% | 1.02% | 1.27% | 1.00% |
| Average common equity |  | $2253609 | $2210711 | $1396939 | $2145484 | $1342424 |
| &nbsp;&nbsp;&nbsp;Average goodwill and other intangible assets, net |  | (483640) | (486625) | (367400) | (469187) | (366601) |
| Average tangible common equity (Non-GAAP) | [g] | $1769969 | $1724086 | $1029539 | $1676297 | $975823 |
| Return on average tangible common equity (Non-GAAP)<sup>(vi)</sup> | [(a-c)÷g] | 12.59% | 11.96% | 10.86% | 7.48% | 11.65% |
| Adjusted return on average tangible common equity (Non-GAAP)<sup>(v)(vi)</sup> | [d÷g] | 13.58% | 13.20% | 11.93% | 12.83% | 12.30% |

---

___________________________________________

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

&nbsp;&nbsp;&nbsp;&nbsp;(ii)In the second quarter of 2025, Busey recorded an adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new Current Expected Credit Losses model.

&nbsp;&nbsp;&nbsp;&nbsp;(iii)Tax benefits were calculated for the year-to-date periods using tax rates of 26.28% and 24.88% for the years ended December 31, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.

&nbsp;&nbsp;&nbsp;&nbsp;(iv)A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey's footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible compensation and acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey's Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income.

&nbsp;&nbsp;&nbsp;&nbsp;(v)Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were presented as further adjustments to adjusted net income.

&nbsp;&nbsp;&nbsp;&nbsp;(vi)For quarterly periods, measures are annualized.

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **17**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES *(Unaudited)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin** | **Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin** | **Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin** | **Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin** | **Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin** | **Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin** | **Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin** |
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| *(dollars in thousands)* |  | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| **Net interest income (GAAP)** |  | $157558 | $155137 | $81578 | $569609 | $322611 |
| &nbsp;&nbsp;&nbsp;Tax-equivalent adjustment<sup>(i)</sup> |  | 860 | 788 | 446 | 2976 | 1693 |
| &nbsp;&nbsp;&nbsp;Tax-equivalent net interest income (Non-GAAP) | [a] | 158418 | 155925 | 82024 | 572585 | 324304 |
| &nbsp;&nbsp;&nbsp;Purchase accounting accretion related to business combinations |  | (5200) | (5854) | (812) | (20901) | (3166) |
| Adjusted net interest income (Non-GAAP) | [b] | $153218 | $150071 | $81212 | $551684 | $321138 |
| Average interest-earning assets (Non-GAAP) | [c] | $16941000 | $17272362 | $11048350 | $16331740 | $10999424 |
| Net interest margin (Non-GAAP)<sup>(ii)</sup> | [a÷c] | 3.71% | 3.58% | 2.95% | 3.51% | 2.95% |
| Adjusted net interest margin (Non-GAAP)<sup>(ii)</sup> | [b÷c] | 3.59% | 3.45% | 2.92% | 3.38% | 2.92% |

---

___________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)For quarterly periods, measures are annualized.

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **18**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES *(Unaudited)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios** | **Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios** | **Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios** | **Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios** | **Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios** | **Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios** | **Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios** |
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| *(dollars in thousands)* |  | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| **Net interest income (GAAP)** | [a] | $157558 | $155137 | $81578 | $569609 | $322611 |
| &nbsp;&nbsp;&nbsp;Tax-equivalent adjustment<sup>(i)</sup> |  | 860 | 788 | 446 | 2976 | 1693 |
| Tax-equivalent net interest income (Non-GAAP) | [b] | 158418 | 155925 | 82024 | 572585 | 324304 |
| **Total noninterest income (GAAP)** |  | 42691 | 41198 | 35221 | 149975 | 139682 |
| &nbsp;&nbsp;&nbsp;Net security (gains) losses |  | 667 | 288 | 196 | 10726 | 6102 |
| &nbsp;&nbsp;&nbsp;Noninterest income excluding net securities gains and losses (Non-GAAP) | [c] | 43358 | 41486 | 35417 | 160701 | 145784 |
| &nbsp;&nbsp;&nbsp;Acquisition and restructuring (gain) loss |  |  | 44 |  | 44 |  |
| &nbsp;&nbsp;&nbsp;Realized net (gains) losses on the sale of mortgage service rights |  |  |  |  |  | (7724) |
| Adjusted noninterest income (Non-GAAP) | [d] | $43358 | $41530 | $35417 | $160745 | $138060 |
| Tax-equivalent revenue (Non-GAAP) | [e = b+c] | $201776 | $197411 | $117441 | $733286 | $470088 |
| Adjusted tax-equivalent revenue (Non-GAAP) | [f = b+d] | 201776 | 197455 | 117441 | 733330 | 462364 |
| Operating revenue (Non-GAAP) | [g = a+d] | 200916 | 196667 | 116995 | 730354 | 460671 |
| Adjusted noninterest income to operating revenue (Non-GAAP) | [d÷g] | 21.58% | 21.12% | 30.27% | 22.01% | 29.97% |
| **Total noninterest expense (GAAP)**<sup>(ii)</sup> |  | $120320 | $120018 | $78622 | $480201 | $301494 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets |  | (4432) | (4507) | (2471) | (16614) | (10057) |
| &nbsp;&nbsp;&nbsp;Noninterest expense excluding amortization of intangible assets (Non-GAAP)<sup>(ii)</sup> | [h] | 115888 | 115511 | 76151 | 463587 | 291437 |
| &nbsp;&nbsp;&nbsp;Acquisition and restructuring (income) expenses, excluding initial provision expenses |  | (4816) | (7207) | (3585) | (54649) | (8140) |
| Adjusted noninterest expense (Non-GAAP)<sup>(ii)</sup> | [i] | $111072 | $108304 | $72566 | $408938 | $283297 |
| Efficiency ratio (Non-GAAP)<sup>(ii)</sup> | [h÷e] | 57.43% | 58.51% | 64.84% | 63.22% | 62.00% |
| Adjusted efficiency ratio (Non-GAAP)<sup>(ii)</sup> | [i÷f] | 55.05% | 54.85% | 61.79% | 55.76% | 61.27% |

---

___________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense.

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **19**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES *(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tangible Assets, Tangible Common Equity, and Related Measures and Ratio** | **Tangible Assets, Tangible Common Equity, and Related Measures and Ratio** | **Tangible Assets, Tangible Common Equity, and Related Measures and Ratio** | **Tangible Assets, Tangible Common Equity, and Related Measures and Ratio** | **Tangible Assets, Tangible Common Equity, and Related Measures and Ratio** |
| | | **As of** | **As of** | **As of** |
| *(dollars in thousands, except per share amounts)* |  | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
| **Total assets (GAAP)** |  | $18104736 | $18188628 | $12046722 |
| &nbsp;&nbsp;&nbsp;Goodwill and other intangible assets, net |  | (480729) | (485203) | (365975) |
| Tangible assets (Non-GAAP)<sup>(i)</sup> | [a] | $17624007 | $17703425 | $11680747 |
| **Total stockholders' equity (GAAP)** |  | $2468982 | $2448835 | $1383269 |
| &nbsp;&nbsp;&nbsp;Preferred stock and additional paid in capital on preferred stock |  | (215197) | (215197) |  |
| Common equity | [b] | 2253785 | 2233638 | 1383269 |
| &nbsp;&nbsp;&nbsp;Goodwill and other intangible assets, net |  | (480729) | (485203) | (365975) |
| Tangible common equity (Non-GAAP)<sup>(i)</sup> | [c] | $1773056 | $1748435 | $1017294 |
| Tangible common equity to tangible assets (Non-GAAP)<sup>(i)</sup> | [c÷a] | 10.06% | 9.88% | 8.71% |
| Ending number of common shares outstanding (GAAP) | [d] | 87624430 | 88789043 | 56895981 |
| Book value per common share (Non-GAAP) | [b÷d] | $25.72 | $25.16 | $24.31 |
| Tangible book value per common share (Non-GAAP) | [c÷d] | $20.23 | $19.69 | $17.88 |

---

___________________________________________

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Deposits and Related Ratio** | **Core Deposits and Related Ratio** | **Core Deposits and Related Ratio** | **Core Deposits and Related Ratio** | **Core Deposits and Related Ratio** |
| | | **As of** | **As of** | **As of** |
| *(dollars in thousands)* |  | **December 31,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
| **Total deposits (GAAP)** | [a] | $14905958 | $15070162 | $9982490 |
| &nbsp;&nbsp;&nbsp;Brokered deposits, excluding brokered time deposits of $250,000 or more |  | (70140) | (125432) | (13090) |
| &nbsp;&nbsp;&nbsp;Time deposits of $250,000 or more |  | (876207) | (807378) | (334503) |
| Core deposits (Non-GAAP) | [b] | $13959611 | $14137352 | $9634897 |
| Core deposits to total deposits (Non-GAAP) | [b÷a] | 93.65% | 93.81% | 96.52% |

---

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **20**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

**FORWARD-LOOKING STATEMENTS**

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

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

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

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **21**

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![buseycirclewhitea.jpg](buseycirclewhitea.jpg)<br>

**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 "<u>[Non-GAAP Financial Information](#id910d2d4bd7b4d11b625cf51de21b021_103)</u>." |
| 3 | Capital amounts and ratios as of December 31, 2025, are not yet finalized and are subject to change. |
| 4 | The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index. |
| 5 | Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution. |
| 6 | On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey's borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines. |

---

First Busey Corporation **(BUSE)** \| 2025 **Q4** — **22**

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First Busey Corporation

11440 Tomahawk Creek Parkway, Leawood, KS 66211

NASDAQ: BUSE

Busey 2025 \| All Rights Reserved

Busey's Financial Suite of Services

![buseybank_businessxwealthma.jpg](buseybank_businessxwealthma.jpg)&nbsp;&nbsp;&nbsp;&nbsp; ![firstecha.jpg](firstecha.jpg)

---

| | |
|:---|:---|
| ![ehlwhitea.jpg](ehlwhitea.jpg)Member FDIC | **busey.com** |

---

## Exhibit 99.2

![](buse_20260127x25q4xex992001.jpg)

Q4 2025 EARNINGS INVESTOR PRESENTATION January 27, 2026

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![](buse_20260127x25q4xex992002.jpg)

24Q25 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 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 Russia's invasion of Ukraine, the conflicts in the Middle East, and recent military activity in Venezuela); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey's commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey's assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions, private credit, and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey's Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey's securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey's loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey's balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey's cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey's risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning Busey and its business, including additional factors that could materially affect Busey's financial results, is included in Busey's filings with the Securities and Exchange Commission. Forward-Looking Statements

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![](buse_20260127x25q4xex992003.jpg)

34Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE **Table of Contents** Overview of First Busey Corporation (BUSE) 4 4Q25 Review 5 Investment Highlights 6 Earnings Performance 7 Attractive Markets Positioned for Growth 8 Strategically Configured Regional Operating Model 9 High Quality Loan Portfolio 10 Well-Diversified & Conservatively Underwritten Portfolio 11 Pristine Credit Quality 12 Top Tier Core Deposit Franchise 13 Net Interest Margin 14 Diversified and Significant Sources of Noninterest Income 15 Wealth Management 16 Focused Control on Expenses 17 Robust Capital Foundation 18 Appendix: 19 Seasoned Leadership Team 20 Purchase Accounting Projections 21 Non-GAAP Financial Information 22

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![](buse_20260127x25q4xex992004.jpg)

44Q25 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 Technology Solutions $18.1 Billion Total Assets $15.7 Billion Wealth Assets Under Care $2.2 Billion Market Cap 1 ▪ Premier Commercial Banking Franchise with attractive market footprint ▪ Full-service Trust Company 1 Market cap as of 1/26/26 Powerful Combination of Banking, Wealth, and Payments Business Lines Sizable business lines that provide a full suite of solutions to our clients at every stage of their business and personal life

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![](buse_20260127x25q4xex992005.jpg)

54Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE 1 Non-GAAP calculations, see Appendix \| 2 4Q25 adjusted noninterest expense was elevated due to a $3.8 million operating loss tied to one relationship 4Q25 Review Financial Results (Non-GAAP) Metric 1 3Q25 4Q25 Adj. Diluted EPS $0.64 $0.68 Adj. Net Income to Common S/H $57 million $61 million Total Operating Revenue $197 million $201 million Net Interest Margin 3.58% 3.71% Net Interest Income $155 million $158 million Adj. Noninterest Income $42 million $43 million Adj. Pre-Provision Net Revenue $84 million $85 million Adj. PPNR ROAA 1.78% 1.85% Adj. ROAA 1.33% 1.41% Adj. ROATCE 13.20% 13.58% Adj. Efficiency Ratio 54.8% 55.0% Total Assets $18.2 billion $18.1 billion Total Loans $13.6 billion $13.6 billion Total Deposits $15.1 billion $14.9 billion TBV / Share $19.69 $20.23 ▪ NIM up +13 bps QoQ and up +76 bps YoY as a result of balance sheet optimization strategies alongside higher loan repricing and strong deposit cost control Net Interest Margin sustains upward trajectory ▪ Assets Under Care of $15.7 billion at 12/31/25, up $1.8 billion YoY, as strong net AUC inflows across our footprint combined with market lift to compound AUC growth ▪ 4Q25 Wealth segment revenue of $18.3 million was a new quarterly record and $70.2 million of Wealth segment revenue for FY 2025 was the highest in company history Wealth management exhibits excellent performance ▪ TBV per share up $2.35/share, or +13%, since 12/31/24; TBV per share plus dividend up 19% ▪ During 4Q25, returned $30 million to shareholders via share repurchases (1.25 million shares at a weighted average price of $23.84 per share), for a FY 2025 total of $70 million and ~3.5% of outstanding shares (3.06 million shares at a weighted average price of $22.81 per share) Tangible Book Value continues to compound as Share Repurchase Plan remains active ▪ $680 million in 4Q25 new loan production was +$273 million higher than 3Q25, but payoffs tempered net balances a decline of $30 million QoQ ▪ Deposit decline of $164 million was due to intentional runoff of $55 million of brokered and $125 million of corporate deposits from our targeted runoff of high-cost non-relationship deposits. Excluding these intentional optimization actions, operating deposits are up +$16 million QoQ. Additionally, experienced normal seasonal public fund outflows of ~$240 million that are expected to rebuild in 2Q26 and 3Q26, consistent with prior years Loans and deposits experience a modest contraction ▪ Profitability accelerated to a 1.41% adj. ROAA1 and 55.0% adj. efficiency ratio1 in 4Q25, compared to 1.02% adj. ROAA1 and 61.8% adj. efficiency ratio1 in 4Q24 Accelerating Profitability $157.6 $43.4 -$111.1 -$4.4 -$2.4 -$16.7 -$1.1 -$4.6 $60.6 Net Interest Income Adj. Noninterest Income¹ Adj. Noninterest Expense¹ Amort. of Intangibles Provision for credit losses Income taxes Reversal of tax benefit from non- operating costs Preferred Dividend Net Income to Common¹ 4Q25 Summary Income Statement 21.6% Effective Tax Rate after YTD true-up +1.6% QoQ+4.4% QoQ Includes an Op. Loss2 1.28% Allowance/ Loans $ in millions

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![](buse_20260127x25q4xex992006.jpg)

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![](buse_20260127x25q4xex992007.jpg)

74Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE $12.33 $30.88 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 $10 $20 $30 $30.9 $39.9 $57.2 $57.4 $60.6 $0.53 $0.57 $0.63 $0.64 $0.68 Adj. Net Income Avail. to Common S/H Adj. EPS 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 11.9% 10.6% 13.6% 13.2% 13.6% 1.02% 1.09% 1.21% 1.33% 1.41% Adj. ROATCE Adj. ROAA 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 1 Non-GAAP calculation, see Appendix \| 2 Includes cumulative dividends per share over the period \| 3 Market Data for BUSE updated to close on 1/26/26 Earnings Performance Adjusted Net Income & Earnings Per Common Share 1 Adjusted ROATCE & Adjusted ROAA 1 $ in millions $0.38 $0.68 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q4 $0.25 $0.50 $0.75 Earnings Track Record: Adj. EPS 10-Year Trend +9.62% CAGR +$18.55 Current common stock dividend yield of 4.2%3 Tangible Common BV 1 / Share (ex-AOCI) + Dividends 2

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![](buse_20260127x25q4xex992008.jpg)

84Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE Attractive Markets Positioned for Growth 1 Market Nominal GDP as of 2023 per FRED, Federal Reserve Bank of St. Louis \| Source: S&P Capital IQ Pro; Census.gov; BEA.gov \| Note: Chart does not include markets with populations under 500,000 people 1

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![](buse_20260127x25q4xex992009.jpg)

94Q25 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 Sponsor Finance Energy Lending SBA Lending $5B deposits $5B deposits $3B loans $12B AUC $4B AUC $4B loans $3B deposits $2B loans $1B deposits $1B loans $1B deposits $2B 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 Note: Balances based on origination location and rounded to nearest billion dollars; data as of 12/31/25

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![](buse_20260127x25q4xex992010.jpg)

104Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE Commercial & Industrial 31% Owner- Occupied CRE 11%Non-Owner- Occupied CRE 30% Real Estate Construction 8% Residential Real Estate 16% Other 4% 1 Capital is Busey Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses \| 2 Based on loan origination \| 3 Includes $5.8 million of net charge-offs, which represent an immaterial percentage of other payoffs Classified Assets / Capital 1 NPLs / Total Loans 7.5% 0.39% High Quality Loan Portfolio Loan Portfolio Regional Segmentation 2 Loan Portfolio Composition Total Loan Portfolio: $13.6 Billion Commercially-oriented portfolio is well-diversified by sector and geographic location and conservatively underwritten with low levels of concentration Portfolio 2025 Q3 QoQ ∆ 2025 Q4 % of Total East (Chicago, St. Louis, SW FL) $3,941 +$29 $3,970 29.3 % Midwest (Central IL, Indy) $3,254 +$17 $3,271 24.1 % Central (KC, Wichita, OKC, Tulsa) $1,904 +$119 $2,023 14.9 % Texas (Dallas, Fort Worth) $1,958 -$172 $1,786 13.2 % West (AZ, CO, NM) $987 +$21 $1,008 7.4 % Verticals $1,555 -$45 $1,510 11.1 % Total Loans $13,599 -$30 $13,568 100 % Texas region was pressured by a few substantial planned CRE payoffs that were taken out on the now active secondary market, as well as ~$35 million of PCD loan payoffs Central region grew loans by ~5% QoQ; driven by production in Kansas City and Oklahoma City $ in thousands 7.12% 6.91% 7.13% 7.06% 6.35% 5.47% 5.76% 6.22% 6.20% 6.10% 4.53% 4.33% 4.32% 4.31% 3.79% Net New Funding Yield Loan Yield SOFR 30D 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Loan Yield While maintaining focus on our guiding principles of pristine asset quality +$680 +$186 -$54 -$595 -$248 New Loan Production Net Line of Credit Draws PCD Loan Payoffs Other Payoffs³ Amortization $0 +$500 +$1,000 Commercial Loans / Total Portfolio 80% 100/300 Test 45% C&D / 225% CRE 4Q25 Loan Balances Change Life Equity Lending continued to provide loan production to partially offset declines in other verticals during 4Q25 Disciplined loan pricing remains a key enterprise-wide priority 4Q25 new production up by +$273 million compared to 3Q25, but net balance change tempered by payoffs $ in millions As of 12/31/25

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114Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE 1 Investor owned CRE (CRE-I) includes C&D, Multifamily and non-owner occupied CRE \| 2 Debt Service Coverage Ratio \| 3 Net Operating Income of property divided by Loan Amount 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 12/31/25 Balances % of Total Loans 12/31/25 Classified Balances Apartments $1,117.0 8.2 % $0.0 Industrial/Warehouse 891.7 6.6 % 0.1 Retail 773.6 5.7 % 5.1 Traditional Office 500.2 3.7 % 0.5 Land Acq. & Dev. 384.4 2.8 % 11.9 Hotel 339.0 2.5 % 0.0 Student Housing 267.3 2.0 % 0.0 Specialty 251.3 1.9 % 0.0 Self-Storage 149.6 1.1 % 0.0 Senior Housing 144.2 1.1 % 0.0 Medical Office 135.5 1.0 % 0.0 Other 215.5 1.6 % 0.0 Grand Total $5,169.3 38.2 % $17.6 $ in millions Property Type 12/31/25 Balances % of Total Loans 12/31/25 Classified Balances Industrial/Warehouse $487.9 3.6 % $11.6 Specialty 338.6 2.5 % 6.3 Traditional Office 211.2 1.6 % 1.3 Medical Office 151.4 1.1 % 0.0 Retail 122.9 0.9 % 1.5 Restaurant 115.4 0.9 % 7.7 Other 18.1 0.1 % 3.7 Grand Total $1,445.5 10.7 % $32.1 Well-Diversified & Conservatively Underwritten Portfolio In ve st or -O w ne d C RE 1 All data as of 12/31/25 $ in millions Investor Owned CRE Metric Traditional Office Medical Office Top 10 Largest Office Loans Total Balances $500.2 $135.5 $179.6 % of Total CRE-I 9.7 % 2.6 % 3.5 % % of Total Office CRE-I 78.7 % 21.3 % 28.3 % # of Loans 219 81 10 Average Loan Size $2.3 $1.7 $18.0 Total Classified $0.5 $0.0 $0.0 Weighted Avg Current LTV 60 % 63 % 62% Weighted Average DSCR2: Weighted Average Debt Yield3: Top Ten Largest Office Loans 1.41x 13.2% Only 0.3% of total CRE-I loans are classified 100/300 Test: 45% C&D 225% CRE-I Only 2.2% of total OOCRE loans are classified C&I lines of credits have an overall utilization of 50%, 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 12/31/25 Balances % of Total Loans 12/31/25 Classified Balances Finance and Insurance $814.1 6.0 % $0.0 Manufacturing 490.0 3.6 % 38.0 Real Estate, Rental and Leasing 367.2 2.7 % 4.9 Food Services, Drinking Places 336.1 2.5 % 0.7 Construction 282.4 2.1 % 3.5 Mining, Quarrying, Oil, Gas 241.8 1.8 % 0.0 Wholesale Trade 208.7 1.5 % 7.8 Other Services (ex. Public Admin) 205.2 1.5 % 2.2 Transportation 195.4 1.4 % 8.1 Retail Trade 185.4 1.4 % 4.4 Agriculture, Forestry, Fishing 175.1 1.3 % 3.4 Health Care and Social Assist. 153.7 1.1 % 5.8 Professional, Scientific, Tech 129.9 1.0 % 17.0 Educational Services 114.8 0.8 % 0.1 Other 302.9 2.2 % 14.1 Grand Total $4,202.7 30.9 % $110.0 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 19% of C&I loans, or 6% of total loans) is secured by marketable securities

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124Q25 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 at $2.3 million, or 0.02% of total loans, and loans 30-89 days past due represent 0.12% of total loans ▪ Classified assets as a percentage of capital of 7.5%1 at 12/31/25, compared to KRX median of 12.0% as of 9/30/25 ▪ OREO and repossessed asset balances total $4.6 million at 12/31/25, down from $10.2 million at 9/30/25 due to successful disposition of certain assets ▪ 4Q25 net credit provision expense of $2.4 million; FY 2025 net operating provision expense totaled $3.1 million 1 Capital calculated as Busey Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses 2Average 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) 2 0.13% 0.06% 0.19% 0.32% 0.32% 0.23% 0.31% 0.46% 0.40% Busey KRX Median 2022 YE 2023 YE 2024 YE 2025 Q3 2025 Q4 $ in millions $ in millions BUSE NPAs $16.6 $7.9 $23.3 $57.7 $58.1 BUSE NCOs $0.9 $2.3 $18.2 $5.8 $5.8 0.01% 0.03% 0.23% 0.17% 0.17% 0.05% 0.16% 0.19% 0.18% Busey KRX Median 2022 YE 2023 YE 2024 YE 2025 Q3 2025 Q4 ▪ Reserves + purchase accounting marks / loans = 1.92% ▪ Allowance to Nonperforming Loans coverage of 3.25 x Allowance / Loans 1.19% 1.20% 1.08% 1.28% 1.28% 1.07% 1.17% 1.17% 1.17% Busey KRX Median 2022 YE 2023 YE 2024 YE 2025 Q3 2025 Q4

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134Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE East & Midwest regions were impacted by outflows of seasonal public funds totaling ~$240 million that are expected to rebuild in 2Q26 and 3Q26, consistent with prior years Noninterest- bearing 25% Interest-bearing 21% Savings & Money Market 38% Time <250k 10% Time >250k 6% 1 Non-GAAP calculation, see Appendix Loan to Deposit Ratio 91.0% Core Deposits 1 93.7% MRQ Avg Cost of Total Deposits 1.91% Top Tier Core Deposit Franchise Deposit Portfolio Composition Total Deposits: $14.9 Billion Deposit Portfolio Regional Segmentation Portfolio 2025 Q3 QoQ ∆ 2025 Q4 % of Total East (Chicago, St. Louis, SW FL) $4,946 -$19 $4,927 33.1 % Midwest (Central IL, Indy) $5,314 +$35 $5,349 35.9 % Central (KC, Wichita, OKC, Tulsa) $3,075 -$121 $2,954 19.8 % Texas (Dallas, Fort Worth) $697 +$24 $721 4.8 % West (AZ, CO, NM) $815 -$18 $797 5.3 % Verticals $223 -$65 $158 1.1 % Total Deposits $15,070 -$164 $14,906 100 % $ in thousands Central region deposit outflows attributed to intentional deposit runoff of $55 million in brokered and $125 million of corporate deposits from the targeted runoff of high-cost non-relationship deposits 1.75% 1.91% 2.21% 2.15% 1.91% 2.19% 2.00% 2.00% 1.99% Busey KRX Median 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 1.00% 1.50% 2.00% 2.50% 3.00% Successful Post-Acquisition Deposit Optimization Strategy: Total Cost of Deposits vs. Peers Spot Deposit Costs At 9/30/25 At 12/31/25 Change Total Deposits 2.01% 1.80% -21 bps Non-Time Deposits 1.69% 1.44% -25 bps 53% deposit beta during 4Q25 63% deposit beta during 2H25 3/1/25: Closed acquisition of CrossFirst Bankshares 6/28/25: Merged CrossFirst Bank into Busey Bank 38% of total deposits are priced at 1 basis point or less Average Deposits per Branch $189 million As of 12/31/25

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144Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE $81.6 $103.7 $153.2 $155.1 $157.6 $80.8 $101.0 $146.1 $149.2 $152.4$0.8 $2.7 $7.1 $5.9 $5.2 Net Interest Income Purchase Accounting Accretion 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 4.75% 5.08% 5.63% 5.63% 5.53% 1.89% 2.02% 2.29% 2.22% 1.97% 2.95% 3.16% 3.49% 3.58% 3.71% Earning Assets Cost of Funds NIM 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 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 +13 bps NIM expansion and Net Interest Income increase of +$2.4 million Net Interest Margin Trend 1Net Interest Income Trend Net Interest Margin Note: Company Purchase Accounting Schedule in appendix Avg IE Assets ($B) $11.05 $13.36 $17.70 $17.27 $16.94 2026 2027 2028 Roll-off Cash Flow ($ millions) $347 $290 $316 Approximate Roll-off Yield 2.9 % 3.0 % 3.0 % 2026 2027 2028 Balances ($ millions) $1,068 $985 $720 Weighted Average Rate 4.7 % 4.8 % 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 4Q25 Net New Loan Funding Yield: 6.35% New Securities purchased at: ~4.50% Net Interest Income Rate Sensitivity 2 Rate Shock Year 1 NII Impact Year 2 NII Impact +200 bps +4.1 % +5.7 % +100 bps +2.3 % +3.1 % -100 bps -1.8 % -3.3 % -200 bps -2.2 % -5.6 % Balance sheet remains well- positioned for rate neutrality ▪ Reduced deposit costs by 24 bps QoQ (53% quarterly beta) by applying measured rate cutting initiatives to optimize funding costs ▪ Supplemented by the culminating stage of the post-acquisition balance sheet optimization strategy that targeted runoff of brokered and high-cost non-relationship funding: 4Q25 runoff totaled $180 million at a weighted-average rate of 4.2%

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154Q25 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 is the consolidated revenue from FirsTech, which 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 4Q25 adjusted noninterest income contributed 21.6% of total operating revenue (excludes net securities gains) \| 266.9% of 4Q25 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 Approximately $0.2 million of Other Noninterest Income was attributable to the wealth segment in 4Q24 and 4Q25 $117.0 $140.7 $192.0 $196.7 $200.9 $35.4 $37.0 $38.9 $41.5 $43.4 $81.6 $103.7 $153.2 $155.1 $157.6 30.3% 26.3% 20.2% 21.1% 21.6% Adj. Nonint. Inc. Net Interest Income Adj. Nonint. Inc./Op. Rev. 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 $ in millions Noninterest Income Detail 2024 Q4 YoY Change 2025 Q4 % of Total (Adj.) Wealth Management Fees $16,786 +8 % $18,101 41.7 % Payment Technology Solutions 5,094 -4 % 4,879 11.3 % Treasury Management Services 2,130 +122 % 4,726 10.9 % Card Services and ATM Fees 3,477 +34 % 4,660 10.7 % Other Service Charges on Deposit Accounts 2,381 -32 % 1,618 3.7 % Mortgage Revenue 496 +62 % 803 1.9 % Income on Bank Owned Life Insurance 1,080 +65 % 1,783 4.1 % Other Noninterest Income4 3,973 +71 % 6,788 15.7 % Adjusted Noninterest Income $35,417 +22 % $43,358 100 % Net Securities Gains (Losses) (196) (667) Total Noninterest Income $35,221 +21 % $42,691 $ in thousands Adjusted Noninterest Income / Operating Revenue 3 Sources of Noninterest Income Diversified and Significant Sources of Noninterest Income Capital Markets activities drove growth momentum for Other Noninterest Income in 4Q25 (YoY growth of ~$2.6mm in swap, letter of credit, and syndication fees) 21.6% 66.9% Wealth + Payment Tech + Treasury Management / Total Noninterest Income 2 Adjusted Noninterest Income / Total Revenue 1 4Q25 includes $1.1 million of interchange from corporate credit cards that are managed within the Treasury Management division Net interest income became a larger share of total operating revenue with significant NIM expansion and recent acquisition

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164Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE $17.0 $17.6 $17.0 $17.4 $18.3 $7.7 $8.2 $7.7 $7.5 $8.5 45.4% 46.6% 45.1% 43.0% 46.6% Revenue Pre-Tax Net Income Pre-Tax Profit Margin 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 $13,834 $13,678 $14,102 $14,959 $15,657 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 ▪ Assets Under Care (AUC) up $0.7 billion QoQ and up $1.8 billion YoY, or +13% ▪ Strong net AUC inflows combined with market lift continue to compound AUC growth 1 Wealth Management segment 2 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 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Trust / Agency 84 % 81 % 83 % 86 % 86 % Brokerage 8 % 8 % 8 % 8 % 8 % Ag Services 2 % 9 % 2 % 1 % 2 % Tax & Financial Planning 1 % 0 % 4 % 1 % 1 % Estate Settlement 4 % 1 % 2 % 3 % 2 % Other 1 % 1 % 1 % 1 % 1 % Total 100 % 100 % 100 % 100 % 100 % $15.7 Billion Assets Under Care FY 2025 Revenue1$70.2 Million ▪ New Managing Directors in Kansas City, Wichita, Oklahoma City, Dallas and Denver that were hired in 2Q25 and 3Q25 have ramped production ▪ Early wins in Western markets - new accounts opened in 2025 representing ~$116 million of AUC, with another $95 million+ of AUC currently in later stages of the pipeline ▪ Track record of organic AUC growth in new markets: since 2014, 50%+ of AUC growth has been organic ▪ $70.2 million of Wealth revenue1 in 2025, the highest in company history ▪ 4Q25 Wealth revenue1 of $18.3 million, a YoY increase of +8% and a new record quarterly revenue at the company ▪ Pre-tax net income of $8.5 million, a YoY increase of +10% ▪ Pre-tax profit margin of 46.6% in 4Q25 and 45.3% over the last twelve months Wealth Revenue and Pre-Tax Income 1Assets Under Care Early wins in new Western markets Integrated comprehensive capabilities to serve Personal & Institutional Clients ▪ Fully internalized investment office that utilizes a tailored, tax-efficient approach for each client, producing long-term returns that continue to outperform benchmarks2

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174Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE 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 $78.6 $112.0 $127.8 $120.0 $120.3 61.8% 58.7% 55.3% 54.9% 55.0% Expenses ex-Acq. Acquisition & Restruct. Exp. Adj. Efficiency Ratio¹ 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 $ in millions Noninterest Exp. $78.6 $112.0 $127.8 $120.0 $120.3 Acquisition & Restruct. Exp. $3.6 $26.0 $16.6 $7.2 $4.8 NIE ex- Acquisition & Restructuring Expense 1 $75.0 $86.0 $111.2 $112.8 $115.5 Amort. of Intangibles $2.5 $3.1 $4.6 $4.5 $4.4 Adjusted NIE 1 $72.6 $82.9 $106.6 $108.3 $111.1 Noninterest Expense Focused Control on Expenses 2025 Q3 2025 Q4 Compensation & Benefits $68.5 $65.0 Data processing $9.3 $9.6 Occupancy & Equipment $10.1 $10.1 Professional fees $2.6 $3.4 Other NIE $17.9 $23.1 Adjusted NIE 1 $108.3 $111.1 Adjusted NIE Summary FY 2024 FY 2025 % Change Operating Revenue1 $460.7 $730.4 +59 % Adjusted NIE1 $283.3 $408.9 +44 % Positive Operating Leverage: +15 % ▪ Non-operating expenses during 4Q25 were comprised of $4.8 million related to the CrossFirst acquisition ▪ Adjusted core NIE increased $2.8 million, primarily due to Other NIE ▪ Other NIE includes a $3.8 million operating loss tied to one relationship Synergies from the transformational CrossFirst acquisition produced strongly positive operating leverage for FY 2025 ▪ The anticipated cost savings from the CrossFirst acquisition (primarily personnel) were realized but were partially offset by new opportunistic hires ▪ 100% of the announced ~$25 million cost saves were out of the expense run rate by 12/31/25 ▪ Forthcoming upside for returns on recent people investments as newer hires build their books of business

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184Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE 36% 39% 39% 39% 48% 77% 63% 93% Dividend Payout Ratio Payout Ratio with Dividends & Share Repurchases 2025 Q1 2025 Q2 2025 Q3 2025 Q4 25% 50% 75% 100% $1,237 $1,872 $1,888 $1,908 $1,920 14.1% 12.0% 12.2% 12.3% 12.4% 7.0% Common Equity Tier 1 CET1 Ratio Min + Buffer Ratio 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 $1,017 $1,676 $1,709 $1,748 $1,773 8.7% 8.8% 9.3% 9.9% 10.1% TCE TCE Ratio 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Tangible Common Equity 1 1 Non-GAAP calculation, see Appendix \| 2 4Q25 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 12.4 % 13.9 % 15.9 % Minimum Well Capitalized with Capital Buffer 7.0 % 8.5 % 10.5 % Amount of Capital $1,920 $2,143 $2,460 Well Capitalized Minimum with Buffer $1,081 $1,313 $1,621 Excess over Well Cap. Min. with Buffer $839 $830 $839 $ in millions $ in millions Robust Capital Foundation Common Equity Tier 1 2 Consolidated Capital as of 12/31/25 2Adjusted Common Stock Payout Ratio 3

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Appendix

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204Q25 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 2025 Proxy Statement: Executive Compensation Performance Measures Weighting Short-term incentives Adjusted EPS 35% Asset Quality Ratio 25% Fee Revenue from Wealth, Payment Technology Solutions, and Treasury Management 20% Core Deposit Growth 10% Strategic Integration of CrossFirst 6% Regulatory Ratings 4% Total 100% Long-term incentives Adjusted ROATCE 50% Relative Total Shareholder Return vs. KRX components 50% Total 100% Executive compensation reinforces corporate priorities following the acquisition of CrossFirst 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.

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214Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE Estimated accretion schedule of loan discounts based on anticipated contractual cash flows In addition to CrossFirst Bankshares acquisition completed 3/1/25, these projections include remaining purchase accounting impact from prior M&A transactions, including acquisition of Merchants & Manufacturers Bank Corporation completed on 4/1/24 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 5,447 5,127 4,851 4,551 66,652 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 5,082 4,763 4,486 4,187 63,234 Core Deposit Intangible & Wealth Intangibles Amortization -3,083 -4,592 -4,507 -4,432 -4,287 -4,227 -4,147 -4,078 -80,710 Total Pre-Tax Income Impact -355 2,527 1,347 768 795 536 339 109 -17,476

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224Q25 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 with the tables below.

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234Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE ___________________________________________ 1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. 2. For quarterly periods, measures are annualized. Non-GAAP Financial Information (Unaudited) Pre-Provision Net Revenue and Related Measures Three Months Ended Years Ended (dollars in thousands) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net interest income (GAAP) $157,558 $155,137 $81,578 $569,609 $322,611 Total noninterest income (GAAP) 42,691 41,198 35,221 149,975 139,682 Net security (gains) losses (GAAP) 667 288 196 10,726 6,102 Total noninterest expense (GAAP)1 (120,320) (120,018) (78,622) (480,201) (301,494) Pre-provision net revenue (Non-GAAP) [a] 80,596 76,605 38,373 250,109 166,901 Acquisition and restructuring (income) expenses, excluding initial provision expenses 4,816 7,251 3,585 54,693 8,140 Realized net (gains) losses on the sale of mortgage service rights — — — — (7,724) Adjusted pre-provision net revenue (Non-GAAP) [b] $85,412 $83,856 $41,958 $304,802 $167,317 Average total assets [c] $18,309,250 $18,662,449 $12,085,993 $17,729,887 $12,051,871 Pre-provision net revenue to average total assets (Non-GAAP)2 [a÷c] 1.75 % 1.63 % 1.26 % 1.41 % 1.38 % Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c] 1.85 % 1.78 % 1.38 % 1.72 % 1.39 %

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244Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE Non-GAAP Financial Information (Unaudited) Adjusted Net Income, Average Tangible Common Equity, and Related Ratios Three Months Ended Years Ended (dollars in thousands, except per share amounts) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income (GAAP) [a] $60,750 $57,098 $28,105 $135,262 $113,691 Day 2 provision for credit losses1 — — — 45,572 — Adjustment of initial provision for unfunded commitments due to adoption of new model2 — — — 4,030 — Other acquisition (income) expenses 4,859 7,251 2,469 54,736 6,901 Restructuring expenses (43) — 1,116 (43) 1,239 Realized net (gains) losses on the sale of mortgage servicing rights — — — — (7,724) Net securities (gains) losses 667 288 196 10,726 6,102 Related tax (benefit) expense3 (1,047) (2,141) (1,014) (30,228) (1,622) Non-recurring deferred tax adjustment4 — — — 4,919 1,446 Adjusted net income (Non-GAAP)5 [b] 65,186 62,496 30,872 224,974 120,033 Preferred dividends [c] 4,590 5,131 — 9,876 — Adjusted net income available to common stockholders (Non-GAAP) [d] $60,596 $57,365 $30,872 $215,098 $120,033 Weighted average number of common shares outstanding, diluted (GAAP) [e] 89,655,632 90,218,382 57,934,812 85,133,626 57,543,001 Diluted earnings per common share (GAAP) [(a-c)÷e] $0.63 $0.58 $0.49 $1.47 $1.98 Adjusted diluted earnings per common share (Non-GAAP)5 [d÷f] $0.68 $0.64 $0.53 $2.53 $2.09 Average total assets [g] $18,309,250 $18,662,449 $12,085,993 $17,729,887 $12,051,871 Return on average assets (Non-GAAP)6 [a÷g] 1.32 % 1.21 % 0.93 % 0.76 % 0.94 % Adjusted return on average assets (Non-GAAP)5,6 [b÷g] 1.41 % 1.33 % 1.02 % 1.27 % 1.00 % Average common equity $2,253,609 $2,210,711 $1,396,939 $2,145,484 $1,342,424 Average goodwill and other intangible assets, net (483,640) (486,625) (367,400) (469,187) (366,601) Average tangible common equity (Non-GAAP) [h] $1,769,969 $1,724,086 $1,029,539 $1,676,297 $975,823 Return on average tangible common equity (Non-GAAP)6 [(a-c)÷h] 12.59 % 11.96 % 10.86 % 7.48 % 11.65 % Adjusted return on average tangible common equity (Non-GAAP)5,6 [d÷h] 13.58 % 13.20 % 11.93 % 12.83 % 12.30 % ___________________________________________ 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 Statement of Income. 2. In the second quarter of 2025, Busey recorded an adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new Current Expected Credit Losses model 3. Tax benefits were calculated for the year-to-date periods using tax rates of 26.28% and 24.88% for the years ended December 31, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year. 4. A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey's footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey's Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income. 5. Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were previously presented as further adjustments to adjusted net income. 6. For quarterly periods, measures are annualized.

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254Q25 Earnings Investor Presentation First Busey Corporation \| Ticker: BUSE Non-GAAP Financial Information (Unaudited) Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin Three Months Ended Years Ended (dollars in thousands) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net interest income (GAAP) $157,558 $155,137 $81,578 $569,609 $322,611 Tax-equivalent adjustment1 860 788 446 2,976 1,693 Tax-equivalent net interest income (Non-GAAP) [a] 158,418 155,925 82,024 572,585 324,304 Purchase accounting accretion related to business combinations (5,200) (5,854) (812) (20,901) (3,166) Adjusted net interest income (Non-GAAP) [b] $153,218 $150,071 $81,212 $551,684 $321,138 Average interest-earning assets (Non-GAAP) [c] $16,941,000 $17,272,362 $11,048,350 $16,331,740 $10,999,424 Net interest margin (Non-GAAP)2 [a÷c] 3.71 % 3.58 % 2.95 % 3.51 % 2.95 % Adjusted net interest margin (Non-GAAP)2 [b÷c] 3.59 % 3.45 % 2.92 % 3.38 % 2.92 % ___________________________________________ 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. For quarterly periods, measures are annualized.

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264Q25 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 the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense. Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios Three Months Ended Years Ended (dollars in thousands) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net interest income (GAAP) [a] $157,558 $155,137 $81,578 $569,609 $322,611 Tax-equivalent adjustment1 860 788 446 2,976 1,693 Tax-equivalent net interest income (Non-GAAP) [b] 158,418 155,925 82,024 572,585 324,304 Total noninterest income (GAAP) 42,691 41,198 35,221 149,975 139,682 Net security (gains) losses 667 288 196 10,726 6,102 Noninterest income excluding net securities gains and losses (Non-GAAP) [c] 43,358 41,486 35,417 160,701 145,784 Acquisition and restructuring (gain) loss — 44 — 44 — Realized net (gains) losses on the sale of mortgage service rights — — — — (7,724) Adjusted noninterest income (Non-GAAP) [d] $43,358 $41,530 $35,417 $160,745 $138,060 Tax-equivalent revenue (Non-GAAP) [e = b+c] $201,776 $197,411 $117,441 $733,286 $470,088 Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d] 201,776 197,455 117,441 733,330 462,364 Operating revenue (Non-GAAP) [g = a+d] 200,916 196,667 116,995 730,354 460,671 Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g] 21.58 % 21.12 % 30.27 % 22.01 % 29.97 % Total noninterest expense (GAAP)2 $120,320 $120,018 $78,622 $480,201 $301,494 Amortization of intangible assets (4,432) (4,507) (2,471) (16,614) (10,057) Noninterest expense excluding amortization of intangible assets (Non-GAAP)2 [h] 115,888 115,511 76,151 463,587 291,437 Acquisition and restructuring (income) expenses, excluding initial provision expenses (4,816) (7,207) (3,585) (54,649) (8,140) Adjusted noninterest expense (Non-GAAP)2 [i] $111,072 $108,304 $72,566 $408,938 $283,297 Efficiency ratio (Non-GAAP)2 [h÷e] 57.43 % 58.51 % 64.84 % 63.22 % 62.00 % Adjusted efficiency ratio (Non-GAAP)2 [i÷f] 55.05 % 54.85 % 61.79 % 55.76 % 61.27 %

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274Q25 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) Tangible Assets, Tangible Common Equity, and Related Measures and Ratio As of (dollars in thousands, except per share amounts) December 31, 2025 September 30, 2025 December 31, 2024 Total assets (GAAP) $18,104,736 $18,188,628 $12,046,722 Goodwill and other intangible assets, net (480,729) (485,203) (365,975) Tangible assets (Non-GAAP)1 [a] $17,624,007 $17,703,425 $11,680,747 Total stockholders' equity (GAAP) $2,468,982 $2,448,835 $1,383,269 Preferred stock and additional paid in capital on preferred stock (215,197) (215,197) — Common equity [b] $2,253,785 $2,233,638 $1,383,269 Goodwill and other intangible assets, net (480,729) (485,203) (365,975) Tangible common equity (Non-GAAP)1 [c] $1,773,056 $1,748,435 $1,017,294 Tangible common equity to tangible assets (Non-GAAP)1 [c÷a] 10.06 % 9.88 % 8.71 % Ending number of common shares outstanding (GAAP) [d] 87,624,430 88,789,043 56,895,981 Book value per common share (Non-GAAP) [b÷d] $25.72 $25.16 $24.31 Tangible book value per common share (Non-GAAP) [c÷d] $20.23 $19.69 $17.88 Core Deposits and Related Ratio As of (dollars in thousands) December 31, 2025 September 30, 2025 December 31, 2024 Total deposits (GAAP) [a] $14,905,958 $15,070,162 $9,982,490 Brokered deposits, excluding brokered time deposits of $250,000 or more (70,140) (125,432) (13,090) Time deposits of $250,000 or more (876,207) (807,378) (334,503) Core deposits (Non-GAAP) [b] $13,959,611 $14,137,352 $9,634,897 Core deposits to total deposits (Non-GAAP) [b÷a] 93.65 % 93.81 % 96.52 %

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